Mainstay VP Funds Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number811-03833

MAINSTAY VP FUNDS TRUST

(Exact name of Registrant as specified in charter)

51 Madison Avenue, New York, NY 10010

(Address of principal executive offices) (Zip code)

J. Kevin Gao, Esq.

30 Hudson Street

Jersey City, New Jersey 07302

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212)576-7000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

Item 1. Reports to Stockholders.

MainStay VP Balanced Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	11
Financial Statements	24
Notes to Financial Statements	28
Proxy Voting Policies and Procedures and Proxy Voting Record	35
Shareholder Reports and Quarterly Portfolio Disclosure	35

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	5/2/2005		11.81	%		4.07	%		4.82	%		9.60	%		0.75	%
Service Class Shares	5/2/2005		11.67			3.81			4.56			9.33			1.00

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
Russell Midcap® Value Index3		18.02	%		3.68	%		6.72	%		14.56	%
Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index4		4.97			6.93			2.39			3.24
Balanced Composite Index5		12.88			5.49			5.18			10.18
Morningstar Allocation—50% to 70% Equity Category Average6		12.21			5.73			5.04			8.93

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Russell Midcap^® Value Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Russell Midcap^® Value Index measures the performance of themid-cap value segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with lowerprice-to-book ratios and lower forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. The Portfolio has selected the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index as a secondary benchmark. The Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index measures the

performance of U.S. dollar-denominated U.S. Treasurys, government-related and investment-grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. The Portfolio has selected the Balanced Composite Index as an additional benchmark. The Balanced Composite Index consists of the Russell Midcap^® Value Index (60% weighted) and the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (40% weighted). Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. The Morningstar Allocation—50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Balanced Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,118.10	$	3.99	$	1,021.03	$	3.81	0.76%
Service Class Shares	$	1,000.00	$	1,116.70	$	5.30	$	1,019.79	$	5.06	1.01%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Balanced Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings or Issuers Held as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. United States Treasury Notes, 1.75%–3.00%, due 4/30/20–5/15/29

2. iShares Intermediate Government / Credit Bond ETF

3. Federal Home Loan Bank, 1.70%–3.25%, due 5/15/20–11/16/28

4. Federal Home Loan Mortgage Corporation, 1.25%–2.90%, due 8/15/19–6/17/24

5. JPMorgan Chase & Co.

  6. Bank of America Corp.

  7. Morgan Stanley

  8. iShares Russell 1000 Value ETF

  9. Citigroup, Inc.

10. Anadarko Petroleum Corp.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Jae S. Yoon, CFA, and Jonathan Swaney of New York Life Investment Management LLC, the Portfolio’s Manager; Kenneth Sommer and AJ Rzad, CFA, of NYL Investors LLC, the Portfolio’s fixed-income Subadvisor; and Migene Kim, CFA, and Mona Patni of MacKay Shields LLC, the Portfolio’s equity Subadvisor.

How did MainStay VP Balanced Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Balanced Portfolio returned 11.81% for Initial Class shares and 11.67% for Service Class shares. Over the same period, both share classes underperformed the 18.02% return of the Russell Midcap^® Value Index, which is the Portfolio’s primary benchmark, and outperformed the 4.97% return of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index, which is a secondary benchmark of the Portfolio. For the six months ended June 30, 2019, both share classes underperformed the 12.88% return of the Balanced Composite Index, which is an additional benchmark of the Portfolio, and the 12.21% return of the Morningstar Allocation—50% to 70% Equity Category Average.¹

What factors affected the Portfolio’s performance relative to its benchmarks and peers during the reporting period?

In the equity portion of the Portfolio, stock selection was primarily responsible for the Portfolio’s underperformance relative to the Russell Midcap^® Value Index during the reporting period, whereas sector allocation effect was neutral. The Portfolio’s performance directly reflected the performance of our stock selection model, particularly the weak effectiveness of the model’s valuation signals, which seek to evaluate companies across sales- and cash-based measures on a peer-relative basis. Valuation ranges across markets were compressed and value signals, which tend to prove most effective in an environment in which profits are accelerating, struggled amid a decelerating global growth outlook. Valuation signals proved more effective in June 2019 when value performance rebounded. Positive contributions from the stock selection model’s other factors provided only partial mitigation. (Contributions take weightings and total returns into account.) Momentum signals, which evaluate historical price trends, generated positive performance for the Portfolio during the reporting period, but proved volatile and inconsistent, hence difficult to capture. Sentiment signals, a gauge of institutional investor sentiment, were not effective during the first half of the reporting period but rebounded in the second half of the same period thanks to the Portfolio’s underweight positions.

The fixed-income portion of the Portfolio held overweight exposure relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index in the corporate, asset-backed and commercial mortgage-backed sectors throughout the

reporting period. Of these, corporate sector holdings generated the strongest performance. Within the corporate sector, the Portfolio’s allocations to financials and industrials were most accretive to returns. Within the asset-backed sector, the Portfolio’s allocation to collateralized loan obligations bolstered performance. During the first half of the reporting period, the Portfolio’s overweight exposure to U.S. government agencies was accretive to performance. During the second half of the same period, the Portfolio’s overweight allocation to fixed-rate asset-backed securities detracted from performance. Throughout the reporting period, the Portfolio’s underweight position in thenon-corporate sector detracted from performance as well.

During the reporting period, how was the Portfolio’s performance materially affected by investments in derivatives?

During the reporting period, the equity portion of the Portfolio did not use derivatives. Over the same period, the use of derivatives by the fixed-income portion of Portfolio was limited to interest-rate derivatives used to keep the duration² of the Portfolio in line with the Subadvisor’s target. These interest-rate derivatives had a slightly positive impact on the performance of the fixed-income portion of the Portfolio during the reporting period.

During the reporting period, which sectors were the strongest positive contributors to relative performance in the equity portion of Portfolio and which sectors were particularly weak?

During the reporting period, the sectors that made the greatest positive contributions to the performance of the equity portion of the Portfolio relative to the Russell Midcap^® Value Index included consumer staples, consumer discretionary and materials. Over the same period, the sectors that detracted the most from the relative performance of the equity portion of the Portfolio included health care, information technology and industrials.

During the reporting period, which individual stocks made the strongest positive contributions to the absolute performance of the equity portion of the Portfolio and which individual stocks detracted the most?

The stocks that made the most substantial positive contributions to the absolute performance of the equity portion of the Portfolio during the reporting period included packing & containers

1. See page 5 for more information on benchmark and peer group returns.

2. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

8 MainStay VP Balanced Portfolio

manufacturer Ball, consumer finance company Synchrony Financial, and food manufacturer Tyson Foods. The stocks that detracted the most from the absolute performance of the equity portion of the Portfolio during the reporting period included communications equipment company CommScope, generic drug maker Mylan and department store chain Kohl’s.

Did the equity portion of the Portfolio make any significant purchases or sales during the reporting period?

During the reporting period, the equity portion of the Portfolio made its largest initial purchase in insurance company Arch Capital, and its largest increase in position size in payment processing firm Worldpay. Over the same period, the equity portion of the Portfolio made its largest complete sale of a position in reinsurance group Everest Re Group, and its most substantial decrease in position size in life sciences tools & services company Agilent Technologies.

How did sector weightings change in the equity portion of the Portfolio during the reporting period?

Relative to the Russell Midcap^® Value Index, the equity portion of the Portfolio saw its most substantial weighting increases of the reporting period in the industrials and consumer staples sectors. Over the same period, the equity portion of the Portfolio saw its most significant decreases in sector exposures relative to the benchmark in utilities and energy.

How was the equity portion of the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the equity portion of the Portfolio held its most substantially overweight sector positions relative to the Russell Midcap^® Value Index in communication services and consumer staples. As of the same date, the equity portion of the Portfolio held its most substantially underweight sector positions relative to the Index in real estate and utilities.

What was the duration strategy of the fixed-income portion of the Portfolio during the reporting period?

During the reporting period, the fixed-income portion of the Portfolio generally maintained a duration that was relatively close to that of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index. However, on several occasions we shortened the duration of the Portfolio relative to the benchmark, a strategy that had a slightly positive impact on the Portfolio’s performance. As of June 30, 2019, the effective duration of the fixed-income portion of the Portfolio was 3.94 years, compared to a duration of

3.92 years for the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index.

What specific factors, risks or market forces prompted significant decisions for the fixed-income portion of the Portfolio during the reporting period?

The fixed-income portion of the Portfolio maintained overweight positions relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index in corporate bonds, commercial mortgage-backed securities and asset-backed securities throughout the reporting period. During the reporting period, we reduced the Portfolio’s exposure to the corporate sector as yields declined and valuations became less attractive, despite lingering concerns about global growth and unresolved trade-related tensions with China. Specifically, we reduced the Portfolio’s exposure to financials, health care and wirelines as these sectors constituted the largest risk positions in the Portfolio. During the first half of the reporting period, we increased the Portfolio’s allocation to U.S. government agencies. Spreads³ on longer-duration U.S. government agency securities moved wider as market volatility picked up towards the end of 2018. This created an attractive opportunity to add to the Portfolio’s overweight exposure to the sector. Throughout the reporting period we maintained the Portfolio’s overweight allocation to asset-backed securities and commercial mortgage-backed securities, sectors that, in our opinion, offered favorable yield dynamics and superior credit quality.

During the reporting period, which market segments made the strongest positive contributions to the performance of the fixed-income portion of the Portfolio and which market segments were particularly weak?

During the reporting period, the fixed-income portion of the Portfolio maintained overweight exposure relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index in the financial, industrial and utilities sectors. This positioning contributed positively to the Portfolio’s performance relative to the Index. Among financials, the banking subsector had the most positive impact on the Portfolio’s relative performance, with overweight positions in securities issued by Bank of America, Morgan Stanley and Citigroup all adding to relative performance. Leading holdings among industrial bonds included securities issued by Anheuser-Busch, InBev Worldwide and Verizon Communications. Among utilities, the Portfolio’s overweight exposure to the electric subsector enhanced relative performance. In thenon-corporate sector, the Portfolio’s underweight position versus the benchmark in the sovereign subsector detracted from relative performance.

3. The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

9

Did the fixed-income portion of the Portfolio make any significant purchases or sales during the reporting period?

During the reporting period, the fixed-income portion of the Portfolio generally sought to purchase corporate bonds during periods of market weakness. As the market stabilized, the fixed-income portion of the Portfolio sold corporate bonds to reduce the degree to which it was overweight relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index.

During the reporting period, how did sector (or industry) weightings change in the fixed-income portion of the Portfolio?

The fixed-income portion of the Portfolio held overweight exposures to commercial mortgage-backed securities and asset-backed securities throughout the reporting period. In the second half of the reporting period, we moderately reduced the Portfolio’s allocation to commercial mortgage-backed securities and remained focused on asset-backed securities due to compelling relative value opportunities in collateralized loan obligations and student loans. As we trimmed the Portfolio’s corporate sector holdings, we increased the Portfolio’s exposure to the Treasury sector.

How was the fixed-income portion of the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the fixed-income portion of the Portfolio held an overweight position relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index in corporate bonds. Within the corporate sector, the fixed-income portion of the Portfolio held overweight positions in financials and utilities. As of the same date, the fixed-income portion of the Portfolio also held overweight positions in asset-backed securities, commercial mortgage-backed securities and U.S. government agencies. The largest overweight allocation in spread assets at the end of the reporting period was in the asset-backed securities sector.

As of June 30, 2019, the fixed-income portion of the Portfolio held underweight positions relative to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index in the sovereign, supranational, foreign agency and foreign local government sectors.

As of June 30, 2019, the fixed-income portion of the Portfolio maintained a duration that was slightly longer than the duration of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

10 MainStay VP Balanced Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 37.6%† Asset-Backed Securities 3.3%
Automobile 0.2%
Avis Budget Rental Car Funding AESOP LLC Series 2019-1A, Class A 3.45%, due 3/20/23 (a)	$	100,000	$	102,418
Mercedes Benz Auto Lease Trust  Series 2019-A, Class A3 3.10%, due 11/15/21		150,000		151,609
Toyota Auto Loan Extended Note Trust  Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		750,000		758,789
				1,012,816
Other Asset-Backed Securities 3.1%
AIMCO CLO Series 2017-AA, Class A 3.852% (3 Month LIBOR + 1.26%), due 7/20/29 (a)(b)		250,000		250,098
Apidos CLO Series 2015-21A, Class A1R 3.531% (3 Month LIBOR + 0.93%), due 7/18/27 (a)(b)		400,000		400,026
Apidos CLO XXV Series 2016-25A, Class A1R 3.762% (3 Month LIBOR + 1.17%), due 10/20/31 (a)(b)		400,000		399,359
Ares XXIX CLO, Ltd. Series 2014-1A, Class A1R 3.778% (3 Month LIBOR + 1.19%), due 4/17/26 (a)(b)		113,759		113,789
Benefit Street Partners CLO, Ltd. Series 2015-VIIA, Class A1AR 3.381% (3 Month LIBOR + 0.78%), due 7/18/27 (a)(b)		250,000		249,264
Benefit Street Partners CLO IV, Ltd. Series 2014-IVA, Class A1 3.842% (3 Month LIBOR + 1.25%), due 1/20/29 (a)(b)		300,000		300,067
Cedar Funding IV CLO, Ltd. Series 2014-4A, Class AR 3.822% (3 Month LIBOR + 1.23%), due 7/23/30 (a)(b)		750,000		749,464
DB Master Finance LLC Series 2019-1A, Class A2I 3.787%, due 5/20/49 (a)		550,000		561,726
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A2II 3.082%, due 7/25/47 (a)		1,277,250		1,279,179
Dryden Senior Loan Fund  Series 2018-71A, Class A 3.843% (3 Month LIBOR + 1.15%), due 1/15/29 (a)(b)		300,000		300,003

	Principal Amount		Value
Other Asset-Backed Securities (continued)
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A 2.69%, due 3/25/30 (a)	$	119,810	$	120,034
FOCUS Brands Funding LLC Series 2017-1A, Class A2I 3.857%, due 4/30/47 (a)		98,000		100,731
Galaxy XXII CLO, Ltd. Series 2016-22A, Class A1R 3.779% (3 Month LIBOR + 1.00%), due 7/16/28 (a)(b)		250,000		249,997
Highbridge Loan Management, Ltd. Series 2011-A17, Class A 3.825%, due 5/6/30 (a)		850,000		850,026
Hilton Grand Vacations Trust  Series 2018-AA, Class A 3.54%, due 2/25/32 (a)		350,260		360,782
Magnetite XVIII, Ltd. Series 2016-18A, Class AR 3.598% (3 Month LIBOR + 1.08%), due 11/15/28 (a)(b)		400,000		399,417
MVW Owner Trust  Series 2019-1A, Class A 2.89%, due 11/20/36 (a)		250,000		253,294
Navient Private Education Refi Loan Trust  Series 2019-CA, Class A2 3.13%, due 2/15/68 (a)		300,000		306,386
Octagon Investment Partners 30, Ltd. Series 2017-1A, Class A1 3.912% (3 Month LIBOR + 1.32%), due 3/17/30 (a)(b)		350,000		350,907
Palmer Square CLO, Ltd. Series 2015-1A, Class A1R2 3.742% (3 Month LIBOR + 1.22%), due 5/21/29 (a)(b)		500,000		499,997
Regatta VI Funding, Ltd. Series 2016-1A, Class AR 3.672% (3 Month LIBOR + 1.08%), due 7/20/28 (a)(b)		400,000		399,741
Sierra Receivables Funding Co. LLC Series 2019-1A, Class A 3.20%, due 1/20/36 (a)		173,829		178,100
SMB Private Education Loan Trust  Series 2019-B, Class A2A 2.84%, due 6/15/37 (a)		500,000		503,895
SoFi Professional Loan Program LLC Series 2019-A, Class A1FX 3.18%, due 6/15/48 (a)		263,115		265,610
Sound Point CLO XVI, Ltd. Series 2017-2A, Class A 3.86% (3 Month LIBOR + 1.28%), due 7/25/30 (a)(b)		450,000		449,554

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Asset-Backed Securities (continued)
Other Asset-Backed Securities (continued)
Taco Bell Funding, LLC Series 2018-1A, Class A2I 4.318%, due 11/25/48 (a)	$	398,000	$	412,841
THL Credit Wind River CLO, Ltd. Series 2017-4A, Class A 3.67% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(b)		250,000		249,201
TIAA CLO III, Ltd. Series 2017-2A, Class A 3.751% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(b)		350,000		347,696
TICP CLO XIII, Ltd. Series 2019 13A, Class A 3.665% (3 Month LIBOR + 1.3%), due 7/15/32 (a)(b)		350,000		349,992
Treman Park CLO, Ltd. Series 2015-1A, Class ARR 3.662% (3 Month LIBOR + 1.07%), due 10/20/28 (a)(b)		260,000		260,001
Voya CLO, Ltd. Series 2019-1A, Class A 3.813% (3 Month LIBOR + 1.17%), due 4/15/29 (a)(b)		250,000		250,007
Westcott Park CLO, Ltd. Series 2016 1A, Class AR 3.684% (3 Month LIBOR + 1.21%), due 7/20/28 (a)(b)		400,000		400,021
				12,161,205
Total Asset-Backed Securities (Cost $13,103,736)				13,174,021
Corporate Bonds 14.5%
Aerospace & Defense 0.4%
BAE Systems PLC 4.75%, due 10/11/21 (a)		1,050,000		1,099,528
Boeing Co. 3.10%, due 5/1/26		425,000		437,379
				1,536,907
Auto Manufacturers 0.6%
Ford Motor Credit Co. LLC
4.25%, due 9/20/22		620,000		635,888
5.875%, due 8/2/21		365,000		384,878
General Motors Financial Co., Inc. 4.35%, due 4/9/25		500,000		515,792
Volkswagen Group of America Finance LLC 4.00%, due 11/12/21 (a)		725,000		748,298
				2,284,856

	Principal Amount		Value
Banks 4.2%
Bank of America Corp. 4.45%, due 3/3/26	$	1,920,000	$	2,070,995
Bank of Montreal 3.081% (3 Month LIBOR + 0.63%), due 9/11/22 (b)		600,000		602,521
Citigroup, Inc. 4.60%, due 3/9/26		1,600,000		1,731,136
Credit Agricole S.A. 3.375%, due 1/10/22 (a)		250,000		254,965
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 9/15/22		865,000		896,747
Discover Bank 3.20%, due 8/9/21		850,000		862,583
Fifth Third Bancorp 4.30%, due 1/16/24		750,000		800,930
Goldman Sachs Group, Inc.
2.905%, due 7/24/23 (c)		870,000		878,414
3.85%, due 1/26/27		475,000		496,468
HSBC Holdings PLC
3.086% (3 Month LIBOR + 0.65%), due 9/11/21 (b)		900,000		900,832
3.973%, due 5/22/30 (c)		250,000		261,139
JPMorgan Chase & Co.
3.702%, due 5/6/30 (c)		175,000		184,515
3.875%, due 9/10/24		2,275,000		2,391,784
Lloyds Banking Group PLC 2.907%, due 11/7/23 (c)		1,000,000		1,001,661
Morgan Stanley
3.625%, due 1/20/27		250,000		262,384
4.10%, due 5/22/23		1,000,000		1,052,664
4.35%, due 9/8/26		595,000		638,034
Santander UK PLC 3.40%, due 6/1/21		200,000		203,321
SunTrust Bank 3.115% (3 Month LIBOR + 0.59%), due 5/17/22 (b)		800,000		801,245
UBS Group Funding Switzerland A.G. 4.125%, due 4/15/26 (a)		500,000		534,157
				16,826,495
Beverages 0.3%
Anheuser-Busch InBev Worldwide, Inc.
4.00%, due 4/13/28		350,000		378,018
4.75%, due 1/23/29		770,000		874,109
				1,252,127
Building Materials 0.4%
Fortune Brands Home & Security, Inc. 4.00%, due 6/15/25		850,000		894,360
Masco Corp. 4.45%, due 4/1/25		850,000		905,265
				1,799,625

12 MainStay VP Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Chemicals 0.2%
Dow Chemical Co. (a)
3.15%, due 5/15/24	$	175,000	$	178,481
4.80%, due 11/30/28		250,000		281,171
NewMarket Corp. 4.10%, due 12/15/22		400,000		414,793
				874,445
Diversified Financial Services 0.5%
American Express Co. 3.70%, due 11/5/21		500,000		515,435
Discover Financial Services 5.20%, due 4/27/22		25,000		26,768
GE Capital International Funding Co. 3.373%, due 11/15/25		1,015,000		1,027,487
TD Ameritrade Holding Corp. 2.95%, due 4/1/22		300,000		305,425
				1,875,115
Electric 1.6%
Arizona Public Service Co. 2.20%, due 1/15/20		250,000		249,674
Commonwealth Edison Co. 3.10%, due 11/1/24		400,000		412,807
DTE Electric Co. 2.65%, due 6/15/22		375,000		379,516
Electricite de France S.A. 2.35%, due 10/13/20 (a)		1,500,000		1,500,827
Emera U.S. Finance, L.P. 2.70%, due 6/15/21		750,000		752,564
Entergy Arkansas LLC 3.70%, due 6/1/24		375,000		397,028
Entergy Corp. 4.00%, due 7/15/22		750,000		780,244
Evergy, Inc. 4.85%, due 6/1/21		280,000		290,003
Exelon Corp. 2.85%, due 6/15/20		425,000		426,346
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		500,000		536,641
NextEra Energy Capital Holdings, Inc. 3.25%, due 4/1/26 (d)		375,000		385,495
WEC Energy Group, Inc. 3.375%, due 6/15/21		350,000		356,869
				6,468,014
Food 0.3%
Conagra Brands, Inc. 4.85%, due 11/1/28		350,000		388,194
Ingredion, Inc. 4.625%, due 11/1/20		175,000		179,757
Kraft Heinz Foods Co. 3.00%, due 6/1/26		140,000		136,232

	Principal Amount		Value
Food (continued)
Tyson Foods, Inc. 4.00%, due 3/1/26	$	325,000	$	345,666
				1,049,849
Forest Products & Paper 0.1%
Fibria Overseas Finance, Ltd. 4.00%, due 1/14/25		375,000		377,812
Health Care—Products 0.3%
Becton Dickinson & Co. 2.894%, due 6/6/22		1,213,000		1,229,479
Health Care—Services 0.3%
Cigna Corp. 4.125%, due 11/15/25 (a)		965,000		1,027,668
Iron & Steel 0.2%
Carpenter Technology Corp. 4.45%, due 3/1/23		125,000		126,869
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		700,000		734,977
				861,846
Media 0.1%
Fox Corp. 4.709%, due 1/25/29 (a)		265,000		296,468
Miscellaneous—Manufacturing 0.1%
Parker-Hannifin Corp. 3.25%, due 6/14/29		250,000		259,298
Multi-National 0.6%
International Bank for Reconstruction & Development
2.00%, due 10/30/20		600,000		600,001
2.60%, due 6/28/24		350,000		349,560
2.70%, due 5/16/22		575,000		582,880
2.88%, due 5/15/24		650,000		665,377
				2,197,818
Oil & Gas 0.6%
Anadarko Petroleum Corp.
4.85%, due 3/15/21		797,000		825,035
5.55%, due 3/15/26		675,000		758,619
Cenovus Energy, Inc. 4.25%, due 4/15/27 (d)		200,000		207,175
Helmerich & Payne, Inc. 4.65%, due 3/15/25		400,000		423,469
Nabors Industries, Inc. 5.00%, due 9/15/20 (d)		126,000		126,315

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Oil & Gas (continued)
Petroleos Mexicanos
3.50%, due 1/30/23	$	100,000	$	94,890
4.875%, due 1/24/22		75,000		74,812
5.35%, due 2/12/28		50,000		45,505
				2,555,820
Oil & Gas Services 0.2%
Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)		925,000		963,831
Packaging & Containers 0.2%
WRKCo., Inc. 3.75%, due 3/15/25		675,000		700,312
Pharmaceuticals 0.3%
Bayer U.S. Finance II LLC 3.875%, due 12/15/23 (a)		425,000		441,321
Bristol-Myers Squibb Co. 3.20%, due 6/15/26 (a)		625,000		649,382
				1,090,703
Pipelines 0.6%
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		850,000		911,800
Kinder Morgan, Inc. 5.00%, due 2/15/21 (a)		1,264,000		1,310,971
Texas Eastern Transmission, L.P. 2.80%, due 10/15/22 (a)		175,000		174,770
				2,397,541
Real Estate Investment Trusts 1.0%
American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		650,000		656,569
HCP, Inc. 3.25%, due 7/15/26		450,000		453,518
Highwoods Realty, L.P. 3.625%, due 1/15/23		1,000,000		1,021,670
Realty Income Corp. 3.25%, due 10/15/22		475,000		487,337
VEREIT Operating Partnership, L.P. 4.875%, due 6/1/26		1,230,000		1,330,101
				3,949,195
Retail 0.3%
CVS Health Corp. 4.30%, due 3/25/28		975,000		1,028,116
Home Depot, Inc. 2.95%, due 6/15/29		300,000		307,746
				1,335,862

	Principal Amount		Value
Software 0.5%
Fidelity National Information Services, Inc. 2.25%, due 8/15/21	$	1,075,000	$	1,072,797
Fiserv, Inc.
3.20%, due 7/1/26		300,000		306,204
4.20%, due 10/1/28		475,000		514,225
4.75%, due 6/15/21		200,000		208,868
				2,102,094
Telecommunications 0.4%
AT&T, Inc. 4.35%, due 3/1/29		575,000		619,321
Verizon Communications, Inc.
3.376%, due 2/15/25		131,000		136,736
4.016%, due 12/3/29 (a)		862,000		933,323
				1,689,380
Transportation 0.2%
Union Pacific Corp. 3.70%, due 3/1/29		600,000		645,556
Total Corporate Bonds (Cost $55,717,443)				57,648,116
Foreign Government Bonds 0.2%
Colombia 0.1%
Colombia Government International Bond 3.875%, due 4/25/27		220,000		229,460
Mexico 0.1%
Mexico Government International Bond 3.75%, due 1/11/28		300,000		305,625
Philippines 0.0%‡
Philippine Government International Bond 3.00%, due 2/1/28		200,000		205,370
Poland 0.0%‡
Republic of Poland Government International Bond 5.00%, due 3/23/22		50,000		53,688
Total Foreign Government Bonds (Cost $746,488)				794,143
Mortgage-Backed Securities 1.7%
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.7%
Bank
Series 2017-BNK5, Class A2 2.987%, due 6/15/60		300,000		305,636
Series 2018-BN14, Class A2 4.128%, due 9/15/60		400,000		428,052

14 MainStay VP Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Mortgage-Backed Securities (continued)
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)
Benchmark Mortgage Trust
Series 2018-B1, Class A2 3.571%, due 1/15/51	$	200,000	$	208,222
Series 2018-B2, Class A2 3.662%, due 2/15/51		150,000		156,754
CD Mortgage Trust  Series 2017-CD4, Class A2 3.03%, due 5/10/50		600,000		610,796
CFCRE Commercial Mortgage Trust  Series 2017-C8, Class A2 2.982%, due 6/15/50		900,000		912,150
DBJPM Mortgage Trust  Series 2017-C6, Class A2 2.917%, due 6/10/50		800,000		813,345
Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
Series K090, Class A2 3.422%, due 2/25/29		300,000		322,797
Series K091, Class A2 3.505%, due 3/25/29		195,000		211,386
GRACE Mortgage Trust  Series 2014-GRCE, Class A 3.369%, due 6/10/28 (a)		200,000		203,777
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C13, Class A2 2.936%, due 11/15/46		5,323		5,417
Series 2017-C33, Class A2 3.14%, due 5/15/50		1,000,000		1,021,497
Morgan Stanley Capital I Trust  Series 2017-H1, Class A2 3.089%, due 6/15/50		900,000		923,217
UBS Commercial Mortgage Trust  Series 2018-C8, Class A2 3.713%, due 2/15/51		500,000		521,353
Total Mortgage-Backed Securities (Cost $6,634,602)				6,644,399
U.S. Government & Federal Agencies 17.9%
Federal Home Loan Bank 1.6%
1.70%, due 5/15/20		500,000		498,545
2.30%, due 1/26/21		475,000		475,107
2.50%, due 12/10/27		1,050,000		1,070,672
2.51%, due 12/29/22		400,000		400,447
2.65%, due 5/23/22		275,000		275,079
3.00%, due 3/10/28		300,000		316,958
3.125%, due 9/12/25		800,000		850,968

	Principal Amount		Value
Federal Home Loan Bank (continued)
3.25%, due 6/9/28	$	800,000	$	864,211
3.25%, due 11/16/28		1,375,000		1,494,223
				6,246,210
Federal Home Loan Mortgage Corporation 1.0%
1.25%, due 8/15/19		350,000		349,580
2.55%, due 6/6/22		400,000		400,149
2.55%, due 6/20/22		325,000		325,058
2.70%, due 9/27/21		400,000		400,489
2.70%, due 4/5/22		400,000		400,024
2.70%, due 4/8/22		400,000		400,629
2.75%, due 6/17/24		400,000		400,076
2.753%, due 1/30/23		400,000		400,215
2.89%, due 4/16/24		400,000		400,667
2.90%, due 5/9/24		500,000		500,318
				3,977,205
Federal National Mortgage Association 0.4%
1.25%, due 7/26/19		450,000		449,698
1.875%, due 9/24/26 (d)		1,125,000		1,113,534
				1,563,232
United States Treasury Notes 14.9%
1.75%, due 6/15/22		8,000,000		8,011,250
1.875%, due 9/30/22		300,000		301,477
2.00%, due 5/31/24		9,900,000		10,016,402
2.125%, due 5/31/21		7,700,000		7,752,336
2.125%, due 5/31/26		900,000		915,047
2.25%, due 11/15/25		1,075,000		1,100,909
2.375%, due 4/30/20		425,000		426,245
2.375%, due 5/15/29 (d)		1,825,000		1,885,952
2.50%, due 2/15/22		7,375,000		7,519,907
2.75%, due 4/30/23		3,825,000		3,968,438
2.875%, due 10/31/20		15,925,000		16,132,149
3.00%, due 9/30/25		1,200,000		1,282,031
				59,312,143
Total U.S. Government & Federal Agencies (Cost $70,094,347)				71,098,790
TotalLong-Term Bonds (Cost $146,296,616)				149,359,469
	Shares
Common Stocks 56.5%
Aerospace & Defense 0.8%
Arconic, Inc.		6,422		165,816
Curtiss-Wright Corp.		1,459		185,483
General Dynamics Corp.		3,368		612,370
Hexcel Corp.		2,161		174,782
Huntington Ingalls Industries, Inc.		439		98,661

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Aerospace & Defense (continued)
Raytheon Co.		3,371	$	586,149
Spirit AeroSystems Holdings, Inc., Class A		3,068		249,643
Textron, Inc.		5,251		278,513
United Technologies Corp.		5,452		709,850
				3,061,267
Air Freight & Logistics 0.2%
FedEx Corp.		3,767		618,504
XPO Logistics, Inc. (e)		1,040		60,122
				678,626
Airlines 1.0%
Alaska Air Group, Inc.		10,895		696,300
Copa Holdings S.A., Class A		2,942		287,051
Delta Air Lines, Inc.		14,023		795,805
JetBlue Airways Corp. (e)		16,752		309,745
Southwest Airlines Co.		15,594		791,863
United Continental Holdings, Inc. (e)		12,366		1,082,643
				3,963,407
Auto Components 0.2%
Aptiv PLC		165		13,337
Lear Corp.		4,726		658,190
				671,527
Automobiles 0.4%
Ford Motor Co.		79,787		816,221
General Motors Co.		15,803		608,890
				1,425,111
Banks 2.5%
Bank of America Corp.		28,329		821,541
Bank OZK		19,986		601,379
BB&T Corp.		12,533		615,746
CIT Group, Inc.		12,706		667,573
Citigroup, Inc.		11,762		823,693
Citizens Financial Group, Inc.		16,547		585,102
Comerica, Inc.		6,618		480,732
Fifth Third Bancorp		12,436		346,964
First Citizens BancShares, Inc., Class A		722		325,095
First Hawaiian, Inc.		20,661		534,500
JPMorgan Chase & Co.		6,421		717,868
KeyCorp		158		2,804
M&T Bank Corp.		938		159,526
PNC Financial Services Group, Inc.		4,509		618,995
Signature Bank		2,782		336,177
SunTrust Banks, Inc.		12,946		813,656
Synovus Financial Corp.		7,553		264,355
U.S. Bancorp		11,592		607,421
Wells Fargo & Co.		15,210		719,737
				10,042,864

	Shares		Value
Beverages 0.8%
Coca-Cola Co.		11,787	$	600,194
Constellation Brands, Inc., Class A		3,256		641,237
Keurig Dr. Pepper, Inc.		24,222		700,016
Molson Coors Brewing Co., Class B		6,631		371,336
PepsiCo., Inc.		5,264		690,268
				3,003,051
Biotechnology 1.0%
Alexion Pharmaceuticals, Inc. (e)		4,807		629,621
Alkermes PLC (e)		4,832		108,913
Amgen, Inc.		3,803		700,817
Biogen, Inc. (e)		3,320		776,448
Bluebird Bio, Inc. (e)		231		29,383
Gilead Sciences, Inc.		11,857		801,059
Regeneron Pharmaceuticals, Inc. (e)		1,974		617,862
United Therapeutics Corp. (e)		2,782		217,163
				3,881,266
Building Products 0.5%
Johnson Controls International PLC		19,465		804,099
Masco Corp.		18,505		726,136
Owens Corning		7,384		429,749
				1,959,984
Capital Markets 1.8%
Ameriprise Financial, Inc.		3,525		511,689
Bank of New York Mellon Corp.		18,336		809,534
BlackRock, Inc.		1,510		708,643
Charles Schwab Corp.		17,560		705,736
CME Group, Inc.		3,137		608,923
E*TRADE Financial Corp.		8,557		381,642
Goldman Sachs Group, Inc.		3,058		625,667
Intercontinental Exchange, Inc.		8,241		708,232
Janus Henderson Group PLC		13,894		297,332
Lazard, Ltd., Class A		5,674		195,129
Morgan Stanley		16,204		709,897
Northern Trust Corp.		155		13,950
Raymond James Financial, Inc.		2,575		217,716
State Street Corp.		623		34,925
TD Ameritrade Holding Corp.		14,318		714,755
				7,243,770
Chemicals 1.8%
Air Products & Chemicals, Inc.		3,530		799,086
Celanese Corp.		3,921		422,684
CF Industries Holdings, Inc.		17,384		812,007
Corteva, Inc. (e)		9,936		293,808
Dow, Inc. (e)		15,672		772,786
DuPont de Nemours, Inc.		8,160		612,571
FMC Corp.		2,998		248,684
Huntsman Corp.		21,811		445,817
Linde PLC		3,003		603,002
LyondellBasell Industries N.V., Class A		9,164		789,295

16 MainStay VP Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Chemicals (continued)
Mosaic Co.		6,976	$	174,609
PPG Industries, Inc.		6,843		798,647
Valvoline, Inc.		13,682		267,210
				7,040,206
Commercial Services & Supplies 0.4%
ADT, Inc. (d)		32,695		200,093
Clean Harbors, Inc. (e)		8,829		627,742
IAA, Inc. (e)		578		22,415
KAR Auction Services, Inc.		578		14,450
Republic Services, Inc.		818		70,871
Waste Management, Inc.		6,899		795,938
				1,731,509
Communications Equipment 0.2%
CommScope Holding Co., Inc. (e)		13,606		214,022
EchoStar Corp., Class A (e)		9,336		413,771
Motorola Solutions, Inc.		461		76,863
				704,656
Construction & Engineering 0.2%
AECOM (e)		19,101		722,973
Construction Materials 0.3%
Eagle Materials, Inc.		5,813		538,865
Martin Marietta Materials, Inc.		1,862		428,465
Vulcan Materials Co.		504		69,204
				1,036,534
Consumer Finance 1.0%
American Express Co.		5,636		695,708
Capital One Financial Corp.		8,846		802,686
Discover Financial Services		12,088		937,908
OneMain Holdings, Inc.		1,810		61,196
SLM Corp.		65,430		635,980
Synchrony Financial		28,639		992,914
				4,126,392
Containers & Packaging 0.5%
Ardagh Group S.A.		9,164		160,370
Ball Corp.		9,458		661,965
Berry Global Group, Inc. (e)		12,347		649,329
International Paper Co.		720		31,190
Silgan Holdings, Inc.		18,018		551,351
WestRock Co.		2,899		105,727
				2,159,932
Diversified Consumer Services 0.3%
Graham Holdings Co., Class B		714		492,682
H&R Block, Inc.		23,193		679,555
ServiceMaster Global Holdings, Inc. (e)		1,515		78,916
				1,251,153

	Shares		Value
Diversified Financial Services 0.5%
AXA Equitable Holdings, Inc.		31,542	$	659,228
Berkshire Hathaway, Inc., Class B (e)		3,341		712,201
Voya Financial, Inc.		13,392		740,577
				2,112,006
Diversified Telecommunication Services 0.4%
AT&T, Inc.		21,414		717,583
CenturyLink, Inc.		14,422		169,603
Verizon Communications, Inc.		12,223		698,300
				1,585,486
Electric Utilities 2.0%
American Electric Power Co., Inc.		7,871		692,727
Avangrid, Inc.		2,915		147,208
Duke Energy Corp.		6,849		604,356
Edison International		1,974		133,067
Entergy Corp.		7,843		807,280
Evergy, Inc.		1,520		91,428
Eversource Energy		3,290		249,250
Exelon Corp.		14,576		698,773
FirstEnergy Corp.		4,473		191,489
Hawaiian Electric Industries, Inc.		15,049		655,384
NextEra Energy, Inc.		2,967		607,820
OGE Energy Corp.		6,214		264,468
PG&E Corp. (e)		12,791		293,170
Pinnacle West Capital Corp.		4,791		450,785
PPL Corp.		17,011		527,511
Southern Co.		12,670		700,398
Xcel Energy, Inc.		16,029		953,565
				8,068,679
Electrical Equipment 0.7%
Acuity Brands, Inc.		4,576		631,076
Eaton Corp. PLC		8,430		702,050
Emerson Electric Co.		10,577		705,697
GrafTech International, Ltd.		10,735		123,453
Regal Beloit Corp.		6,756		552,033
				2,714,309
Electronic Equipment, Instruments & Components 0.4%
Avnet, Inc.		14,645		662,979
Corning, Inc.		3,566		118,498
Jabil, Inc.		21,342		674,408
				1,455,885
Energy Equipment & Services 0.5%
Halliburton Co.		1,281		29,130
Helmerich & Payne, Inc.		6,194		313,540
Nabors Industries, Ltd.		87,444		253,588
Patterson-UTI Energy, Inc.		47,249		543,836
RPC, Inc. (d)		30,349		218,816
Schlumberger, Ltd.		17,852		709,439
				2,068,349

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Entertainment 0.9%
Activision Blizzard, Inc.		12,895	$	608,644
Cinemark Holdings, Inc.		13,795		497,999
Electronic Arts, Inc. (e)		6,191		626,901
Take-Two Interactive Software, Inc. (e)		5,395		612,494
Viacom, Inc.
Class A (d)		3,735		127,364
Class B		21,159		632,019
Walt Disney Co.		4,292		599,335
				3,704,756
Equity Real Estate Investment Trusts 4.7%
American Campus Communities, Inc.		13,909		642,039
American Homes 4 Rent, Class A		13,767		334,676
Apartment Investment & Management Co., Class A		10,015		501,952
Apple Hospitality REIT, Inc.		38,064		603,695
AvalonBay Communities, Inc.		3,633		738,153
Boston Properties, Inc.		608		78,432
Brandywine Realty Trust		15,197		217,621
Brixmor Property Group, Inc.		19,470		348,124
Brookfield Property REIT, Inc., Class A		15,462		292,077
Camden Property Trust		4,514		471,216
Colony Capital, Inc.		113,615		568,075
Corporate Office Properties Trust		7,046		185,803
Digital Realty Trust, Inc.		2,485		292,708
Douglas Emmett, Inc.		4,334		172,667
Empire State Realty Trust, Inc., Class A		37,705		558,411
EPR Properties		8,826		658,331
Equity Residential		9,811		744,851
Essex Property Trust, Inc.		2,062		601,960
Gaming and Leisure Properties, Inc.		17,739		691,466
Hospitality Properties Trust		23,015		575,375
Host Hotels & Resorts, Inc.		48,619		885,838
Iron Mountain, Inc.		10,035		314,095
Kimco Realty Corp.		2,426		44,832
Lamar Advertising Co., Class A		516		41,646
Medical Properties Trust, Inc.		4,124		71,923
Mid-America Apartment Communities, Inc.		6,866		808,540
National Retail Properties, Inc.		2,558		135,600
Omega Healthcare Investors, Inc.		19,664		722,652
Outfront Media, Inc.		4,116		106,152
Park Hotels & Resorts, Inc.		17,703		487,895
Prologis, Inc.		7,711		617,651
Public Storage		3,377		804,300
Rayonier, Inc.		7,487		226,856
Realty Income Corp.		7,216		497,688
Retail Properties of America, Inc., Class A		379		4,457
Simon Property Group, Inc.		4,964		793,049
Sun Communities, Inc.		804		103,065
Taubman Centers, Inc.		270		11,024

	Shares		Value
Equity Real Estate Investment Trusts (continued)
UDR, Inc.		2,544	$	114,200
Ventas, Inc.		14,021		958,335
VEREIT, Inc.		67,660		609,617
Weingarten Realty Investors		5,766		158,104
Welltower, Inc.		12,000		978,360
Weyerhaeuser Co.		913		24,048
				18,797,559
Food & Staples Retailing 0.4%
Casey’s General Stores, Inc.		60		9,359
Kroger Co.		2,632		57,141
Walgreens Boots Alliance, Inc.		13,299		727,056
Walmart, Inc.		7,177		792,987
				1,586,543
Food Products 1.9%
Archer-Daniels-Midland Co.		3,635		148,308
Campbell Soup Co.		14,700		589,029
Flowers Foods, Inc.		27,516		640,297
General Mills, Inc.		13,576		713,011
Ingredion, Inc.		3,835		316,349
J.M. Smucker Co.		7,360		847,798
Kellogg Co.		3,633		194,620
Kraft Heinz Co.		22,588		701,132
McCormick & Co., Inc.		78		12,091
Mondelez International, Inc., Class A		11,064		596,350
Pilgrim’s Pride Corp. (e)		20,848		529,331
Post Holdings, Inc. (e)		5,267		547,610
TreeHouse Foods, Inc. (e)		10,712		579,519
Tyson Foods, Inc., Class A		14,719		1,188,412
				7,603,857
Gas Utilities 0.2%
National Fuel Gas Co.		5,531		291,760
UGI Corp.		6,994		373,550
				665,310
Health Care Equipment & Supplies 1.5%
Abbott Laboratories		8,397		706,188
Baxter International, Inc.		8,640		707,616
Becton, Dickinson and Co.		2,428		611,880
Cooper Cos., Inc.		2,500		842,225
Danaher Corp.		4,276		611,126
DENTSPLY SIRONA, Inc.		11,157		651,122
Hill-Rom Holdings, Inc.		4,899		512,533
Hologic, Inc. (e)		482		23,146
Medtronic PLC		7,165		697,799
STERIS PLC (e)		2,528		376,369
Zimmer Biomet Holdings, Inc.		1,539		181,202
				5,921,206

18 MainStay VP Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Health Care Providers & Services 1.2%
Anthem, Inc.		2,159	$	609,291
Cardinal Health, Inc.		8,977		422,817
Cigna Corp. (e)		3,840		604,992
CVS Health Corp.		11,221		611,432
Encompass Health Corp.		193		12,228
HCA Healthcare, Inc.		5,915		799,531
Henry Schein, Inc. (e)		3,755		262,474
Humana, Inc.		2,299		609,925
McKesson Corp.		4,087		549,252
Universal Health Services, Inc., Class B		2,645		344,882
				4,826,824
Hotels, Restaurants & Leisure 1.6%
Aramark		20,145		726,429
Caesars Entertainment Corp. (e)		16,787		198,422
Carnival Corp.		17,423		811,041
Darden Restaurants, Inc.		2,032		247,355
Las Vegas Sands Corp.		11,871		701,457
McDonald’s Corp.		2,945		611,559
MGM Resorts International		14,897		425,607
Norwegian Cruise Line Holdings, Ltd. (e)		9,927		532,385
Royal Caribbean Cruises, Ltd.		4,955		600,596
Yum China Holdings, Inc.		17,821		823,330
Yum! Brands, Inc.		5,472		605,586
				6,283,767
Household Durables 0.6%
Garmin, Ltd.		2,490		198,702
Lennar Corp., Class A		150		7,269
Newell Brands, Inc.		2,392		36,885
PulteGroup, Inc.		22,098		698,739
Toll Brothers, Inc.		16,486		603,717
Whirlpool Corp.		5,428		772,730
				2,318,042
Household Products 0.5%
Colgate-Palmolive Co.		8,328		596,868
Kimberly-Clark Corp.		5,926		789,817
Procter & Gamble Co.		6,348		696,058
				2,082,743
Independent Power & Renewable Electricity Producers 0.5%
AES Corp.		26,835		449,754
NRG Energy, Inc.		20,707		727,230
Vistra Energy Corp.		32,853		743,792
				1,920,776
Industrial Conglomerates 0.9%
3M Co.		4,052		702,374
Carlisle Cos., Inc.		4,707		660,910
General Electric Co.		58,675		616,088
Honeywell International, Inc.		4,012		700,455

	Shares		Value
Industrial Conglomerates (continued)
Roper Technologies, Inc.		2,245	$	822,253
				3,502,080
Insurance 4.6%
Aflac, Inc.		12,843		703,925
Allstate Corp.		7,947		808,130
American International Group, Inc.		15,129		806,073
American National Insurance Co.		2,209		257,282
Arch Capital Group, Ltd. (e)		24,071		892,553
Arthur J. Gallagher & Co.		2,583		226,245
Assured Guaranty, Ltd.		14,528		611,338
Athene Holding, Ltd., Class A (e)		7,601		327,299
AXIS Capital Holdings, Ltd.		6,187		369,055
Brighthouse Financial, Inc. (e)		13,983		513,036
Chubb, Ltd.		4,738		697,860
Cincinnati Financial Corp.		323		33,485
CNA Financial Corp.		5,837		274,748
Fidelity National Financial, Inc.		20,591		829,817
First American Financial Corp.		12,486		670,498
Hanover Insurance Group, Inc.		4,098		525,773
Hartford Financial Services Group, Inc.		13,320		742,190
Kemper Corp.		3,461		298,650
Lincoln National Corp.		13,466		867,884
Marsh & McLennan Cos., Inc.		6,175		615,956
Mercury General Corp.		9,432		589,500
MetLife, Inc.		16,178		803,561
Old Republic International Corp.		30,861		690,669
Principal Financial Group, Inc.		9,264		536,571
Progressive Corp.		10,060		804,096
Prudential Financial, Inc.		8,025		810,525
Reinsurance Group of America, Inc.		5,166		806,051
RenaissanceRe Holdings, Ltd.		1,070		190,471
Travelers Cos., Inc.		5,313		794,400
Unum Group		10,779		361,636
W.R. Berkley Corp.		4,165		274,599
Willis Towers Watson PLC		2,617		501,260
				18,235,136
Interactive Media & Services 0.1%
IAC/InterActiveCorp (e)		1,072		233,192
IT Services 1.7%
Akamai Technologies, Inc. (e)		5,886		471,704
Amdocs, Ltd.		2,078		129,023
Booz Allen Hamilton Holding Corp.		1,995		132,089
CACI International, Inc., Class A (e)		1,508		308,522
Cognizant Technology Solutions Corp., Class A		12,538		794,784
Conduent, Inc. (e)		32,621		312,835
DXC Technology Co.		7,779		429,012
Euronet Worldwide, Inc. (e)		36		6,057
Fidelity National Information Services, Inc.		9,336		1,145,340
International Business Machines Corp.		5,707		786,995

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
IT Services (continued)
Leidos Holdings, Inc.		10,556	$	842,897
Western Union Co.		15,922		316,689
Worldpay, Inc. (e)		9,959		1,220,475
				6,896,422
Life Sciences Tools & Services 0.3%
Agilent Technologies, Inc.		1,593		118,949
Charles River Laboratories International, Inc. (e)		1,484		210,580
IQVIA Holdings, Inc. (e)		1,756		282,540
Thermo Fisher Scientific, Inc.		2,383		699,840
				1,311,909
Machinery 1.5%
AGCO Corp.		8,911		691,226
Caterpillar, Inc.		5,154		702,439
Cummins, Inc.		6,582		1,127,760
Deere & Co.		3,627		601,030
Dover Corp.		3,354		336,071
Flowserve Corp.		270		14,226
Fortive Corp.		59		4,810
ITT, Inc.		1,020		66,790
Oshkosh Corp.		8,429		703,737
PACCAR, Inc.		7,273		521,183
Parker-Hannifin Corp.		344		58,483
Pentair PLC		4,724		175,733
Stanley Black & Decker, Inc.		766		110,771
Timken Co.		12,450		639,183
				5,753,442
Media 1.5%
Charter Communications, Inc., Class A (e)		2,036		804,587
Comcast Corp., Class A		18,776		793,849
Discovery, Inc. (e)
Class A (d)		18,410		565,187
Class C		8,654		246,206
DISH Network Corp., Class A (e)		20,457		785,753
Fox Corp., Class A (e)		1,151		42,173
Interpublic Group of Cos., Inc.		32,658		737,744
Liberty Media Corp-Liberty SiriusXM (e)
Class A		6,351		240,131
Class C		2,103		79,872
News Corp.
Class A		18,085		243,967
Class B		12,855		179,456
Nexstar Media Group, Inc., Class A		2,538		256,338
Omnicom Group, Inc.		8,833		723,864
Sinclair Broadcast Group, Inc., Class A		4,458		239,083
				5,938,210
Metals & Mining 0.4%
Newmont Goldcorp Corp.		8,943		344,037
Nucor Corp.		2,494		137,419

	Shares		Value
Metals & Mining (continued)
Southern Copper Corp.		17,852	$	693,550
Steel Dynamics, Inc.		14,198		428,780
				1,603,786
Multi-Utilities 1.7%
Ameren Corp.		12,912		969,820
CenterPoint Energy, Inc.		31,959		914,986
CMS Energy Corp.		5,555		321,690
Consolidated Edison, Inc.		6,457		566,150
Dominion Energy, Inc.		7,880		609,282
DTE Energy Co.		9,249		1,182,762
Public Service Enterprise Group, Inc.		8,085		475,560
Sempra Energy		4,434		609,409
WEC Energy Group, Inc.		12,815		1,068,386
				6,718,045
Multiline Retail 0.5%
Dollar Tree, Inc. (e)		9,351		1,004,204
Target Corp.		9,237		800,017
				1,804,221
Oil, Gas & Consumable Fuels 3.1%
Anadarko Petroleum Corp.		11,216		791,401
Apache Corp.		10,533		305,141
Cabot Oil & Gas Corp.		24,150		554,484
Chevron Corp.		6,379		793,803
Concho Resources, Inc.		659		67,996
ConocoPhillips		12,600		768,600
Continental Resources, Inc. (e)		8,609		362,353
Devon Energy Corp.		29,755		848,613
EOG Resources, Inc.		8,493		791,208
EQT Corp.		4,033		63,762
Equitrans Midstream Corp. (e)		3,341		65,851
Exxon Mobil Corp.		9,094		696,873
Hess Corp.		81		5,149
HollyFrontier Corp.		16,042		742,424
Kinder Morgan, Inc.		29,195		609,592
Marathon Oil Corp.		43,555		618,917
Marathon Petroleum Corp.		12,850		718,058
Occidental Petroleum Corp.		11,951		600,896
ONEOK, Inc.		176		12,111
PBF Energy, Inc., Class A		20,038		627,189
Phillips 66		8,523		797,241
Valero Energy Corp.		9,309		796,943
Williams Cos., Inc.		16,613		465,828
				12,104,433
Paper & Forest Products 0.1%
Domtar Corp.		9,159		407,850
Pharmaceuticals 1.0%
Allergan PLC		4,247		711,075
Bristol-Myers Squibb Co.		15,508		703,288

20 MainStay VP Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Pharmaceuticals (continued)
Elanco Animal Health, Inc. (e)		7,658	$	258,841
Horizon Therapeutics PLC (e)		12,197		293,460
Jazz Pharmaceuticals PLC (e)		1,820		259,459
Johnson & Johnson		4,247		591,522
Merck & Co., Inc.		8,338		699,141
Perrigo Co. PLC		197		9,381
Pfizer, Inc.		14,016		607,173
				4,133,340
Professional Services 0.4%
IHS Markit, Ltd. (e)		1,505		95,899
ManpowerGroup, Inc.		7,175		693,105
Nielsen Holdings PLC		31,614		714,476
				1,503,480
Real Estate Management & Development 0.0%‡
Realogy Holdings Corp. (d)		13,101		94,851
Road & Rail 0.6%
CSX Corp.		10,379		803,023
Genesee & Wyoming, Inc., Class A (e)		1,612		161,200
Norfolk Southern Corp.		3,613		720,179
Uber Technologies, Inc. (e)		16,391		760,215
				2,444,617
Semiconductors & Semiconductor Equipment 1.7%
Analog Devices, Inc.		8,495		958,831
Applied Materials, Inc.		18,143		814,802
Cypress Semiconductor Corp.		29,681		660,106
Intel Corp.		16,407		785,403
Lam Research Corp.		1,554		291,903
Microchip Technology, Inc.		317		27,484
Micron Technology, Inc. (e)		21,347		823,781
ON Semiconductor Corp. (e)		17,258		348,784
Qorvo, Inc. (e)		11,541		768,746
Skyworks Solutions, Inc.		8,670		669,931
Teradyne, Inc.		8,488		406,660
				6,556,431
Software 0.7%
Autodesk, Inc. (e)		3,708		604,033
LogMeIn, Inc.		7,779		573,157
Nuance Communications, Inc. (e)		38,487		614,637
SS&C Technologies Holdings, Inc.		613		35,315
Symantec Corp.		38,160		830,362
Teradata Corp. (e)		8,063		289,058
				2,946,562
Specialty Retail 1.1%
Advance Auto Parts, Inc.		2,935		452,401
AutoZone, Inc. (e)		311		341,935
Best Buy Co., Inc.		12,446		867,860

	Shares		Value
Specialty Retail (continued)
Dick’s Sporting Goods, Inc.		14,486	$	501,650
Foot Locker, Inc.		6,554		274,744
Home Depot, Inc.		3,374		701,691
L Brands, Inc.		17,840		465,624
Michaels Cos., Inc. (e)		27,592		240,050
Williams-Sonoma, Inc. (d)		10,510		683,150
				4,529,105
Technology Hardware, Storage & Peripherals 0.7%
Dell Technologies, Inc. (e)		19,133		971,957
Hewlett Packard Enterprise Co.		2,265		33,862
HP, Inc.		38,031		790,664
NCR Corp. (e)		8,737		271,721
Western Digital Corp.		126		5,991
Xerox Corp.		20,523		726,719
				2,800,914
Textiles, Apparel & Luxury Goods 0.3%
Ralph Lauren Corp.		5,934		674,043
Skechers U.S.A., Inc., Class A (e)		19,332		608,765
				1,282,808
Thrifts & Mortgage Finance 0.2%
MGIC Investment Corp. (e)		23,004		302,273
New York Community Bancorp, Inc.		33,196		331,296
				633,569
Tobacco 0.3%
Altria Group, Inc.		14,531		688,043
Philip Morris International, Inc.		7,787		611,513
				1,299,556
Trading Companies & Distributors 0.2%
HD Supply Holdings, Inc. (e)		8,294		334,082
United Rentals, Inc. (e)		580		76,926
WESCO International, Inc. (e)		7,509		380,331
				791,339
Transportation Infrastructure 0.2%
Macquarie Infrastructure Corp.		14,737		597,438
Water Utilities 0.0%‡
American Water Works Co., Inc.		951		110,316
Wireless Telecommunication Services 0.3%
T-Mobile U.S., Inc. (e)		9,537		707,073
Telephone & Data Systems, Inc.		19,372		588,909
United States Cellular Corp. (e)		341		15,232
				1,311,214
Total Common Stocks (Cost $189,068,052)				223,964,591

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares			Value
Exchange-Traded Funds 5.6%
iShares Intermediate Government / Credit Bond ETF		132,524		$	14,879,795
iShares Russell 1000 Value ETF		20,849			2,652,410
SPDR S&P 500 ETF Trust		4,135			1,211,555
SPDR S&P MidCap 400 ETF Trust		3,365			1,193,195
Vanguard Mid-Cap Value ETF (d)		20,727			2,307,744
Total Exchange-Traded Funds (Cost $21,732,129)					22,244,699
	Principal Amount
Short-Term Investments 1.5%
Repurchase Agreement 0.3%
Fixed Income Clearing Corp. 0.50%, dated 6/28/19 due 7/1/19 Proceeds at Maturity $1,302,606 (Collateralized by a United States Treasury Note with rate of 2.375% and maturity date of 3/15/22, with a Principal Amount of $1,305,000 and a Market Value of $1,336,915)	$	1,302,552			1,302,552
Total Repurchase Agreement (Cost $1,302,552)					1,302,552
	Shares
Unaffiliated Investment Company 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (f)(g)		4,762,504			4,762,504
Total Unaffiliated Investment Company (Cost $4,762,504)					4,762,504
TotalShort-Term Investments (Cost $6,065,056)					6,065,056
Total Investments (Cost $363,161,853)		101.2	%		401,633,815
Other Assets, Less Liabilities		(1.2	)		(4,821,281	)
Net Assets		100.0	%	$	396,812,534

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) Floating rate—Rate shown was the rate in effect as of June 30, 2019.

(c) Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2019.

(d) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $5,965,144; the total market value of collateral held by the Portfolio was $6,097,250. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,334,746 (See Note 2(J)).

(e) Non-income producing security.

(f) Current yield as of June 30, 2019.

(g) Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

CME—Chicago Mercantile Exchange

ETF—Exchange-Traded Fund

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

SPDR—Standard & Poor’s Depositary Receipt

22 MainStay VP Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Futures Contracts

As of June 30, 2019, the Portfolio held the following futures contracts¹:

Type	Number of Contracts			Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
2-Year United States Treasury Note		14		September 2019	$	2,998,398		$	3,012,516		$	14,118
5-Year United States Treasury Note		84		September 2019		9,806,140			9,925,125			118,985
10-Year United States Treasury Note		48		September 2019		6,058,523			6,142,500			83,977
Total Long Contracts												217,080
Short Contracts
10-Year United States Treasury Ultra Note		(4	)	September 2019		(539,586	)		(552,500	)		(12,914	)
United States Treasury Long Bond		(2	)	September 2019		(301,966	)		(311,188	)		(9,222	)
Total Short Contracts												(22,136	)
Net Unrealized Appreciation											$	194,944

1. As of June 30, 2019, cash in the amount of $105,140 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2019.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	13,174,021	$	—	$	13,174,021
Corporate Bonds		—			57,648,116		—		57,648,116
Foreign Government Bonds		—			794,143		—		794,143
Mortgage-Backed Securities		—			6,644,399		—		6,644,399
U.S. Government & Federal Agencies		—			71,098,790		—		71,098,790
TotalLong-Term Bonds		—			149,359,469		—		149,359,469
Common Stocks		223,964,591			—		—		223,964,591
Exchange-Traded Funds		22,244,699			—		—		22,244,699
Short-Term Investments
Repurchase Agreement		—			1,302,552		—		1,302,552
Unaffiliated Investment Company		4,762,504			—		—		4,762,504
TotalShort-Term Investments		4,762,504			1,302,552		—		6,065,056
Total Investments in Securities		250,971,794			150,662,021		—		401,633,815
Other Financial Instruments
Futures Contracts (b)		217,080			—		—		217,080
Total Investments in Securities and Other Financial Instruments	$	251,188,874		$	150,662,021	$	—	$	401,850,895
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(22,136	)	$	—	$	—	$	(22,136	)

(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.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $363,161,853) including securities on loan of $5,965,144	$	401,633,815
Cash collateral on deposit at broker for futures contracts		105,140
Cash		4,114
Receivables:
Investment securities sold		38,480,262
Dividends and interest		1,204,936
Portfolio shares sold		149,332
Securities lending		3,279
Other assets		1,823
Total assets		441,582,701
Liabilities
Cash collateral received for securities on loan		4,762,504
Payables:
Investment securities purchased		39,303,267
Portfolio shares redeemed		312,862
Manager (See Note 3)		223,177
NYLIFE Distributors (See Note 3)		77,035
Professional fees		31,158
Shareholder communication		25,255
Custodian		22,523
Variation margin on futures contracts		6,489
Trustees		560
Accrued expenses		5,337
Total liabilities		44,770,167
Net assets	$	396,812,534
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	27,122
Additional paid-in capital		333,257,432
		333,284,554
Total distributable earnings (loss)		63,527,980
Net assets	$	396,812,534

Initial Class
Net assets applicable to outstanding shares	$	17,732,437
Shares of beneficial interest outstanding		1,198,808
Net asset value per share outstanding	$	14.79
Service Class
Net assets applicable to outstanding shares	$	379,080,097
Shares of beneficial interest outstanding		25,922,827
Net asset value per share outstanding	$	14.62

24 MainStay VP Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	3,072,450
Interest		2,101,052
Securities lending		172,334
Dividends-affiliated		123
Total income		5,345,959
Expenses
Manager (See Note 3)		1,357,570
Distribution/Service—Service Class (See Note 3)		463,448
Professional fees		39,309
Custodian		28,844
Shareholder communication		25,104
Trustees		4,882
Miscellaneous		9,433
Total expenses		1,928,590
Net investment income (loss)		3,417,369
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net realized gain (loss) on:
Investment transactions		6,247,290
Futures transactions		344,367
Net realized gain (loss) on investments and futures transactions		6,591,657
Net change in unrealized appreciation (depreciation) on:
Investments		32,440,533
Futures contracts		42,428
Net change in unrealized appreciation (depreciation) on investments and futures contracts		32,482,961
Net realized and unrealized gain (loss) on investments and futures transactions		39,074,618
Net increase (decrease) in net assets resulting from operations	$	42,491,987

(a) Dividends recorded net of foreign withholding taxes in the amount of $657.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	3,417,369		$	6,842,372
Net realized gain (loss) on investments and futures contracts		6,591,657			10,570,339
Net change in unrealized appreciation (depreciation) on investments and futures contracts		32,482,961			(47,973,404	)
Net increase (decrease) in net assets resulting from operations		42,491,987			(30,560,693	)
Distributions to shareholders:
Initial Class		—			(1,036,372	)
Service Class		—			(23,051,784	)
Total distributions to shareholders		—			(24,088,156	)
Capital share transactions:
Net proceeds from sale of shares		15,234,295			29,344,794
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			24,088,156
Cost of shares redeemed		(29,493,591	)		(74,059,337	)
Increase (decrease) in net assets derived from capital share transactions		(14,259,296	)		(20,626,387	)
Net increase (decrease) in net assets		28,232,691			(75,275,236	)
Net Assets
Beginning of period		368,579,843			443,855,079
End of period	$	396,812,534		$	368,579,843

26 MainStay VP Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	13.23		$	15.18		$	14.26		$	13.57		$	15.04		$	14.72
Net investment income (loss) (a)		0.14			0.28			0.23			0.21			0.22			0.20
Net realized and unrealized gain (loss) on investments		1.42			(1.31	)		1.18			1.15			(0.61	)		1.35
Total from investment operations		1.56			(1.03	)		1.41			1.36			(0.39	)		1.55
Less dividends and distributions:
From net investment income		—			(0.25	)		(0.19	)		(0.20	)		(0.16	)		(0.14	)
From net realized gain on investments		—			(0.67	)		(0.30	)		(0.47	)		(0.92	)		(1.09	)
Total dividends and distributions		—			(0.92	)		(0.49	)		(0.67	)		(1.08	)		(1.23	)
Net asset value at end of period	$	14.79		$	13.23		$	15.18		$	14.26		$	13.57		$	15.04
Total investment return (b)		11.79	%(c)		(7.36	%)		10.02	%		10.24	%		(2.59	%)		10.88	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.00	%††		1.88	%		1.54	%		1.47	%(d)		1.49	%		1.33	%
Net expenses (e)		0.76	%††		0.74	%		0.74	%		0.74	%(f)		0.76	%		0.76	%
Expenses (before waiver/reimbursement) (e)		0.76	%††		0.74	%		0.74	%		0.76	%		0.76	%		0.76	%
Portfolio turnover rate		95	%		209	%		174	%		253	%		214	%		171	%
Net assets at end of period (in 000’s)	$	17,732		$	16,084		$	17,209		$	15,666		$	14,037		$	14,274

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 1.45%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 0.76%.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	13.09		$	15.03		$	14.13		$	13.45		$	14.92		$	14.63
Net investment income (loss) (a)		0.12			0.24			0.19			0.17			0.18			0.16
Net realized and unrealized gain (loss) on investments		1.41			(1.30	)		1.17			1.15			(0.60	)		1.33
Total from investment operations		1.53			(1.06	)		1.36			1.32			(0.42	)		1.49
Less dividends and distributions:
From net investment income		—			(0.21	)		(0.16	)		(0.17	)		(0.13	)		(0.11	)
From net realized gain on investments		—			(0.67	)		(0.30	)		(0.47	)		(0.92	)		(1.09	)
Total dividends and distributions		—			(0.88	)		(0.46	)		(0.64	)		(1.05	)		(1.20	)
Net asset value at end of period	$	14.62		$	13.09		$	15.03		$	14.13		$	13.45		$	14.92
Total investment return (b)		11.69	%(c)		(7.59	%)		9.75	%		9.96	%		(2.83	%)		10.60	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.75	%††		1.62	%		1.28	%		1.22	%(d)		1.24	%		1.09	%
Net expenses (e)		1.01	%††		0.99	%		0.99	%		0.99	%(f)		1.01	%		1.01	%
Expenses (before waiver/reimbursement) (e)		1.01	%††		0.99	%		0.99	%		1.01	%		1.01	%		1.01	%
Portfolio turnover rate		95	%		209	%		174	%		253	%		214	%		171	%
Net assets at end of period (in 000’s)	$	379,080		$	352,496		$	426,646		$	395,611		$	353,238		$	338,667

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 1.20%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 1.01%.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 27

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Balanced Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on May 2, 2005. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan, adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek total return.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determi-

nations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisors (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisors or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

28 MainStay VP Balanced Portfolio

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted

from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisors, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities, including exchange-traded funds (“ETFs”), are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisors. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisors, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted

29

Notes to Financial Statements(Unaudited) (continued)

prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisors to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisors will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, repurchase agreements are shown in the Portfolio of Investments.

30 MainStay VP Balanced Portfolio

(H)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security, or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, open futures contracts are shown in the Portfolio of Investments.

(I)  Rights and Warrants.  Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Portfolio could also

lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Portfolio is exposed to risk until the sale or exercise of each right or warrant is completed. As of June 30, 2019, the Portfolio did not hold any rights or warrants.

(J)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $5,965,144; the total market value of collateral held by the Portfolio was $6,097,250. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $1,334,746 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $4,762,504.

(K)  Securities Risk.  The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

Investments in the Portfolio are not guaranteed, even though some of the Portfolio’s underlying investments are guaranteed by the U.S. government or its agencies or instrumentalities. The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Portfolio’s investment. If interest rates rise, less of the debt may be prepaid and the Portfolio may lose money because the Portfolio may be unable to invest in higher yielding assets. The Portfolio is subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

31

Notes to Financial Statements(Unaudited) (continued)

The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic instruments. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets.

(L)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(M)  Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. The Portfolio entered into futures contracts to help manage the duration and yield curve positioning of the portfolio while minimizing the exposure to wider bid/ask spreads in traditional bonds. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of June 30, 2019:

Asset Derivatives

	Statement of Assets and Liabilities Location	Interest Rate Contracts Risk		Total
Futures Contracts	Net Assets—Net unrealized appreciation on investments and futures contracts (a)	$	217,080	$	217,080
Total Fair Value		$	217,080	$	217,080

Liability Derivatives

	Statement of Assets and Liabilities Location	Interest Rate Contracts Risk			Total
Futures Contracts	Net Assets—Net unrealized depreciation on investments and futures contracts (a)	$	(22,136	)	$	(22,136	)
Total Fair Value		$	(22,136	)	$	(22,136	)

(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.

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Realized Gain (Loss)

	Statement of Operations Location	Interest Rate Contracts Risk		Total
Futures Contracts	Net realized gain (loss) on futures transactions	$	344,367	$	344,367
Total Realized Gain (Loss)		$	344,367	$	344,367

Change in Unrealized Appreciation (Depreciation)

	Statement of Operations Location	Interest Rate Contracts Risk		Total
Futures Contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$	42,428	$	42,428
Total Change in Unrealized Appreciation (Depreciation)		$	42,428	$	42,428

Average Notional Amount

	Interest Rate Contracts Risk	Total
Futures Contracts Long	$13,898,157	$	13,898,157
Futures Contracts Short	$   (960,779)	$	(960,779	)

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisors.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as a Subadvisor to the Portfolio and is responsible for theday-to-day portfolio

32 MainStay VP Balanced Portfolio

management of the equity portion of the Portfolio, pursuant to the terms of an Amended and Restated Subadvisory Agreement (a “Subadvisory Agreement”) between New York Life Investments and MacKay Shields. NYL Investors LLC (“NYL Investors” or “Subadvisor,” and, together with MacKay Shields, the “Subadvisors”), a registered investment adviser and a direct,wholly-owned subsidiary of New York Life, serves as a Subadvisor to the Portfolio, pursuant to the terms of a Subadvisory Agreement between New York Life Investments and NYL Investors and is responsible for theday-to-day portfolio management of the fixed-income portion of the Portfolio. New York Life Investments pays for the services of the Subadvisors.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.70% up to $1 billion; 0.65% from $1 billion to $2 billion; and 0.60% in excess of $2 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.70%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $1,357,570, and paid MacKay Shields and NYL Investors in the amounts of $411,300 and $236,299, respectively.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the

calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income			Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	—	$	220	$	(220	)	$	—	$	—	$	—	$	0	(a)	$	—		—

(a) Less than $500.

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	368,962,438	$	42,291,142	$	(9,619,765	)	$	32,671,377

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$11,880,265	$12,207,891

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

33

Notes to Financial Statements(Unaudited) (continued)

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of U.S. government securities were $128,401 and $108,818, respectively. Purchases and sales of securities, other than U.S. government securities andshort-term securities, were $238,851 and $268,173, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		35,625		$	513,496
Shares redeemed		(52,616	)		(752,293	)
Net increase (decrease)		(16,991	)	$	(238,797	)
Year ended December 31, 2018:
Shares sold		126,378		$	1,824,918
Shares issued to shareholders in reinvestment of dividends and distributions		71,020			1,036,372
Shares redeemed		(115,188	)		(1,702,995	)
Net increase (decrease)		82,210		$	1,158,295
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,036,308		$	14,720,799
Shares redeemed		(2,032,101	)		(28,741,298	)
Net increase (decrease)		(995,793	)	$	(14,020,499	)
Year ended December 31, 2018:
Shares sold		1,868,209		$	27,519,876
Shares issued to shareholders in reinvestment of dividends and distributions		1,594,924			23,051,784
Shares redeemed		(4,922,133	)		(72,356,342	)
Net increase (decrease)		(1,459,000	)	$	(21,784,682	)

Note 10–Recent Accounting Pronouncements

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

34 MainStay VP Balanced Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

35

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781603 MSVPBL10-08/19 (NYLIAC) NI508     

MainStay VP MacKay Common

Stock Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	9
Financial Statements	14
Notes to Financial Statements	18
Proxy Voting Policies and Procedures and Proxy Voting Record	24
Shareholder Reports and Quarterly Portfolio Disclosure	24

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	1/23/1984		15.17	%		5.69	%		9.28	%		13.98	%		0.57	%
Service Class Shares	6/5/2003		15.03			5.43			9.01			13.69			0.82

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
S&P 500® Index3		18.54	%		10.42	%		10.71	%		14.70	%
Russell 1000® Index4		18.84			10.02			10.45			14.77
Morningstar Large Blend Category Average5		17.21			8.20			8.76			13.24

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The S&P 500^® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. “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 measuringlarge-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 Russell 1000^® Index is the Portfolio’s secondary benchmark. The Russell 1000^® Index measures the performance of thelarge-cap segment of

the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. The Morningstar Large Blend Category Average is representative of funds that represent the overall US stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the US 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 US 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay Common Stock Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the six-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,151.70	$	3.09	$	1,021.92	$	2.91	0.58%
Service Class Shares	$	1,000.00	$	1,150.30	$	4.43	$	1,020.68	$	4.16	0.83%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP MacKay Common Stock Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Software	7.3	%
IT Services	6.3
Interactive Media & Services	5.3
Oil, Gas & Consumable Fuels	5.2
Banks	4.7
Semiconductors & Semiconductor Equipment	4.6
Insurance	4.2
Technology Hardware, Storage & Peripherals	4.1
Internet & Direct Marketing Retail	4.0
Specialty Retail	3.2
Media	3.0
Pharmaceuticals	3.0
Health Care Providers & Services	2.7
Equity Real Estate Investment Trusts	2.6
Health Care Equipment & Supplies	2.4
Biotechnology	2.2
Hotels, Restaurants & Leisure	2.1
Diversified Telecommunication Services	1.9
Household Products	1.9
Beverages	1.8
Exchange-Traded Funds	1.7
Chemicals	1.6
Entertainment	1.6
Food & Staples Retailing	1.6
Food Products	1.6
Aerospace & Defense	1.4
Diversified Financial Services	1.4
Capital Markets	1.3

Life Sciences Tools & Services	1.3	%
Machinery	1.2
Professional Services	1.2
Electric Utilities	1.0
Textiles, Apparel & Luxury Goods	1.0
Consumer Finance	0.9
Household Durables	0.9
Commercial Services & Supplies	0.8
Industrial Conglomerates	0.8
Road & Rail	0.8
Tobacco	0.8
Communications Equipment	0.7
Independent Power & Renewable Electricity Producers	0.6
Airlines	0.5
Multi-Utilities	0.5
Building Products	0.4
Containers & Packaging	0.4
Diversified Consumer Services	0.4
Health Care Technology	0.3
Construction & Engineering	0.2
Electronic Equipment, Instruments & Components	0.2
Multiline Retail	0.2
Trading Companies & Distributors	0.2
Air Freight & Logistics	0.0	‡
Short-Term Investments	0.2
Other Assets, Less Liabilities	–0.2
	100.0	%

See Portfolio of Investments beginning on page 9 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

Top Ten Holdings as of June 30, 2019 (excluding short-term investments) (Unaudited)

1. Microsoft Corp.

2. Apple, Inc.

3. Amazon.com, Inc.

4. Alphabet, Inc.

5. Facebook, Inc., Class A

  6. JPMorgan Chase & Co.

  7. SPDR S&P 500 ETF Trust

  8. Exxon Mobil Corp.

  9. Procter & Gamble Co.

10. Bank of America Corp.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Migene Kim, CFA, and Mona Patni of MacKay Shields LLC, the Portfolio’s Subadvisor.

How did MainStay VP MacKay Common Stock Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay Common Stock Portfolio returned 15.17% for Initial Class shares and 15.03% for Service Class shares. Over the same period, both share classes underperformed the 18.54% return of the S&P 500^® Index, which is the Portfolio’s primary benchmark, the 18.84% return of the Russell 1000^® Index, which is the secondary benchmark of the Portfolio, and the 17.21% return of the Morningstar Large Blend Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio’s underperformance, relative to the S&P 500^® Index, directly reflected the performance of our stock selection model, particularly the weak effectiveness of the model’s valuation signals, which seek to evaluate companies across sales- and cash-based measures on a peer-relative basis. Valuation ranges across markets were compressed and value signals, which tend to prove most effective in an environment in which profits are accelerating, struggled amid a decelerating global growth outlook. Valuation signals proved more effective in June 2019 when value performance rebounded. Positive contributions from the stock selection model’s other factors provided only partial mitigation. (Contributions take weightings and total returns into account.) Momentum signals, which evaluate historical price trends, generated positive relative performance for the Portfolio during the reporting period, but proved volatile and inconsistent, hence difficult to capture. Sentiment signals, a gauge of institutional investor sentiment, were not effective during the first half of the reporting period but rebounded in the second half of the same period thanks to the Portfolio’s underweight positions.

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

Although still detracting from performance, the strongest sectors during the period were real estate, financials, and utilities. During the same period, the sectors that detracted most from the Portfolio’s relative performance were technology, consumer discretionary and health care.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

Software company Microsoft, consumer electronics leader Apple ande-commerce company Amazon.com provided the strongest contributions to the Portfolio’s absolute performance during the reporting period. Biopharmaceuticals company AbbVie, specialty pharmaceuticals company Mylan, and pharmacy retailer Walgreens were the weakest contributors to the Portfolio’s absolute performance during the same period.

Did the Portfolio make any significant purchases or sales during the reporting period?

During the reporting period, the Portfolio’s largest initial purchase was a position in insurance provider American International Group, while its largest increase in position size was in social media platform Facebook. During the same period, the largest position that the Portfolio sold entirely was in energy refiner Marathon Petroleum, and its most substantial decrease in position size was in insurance holding company Berkshire Hathaway.

How did the Portfolio’s sector weightings change during the reporting period?

Relative to the S&P 500^® Index, the Portfolio’s most-substantial increases in sector exposure during the reporting period were in consumer staples and communication services. Conversely, the Portfolio’s largest decreases in benchmark-relative sector exposures were in health care and utilities.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio’s most substantially overweight positions relative to the S&P 500^® Index were in the information technology and communication services sectors. As of the same date, the Portfolio held its most substantially underweight positions relative to the S&P 500^® Index in the health care and industrials sectors.

1. See page 5 for more information on benchmark and peer group returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

8 MainStay VP MacKay Common Stock Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 98.3%†
Aerospace & Defense 1.4%
Boeing Co.		23,860	$	8,685,279
Huntington Ingalls Industries, Inc.		973		218,672
L3harris Technologies, Inc.		2,627		496,845
Lockheed Martin Corp.		121		43,988
Northrop Grumman Corp.		3,103		1,002,610
United Technologies Corp.		6,009		782,372
				11,229,766
Air Freight & Logistics 0.0%‡
United Parcel Service, Inc., Class B		1,647		170,086
Airlines 0.5%
Delta Air Lines, Inc.		145		8,229
Southwest Airlines Co.		52,948		2,688,699
United Continental Holdings, Inc. (a)		14,506		1,270,000
				3,966,928
Banks 4.7%
Bank of America Corp.		374,481		10,859,949
Citigroup, Inc.		113,418		7,942,663
JPMorgan Chase & Co.		126,619		14,156,004
Wells Fargo & Co.		80,932		3,829,702
				36,788,318
Beverages 1.8%
Coca-Cola Co.		67,812		3,452,987
Molson Coors Brewing Co., Class B		32,720		1,832,320
PepsiCo., Inc.		64,081		8,402,942
				13,688,249
Biotechnology 2.2%
AbbVie, Inc.		79,972		5,815,564
Amgen, Inc.		22,064		4,065,954
Biogen, Inc. (a)		14,158		3,311,131
Gilead Sciences, Inc.		61,404		4,148,454
United Therapeutics Corp. (a)		1,963		153,232
				17,494,335
Building Products 0.4%
Masco Corp.		78,884		3,095,408
Capital Markets 1.3%
Ameriprise Financial, Inc.		22,393		3,250,568
Bank of New York Mellon Corp.		42,333		1,869,002
Charles Schwab Corp.		13,038		523,997
E*TRADE Financial Corp.		31,957		1,425,282
MSCI, Inc.		3,755		896,657
Raymond James Financial, Inc.		23,301		1,970,100
Stifel Financial Corp.		22		1,299
				9,936,905

	Shares		Value
Chemicals 1.6%
Air Products & Chemicals, Inc.		2,164	$	489,865
CF Industries Holdings, Inc.		67,374		3,147,040
Corteva, Inc. (a)		11,979		354,219
Dow, Inc. (a)		23,537		1,160,609
DuPont de Nemours, Inc.		23,249		1,745,302
Linde PLC		3,416		685,933
LyondellBasell Industries N.V., Class A		41,269		3,554,499
Mosaic Co.		46,174		1,155,735
				12,293,202
Commercial Services & Supplies 0.8%
Brink’s Co.		3,552		288,351
Republic Services, Inc.		21,853		1,893,344
Waste Management, Inc.		36,076		4,162,088
				6,343,783
Communications Equipment 0.7%
Arista Networks, Inc. (a)		854		221,715
Cisco Systems, Inc.		95,071		5,203,236
				5,424,951
Construction & Engineering 0.2%
AECOM (a)		47,538		1,799,313
Consumer Finance 0.9%
American Express Co.		682		84,186
Discover Financial Services		44,220		3,431,030
Synchrony Financial		97,110		3,366,804
				6,882,020
Containers & Packaging 0.4%
Ball Corp.		37,851		2,649,191
Packaging Corp. of America		6,827		650,750
				3,299,941
Diversified Consumer Services 0.4%
H&R Block, Inc.		102,354		2,998,972
Diversified Financial Services 1.4%
Berkshire Hathaway, Inc., Class B (a)		49,511		10,554,260
Diversified Telecommunication Services 1.9%
AT&T, Inc.		149,638		5,014,369
CenturyLink, Inc.		37,388		439,683
Verizon Communications, Inc.		165,344		9,446,103
				14,900,155
Electric Utilities 1.0%
American Electric Power Co., Inc.		20,395		1,794,964
Duke Energy Corp.		5,228		461,319
Exelon Corp.		83,629		4,009,174
NextEra Energy, Inc.		1,985		406,647
Pinnacle West Capital Corp.		499		46,951

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 9

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Electric Utilities (continued)
Southern Co.		17,635	$	974,863
				7,693,918
Electronic Equipment, Instruments & Components 0.2%
Jabil, Inc.		37,132		1,173,371
Entertainment 1.6%
Cinemark Holdings, Inc.		40,812		1,473,313
Live Nation Entertainment, Inc. (a)		5,811		384,979
Netflix, Inc. (a)		13,683		5,026,040
Viacom, Inc., Class B		33,499		1,000,615
Walt Disney Co.		35,497		4,956,801
				12,841,748
Equity Real Estate Investment Trusts 2.6%
American Tower Corp.		26,604		5,439,188
Apartment Investment & Management Co., Class A		272		13,633
AvalonBay Communities, Inc.		966		196,272
EPR Properties		5,111		381,230
Equinix, Inc.		605		305,095
Equity Residential		9,130		693,150
Essex Property Trust, Inc.		151		44,081
Host Hotels & Resorts, Inc.		163,787		2,984,199
Iron Mountain, Inc.		24,917		779,902
Mid-America Apartment Communities, Inc.		8,112		955,269
Omega Healthcare Investors, Inc.		16,647		611,777
Pebblebrook Hotel Trust		1,112		31,336
Public Storage		15,981		3,806,195
Rayonier, Inc.		5,735		173,771
SBA Communications Corp. (a)		9,135		2,053,913
Simon Property Group, Inc.		5,741		917,182
Ventas, Inc.		12,263		838,176
Welltower, Inc.		2,022		164,854
				20,389,223
Food & Staples Retailing 1.6%
Costco Wholesale Corp.		8,786		2,321,788
Kroger Co.		24,052		522,169
Sysco Corp.		33,291		2,354,340
Walmart, Inc.		62,518		6,907,614
				12,105,911
Food Products 1.6%
Campbell Soup Co.		66,684		2,672,028
General Mills, Inc.		50,079		2,630,149
J.M. Smucker Co.		12,344		1,421,905
Post Holdings, Inc. (a)		18,949		1,970,128
Tyson Foods, Inc., Class A		42,256		3,411,749
				12,105,959

	Shares		Value
Health Care Equipment & Supplies 2.4%
Abbott Laboratories		71,932	$	6,049,481
ABIOMED, Inc. (a)		1,416		368,854
Baxter International, Inc.		4,367		357,657
Cooper Cos., Inc.		10,194		3,434,257
Danaher Corp.		410		58,597
DENTSPLY SIRONA, Inc.		26,024		1,518,761
Hill-Rom Holdings, Inc.		2,125		222,317
Hologic, Inc. (a)		16,215		778,644
Intuitive Surgical, Inc. (a)		3,587		1,881,561
Medtronic PLC		38,592		3,758,475
Stryker Corp.		122		25,081
				18,453,685
Health Care Providers & Services 2.7%
AmerisourceBergen Corp.		37,635		3,208,760
Cardinal Health, Inc.		24,781		1,167,185
Encompass Health Corp.		21,191		1,342,662
HCA Healthcare, Inc.		29,519		3,990,083
McKesson Corp.		26,396		3,547,358
UnitedHealth Group, Inc.		20,560		5,016,846
Universal Health Services, Inc., Class B		24,010		3,130,664
				21,403,558
Health Care Technology 0.3%
Cerner Corp.		35,587		2,608,527
			��
Hotels, Restaurants & Leisure 2.1%
Cracker Barrel Old Country Store, Inc. (b)		15,887		2,712,388
Darden Restaurants, Inc.		25,938		3,157,433
Hilton Worldwide Holdings, Inc.		2,473		241,711
McDonald’s Corp.		10,862		2,255,603
Norwegian Cruise Line Holdings, Ltd. (a)		27,599		1,480,134
Royal Caribbean Cruises, Ltd.		7,501		909,196
Starbucks Corp.		71,821		6,020,754
				16,777,219
Household Durables 0.9%
NVR, Inc. (a)		411		1,385,173
PulteGroup, Inc.		89,698		2,836,251
Toll Brothers, Inc.		66,305		2,428,089
Whirlpool Corp.		1,162		165,422
				6,814,935
Household Products 1.9%
Kimberly-Clark Corp.		26,836		3,576,702
Procter & Gamble Co.		101,895		11,172,787
				14,749,489
Independent Power & Renewable Electricity Producers 0.6%
AES Corp.		125,892		2,109,950
NRG Energy, Inc.		82,990		2,914,609
				5,024,559

10 MainStay VP MacKay Common Stock Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Industrial Conglomerates 0.8%
3M Co.		4,260	$	738,429
Carlisle Cos., Inc.		13,234		1,858,186
General Electric Co.		20,262		212,751
Honeywell International, Inc.		18,870		3,294,513
				6,103,879
Insurance 4.2%
Aflac, Inc.		631		34,585
Allstate Corp.		34,688		3,527,423
American International Group, Inc.		77,338		4,120,569
Brighthouse Financial, Inc. (a)		53,059		1,946,735
Chubb, Ltd.		420		61,862
Cincinnati Financial Corp.		4,515		468,070
First American Financial Corp.		48,033		2,579,372
Hartford Financial Services Group, Inc.		7,174		399,735
Kemper Corp.		18,433		1,590,583
Lincoln National Corp.		38,061		2,453,031
MetLife, Inc.		84,625		4,203,324
Old Republic International Corp.		19,047		426,272
Progressive Corp.		52,443		4,191,769
Prudential Financial, Inc.		11,536		1,165,136
Reinsurance Group of America, Inc.		10,467		1,633,166
Travelers Cos., Inc.		26,020		3,890,510
Willis Towers Watson PLC		152		29,114
				32,721,256
Interactive Media & Services 5.3%
Alphabet, Inc. (a)
Class A		10,913		11,816,596
Class C		11,145		12,046,742
Facebook, Inc., Class A (a)		89,078		17,192,054
TripAdvisor, Inc. (a)		7,859		363,793
				41,419,185
Internet & Direct Marketing Retail 4.0%
Amazon.com, Inc. (a)		12,931		24,486,529
Booking Holdings, Inc. (a)		1,255		2,352,761
eBay, Inc.		25,793		1,018,824
Expedia Group, Inc.		24,953		3,319,498
				31,177,612
IT Services 6.3%
Accenture PLC, Class A		34,691		6,409,856
Akamai Technologies, Inc. (a)		39,137		3,136,439
Alliance Data Systems Corp.		2,431		340,656
CACI International, Inc., Class A (a)		8,960		1,833,127
Cognizant Technology Solutions Corp., Class A		10,508		666,102
International Business Machines Corp.		47,347		6,529,151
Leidos Holdings, Inc.		34,421		2,748,517
Mastercard, Inc., Class A		28,300		7,486,199
MAXIMUS, Inc.		35,904		2,604,476

	Shares		Value
IT Services (continued)
PayPal Holdings, Inc. (a)		60,060	$	6,874,468
VeriSign, Inc. (a)		5,508		1,152,053
Visa, Inc., Class A		54,869		9,522,515
				49,303,559
Life Sciences Tools & Services 1.3%
Agilent Technologies, Inc.		218		16,278
Charles River Laboratories International, Inc. (a)		5,780		820,182
Illumina, Inc. (a)		4,613		1,698,276
IQVIA Holdings, Inc. (a)		468		75,301
PRA Health Sciences, Inc. (a)		21,945		2,175,847
Thermo Fisher Scientific, Inc.		18,540		5,444,827
Waters Corp. (a)		703		151,314
				10,382,025
Machinery 1.2%
AGCO Corp.		36,106		2,800,742
Caterpillar, Inc.		734		100,037
Cummins, Inc.		20,493		3,511,271
Oshkosh Corp.		28,088		2,345,067
PACCAR, Inc.		11,264		807,178
				9,564,295
Media 3.0%
Charter Communications, Inc., Class A (a)		12,302		4,861,504
Comcast Corp., Class A		183,313		7,750,474
Discovery, Inc. (a)
Class A (b)		80,932		2,484,612
Class C		54,630		1,554,223
DISH Network Corp., Class A (a)		54,877		2,107,826
Interpublic Group of Cos., Inc.		73,646		1,663,663
News Corp.
Class A		728		9,821
Class B		1,362		19,014
Omnicom Group, Inc.		40,201		3,294,472
				23,745,609
Multi-Utilities 0.5%
Ameren Corp.		17,047		1,280,400
CenterPoint Energy, Inc.		19,012		544,314
DTE Energy Co.		12,958		1,657,069
WEC Energy Group, Inc.		4,208		350,821
				3,832,604
Multiline Retail 0.2%
Dollar Tree, Inc. (a)		1,212		130,157
Target Corp.		17,478		1,513,769
				1,643,926
Oil, Gas & Consumable Fuels 5.2%
Apache Corp.		32,955		954,706
Cabot Oil & Gas Corp.		119,512		2,743,995
Chevron Corp.		81,066		10,087,853
ConocoPhillips		78,553		4,791,733

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Oil, Gas & Consumable Fuels (continued)
Devon Energy Corp.		76,778	$	2,189,709
EOG Resources, Inc.		2,746		255,817
Exxon Mobil Corp.		162,065		12,419,041
HollyFrontier Corp.		52,984		2,452,100
Phillips 66		5,116		478,551
Valero Energy Corp.		45,597		3,903,559
				40,277,064
Pharmaceuticals 3.0%
Allergan PLC		4,669		781,731
Bristol-Myers Squibb Co.		254		11,519
Eli Lilly & Co.		4,377		484,928
Johnson & Johnson		69,212		9,639,847
Merck & Co., Inc.		85,880		7,201,038
Pfizer, Inc.		127,366		5,517,495
				23,636,558
Professional Services 1.2%
Insperity, Inc.		20,409		2,492,755
ManpowerGroup, Inc.		28,044		2,709,051
Nielsen Holdings PLC		73,975		1,671,835
Robert Half International, Inc.		37,426		2,133,656
				9,007,297
Road & Rail 0.8%
CSX Corp.		1,944		150,407
Genesee & Wyoming, Inc., Class A (a)		7,730		773,000
Landstar System, Inc.		1,466		158,314
Norfolk Southern Corp.		6,616		1,318,767
Union Pacific Corp.		20,991		3,549,788
				5,950,276
Semiconductors & Semiconductor Equipment 4.6%
Applied Materials, Inc.		82,374		3,699,416
Broadcom, Inc.		21,521		6,195,035
Cypress Semiconductor Corp.		14,022		311,849
Intel Corp.		191,975		9,189,843
KLA-Tencor Corp.		13,954		1,649,363
Lam Research Corp.		18,828		3,536,651
Micron Technology, Inc. (a)		108,068		4,170,344
NVIDIA Corp.		10,633		1,746,258
Qorvo, Inc. (a)		42,324		2,819,202
QUALCOMM, Inc.		4,438		337,599
Skyworks Solutions, Inc.		352		27,199
Teradyne, Inc.		40,457		1,938,295
Texas Instruments, Inc.		5,528		634,393
				36,255,447
Software 7.3%
Adobe, Inc. (a)		10,654		3,139,201
Cadence Design Systems, Inc. (a)		5,276		373,594
CDK Global, Inc.		12,540		619,978

	Shares		Value
Software (continued)
Citrix Systems, Inc.		25,857	$	2,537,606
Fortinet, Inc. (a)		37,985		2,918,387
j2 Global, Inc.		30,640		2,723,590
LogMeIn, Inc.		17,494		1,288,958
Microsoft Corp.		228,386		30,594,589
Oracle Corp.		127,563		7,267,264
salesforce.com, Inc. (a)		23,974		3,637,575
Symantec Corp.		80,004		1,740,887
Teradata Corp. (a)		3,370		120,814
				56,962,443
Specialty Retail 3.2%
Aaron’s, Inc.		17,143		1,052,752
Advance Auto Parts, Inc.		19,362		2,984,459
AutoZone, Inc. (a)		3,293		3,620,555
Best Buy Co., Inc.		46,229		3,223,548
Foot Locker, Inc.		25,709		1,077,721
Home Depot, Inc.		25,653		5,335,054
L Brands, Inc.		6,570		171,477
Lowe’s Cos., Inc.		50,652		5,111,293
O’Reilly Automotive, Inc. (a)		566		209,035
TJX Cos., Inc.		5,782		305,752
Ulta Beauty, Inc. (a)		646		224,091
Williams-Sonoma, Inc. (b)		21,002		1,365,130
				24,680,867
Technology Hardware, Storage & Peripherals 4.1%
Apple, Inc.		129,971		25,723,860
Hewlett Packard Enterprise Co.		7,212		107,820
Seagate Technology PLC		66,259		3,122,124
Xerox Corp.		85,802		3,038,249
				31,992,053
Textiles, Apparel & Luxury Goods 1.0%
Deckers Outdoor Corp. (a)		16,760		2,949,257
NIKE, Inc., Class B		8,156		684,696
Ralph Lauren Corp.		21,336		2,423,556
Skechers U.S.A., Inc., Class A (a)		45,319		1,427,096
				7,484,605
Tobacco 0.8%
Altria Group, Inc.		104,419		4,944,240
Philip Morris International, Inc.		18,174		1,427,204
				6,371,444
Trading Companies & Distributors 0.2%
United Rentals, Inc. (a)		12,949		1,717,426
Total Common Stocks (Cost $659,730,744)				767,238,124

12 MainStay VP MacKay Common Stock Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares			Value
Exchange-Traded Funds 1.7%
SPDR S&P 500 ETF Trust		44,777		$	13,119,661
Total Exchange-Traded Funds (Cost $12,882,697)					13,119,661
Short-Term Investments 0.2%
Affiliated Investment Company 0.0%‡
MainStay U.S. Government Liquidity Fund, 2.03% (c)		29,071			29,071
Unaffiliated Investment Company 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (c)(d)		1,398,786			1,398,786
TotalShort-Term Investments (Cost $1,427,857)					1,427,857
Total Investments (Cost $674,041,298)		100.2	%		781,785,642
Other Assets, Less Liabilities		(0.2	)		(1,425,663	)
Net Assets		100.0	%	$	780,359,979

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $5,375,652; the total market value of collateral held by the Portfolio was $5,536,557. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,137,771. (See Note 2(G))

(c) Current yield as of June 30, 2019.

(d) Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ETF—Exchange-Traded Fund

SPDR—Standard & Poor’s Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	767,238,124	$	—	$	—	$	767,238,124
Exchange-Traded Funds		13,119,661		—		—		13,119,661
Short-Term Investments
Affiliated Investment Company		29,071		—		—		29,071
Unaffiliated Investment Company		1,398,786		—		—		1,398,786
TotalShort-Term Investments		1,427,857		—		—		1,427,857
Total Investments in Securities	$	781,785,642	$	—	$	—	$	781,785,642

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $674,012,227) including securities on loan of $5,375,652	$	781,756,571
Investment in affiliated investment company, at value (identified cost $29,071)		29,071
Receivables:
Dividends		754,341
Investment securities sold		158,462
Portfolio shares sold		12,088
Securities lending		675
Other assets		3,562
Total assets		782,714,770
Liabilities
Cash collateral received for securities on loan		1,398,786
Payables:
Portfolio shares redeemed		476,143
Manager (See Note 3)		339,582
NYLIFE Distributors (See Note 3)		53,077
Shareholder communication		38,910
Professional fees		31,035
Custodian		10,125
Trustees		938
Accrued expenses		6,195
Total liabilities		2,354,791
Net assets	$	780,359,979
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	26,973
Additional paid-in capital		541,791,098
		541,818,071
Total distributable earnings (loss)		238,541,908
Net assets	$	780,359,979

Initial Class
Net assets applicable to outstanding shares	$	517,903,541
Shares of beneficial interest outstanding		17,823,571
Net asset value per share outstanding	$	29.06
Service Class
Net assets applicable to outstanding shares	$	262,456,438
Shares of beneficial interest outstanding		9,149,865
Net asset value per share outstanding	$	28.68

14 MainStay VP MacKay Common Stock Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends—unaffiliated	$	7,815,659
Securities lending		18,441
Dividends—affiliated		3,084
Total income		7,837,184
Expenses
Manager (See Note 3)		2,036,133
Distribution/Service—Service Class (See Note 3)		321,409
Professional fees		46,119
Shareholder communication		40,347
Custodian		13,593
Trustees		9,273
Miscellaneous		15,053
Total expenses		2,481,927
Net investment income (loss)		5,355,257
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		13,292,753
Net change in unrealized appreciation (depreciation) on unaffiliated investments		85,756,322
Net realized and unrealized gain (loss) on investments		99,049,075
Net increase (decrease) in net assets resulting from operations	$	104,404,332

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	5,355,257		$	10,579,315
Net realized gain (loss) on investments		13,292,753			103,117,981
Net change in unrealized appreciation (depreciation) on investments		85,756,322			(156,124,053	)
Net increase (decrease) in net assets resulting from operations		104,404,332			(42,426,757	)
Distributions to shareholders:
Initial Class		—			(58,346,116	)
Service Class		—			(27,700,228	)
Total distributions to shareholders		—			(86,046,344	)
Capital share transactions:
Net proceeds from sale of shares		33,708,981			163,997,932
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			86,046,344
Cost of shares redeemed		(49,651,843	)		(337,318,691	)
Increase (decrease) in net assets derived from capital share transactions		(15,942,862	)		(87,274,415	)
Net increase (decrease) in net assets		88,461,470			(215,747,516	)
Net Assets
Beginning of period		691,898,509			907,646,025
End of period	$	780,359,979		$	691,898,509

16 MainStay VP MacKay Common Stock Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Initial Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	25.23			$	29.75			$	25.60			$	25.43			$	27.80			$	24.58
Net investment income (loss) (a)			0.21				0.42				0.43				0.40				0.42				0.37
Net realized and unrealized gain (loss) on investments			3.62				(1.69	)			5.30				1.82				(0.28	)			3.19
Total from investment operations			3.83				(1.27	)			5.73				2.22				0.14				3.56
Less dividends and distributions:
From net investment income			—				(0.49	)			(0.39	)			(0.40	)			(0.38	)			(0.34	)
From net realized gain on investments			—				(2.76	)			(1.19	)			(1.65	)			(2.13	)			—
Total dividends and distributions			—				(3.25	)			(1.58	)			(2.05	)			(2.51	)			(0.34	)
Net asset value at end of period		$	29.06			$	25.23			$	29.75			$	25.60			$	25.43			$	27.80
Total investment return (b)			15.18	%(c)			(5.84	%)			22.83	%			9.12	%			0.85	%			14.53	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			1.51	%††			1.40	%			1.53	%			1.57	%			1.55	%			1.44	%
Net expenses (d)			0.58	%††			0.57	%			0.57	%			0.58	%			0.57	%			0.58	%
Portfolio turnover rate			45	%			125	%			98	%			125	%			112	%			111	%
Net assets at end of period (in 000’s)		$	517,904			$	454,804			$	639,120			$	577,310			$	580,635			$	605,679

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,				Year ended December 31,
Service Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	24.94			$	29.45			$	25.37			$	25.23			$	27.61			$	24.44
Net investment income (loss) (a)			0.17				0.35				0.35				0.33				0.35				0.31
Net realized and unrealized gain (loss) on investments			3.57				(1.68	)			5.26				1.81				(0.27	)			3.15
Total from investment operations			3.74				(1.33	)			5.61				2.14				0.08				3.46
Less dividends and distributions:
From net investment income			—				(0.42	)			(0.34	)			(0.35	)			(0.33	)			(0.29	)
From net realized gain on investments			—				(2.76	)			(1.19	)			(1.65	)			(2.13	)			—
Total dividends and distributions			—				(3.18	)			(1.53	)			(2.00	)			(2.46	)			(0.29	)
Net asset value at end of period		$	28.68			$	24.94			$	29.45			$	25.37			$	25.23			$	27.61
Total investment return (b)			15.00	%(c)			(6.08	%)			22.52	%			8.85	%			0.60	%			14.25	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			1.26	%††			1.17	%			1.28	%			1.32	%			1.30	%			1.19	%
Net expenses (d)			0.83	%††			0.82	%			0.82	%			0.83	%			0.82	%			0.83	%
Portfolio turnover rate			45	%			125	%			98	%			125	%			112	%			111	%
Net assets at end of period (in 000’s)		$	262,456			$	237,094			$	268,526			$	194,992			$	149,358			$	141,170

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay Common Stock Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on January 23, 1984. Service Class shares commenced operations on June 5, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seeklong-term growth of capital.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities

and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

18 MainStay VP MacKay Common Stock Portfolio

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended;

(ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities, including exchange-traded funds (“ETFs”), are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

19

Notes to Financial Statements(Unaudited) (continued)

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States

government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $5,375,652; the total market value of collateral held by the Portfolio was $5,536,557. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $4,137,771 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $1,398,786.

(H)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

20 MainStay VP MacKay Common Stock Portfolio

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.55% up to $500 million; 0.525% from $500 million to $1 billion; and 0.50% in excess of $1 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.54%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $2,036,133, and paid the Subadvisor in the amount of $1,018,066.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or

procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	644	$	22,760	$	(23,375	)	$	—	$	—	$	29	$	3	$	—		29

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	679,565,730	$	120,348,202	$	(18,128,290	)	$	102,219,912

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$29,837,845	$56,208,499

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019,

21

Notes to Financial Statements(Unaudited) (continued)

the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $338,129 and $347,709, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		835,083		$	23,455,130
Shares redeemed		(1,037,742	)		(29,187,883	)
Net increase (decrease)		(202,659	)	$	(5,732,753	)
Year ended December 31, 2018:
Shares sold		3,972,204		$	115,973,349
Shares issued to shareholders in reinvestment of dividends and distributions		1,983,971			58,346,116
Shares redeemed		(9,411,326	)		(272,388,002	)
Net increase (decrease)		(3,455,151	)	$	(98,068,537	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		376,047		$	10,253,851
Shares redeemed		(733,870	)		(20,463,960	)
Net increase (decrease)		(357,823	)	$	(10,210,109	)
Year ended December 31, 2018:
Shares sold		1,624,167		$	48,024,583
Shares issued to shareholders in reinvestment of dividends and distributions		952,396			27,700,228
Shares redeemed		(2,185,800	)		(64,930,689	)
Net increase (decrease)		390,763		$	10,794,122

Note 10–Litigation

The Portfolio has been named as a defendant in the case entitledKirschner v. FitzSimons, No.12-2652 (S.D.N.Y.) (the “FitzSimonsaction”) as a result of its ownership of shares in the Tribune Company (“Tribune”) in 2007 when Tribune effected a leveraged buyout trans-

action (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the plaintiff asserts claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. Separately, the complaint also seeks to obtain from former Tribune shareholders, including the Portfolio, any proceeds they received in connection with the LBO. The sole claim and cause of action brought against the Portfolio is for fraudulent conveyance pursuant to United States Bankruptcy Code Section 548(a)(1)(A).

In June 2011, certain Tribune creditors filed numerous additional actions asserting state law constructive fraudulent conveyance claims (the “SLCFC actions”) against specifically-named former Tribune shareholders and, in some cases, putative defendant classes comprised of former Tribune shareholders. One of the SLCFC actions, entitledDeutsche Bank Trust Co. Americas v. Blackrock Institutional Trust Co., No.11-9319 (S.D.N.Y.) (the “Deutsche Bank action”), named the Portfolio as a defendant.

The FitzSimons action andDeutsche Bank action have been consolidated with the majority of the other Tribune LBO related lawsuits in a multidistrict litigation proceeding entitled In re Tribune Co. Fraudulent Conveyance Litig., No. 11-md-2296 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ motion to dismiss the SLCFC actions, including theDeutsche Bankaction, on the basis that the plaintiffs did not have standing to pursue their claims. On September 30, 2013, the plaintiffs in the SLCFC actions filed a notice of appeal to the United States Court of Appeals for the Second Circuit. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. On March 29, 2016, the United States Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code-the statutory safe harbor for settlement payments. On April 12, 2016 the Plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. Certain shareholder defendants filed a joint brief in opposition to the petition for certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a “Statement” related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court’s decision inMerit Management Group LP v. FTI Consulting, Inc. On April 10, 2018, the plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the district court for further proceedings consistent withMerit Management. On April 20, 2018, the shareholder defendants filed a response to the plaintiffs’ motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate “in anticipation of further panel review.”

22 MainStay VP MacKay Common Stock Portfolio

On August 2, 2013, the plaintiff in theFitzSimonsaction filed a Fifth Amended Complaint. On May 23, 2014, the defendants filed motions to dismiss theFitzSimonsaction, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders, for intentional fraudulent conveyance under U.S. federal law.

On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. While the District Court’s dismissal of the intentional fraudulent conveyance claim was not immediately appealable, the Trustee asked the District Court to enter judgment immediately so that an appeal could be taken. On February 23, 2017, the Court issued an order stating that it intended to permit an interlocutory appeal of the dismissal order, but would wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request.

On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed the request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling inMerit Management. The shareholder defendants opposed that request. On June 18, 2018, the District Court ordered that the request would be stayed pending further action by the Second Circuit in the still-pending appeal, discussed above. On December 18, 2018, the plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating the plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the court held a case management conference, during which the court stated that it would not lift the stay prior to further action from the Second Circuit. The court stated that it would allow the plantiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the court ordered the parties still facing pending claims to participate in a mediation. On March 27, 2019, the court held a telephone conference and decided to allow the plaintiff to file a motion for leave to amend. On April 4, 2019, the plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal con-

structive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to the plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. The court denied leave to amend the complaint on April 23, 2019. On June 13, 2019, the court entered judgment pursuant to Rule 54(b), which would permit an appeal of the court’s dismissal of the claim against the shareholder defendants.

The value of the proceeds received by the Portfolio in connection with the LBO and the Portfolio’s cost basis in shares of Tribune was as follows:

Portfolio	Proceeds		Cost Basis
MainStay VP MacKay Common Stock Portfolio	$	1,300,602	$	1,174,184

At this stage of the proceedings, it would be difficult to assess with any reasonable certainty the probable outcome of the pending litigation or the effect, if any, on the Portfolio’s net asset value.

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

23

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

24 MainStay VP MacKay Common Stock Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781606 MSVPCS10-08/19 (NYLIAC) NI511     

MainStay VP MacKay Convertible Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	15
Notes to Financial Statements	20
Proxy Voting Policies and Procedures and Proxy Voting Record	26
Shareholder Reports and Quarterly Portfolio Disclosure	26

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or the insurance company that offers your policy, or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years or Since Inception			Ten Years or Since Inception			Gross Expense Ratio2
Initial Class Shares	10/1/1996		16.17	%		7.91	%		7.22	%		11.18	%		0.61	%
Service Class Shares	6/5/2003		16.03			7.64			6.95			10.90			0.86
Service 2 Class Shares	4/26/2016		15.97			7.56			10.83			10.83			0.96

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
ICE BofAML U.S. Convertible Index3		14.51	%		7.93	%		6.90	%		11.60	%
Morningstar Convertibles Category Average4		14.59			7.21			5.92			10.14

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The ICE BofAML U.S. Convertible Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The ICE BofAML

U.S. Convertible Index is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in this Index, bonds and preferred stocks must be convertible only to common stock. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay Convertible Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the six-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,161.70	$	3.27	$	1,021.77	$	3.06	0.61%
Service Class Shares	$	1,000.00	$	1,160.30	$	4.61	$	1,020.53	$	4.31	0.86%
Service 2 Class Shares	$	1,000.00	$	1,159.70	$	5.14	$	1,020.03	$	4.81	0.96%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP MacKay Convertible Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings or Issuers Held as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. Danaher Corp., (zero coupon), due 1/22/21

2. Microchip Technology, Inc., 1.625%, due 2/15/25–2/15/27

3. Anthem, Inc., 2.75%, due 10/15/42

4. NICE Systems, Inc., 1.25%, due 1/15/24

5. Illumina, Inc. (zero coupon)–0.50%, due 6/15/21–8/15/23

  6. Bank of America Corp.

  7. Teladoc Health, Inc., 1.375%, due 5/15/25

  8. Lumentum Holdings, Inc., 0.25%, due 3/15/24

  9. DISH Network Corp., 3.375%, due 8/15/26

10. Workday, Inc., 0.25%, due 10/1/22

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of Edward Silverstein, CFA, of MacKay Shields LLC, the Portfolio’s Subadvisor.

How did MainStay VP MacKay Convertible Portfolio perform relative to its benchmark and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay Convertible Portfolio returned 16.17% for Initial Class shares, 16.03% for Service Class shares and 15.97% for Service 2 Class shares. Over the same period, all share classes outperformed the 14.51% return of the ICE BofAML U.S. Convertible Index, which is the Portfolio’s benchmark, and the 14.59% return of the Morningstar Convertibles Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

The gains in the Portfolio and the ICE BofAML U.S. Convertible Index were almost entirely due to the rise in equity markets during the reporting period, which largely determine the performance of equity-sensitive convertible bonds. The Fund’s outperformance relative to the Index was the result of owning overweighted exposure to several strong-performing issues. Standout holdings included internet retailer Etsy, healthcare equipment manufacturer Danaher, Latin American internet site MercadoLibre and software firm NICE Systems. The Portfolio also benefited from holding no exposure to the convertible bonds of carmaker Tesla, which had a large weighting in the Index and was a weak performer.

What was the Portfolio’s duration² strategy during the reporting period? Please include the Portfolio’s duration at the end of the reporting period.

Convertible bond prices tend to vary with changes in the price of the underlying equity security rather than with changes in interest rates. For this reason, duration does not guide our investment decisions regarding the Portfolio’s convertible security holdings. As of June 30, 2019, the Portfolio’s effective duration was 3.87 years.

What specific factors, risks or market forces prompted significant decisions for the Portfolio during the reporting period?

The Portfolio is managed through abottom-up, fundamental investment process. Accordingly, there were no material factors or market forces that prompted significant decisions.

During the reporting period, which market segments were the strongest positive contributors to the Portfolio’s absolute performance and which market segments were particularly weak?

The Portfolio’s holdings in the software industry made the strongest contributions to the absolute performance during the reporting period. (Contributions take weightings and total returns into account.) Several substantial software holdings, including NICE Systems, Workday and ServiceNow, had a significant positive impact on the Portfolio’s performance. All three companies cited above reported better than expected quarterly earnings and raised guidance for the coming quarters. The Internet retailing area also made a significant positive contribution to the Portfolio’s absolute performance, led by holdings of Etsy and MercadoLibre, both of which reported earnings that were above analyst expectations.

The weakest contributors to the Portfolio’s absolute performance included the energy and health care sectors. Energy fell in sympathy with the price of crude oil, which declined sharply from the highs of the fall of 2018 and remained below that recent peak. The Portfolio’s position in the convertible bonds of oilfield service company Weatherford International, which filed for bankruptcy during the reporting period, was by far the Portfolio’s worst performer. The health care sector in general was weighed down by fears that a “Medicare for All” plan proposed by several Presidential candidates would negatively impact the industry if companies were forced to negotiate pricing with a single monopoly payor, the U.S. government. Several of the Portfolio holdings within the health care sector, such as Ligand Pharmaceuticals, BioMarin and Novavax, detracted from Portfolio performance.

Did the Portfolio make any significant purchases or sales during the reporting period?

All the Portfolio’s purchases during the reporting period were convertible bonds of drug or medical device makers. They included existing convertible bonds and a new offering of convertible securities from medical device maker ConMed; convertible bonds of biotechnology developer Sarepta Pharmaceutical, which is developing a treatment for a form of muscular dystrophy that we believe would likely be a very profitable product if successful; and convertible bonds of Exact Sciences, the maker of colon cancer test, Cologuard, that we believe is likely to experience rapid adoption from patients who do not wish to undergo a colonoscopy procedure.

1. See page 5 for more information on benchmark and peer group returns.

2. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

8 MainStay VP MacKay Convertible Portfolio

Three of the Portfolio’s larger holdings, Citrix Systems, Post and Hess matured during the reporting period and were converted into common shares, which the Portfolio sold. Air Lease, another of the Portfolio’s common stock holdings, was also sold during the period. In addition, the Portfolio sold its holdings of the convertible bonds of Ligand Pharmaceutical as new information related to the company’s management and history reduced our level of confidence in the investment.

How did the Portfolio’s sector weightings change during the reporting period?

During the reporting period, the Portfolio’s exposure to the energy sector decreased. During the same period, the Portfolio’s exposure to the information technology sector increased.

All of the Portfolio’s other sector weightings remained relatively unchanged.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held overweighted exposure to the energy, health care, information technology and industrials sectors relative to the ICE BofAML U.S. Convertible Index. As of the same date, the Portfolio held relatively underweighted exposure to the financial, real estate and utilities sectors. As of June 30, 2019, the Portfolio held roughly market weight positions in the communications, consumer cyclical, consumer discretionary and materials sectors.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Convertible Securities 92.4%† Convertible Bonds 86.8%
Advertising 0.6%
Quotient Technology, Inc. 1.75%, due 12/1/22	$	5,756,000	$	5,571,174
Aerospace & Defense 1.2%
Aerojet Rocketdyne Holdings, Inc. 2.25%, due 12/15/23		6,133,000		10,922,798
Biotechnology 7.4%
BioMarin Pharmaceutical, Inc. 0.599%, due 8/1/24 (a)		15,124,000		15,738,413
Exact Sciences Corp. 1.00%, due 1/15/25		6,160,000		10,651,549
Illumina, Inc. (a)
(zero coupon), due 8/15/23 (b)		7,893,000		9,147,587
0.50%, due 6/15/21		7,153,000		11,067,597
Intercept Pharmaceuticals, Inc. 3.25%, due 7/1/23		5,052,000		4,529,703
Ionis Pharmaceuticals, Inc. 1.00%, due 11/15/21		8,329,000		9,870,341
Medicines Co. 2.75%, due 7/15/23		5,185,000		5,211,852
Radius Health, Inc. 3.00%, due 9/1/24		444,000		402,885
				66,619,927
Building Materials 0.9%
Patrick Industries, Inc. 1.00%, due 2/1/23		9,317,000		8,494,295
Commercial Services 4.0%
Chegg, Inc. 0.125%, due 3/15/25 (b)		6,835,000		6,893,859
Euronet Worldwide, Inc. 0.75%, due 3/15/49 (a)(b)		7,730,000		9,400,995
Macquarie Infrastructure Corp. 2.875%, due 7/15/19		15,467,000		15,473,279
Square, Inc. 0.50%, due 5/15/23		3,658,000		4,383,552
				36,151,685
Computers 2.9%
Lumentum Holdings, Inc. 0.25%, due 3/15/24		14,385,000		16,962,602
Nutanix, Inc. (zero coupon), due 1/15/23		1,844,000		1,726,314
Pure Storage, Inc. 0.125%, due 4/15/23		2,934,000		2,823,975
Western Digital Corp. 1.50%, due 2/1/24 (b)		4,634,000		4,173,060
				25,685,951

	Principal Amount		Value
Diversified Financial Services 0.6%
LendingTree, Inc. 0.625%, due 6/1/22	$	2,437,000	$	5,088,722
Electric 0.9%
NRG Energy, Inc. 2.75%, due 6/1/48		7,722,000		8,267,027
Entertainment 0.2%
Live Nation Entertainment, Inc. 2.50%, due 3/15/23		1,447,000		1,716,372
Health Care—Products 6.1%
CONMED Corp. 2.625%, due 2/1/24 (b)		7,840,000		9,051,952
Danaher Corp. (zero coupon), due 1/22/21		6,483,000		35,388,175
NuVasive, Inc. 2.25%, due 3/15/21		3,296,000		3,751,260
Wright Medical Group, Inc. 1.625%, due 6/15/23		5,820,000		6,382,619
				54,574,006
Health Care—Services 5.7%
Anthem, Inc. 2.75%, due 10/15/42		6,256,000		24,445,803
Molina Healthcare, Inc. 1.125%, due 1/15/20		2,690,000		9,365,923
Teladoc Health, Inc. 1.375%, due 5/15/25		12,046,000		17,923,773
				51,735,499
Internet 14.0%
At Home Corp. 4.75%, due 12/15/06 (c)(d)(e)(f)(g)		2,640,000		34,320
Boingo Wireless, Inc. 1.00%, due 10/1/23 (b)		4,790,000		4,112,190
Booking Holdings, Inc. 0.90%, due 9/15/21 (a)		13,680,000		15,682,719
Etsy, Inc. (zero coupon), due 3/1/23		7,162,000		12,984,356
FireEye, Inc. 0.875%, due 6/1/24		3,663,000		3,588,810
IAC Financeco 2, Inc. 0.875%, due 6/15/26 (b)		4,435,000		4,477,642
IAC FinanceCo, Inc. 0.875%, due 10/1/22 (b)		2,615,000		3,952,777
Liberty Expedia Holdings, Inc. 1.00%, due 6/30/47 (b)		7,641,000		7,646,963
MercadoLibre, Inc. 2.00%, due 8/15/28 (b)		5,643,000		8,706,762
Okta, Inc. 0.25%, due 2/15/23		4,261,000		11,051,378

10 MainStay VP MacKay Convertible Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Convertible Bonds (continued)
Internet (continued)
Palo Alto Networks, Inc. 0.75%, due 7/1/23 (b)	$	8,986,000	$	9,512,338
Q2 Holdings, Inc. 0.75%, due 6/1/26 (b)		2,800,000		3,025,512
RingCentral, Inc. (zero coupon), due 3/15/23		7,337,000		11,034,641
Twitter, Inc. 0.25%, due 9/15/19		9,402,000		9,370,361
Wix.com, Ltd. (zero coupon), due 7/1/23 (a)(b)		10,770,000		13,193,250
Zendesk, Inc. 0.25%, due 3/15/23		1,447,000		2,221,423
Zillow Group, Inc. 1.50%, due 7/1/23		5,760,000		5,683,442
				126,278,884
Iron & Steel 0.3%
Cleveland-Cliffs, Inc. 1.50%, due 1/15/25		2,050,000		2,963,455
Lodging 0.5%
Caesars Entertainment Corp. 5.00%, due 10/1/24		2,616,000		4,484,284
Machinery—Diversified 1.6%
Chart Industries, Inc. 1.00%, due 11/15/24 (b)		10,263,000		14,645,144
Media 3.4%
DISH Network Corp. 3.375%, due 8/15/26		17,289,000		16,851,313
Liberty Media Corp-Liberty Formula One 1.00%, due 1/30/23		6,664,000		7,861,929
Liberty Media Corp. 1.375%, due 10/15/23		5,512,000		6,200,700
				30,913,942
Oil & Gas 2.0%
Ensco Jersey Finance, Ltd. 3.00%, due 1/31/24 (a)		11,037,000		8,634,545
Oasis Petroleum, Inc. 2.625%, due 9/15/23		3,737,000		3,428,180
Transocean, Inc. 0.50%, due 1/30/23 (a)		5,990,000		5,948,211
				18,010,936
Oil & Gas Services 3.8%
Helix Energy Solutions Group, Inc.
4.125%, due 9/15/23		5,115,000		6,170,144
4.25%, due 5/1/22		1,953,000		1,969,708
Newpark Resources, Inc. 4.00%, due 12/1/21		5,174,000		5,763,067

	Principal Amount		Value
Oil & Gas Services (continued)
Oil States International, Inc. 1.50%, due 2/15/23	$	13,438,000	$	12,019,051
Weatherford International, Ltd. 5.875%, due 7/1/21 (g)		16,859,000		8,724,532
				34,646,502
Pharmaceuticals 3.6%
DexCom, Inc. 0.75%, due 12/1/23 (b)		3,894,000		4,577,017
Herbalife Nutrition, Ltd. 2.625%, due 3/15/24		6,582,000		6,401,306
Neurocrine Biosciences, Inc. 2.25%, due 5/15/24		5,395,000		7,105,197
Pacira BioSciences, Inc. 2.375%, due 4/1/22		5,779,000		5,931,340
Sarepta Therapeutics, Inc. 1.50%, due 11/15/24		2,059,000		4,588,368
Supernus Pharmaceuticals, Inc. 0.625%, due 4/1/23		4,136,000		4,056,799
				32,660,027
Semiconductors 10.1%
Cypress Semiconductor Corp. 2.00%, due 2/1/23		3,980,000		4,714,452
Inphi Corp. 1.125%, due 12/1/20		9,461,000		12,729,099
Intel Corp. 3.25%, due 8/1/39		3,685,000		8,677,659
Microchip Technology, Inc.
1.625%, due 2/15/25		12,203,000		21,566,794
1.625%, due 2/15/27		5,198,000		6,136,759
Micron Technology, Inc. 3.125%, due 5/1/32		1,501,000		5,787,206
Novellus Systems, Inc. 2.625%, due 5/15/41		724,000		4,212,910
ON Semiconductor Corp. 1.00%, due 12/1/20		8,174,000		10,062,137
Rambus, Inc. 1.375%, due 2/1/23		6,552,000		6,459,039
Silicon Laboratories, Inc. 1.375%, due 3/1/22		9,006,000		11,226,081
				91,572,136
Software 12.3%
Atlassian Corp. 0.625%, due 5/1/23		5,325,000		9,065,812
Coupa Software, Inc. 0.125%, due 6/15/25 (b)		3,509,000		3,763,690
NICE Systems, Inc. 1.25%, due 1/15/24		13,581,000		23,164,093
Nuance Communications, Inc. 1.25%, due 4/1/25		8,331,000		8,205,237

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Convertible Bonds (continued)
Software (continued)
Red Hat, Inc. 0.25%, due 10/1/19	$	2,510,000	$	6,396,023
ServiceNow, Inc. (zero coupon), due 6/1/22		6,076,000		12,612,667
Splunk, Inc. 0.50%, due 9/15/23 (b)		8,049,000		8,880,123
Twilio, Inc. 0.25%, due 6/1/23		2,263,000		4,544,677
Verint Systems, Inc. 1.50%, due 6/1/21		12,098,000		13,024,448
Workday, Inc. 0.25%, due 10/1/22		11,205,000		16,836,085
Zynga, Inc. 0.25%, due 6/1/24 (b)		4,515,000		4,519,295
				111,012,150
Telecommunications 2.6%
Finisar Corp. 0.50%, due 12/15/36		6,207,000		6,066,880
InterDigital, Inc. 2.00%, due 6/1/24 (b)		2,860,000		2,916,242
Viavi Solutions Inc. 1.00%, due 3/1/24		9,569,000		11,267,497
Vonage Holdings Corp. 1.75%, due 6/1/24 (b)		2,860,000		2,893,389
				23,144,008
Transportation 2.1%
Atlas Air Worldwide Holdings, Inc. 2.25%, due 6/1/22		11,348,000		11,266,467
Echo Global Logistics, Inc. 2.50%, due 5/1/20		7,629,000		7,586,087
				18,852,554
Total Convertible Bonds (Cost $676,727,470)				784,011,478
	Shares
Convertible Preferred Stocks 5.6%
Banks 2.6%
Bank of America Corp. Series L 7.25%		8,636		11,848,592
Wells Fargo & Co. Series L 7.50%		8,264		11,273,749
				23,122,341

	Shares		Value
Chemicals 0.5%
A. Schulman, Inc. 6.00%		4,110	$	4,215,833
Equity Real Estate Investment Trusts 0.8%
Crown Castle International Corp. 6.875%		5,982		7,189,467
Health Care Equipment & Supplies 1.0%
Becton Dickinson & Co. 6.125%		146,239		9,053,656
Machinery 0.7%
Rexnord Corp. 5.75%		75,817		4,651,373
Stanley Black & Decker, Inc. 5.375%		20,480		2,071,142
				6,722,515
Total Convertible Preferred Stocks (Cost $45,511,797)				50,303,812
Total Convertible Securities (Cost $722,239,267)				834,315,290
Common Stocks 3.1%
Air Freight & Logistics 0.6%
XPO Logistics, Inc. (h)		87,557		5,061,670
Airlines 0.9%
Delta Air Lines, Inc.		151,688		8,608,294
Banks 0.8%
Bank of America Corp.		267,678		7,762,662
Health Care Equipment & Supplies 0.8%
Teleflex, Inc.		21,245		7,035,282
Total Common Stocks (Cost $15,968,085)				28,467,908
Short-Term Investments 9.8%
Affiliated Investment Company 4.5%
MainStay U.S. Government Liquidity Fund, 2.03% (i)		40,355,327		40,355,327

12 MainStay VP MacKay Convertible Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares			Value
Unaffiliated Investment Company 5.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (i)(j)		47,965,355		$	47,965,355
TotalShort-Term Investments (Cost $88,320,682)					88,320,682
Total Investments (Cost $826,528,034)		105.3	%		951,103,880
Other Assets, Less Liabilities		(5.3	)		(48,171,695	)
Net Assets		100.0	%	$	902,932,185

† Percentages indicated are based on Portfolio net assets.

(a) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $53,745,326; the total market value of collateral held by the Portfolio was $54,355,973. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $6,390,618 (See Note 2(H)).

(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) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(d) Illiquid security—As of June 30, 2019, the total market value of the security deemed illiquid under procedures approved by the Board of Trustees was $34,320, which represented less than one-tenth of a percent of the Portfolio’s net assets.

(e) Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, the total market value of fair valued security was $34,320, which represented less than one-tenth of a percent of the Portfolio’s net assets.

(f) Restricted security (See Note 5).

(g) Issue in non-accrual status.

(h) Non-income producing security.

(i) Current yield as of June 30, 2019.

(j) Represents security purchased with cash collateral received for securities on loan.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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)
Convertible Securities
Convertible Bonds (b)	$	—	$	783,977,158	$	34,320	$	784,011,478
Convertible Preferred Stocks (c)		46,087,979		4,215,833		—		50,303,812
Total Convertible Securities		46,087,979		788,192,991		34,320		834,315,290
Common Stocks
Short-Term Investments		28,467,908		—		—		28,467,908
Affiliated Investment Company		40,355,327		—		—		40,355,327
Unaffiliated Investment Company		47,965,355		—		—		47,965,355
TotalShort-Term Investments		88,320,682		—		—		88,320,682
Total Investments in Securities	$	162,876,569	$	788,192,991	$	34,320	$	951,103,880

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 security valued at $34,320 is held in Internet within the Convertible Bonds section of the Portfolio of Investments.

(c) The Level 2 security valued at $4,215,833 is held in Chemicals within the Convertible Preferred Stocks section of the Portfolio of Investments.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:    

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers in to Level 3		Transfers out of Level 3		Balance as of June 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019 (a)
Long-Term Bonds
Convertible Bonds Internet	$	—	$	—	$	—	$	34,320	$	—	$	—	$	—	$	—	$	34,320	$	34,320

(a) Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statement of Operations.    

14 MainStay VP MacKay Convertible Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $786,172,707) including securities on loan of $53,745,326	$	910,748,553
Investment in affiliated investment company, at value (identified cost $40,355,327)		40,355,327
Receivables:
Dividends and interest		2,554,374
Investment securities sold		1,274,158
Portfolio shares sold		398,995
Securities lending		30,996
Other assets		3,932
Total assets		955,366,335
Liabilities
Cash collateral received for securities on loan		47,965,355
Payables:
Investment securities purchased		3,411,265
Manager (See Note 3)		421,228
Portfolio shares redeemed		405,614
NYLIFE Distributors (See Note 3)		142,125
Professional fees		44,806
Shareholder communication		29,824
Custodian		9,190
Trustees		1,011
Accrued expenses		3,732
Total liabilities		52,434,150
Net assets	$	902,932,185
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	64,033
Additional paid-in capital		716,995,477
		717,059,510
Total distributable earnings (loss)		185,872,675
Net assets	$	902,932,185

Initial Class
Net assets applicable to outstanding shares	$	196,583,131
Shares of beneficial interest outstanding		13,845,643
Net asset value per share outstanding	$	14.20
Service Class
Net assets applicable to outstanding shares	$	699,701,676
Shares of beneficial interest outstanding		49,715,158
Net asset value per share outstanding	$	14.07
Service 2 Class
Net assets applicable to outstanding shares	$	6,647,378
Shares of beneficial interest outstanding		472,360
Net asset value and offering price per share outstanding	$	14.07

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest	$	4,491,013
Dividends-unaffiliated		1,842,326
Dividends-affiliated		553,394
Securities lending		209,113
Total income		7,095,846
Expenses
Manager (See Note 3)		2,475,508
Distribution/Service—Service Class (See Note 3)		825,729
Distribution/Service—Service 2 Class (See Note 3)		6,667
Professional fees		62,245
Shareholder communication		36,027
Custodian		12,524
Trustees		10,419
Miscellaneous		17,526
Total expenses		3,446,645
Net investment income (loss)		3,649,201
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		14,821,962
Net change in unrealized appreciation (depreciation) on unaffiliated investments		105,975,576
Net realized and unrealized gain (loss) on investments		120,797,538
Net increase (decrease) in net assets resulting from operations	$	124,446,739

16 MainStay VP MacKay Convertible Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	3,649,201		$	8,636,981
Net realized gain (loss) on investments		14,821,962			57,465,817
Net change in unrealized appreciation (depreciation) on investments		105,975,576			(86,430,824	)
Net increase (decrease) in net assets resulting from operations		124,446,739			(20,328,026	)
Distributions to shareholders:
Initial Class		(1,466,326	)		(10,585,861	)
Service Class		(4,335,401	)		(31,875,069	)
Service 2 Class		(25,834	)		(161,160	)
Total distributions to shareholders		(5,827,561	)		(42,622,090	)
Capital share transactions:
Net proceeds from sale of shares		62,393,569			132,526,463
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		5,827,561			42,622,090
Cost of shares redeemed		(56,733,678	)		(134,810,863	)
Increase (decrease) in net assets derived from capital share transactions		11,487,452			40,337,690
Net increase (decrease) in net assets		130,106,630			(22,612,426	)
Net Assets
Beginning of period		772,825,555			795,437,981
End of period	$	902,932,185		$	772,825,555

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	12.31		$	13.29		$	12.28		$	11.86		$	13.41		$	13.38
Net investment income (loss) (a)		0.07			0.17			0.18			0.19			0.14			0.16
Net realized and unrealized gain (loss) on investments		1.92			(0.41	)		1.28			1.18			(0.32	)		0.88
Total from investment operations		1.99			(0.24	)		1.46			1.37			(0.18	)		1.04
Less dividends and distributions:
From net investment income		(0.10	)		(0.23	)		(0.23	)		(0.47	)		(0.36	)		(0.45	)
From net realized gain on investments		—			(0.51	)		(0.22	)		(0.48	)		(1.01	)		(0.56	)
Total dividends and distributions		(0.10	)		(0.74	)		(0.45	)		(0.95	)		(1.37	)		(1.01	)
Net asset value at end of period	$	14.20		$	12.31		$	13.29		$	12.28		$	11.86		$	13.41
Total investment return (b)		16.17	%		(2.27	%)		11.99	%		12.07	%		(1.33	%)		7.98	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.05	%††		1.24	%		1.40	%		1.59	%		1.08	%		1.21	%
Net expenses (c)		0.61	%††		0.61	%		0.62	%		0.64	%		0.62	%		0.63	%
Portfolio turnover rate		11	%		43	%		34	%		39	%		58	%		55	%
Net assets at end of period (in 000’s)	$	196,583		$	177,136		$	227,285		$	162,462		$	142,942		$	158,220

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	12.21		$	13.18		$	12.18		$	11.77		$	13.32		$	13.27
Net investment income (loss) (a)		0.05			0.13			0.15			0.16			0.11			0.13
Net realized and unrealized gain (loss) on investments		1.90			(0.40	)		1.26			1.17			(0.32	)		0.86
Total from investment operations		1.95			(0.27	)		1.41			1.33			(0.21	)		0.99
Less dividends and distributions:
From net investment income		(0.09	)		(0.19	)		(0.19	)		(0.44	)		(0.33	)		(0.38	)
From net realized gain on investments		—			(0.51	)		(0.22	)		(0.48	)		(1.01	)		(0.56	)
Total dividends and distributions		(0.09	)		(0.70	)		(0.41	)		(0.92	)		(1.34	)		(0.94	)
Net asset value at end of period	$	14.07		$	12.21		$	13.18		$	12.18		$	11.77		$	13.32
Total investment return (b)		16.03	%		(2.52	%)		11.72	%		11.79	%		(1.57	%)		7.71	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.80	%††		0.99	%		1.15	%		1.35	%		0.84	%		0.97	%
Net expenses (c)		0.86	%††		0.86	%		0.87	%		0.89	%		0.87	%		0.88	%
Portfolio turnover rate		11	%		43	%		34	%		39	%		58	%		55	%
Net assets at end of period (in 000’s)	$	699,702		$	592,673		$	565,974		$	476,926		$	460,883		$	460,406

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

18 MainStay VP MacKay Convertible Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,						April 26, 2016** through December 31,
Service 2 Class	2019*			2018			2017			2016
Net asset value at beginning of period	$	12.21		$	13.18		$	12.18		$	11.63
Net investment income (loss) (a)		0.05			0.12			0.14			0.11
Net realized and unrealized gain (loss) on investments		1.89			(0.40	)		1.26			1.04
Total from investment operations		1.94			(0.28	)		1.40			1.15
Less dividends and distributions:
From net investment income		(0.08	)		(0.18	)		(0.18	)		(0.12	)
From net realized gain on investments		—			(0.51	)		(0.22	)		(0.48	)
Total dividends and distributions		(0.08	)		(0.69	)		(0.40	)		(0.60	)
Net asset value at end of period	$	14.07		$	12.21		$	13.18		$	12.18
Total investment return (b)		15.97	%		(2.59	%)		11.60	%		10.01	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.68	%††		0.88	%		1.05	%		1.33	%††
Net expenses (c)		0.96	%††		0.96	%		0.97	%		1.00	%††
Portfolio turnover rate		11	%		43	%		34	%		39	%
Net assets at end of period (in 000’s)	$	6,647		$	3,016		$	2,179		$	797

* Unaudited.

** Inception date.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay Convertible Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Service 2 Class shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by participating insurance companies. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers three classes of shares. Initial Class shares commenced operations on October 1, 1996. Service Class shares commenced operations on June 5, 2003. Service 2 Class shares commenced operations on April 26, 2016. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class and Service 2 Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class and Service 2 Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class and Service 2 Class shares.

The Portfolio’s investment objective is to seek capital appreciation together with current income.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the

“Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology

20 MainStay VP MacKay Convertible Portfolio

used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the

six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, securities that were fair valued in such a manner are shown in the Portfolio of Investments.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation,

21

Notes to Financial Statements(Unaudited) (continued)

unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income, if any, at least quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans and shareholder service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares and Service 2 Class shares, as applicable) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction

22 MainStay VP MacKay Convertible Portfolio

of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(H)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $53,745,326; the total market value of collateral held by the Portfolio was $54,355,973. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $6,390,618 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $47,965,355.

(I)  Convertible Securities Risk.  Convertible securities may be subordinate to other securities. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments.

(J)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The

Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Effective May 1, 2019, the Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.60% up to $500 million; 0.55% from $500 million to $1 billion; 0.50% from $1 billion to $2 billion; and 0.49% in excess of $2 billion. Prior to May 1, 2019, the Fund paid New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.60% up to $500 million; 0.55% from $500 million to $1 billion; and 0.50% in excess of $1 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.58%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $2,475,508, and paid the Subadvisor in the amount of $1,237,754.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in

conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

23

Notes to Financial Statements(Unaudited) (continued)

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution, Service and Shareholder Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class and Service 2 Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class and Service 2 Class shares of the Portfolio.

The Board has adopted a shareholder services plan (the “Service Plan”) with respect to the Service 2 Class shares of the Portfolio. Under the

terms of the Services Plan, the Portfolio is authorized to pay to New York Life Investments, its affiliates or independent third-party service providers, as compensation for services rendered to shareholders of the Service 2 Class shares, in connection with the administration of plans or programs that use Portfolio shares as their funding medium a shareholder servicing fee at the rate of 0.10% on an annualized basis of the average daily net assets of the Service 2 Class shares.

(C)  Transfer and Dividend Disbursing Agent.  NYLIM Service Company LLC, an affiliate of New York Life Investments, serves as the transfer agent and dividend disbursing agent for the Service 2 Class shares of the Portfolio. NYLIM Service Company LLC has entered into an agreement with DST Asset Manager Solutions, Inc. (“DST”), pursuant to which DST performs certain transfer agent services on behalf of NYLIM Service Company LLC. During the six-month period ended June 30, 2019, all associated fees were paid by the Manager.

(D)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	32,141	$	86,987	$	(78,773	)	$	—	$	—	$	40,355	$	553	$	—		40,355

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	835,560,450	$	156,091,179	$	(40,547,749	)	$	115,543,430

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$15,200,280	$	27,421,810

Note 5–Restricted Security

Restricted securities, are securities which have been purchased through a private offering and cannot be resold to the general public without

prior registration under the Securities Act of 1933, as amended. Disposal of these securities may involve time-consuming negotiations and expenses, and it may be difficult to obtain a prompt sale at an acceptable price.

As of June 30, 2019, the Fund held the following restricted securities:

Security	Date of Acquisition		Shares/ Principal Amount		Cost		6/30/19 Value		Percent of Net Assets
At Home Corp Convertible Bonds 4.75%, due 12/15/06		5/4/01		2,640,000		—		34,320		0.0	%‡

‡ Less than one-tenth of a percent.

Note 6–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 7–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

24 MainStay VP MacKay Convertible Portfolio

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 8–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 9–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $97,367 and $92,945, respectively.

Note 10–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		237,097		$	3,242,801
Shares issued to shareholders in reinvestment of dividends and distributions		105,774			1,466,326
Shares redeemed		(881,931	)		(12,034,543	)
Net increase (decrease)		(539,060	)	$	(7,325,416	)
Year ended December 31, 2018:
Shares sold		532,691		$	7,345,452
Shares issued to shareholders in reinvestment of dividends and distributions		780,017			10,585,861
Shares redeemed		(4,033,632	)		(55,826,634	)
Net increase (decrease)		(2,720,924	)	$	(37,895,321	)

Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		4,118,218		$	55,666,553
Shares issued to shareholders in reinvestment of dividends and distributions		315,869			4,335,401
Shares redeemed		(3,267,105	)		(44,305,524	)
Net increase (decrease)		1,166,982		$	15,696,430
Year ended December 31, 2018:
Shares sold		9,092,375		$	123,686,878
Shares issued to shareholders in reinvestment of dividends and distributions		2,366,938			31,875,069
Shares redeemed		(5,859,020	)		(78,465,159	)
Net increase (decrease)		5,600,293		$	77,096,788
Service 2 Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		252,201		$	3,484,215
Shares issued to shareholders in reinvestment of dividends and distributions		1,876			25,834
Shares redeemed		(28,789	)		(393,611	)
Net increase (decrease)		225,288		$	3,116,438
Year ended December 31, 2018:
Shares sold		109,084		$	1,494,133
Shares issued to shareholders in reinvestment of dividends and distributions		11,963			161,160
Shares redeemed		(39,365	)		(519,070	)
Net increase (decrease)		81,682		$	1,136,223

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

25

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

26 MainStay VP MacKay Convertible Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of policyowners of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products or policies issued by other insurance companies. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Product is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781608 MSVPC10-08/19 (NYLIAC) NI512   

MainStay VP MacKay Growth Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	9
Financial Statements	14
Notes to Financial Statements	18
Proxy Voting Policies and Procedures and Proxy Voting Record	23
Shareholder Reports and Quarterly Portfolio Disclosure	23

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	1/29/1993		17.17	%		4.44	%		9.76	%		12.23	%		0.73	%
Service Class Shares	6/5/2003		17.03			4.18			9.48			11.95			0.98

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
Russell 1000® Growth Index3		21.49	%		11.56	%		13.39	%		16.28	%
S&P 500® Index4		18.54			10.42			10.71			14.70
Morningstar Large Growth Category Average5		21.11			10.02			11.33			14.71

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Russell 1000^® Growth Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Russell 1000^® Growth Index measures the performance of thelarge-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with higherprice-to-book ratios and higher forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. 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 measuringlarge-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay Growth Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,171.70	$	3.93	$	1,021.17	$	3.66	0.73%
Service Class Shares	$	1,000.00	$	1,170.30	$	5.27	$	1,019.93	$	4.91	0.98%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP MacKay Growth Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Software	14.2	%
Interactive Media & Services	9.8
IT Services	9.2
Internet & Direct Marketing Retail	7.3
Technology Hardware, Storage & Peripherals	7.3
Semiconductors & Semiconductor Equipment	5.4
Specialty Retail	4.7
Biotechnology	3.3
Aerospace & Defense	3.0
Health Care Providers & Services	2.7
Equity Real Estate Investment Trusts	2.6
Hotels, Restaurants & Leisure	2.5
Media	2.5
Entertainment	1.8
Health Care Equipment & Supplies	1.8
Capital Markets	1.7
Beverages	1.4
Exchange Traded Funds	1.4
Insurance	1.4
Machinery	1.3
Household Durables	1.2
Life Sciences Tools & Services	1.1
Communications Equipment	1.0
Food Products	1.0
Pharmaceuticals	1.0
Professional Services	1.0

Road & Rail	1.0	%
Electronic Equipment, Instruments & Components	0.9
Food & Staples Retailing	0.9
Textiles, Apparel & Luxury Goods	0.9
Consumer Finance	0.7
Diversified Consumer Services	0.7
Health Care Technology	0.6
Industrial Conglomerates	0.5
Tobacco	0.5
Commercial Services & Supplies	0.4
Oil, Gas & Consumable Fuels	0.4
Air Freight & Logistics	0.2
Chemicals	0.2
Containers & Packaging	0.2
Thrifts & Mortgage Finance	0.2
Airlines	0.1
Trading Companies & Distributors	0.1
Building Products	0.0	‡
Household Products	0.0	‡
Multiline Retail	0.0	‡
Personal Products	0.0	‡
Short-Term Investments	0.0	‡
Other Assets, Less Liabilities	–0.1
	100.0	%

See Portfolio of Investments beginning on page 9 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

Top Ten Holdings or Issuers as of June 30, 2019 (excludingshort-term investments) (Unaudited)

1. Microsoft Corp.

2. Apple, Inc.

3. Amazon.com, Inc.

4. Alphabet, Inc.

5. Facebook, Inc., Class A

  6. Visa, Inc., Class A

  7. Boeing Co.

  8. Mastercard, Inc., Class A

  9. iShares Russell 1000 Growth ETF

10. PayPal Holdings, Inc.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of Migene Kim, CFA, and Mona Patni of MacKay Shields LLC, the Portfolio’s subadvisor.

How did MainStay VP MacKay Growth Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay Growth Portfolio returned 17.17% for Initial Class shares and 17.03% for Service Class shares. Over the same period, both share classes underperformed the 21.49% return of the Russell 1000^® Growth Index, which is the Portfolio’s primary benchmark; the 18.54% return of the S&P 500^® Index, which is a secondary benchmark of the Portfolio; and the 21.11% return of the Morningstar Large Growth Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

Stock selection was the primary reason why the Portfolio underperformed relative to the Russell 1000^® Growth Index during the reporting period. The Portfolio’s performance directly reflected the performance of our stock selection model, particularly the weak effectiveness of the model’s valuation signals, which seek to evaluate companies across sales- and cash-based measures on a peer-relative basis. Valuation ranges across markets were compressed during the first five months of 2019, and value signals, which tend to prove most effective in an environment in which profits are accelerating, struggled amid a decelerating global growth outlook. Valuation signals proved more effective in June 2019 when value performance rebounded. Positive contributions from the stock selection model’s other factors provided only partial mitigation. (Contributions take weightings and total returns into account.) Momentum signals, which evaluate historical price trends, generated positive performance for the Portfolio during the reporting period, but proved volatile and inconsistent, hence difficult to capture. Sentiment signals, a gauge of institutional investor sentiment, were not effective during the first half of the reporting period but rebounded in the second half of the reporting period thanks to the Portfolio’s underweight positions.

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

Although no sectors contributed positively to the Portfolio’s performance relative to the Russell 1000^® Growth Index during the reporting period, the strongest contributors to the Portfolio’s relative performance included energy, utilities and real estate. During the same period, the most significant detractors from

benchmark-relative performance were the health care, information technology and materials sectors

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

The stocks that made the most substantial positive contribution to the Portfolio’s absolute performance during the reporting period included software giant Microsoft, consumer electronics leader Apple and dominante-commerce retailer Amazon.com. The stocks that detracted the most from the Portfolio’s absolute performance during the reporting period included biotechnology developers AbbVie and Biogen, and commodity-focused specialty chemicals company Chemours.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio’s largest initial purchase during the reporting period was in shares of communication equipment maker Cisco Systems, while the Portfolio’s largest increase in position size was in social media platform Facebook. Over the same period, the most substantial position that the Portfolio exited completely was in business conglomerate Berkshire Hathaway, while the Portfolio’s most substantial decrease in position size was in health care provider UnitedHealth Group.

How did the Portfolio’s sector weightings change during the reporting period?

During the reporting period, the Portfolio’s largest sector-weighting increases relative to the Russell 1000^® Growth Index were in information technology, communication services and consumer discretionary. Over the same period, the Portfolio’s most substantial sector-weighting decreases relative to the benchmark were in industrials, materials and consumer staples.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio’s largest overweight positions relative to the Russell 1000^® Growth Index included the information technology and communication services sectors. As of the same date, the Portfolio sector exposures that were most substantially underweight relative to the benchmark included industrials and health care.

1. See page 5 for more information on benchmark and peer group returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

8 MainStay VP MacKay Growth Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 98.7%†
Aerospace & Defense 3.0%
Boeing Co.		32,292		$	11,754,611
L3harris Technologies, Inc.		120			22,696
Lockheed Martin Corp.		10,154			3,691,385
Northrop Grumman Corp.		7,917			2,558,062
Raytheon Co.		210			36,515
Spirit AeroSystems Holdings, Inc., Class A		20,487			1,667,027
					19,730,296
Air Freight & Logistics 0.2%
United Parcel Service, Inc., Class B		10,867			1,122,235
Airlines 0.1%
Southwest Airlines Co.		12,676			643,687
Beverages 1.4%
Coca-Cola Co.		79,961			4,071,614
Keurig Dr. Pepper, Inc.		17,922			517,946
PepsiCo., Inc.		37,663			4,938,749
					9,528,309
Biotechnology 3.3%
AbbVie, Inc.		103,491			7,525,866
Alkermes PLC (a)		78,343			1,765,851
Amgen, Inc.		25,622			4,721,622
Biogen, Inc. (a)		8,539			1,997,016
Gilead Sciences, Inc.		63,128			4,264,928
Regeneron Pharmaceuticals, Inc. (a)		4,626			1,447,938
					21,723,221
Building Products 0.0%‡
Masco Corp.		2,994			117,485
Capital Markets 1.7%
Ameriprise Financial, Inc.		3,147			456,818
Charles Schwab Corp.		30,377			1,220,852
E*TRADE Financial Corp.		27,723			1,236,446
Evercore, Inc., Class A		15,726			1,392,852
Lazard, Ltd., Class A		33,015			1,135,386
LPL Financial Holdings, Inc.		35,051			2,859,110
MSCI, Inc.		7,618			1,819,102
S&P Global, Inc.		329			74,943
TD Ameritrade Holding Corp.		18,929			944,936
					11,140,445
			��
Chemicals 0.2%
CF Industries Holdings, Inc.		25,411			1,186,948
Linde PLC		643			129,114
					1,316,062
Commercial Services & Supplies 0.4%
Cintas Corp.		4,773			1,132,585

	Shares		Value
Commercial Services & Supplies (continued)
Clean Harbors, Inc. (a)		21,312	$	1,515,283
IAA, Inc. (a)		354		13,728
KAR Auction Services, Inc.		354		8,850
Waste Management, Inc.		321		37,034
				2,707,480
Communications Equipment 1.0%
Arista Networks, Inc. (a)		1,340		347,891
Cisco Systems, Inc.		112,812		6,174,201
				6,522,092
Consumer Finance 0.7%
American Express Co.		401		49,499
Discover Financial Services		19,845		1,539,774
Synchrony Financial		84,741		2,937,971
				4,527,244
Containers & Packaging 0.2%
Ardagh Group S.A.		1,107		19,373
Ball Corp.		18,211		1,274,588
Silgan Holdings, Inc.		1,359		41,585
				1,335,546
Diversified Consumer Services 0.7%
Frontdoor, Inc. (a)		10,799		470,297
H&R Block, Inc.		82,779		2,425,425
Service Corporation International		32,585		1,524,326
				4,420,048
Electronic Equipment, Instruments & Components 0.9%
CDW Corp.		31,647		3,512,817
Jabil, Inc.		39,401		1,245,071
Zebra Technologies Corp., Class A (a)		6,371		1,334,661
				6,092,549
Entertainment 1.8%
Live Nation Entertainment, Inc. (a)		40,749		2,699,621
Netflix, Inc. (a)		19,766		7,260,447
Walt Disney Co.		15,539		2,169,866
				12,129,934
Equity Real Estate Investment Trusts 2.6%
American Tower Corp.		33,148		6,777,109
Americold Realty Trust		18,063		585,602
Brookfield Property REIT, Inc., Class A		72,383		1,367,315
Colony Capital, Inc.		502,188		2,510,940
Crown Castle International Corp.		194		25,288
Equity LifeStyle Properties, Inc.		12,685		1,539,198
Lamar Advertising Co., Class A		4,453		359,402
OUTFRONT Media, Inc.		1,477		38,092
Public Storage		8,968		2,135,908
SBA Communications Corp. (a)		8,429		1,895,176
				17,234,030

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 9

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Food & Staples Retailing 0.9%
Costco Wholesale Corp.		15,180	$	4,011,467
Sysco Corp.		27,980		1,978,745
				5,990,212
Food Products 1.0%
Campbell Soup Co.		5,476		219,423
Pilgrim’s Pride Corp. (a)		73,232		1,859,360
Post Holdings, Inc. (a)		11,655		1,211,770
TreeHouse Foods, Inc. (a)		45,797		2,477,618
Tyson Foods, Inc., Class A		6,494		524,326
				6,292,497
Health Care Equipment & Supplies 1.8%
Abbott Laboratories		2,399		201,756
ABIOMED, Inc. (a)		2,048		533,484
Align Technology, Inc. (a)		6,419		1,756,880
Boston Scientific Corp. (a)		887		38,123
Cooper Cos., Inc.		4,226		1,423,697
Hill-Rom Holdings, Inc.		14,775		1,545,760
Intuitive Surgical, Inc. (a)		5,381		2,822,604
STERIS PLC		48		7,146
Stryker Corp.		16,708		3,434,831
				11,764,281
Health Care Providers & Services 2.7%
AmerisourceBergen Corp.		38,855		3,312,777
Encompass Health Corp.		441		27,942
HCA Healthcare, Inc.		28,838		3,898,033
McKesson Corp.		19,428		2,610,929
UnitedHealth Group, Inc.		34,145		8,331,721
				18,181,402
Health Care Technology 0.6%
Cerner Corp.		26,398		1,934,974
Veeva Systems, Inc., Class A (a)		10,939		1,773,321
				3,708,295
Hotels, Restaurants & Leisure 2.5%
Chipotle Mexican Grill, Inc. (a)		2,093		1,533,918
Darden Restaurants, Inc.		25,777		3,137,834
Hilton Worldwide Holdings, Inc.		10,961		1,071,328
Starbucks Corp.		89,197		7,477,385
Yum China Holdings, Inc.		68,456		3,162,667
				16,383,132
Household Durables 1.2%
NVR, Inc. (a)		910		3,066,928
PulteGroup, Inc.		81,444		2,575,259
Toll Brothers, Inc.		67,474		2,470,898
				8,113,085
Household Products 0.0%‡
Kimberly-Clark Corp.		274		36,519

	Shares		Value
Industrial Conglomerates 0.5%
3M Co.		6,203	$	1,075,228
Carlisle Cos., Inc.		10,822		1,519,517
Honeywell International, Inc.		4,060		708,835
				3,303,580
Insurance 1.4%
American International Group, Inc.		39,607		2,110,261
Brighthouse Financial, Inc. (a)		33,383		1,224,822
First American Financial Corp.		24,868		1,335,412
Mercury General Corp.		7,024		439,000
Progressive Corp.		50,552		4,040,621
				9,150,116
Interactive Media & Services 9.8%
Alphabet, Inc. (a)
Class A		15,306		16,573,337
Class C		15,736		17,009,200
Facebook, Inc., Class A (a)		126,263		24,368,759
IAC/InterActiveCorp (a)		14,059		3,058,254
Match Group, Inc. (b)		6,579		442,569
TripAdvisor, Inc. (a)		29,071		1,345,697
Twitter, Inc. (a)		53,108		1,853,469
				64,651,285
Internet & Direct Marketing Retail 7.3%
Amazon.com, Inc. (a)		19,470		36,868,976
Booking Holdings, Inc. (a)		3,336		6,254,033
eBay, Inc.		52,938		2,091,051
Expedia Group, Inc.		22,947		3,052,639
				48,266,699
IT Services 9.2%
Accenture PLC, Class A		44,548		8,231,134
Akamai Technologies, Inc. (a)		40,264		3,226,757
Automatic Data Processing, Inc.		4,781		790,443
Booz Allen Hamilton Holding Corp.		11,440		757,442
CACI International, Inc., Class A (a)		3,179		650,392
Euronet Worldwide, Inc. (a)		9,613		1,617,291
FleetCor Technologies, Inc. (a)		2,703		759,138
Genpact, Ltd.		24,539		934,690
GoDaddy, Inc., Class A (a)		42,033		2,948,615
International Business Machines Corp.		24,983		3,445,156
Leidos Holdings, Inc.		16,774		1,339,404
Mastercard, Inc., Class A		42,616		11,273,210
PayPal Holdings, Inc. (a)		78,101		8,939,440
Square, Inc., Class A (a)		14,755		1,070,180
VeriSign, Inc. (a)		2,022		422,922
Visa, Inc., Class A		84,177		14,608,918
				61,015,132
Life Sciences Tools & Services 1.1%
Bruker Corp.		7,710		385,115
Charles River Laboratories International, Inc. (a)		4,072		577,817
Illumina, Inc. (a)		6,920		2,547,598

10 MainStay VP MacKay Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Life Sciences Tools & Services (continued)
Mettler-Toledo International, Inc. (a)		762	$	640,080
PRA Health Sciences, Inc. (a)		28,026		2,778,778
Thermo Fisher Scientific, Inc.		1,906		559,754
Waters Corp. (a)		422		90,831
				7,579,973
Machinery 1.3%
AGCO Corp.		34,403		2,668,641
Allison Transmission Holdings, Inc.		63,282		2,933,121
Caterpillar, Inc.		2,398		326,823
Cummins, Inc.		9,046		1,549,941
Illinois Tool Works, Inc.		231		34,837
Oshkosh Corp.		9,124		761,763
Toro Co.		6,292		420,935
				8,696,061
Media 2.5%
Altice U.S.A., Inc., Class A (a)		64,239		1,564,220
Cable One, Inc.		771		902,833
Charter Communications, Inc., Class A (a)		11,712		4,628,348
Comcast Corp., Class A		56,612		2,393,555
Discovery, Inc., Class A (a)(b)		35,258		1,082,421
DISH Network Corp., Class A (a)		12,646		485,733
Nexstar Media Group, Inc., Class A		13,772		1,390,972
Omnicom Group, Inc.		22,271		1,825,108
Sinclair Broadcast Group, Inc., Class A		26,256		1,408,109
Tribune Media Co., Class A		15,044		695,334
				16,376,633
Multiline Retail 0.0%‡
Dollar General Corp.		66		8,921
Oil, Gas & Consumable Fuels 0.4%
Cabot Oil & Gas Corp.		110,617		2,539,766
Personal Products 0.0%‡
Estee Lauder Cos., Inc., Class A		730		133,670
Pharmaceuticals 1.0%
Eli Lilly & Co.		12,038		1,333,690
Horizon Therapeutics PLC (a)		56,693		1,364,034
Johnson & Johnson		2,232		310,873
Merck & Co., Inc.		42,637		3,575,112
				6,583,709
Professional Services 1.0%
ManpowerGroup, Inc.		8,636		834,238
Nielsen Holdings PLC		108,959		2,462,473
Robert Half International, Inc.		25,225		1,438,077
Verisk Analytics, Inc.		11,284		1,652,655
				6,387,443

	Shares		Value
Road & Rail 1.0%
Genesee & Wyoming, Inc., Class A (a)		6,793	$	679,300
Landstar System, Inc.		3,027		326,886
Union Pacific Corp.		32,887		5,561,520
				6,567,706
Semiconductors & Semiconductor Equipment 5.4%
Applied Materials, Inc.		95,868		4,305,432
Broadcom, Inc.		23,767		6,841,569
Cypress Semiconductor Corp.		54,350		1,208,744
KLA-Tencor Corp.		15,201		1,796,758
Lam Research Corp.		20,445		3,840,389
Micron Technology, Inc. (a)		53,178		2,052,139
MKS Instruments, Inc.		16,369		1,274,981
NVIDIA Corp.		19,235		3,158,964
NXP Semiconductors N.V.		12,975		1,266,490
ON Semiconductor Corp. (a)		71,839		1,451,866
Qorvo, Inc. (a)		11,647		775,807
QUALCOMM, Inc.		34,305		2,609,581
Teradyne, Inc.		60,438		2,895,585
Texas Instruments, Inc.		21,481		2,465,159
				35,943,464
Software 14.2%
Adobe, Inc. (a)		18,430		5,430,399
Atlassian Corp. PLC, Class A (a)		638		83,476
Cadence Design Systems, Inc. (a)		50,530		3,578,029
CDK Global, Inc.		57,887		2,861,933
Citrix Systems, Inc.		13,608		1,335,489
Dropbox, Inc., Class A (a)		303		7,590
Fair Isaac Corp. (a)		6,179		1,940,330
Fortinet, Inc. (a)		39,846		3,061,368
Intuit, Inc.		6,905		1,804,484
LogMeIn, Inc.		35,446		2,611,661
Manhattan Associates, Inc. (a)		23,463		1,626,690
Microsoft Corp.		347,748		46,584,322
Nuance Communications, Inc. (a)		139,414		2,226,442
Oracle Corp.		108,324		6,171,218
Palo Alto Networks, Inc. (a)		15,108		3,078,406
salesforce.com, Inc. (a)		39,675		6,019,888
ServiceNow, Inc. (a)		3,639		999,160
Teradata Corp. (a)		41,888		1,501,685
VMware, Inc., Class A		17,560		2,936,208
Workday, Inc., Class A (a)		47		9,662
				93,868,440
Specialty Retail 4.7%
Advance Auto Parts, Inc.		10,879		1,676,889
AutoZone, Inc. (a)		3,560		3,914,113
Best Buy Co., Inc.		40,287		2,809,213
Dick’s Sporting Goods, Inc.		71,986		2,492,875
Foot Locker, Inc.		22,544		945,044
Home Depot, Inc.		34,030		7,077,219
Lowe’s Cos., Inc.		62,760		6,333,112

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Specialty Retail (continued)
Michaels Cos., Inc. (a)		2,485	$	21,620
O’Reilly Automotive, Inc. (a)		6,270		2,315,636
TJX Cos., Inc.		22,220		1,174,994
Ulta Beauty, Inc. (a)		5,144		1,784,402
Urban Outfitters, Inc. (a)		9,550		217,262
Williams-Sonoma, Inc. (b)		4,790		311,350
				31,073,729
Technology Hardware, Storage & Peripherals 7.3%
Apple, Inc.		213,915		42,338,057
Dell Technologies, Inc., Class C (a)		41,735		2,120,138
NCR Corp. (a)		45,002		1,399,562
Xerox Corp.		62,083		2,198,359
				48,056,116
Textiles, Apparel & Luxury Goods 0.9%
NIKE, Inc., Class B		37,384		3,138,387
Skechers U.S.A., Inc., Class A (a)		89,246		2,810,356
				5,948,743
Thrifts & Mortgage Finance 0.2%
LendingTree, Inc. (a)(b)		1,013		425,490
MGIC Investment Corp. (a)		82,340		1,081,948
				1,507,438
Tobacco 0.5%
Altria Group, Inc.		68,342		3,235,994
Trading Companies & Distributors 0.1%
United Rentals, Inc. (a)		5,561		737,555
Total Common Stocks (Cost $544,919,506)				652,392,259
Exchange-Traded Funds 1.4%
iShares Russell 1000 Growth ETF		59,811		9,410,663
Total Exchange-Traded Funds (Cost $9,302,802)				9,410,663
Short-Term Investments 0.0%‡
Affiliated Investment Company 0.0%‡
MainStay U.S. Government Liquidity Fund, 2.03% (c)		15,459		15,459

	Shares			Value
Unaffiliated Investment Company 0.0%‡
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (c)(d)		263,835		$	263,835
TotalShort-Term Investments (Cost $279,294)					279,294
Total Investments (Cost $554,501,602)		100.1	%		662,082,216
Other Assets, Less Liabilities		(0.1	)		(770,334	)
Net Assets		100.0	%	$	661,311,882

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $2,045,496; the total market value of collateral held by the Portfolio was $2,093,852. The market value of the collateral held Included non-cash collateral in the form of U.S. Treasury securities with a value of $1,830,017 (See Note 2(G)).

(c) Current yield as of June 30, 2019.

(d) Represents security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:

ETF—Exchange-Traded Fund

12 MainStay VP MacKay Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	652,392,259	$	—	$	—	$	652,392,259
Exchange-Traded Funds		9,410,663		—		—		9,410,663
Short-Term Investments
Affiliated Investment Company		15,459		—		—		15,459
Unaffiliated Investment Company		263,835		—		—		263,835
TotalShort-Term Investments		279,294		—		—		279,294
Total Investments in Securities	$	662,082,216	$	—	$	—	$	662,082,216

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $554,486,143) including securities on loan of $2,045,496	$	662,066,757
Investment in affiliated investment company, at value (identified cost $15,459)		15,459
Receivables:
Dividends		440,261
Portfolio shares sold		1,861
Securities lending		186
Other assets		2,628
Total assets		662,527,152
Liabilities
Cash collateral received for securities on loan		263,835
Payables:
Portfolio shares redeemed		497,995
Manager (See Note 3)		364,368
Shareholder communication		32,075
Professional fees		30,019
NYLIFE Distributors (See Note 3)		11,248
Custodian		9,850
Trustees		776
Accrued expenses		5,104
Total liabilities		1,215,270
Net assets	$	661,311,882
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	20,389
Additional paid-in capital		476,660,948
		476,681,337
Total distributable earnings (loss)		184,630,545
Net assets	$	661,311,882

Initial Class
Net assets applicable to outstanding shares	$	605,964,434
Shares of beneficial interest outstanding		18,659,846
Net asset value per share outstanding	$	32.47
Service Class
Net assets applicable to outstanding shares	$	55,347,448
Shares of beneficial interest outstanding		1,728,689
Net asset value per share outstanding	$	32.02

14 MainStay VP MacKay Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	4,252,392
Securities lending		258,662
Dividends-affiliated		7,137
Interest		7
Total income		4,518,198
Expenses
Manager (See Note 3)		2,106,971
Distribution/Service—Service Class (See Note 3)		69,330
Professional fees		42,333
Shareholder communication		30,144
Custodian		12,116
Trustees		7,292
Miscellaneous		11,988
Total expenses		2,280,174
Net investment income (loss)		2,238,024
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		17,720,624
Net change in unrealized appreciation (depreciation) on unaffiliated investments		71,791,707
Net realized and unrealized gain (loss) on investments		89,512,331
Net increase (decrease) in net assets resulting from operations	$	91,750,355

(a) Dividends recorded net of foreign withholding taxes in the amount of $1,452.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	2,238,024		$	3,514,999
Net realized gain (loss) on investments		17,720,624			54,007,968
Net change in unrealized appreciation (depreciation) on investments		71,791,707			(74,749,567	)
Net increase (decrease) in net assets resulting from operations		91,750,355			(17,226,600	)
Distributions to shareholders:
Initial Class		—			(34,652,191	)
Service Class		—			(3,951,441	)
Total distributions to shareholders		—			(38,603,632	)
Capital share transactions:
Net proceeds from sale of shares		99,280,269			13,966,153
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			38,603,632
Cost of shares redeemed		(42,929,607	)		(75,746,341	)
Increase (decrease) in net assets derived from capital share transactions		56,350,662			(23,176,556	)
Net increase (decrease) in net assets		148,101,017			(79,006,788	)
Net Assets
Beginning of period		513,210,865			592,217,653
End of period	$	661,311,882		$	513,210,865

16 MainStay VP MacKay Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	27.74		$	30.87		$	23.90		$	26.09		$	29.42		$	34.19
Net investment income (loss) (a)		0.12			0.19			0.19			0.09			0.04			0.01
Net realized and unrealized gain (loss) on investments		4.61			(1.10	)		7.05			(0.02	)		0.58			2.63
Total from investment operations		4.73			(0.91	)		7.24			0.07			0.62			2.64
Less dividends and distributions:
From net investment income		—			(0.21	)		(0.07	)		(0.04	)		—			(0.23	)
From net realized gain on investments		—			(2.01	)		(0.20	)		(2.22	)		(3.95	)		(7.18	)
Total dividends and distributions		—			(2.22	)		(0.27	)		(2.26	)		(3.95	)		(7.41	)
Net asset value at end of period	$	32.47		$	27.74		$	30.87		$	23.90		$	26.09		$	29.42
Total investment return (b)		17.05	%(c)		(4.24	%)		30.41	%		0.40	%		2.58	%		8.81	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.76	%††		0.60	%		0.71	%		0.35	%(d)		0.15	%		0.02	%
Net expenses (e)		0.73	%††		0.73	%		0.74	%		0.76	%(f)		0.73	%		0.73	%
Portfolio turnover rate		61	%		127	%		141	%		177	%		112	%		88	%
Net assets at end of period (in 000’s)	$	605,964		$	461,537		$	525,483		$	337,401		$	370,679		$	405,444

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 0.34%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 0.77%.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	27.38		$	30.50		$	23.62		$	25.83		$	29.24		$	34.03
Net investment income (loss) (a)		0.08			0.11			0.12			0.02			(0.03	)		(0.08	)
Net realized and unrealized gain (loss) on investments		4.56			(1.10	)		6.97			(0.01	)		0.57			2.61
Total from investment operations		4.64			(0.99	)		7.09			0.01			0.54			2.53
Less dividends and distributions:
From net investment income		—			(0.12	)		(0.01	)		—			—			(0.14	)
From net realized gain on investments		—			(2.01	)		(0.20	)		(2.22	)		(3.95	)		(7.18	)
Total dividends and distributions		—			(2.13	)		(0.21	)		(2.22	)		(3.95	)		(7.32	)
Net asset value at end of period	$	32.02		$	27.38		$	30.50		$	23.62		$	25.83		$	29.24
Total investment return (b)		16.95	%(c)		(4.48	%)		30.09	%		0.15	%		2.33	%		8.54	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.51	%††		0.35	%		0.46	%		0.10	%(d)		(0.09	%)		(0.23	%)
Net expenses (e)		0.98	%††		0.98	%		0.99	%		1.01	%(f)		0.98	%		0.98	%
Portfolio turnover rate		61	%		127	%		141	%		177	%		112	%		88	%
Net assets at end of period (in 000’s)	$	55,347		$	51,674		$	66,735		$	58,448		$	63,846		$	64,445

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 0.09%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 1.02%.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay Growth Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on January 29, 1993. Service Class shares commenced operations on June 5, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seeklong-term growth of capital.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determi-

nations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

18 MainStay VP MacKay Growth Portfolio

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During thesix-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided,

does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities, including exchange-traded funds (“ETFs”), are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is

19

Notes to Financial Statements(Unaudited) (continued)

“more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities

and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $2,045,496; the total market value of collateral held by the Portfolio was $2,093,852. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $1,830,017 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $263,835.

(H)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the

20 MainStay VP MacKay Growth Portfolio

Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.70% up to $500 million; 0.65% from $500 million to $1 billion; 0.625% from $1 billion to $2 billion; and 0.60% in excess of $2 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.69%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $2,106,971, and paid the Subadvisor in the amount of $1,053,485.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments.

These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	342	$	100,121	$	(100,448	)	$	—	$	—	$	15	$	7	$	—		15

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	558,657,694	$	118,600,502	$	(15,175,980	)	$	103,424,522

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$25,568,617	$13,035,015

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is

21

Notes to Financial Statements(Unaudited) (continued)

higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $432,857 and $373,201, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		3,205,566		$	98,769,782
Shares redeemed		(1,186,052	)		(37,453,011	)
Net increase (decrease)		2,019,514		$	61,316,771
Year ended December 31, 2018:
Shares sold		428,320		$	12,632,732
Shares issued to shareholders in reinvestment of dividends and distributions		1,039,798			34,652,191
Shares redeemed		(1,851,094	)		(60,985,824	)
Net increase (decrease)		(382,976	)	$	(13,700,901	)

Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		17,270		$	510,487
Shares redeemed		(175,919	)		(5,476,596	)
Net increase (decrease)		(158,649	)	$	(4,966,109	)
Year ended December 31, 2018:
Shares sold		42,818		$	1,333,421
Shares issued to shareholders in reinvestment of dividends and distributions		120,043			3,951,441
Shares redeemed		(463,786	)		(14,760,517	)
Net increase (decrease)		(300,925	)	$	(9,475,655	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

22 MainStay VP MacKay Growth Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

23

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781610 MSVPCG10-08/19 (NYLIAC) NI513     

MainStay VP Cushing^® Renaissance Advantage Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	12
Notes to Financial Statements	16
Proxy Voting Policies and Procedures and Proxy Voting Record	23
Shareholder Reports and Quarterly Portfolio Disclosure	23

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class

Inception Date

Six Months

One Year

Since Inception

Gross Expense Ratio2

Initial Class Shares

5/1/2015

13.84

%

–13.16

%

–3.18

%

1.16

%

Service Class Shares

5/1/2015

13.70

–13.38

–3.41

1.41

Benchmark Performance	Six Months			One Year			Since Inception
S&P 500® Index3		18.54	%		10.42	%		10.88	%
Russell 3000 Energy Index4		12.29			–16.07			–4.58
Morningstar Natural Resources Category Average5		11.97			–7.94			–1.32

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The S&P 500^® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. “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 measuringlarge-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 Russell 3000 Energy Index is the Fund’s secondary benchmark. The Russell 3000 Energy Index represents the energy sector of the Russell 3000 Index, an index that measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.

5. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Cushing Renaissance Advantage Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the six-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,138.40	$	6.36	$	1,018.84	$	6.01	1.20%
Service Class Shares	$	1,000.00	$	1,137.00	$	7.68	$	1,017.60	$	7.25	1.45%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Cushing Renaissance Advantage Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Oil, Gas & Consumable Fuels	65.3	%
Energy Equipment & Services	11.5
Machinery	5.0
Chemicals	3.8
Construction & Engineering	2.3
Airlines	2.1
Electrical Equipment	1.6
Trading Companies & Distributors	1.5

Independent Power & Renewable Electricity Producers	1.0	%
Metals & Mining	1.0
Marine	0.7
Short-Term Investments	1.9
Other Assets, Less Liabilities	2.3
	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings as of June 30, 2019(excluding short-term investments) (Unaudited)

1. Energy Transfer, L.P.

2. New Fortress Energy LLC

3. Valero Energy Corp.

4. Cheniere Energy, Inc.

5. Viper Energy Partners, L.P.

  6. Diamondback Energy, Inc.

  7. DCP Midstream, L.P.

  8. Targa Resources Corp.

  9. Plains All American Pipeline, L.P.

10. Marathon Petroleum Corp.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Jerry V. Swank, Matthew A. Lemme, CFA, and Saket Kumar of Cushing^® Asset Management, LP, the Portfolio’s Subadvisor.

How did MainStay VP Cushing Renaissance Advantage Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Cushing Renaissance Advantage Portfolio returned 13.84% for Initial Class shares and 13.70% for Service Class shares. Over the same period, both share classes underperformed the 18.54% return of the S&P 500^® Index¹, which is the Portfolio’s primary benchmark, and outperformed the 12.29% performance of the Russell 3000^® Energy Index¹, which is the Portfolio’s secondary benchmark. Both share classes also outperformed the 11.97% return of the Morningstar Natural Resources Category Average.

What factors affected the Portfolio’s performance relative to the S&P 500^® Index during the reporting period?

The Portfolio’s relative performance lagged that of its benchmark, the S&P 500^® Index, primarily due to fluctuating energy commodity prices. The Portfolio invests in companies along the energy value chain, as well as “Renaissance” companies anticipated to benefit from growing energy production and lower feedstock costs relative to global costs. For the energy value chain portion of the Portfolio’s strategy, commodity price uncertainty during the reporting period undermined equity performance. The Portfolio’s relative performance was also hurt by macroeconomic factors, related to expansion or contraction of gross domestic product (GDP). These factors appeared to constrain U.S. GDP during the same period, detracting from the equity performance of some of the Portfolio’s industrial holdings that are traditionally extremely sensitive to GDP growth. Although the Portfolio’s holdings are U.S.-focused, the Portfolio may still be susceptible to changes in currencies, trade policies, and global growth expectations.

Which subsectors were the strongest contributors to the Portfolio’s relative performance, and which subsectors were particularly weak?

During the reporting period, the subsectors making the strongest contributions to the Portfolio’s performance relative to the S&P 500^® Index included midstream, industrial and exploration & production. (Contributions take weightings and total returns into account.) Holdings in these subsectors benefited from a rebound in energy commodity prices and economic expectations following high levels of volatility in late 2018. The most significant lagging subsectors—all of which still contributed positively to the Portfolio’s relative returns—included chemicals, utilities and transportation.

During the reporting period, which individual holdings made the strongest contributions to the Portfolio’s absolute performance and which holdings detracted the most?

During the reporting period, two of the Portfolio’s top three performers were energy companies benefiting from a rebound in energy prices in early 2019: land rig drillerPatterson-UTI Energy and Permian Basin exploration & production (E&P) company, Diamondback Energy. The Portfolio’s third leading holding was engineering and construction company, Jacobs Engineering, which showed evidence of effectively transitioning from cyclical construction work to more stable engineering markets.

The most significant detractor from the Portfolio’s absolute performance during the reporting period was oil services company Halliburton, which lagged because of an oversupplied pressure pumping market and expectations for pricing declines. Shares of Encana, a North American E&P company, underperformed because of gas exposure and negative investor reaction to an announced acquisition. Shares of liquefied natural gas importer New Fortress Energy faltered because of investor expectations of an equity raise.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio’s largest purchase during the reporting period was in shares of oil mineral rights company Viper Energy Partners, reflecting our belief that the company’s unit price did not appropriately reflect the impact of crude oil prices in early 2019. The Portfolio also purchased shares of liquefied natural gas (LNG) importer New Fortress Energy because, in our opinion, the company occupied a unique market position from which to profit from declining LNG prices.

The Portfolio’s largest sales during the same period included logistics provider XPO Logistics, which in our view failed to execute on their stated company goals, and pump manufacturer Xylem, which we trimmed on valuation concerns following strong stock performance.

How did the Portfolio’s subsector weightings change during the reporting period?

The Portfolio’s largest subsector weighting increases during the reporting period included exploration & production and engineering & construction. The Portfolio’s largest sales during the same period were in the industrial and transportation subsectors.

1. See footnote on page 5 for more information on benchmark and peer group returns.

8 MainStay VP Cushing Renaissance Advantage Portfolio

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, we see signs that current growth prospects for companies in the Portfolio’s universe are slowing. We project that growth is likely to wane, but not likely to turn negative in 2019. In our opinion, the recent sell-off provided a good

opportunity for the Portfolio to buy shares in companies with strong balance sheets and growth prospects at discounted prices. As of the end of the reporting period, we continue to believe the Portfolio’s focus on companies with strong balance sheets and growth prospects to be a prudent strategy in the current choppy market environment.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 74.2%†
Airlines 2.1%
Southwest Airlines Co.		24,724	$	1,255,485
Chemicals 3.8%
Dow, Inc. (a)		18,917		932,797
LyondellBasell Industries N.V., Class A		10,622		914,873
Westlake Chemical Corp.		7,290		506,363
				2,354,033
Construction & Engineering 2.3%
Jacobs Engineering Group, Inc.		16,335		1,378,511
Electrical Equipment 1.6%
Eaton Corp. PLC		11,508		958,386
Energy Equipment & Services 11.5%
Apergy Corp. (a)		24,604		825,218
Cactus, Inc., Class A (a)		33,215		1,100,081
FTS International, Inc. (a)		61,653		344,024
Halliburton Co.		51,668		1,174,930
McDermott International, Inc. (a)(b)		71,420		689,917
Patterson-UTI Energy, Inc.		66,252		762,560
Schlumberger, Ltd.		18,942		752,755
Select Energy Services, Inc., Class A (a)		90,542		1,051,193
U.S. Well Services, Inc. (a)		76,184		367,207
				7,067,885
Independent Power & Renewable Electricity Producers 1.0%
Clearway Energy, Inc., Class C		35,449		597,670
Machinery 5.0%
Oshkosh Corp.		15,026		1,254,521
Wabtec Corp. (b)		16,596		1,190,929
Xylem, Inc.		7,321		612,328
				3,057,778
Marine 0.7%
Kirby Corp. (a)		5,678		448,562
Metals & Mining 1.0%
Allegheny Technologies, Inc. (a)		24,764		624,053
Oil, Gas & Consumable Fuels 43.7%
Cheniere Energy, Inc. (a)		35,809		2,451,126
Cimarex Energy Co.		10,862		644,443
Concho Resources, Inc.		11,082		1,143,441
Diamondback Energy, Inc.		21,007		2,289,133
Encana Corp.		192,884		989,495
EnLink Midstream LLC		36,671		370,010
Golar LNG, Ltd.		65,805		1,216,077
HollyFrontier Corp.		17,679		818,184

	Shares			Value
Oil, Gas & Consumable Fuels (continued)
Marathon Petroleum Corp.		27,974		$	1,563,187
Matador Resources Co. (a)		30,955			615,385
New Fortress Energy LLC (a)		229,417			2,686,473
Occidental Petroleum Corp.		11,540			580,231
Parsley Energy, Inc., Class A (a)		68,544			1,303,022
Pembina Pipeline Corp.		19,697			732,925
Phillips 66		6,264			585,935
Pioneer Natural Resources Co.		7,405			1,139,333
Rosehill Resources, Inc. (a)(b)		240,961			891,556
Targa Resources Corp.		50,178			1,969,988
Tellurian, Inc. (a)(b)		115,424			906,078
Valero Energy Corp.		29,253			2,504,349
WPX Energy, Inc. (a)		124,964			1,438,336
					26,838,707
Trading Companies & Distributors 1.5%
United Rentals, Inc. (a)		7,006			929,206
Total Common Stocks (Cost $47,901,709)					45,510,276
MLPs and Related Companies 21.6%
Oil, Gas & Consumable Fuels 21.6%
DCP Midstream, L.P.		77,167			2,260,993
Energy Transfer, L.P.		201,644			2,839,148
Enterprise Products Partners, L.P.		45,117			1,302,528
EQM Midstream Partners, L.P.		15,204			679,315
GasLog Partners, L.P.		71,671			1,521,575
Plains All American Pipeline, L.P.		70,601			1,719,134
Tallgrass Energy L.P.		23,394			493,847
Viper Energy Partners, L.P.		78,885			2,431,236
Total MLPs and Related Companies (Cost $13,929,133)					13,247,776
Short-Term Investments 1.9%
Affiliated Investment Company 0.1%
MainStay U.S. Government Liquidity Fund, 2.03% (c)		70,943			70,943
Unaffiliated Investment Company 1.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (c)(d)		1,139,182			1,139,182
TotalShort-Term Investments (Cost $1,210,125)					1,210,125
Total Investments (Cost $63,040,967)		97.7	%		59,968,177
Other Assets, Less Liabilities		2.3			1,400,350
Net Assets		100.0	%	$	61,368,527

10 MainStay VP Cushing Renaissance Advantage Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

† Percentages indicated are based on Portfolio net assets.

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $2,311,646; the total market value of collateral held by the Portfolio was $2,356,476. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,217,294 (See Note 2(J)).

(c) Current yield as of June 30, 2019.

(d) Represents security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:

MLP—Master limited partnership

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	45,510,276	$	—	$	—	$	45,510,276
MLPs and Related Companies		13,247,776		—		—		13,247,776
Short-Term Investments
Affiliated Investment Company		70,943		—		—		70,943
Unaffiliated Investment Company		1,139,182		—		—		1,139,182
TotalShort-Term Investments		1,210,125		—		—		1,210,125
Total Investments in Securities	$	59,968,177	$	—	$	—	$	59,968,177

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $62,970,024) including securities on loan of $2,311,646	$	59,897,234
Investment in affiliated investment company, at value (identified cost $70,943)		70,943
Cash		3,074
Receivables:
Investment securities sold		2,861,343
Dividends		42,460
Portfolio shares sold		26,013
Securities lending		2,101
Other assets		546
Total assets		62,903,714
Liabilities
Cash collateral received for securities on loan		1,139,182
Payables:
Portfolio shares redeemed		292,888
Manager (See Note 3)		58,982
Professional fees		26,025
Custodian		6,639
NYLIFE Distributors (See Note 3)		5,007
Shareholder communication		3,915
Trustees		186
Accrued expenses		2,363
Total liabilities		1,535,187
Net assets	$	61,368,527
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	7,113
Additional paid-in capital		87,143,894
		87,151,007
Total distributable earnings (loss)		(25,782,480	)
Net assets	$	61,368,527

Initial Class
Net assets applicable to outstanding shares	$	35,973,252
Shares of beneficial interest outstanding		4,154,565
Net asset value per share outstanding	$	8.66
Service Class
Net assets applicable to outstanding shares	$	25,395,275
Shares of beneficial interest outstanding		2,958,331
Net asset value per share outstanding	$	8.58

12 MainStay VP Cushing Renaissance Advantage Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	1,578,998
Securities lending		60,949
Dividends-affiliated		54,268
Interest		59
Total income		1,694,274
Expenses
Manager (See Note 3)		556,790
Distribution/Service—Service Class (See Note 3)		32,368
Professional fees		28,916
Custodian		10,048
Shareholder communication		6,039
Trustees		1,581
Miscellaneous		4,551
Total expenses		640,293
Net investment income (loss)		1,053,981
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		(11,624,917	)
Foreign currency transactions		50
Net realized gain (loss) on investments and foreign currency transactions		(11,624,867	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		25,615,797
Translation of other assets and liabilities in foreign currencies		26
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		25,615,823
Net realized and unrealized gain (loss) on investments and foreign currency transactions		13,990,956
Net increase (decrease) in net assets resulting from operations	$	15,044,937

(a) Dividends recorded net of foreign withholding taxes in the amount of $3,644.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,053,981		$	(1,176,255	)
Net realized gain (loss) on investments and foreign currency transactions		(11,624,867	)		541,802
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		25,615,823			(46,014,505	)
Net increase (decrease) in net assets resulting from operations		15,044,937			(46,648,958	)
Capital share transactions:
Net proceeds from sale of shares		4,459,328			29,557,119
Cost of shares redeemed		(70,949,494	)		(61,396,911	)
Increase (decrease) in net assets derived from capital share transactions		(66,490,166	)		(31,839,792	)
Net increase (decrease) in net assets		(51,445,229	)		(78,488,750	)
Net Assets
Beginning of period		112,813,756			191,302,506
End of period	$	61,368,527		$	112,813,756

14 MainStay VP Cushing Renaissance Advantage Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,									May 1, 2015** through December 31,
Initial Class	2019*			2018			2017			2016			2015
Net asset value at beginning of period	$	7.61		$	10.52		$	9.75		$	7.59		$	10.00
Net investment income (loss) (a)		0.09			(0.07	)		(0.05	)		0.00	‡		0.04
Net realized and unrealized gain (loss) on investments		0.96			(2.84	)		0.82			2.18			(2.40	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.00	‡		(0.00	)‡		(0.00	)‡		0.00	‡		(0.00	)‡
Total from investment operations		1.05			(2.91	)		0.77			2.18			(2.36	)
From net investment income		—			—			—			(0.02	)		(0.05	)
Net asset value at end of period	$	8.66		$	7.61		$	10.52		$	9.75		$	7.59
Total investment return (b)		13.80	%(c)		(27.66	%)(c)		7.90	%		28.77	%		(23.58	%)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.20	%††		(0.66	%)		(0.49	%)		0.06	%		0.60	% ††
Net expenses (d)		1.20	%††		1.21	%		1.31	%		1.38	%		1.35	% ††
Portfolio turnover rate		77	%		162	%		116	%		356	%		122	% (e)
Net assets at end of period (in 000’s)	$	35,973		$	90,681		$	158,846		$	71,036		$	58,364

* Unaudited.

** Inception date.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) Portfolio turnover rate is not annualized.

	Six months ended June 30,			Year ended December 31,									May 1, 2015** through December 31,
Service Class	2019*			2018			2017			2016			2015
Net asset value at beginning of period	$	7.55		$	10.47		$	9.73		$	7.59		$	10.00
Net investment income (loss) (a)		0.07			(0.09	)		(0.07	)		(0.02	)		0.02
Net realized and unrealized gain (loss) on investments		0.96			(2.83	)		0.81			2.18			(2.39	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.00	‡		(0.00	)‡		(0.00	)‡		0.00	‡		(0.00	)‡
Total from investment operations		1.03			(2.92	)		0.74			2.16			(2.37	)
Less dividends:
From net investment income		—			—			—			(0.02	)		(0.04	)
Net asset value at end of period	$	8.58		$	7.55		$	10.47		$	9.73		$	7.59
Total investment return (b)		13.64	%(c)		(27.89	%)(c)		7.61	% (c)		28.48	%		(23.70	%)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.74	%††		(0.91	%)		(0.74	%)		(0.37	%)		0.37	% ††
Net expenses (d)		1.45	%††		1.46	%		1.56	%		1.64	%		1.60	% ††
Portfolio turnover rate		77	%		162	%		116	%		356	%		122	% (e)
Net assets at end of period (in 000’s)	$	25,395		$	22,133		$	32,457		$	26,714		$	5,927

* Unaudited.

** Inception date.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) Portfolio turnover rate is not annualized.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Cushing Renaissance Advantage Portfolio (the “Portfolio”), a “non-diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time. Since the Portfolio has historically operated as a “diversified” portfolio, it will not operate as “non-diversified” without first obtaining shareholder approval.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on May 1, 2015. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan, adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek total return.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

16 MainStay VP Cushing Renaissance Advantage Portfolio

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended;

(ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted

17

Notes to Financial Statements(Unaudited) (continued)

prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio

intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Income frompayment-in-kind securities is accreted daily based on the effective interest method.

The Portfolio may invest no more than 25% of its total assets in certain master limited partnerships (“MLPs”) on an annual basis. Distributions on a MLP are generally recorded based on the characterization reported on the Portfolio’s Form 1065, Schedule K-1, received from the MLP. The Portfolio records its pro rata share of the income and deductions, and capital gains and losses allocated from each MLP on the Statement of Operations, as well as adjusting the cost basis of each MLP accordingly, as reported on the Portfolio of Investments.

Distributions received from investments in energy related U.S. and Canadian royalty trusts and exploration and production companies (collectively, “Energy Trusts”) and MLPs generally are comprised of ordinary income, capital gains and return of capital from the Energy Trusts and MLPs. The Portfolio records its investment income on the ex-date of the distributions from Energy Trusts and MLPs. For financial statement purposes, the Portfolio uses return of capital and income estimates to allocate the distributions received. Such estimates are based on historical information available from each Energy Trust, MLP and other industry sources.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement

18 MainStay VP Cushing Renaissance Advantage Portfolio

of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(I)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities— at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and

liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(J)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $2,311,646; the total market value of collateral held by the Portfolio was $2,356,476. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $1,217,294 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $1,139,182.

(K)  Energy Companies Risk.  The Portfolio may invest up to 25% of its total assets in securities of domestic and foreign publicly traded partnerships and/or other issuers (including U.S. and Canadian royalty trusts and Canadian energy companies) engaged in the transportation, storage, processing, refining, marketing, exploration, production or mining of crude oil, natural gas, minerals or other natural resources (“Energy Companies”). The Portfolio may be particularly vulnerable to adverse events affecting Energy Companies as a result of its focus in Energy Companies.

The Portfolio may invest as a limited partner in the equity securities of MLPs. As limited partners of MLPs, holders of MLP equity securities are subject to certain risks inherent in the structure of MLPs, including (i) tax risks, (ii) the limited ability to elect or remove management or the general partner or managing member, (iii) limited voting rights, except with respect to extraordinary transactions, and (iv) conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand,

including those arising from incentive distribution payments or corporate opportunities.

19

Notes to Financial Statements(Unaudited) (continued)

(L)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. Cushing^® Asset Management, LP (“Cushing” or “Subadvisor”), a registered investment adviser, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and Cushing, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator,

pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 1.10% up to $500 million; and 1.05% in excess of $500 million. During the six-month period ended June 30, 2019, the effective management fee rate was 1.10%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $556,790, and paid the Subadvisor in the amount of $278,395.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	7,333	$	81,143	$	(88,405	)	$	—	$	—	$	71	$	54	$	—		71

20 MainStay VP Cushing Renaissance Advantage Portfolio

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	66,549,227	$	2,771,846	$	(9,352,896	)	$	(6,581,050	)

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $8,630,565, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$8,631	$—

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income		Tax-Based Distributions from Long-Term Gains
$	—	$	—

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the

Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $73,584 and $133,786, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		54,556		$	467,367
Shares redeemed		(7,820,275	)		(67,123,128	)
Net increase (decrease)		(7,765,719	)	$	(66,655,761	)
Year ended December 31, 2018:
Shares sold		2,687,442		$	23,874,500
Shares redeemed		(5,866,286	)		(53,791,151	)
Net increase (decrease)		(3,178,844	)	$	(29,916,651	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		468,946		$	3,991,961
Shares redeemed		(441,596	)		(3,826,366	)
Net increase (decrease)		27,350		$	165,595
Year ended December 31, 2018:
Shares sold		601,349		$	5,682,619
Shares redeemed		(770,676	)		(7,605,760	)
Net increase (decrease)		(169,327	)	$	(1,923,141	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is

21

Notes to Financial Statements(Unaudited) (continued)

effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

22 MainStay VP Cushing Renaissance Advantage Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter on Form N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

23

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781612 MSVPCRA10-08/19 (NYLIAC) NI514       

MainStay VP Eagle Small Cap Growth Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	13
Notes to Financial Statements	17
Proxy Voting Policies and Procedures and Proxy Voting Record	23
Shareholder Reports and Quarterly Portfolio Disclosure	23

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date		Six Months			One Year			Five Years			Since Inception			Gross Expense Ratio2
Initial Class Shares		2/17/2012		19.53	%		0.84	%		8.02	%		9.53	%		0.85	%
Service Class Shares		2/17/2012		19.38			0.59			7.75			9.26			1.10

Benchmark Performance	Six Months			One Year			Five Years			Since Inception
Russell 2000® Growth Index3		20.36	%		–0.49	%		8.63	%		11.65	%
Morningstar Small Growth Category Average4		21.82			3.22			9.18			11.23

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Russell 2000^® Growth Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Russell 2000^® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with

higher price-to-book ratios and higher forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Eagle Small Cap Growth Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,195.30	$	4.63	$	1,020.58	$	4.26	0.85%
Service Class Shares	$	1,000.00	$	1,193.80	$	5.98	$	1,019.34	$	5.51	1.10%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Eagle Small Cap Growth Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Biotechnology	12.3	%
Software	9.9
Health Care Equipment & Supplies	7.3
Machinery	6.7
Hotels, Restaurants & Leisure	5.5
Chemicals	3.9
Semiconductors & Semiconductor Equipment	3.9
Aerospace & Defense	3.5
Commercial Services & Supplies	3.5
Electronic Equipment, Instruments & Components	3.2
Specialty Retail	3.1
Consumer Finance	2.2
Health Care Technology	2.2
Pharmaceuticals	2.1
Building Products	1.9
Health Care Providers & Services	1.9
Electrical Equipment	1.8
Textiles, Apparel & Luxury Goods	1.8
Capital Markets	1.7
Communications Equipment	1.7
Food & Staples Retailing	1.5

IT Services	1.5	%
Life Sciences Tools & Services	1.5
Household Durables	1.4
Internet & Direct Marketing Retail	1.3
Road & Rail	1.3
Banks	1.1
Equity Real Estate Investment Trusts	1.1
Oil, Gas & Consumable Fuels	1.1
Construction Materials	1.0
Distributors	1.0
Food Products	1.0
Auto Components	0.8
Thrifts & Mortgage Finance	0.7
Multiline Retail	0.6
Diversified Telecommunication Services	0.5
Leisure Products	0.5
Media	0.5
Short-Term Investments	3.8
Other Assets, Less Liabilities	–2.3
	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. Quaker Chemical Corp.

2. Planet Fitness, Inc., Class A

3. Trex Co., Inc.

4. John Bean Technologies Corp.

5. Woodward, Inc.

  6. RealPage, Inc.

  7. Chart Industries, Inc.

  8. Cornerstone OnDemand, Inc.

  9. Hexcel Corp.

10. Entegris, Inc.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Bert L. Boksen, CFA, Eric Mintz, CFA, and Christopher Sassouni of Eagle Asset Management, Inc. (“Eagle”), the Portfolio’s Subadvisor.

How did MainStay VP Eagle Small Cap Growth Portfolio perform relative to its primary benchmark and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Eagle Small Cap Growth Portfolio returned 19.53% for Initial Class shares and 19.38% for Service Class shares. Over the same period, both share classes underperformed the 20.36% return of the Russell 2000^® Growth Index, which is the Portfolio’s broad-based securities-market index, and underperformed the 21.82% return of the Morningstar Small Growth Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

All sectors generated positive returns during the reporting period, led by information technology and industrials, followed by real estate, health care and consumer discretionary. No sectors generated negative performance during the reporting period; however, consumer staples, communication services and energy lagged other sectors in the Russell 2000^® Growth Index. The Portfolio underperformed the benchmark primarily due to relatively weak returns from financial sector holdings. The Portfolio’s consumer discretionary holdings also underperformed the benchmark. These detractors were partly offset by relatively strong contributions to positive performance from holdings in the industrials, consumer staples and materials sectors. (Contributions take weighting and total returns into account.)

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

The sectors providing the strongest positive contributions to the Portfolio’s performance relative to the Russell 2000^® Growth Index included industrials, consumer staples and materials. Good individual stock selections drove positive performance in industrials, where the Portfolio’s allocation remained in line with the benchmark. In consumer staples, relative performance benefited from the Portfolio’s modestly underweight exposure. In materials, good individual stock selections produced most of the Portfolio’s relatively strong performance, bolstered by slightly overweight exposure to the sector.

The Portfolio’s worst-performing sectors on a relative basis included financials, health care and consumer discretionary. The Portfolio held slightly underweight exposure to financials, but the performance of individual holdings detracted from returns relative to the benchmark. In health care, the Portfolio held anin-line position with the benchmark but saw returns slightly trail their benchmark counterparts despite posting solid double-digit absolute returns. In the consumer discretionary sector, the Portfolio benefited from modestly overweight

exposure relative to the benchmark, but the performance of individual holdings lagged.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

The Portfolio’s best-performing stocks on an absolute basis during the year included biopharmaceutical developer Loxo Oncology, casino systems and services provider Everi and food processing technology company John Bean Technologies. Loxo shares surged during the reporting period when the firm’s acquisition by Eli Lilly was announced at a substantial premium over the prior share price. Everi reported solid results within its core operating segments while providing encouraging full-year 2019 guidance as well as additional clarity on progress towards deleveraging its balance sheet. John Bean Technologies benefited from the growing recognition of the efficiencies and added value provided by the firm’s technologies as part of the food products supply chain.

The most substantial detractors from the Portfolio’s relative performance during the year included financial and credit services provider Green Dot, home furnishings and accessories retailer At Home Group and health care software provider and consultant Evolent Health. Shares in Green Dot declined as revenue growth moderated and concerns arose involving the company’s relationship with major customer Walmart, which is up for renewal in 2020. At Home reported weak financial results due, in part, to poor weather, and lowered forward-looking guidance in the face of intensified competitive pressure, leading us to sell the Portfolio’s holdings. Shares in Evolent Health fell after markets reacted negatively to the company’s announced acquisition of Passport Health Plan. However, we remained cautiously optimistic on the company’s ability to meet the industry’s evolving need for information and analytics that improve efficiency and results.

Did the Portfolio make any significant purchases or sales during the reporting period?

One of the Portfolio’s significant purchases during the reporting period was Simply Good Foods, which develops and markets nutritional and snacking products. We initiated the position because we believe the company’s track record of effectively marketing its products beyond dieters to also include the much larger segment of lifestyle users bodes well for future sales of its Atkins shakes and bars.

The Portfolio’s notable sales during the same period included At Home Group, described earlier, and online subscription billing and management platforms operator Zuora. Zuora saw shares decline due to difficulties with the firm’s expanding sales force

1. See footnote on page 5 for more information on benchmark and peer group returns.

8 MainStay VP Eagle Small Cap Growth Portfolio

as well as integration issues with a recent acquisition. Although we believed Zuora’s acquisition of revenue automation platform RevPro was ultimately strategic, we remained concerned regarding integration of the deal and the firm’s ability to leverage it.

How did the Portfolio’s sector weightings change during the reporting period?

During the reporting period, the Portfolio increased its exposure relative to the Russell 2000^® Growth Index in the consumer staples and materials sectors. Consumer staples exposure changed from a modest underweight relative to the benchmark to a slightly underweight position, while the materials sector changed from a slightly overweight position to one that was modestly overweight. Over the same period, the Portfolio decreased its relative exposure to the consumer discretionary and information technology sectors. Consumer discretionary changed from a modestly overweight position to anin-line position relative to the benchmark. Information technology exposure

shifted from an overweight position to one that was slightly overweight. Generally, the Portfolio’s overweight and underweight positions tended to result from the appreciation (or depreciation) of its holdings.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held a modestly overweight position relative to the Russell 2000^® Growth Index in the information technology and materials sectors, and a slightly overweight position in the health care sector. The Portfolio maintained effectivelyin-line positions relative to the benchmark in the consumer discretionary and industrials sectors.

As of the same date, the Portfolio held an underweight position in communication services and real estate, and a slightly underweight position relative to the benchmark in the financials, consumer staples and energy sectors.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 98.5%†
Aerospace & Defense 3.5%
Aerojet Rocketdyne Holdings, Inc. (a)		124,022	$	5,552,465
Aerovironment, Inc. (a)		38,616		2,192,230
Hexcel Corp.		77,118		6,237,304
				13,981,999
Auto Components 0.8%
Fox Factory Holding Corp. (a)		24,585		2,028,509
Visteon Corp. (a)		21,828		1,278,684
				3,307,193
Banks 1.1%
Glacier Bancorp, Inc.		106,121		4,303,207
Biotechnology 12.3%
ACADIA Pharmaceuticals, Inc. (a)		62,255		1,664,076
Acceleron Pharma, Inc. (a)		50,024		2,054,986
Amicus Therapeutics, Inc. (a)		167,442		2,089,676
Arena Pharmaceuticals, Inc. (a)		57,563		3,374,919
ArQule, Inc. (a)(b)		208,585		2,296,521
Atara Biotherapeutics, Inc. (a)		77,119		1,550,863
Biohaven Pharmaceutical Holding Co., Ltd. (a)		58,865		2,577,698
Blueprint Medicines Corp. (a)		42,143		3,975,349
Dynavax Technologies Corp. (a)(b)		181,348		723,578
Exact Sciences Corp. (a)		23,365		2,758,005
Genomic Health, Inc. (a)		54,698		3,181,783
Global Blood Therapeutics, Inc. (a)		26,755		1,407,313
Heron Therapeutics, Inc. (a)		96,681		1,797,300
Insmed, Inc. (a)		91,011		2,329,882
Kura Oncology, Inc. (a)		111,873		2,202,779
Ligand Pharmaceuticals, Inc. (a)		23,894		2,727,500
Progenics Pharmaceuticals, Inc. (a)		382,430		2,359,593
Ra Pharmaceuticals, Inc. (a)		49,265		1,481,399
Repligen Corp. (a)		29,652		2,548,589
Sage Therapeutics, Inc. (a)(b)		14,990		2,744,519
Sarepta Therapeutics, Inc. (a)		19,524		2,966,672
				48,813,000
Building Products 1.9%
Trex Co., Inc. (a)		106,522		7,637,627
Capital Markets 1.7%
PJT Partners, Inc., Class A		69,915		2,832,956
Stifel Financial Corp.		63,369		3,742,573
				6,575,529
Chemicals 3.9%
Quaker Chemical Corp.		53,526		10,859,355
Sensient Technologies Corp.		62,781		4,613,148
				15,472,503
Commercial Services & Supplies 3.5%
Brink’s Co.		54,513		4,425,365

	Shares		Value
Commercial Services & Supplies (continued)
MSA Safety, Inc.		49,994	$	5,268,868
Ritchie Brothers Auctioneers, Inc.		127,084		4,221,730
				13,915,963
Communications Equipment 1.7%
Acacia Communications, Inc. (a)		78,092		3,682,819
Lumentum Holdings, Inc. (a)		54,316		2,901,017
				6,583,836
Construction Materials 1.0%
Summit Materials, Inc., Class A (a)		204,653		3,939,570
Consumer Finance 2.2%
FirstCash, Inc.		48,219		4,822,864
Green Dot Corp., Class A (a)		81,132		3,967,355
				8,790,219
Distributors 1.0%
Pool Corp.		20,921		3,995,911
Diversified Telecommunication Services 0.5%
Bandwidth, Inc., Class A (a)		27,496		2,062,750
Electrical Equipment 1.8%
Bloom Energy Corp., Class A (a)(b)		200,080		2,454,982
Thermon Group Holdings, Inc. (a)		189,494		4,860,521
				7,315,503
Electronic Equipment, Instruments & Components 3.2%
Cognex Corp.		110,260		5,290,275
Coherent, Inc. (a)		35,297		4,813,452
II-VI, Inc. (a)		74,448		2,721,819
				12,825,546
Equity Real Estate Investment Trusts 1.1%
Seritage Growth Properties, Class A (b)		105,655		4,538,939
Food & Staples Retailing 1.5%
Casey’s General Stores, Inc.		37,488		5,847,753
Food Products 1.0%
Freshpet, Inc. (a)		42,833		1,949,330
Simply Good Foods Co. (a)		84,000		2,022,720
				3,972,050
Health Care Equipment & Supplies 7.3%
Haemonetics Corp. (a)		35,386		4,258,351
Insulet Corp. (a)		30,767		3,672,965
Merit Medical Systems, Inc. (a)		86,170		5,132,285
NuVasive, Inc. (a)		39,084		2,287,977
Penumbra, Inc. (a)(b)		14,715		2,354,400
Quidel Corp. (a)		38,398		2,277,769
Tandem Diabetes Care, Inc. (a)		62,038		4,002,692

10 MainStay VP Eagle Small Cap Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Health Care Equipment & Supplies (continued)
West Pharmaceutical Services, Inc.		17,751	$	2,221,538
Wright Medical Group N.V. (a)		91,272		2,721,731
				28,929,708
Health Care Providers & Services 1.9%
Amedisys, Inc. (a)		16,735		2,031,796
AMN Healthcare Services, Inc. (a)		30,470		1,652,998
BioTelemetry, Inc. (a)		30,873		1,486,535
HealthEquity, Inc. (a)		34,002		2,223,731
				7,395,060
Health Care Technology 2.2%
Evolent Health, Inc., Class A (a)		122,963		977,556
Omnicell, Inc. (a)		43,846		3,772,071
Teladoc Health, Inc. (a)(b)		60,837		4,040,185
				8,789,812
Hotels, Restaurants & Leisure 5.5%
Everi Holdings, Inc. (a)		423,278		5,049,706
Lindblad Expeditions Holdings, Inc. (a)		112,126		2,012,662
Penn National Gaming, Inc. (a)		216,683		4,173,314
Planet Fitness, Inc., Class A (a)		109,136		7,905,812
Wingstop, Inc.		28,521		2,702,365
				21,843,859
Household Durables 1.4%
Universal Electronics, Inc. (a)		133,242		5,465,587
Internet & Direct Marketing Retail 1.3%
Etsy, Inc. (a)		46,240		2,837,749
Revolve Group, Inc. (a)(b)		66,895		2,307,877
				5,145,626
IT Services 1.5%
Evo Payments, Inc., Class A (a)		100,539		3,169,995
Verra Mobility Corp. (a)		227,116		2,972,948
				6,142,943
Leisure Products 0.5%
Yeti Holdings, Inc. (a)(b)		69,609		2,015,181
Life Sciences Tools & Services 1.5%
NeoGenomics, Inc. (a)		183,838		4,033,406
PRA Health Sciences, Inc. (a)		20,497		2,032,277
				6,065,683
Machinery 6.7%
Chart Industries, Inc. (a)		89,171		6,855,467
John Bean Technologies Corp.		59,625		7,222,376
Kennametal, Inc.		75,699		2,800,106
Kornit Digital, Ltd. (a)		85,012		2,691,480
Woodward, Inc.		63,125		7,143,225
				26,712,654

	Shares		Value
Media 0.5%
Sinclair Broadcast Group, Inc., Class A		34,430	$	1,846,481
Multiline Retail 0.6%
Ollie’s Bargain Outlet Holdings, Inc. (a)		27,972		2,436,641
Oil, Gas & Consumable Fuels 1.1%
Viper Energy Partners, L.P.		148,426		4,574,489
Pharmaceuticals 2.1%
Cymabay Therapeutics, Inc. (a)		150,830		1,079,943
Horizon Therapeutics PLC (a)		135,418		3,258,157
Odonate Therapeutics, Inc. (a)		40,032		1,468,774
Zogenix, Inc. (a)(b)		56,442		2,696,799
				8,503,673
Road & Rail 1.3%
Landstar System, Inc.		47,133		5,089,893
Semiconductors & Semiconductor Equipment 3.9%
Cabot Microelectronics Corp.		29,099		3,203,218
Entegris, Inc.		165,707		6,184,185
Lattice Semiconductor Corp. (a)		182,928		2,668,919
Silicon Laboratories, Inc. (a)		33,322		3,445,495
				15,501,817
Software 9.9%
AppFolio, Inc., Class A (a)		22,859		2,337,790
Cornerstone OnDemand, Inc. (a)		114,771		6,648,684
Everbridge, Inc. (a)		27,847		2,490,079
Guidewire Software, Inc. (a)		57,845		5,864,326
Pegasystems, Inc.		86,185		6,137,234
Q2 Holdings, Inc. (a)		47,729		3,644,586
RealPage, Inc. (a)		120,515		7,092,308
SailPoint Technologies Holding, Inc. (a)		112,461		2,253,718
Tenable Holdings, Inc. (a)		105,000		2,996,700
				39,465,425
Specialty Retail 3.1%
Floor & Decor Holdings, Inc., Class A (a)		103,612		4,341,343
Genesco, Inc. (a)		50,943		2,154,380
MarineMax, Inc. (a)		168,023		2,762,298
National Vision Holdings, Inc. (a)		98,707		3,033,266
				12,291,287
Textiles, Apparel & Luxury Goods 1.8%
Canada Goose Holdings, Inc. (a)(b)		65,860		2,550,758
Steven Madden, Ltd.		137,933		4,682,825
				7,233,583
Thrifts & Mortgage Finance 0.7%
NMI Holdings, Inc., Class A (a)		103,252		2,931,324
Total Common Stocks (Cost $312,555,066)				392,259,824

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares			Value
Short-Term Investments 3.8%
Affiliated Investment Company 0.8%
MainStay U.S. Government Liquidity Fund, 2.03% (c)		3,074,519		$	3,074,519
Unaffiliated Investment Company 3.0%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (c)(d)		11,781,112			11,781,112
TotalShort-Term Investments (Cost $14,855,631)					14,855,631
Total Investments (Cost $327,410,697)		102.3	%		407,115,455
Other Assets, Less Liabilities		(2.3	)		(9,063,826	)
Net Assets		100.0	%	$	398,051,629

† Percentages indicated are based on Portfolio net assets.

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $21,476,194; the total market value of collateral held by the Portfolio was $21,946,221. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $10,165,109 (See Note 2(H)).

(c) Current yield as of June 30, 2019.

(d) Represents security purchased with cash collateral received for securities on loan.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	392,259,824	$	—	$	—	$	392,259,824
Short-Term Investments
Affiliated Investment Company		3,074,519		—		—		3,074,519
Unaffiliated Investment Company		11,781,112		—		—		11,781,112
TotalShort-Term Investments		14,855,631		—		—		14,855,631
Total Investments in Securities	$	407,115,455	$	—	$	—	$	407,115,455

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

12 MainStay VP Eagle Small Cap Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $324,336,178) including securities on loan of $21,476,194	$	404,040,936
Investment in affiliated investment company, at value (identified cost $3,074,519)		3,074,519
Receivables:
Investment securities sold		3,583,537
Portfolio shares sold		72,280
Dividends		30,915
Securities lending		8,894
Other assets		1,791
Total assets		410,812,872
Liabilities
Cash collateral received for securities on loan		11,781,112
Payables:
Investment securities purchased		460,261
Manager (See Note 3)		257,921
Portfolio shares redeemed		175,945
Professional fees		28,981
NYLIFE Distributors (See Note 3)		24,165
Shareholder communication		15,800
Custodian		12,351
Trustees		454
Accrued expenses		4,253
Total liabilities		12,761,243
Net assets	$	398,051,629
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	27,471
Additional paid-in capital		257,032,862
		257,060,333
Total distributable earnings (loss)		140,991,296
Net assets	$	398,051,629

Initial Class
Net assets applicable to outstanding shares	$	276,324,443
Shares of beneficial interest outstanding		18,947,321
Net asset value per share outstanding	$	14.58
Service Class
Net assets applicable to outstanding shares	$	121,727,186
Shares of beneficial interest outstanding		8,524,012
Net asset value per share outstanding	$	14.28

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends—unaffiliated (a)	$	721,997
Dividends—affiliated		71,857
Securities lending		56,495
Interest		18
Total income		850,367
Expenses
Manager (See Note 3)		1,582,885
Distribution/Service—Service Class (See Note 3)		142,384
Professional fees		37,150
Shareholder communication		18,309
Custodian		11,945
Trustees		4,919
Miscellaneous		8,537
Total expenses		1,806,129
Net investment income (loss)		(955,762	)
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		12,042,466
Net change in unrealized appreciation (depreciation) on unaffiliated investments		56,645,893
Net realized and unrealized gain (loss) on investments		68,688,359
Net increase (decrease) in net assets resulting from operations	$	67,732,597

(a) Dividends recorded net of foreign withholding taxes in the amount of $6,863.

14 MainStay VP Eagle Small Cap Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(955,762	)	$	(1,847,781	)
Net realized gain (loss) on investments		12,042,466			51,592,156
Net change in unrealized appreciation (depreciation) on investments		56,645,893			(82,610,573	)
Net increase (decrease) in net assets resulting from operations		67,732,597			(32,866,198	)
Distributions to shareholders:
Initial Class		—			(15,228,718	)
Service Class		—			(5,875,041	)
Total distributions to shareholders		—			(21,103,759	)
Capital share transactions:
Net proceeds from sale of shares		23,299,899			55,355,833
Net asset value of shares issued to shareholders in reinvestment of distributions		—			21,103,759
Cost of shares redeemed		(41,024,760	)		(77,438,688	)
Increase (decrease) in net assets derived from capital share transactions		(17,724,861	)		(979,096	)
Net increase (decrease) in net assets		50,007,736			(54,949,053	)
Net Assets
Beginning of period		348,043,893			402,992,946
End of period	$	398,051,629		$	348,043,893

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	12.20		$	14.09		$	12.03		$	11.53		$	13.33		$	13.07
Net investment income (loss) (a)		(0.03	)		(0.06	)		(0.06	)		(0.05	)		(0.07	)		(0.04	)
Net realized and unrealized gain (loss) on investments		2.41			(1.04	)		2.78			1.19			(0.09	)		0.36
Total from investment operations		2.38			(1.10	)		2.72			1.14			(0.16	)		0.32
Less distributions:
From net realized gain on investments		—			(0.79	)		(0.66	)		(0.64	)		(1.64	)		(0.06	)
Net asset value at end of period	$	14.58		$	12.20		$	14.09		$	12.03		$	11.53		$	13.33
Total investment return (b)		19.51	% (c)		(8.88	%)		22.83	%		10.01	%		(0.91	%)		2.52	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.42	%)††		(0.40	%)		(0.48	%)		(0.41	%)		(0.53	%)		(0.30	%)
Net expenses (d)		0.85	% ††		0.85	%		0.85	%		0.86	%		0.85	%		0.85	%
Portfolio turnover rate		22	%		41	%		41	%		36	%		50	%		51	%
Net assets at end of period (in 000’s)	$	276,324		$	251,547		$	312,106		$	282,378		$	319,580		$	343,965

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	11.96		$	13.87		$	11.88		$	11.42		$	13.25		$	13.02
Net investment income (loss) (a)		(0.05	)		(0.09	)		(0.09	)		(0.07	)		(0.10	)		(0.07	)
Net realized and unrealized gain (loss) on investments		2.37			(1.03	)		2.74			1.17			(0.09	)		0.36
Total from investment operations		2.32			(1.12	)		2.65			1.10			(0.19	)		0.29
Less distributions:
From net realized gain on investments		—			(0.79	)		(0.66	)		(0.64	)		(1.64	)		(0.06	)
Net asset value at end of period	$	14.28		$	11.96		$	13.87		$	11.88		$	11.42		$	13.25
Total investment return (b)		19.40	% (c)		(9.11	%)		22.53	%		9.73	%		(1.16	%)		2.27	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.67	%)††		(0.64	%)		(0.72	%)		(0.66	%)		(0.79	%)		(0.55	%)
Net expenses (d)		1.10	% ††		1.10	%		1.10	%		1.11	%		1.10	%		1.10	%
Portfolio turnover rate		22	%		41	%		41	%		36	%		50	%		51	%
Net assets at end of period (in 000’s)	$	121,727		$	96,497		$	90,887		$	70,131		$	71,135		$	61,536

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

16 MainStay VP Eagle Small Cap Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Eagle Small Cap Growth Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on February 17, 2012. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seeklong-term capital appreciation.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities

and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

17

Notes to Financial Statements(Unaudited) (continued)

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided,

does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing

18 MainStay VP Eagle Small Cap Growth Portfolio

authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counter-

parties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(H)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $21,476,194; the total market value of collateral held by the Portfolio was $21,946,221. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $10,165,109 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $11,781,112.

19

Notes to Financial Statements(Unaudited) (continued)

(I)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. Pursuant to the terms of a Subadvisory Agreement with New York Life Investments, Eagle Asset Management, Inc. (“Eagle” or the “Subadvisor”) a registered investment adviser, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and Eagle, New York Life Investments pays for the services of the Subadvisor.

Effective May 1, 2019, the Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an

annual percentage of the average daily net assets as follows: 0.81% up to $1 billion and 0.785% in excess of $1 billion. Prior to May 1, 2019, the Fund, on behalf of the Portfolio, paid New York Life Investments in its capacity as the portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual percentage of the Portfolio’s average daily net assets of 0.81%. During the six-month period ended June 30, 2019, the effective management fee rate was 0.81%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $1,582,885, and paid the Subadvisor in the amount of $806,466.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	11,324	$	61,763	$	(70,012	)	$	—	$	—	$	3,075	$	72	$	—		3,075

20 MainStay VP Eagle Small Cap Growth Portfolio

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	327,804,609	$	96,008,390	$	(16,697,544	)	$	79,310,846

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$6,001,466	$15,102,293

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may

participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $83,112 and $101,831, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		466,774		$	6,342,604
Shares redeemed		(2,138,631	)		(30,322,181	)
Net increase (decrease)		(1,671,857	)	$	(23,979,577	)
Year ended December 31, 2018:
Shares sold		1,386,685		$	19,758,474
Shares issued to shareholders in reinvestment of dividends and distributions		1,020,434			15,228,717
Shares redeemed		(3,931,627	)		(58,870,220	)
Net increase (decrease)		(1,524,508	)	$	(23,883,029	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,231,114		$	16,957,295
Shares redeemed		(774,922	)		(10,702,579	)
Net increase (decrease)		456,192		$	6,254,716
Year ended December 31, 2018:
Shares sold		2,419,281		$	35,597,359
Shares issued to shareholders in reinvestment of dividends and distributions		401,292			5,875,042
Shares redeemed		(1,307,173	)		(18,568,468	)
Net increase (decrease)		1,513,400		$	22,903,933

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management

21

Notes to Financial Statements(Unaudited) (continued)

is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019,

events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

22 MainStay VP Eagle Small Cap Growth Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

23

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781614 MSVPESCG10-08/19 (NYLIAC) NI515         

MainStay VP Epoch U.S. Equity Yield Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	13
Notes to Financial Statements	18
Proxy Voting Policies and Procedures and Proxy Voting Record	24
Shareholder Reports and Quarterly Portfolio Disclosure	24

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months	One Year	Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	5/1/1998	14.54%	10.95%		6.36	%		11.57	%		0.71	%
Service Class Shares	6/5/2003	14.40	10.67		6.10			11.29			0.96

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
Russell 1000® Value Index3		16.24	%		8.46	%		7.46	%		13.19	%
U.S. Equity Yield Composite Index4		14.62			13.20			10.48			14.25
Morningstar Large Value Category Average5		14.59			5.79			6.84			12.20

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Russell 1000^® Value Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. The Portfolio has selected the U.S. Equity Yield Composite Index as its secondary benchmark. The U.S. Equity Yield Composite Index consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility

(USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid-cap USA equity universe. The MSCI USA Minimum Volatility (USD) Index is calculated by optimizing the MSCI USA Index in USD for the lowest absolute risk (within a given set of constraints). Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Epoch U.S. Equity Yield Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,145.40	$	3.62	$	1,021.42	$	3.41	0.68%
Service Class Shares	$	1,000.00	$	1,144.00	$	4.94	$	1,020.18	$	4.66	0.93%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Epoch U.S. Equity Yield Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Electric Utilities	10.5	%
Oil, Gas & Consumable Fuels	7.2
Insurance	6.2
Multi-Utilities	5.6
Semiconductors & Semiconductor Equipment	5.1
Pharmaceuticals	4.6
Aerospace & Defense	4.3
Banks	4.2
Diversified Telecommunication Services	4.1
Equity Real Estate Investment Trusts	3.4
Beverages	3.3
Household Products	3.1
Tobacco	3.1
Commercial Services & Supplies	2.9
Capital Markets	2.7
Hotels, Restaurants & Leisure	2.7
Electrical Equipment	2.6
Software	2.3
Chemicals	2.2
Industrial Conglomerates	2.1

IT Services	2.0	%
Biotechnology	1.6
Communications Equipment	1.4
Health Care Providers & Services	1.3
Multiline Retail	1.2
Food & Staples Retailing	1.1
Specialty Retail	0.9
Technology Hardware, Storage & Peripherals	0.9
Containers & Packaging	0.8
Health Care Equipment & Supplies	0.7
Air Freight & Logistics	0.6
Distributors	0.6
Food Products	0.6
Household Durables	0.6
Metals & Mining	0.6
Textiles, Apparel & Luxury Goods	0.6
Trading Companies & Distributors	0.6
Short-Term Investments	0.3
Other Assets, Less Liabilities	1.4
	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings as of June 30, 2019(excludingshort-term investment) (Unaudited)

1. Entergy Corp.

2. Arthur J. Gallagher & Co.

3. FirstEnergy Corp.

4. Microsoft Corp.

5. Verizon Communications, Inc.

  6. Texas Instruments, Inc.

  7. Welltower, Inc.

  8. Merck & Co., Inc.

  9. Pfizer, Inc.

10. CME Group, Inc.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Michael A. Welhoelter, CFA, William W. Priest, CFA, John M. Tobin, PhD, CFA, Kera Van Valen, CFA, of Epoch Investment Partners, Inc. (“Epoch”), the Portfolio’s Subadvisor.

How did MainStay VP Epoch U.S. Equity Yield Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Epoch U.S. Equity Yield Portfolio returned 14.54% for Initial Class shares and 14.40% for Service Class shares. Over the same period, both share classes underperformed the 16.24% return of the Russell 1000^® Value Index, which is the Portfolio’s primary benchmark; the 14.62% return of the U.S. Equity Yield Composite Index, which is the Portfolio’s secondary benchmark; and the 14.59% return of the Morningstar Large Value Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio participated in the market’s strong gains to a significant degree. However, performance trailed the Russell 1000^® Value Index largely due to lagging individual stock selections in the health care sector. Performance relative to the Index also suffered to a lesser extent due to disappointing stock selections in the industrials sector. The Portfolio’s sector weightings in both health care and industrials helped offset some of the negative effects of individual stock selections. Positive contributions to the Portfolio’s relative performance came from stock selections in the information technology and financials sectors. (Contributions take weightings and total returns into account.)

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

The information technology sector, which led equity market advances during the reporting period, made the strongest positive contribution to the Portfolio’s relative performance, with returns bolstered by strong individual stock selections as well as overweight sector exposure. The Portfolio’s stock selections in financials further enhanced relative performance. The most significant detractors from the Portfolio’s relative performance during the same period included stock selections in health care and industrials, although sector allocations in both sectors partially compensated for those negative effects. Stock selections in communication services also detracted from relative results.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

The Portfolio’stop-performing holdings during the reporting period included two information technology firms, global soft-

ware company Microsoft and communications hardware maker Cisco Systems, as well as leading defense contractor Lockheed Martin. Shares of Microsoft benefited from sustained growth in most business lines as the company’s shift to subscription-based services and growth in its cloud and data center businesses enabled it to outpace industry expansion. Cisco Systems shares rose on the inclusion of subscription services in the company’s refreshed product lineup. Lockheed Martin reported solid volume and performance across its contracts.

The most significant detractors from the Portfolio’s absolute performance included global biotechnology company AbbVie, North American packaged food and beverage company Kraft Heinz and global energy company Occidental Petroleum. Shares of AbbVie traded lower due to near-term pressure on international sales of the company’s immunosuppressive drug Humira, as well as its announced acquisition of drug manufacturer Allergan. Shares of Kraft Heinz dipped following the announcement of disappointing financial results and an abrupt change in its capital allocation policy, which led the Portfolio to exit its position in the stock. Shares of Occidental Petroleum underperformed as management entered and eventually won a competing bid for Anadarko Petroleum.

Did the Portfolio make any significant purchases or sales during the reporting period?

One of several new positions established by the Portfolio during the reporting period was in integrated energy company Phillips 66, reflecting our favorable view of the company’s capacity to drive cash flow growth and increase production volumes, as well as what we believe are effective cost controls and shareholder-friendly policies. The Portfolio established a significant new position in International Business Machines (IBM), prompted by our positive evaluation of the company’s strategic imperatives, such as cloud computing, big data and security, in addition to its well-covered, growing dividend. During the same period, the Portfolio closed several positions, including regulated utility company Southern Company and next-generation wireless technology leader Qualcomm.

How did the Portfolio’s sector weightings change during the reporting period?

During the reporting period, the Portfolio increased its exposure most significantly to the financials and energy sectors. Over the same period, the Portfolio notably decreased its exposure to consumer staples and communication services.

The Portfolio’s sector allocations result from ourbottom-up fundamental investment process and reflect the companies and securities that we confidently believe can collect and distribute

1. See footnote on page 5 for more information on benchmark and peer group returns.

8 MainStay VP Epoch U.S. Equity Yield Portfolio

sustainable, growing shareholder yield. Relative performance of sectors during each reporting period may affect sector weightings.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held its most substantially overweight sector position relative to the Russell 1000^® Value Index in utilities, a defensive sector that is typically more heavily

represented in the Portfolio than in the benchmark. Within the utilities sector, the Portfolio focused on more regulated utilities where an aging infrastructure, the emergence of renewables, the shale revolution and digitization have driven growth in rate bases, earnings and cash flows. The Portfolio’s other significantly overweight exposures as of the end of the reporting period included the information technology and industrials sectors. As of the same date, the Portfolio’s most substantially underweight sector positions relative to the benchmark included financials and health care.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 98.3%†
Aerospace & Defense 4.3%
Boeing Co.		19,310	$	7,029,033
General Dynamics Corp.		39,425		7,168,253
Lockheed Martin Corp.		38,218		13,893,772
Raytheon Co.		35,402		6,155,700
United Technologies Corp.		61,150		7,961,730
				42,208,488
Air Freight & Logistics 0.6%
United Parcel Service, Inc., Class B		54,310		5,608,594
Banks 4.2%
BB&T Corp.		238,967		11,740,449
M&T Bank Corp.		46,264		7,868,118
People’s United Financial, Inc.		399,486		6,703,375
U.S. Bancorp		171,783		9,001,429
Wells Fargo & Co.		126,349		5,978,835
				41,292,206
Beverages 3.3%
Coca-Cola Co.		150,863		7,681,944
Coca-Cola European Partners PLC		160,921		9,092,036
Molson Coors Brewing Co., Class B		96,897		5,426,232
PepsiCo., Inc.		79,253		10,392,446
				32,592,658
Biotechnology 1.6%
AbbVie, Inc.		119,483		8,688,804
Amgen, Inc.		37,816		6,968,732
				15,657,536
Capital Markets 2.7%
BlackRock, Inc.		23,735		11,138,836
CME Group, Inc.		76,437		14,837,186
				25,976,022
Chemicals 2.2%
Dow, Inc.		144,426		7,121,646
LyondellBasell Industries N.V., Class A		84,483		7,276,521
Nutrien, Ltd.		140,001		7,484,453
				21,882,620
Commercial Services & Supplies 2.9%
Deluxe Corp.		67,673		2,751,584
Republic Services, Inc.		140,734		12,193,194
Waste Management, Inc.		112,242		12,949,360
				27,894,138
Communications Equipment 1.4%
Cisco Systems, Inc.		253,048		13,849,317
Containers & Packaging 0.8%
Amcor PLC (a)		674,661		7,751,855

	Shares		Value
Distributors 0.6%
Genuine Parts Co.		52,299	$	5,417,130
Diversified Telecommunication Services 4.1%
AT&T, Inc.		419,199		14,047,359
BCE, Inc.		207,588		9,441,102
Verizon Communications, Inc.		292,071		16,686,016
				40,174,477
Electric Utilities 10.5%
Alliant Energy Corp.		118,679		5,824,765
American Electric Power Co., Inc.		135,576		11,932,044
Duke Energy Corp.		161,725		14,270,614
Entergy Corp.		177,415		18,261,326
Evergy, Inc.		129,819		7,808,613
Eversource Energy		128,334		9,722,584
FirstEnergy Corp.		403,912		17,291,472
Pinnacle West Capital Corp.		82,069		7,721,872
PPL Corp.		311,382		9,655,956
				102,489,246
Electrical Equipment 2.6%
Eaton Corp. PLC		167,760		13,971,053
Emerson Electric Co.		178,622		11,917,660
				25,888,713
Equity Real Estate Investment Trusts 3.4%
Iron Mountain, Inc.		296,497		9,280,356
Public Storage		31,781		7,569,281
Welltower, Inc.		199,139		16,235,803
				33,085,440
Food & Staples Retailing 1.1%
Walmart, Inc.		94,943		10,490,252
Food Products 0.6%
Campbell Soup Co.		137,185		5,497,003
Health Care Equipment & Supplies 0.7%
Medtronic PLC		73,219		7,130,798
Health Care Providers & Services 1.3%
CVS Health Corp.		97,941		5,336,805
UnitedHealth Group, Inc.		28,563		6,969,658
				12,306,463
Hotels, Restaurants & Leisure 2.7%
Brinker International, Inc.		137,328		5,403,857
Las Vegas Sands Corp.		165,346		9,770,295
McDonald’s Corp.		55,115		11,445,181
				26,619,333

10 MainStay VP Epoch U.S. Equity Yield Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Household Durables 0.6%
Leggett & Platt, Inc.		160,116	$	6,143,651
Household Products 3.1%
Colgate-Palmolive Co.		76,437		5,478,240
Kimberly-Clark Corp.		90,920		12,117,817
Procter & Gamble Co.		117,472		12,880,805
				30,476,862
Industrial Conglomerates 2.1%
3M Co.		53,506		9,274,730
Honeywell International, Inc.		64,484		11,258,262
				20,532,992
Insurance 6.2%
Allianz S.E., Sponsored ADR		455,004		10,956,496
Arthur J. Gallagher & Co.		200,346		17,548,306
Marsh & McLennan Cos., Inc.		78,046		7,785,089
MetLife, Inc.		266,324		13,228,313
Travelers Cos., Inc.		72,012		10,767,234
				60,285,438
IT Services 2.0%
Automatic Data Processing, Inc.		35,000		5,786,550
International Business Machines Corp.		47,471		6,546,251
Paychex, Inc.		92,931		7,647,292
				19,980,093
Metals & Mining 0.6%
Reliance Steel & Aluminum Co.		62,759		5,938,257
Multi-Utilities 5.6%
Ameren Corp.		195,921		14,715,626
Black Hills Corp.		25,043		1,957,611
CMS Energy Corp.		150,058		8,689,859
Dominion Energy, Inc.		137,989		10,669,310
NiSource, Inc.		195,921		5,642,525
WEC Energy Group, Inc.		158,105		13,181,214
				54,856,145
Multiline Retail 1.2%
Target Corp.		136,222		11,798,187
Oil, Gas & Consumable Fuels 7.2%
Chevron Corp.		78,449		9,762,193
Enterprise Products Partners, L.P.		424,027		12,241,659
Exxon Mobil Corp.		140,001		10,728,277
Magellan Midstream Partners, L.P.		129,943		8,316,352
Occidental Petroleum Corp.		127,127		6,391,946
Phillips 66		95,619		8,944,201
Royal Dutch Shell PLC, Class A, Sponsored ADR		209,599		13,638,607
				70,023,235

	Shares			Value
Pharmaceuticals 4.6%
Johnson & Johnson		100,575		$	14,008,086
Merck & Co., Inc.		191,863			16,087,713
Pfizer, Inc.		347,992			15,075,013
					45,170,812
Semiconductors & Semiconductor Equipment 5.1%
Analog Devices, Inc.		101,380			11,442,761
Broadcom, Inc.		17,299			4,979,690
Intel Corp.		112,242			5,373,024
Maxim Integrated Products, Inc.		104,598			6,257,052
Microchip Technology, Inc. (b)		64,368			5,580,706
Texas Instruments, Inc.		144,829			16,620,576
					50,253,809
Software 2.3%
Microsoft Corp.		127,932			17,137,771
Oracle Corp.		99,368			5,660,995
					22,798,766
Specialty Retail 0.9%
Home Depot, Inc.		44,655			9,286,900
Technology Hardware, Storage & Peripherals 0.9%
Apple, Inc.		43,046			8,519,664
Textiles, Apparel & Luxury Goods 0.6%
Hanesbrands, Inc.		331,899			5,715,301
Tobacco 3.1%
Altria Group, Inc.		240,979			11,410,356
British American Tobacco PLC, Sponsored ADR		240,577			8,388,920
Philip Morris International, Inc.		137,989			10,836,276
					30,635,552
Trading Companies & Distributors 0.6%
Watsco, Inc.		37,414			6,118,311
Total Common Stocks (Cost $856,104,797)					962,346,264
Short-Term Investment 0.3%
Affiliated Investment Company 0.3%
MainStay U.S. Government Liquidity Fund, 2.03% (c)		2,873,988			2,873,988
TotalShort-Term Investment (Cost $2,873,988)					2,873,988
Total Investments (Cost $858,978,785)		98.6	%		965,220,252
Other Assets, Less Liabilities		1.4			13,400,647
Net Assets		100.0	%	$	978,620,899

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

† Percentages indicated are based on Portfolio net assets.

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $5,793,678. The Portfolio received non-cash collateral in the form of U.S. Treasury securities with a value of $5,679,524 (See Note 2(H)).

(c) Current yield as of June 30, 2019.

The following abbreviation is used in the preceding pages:

ADR—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	962,346,264	$	—	$	—	$	962,346,264
Short-Term Investment
Affiliated Investment Company		2,873,988		—		—		2,873,988
Total Investments in Securities	$	965,220,252	$	—	$	—	$	965,220,252

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

12 MainStay VP Epoch U.S. Equity Yield Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $856,104,797) including securities on loan of $5,793,678	$	962,346,264
Investment in affiliated investment company, at value (identified cost $2,873,988)		2,873,988
Receivables:
Investment securities sold		26,602,480
Dividends		2,254,933
Portfolio shares sold		163,435
Securities lending		2,224
Other assets		10,311
Total assets		994,253,635
Liabilities
Payables:
Investment securities purchased		14,233,369
Portfolio shares redeemed		689,240
Manager (See Note 3)		518,877
NYLIFE Distributors (See Note 3)		93,584
Professional fees		39,325
Shareholder communication		39,047
Custodian		9,570
Trustees		1,192
Accrued expenses		8,532
Total liabilities		15,632,736
Net assets	$	978,620,899
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	61,445
Additional paid-in capital		785,939,937
		786,001,382
Total distributable earnings (loss)		192,619,517
Net assets	$	978,620,899

Initial Class
Net assets applicable to outstanding shares	$	520,841,037
Shares of beneficial interest outstanding		32,470,393
Net asset value per share outstanding	$	16.04
Service Class
Net assets applicable to outstanding shares	$	457,779,862
Shares of beneficial interest outstanding		28,974,656
Net asset value per share outstanding	$	15.80

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	17,317,058
Dividends-affiliated		164,900
Securities lending		7,260
Interest		15
Total income		17,489,233
Expenses
Manager (See Note 3)		3,493,729
Distribution/Service—Service Class (See Note 3)		565,288
Professional fees		59,415
Shareholder communication		41,071
Trustees		12,978
Custodian		12,701
Miscellaneous		20,431
Total expenses before waiver/reimbursement		4,205,613
Expense waiver/reimbursement from Manager (See Note 3)		(193,010	)
Net expenses		4,012,603
Net investment income (loss)		13,476,630
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		5,870,684
Foreign currency transactions		(11	)
Net realized gain (loss) on investments and foreign currency transactions		5,870,673
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		118,050,640
Translation of other assets and liabilities in foreign currencies		4,365
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		118,055,005
Net realized and unrealized gain (loss) on investments and foreign currency transactions		123,925,678
Net increase (decrease) in net assets resulting from operations	$	137,402,308

(a) Dividends recorded net of foreign withholding taxes in the amount of $199,637.

14 MainStay VP Epoch U.S. Equity Yield Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	13,476,630		$	28,584,455
Net realized gain (loss) on investments and foreign currency transactions		5,870,673			38,353,280
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		118,055,005			(127,970,431	)
Net increase (decrease) in net assets resulting from operations		137,402,308			(61,032,696	)
Distributions to shareholders:
Initial Class		—			(59,595,916	)
Service Class		—			(40,976,827	)
Total distributions to shareholders		—			(100,572,743	)
Capital share transactions:
Net proceeds from sale of shares		12,810,835			178,505,173
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			100,572,743
Cost of shares redeemed		(152,107,842	)		(464,462,351	)
Increase (decrease) in net assets derived from capital share transactions		(139,297,007	)		(185,384,435	)
Net increase (decrease) in net assets		(1,894,699	)		(346,989,874	)
Net Assets
Beginning of period		980,515,598			1,327,505,472
End of period	$	978,620,899		$	980,515,598

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	14.01		$	16.15		$	13.79		$	15.58		$	18.94		$	17.64
Net investment income (loss) (a)		0.21			0.39			0.30			0.21			0.19			0.48	(b)
Net realized and unrealized gain (loss) on investments		1.82			(1.12	)		2.26			0.47			(0.95	)		1.07
Total from investment operations		2.03			(0.73	)		2.56			0.68			(0.76	)		1.55
Less dividends and distributions:
From net investment income		—			(0.35	)		(0.20	)		(0.18	)		(0.51	)		(0.25	)
From net realized gain on investments		—			(1.06	)		—			(2.29	)		(2.09	)		—
Total dividends and distributions		—			(1.41	)		(0.20	)		(2.47	)		(2.60	)		(0.25	)
Net asset value at end of period	$	16.04		$	14.01		$	16.15		$	13.79		$	15.58		$	18.94
Total investment return (c)		14.49	%(d)		(5.23	%)		18.66	%		4.90	%		(3.78	%)		8.88	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.77	%††		2.49	%		2.01	%		1.41	%		1.07	%		2.64	%(b)
Net expenses (e)		0.68	%††		0.68	%		0.73	%		0.79	%		0.78	%		0.79	%
Expenses (before waiver/reimbursement) (e)		0.72	%††		0.71	%		0.74	%		0.79	%		0.78	%		0.79	%
Portfolio turnover rate		7	%		25	%		122	%		99	%		86	%		68	%
Net assets at end of period (in 000’s)	$	520,841		$	548,881		$	791,462		$	637,936		$	655,690		$	722,647

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Included in net investment income per share and the ratio of net investment income to average net assets are $0.07 and 0.39%, respectively, resulting from a special one-time dividend from Vodafone Group PLC that paid $4.92 per share.

(c) 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.

(d) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(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.

16 MainStay VP Epoch U.S. Equity Yield Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	13.81		$	15.94		$	13.61		$	15.40		$	18.75		$	17.48
Net investment income (loss) (a)		0.19			0.35			0.26			0.17			0.15			0.42	(b)
Net realized and unrealized gain (loss) on investments		1.80			(1.12	)		2.24			0.46			(0.95	)		1.07
Total from investment operations		1.99			(0.77	)		2.50			0.63			(0.80	)		1.49
Less dividends and distributions:
From net investment income		—			(0.30	)		(0.17	)		(0.13	)		(0.46	)		(0.22	)
From net realized gain on investments		—			(1.06	)		—			(2.29	)		(2.09	)		—
Total dividends and distributions		—			(1.36	)		(0.17	)		(2.42	)		(2.55	)		(0.22	)
Net asset value at end of period	$	15.80		$	13.81		$	15.94		$	13.61		$	15.40		$	18.75
Total investment return (c)		14.41	%(d)		(5.46	%)		18.37	%		4.63	%		(4.02	%)		8.61	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.53	%††		2.23	%		1.73	%		1.16	%		0.82	%		2.36	%(b)
Net expenses (e)		0.93	%††		0.93	%		0.98	%		1.04	%		1.03	%		1.04	%
Expenses (before waiver/reimbursement) (e)		0.97	%††		0.96	%		0.99	%		1.04	%		1.03	%		1.04	%
Portfolio turnover rate		7	%		25	%		122	%		99	%		86	%		68	%
Net assets at end of period (in 000’s)	$	457,780		$	431,635		$	536,044		$	526,452		$	569,660		$	647,096

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Included in net investment income per share and the ratio of net investment income to average net assets are $0.07 and 0.39%, respectively, resulting from a special one-time dividend from Vodafone Group PLC that paid $4.92 per share.

(c) 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.

(d) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(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.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Epoch U.S. Equity Yield Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on May 1, 1998. Service Class shares commenced operations on June 5, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek current income and capital appreciation.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities

and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

18 MainStay VP Epoch U.S. Equity Yield Portfolio

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During thesix-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended;

(ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in

19

Notes to Financial Statements(Unaudited) (continued)

connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(H)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $5,793,678 and receivednon-cash collateral in the form of U.S. Treasury securities with a value of $5,679,524.

20 MainStay VP Epoch U.S. Equity Yield Portfolio

(I)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. Epoch Investment Partners, Inc. (“Epoch” or the “Subadvisor”), a registered investment adviser, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and Epoch, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual percentage of the Portfolio’s average daily net assets. The Fund, on behalf of the Portfolio, pays New York Life Investments at the rate of 0.70% up to $500 million; 0.68% from $500 million to $1 billion; 0.66% from $1 billion to $2 billion; and 0.65% on assets over $2 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.69% (exclusive of any applicable waivers/reimbursements).

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Portfolio Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) portfolio/fund fees and expenses) of Service Class shares do not exceed 0.93% of average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement to Initial Class shares. This agreement will remain in effect until May 1, 2020, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $3,493,729 and waived fees/reimbursed expenses in the amount of $193,010, and paid the Subadvisor in the amount of $1,650,360.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	17,828	$	73,033	$	(87,987	)	$	—	$	—	$	2,874	$	165	$	—		2,874

21

Notes to Financial Statements(Unaudited) (continued)

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	862,656,284	$	151,174,611	$	(48,610,643	)	$	102,563,968

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$93,044,241	$7,528,502

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement.

During the six-month period ended June 30, 2019, the Portfolio utilized the line of credit for 1 day, maintained a balance of $58,363,000 at a rate of 3.29% and incurred interest expense in the amount of $5,333. As of June 30, 2019, there were no borrowings outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $69,039 and $191,295, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		272,921		$	4,121,629
Shares redeemed		(6,993,426	)		(108,899,829	)
Net increase (decrease)		(6,720,505	)	$	(104,778,200	)
Year ended December 31, 2018:
Shares sold		10,090,454		$	159,187,338
Shares issued to shareholders in reinvestment of dividends and distributions		3,922,337			59,595,915
Shares redeemed		(23,831,268	)		(366,163,878	)
Net increase (decrease)		(9,818,477	)	$	(147,380,625	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		576,259		$	8,689,206
Shares redeemed		(2,852,691	)		(43,208,013	)
Net increase (decrease)		(2,276,432	)	$	(34,518,807	)
Year ended December 31, 2018:
Shares sold		1,242,268		$	19,317,835
Shares issued to shareholders in reinvestment of dividends and distributions		2,733,043			40,976,828
Shares redeemed		(6,351,626	)		(98,298,473	)
Net increase (decrease)		(2,376,315	)	$	(38,003,810	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after

22 MainStay VP Epoch U.S. Equity Yield Portfolio

December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

23

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

24 MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781616 MSVPEUE10-08/19 (NYLIAC) NI521       

MainStay VP MacKay International

Equity Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	9
Financial Statements	12
Notes to Financial Statements	16
Proxy Voting Policies and Procedures and Proxy Voting Record	22
Shareholder Reports and Quarterly Portfolio Disclosure	22

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date		Six Months	One Year	Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares		5/1/1995	12.68%	–2.63%		4.10	%		6.26	%		0.96	%
Service Class Shares		6/5/2003	12.54	–2.87		3.84			6.00			1.21

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
MSCI ACWI® Ex U.S. Index3		13.60	%		1.29	%		2.16	%		6.54	%
MSCI EAFE® Index4		14.03			1.08			2.25			6.90
Morningstar Foreign Large Growth Category Average5		18.29			2.25			4.09			8.20

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Portfolio has selected the MSCI ACWI^® (All Country World Index) Ex U.S. Index as its primary broad-based securities market index. The MSCI ACWI^® Ex U.S. Index 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. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. The MSCI EAFE^® Index is the Portfolio’s secondary benchmark. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay International Equity Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,126.80	$	5.06	$	1,020.03	$	4.81	0.96%
Service Class Shares	$	1,000.00	$	1,125.40	$	6.38	$	1,018.79	$	6.06	1.21%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP MacKay International Equity Portfolio

Country Composition as of June 30, 2019(Unaudited)

United Kingdom	19.0	%
Japan	14.0
Netherlands	9.8
Germany	7.6
Ireland	6.6
Spain	5.4
Canada	4.8
Switzerland	4.6
Sweden	3.9
China	3.2

Denmark	2.9	%
India	2.9
France	2.8
Italy	2.8
United States	2.0
Mexico	1.4
Taiwan	1.4
Other Assets, Less Liabilities	4.9
	100.0	%

See Portfolio of Investments beginning on page 9 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings as of June 30, 2019(excludingshort-term investment) (Unaudited)

1. ICON PLC

2. Hexagon AB, Class B

3. Koninklijke Philips N.V.

4. Tencent Holdings, Ltd.

5. ZOZO, Inc.

  6. Tsuruha Holdings, Inc.

  7. Industria de Diseno Textil S.A.

  8. Housing Development Finance Corp., Ltd.

  9. Novo Nordisk A/S, Class B

10. Johnson Matthey PLC

7

Portfolio Management Discussion and Analysis(Unaudited)

Questions answered by portfolio managers Carlos Garcia-Tunon, CFA, Ian Murdoch and Lawrence Rosenberg of MacKay Shields LLC, the Portfolio’s Subadvisor.

How did MainStay VP MacKay International Equity Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay International Equity Portfolio returned 12.68% for Initial Class shares and 12.54% for Service Class shares. Over the same period, both share classes underperformed the 13.60% return of the MSCI ACWI^® Ex U.S. Index, which is the Portfolio’s primary benchmark; the 14.03% return of the MSCI EAFE^® Index, which is a secondary benchmark of the Portfolio; and the 18.29% return of the Morningstar Foreign Large Growth Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio underperformed its primary benchmark, the MSCI ACWI^® Ex U.S. Index, during the reporting period primarily due to stock selection, particularly in the consumer discretionary, communication services and consumer staples sectors. The impact on the Portfolio’s performance of relatively weak performing sectors was partially offset by positive contributions to the Portfolio’s relative performance from other sectors, including industrials, materials and information technology. (Contributions take weightings and total returns into account.)

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

The sectors that made the strongest positive contributions to the Portfolio’s performance relative to the MSCI ACWI^® Ex U.S. Index included industrials, information technology, and materials. The Portfolio’s relatively strong performance in industrials resulted largely from positive stock selection, with the effect of relatively underweight sector allocation essentially neutral. Information technology holdings benefited both from positive stock selection and the positive effect of the Portfolio’s overweight allocation to the sector, which outperformed the Index. Materials holdings benefited mainly from positive stock selection, with the effect of underweight sector allocation again essentially neutral.

The sectors that detracted most from the Portfolio’s performance relative to the MSCI ACWI^® Ex U.S. Index included consumer discretionary, communication services and consumer staples. The Portfolio’s consumer discretionary position suffered from unfavorable stock selection, partially offset by overweight exposure to the sector, which outperformed the Index. The Portfolio’s communication services positions suffered from both unfavorable stock selection as well as the negative effect of overweight exposure to the sector, which underperformed Index. The Portfolio’s consumer staples positions suffered from

unfavorable stock selection, with the effect of underweight sector allocation essentially neutral.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

The individual stocks that made the strongest positive contributions to the Portfolio’s absolute performance during the reporting period included Canadian software company Constellation Software, global management and technology consulting firm Accenture andU.K.-domiciled global life insurer Prudential. The stocks that detracted the most from the Portfolio’s absolute performance included German Internet access and services provider United Internet, U.K. medical technology company LivaNova and Luxembourg-based global luggage brand Samsonite.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio’s most substantial initial purchases during the reporting period included shares of British food servicer Compass Group and Dutch nutrition, health and sustainable living solutions producer Koninklijke DSM. Compass Group is the leading global catering company and a beneficiary of a long-term outsourcing trend. Koninklijke DSM is a differentiated specialty chemicals company benefiting from increased consumer focus on human and animal health, among other secular growth trends.

The Portfolio’s largest full sales during the reporting period included its positions in German digital payments provider Wirecard and U.K. hospitality group Whitbread. The Portfolio sold its Wirecard holdings on corporate governance concerns following a short-seller report. The Portfolio exited Whitbread largely on valuation grounds.

How did the Portfolio’s sector weightings change during the reporting period?

The Portfolio’s most substantial sector-weighting increases relative to the MSCI ACWI^® Ex U.S. Index were in materials, industrials and health care. The Portfolio’s most substantial decreases in sector weightings relative to the Index were in information technology, communication services and financials.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held its most substantially overweight sector positions relative to the MSCI ACWI^® Ex U.S. Index in health care, information technology and materials. As of the same date, the Portfolio’s most substantially underweight sector positions relative to the Index were in financials, energy and consumer staples.

1. See page 5 for more information on benchmark and peer group returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

8 MainStay VP MacKay International Equity Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 95.0%†
Canada 4.8%
Bank of Nova Scotia (Banks)		232,225	$	12,473,527
Constellation Software, Inc. (Software)		10,879		10,253,450
				22,726,977
China 3.2%
Tencent Holdings, Ltd. (Interactive Media & Services)		333,134		15,036,810
Denmark 2.9%
Novo Nordisk A/S, Class B (Pharmaceuticals)		266,059		13,557,999
France 2.8%
Teleperformance S.E. (Professional Services)		65,576		13,138,614
Germany 7.6%
Fresenius Medical Care A.G. & Co. KGaA (Health Care Providers & Services)		166,122		13,041,473
Scout24 A.G. (Interactive Media & Services) (a)		242,681		12,892,506
Symrise A.G. (Chemicals)		68,658		6,607,932
United Internet A.G., Registered (Diversified Telecommunication Services)		102,052		3,360,615
				35,902,526
India 2.9%
Housing Development Finance Corp., Ltd. (Thrifts & Mortgage Finance)		430,989		13,701,239
Ireland 6.6%
Accenture PLC, Class A (IT Services)		68,550		12,665,984
ICON PLC (Life Sciences Tools & Services) (b)		119,166		18,347,989
				31,013,973
Italy 2.8%
Banca IFIS S.p.A. (Diversified Financial Services)		349,117		4,712,165
DiaSorin S.p.A. (Health Care Equipment & Supplies)		72,445		8,410,714
				13,122,879
Japan 14.0%
CyberAgent, Inc. (Media)		180,500		6,537,611
Lion Corp. (Household Products)		386,800		7,200,367
Relo Group, Inc. (Real Estate Management & Development)		379,300		9,544,506
Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals)		163,844		5,809,726
TechnoPro Holdings, Inc. (Professional Services)		149,000		7,905,022
Tsuruha Holdings, Inc. (Food & Staples Retailing) (c)		153,740		14,202,573
ZOZO, Inc. (Internet & Direct Marketing Retail)		776,858		14,547,849
				65,747,654

	Shares		Value
Mexico 1.4%
Regional S.A.B. de C.V. (Banks)		1,239,251	$	6,383,575
Netherlands 9.8%
GrandVision N.V. (Specialty Retail) (a)		234,769		5,456,578
IMCD N.V. (Trading Companies & Distributors)		125,462		11,498,627
Koninklijke DSM N.V. (Chemicals)		103,266		12,763,965
Koninklijke Philips N.V. (Health Care Equipment & Supplies)		375,406		16,300,192
				46,019,362
Spain 5.4%
Amadeus IT Group S.A. (IT Services)		143,779		11,388,792
Industria de Diseno Textil S.A. (Specialty Retail)		464,860		13,981,268
				25,370,060
Sweden 3.9%
Hexagon AB, Class B (Electronic Equipment, Instruments & Components)		327,172		18,165,750
Switzerland 4.6%
Sika A.G., Registered (Chemicals)		51,301		8,755,118
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		135,061		12,936,143
				21,691,261
Taiwan 1.4%
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment)		173,912		6,812,133
United Kingdom 19.0%
Big Yellow Group PLC (Equity Real Estate Investment Trusts)		508,227		6,386,456
BTG PLC (Pharmaceuticals) (b)		631,028		6,695,476
Compass Group PLC (Hotels, Restaurants & Leisure)		544,805		13,055,676
Experian PLC (Professional Services)		293,660		8,890,730
HomeServe PLC (Commercial Services & Supplies)		530,730		8,000,382
Johnson Matthey PLC (Chemicals)		315,679		13,345,839
LivaNova PLC (Health Care Equipment & Supplies) (b)		147,438		10,609,639
Prudential PLC (Insurance)		566,431		12,343,852
St. James’s Place PLC (Capital Markets)		699,125		9,748,629
				89,076,679
United States 1.9%
Samsonite International S.A. (Textiles, Apparel & Luxury Goods) (a)		3,796,069		8,708,163
Total Common Stocks (Cost $413,574,889)				446,175,654

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 9

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares			Value
Short-Term Investment 0.1%
Affiliated Investment Company 0.1%
United States 0.1%
MainStay U.S. Government Liquidity Fund, 2.03% (d)		720,898		$	720,898
TotalShort-Term Investment (Cost $720,898)					720,898
Total Investments (Cost $414,295,787)		95.1	%		446,896,552
Other Assets, Less Liabilities		4.9			22,881,594
Net Assets		100.0	%	$	469,778,146

† Percentages indicated are based on Portfolio net assets.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) Non-income producing security.

(c) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of the security on loan was $101,672 and the Portfolio received non-cash collateral in the form of U.S. Treasury securities with a value of $112,809 (See Note 2(J)).

(d) Current yield as of June 30, 2019.

The following abbreviation is used in the preceding pages:

ADR—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	446,175,654	$	—	$	—	$	446,175,654
Short-Term Investment
Affiliated Investment Company		720,898		—		—		720,898
Total Investments in Securities	$	446,896,552	$	—	$	—	$	446,896,552

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

10 MainStay VP MacKay International Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The table below sets forth the diversification of the Portfolio ’s investments by industry.

Industry Diversification (Unaudited)

	Value		Percent †
Banks	$	18,857,102		4.0	%
Capital Markets		9,748,629		2.1
Chemicals		41,472,854		8.8
Commercial Services & Supplies		8,000,382		1.7
Diversified Financial Services		4,712,165		1.0
Diversified Telecommunication Services		3,360,615		0.7
Electronic Equipment, Instruments & Components		31,101,893		6.6
Equity Real Estate Investment Trusts		6,386,456		1.4
Food & Staples Retailing		14,202,573		3.0
Health Care Equipment & Supplies		35,320,545		7.5
Health Care Providers & Services		13,041,473		2.8
Hotels, Restaurants & Leisure		13,055,676		2.8
Household Products		7,200,367		1.5
Insurance		12,343,852		2.6
Interactive Media & Services		27,929,316		5.9
Internet & Direct Marketing Retail		14,547,849		3.1
IT Services		24,054,776		5.1
Life Sciences Tools & Services		18,347,989		3.9
Media		6,537,611		1.4
Pharmaceuticals		26,063,201		5.6
Professional Services		29,934,366		6.4
Real Estate Management & Development		9,544,506		2.0
Semiconductors & Semiconductor Equipment		6,812,133		1.5
Software		10,253,450		2.2
Specialty Retail		19,437,846		4.1
Textiles, Apparel & Luxury Goods		8,708,163		1.9
Thrifts & Mortgage Finance		13,701,239		2.9
Trading Companies & Distributors		11,498,627		2.5
		446,175,654		95.0
Short-Term Investment		720,898		0.1
Other Assets, Less Liabilities		22,881,594		4.9
Net Assets	$	469,778,146		100.0	%

† Percentages indicated are based on Portfolio net assets.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $413,574,889) including securities on loan of $101,672	$	446,175,654
Investment in affiliated investment company, at value (identified cost $720,898)		720,898
Cash denominated in foreign currencies (identified cost $17,121,511)		17,486,371
Receivables:
Portfolio shares sold		4,291,151
Dividends and interest		1,870,558
Securities lending		30,824
Other assets		2,123
Total assets		470,577,579
Liabilities
Payables:
Manager (See Note 3)		331,713
Portfolio shares redeemed		281,463
Custodian		64,199
NYLIFE Distributors (See Note 3)		57,789
Professional fees		29,500
Shareholder communication		26,761
Trustees		525
Investment securities purchased		99
Accrued expenses		7,384
Total liabilities		799,433
Net assets	$	469,778,146
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	27,998
Additional paid-in capital		371,166,337
		371,194,335
Total distributable earnings (loss)		98,583,811
Net assets	$	469,778,146

Initial Class
Net assets applicable to outstanding shares	$	181,349,091
Shares of beneficial interest outstanding		10,742,461
Net asset value per share outstanding	$	16.88
Service Class
Net assets applicable to outstanding shares	$	288,429,055
Shares of beneficial interest outstanding		17,255,192
Net asset value per share outstanding	$	16.72

12 MainStay VP MacKay International Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends—unaffiliated (a)	$	5,169,536
Securities lending		41,202
Interest		10,066
Dividends-affiliated		7,979
Total income		5,228,783
Expenses
Manager (See Note 3)		1,991,639
Distribution/Service—Service Class (See Note 3)		347,035
Custodian		59,362
Professional fees		45,271
Shareholder communication		29,876
Trustees		5,484
Miscellaneous		15,592
Total expenses		2,494,259
Net investment income (loss)		2,734,524
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		6,910,020
Foreign currency transactions		103,032
Net realized gain (loss) on investments and foreign currency transactions		7,013,052
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		42,121,303
Translation of other assets and liabilities in foreign currencies		659,016
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		42,780,319
Net realized and unrealized gain (loss) on investments and foreign currency transactions		49,793,371
Net increase (decrease) in net assets resulting from operations	$	52,527,895

(a) Dividends recorded net of foreign withholding taxes in the amount of $583,329.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	2,734,524		$	1,965,271
Net realized gain (loss) on investments and foreign currency transactions		7,013,052			59,141,904
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		42,780,319			(115,839,285	)
Net increase (decrease) in net assets resulting from operations		52,527,895			(54,732,110	)
Distributions to shareholders:
Initial Class		—			(5,332,706	)
Service Class		—			(8,219,947	)
Total distributions to shareholders		—			(13,552,653	)
Capital share transactions:
Net proceeds from sale of shares		30,087,835			66,083,849
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			13,552,653
Cost of shares redeemed		(29,359,959	)		(102,298,109	)
Increase (decrease) in net assets derived from capital share transactions		727,876			(22,661,607	)
Net increase (decrease) in net assets		53,255,771			(90,946,370	)
Net Assets
Beginning of period		416,522,375			507,468,745
End of period	$	469,778,146		$	416,522,375

14 MainStay VP MacKay International Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	14.99		$	17.46		$	13.24		$	14.04		$	13.36		$	13.81
Net investment income (loss) (a)		0.11			0.10			0.07			0.10			0.10			0.12
Net realized and unrealized gain (loss) on investments		1.75			(2.00	)		4.21			(0.77	)		0.75			(0.44	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.03			(0.04	)		0.03			(0.02	)		(0.03	)		(0.04	)
Total from investment operations		1.89			(1.94	)		4.31			(0.69	)		0.82			(0.36	)
Less dividends and distributions:
From net investment income		—			(0.21	)		(0.09	)		(0.11	)		(0.14	)		(0.09	)
From net realized gain on investments		—			(0.32	)		—			—			—			—
Total dividends and distributions		—			(0.53	)		(0.09	)		(0.11	)		(0.14	)		(0.09	)
Net asset value at end of period	$	16.88		$	14.99		$	17.46		$	13.24		$	14.04		$	13.36
Total investment return (b)		12.61	%(c)		(11.56	%)		32.61	%		(4.95	%)		6.17	%		(2.62	%)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.37	%††		0.55	%		0.43	%		0.71	% (d)		0.74	%		0.85	%
Net expenses (e)		0.96	%††		0.96	%		0.96	%		0.95	% (f)		0.95	%		0.95	%
Portfolio turnover rate		25	%		46	%		49	%		28	%		40	%		38	%
Net assets at end of period (in 000’s)	$	181,349		$	158,215		$	196,676		$	171,048		$	243,076		$	217,936

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 0.70%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 0.96%.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	14.86		$	17.32		$	13.13		$	13.92		$	13.24		$	13.70
Net investment income (loss) (a)		0.09			0.05			0.03			0.05			0.07			0.08
Net realized and unrealized gain (loss) on investments		1.74			(1.99	)		4.18			(0.74	)		0.74			(0.44	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.03			(0.04	)		0.03			(0.03	)		(0.03	)		(0.04	)
Total from investment operations		1.86			(1.98	)		4.24			(0.72	)		0.78			(0.40	)
Less dividends and distributions:
From net investment income		—			(0.16	)		(0.05	)		(0.07	)		(0.10	)		(0.06	)
From net realized gain on investments		—			(0.32	)		—			—			—			—
Total dividends and distributions		—			(0.48	)		(0.05	)		(0.07	)		(0.10	)		(0.06	)
Net asset value at end of period	$	16.72		$	14.86		$	17.32		$	13.13		$	13.92		$	13.24
Total investment return (b)		12.52	%(c)		(11.78	%)		32.28	%		(5.17	%)		5.90	%		(2.86	%)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.13	%††		0.32	%		0.18	%		0.40	% (d)		0.48	%		0.60	%
Net expenses (e)		1.21	%††		1.21	%		1.21	%		1.20	% (f)		1.20	%		1.20	%
Portfolio turnover rate		25	%		46	%		49	%		28	%		40	%		38	%
Net assets at end of period (in 000’s)	$	288,429		$	258,307		$	310,793		$	251,474		$	300,184		$	309,428

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 0.39%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 1.21%.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay International Equity Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on May 1, 1995. Service Class shares commenced operations on June 5, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan, adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seeklong-term growth of capital.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation

determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

16 MainStay VP MacKay International Equity Portfolio

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During thesix-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided,

does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of June 30, 2019, no foreign equity securities held by the Portfolio were fair valued in such a manner.

Equity securities, including exchange-traded funds (“ETFs”), are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

17

Notes to Financial Statements(Unaudited) (continued)

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least

annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities.

18 MainStay VP MacKay International Equity Portfolio

The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(I)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(J)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its

securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $101,672 and receivednon-cash collateral in the form of U.S. Treasury securities with a value of $112,809.

(K)  Foreign Securities Risk.  The Portfolio invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(L)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

19

Notes to Financial Statements(Unaudited) (continued)

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.89% up to $500 million; and 0.85% in excess of $500 million. During the six-month period ended June 30, 2019, the effective management fee rate was 0.89%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $1,991,639, and paid the Subadvisor in the amount of $995,820.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or

procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	880	$	14,731	$	(14,890	)	$	—	$	—	$	721	$	8	$	—		721

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	418,420,485	$	57,011,550	$	(28,535,483	)	$	28,476,067

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long- Term Gains
$4,899,861	$8,652,792

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may

20 MainStay VP MacKay International Equity Portfolio

participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $105,794 and $107,065, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		687,245		$	11,198,251
Shares redeemed		(501,942	)		(8,209,041	)
Net increase (decrease)		185,303		$	2,989,210
Year ended December 31, 2018:
Shares sold		1,475,541		$	25,782,475
Shares issued to shareholders in reinvestment of dividends and distributions		312,024			5,332,706
Shares redeemed		(2,491,904	)		(43,806,947	)
Net increase (decrease)		(704,339	)	$	(12,691,766	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,178,257		$	18,889,584
Shares redeemed		(1,308,704	)		(21,150,918	)
Net increase (decrease)		(130,447	)	$	(2,261,334	)
Year ended December 31, 2018:
Shares sold		2,365,452		$	40,301,374
Shares issued to shareholders in reinvestment of dividends and distributions		484,842			8,219,947
Shares redeemed		(3,408,644	)		(58,491,162	)
Net increase (decrease)		(558,350	)	$	(9,969,841	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

21

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

22 MainStay VP MacKay International Equity Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781629 MSVPIE10-08/19 (NYLIAC) NI523   

MainStay VP Large Cap Growth Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	12
Notes to Financial Statements	16
Proxy Voting Policies and Procedures and Proxy Voting Record	22
Shareholder Reports and Quarterly Portfolio Disclosure	22

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months	One Year	Five Years	Ten Years			Gross Expense Ratio2
Initial Class Shares	5/1/1998	23.01%	11.85%	13.43%		15.67	%		0.76	%
Service Class Shares	6/6/2003	22.85	11.57	13.14		15.38			1.01

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
Russell 1000® Growth Index3		21.49	%		11.56	%		13.39	%		16.28	%
S&P 500® Index4		18.54			10.42			10.71			14.70
Morningstar Large Growth Category Average5		21.11			10.02			11.33			14.71

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Russell 1000^® Growth Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Russell 1000^® Growth Index measures the performance of thelarge-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with higherprice-to-book ratios and higher forecasted growth values. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. 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 measuringlarge-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Large Cap Growth Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,230.10	$	4.15	$	1,021.08	$	3.76	0.75%
Service Class Shares	$	1,000.00	$	1,228.50	$	5.53	$	1,019.84	$	5.01	1.00%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Large Cap Growth Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Software	17.7	%
IT Services	16.7
Interactive Media & Services	9.6
Internet & Direct Marketing Retail	7.9
Health Care Equipment & Supplies	4.9
Life Sciences Tools & Services	4.6
Entertainment	4.3
Textiles, Apparel & Luxury Goods	3.7
Aerospace & Defense	3.5
Pharmaceuticals	3.4
Specialty Retail	3.2
Semiconductors & Semiconductor Equipment	3.0
Chemicals	2.7
Automobiles	1.9

Health Care Providers & Services	1.7	%
Road & Rail	1.7
Capital Markets	1.6
Biotechnology	1.4
Industrial Conglomerates	1.4
Professional Services	1.3
Health Care Technology	1.2
Banks	1.0
Machinery	1.0
Short-Term Investment	0.7
Other Assets, Less Liabilities	–0.1
	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings as of June 30, 2019(excluding short-term investment) (Unaudited)

1. Microsoft Corp.

2. Amazon.com, Inc.

3. Alphabet, Inc.

4. Visa, Inc., Class A

5. Facebook, Inc., Class A

  6. Mastercard, Inc., Class A

  7. Adobe, Inc.

  8. salesforce.com, Inc.

  9. NIKE, Inc., Class B

10. PayPal Holdings, Inc.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Justin H. Kelly, CFA, and Patrick M. Burton, CFA, of Winslow Capital Management, LLC, the Portfolio’s Subadvisor.

How did MainStay VP Large Cap Growth Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Large Cap Growth Portfolio returned 23.01% for Initial Class shares and 22.85% for Service Class shares. Over the same period, both share classes outperformed the 21.49% return of the Russell 1000^® Growth Index, which is the Portfolio’s primary benchmark and a broad-based securities-market index; the 18.54% return of the S&P 500^® Index, which is a secondary benchmark of the Portfolio; and the 21.11% return of the Morningstar Large Growth Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio’s outperformance relative to the Russell 1000^® Growth Index was driven entirely by strong individual stock selections. Sector allocation detracted from relative performance.

The first half of the reporting period produced strong results for the Portfolio in virtually every respect. During the first three months of 2019, accommodative central bank monetary policy and increased optimism on trade negotiations drove strong returns in global equity markets, particularly among growth-oriented shares.

The second quarter of 2019 also produced positive equity returns relative to the Russell 1000^® Growth Index, adding to a very strong reporting period. Offsetting forces were at play as solid domestic consumer demand was counterbalanced by geopolitical tensions that acted as a drag on the economy and the market. Growth-oriented stocks again outperformed their value-oriented counterparts as the market continued to reward the scarcity of earnings growth across the U.S. equity landscape. In March 2019, the yield curve² inverted for the first time since 2006, giving rise to concerns of a possible impending recession. These concerns were exacerbated by slowing global growth and rising trade tensions, driving equity markets lower in May 2019. Markets recovered in early June 2019 after the U.S. Federal Reserve signaled a shift in posture to combat the slowdown and support the economy with potential rate cuts.

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

The three leading contributors to the Portfolio’s strong performance relative to the Russell 1000^® Growth Index during the reporting period included health care, industrials and

information technology. (Contributions take weightings and total returns into account.) In each case, the Portfolio’s outperformance was largely driven by strong individual stock selections. The portfolio’s lack of exposure to the consumer staples and energy sectors also enhanced relative performance. The most significant detractors from the Portfolio’s relative performance included stock selections in the communication services and consumer discretionary sectors.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

The strongest positive individual contributors to the Portfolio’s absolute performance during the reporting period included holdings in software giant Microsoft, e-commerce leader Amazon.com and electronic payments provider Visa. Microsoft capitalized on the growing success of its subscription software model and the rapid expansion of its Azure cloud computing business. Amazon continued to dominate thee-commerce retail space and fueled additional growth through its public cloud offering, Amazon Web Services, with both business segments experiencing strong topline growth and expanding margins. Visa, the global leader in digital payments, benefited from the world’s continuing transition from cash and check to electronic transactions. The company’s Visa Direct segment generated exceptional growth in the area of directperson-to-person andbusiness-to-business electronic disbursements.

Notable detractors from the Portfolio’s absolute performance during the same period included semiconductor maker Microchip Technology, health insurer UnitedHealth Group and Chinese internet services provider Alibaba. Microchip Technology shares experienced weakness as negative investor sentiment weighed on the broader semiconductor industry. UnitedHealth Group was weakened along with other health care insurers by uncertainties arising from the“Medicare-for-All” policy proposals offered by a number of Democratic presidential candidates. Alibaba suffered in response to trade tensions between the United States and China, and from unsettling Chinese macroeconomic trends.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio repurchased shares in global social media leader Facebook during the reporting period, after selling its position in the company during the fourth quarter of 2018. Large advertisers did not pull advertising dollars amid privacy concerns as the street feared, and some of those that did simply redeployed their expenditures to Instagram, which remained part of the

1. See page 5 for more information on benchmark and peer group returns.

2. The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.

8 MainStay VP Large Cap Growth Portfolio

Facebook ecosystem. The Portfolio also purchased shares in diversified mass media and entertainment conglomerate The Walt Disney Company during the same period. The purchase reflected our favorable view of the pending launch of streaming service Disney+, as well as the potential of the company’s existing content brands, including Pixar, Lucas and Marvel, to drive growth for the company.

Significant sales during the reporting period included the Portfolio’s holdings of wireless communications infrastructure/tower company American Tower due to the stock’s high valuation, and medical supply company Becton Dickinson due to safety concerns regarding one key new product and an FDA rejection of another key new product application.

How did the Portfolio’s sector weightings change during the reporting period?

The Portfolio increased its exposure relative to the Russell 1000^® Growth Index of holdings in the communication services and information technology sectors during the reporting period. During the same period, we trimmed the Portfolio’s health care holdings in response to the risks of policy shifts. In selling the Portfolio’s American Tower holdings, mentioned above, we reduced the Portfolio’s real estate exposure to zero.

How was the Portfolio positioned at the end of the reporting period?

Although we reduced the Portfolio’s exposure to the health care sector, health care remained the Portfolio’s largest overweight

position relative to the Russell 1000^® Growth Index as of the end of the reporting period. However, as of June 30, 2019, the Portfolio’s health care holdings are primarily focused in industries where we identified positive fundamentals, such as medical technology and life sciences tools, and away from industries pressured by political uncertainties related to drug pricing and health insurance.

As of June 30, 2019, the Portfolio held its largest exposure in absolute terms and second largest relative to its benchmark in the information technology sector. This position arose from research showing strong anticipated spending levels on software through 2019, as well as a likelihood of increasing expenditures on digital marketing and the continued displacement of cash by electronic payments.

As of the same date, the Portfolio held zero exposure to consumer staples, a sector where we modeled little or no growth coupled with unattractive valuations. The Portfolio also held underweight exposure to industrials, a sector where fundamentals remained muted by soft demand from China and Europe. Among industrials, the Portfolio emphasized stocks in companies positioned to benefit from strong domestic capital spending bolstered by the tailwinds of tax reform, as well as aerospace and defense stocks likely to rise on growing defense spending.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 99.4%†
Aerospace & Defense 3.5%
Boeing Co.		51,150	$	18,619,112
Northrop Grumman Corp.		62,550		20,210,530
				38,829,642
Automobiles 1.9%
Ferrari N.V.		131,500		21,226,730
Banks 1.0%
JPMorgan Chase & Co.		96,000		10,732,800
Biotechnology 1.4%
Exact Sciences Corp. (a)		135,100		15,947,204
Capital Markets 1.6%
Moody’s Corp.		92,240		18,015,394
Chemicals 2.7%
Linde PLC		88,500		17,770,800
Sherwin-Williams Co.		28,320		12,978,773
				30,749,573
Entertainment 4.3%
Netflix, Inc. (a)		68,150		25,032,858
Walt Disney Co.		168,300		23,501,412
				48,534,270
Health Care Equipment & Supplies 4.9%
Abbott Laboratories		182,100		15,314,610
Align Technology, Inc. (a)		24,550		6,719,335
Intuitive Surgical, Inc. (a)		28,480		14,939,184
Stryker Corp.		85,600		17,597,648
				54,570,777
Health Care Providers & Services 1.7%
UnitedHealth Group, Inc.		75,910		18,522,799
Health Care Technology 1.2%
Veeva Systems, Inc., Class A (a)		80,650		13,074,172
Industrial Conglomerates 1.4%
Honeywell International, Inc.		92,290		16,112,911
Interactive Media & Services 9.6%
Alphabet, Inc. (a)
Class A		27,465		29,739,102
Class C		27,839		30,091,453
Facebook, Inc., Class A (a)		244,000		47,092,000
				106,922,555

	Shares		Value
Internet & Direct Marketing Retail 7.9%
Alibaba Group Holding, Ltd., Sponsored ADR (a)		35,150	$	5,956,167
Amazon.com, Inc. (a)		38,360		72,639,647
MercadoLibre, Inc. (a)		16,410		10,039,146
				88,634,960
IT Services 16.7%
Automatic Data Processing, Inc.		108,300		17,905,239
Fiserv, Inc. (a)		176,200		16,062,392
GoDaddy, Inc., Class A (a)		239,600		16,807,940
Mastercard, Inc., Class A		139,650		36,941,615
Pagseguro Digital, Ltd., Class A (a)		430,600		16,780,482
PayPal Holdings, Inc. (a)		225,250		25,782,115
Visa, Inc., Class A		324,150		56,256,232
				186,536,015
Life Sciences Tools & Services 4.6%
Agilent Technologies, Inc.		162,100		12,104,007
Illumina, Inc. (a)		61,770		22,740,625
Thermo Fisher Scientific, Inc.		56,300		16,534,184
				51,378,816
Machinery 1.0%
Fortive Corp.		141,900		11,567,688
Pharmaceuticals 3.4%
AstraZeneca PLC, Sponsored ADR		370,300		15,285,984
Zoetis, Inc.		199,550		22,646,930
				37,932,914
Professional Services 1.3%
CoStar Group, Inc. (a)		26,755		14,823,875
Road & Rail 1.7%
Union Pacific Corp.		111,450		18,847,310
Semiconductors & Semiconductor Equipment 3.0%
Microchip Technology, Inc.		153,400		13,299,780
Texas Instruments, Inc.		95,850		10,999,746
Xilinx, Inc.		80,450		9,486,664
				33,786,190
Software 17.7%
Adobe, Inc. (a)		114,550		33,752,157
Autodesk, Inc. (a)		82,700		13,471,830
Intuit, Inc.		91,000		23,781,030
Microsoft Corp.		641,900		85,988,924
salesforce.com, Inc. (a)		221,950		33,676,474
Workday, Inc., Class A (a)		37,450		7,698,971
				198,369,386

10 MainStay VP Large Cap Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares			Value
Common Stocks (continued)
Specialty Retail 3.2%
Five Below, Inc. (a)		91,700		$	11,005,834
Lowe’s Cos., Inc.		248,600			25,086,226
					36,092,060
Textiles, Apparel & Luxury Goods 3.7%
NIKE, Inc., Class B		337,950			28,370,903
VF Corp.		148,400			12,962,740
					41,333,643
Total Common Stocks (Cost $814,041,880)					1,112,541,684
Short-Term Investment 0.7%
Affiliated Investment Company 0.7%
MainStay U.S. Government Liquidity Fund, 2.03% (b)		7,395,332			7,395,332
TotalShort-Term Investment (Cost $7,395,332)					7,395,332
Total Investments (Cost $821,437,212)		100.1	%		1,119,937,016
Other Assets, Less Liabilities		(0.1	)		(851,671	)
Net Assets		100.0	%	$	1,119,085,345

† Percentages indicated are based on Portfolio net assets.

(a) Non-income producing security.

(b) Current yield as of June 30, 2019.

The following abbreviation is used in the preceding pages:

ADR—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	1,112,541,684	$	—	$	—	$	1,112,541,684
Short-Term Investment
Affiliated Investment Company		7,395,332		—		—		7,395,332
Total Investments in Securities	$	1,119,937,016	$	—	$	—	$	1,119,937,016

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in securities, at value (identified cost $814,041,880)	$	1,112,541,684
Investment in affiliated investment company, at value (identified cost $7,395,332)		7,395,332
Receivables:
Investment securities sold		1,059,984
Dividends		228,700
Portfolio shares sold		143,780
Other assets		4,420
Total assets		1,121,373,900
Liabilities
Payables:
Investment securities purchased		726,303
Portfolio shares redeemed		670,192
Manager (See Note 3)		659,537
NYLIFE Distributors (See Note 3)		151,308
Professional fees		33,791
Shareholder communication		25,689
Custodian		13,055
Trustees		1,071
Accrued expenses		7,609
Total liabilities		2,288,555
Net assets	$	1,119,085,345
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	43,503
Additional paid-in capital		631,833,908
		631,877,411
Total distributable earnings (loss)		487,207,934
Net assets	$	1,119,085,345

Initial Class
Net assets applicable to outstanding shares	$	367,869,358
Shares of beneficial interest outstanding		13,818,326
Net asset value per share outstanding	$	26.62
Service Class
Net assets applicable to outstanding shares	$	751,215,987
Shares of beneficial interest outstanding		29,684,746
Net asset value per share outstanding	$	25.31

12 MainStay VP Large Cap Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends—unaffiliated (a)	$	3,634,260
Dividends—affiliated		100,222
Securities lending		46,363
Interest		5
Total income		3,780,850
Expenses
Manager (See Note 3)		3,781,015
Distribution/Service—Service Class (See Note 3)		882,359
Professional fees		52,374
Shareholder communication		31,816
Custodian		12,150
Trustees		12,135
Miscellaneous		18,833
Total expenses before waiver/reimbursement		4,790,682
Expense waiver/reimbursement from Manager (See Note 3)		(14,409	)
Net expenses		4,776,273
Net investment income (loss)		(995,423	)
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		51,498,927
Net change in unrealized appreciation (depreciation) on unaffiliated investments		154,848,794
Net realized and unrealized gain (loss) on investments		206,347,721
Net increase (decrease) in net assets resulting from operations	$	205,352,298

(a) Dividends recorded net of foreign withholding taxes in the amount of $24,219.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	(995,423	)	$	(1,447,963	)
Net realized gain (loss) on investments		51,498,927			139,169,478
Net change in unrealized appreciation (depreciation) on investments		154,848,794			(98,221,042	)
Net increase (decrease) in net assets resulting from operations		205,352,298			39,500,473
Distributions to shareholders:
Initial Class		—			(34,707,849	)
Service Class		—			(93,948,035	)
Total distributions to shareholders		—			(128,655,884	)
Capital share transactions:
Net proceeds from sale of shares		140,628,719			198,201,726
Net asset value of shares issued to shareholders in reinvestment of distributions		—			128,655,884
Cost of shares redeemed		(88,905,789	)		(320,067,442	)
Increase (decrease) in net assets derived from capital share transactions		51,722,930			6,790,168
Net increase (decrease) in net assets		257,075,228			(82,365,243	)
Net Assets
Beginning of period		862,010,117			944,375,360
End of period	$	1,119,085,345		$	862,010,117

14 MainStay VP Large Cap Growth Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Initial Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	21.64			$	23.92			$	18.71			$	20.83			$	22.48			$	22.83
Net investment income (loss) (a)			(0.00	)‡			0.00	‡			0.02				0.01				(0.00	)‡			(0.01	)
Net realized and unrealized gain (loss) on investments			4.98				1.36				6.00				(0.43	)			1.22				2.29
Total from investment operations			4.98				1.36				6.02				(0.42	)			1.22				2.28
Less distributions:
From net realized gain on investments			—				(3.64	)			(0.81	)			(1.70	)			(2.87	)			(2.63	)
Net asset value at end of period		$	26.62			$	21.64			$	23.92			$	18.71			$	20.83			$	22.48
Total investment return (b)			23.01	%			3.57	%			32.39	%			(2.27	%)			6.18	%			10.63	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			(0.02	%)††			0.01	%			0.10	%			0.07	%			(0.01	%)			(0.03	%)
Net expenses (c)			0.75	% ††(d)			0.76	%(d)			0.76	%(d)			0.77	%			0.77	%			0.77	%
Portfolio turnover rate			32	%			58	%			53	%			94	%			71	%			78	%
Net assets at end of period (in 000’s)		$	367,869			$	238,174			$	368,861			$	518,425			$	448,409			$	410,122

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d) Expense waiver/reimbursement less than 0.01%.

	Six months ended June 30,				Year ended December 31,
Service Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	20.60			$	22.96			$	18.03			$	20.18			$	21.93			$	22.39
Net investment income (loss) (a)			(0.03	)			(0.06	)			(0.03	)			(0.03	)			(0.06	)			(0.06	)
Net realized and unrealized gain (loss) on investments			4.74				1.34				5.77				(0.42	)			1.18				2.23
Total from investment operations			4.71				1.28				5.74				(0.45	)			1.12				2.17
Less distributions:
From net realized gain on investments			—				(3.64	)			(0.81	)			(1.70	)			(2.87	)			(2.63	)
Net asset value at end of period		$	25.31			$	20.60			$	22.96			$	18.03			$	20.18			$	21.93
Total investment return (b)			22.86	% (c)			3.31	%			32.06	%			(2.52	%)			5.91	%			10.35	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			(0.27	%)††			(0.23	%)			(0.15	%)			(0.17	%)			(0.26	%)			(0.28	%)
Net expenses (d)			1.00	% ††(e)			1.01	% (e)			1.01	% (e)			1.02	%			1.02	%			1.02	%
Portfolio turnover rate			32	%			58	%			53	%			94	%			71	%			78	%
Net assets at end of period (in 000’s)		$	751,216			$	623,836			$	575,514			$	435,029			$	440,891			$	373,762

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) Expense waiver/reimbursement less than 0.01%.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Large Cap Growth Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on May 1, 1998. Service Class shares commenced operations on June 6, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seeklong-term growth of capital.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation

determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

16 MainStay VP Large Cap Growth Portfolio

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided,

does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing

17

Notes to Financial Statements(Unaudited) (continued)

authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or

the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(H)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio did not have any portfolio securities on loan.

(I)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that

may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations

18 MainStay VP Large Cap Growth Portfolio

and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. Winslow Capital Management, LLC. (“Winslow” or “Subadvisor”), a registered investment adviser, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and Winslow, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for services performed and facilities furnished at an annual rate of the average daily net assets as follows: 0.75% up to $500 million; 0.725% from $500 million to $750 million; 0.71% from $750 million to $1 billion; 0.70% from $1 billion to $2 billion; 0.66% from $2 billion to $3 billion; 0.61% from $3 billion to $7 billion; 0.585% from $7 billion to $9 billion and; 0.575% in excess of $9 billion.

New York Life Investments has voluntarily agreed to waive a portion of its management fee when the subadvisory fee is reduced as a result of achieving breakpoints in the subadvisory fee schedule. The savings that result from the reduced subadvisory fee will be shared equally with the Portfolio provided that the amount of the management fee retained by New York Life Investments, after payment of the subadvisory fee,

exceeds 0.35% of the average daily net assets of the Portfolio. This waiver may be discontinued at any time.

New York Life Investments has contractually agreed to waive a portion of its management fee so that the management fee does not exceed 0.55% of the Portfolio’s average daily net assets from $11 billion to $13 billion; and 0.525% of the Portfolio’s average daily net assets over $13 billion. This agreement expires May 1, 2020, and may only be amended or terminated prior to that date by action of the Board. During the six-month period ended June 30, 2019, the effective management fee rate was 0.73% (exclusive of any applicable waivers/reimbursements).

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $3,781,015 and waived fees/reimbursed expenses in the amount of $14,409, and paid the Subadvisor in the amount of $1,508,458.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	8,968	$	186,104	$	(187,677	)	$	—	$	—	$	7,395	$	100	$	—		7,395

19

Notes to Financial Statements(Unaudited) (continued)

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	822,020,610	$	302,395,441	$	(4,479,035	)	$	297,916,406

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$21,428,939	$107,226,945

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may

participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $381,906 and $328,928, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		4,052,160		$	97,665,215
Shares redeemed		(1,238,677	)		(31,293,616	)
Net increase (decrease)		2,813,483		$	66,371,599
Year ended December 31, 2018:
Shares sold		878,713		$	21,647,590
Shares issued to shareholders in reinvestment of dividends and distributions		1,376,844			34,707,849
Shares redeemed		(6,673,215	)		(176,781,249	)
Net increase (decrease)		(4,417,658	)	$	(120,425,810	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,837,573		$	42,963,504
Shares redeemed		(2,437,809	)		(57,612,173	)
Net increase (decrease)		(600,236	)	$	(14,648,669	)
Year ended December 31, 2018:
Shares sold		7,282,865		$	176,554,136
Shares issued to shareholders in reinvestment of dividends and distributions		3,913,368			93,948,035
Shares redeemed		(5,972,059	)		(143,286,193	)
Net increase (decrease)		5,224,174		$	127,215,978

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this

20 MainStay VP Large Cap Growth Portfolio

time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date

the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

21

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

22 MainStay VP Large Cap Growth Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781631 MSVPLG10-08/19 (NYLIAC) NI525     

MainStay VP Fidelity Institutional AM^® Utilities Portfolio*

(Formerly known as MainStay VP MFS^® Utilities Portfolio)

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

* Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	11
Notes to Financial Statements	16
Proxy Voting Policies and Procedures and Proxy Voting Record	23
Shareholder Reports and Quarterly Portfolio Disclosure	23

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date		Six Months			One Year			Five Years			Since Inception2			Gross Expense Ratio3
Initial Class Shares		2/17/2012		13.82	%		11.96	%		3.89	%		8.75	%		0.68	%
Service Class Shares		2/17/2012		13.68			11.68			3.64			8.48			0.93

Benchmark Performance	Six Months			One Year			Five Years			Since Inception
MSCI USA IMI Utilities 25/50 Index4		14.46	%		18.34	%		10.19	%		12.03	%
Dow Jones Global Utilities Index5		12.83			13.87			5.32			7.36
Morningstar Utilities Category Average6		14.06			15.62			7.93			9.94

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2. 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.

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.

4. The MSCI USA IMI Utilities 25/50 Index is the Portfolio’s primary benchmark. The MSCI USA IMI Utilities 25/50 Index 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, the aggregation

of the MSCI U.S. Large Cap 300, Mid Cap 450, and Small Cap 1750 Indices, covering approximately 99% of the free float-adjusted market capitalization in the United States. The MSCI USA IMI Utilities 25/50 Index includes providers of electricity, gas and water; independent power producers and energy traders; generation and distribution of electricity as in renewable sources. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. Prior to November 30, 2018, the Dow Jones Global Utilities Index was the Portfolio’s primary benchmark. The Dow Jones Global Utilities Index is a free-float market-capitalization-weighted index that measures the performance of utility companies in developed and emerging markets. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Fidelity Institutional AM^® Utilities Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the six-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,138.20	$	3.66	$	1,021.37	$	3.46	0.69%
Service Class Shares	$	1,000.00	$	1,136.80	$	4.98	$	1,020.13	$	4.71	0.94%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Fidelity Institutional AM Utilities Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Electric Utilities	53.3	%
Multi-Utilities	26.2
Independent Power & Renewable Electricity Producers	8.7
Gas Utilities	4.8
Oil, Gas & Consumable Fuels	2.8
Media	1.4

Water Utilities	0.5	%
Short-Term Investment	2.9
Other Assets, Less Liabilities	–0.6
	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings as of June 30, 2019(excluding short-term investment) (Unaudited)

1. Dominion Energy, Inc.

2. Exelon Corp.

3. Sempra Energy

4. Southern Co.

5. Edison International

  6. NextEra Energy, Inc.

  7. Entergy Corp.

  8. FirstEnergy Corp.

  9. Public Service Enterprise Group, Inc.

10. Duke Energy Corp.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio manager Douglas Simmons of FIAM LLC (“FIAM”) the Portfolio’s Subadvisor.

How did MainStay VP Fidelity Institutional AM^® Utilities Portfolio¹ perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Fidelity Institutional AM^® Utilities Portfolio returned 13.82% for Initial Class shares and 13.68% for Service Class shares. Over the same period, both share classes underperformed the 14.46% return of the MSCI USA IMI Utilities 25/50 Index,which is the Portfolio’s primary benchmark, and outperformed the 12.83% return of the Dow Jones Global Utilities Index, which is the Portfolio’s secondary benchmark. For the six months ended June 30, 2019, both share classes underperformed the 14.06% return of the Morningstar Utilities Category Average.²

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio’s performance lagged that of its benchmark, the S&P MSCI USA IMI Utilities 25/50 Index, primarily due to disappointing allocations to the independent power producers & energy traders and water utilities subsectors.

Which subsectors were the strongest positive contributors to the Portfolio’s relative performance, and which subsectors were particularly weak?

During the reporting period, water utilities recorded the strongest performance of any industry in the index, however, the subsector represented only a small portion of the Portfolio and index. The subsectors making the weakest contributions to the Portfolio’s performance relative to the MSCI USA IMI Utilities 25/50 Index included independent power producers & energy traders (IPP’s) and water utilities. (Contributions take weightings and total returns into account.) In general, IPPs generated substantially lower returns than other subsectors in the benchmark, and the Portfolio held overweight exposure to the industry. Anout-of-index position in the cable & satellite subsector was a significant contributor to relative performance during the period

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

The Portfolio’s best-performing stocks on an absolute basis during the reporting period included diversified utility Sempra Energy and electric utilities Southern Company and NexEra Energy. Shares in Sempra Energy rose after the company

reported strong guidance during its first quarterly earnings

release of 2019. The stock also benefited from constructive action by the government in California to address wildfire issues, which had affected some of the company’s local operations. Southern Company shares have benefited since the U.S. government approved almost $4B in loan guarantees for the company’s nuclear plant in Georgia that will help them reduce costs. NextEra continues to be a gold standard in the utility sector and boasts the largest renewables business of any company in the space. However, we have trimmed our position as the company’s valuation has risen.

The most substantial detractors from the Portfolio’s absolute performance during the year included two independent power producers & energy traders (IPP), Vistra Energy, and NRG Energy, as well as electric utility PG&E. Both Vistra Energy and NRG Energy suffered due to falling energy prices prompted by mild weather in some of their areas of operation. PG&E, the largest detractor of absolute performance, has struggled after the fallout of litigation and bankruptcy issues stemming from deadly wildfires in northern California last year.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio’s most significant purchases during the reporting period included adding to its existing positions in electric utilities Duke Energy and The Southern Company. In notable sales, the Portfolio exited its positions in integrated telecommunications company AT&T and oil & gas storage & transportation provider The Williams Companies.

How did the Portfolio’s subsector weightings change during the reporting period?

The Portfolio increased its exposure to electric utilities during the reporting period primarily by adding to existing positions in Duke Energy and The Southern Company, as mentioned earlier. During the same period, the Portfolio reduced its exposure to oil & gas storage & transportation, anout-of-benchmark subsector, as a result of exiting from its position in The Williams Companies. The Portfolio also decreased its exposure in the multi-utilities subsector, primarily as a result of trimming existing holdings.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held relatively large overweight exposures relative to the MSCI USA IMI Utilities 25/50 Index in the independent power producers & energy traders and oil & gas storage & transportation subsectors. As of the same

1. Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

2. See page 5 for more information on benchmark and peer group returns.

8 MainStay VP Fidelity Institutional AM Utilities Portfolio

date, the Portfolio’s most significant underweighted exposures included the multi-utilities and water utilities subsectors. Consistent with our investment philosophy, the portfolio is predominately positioned in what we believe are likely to be the fastest growing dividend names going forward, as these names have historically tended to outperform the utilities sector over time. We generally add names that we believe provide enticing valuations in addition to an attractive overall risk/return profile.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 97.7%†
Electric Utilities 53.3%
American Electric Power Co., Inc.		458,200	$	40,326,182
Avangrid, Inc.		492,767		24,884,733
Duke Energy Corp.		530,800		46,837,792
Edison International		1,232,387		83,075,208
Entergy Corp.		579,544		59,652,464
Evergy, Inc.		345,343		20,772,381
Exelon Corp.		2,527,077		121,148,071
FirstEnergy Corp.		1,384,218		59,258,373
NextEra Energy, Inc.		299,133		61,280,386
PG&E Corp. (a)		606,626		13,903,868
PPL Corp.		560,063		17,367,554
Southern Co.		1,712,700		94,678,056
				643,185,068
Gas Utilities 4.8%
Atmos Energy Corp.		351,000		37,051,560
Southwest Gas Holdings, Inc.		224,000		20,074,880
				57,126,440
Independent Power & Renewable Electricity Producers 8.7%
AES Corp.		829,250		13,898,230
Atlantica Yield PLC (Spain)		155,880		3,533,800
Clearway Energy, Inc., Class C		105,000		1,770,300
NextEra Energy Partners, L.P.		437,114		21,090,750
NRG Energy, Inc.		671,846		23,595,232
Vistra Energy Corp.		1,826,542		41,352,911
				105,241,223
Media 1.4%
Altice U.S.A., Inc., Class A (a)		707,732		17,233,274

	Shares			Value
Multi-Utilities 26.2%
CenterPoint Energy, Inc.		1,358,248		$	38,886,640
Dominion Energy, Inc.		1,585,239			122,570,680
Public Service Enterprise Group, Inc.		994,784			58,513,195
Sempra Energy		700,882			96,329,222
					316,299,737
Oil, Gas & Consumable Fuels 2.8%
Cheniere Energy, Inc. (a)		493,253			33,763,168
Water Utilities 0.5%
SJW Corp.		97,864			5,947,195
Total Common Stocks (Cost $1,019,966,541)					1,178,796,105
Short-Term Investment 2.9%
Affiliated Investment Company 2.9%
MainStay U.S. Government Liquidity Fund, 2.03% (b)		35,459,958			35,459,958
TotalShort-Term Investment (Cost $35,459,958)					35,459,958
Total Investments (Cost $1,055,426,499)		100.6	%		1,214,256,063
Other Assets, Less Liabilities		(0.6	)		(7,247,422	)
Net Assets		100.0	%	$	1,207,008,641

† Percentages indicated are based on Portfolio net assets.

(a) Non-income producing security.

(b) Current yield as of June 30, 2019.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	1,178,796,105	$	—	$	—	$	1,178,796,105
Short-Term Investment
Affiliated Investment Company		35,459,958		—		—		35,459,958
Total Investments in Securities	$	1,214,256,063	$	—	$	—	$	1,214,256,063

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

10 MainStay VP Fidelity Institutional AM Utilities Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in securities, at value (identified cost $1,019,966,541)	$	1,178,796,105
Investment in affiliated investment company, at value (identified cost $35,459,958)		35,459,958
Cash denominated in foreign currencies (identified cost $365,278)		367,764
Receivables:
Investment securities sold		2,740,963
Dividends		1,225,783
Portfolio shares sold		283,518
Other assets		5,772
Total assets		1,218,879,863
Liabilities
Payables:
Investment securities purchased		10,374,062
Manager (See Note 3)		630,758
Portfolio shares redeemed		507,031
NYLIFE Distributors (See Note 3)		229,629
Custodian		80,615
Professional fees		39,746
Trustees		3,527
Accrued expenses		5,854
Total liabilities		11,871,222
Net assets	$	1,207,008,641
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	91,275
Additional paid-in capital		944,190,993
		944,282,268
Total distributable earnings (loss)		262,726,373
Net assets	$	1,207,008,641

Initial Class
Net assets applicable to outstanding shares	$	91,575,173
Shares of beneficial interest outstanding		6,888,264
Net asset value per share outstanding	$	13.29
Service Class
Net assets applicable to outstanding shares	$	1,115,433,468
Shares of beneficial interest outstanding		84,386,651
Net asset value per share outstanding	$	13.22

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	18,760,516
Dividends-affiliated		106,970
Interest		51,082
Total income		18,918,568
Expenses
Manager (See Note 3)		3,765,002
Distribution/Service—Service Class (See Note 3)		1,375,154
Shareholder communication		131,971
Custodian		75,249
Professional fees		62,909
Trustees		14,505
Miscellaneous		23,390
Total expenses		5,448,180
Net investment income (loss)		13,470,388
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		6,852,530
Foreign currency transactions		4,755
Net realized gain (loss) on investments and foreign currency transactions		6,857,285
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		132,186,191
Translation of other assets and liabilities in foreign currencies		3,773
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		132,189,964
Net realized and unrealized gain (loss) on investments and foreign currency transactions		139,047,249
Net increase (decrease) in net assets resulting from operations	$	152,517,637

(a) Dividends recorded net of foreign withholding taxes in the amount of $15,987.

12 MainStay VP Fidelity Institutional AM Utilities Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	13,470,388		$	26,491,768
Net realized gain (loss) on investments and foreign currency transactions		6,857,285			61,314,371
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		132,189,964			(77,218,603	)
Net increase (decrease) in net assets resulting from operations		152,517,637			10,587,536
Distributions to shareholders:
Initial Class		—			(1,159,233	)
Service Class		—			(12,737,521	)
Total distributions to shareholders		—			(13,896,754	)
Capital share transactions:
Net proceeds from sale of shares		15,159,826			56,429,346
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			13,896,754
Cost of shares redeemed		(109,347,361	)		(241,813,209	)
Increase (decrease) in net assets derived from capital share transactions		(94,187,535	)		(171,487,109	)
Net increase (decrease) in net assets		58,330,102			(174,796,327	)
Net Assets
Beginning of period		1,148,678,539			1,323,474,866
End of period	$	1,207,008,641		$	1,148,678,539

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	11.68		$	11.75		$	10.66		$	10.15		$	13.42		$	12.65
Net investment income (loss) (a)		0.16			0.28			0.25			0.19			0.28			0.38
Net realized and unrealized gain (loss) on investments		1.45			(0.32	)		1.49			0.88			(2.25	)		1.05
Net realized and unrealized gain (loss) on foreign currency transactions		0.00	‡		0.14			(0.16	)		0.08			0.13			0.16
Total from investment operations		1.61			0.10			1.58			1.15			(1.84	)		1.59
Less dividends and distributions:
From net investment income		—			(0.15	)		(0.49	)		(0.34	)		(0.51	)		(0.24	)
From net realized gain on investments		—			(0.02	)		—			(0.30	)		(0.92	)		(0.58	)
Total dividends and distributions		—			(0.17	)		(0.49	)		(0.64	)		(1.43	)		(0.82	)
Net asset value at end of period	$	13.29		$	11.68		$	11.75		$	10.66		$	10.15		$	13.42
Total investment return (b)		13.78	%(c)		0.80	%		14.72	%		11.43	%		(14.35	%)		12.68	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.50	%††		2.31	%		2.11	%		1.76	%(d)		2.23	%		2.81	%
Net expenses (e)		0.69	%††		0.76	%		0.76	%		0.75	%(f)		0.77	%		0.78	%(g)
Portfolio turnover rate		20	%		84	%		30	%		35	%		43	%		47	%
Net assets at end of period (in 000’s)	$	91,575		$	81,716		$	83,261		$	75,772		$	70,368		$	82,495

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 1.74%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 0.77%.

(g) Expense waiver/reimbursement less than 0.01%.

14 MainStay VP Fidelity Institutional AM Utilities Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	11.63		$	11.69		$	10.62		$	10.10		$	13.36		$	12.61
Net investment income (loss) (a)		0.14			0.25			0.22			0.16			0.25			0.35
Net realized and unrealized gain (loss) on investments		1.45			(0.32	)		1.47			0.89			(2.24	)		1.04
Net realized and unrealized gain (loss) on foreign currency transactions		0.00	‡		0.14			(0.16	)		0.08			0.13			0.16
Total from investment operations		1.59			0.07			1.53			1.13			(1.86	)		1.55
Less dividends and distributions:
From net investment income		—			(0.11	)		(0.46	)		(0.31	)		(0.48	)		(0.22	)
From net realized gain on investments		—			(0.02	)		—			(0.30	)		(0.92	)		(0.58	)
Total dividends and distributions		—			(0.13	)		(0.46	)		(0.61	)		(1.40	)		(0.80	)
Net asset value at end of period	$	13.22		$	11.63		$	11.69		$	10.62		$	10.10		$	13.36
Total investment return (b)		13.67	%(c)		0.55	%		14.44	%		11.15	%		(14.57	%)		12.40	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.25	%††		2.08	%		1.87	%		1.52	%(d)		1.98	%		2.53	%
Net expenses (e)		0.94	%††		1.01	%		1.01	%		1.00	%(f)		1.02	%		1.03	%(g)
Portfolio turnover rate		20	%		84	%		30	%		35	%		43	%		47	%
Net assets at end of period (in 000’s)	$	1,115,433		$	1,066,963		$	1,240,213		$	1,160,397		$	1,131,252		$	1,357,229

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 1.50%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 1.02%.

(g) Expense waiver/reimbursement less than 0.01%.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Fidelity Institutional AM^® Utilities Portfolio (formerly known as MainStay VP MFS^® Utilities Portfolio) (the “Portfolio”), a “non-diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time. Prior to November 30, 2018, MainStay VP Fidelity Institutional AM^® Utilities Portfolio operated as a “diversified” portfolio.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on February 17, 2012. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek total return.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

16 MainStay VP Fidelity Institutional AM Utilities Portfolio

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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	•   Monthly payment information

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities

17

Notes to Financial Statements(Unaudited) (continued)

valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by

18 MainStay VP Fidelity Institutional AM Utilities Portfolio

the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(I)  Foreign Currency Forward Contracts.  The Portfolio may enter into foreign currency forward contracts, which are agreements to buy or sell foreign currencies on a specified future date at a specified rate. The Portfolio is subject to foreign currency exchange rate risk in the normal course of investing in these transactions. During the period the forward contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. Cash movement occurs on settlement date. When the forward contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract. The Portfolio may purchase and sell foreign currency forward contracts for purposes of seeking to enhance portfolio returns and manage portfolio risk more efficiently. Foreign currency forward contracts may also be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Foreign currency forward contracts to purchase or sell a foreign currency may also be used in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected.

The use of foreign currency forward contracts involves, to varying degrees, elements of risk in excess of the amount recognized in the Statement of Assets and Liabilities, including counterparty risk, market risk and illiquidity risk. Counterparty risk is heightened for these instruments because foreign currency forward contracts are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations under such contracts. Thus, the Portfolio faces the risk that its counterparties under such contracts may not perform their obligations. Market risk is the risk that the value of a foreign currency forward contract will depreciate due to unfavorable changes in exchange rates. Illiquidity risk arises because the secondary market for foreign currency forward contracts may have less liquidity relative to markets for other securities and financial instruments. Risks also arise from the possible movements in the foreign exchange rates underlying

these instruments. While the Portfolio may enter into forward contracts to reduce currency exchange risks, changes in currency exchange rates may result in poorer overall performance for the Portfolio than if it had not engaged in such transactions. Exchange rate movements can be large, depending on the currency, and can last for extended periods of time, affecting the value of the Portfolio’s assets. Moreover, there may be an imperfect correlation between the Portfolio’s holdings of securities denominated in a particular currency and forward contracts entered into by the Portfolio. Such imperfect correlation may prevent the Portfolio from achieving the intended hedge or expose the Portfolio to the risk of currency exchange loss. The unrealized appreciation (depreciation) on forward contracts also reflects the Portfolio’s exposure at the valuation date to credit loss in the event of a counterparty’s failure to perform its obligations. As of June 30, 2019, the Portfolio did not hold any foreign currency forward contracts.

(J)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities— at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(K)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in,

19

Notes to Financial Statements(Unaudited) (continued)

the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio did not have any portfolio securities on loan.

(L)  Foreign Securities Risk.  The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(M)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio

and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. FIAM LLC (“FIAM or the “Subadvisor”) a registered investment adviser, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and FIAM, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual percentage of the Portfolio’s average daily net assets as follows: 0.64% up to $1 billion; 0.61% from $1 billion to $3 billion; and 0.60% in excess of $3 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.63%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $3,765,002, and paid the Subadvisor in the amount of $1,470,089.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	3,972	$	197,035	$	(165,547	)	$	—	$	—	$	35,460	$	107	$	—		35,460

20 MainStay VP Fidelity Institutional AM Utilities Portfolio

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	1,060,718,911	$	168,793,886	$	(15,256,734	)	$	153,537,152

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income		Tax-Based Distributions from Long-Term Gains
$	13,896,754	$	—

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During thesix-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $232,265 and $304,613, respectively.

The Portfolio may purchase securities from or sell securities to other portfolios managed by the Subadvisor. These interportfolio transactions are primarily used for cash management purposes and are made pursuant to Rule 17a-7 under the 1940 Act. The Rule 17a-7 transactions during the six-month period ended June 30, 2019, were as follows:

Purchases (000’s)	Sales (000’s)	Realized Gain/ (Loss) (000’s)
$24,350	$1,026	$202

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		108,713		$	1,375,997
Shares redeemed		(216,516	)		(2,744,961	)
Net increase (decrease)		(107,803	)	$	(1,368,964	)
Year ended December 31, 2018:
Shares sold		527,083		$	6,178,386
Shares issued to shareholders in reinvestment of dividends and distributions		96,208			1,159,233
Shares redeemed		(714,654	)		(8,541,009	)
Net increase (decrease)		(91,363	)	$	(1,203,390	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,086,334		$	13,783,829
Shares redeemed		(8,460,452	)		(106,602,400	)
Net increase (decrease)		(7,374,118	)	$	(92,818,571	)
Year ended December 31, 2018:
Shares sold		4,300,629		$	50,250,960
Shares issued to shareholders in reinvestment of dividends and distributions		1,061,264			12,737,521
Shares redeemed		(19,660,783	)		(233,272,200	)
Net increase (decrease)		(14,298,890	)	$	(170,283,719	)

21

Notes to Financial Statements(Unaudited) (continued)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this

time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

22 MainStay VP Fidelity Institutional AM Utilities Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

23

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781634 MSVPMFS10-08/19 (NYLIAC) NI526       

MainStay VP MacKay Mid Cap Core Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	9
Financial Statements	15
Notes to Financial Statements	19
Proxy Voting Policies and Procedures and Proxy Voting Record	26
Shareholder Reports and Quarterly Portfolio Disclosure	26

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date		Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares		7/2/2001		15.45	%		–0.38	%		6.38	%		14.17	%		0.88	%
Service Class Shares		6/5/2003		15.31			–0.63			6.11			13.89			1.13

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
Russell Midcap® Index3		21.35	%		7.83	%		8.63	%		15.16	%
Morningstar Mid-Cap Blend Category Average4		17.52			2.41			6.04			12.87

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Russell Midcap^® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Russell Midcap^® Index measures the performance of themid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index and it includes approximately 800 of the smallest securities based on a

combination of their market cap and current index membership. The Russell Midcap^® Index represents approximately 31% of the total market capitalization of the Russell 1000^® Index companies. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. The Morningstar Mid-Cap Blend Category Average is representative of funds that invest primarily in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay Mid Cap Core Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,154.50	$	4.59	$	1,020.53	$	4.31	0.86%
Service Class Shares	$	1,000.00	$	1,153.10	$	5.93	$	1,019.29	$	5.56	1.11%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP MacKay Mid Cap Core Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Equity Real Estate Investment Trusts	8.8	%
Software	7.4
IT Services	5.9
Insurance	5.8
Semiconductors & Semiconductor Equipment	4.1
Specialty Retail	3.8
Hotels, Restaurants & Leisure	3.3
Health Care Equipment & Supplies	3.2
Food Products	3.0
Machinery	3.0
Media	2.9
Capital Markets	2.8
Oil, Gas & Consumable Fuels	2.8
Commercial Services & Supplies	2.5
Multi-Utilities	2.5
Household Durables	2.3
Diversified Consumer Services	2.1
Professional Services	2.1
Banks	2.0
Electronic Equipment, Instruments & Components	2.0
Exchange-Traded Funds	2.0
Consumer Finance	1.8
Containers & Packaging	1.8
Interactive Media & Services	1.8
Health Care Providers & Services	1.5
Entertainment	1.4
Electric Utilities	1.2
Aerospace & Defense	1.0
Biotechnology	1.0
Health Care Technology	0.9
Life Sciences Tools & Services	0.9

Technology Hardware, Storage & Peripherals	0.9	%
Textiles, Apparel & Luxury Goods	0.9
Multiline Retail	0.8
Airlines	0.7
Chemicals	0.7
Construction Materials	0.7
Independent Power & Renewable Electricity Producers	0.7
Thrifts & Mortgage Finance	0.7
Building Products	0.6
Construction & Engineering	0.6
Diversified Financial Services	0.6
Industrial Conglomerates	0.6
Internet & Direct Marketing Retail	0.5
Pharmaceuticals	0.5
Trading Companies & Distributors	0.5
Communications Equipment	0.4
Electrical Equipment	0.4
Transportation Infrastructure	0.4
Beverages	0.3
Energy Equipment & Services	0.2
Wireless Telecommunication Services	0.2
Auto Components	0.1
Gas Utilities	0.1
Metals & Mining	0.1
Household Products	0.0	‡
Paper & Forest Products	0.0	‡
Water Utilities	0.0	‡
Short-Term Investments	0.7
Other Assets, Less Liabilities	–0.5
	100.0	%

See Portfolio of Investments beginning on page 9 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

Top Ten Holdings or Issuers as of June 30, 2019(excluding short-term investment) (Unaudited)

1. SPDR S&P MidCap 400 ETF Trust

2. Lam Research Corp.

3. Discovery, Inc.

4. AutoZone, Inc.

5. Cummins, Inc.

  6. Ball Corp.

  7. Synchrony Financial

  8. Twitter, Inc.

  9. Tyson Foods, Inc., Class A

10. Discover Financial Services

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Migene Kim, CFA, and Mona Patni of MacKay Shields LLC, the Portfolio’s Subadvisor.

How did MainStay VP MacKay Mid Cap Core Portfolio perform relative to its benchmark and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay Mid Cap Core Portfolio returned 15.45% for Initial Class shares and 15.31% for Service Class shares. Over the same period, both share classes underperformed the 21.35% return of the Russell Midcap^® Index, which is the Portfolio’s benchmark, and the 17.52% return of the MorningstarMid-Cap Blend Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

Stock selection was primarily responsible for the Portfolio’s underperformance relative to the Russell Midcap^® Index during the reporting period, whereas sector allocation effect was neutral. The Portfolio’s relative performance directly reflected the performance of our stock selection model, particularly the weak effectiveness of the model’s valuation signals, which seek to evaluate companies across sales- and cash-based measures on a peer-relative basis. Valuation ranges across markets were compressed and value signals, which tend to prove most effective in an environment in which profits are accelerating, struggled amid a decelerating global growth outlook. Valuation signals proved more effective in June 2019 when value performance rebounded. Positive contributions from the stock selection model’s other factors provided only partial mitigation. (Contributions take weightings and total returns into account.) Momentum signals, which evaluate historical price trends, generated positive relative performance for the Portfolio during the reporting period, but proved volatile and inconsistent, hence difficult to capture. Sentiment signals, a gauge of institutional investor sentiment, were not effective during the first half of the reporting period but rebounded in the second half of the same period thanks to the Portfolio’s underweight positions.

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

The consumer staples sector made the strongest positive contribution to the Portfolio’s performance relative to the Russell Midcap^® Index. The sectors that detracted the most from the Portfolio’s relative performance during the reporting period included information technology, health care and industrials.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

The stocks that made the most substantial positive contribution to the Portfolio’s absolute performance during the reporting period included software company Cadence Design Systems, restaurant chain Chipotle Mexican Grill, and semiconductor equipment maker Lam Research. The stocks that detracted the most from the Portfolio’s absolute performance during the reporting period included specialty pharmaceuticals company Mylan, communications infrastructure provider CommScope, and commodity-focused global chemical producer The Chemours Company.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio’s largest initial purchase during the reporting period was in shares of orthodontics company Align Technology, while the Portfolio’s largest increase in position size was in construction materials manufacturer Carlisle. Over the same period, the most substantial position that the Portfolio exited completely was in multiline health maintenance organization (HMO) Centene, while the Portfolio’s most substantial decrease in position size was in computer hardware company Dell Technologies.

How did the Portfolio’s sector weightings change during the reporting period?

During the reporting period, the Portfolio’s most substantial sector-weighting increases relative to the Russell Midcap^® Index were in consumer discretionary and financials. Over the same period, the Portfolio’s most substantial sector-weighting decreases relative to the benchmark were in utilities and health care.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio sector exposures most substantially overweight relative to the Russell Midcap^® Index included communication services and consumer discretionary. As of the same date, the Portfolio sector exposures that were most substantially underweight relative to the benchmark included health care and utilities.

1. See page 5 for more information on benchmark and peer group returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

8 MainStay VP MacKay Mid Cap Core Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 97.8%†
Aerospace & Defense 1.0%
Curtiss-Wright Corp.		3,067	$	389,908
Huntington Ingalls Industries, Inc.		14,840		3,335,142
L3 Technologies, Inc.		1,384		339,315
Spirit AeroSystems Holdings, Inc., Class A		54,650		4,446,870
Textron, Inc.		6,457		342,479
TransDigm Group, Inc. (a)		936		452,837
				9,306,551
Airlines 0.7%
Alaska Air Group, Inc.		21,738		1,389,276
United Continental Holdings, Inc. (a)		58,141		5,090,244
				6,479,520
Auto Components 0.1%
Lear Corp.		5,683		791,471
Banks 2.0%
Bank OZK		125,767		3,784,329
CIT Group, Inc.		79,887		4,197,263
Citizens Financial Group, Inc.		32,054		1,133,429
Comerica, Inc.		57,054		4,144,403
Fifth Third Bancorp		98,512		2,748,485
First Citizens BancShares, Inc., Class A		290		130,578
First Hawaiian, Inc.		28,134		727,827
KeyCorp		14,134		250,878
Signature Bank		4,093		494,598
				17,611,790
Beverages 0.3%
Keurig Dr. Pepper, Inc.		69,690		2,014,041
Molson Coors Brewing Co., Class B		5,706		319,536
				2,333,577
Biotechnology 1.0%
Alkermes PLC (a)		93,602		2,109,789
Exact Sciences Corp. (a)		13,564		1,601,095
Exelixis, Inc. (a)		987		21,092
Incyte Corp. (a)		25,050		2,128,248
Ionis Pharmaceuticals, Inc. (a)		13,375		859,611
United Therapeutics Corp. (a)		25,744		2,009,577
				8,729,412
Building Products 0.6%
Armstrong World Industries, Inc.		805		78,246
Masco Corp.		125,368		4,919,440
				4,997,686
Capital Markets 2.8%
Ameriprise Financial, Inc.		17,295		2,510,542
E*TRADE Financial Corp.		103,599		4,620,516
Evercore, Inc., Class A		23,590		2,089,366
FactSet Research Systems, Inc.		8,396		2,405,958

	Shares		Value
Capital Markets (continued)
Franklin Resources, Inc.		10,699	$	372,325
Janus Henderson Group PLC		46,484		994,758
Lazard, Ltd., Class A		49,652		1,707,532
LPL Financial Holdings, Inc.		50,585		4,126,219
Moody’s Corp.		1,152		224,997
MSCI, Inc.		8,332		1,989,598
Northern Trust Corp.		9,358		842,220
Raymond James Financial, Inc.		33,764		2,854,746
				24,738,777
Chemicals 0.7%
Celanese Corp.		7,922		853,992
CF Industries Holdings, Inc.		99,762		4,659,883
Corteva, Inc. (a)		1,433		42,374
Valvoline, Inc.		43,084		841,430
				6,397,679
Commercial Services & Supplies 2.5%
ADT, Inc. (b)		546,267		3,343,154
Cintas Corp.		20,987		4,980,005
Clean Harbors, Inc. (a)		57,870		4,114,557
Copart, Inc. (a)		16,304		1,218,561
IAA, Inc. (a)		68,928		2,673,028
KAR Auction Services, Inc.		68,928		1,723,200
Republic Services, Inc.		46,056		3,990,292
				22,042,797
Communications Equipment 0.4%
Arista Networks, Inc. (a)		33		8,567
EchoStar Corp., Class A (a)		64,261		2,848,048
F5 Networks, Inc. (a)		3,155		459,463
				3,316,078
Construction & Engineering 0.6%
AECOM (a)		98,604		3,732,162
Arcosa, Inc.		52,340		1,969,554
				5,701,716
Construction Materials 0.7%
Eagle Materials, Inc.		36,032		3,340,166
Martin Marietta Materials, Inc.		8,169		1,879,769
Vulcan Materials Co.		10,083		1,384,497
				6,604,432
Consumer Finance 1.8%
Discover Financial Services		78,015		6,053,184
SLM Corp.		403,270		3,919,785
Synchrony Financial		181,517		6,293,194
				16,266,163
Containers & Packaging 1.8%
Ardagh Group S.A.		21,680		379,400
Ball Corp.		92,530		6,476,175
Berry Global Group, Inc. (a)		84,582		4,448,167

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 9

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Containers & Packaging (continued)
Owens-Illinois, Inc.		6,980	$	120,545
Packaging Corp. of America		13,472		1,284,151
Silgan Holdings, Inc.		95,997		2,937,508
WestRock Co.		22,147		807,701
				16,453,647
Diversified Consumer Services 2.1%
Frontdoor, Inc. (a)		92,660		4,035,343
Graham Holdings Co., Class B		2,515		1,735,426
H&R Block, Inc.		146,171		4,282,810
Service Corporation International		97,422		4,557,401
ServiceMaster Global Holdings, Inc. (a)		79,638		4,148,343
				18,759,323
Diversified Financial Services 0.6%
AXA Equitable Holdings, Inc.		164,523		3,438,531
Voya Financial, Inc.		34,998		1,935,389
				5,373,920
Electric Utilities 1.2%
Avangrid, Inc.		7,215		364,357
Entergy Corp.		29,071		2,992,278
Evergy, Inc.		658		39,579
Eversource Energy		10,449		791,616
Hawaiian Electric Industries, Inc.		16,212		706,033
PG&E Corp. (a)		38,469		881,709
Pinnacle West Capital Corp.		7,326		689,303
Xcel Energy, Inc.		67,991		4,044,785
				10,509,660
Electrical Equipment 0.4%
Acuity Brands, Inc.		11,736		1,618,512
GrafTech International, Ltd.		59,281		681,732
Hubbell, Inc.		2,526		329,390
Regal Beloit Corp.		16,819		1,374,280
				4,003,914
Electronic Equipment, Instruments & Components 2.0%
Avnet, Inc.		90,607		4,101,779
CDW Corp.		49,854		5,533,794
Coherent, Inc. (a)		6,953		948,181
Jabil, Inc.		147,783		4,669,943
Keysight Technologies, Inc. (a)		714		64,124
Zebra Technologies Corp., Class A (a)		10,555		2,211,167
				17,528,988
Energy Equipment & Services 0.2%
Patterson-UTI Energy, Inc.		67,918		781,736
RPC, Inc. (b)		87,461		630,594
				1,412,330

	Shares		Value
Entertainment 1.4%
Cinemark Holdings, Inc.		55,270	$	1,995,247
Live Nation Entertainment, Inc. (a)		51,357		3,402,401
Take-Two Interactive Software, Inc. (a)		10,130		1,150,059
Viacom, Inc.
Class A (b)		38,494		1,312,645
Class B		147,525		4,406,572
				12,266,924
Equity Real Estate Investment Trusts 8.8%
American Campus Communities, Inc.		12,039		555,720
American Homes 4 Rent, Class A		158,831		3,861,182
Americold Realty Trust		62,341		2,021,095
Apartment Investment & Management Co., Class A		9,358		469,023
Apple Hospitality REIT, Inc.		11,151		176,855
AvalonBay Communities, Inc.		9,492		1,928,585
Brookfield Property REIT, Inc., Class A		192,351		3,633,510
Camden Property Trust		4,899		511,407
Colony Capital, Inc.		729,421		3,647,105
Digital Realty Trust, Inc.		730		85,987
Empire State Realty Trust, Inc., Class A		40,366		597,821
EPR Properties		50,795		3,788,799
Equity LifeStyle Properties, Inc.		37,671		4,570,999
Equity Residential		31,341		2,379,409
Essex Property Trust, Inc.		3,072		896,809
Extra Space Storage, Inc.		5,242		556,176
Gaming and Leisure Properties, Inc.		82,587		3,219,241
Hospitality Properties Trust		35,219		880,475
Host Hotels & Resorts, Inc.		268,620		4,894,256
Iron Mountain, Inc.		45,514		1,424,588
Lamar Advertising Co., Class A		51,103		4,124,523
Medical Properties Trust, Inc.		27,373		477,385
Mid-America Apartment Communities, Inc.		15,850		1,866,496
Omega Healthcare Investors, Inc.		113,297		4,163,665
Outfront Media, Inc.		78,347		2,020,569
Park Hotels & Resorts, Inc.		102,120		2,814,427
Rayonier, Inc.		66,907		2,027,282
Realty Income Corp.		3,133		216,083
Retail Value, Inc.		4,262		148,318
SBA Communications Corp. (a)		25,862		5,814,812
SITE Centers Corp.		270,674		3,583,724
Taubman Centers, Inc.		19,001		775,811
Ventas, Inc.		73,466		5,021,401
VEREIT, Inc.		50,429		454,365
Welltower, Inc.		66,900		5,454,357
				79,062,260
Food Products 3.0%
Campbell Soup Co.		104,482		4,186,594
Flowers Foods, Inc.		141,532		3,293,450
J.M. Smucker Co.		20,084		2,313,476
Pilgrim’s Pride Corp. (a)		134,402		3,412,467

10 MainStay VP MacKay Mid Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Food Products (continued)
Post Holdings, Inc. (a)		39,986	$	4,157,344
TreeHouse Foods, Inc. (a)		68,450		3,703,145
Tyson Foods, Inc., Class A		75,723		6,113,875
				27,180,351
Gas Utilities 0.1%
UGI Corp.		13,813		737,752
Health Care Equipment & Supplies 3.2%
ABIOMED, Inc. (a)		5,060		1,318,079
Align Technology, Inc. (a)		20,396		5,582,385
Cooper Cos., Inc.		16,575		5,583,952
DENTSPLY SIRONA, Inc.		43,327		2,528,564
Edwards Lifesciences Corp. (a)		2,297		424,348
Hill-Rom Holdings, Inc.		39,017		4,081,959
Hologic, Inc. (a)		52,501		2,521,098
Masimo Corp. (a)		1,709		254,333
STERIS PLC		31,359		4,668,728
Varian Medical Systems, Inc. (a)		365		49,687
Zimmer Biomet Holdings, Inc.		18,023		2,122,028
				29,135,161
Health Care Providers & Services 1.5%
AmerisourceBergen Corp.		58,899		5,021,729
Cardinal Health, Inc.		18,786		884,820
Encompass Health Corp.		61,538		3,899,048
McKesson Corp.		23,773		3,194,853
Premier, Inc., Class A (a)		1,155		45,172
Universal Health Services, Inc., Class B		4,151		541,249
				13,586,871
Health Care Technology 0.9%
Cerner Corp.		69,116		5,066,203
Veeva Systems, Inc., Class A (a)		18,489		2,997,252
				8,063,455
Hotels, Restaurants & Leisure 3.3%
Aramark		131,654		4,747,443
Caesars Entertainment Corp. (a)		22,676		268,030
Chipotle Mexican Grill, Inc. (a)		3,007		2,203,770
Darden Restaurants, Inc.		43,046		5,239,990
Hilton Worldwide Holdings, Inc.		21,626		2,113,725
MGM Resorts International		7,772		222,046
Norwegian Cruise Line Holdings, Ltd. (a)		81,900		4,392,297
Royal Caribbean Cruises, Ltd.		21,003		2,545,774
Wyndham Destinations, Inc.		52,765		2,316,384
Yum China Holdings, Inc.		127,645		5,897,199
				29,946,658

	Shares		Value
Household Durables 2.3%
Garmin, Ltd.		29,602	$	2,362,240
Lennar Corp.
Class A		34,591		1,676,280
Class B		1,064		40,975
NVR, Inc. (a)		1,388		4,677,907
PulteGroup, Inc.		135,291		4,277,901
Tempur Sealy International, Inc. (a)		775		56,862
Toll Brothers, Inc.		107,599		3,940,275
Whirlpool Corp.		25,032		3,563,555
				20,595,995
Household Products 0.0%‡
Church & Dwight Co., Inc.		3,227		235,765
Independent Power & Renewable Electricity Producers 0.7%
NRG Energy, Inc.		130,043		4,567,110
Vistra Energy Corp.		87,905		1,990,169
				6,557,279
Industrial Conglomerates 0.6%
Carlisle Cos., Inc.		31,715		4,453,103
Roper Technologies, Inc.		2,942		1,077,537
				5,530,640
Insurance 5.8%
American Financial Group, Inc.		15,622		1,600,786
American National Insurance Co.		4,193		488,359
Arch Capital Group, Ltd. (a)		118,879		4,408,033
Arthur J. Gallagher & Co.		8,812		771,843
Assured Guaranty, Ltd.		92,433		3,889,581
Athene Holding, Ltd., Class A (a)		59,381		2,556,946
AXIS Capital Holdings, Ltd.		5,018		299,324
Brighthouse Financial, Inc. (a)		97,021		3,559,701
Cincinnati Financial Corp.		12,872		1,334,440
CNA Financial Corp.		26,844		1,263,547
Fidelity National Financial, Inc.		118,100		4,759,430
First American Financial Corp.		77,769		4,176,195
Hanover Insurance Group, Inc.		10,611		1,361,391
Hartford Financial Services Group, Inc.		50,040		2,788,229
Kemper Corp.		21,265		1,834,957
Lincoln National Corp.		42,685		2,751,048
Mercury General Corp.		36,078		2,254,875
Old Republic International Corp.		183,957		4,116,958
Principal Financial Group, Inc.		12,753		738,654
Reinsurance Group of America, Inc.		29,841		4,656,091
Unum Group		10,268		344,491
W.R. Berkley Corp.		10,015		660,289
Willis Towers Watson PLC		8,038		1,539,599
				52,154,767
Interactive Media & Services 1.8%
IAC/InterActiveCorp (a)		23,713		5,158,289
Match Group, Inc. (b)		15,941		1,072,351

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Interactive Media & Services (continued)
TripAdvisor, Inc. (a)		81,490	$	3,772,172
Twitter, Inc. (a)		178,411		6,226,544
				16,229,356
Internet & Direct Marketing Retail 0.5%
Expedia Group, Inc.		34,337		4,567,851
IT Services 5.9%
Akamai Technologies, Inc. (a)		62,161		4,981,582
Alliance Data Systems Corp.		1,951		273,394
Amdocs, Ltd.		42,696		2,650,995
Booz Allen Hamilton Holding Corp.		30,818		2,040,460
CACI International, Inc., Class A (a)		9,784		2,001,708
Conduent, Inc. (a)		185,110		1,775,205
CoreLogic, Inc. (a)		84,781		3,546,389
DXC Technology Co.		97,276		5,364,771
Euronet Worldwide, Inc. (a)		27,273		4,588,409
Fidelity National Information Services, Inc.		12,106		1,485,164
Fiserv, Inc. (a)		7,310		666,380
FleetCor Technologies, Inc. (a)		1,508		423,522
Genpact, Ltd.		881		33,557
GoDaddy, Inc., Class A (a)		66,981		4,698,717
Leidos Holdings, Inc.		60,496		4,830,606
Sabre Corp.		142,674		3,167,363
Square, Inc., Class A (a)		36,383		2,638,859
Total System Services, Inc.		14,205		1,822,075
VeriSign, Inc. (a)		25,036		5,236,530
Western Union Co.		36,646		728,889
Worldpay, Inc., Class A (a)		3,507		429,783
				53,384,358
Life Sciences Tools & Services 0.9%
Agilent Technologies, Inc.		30,295		2,262,127
Charles River Laboratories International, Inc. (a)		8,352		1,185,149
IQVIA Holdings, Inc. (a)		1,223		196,781
Mettler-Toledo International, Inc. (a)		165		138,600
PRA Health Sciences, Inc. (a)		42,112		4,175,405
				7,958,062
Machinery 3.0%
AGCO Corp.		56,681		4,396,745
Allison Transmission Holdings, Inc.		91,888		4,259,009
Cummins, Inc.		38,142		6,535,250
Ingersoll-Rand PLC		240		30,401
Oshkosh Corp.		52,132		4,352,501
PACCAR, Inc.		39,865		2,856,726
Timken Co.		82,765		4,249,155
				26,679,787
Media 2.9%
Altice U.S.A., Inc., Class A (a)		92,817		2,260,094
AMC Networks, Inc., Class A (a)		5,281		287,762

	Shares		Value
Media (continued)
Cable One, Inc.		739	$	865,362
Discovery, Inc. (a)
Class A (b)		99,828		3,064,719
Class C		129,604		3,687,234
DISH Network Corp., Class A (a)		119,818		4,602,209
Interpublic Group of Cos., Inc.		65,987		1,490,646
Nexstar Media Group, Inc., Class A		19,683		1,987,983
Omnicom Group, Inc.		66,245		5,428,778
Sinclair Broadcast Group, Inc., Class A		36,354		1,949,665
				25,624,452
Metals & Mining 0.1%
Steel Dynamics, Inc.		32,178		971,776
Multi-Utilities 2.5%
Ameren Corp.		46,773		3,513,120
CenterPoint Energy, Inc.		160,439		4,593,369
CMS Energy Corp.		23,705		1,372,756
Consolidated Edison, Inc.		16,952		1,486,351
DTE Energy Co.		40,017		5,117,374
Public Service Enterprise Group, Inc.		25,662		1,509,439
Sempra Energy		8,050		1,106,392
WEC Energy Group, Inc.		44,976		3,749,649
				22,448,450
Multiline Retail 0.8%
Dollar General Corp.		31,145		4,209,558
Dollar Tree, Inc. (a)		31,691		3,403,297
				7,612,855
Oil, Gas & Consumable Fuels 2.8%
Cabot Oil & Gas Corp.		187,091		4,295,609
Continental Resources, Inc. (a)		91,778		3,862,936
Devon Energy Corp.		181,606		5,179,403
EQT Corp.		227,507		3,596,886
HollyFrontier Corp.		102,459		4,741,803
Marathon Oil Corp.		89,586		1,273,017
PBF Energy, Inc., Class A		65,697		2,056,316
Williams Cos., Inc.		12,280		344,331
				25,350,301
Paper & Forest Products 0.0%‡
Domtar Corp.		8,616		383,670
Pharmaceuticals 0.5%
Horizon Therapeutics PLC (a)		84,926		2,043,320
Jazz Pharmaceuticals PLC (a)		16,186		2,307,476
				4,350,796
Professional Services 2.1%
IHS Markit, Ltd. (a)		20,415		1,300,844
ManpowerGroup, Inc.		44,753		4,323,140
Nielsen Holdings PLC		190,858		4,313,391

12 MainStay VP MacKay Mid Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Professional Services (continued)
Robert Half International, Inc.		62,559	$	3,566,488
Verisk Analytics, Inc.		38,113		5,582,030
				19,085,893
Semiconductors & Semiconductor Equipment 4.1%
Advanced Micro Devices, Inc. (a)		1,538		46,709
Analog Devices, Inc.		4,225		476,876
Cypress Semiconductor Corp.		173,696		3,862,999
KLA-Tencor Corp.		44,884		5,305,289
Lam Research Corp.		36,778		6,908,380
Microchip Technology, Inc. (b)		28,447		2,466,355
MKS Instruments, Inc.		41,003		3,193,724
ON Semiconductor Corp. (a)		233,725		4,723,582
Qorvo, Inc. (a)		70,084		4,668,295
Skyworks Solutions, Inc.		306		23,645
Teradyne, Inc.		100,027		4,792,293
				36,468,147
Software 7.4%
Atlassian Corp. PLC, Class A (a)		30,031		3,929,256
Autodesk, Inc. (a)		2,334		380,209
Cadence Design Systems, Inc. (a)		84,297		5,969,071
CDK Global, Inc.		83,517		4,129,081
Citrix Systems, Inc.		41,357		4,058,776
Dropbox, Inc., Class A (a)		84,565		2,118,353
Fair Isaac Corp. (a)		11,551		3,627,245
Fortinet, Inc. (a)		61,076		4,692,469
LogMeIn, Inc.		53,616		3,950,427
Manhattan Associates, Inc. (a)		58,040		4,023,913
Nuance Communications, Inc. (a)		231,674		3,699,834
Palo Alto Networks, Inc. (a)		26,999		5,501,316
Paycom Software, Inc. (a)		11,958		2,711,118
Pivotal Software, Inc., Class A (a)		161,165		1,701,902
ServiceNow, Inc. (a)		9,868		2,709,457
SS&C Technologies Holdings, Inc.		29,190		1,681,636
Symantec Corp.		196,195		4,269,203
Synopsys, Inc. (a)		15,020		1,932,924
Teradata Corp. (a)		111,497		3,997,167
Workday, Inc., Class A (a)		8,037		1,652,246
				66,735,603
Specialty Retail 3.8%
Advance Auto Parts, Inc.		22,283		3,434,702
AutoZone, Inc. (a)		6,050		6,651,794
Best Buy Co., Inc.		78,666		5,485,380
Dick’s Sporting Goods, Inc.		105,951		3,669,083
Foot Locker, Inc.		40,086		1,680,405
L Brands, Inc.		83,710		2,184,831
Michaels Cos., Inc. (a)		94,795		824,717
O’Reilly Automotive, Inc. (a)		8,022		2,962,685
Ross Stores, Inc.		2,854		282,888

	Shares		Value
Specialty Retail (continued)
Tractor Supply Co.		3,690	$	401,472
Ulta Beauty, Inc. (a)		6,878		2,385,909
Williams-Sonoma, Inc. (b)		64,396		4,185,740
				34,149,606
Technology Hardware, Storage & Peripherals 0.9%
Dell Technologies, Inc., Class C (a)		34,567		1,756,004
NCR Corp. (a)		73,985		2,300,934
Xerox Corp.		124,923		4,423,523
				8,480,461
Textiles, Apparel & Luxury Goods 0.9%
Kontoor Brands, Inc. (a)		1,295		36,286
Ralph Lauren Corp.		30,954		3,516,065
Skechers U.S.A., Inc., Class A (a)		130,850		4,120,466
				7,672,817
Thrifts & Mortgage Finance 0.7%
LendingTree, Inc. (a)		1,556		653,567
MGIC Investment Corp. (a)		143,142		1,880,886
New York Community Bancorp, Inc.		360,788		3,600,664
				6,135,117
Trading Companies & Distributors 0.5%
United Rentals, Inc. (a)		29,877		3,962,586
W.W. Grainger, Inc.		704		188,834
				4,151,420
Transportation Infrastructure 0.4%
Macquarie Infrastructure Corp.		93,194		3,778,085
Water Utilities 0.0%‡
American Water Works Co., Inc.		827		95,932
Wireless Telecommunication Services 0.2%
Telephone & Data Systems, Inc.		52,555		1,597,672
United States Cellular Corp. (a)		5,893		263,240
				1,860,912
Total Common Stocks (Cost $780,576,363)				878,589,016
Exchange-Traded Funds 2.0%
SPDR S&P 500 ETF Trust		8,178		2,396,154
SPDR S&P MidCap 400 ETF Trust		43,565		15,447,713
Total Exchange-Traded Funds (Cost $15,602,484)				17,843,867

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares			Value
Short-Term Investments 0.7%
Affiliated Investment Company 0.2%
MainStay U.S. Government Liquidity Fund, 2.03% (c)		2,039,697		$	2,039,697
Unaffiliated Investment Company 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (c)(d)		4,590,078			4,590,078
TotalShort-Term Investments (Cost $6,629,775)					6,629,775
Total Investments (Cost $802,808,622)		100.5	%		903,062,658
Other Assets, Less Liabilities		(0.5	)		(4,915,695	)
Net Assets		100.0	%	$	898,146,963

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $10,634,343; the total market value of collateral held by the Portfolio was $10,941,621. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $6,351,543 (See Note 2(H)).

(c) Current yield as of June 30, 2019.

(d) Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ETF—Exchange-Traded Fund

SPDR—Standard & Poor’s Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	878,589,016	$	—	$	—	$	878,589,016
Exchange-Traded Funds		17,843,867		—		—		17,843,867
Short-Term Investments
Affiliated Investment Company		2,039,697		—		—		2,039,697
Unaffiliated Investment Company		4,590,078		—		—		4,590,078
TotalShort-Term Investments		6,629,775		—		—		6,629,775
Total Investments in Securities	$	903,062,658	$	—	$	—	$	903,062,658

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

14 MainStay VP MacKay Mid Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $800,768,925) including securities on loan of $10,634,343	$	901,022,961
Investment in affiliated investment company, at value (identified cost $2,039,697)		2,039,697
Receivables:
Dividends		1,150,511
Portfolio shares sold		408,332
Securities lending		4,407
Other assets		4,328
Total assets		904,630,236
Liabilities
Cash collateral received for securities on loan		4,590,078
Payables:
Investment securities purchased		721,922
Manager (See Note 3)		599,566
Portfolio shares redeemed		389,337
NYLIFE Distributors (See Note 3)		94,717
Professional fees		32,846
Shareholder communication		30,868
Custodian		15,285
Trustees		1,115
Accrued expenses		7,539
Total liabilities		6,483,273
Net assets	$	898,146,963
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	65,770
Additional paid-in capital		726,350,348
		726,416,118
Total distributable earnings (loss)		171,730,845
Net assets	$	898,146,963

Initial Class
Net assets applicable to outstanding shares	$	425,343,734
Shares of beneficial interest outstanding		30,850,240
Net asset value per share outstanding	$	13.79
Service Class
Net assets applicable to outstanding shares	$	472,803,229
Shares of beneficial interest outstanding		34,919,712
Net asset value per share outstanding	$	13.54

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends—unaffiliated (a)	$	8,370,227
Securities lending		935,188
Dividends—affiliated		10,043
Total income		9,315,458
Expenses
Manager (See Note 3)		3,776,293
Distribution/Service—Service Class (See Note 3)		563,565
Professional fees		50,134
Shareholder communication		38,500
Custodian		17,298
Trustees		11,294
Miscellaneous		17,816
Total expenses before waiver/reimbursement		4,474,900
Expense waiver/reimbursement from Manager (See Note 3)		(90,615	)
Net expenses		4,384,285
Net investment income (loss)		4,931,173
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		15,588,229
Net change in unrealized appreciation (depreciation) on unaffiliated investments		107,795,436
Net realized and unrealized gain (loss) on investments		123,383,665
Net increase (decrease) in net assets resulting from operations	$	128,314,838

(a) Dividends recorded net of foreign withholding taxes in the amount of $248.

16 MainStay VP MacKay Mid Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	4,931,173		$	9,264,216
Net realized gain (loss) on investments		15,588,229			48,167,494
Net change in unrealized appreciation (depreciation) on investments		107,795,436			(171,183,352	)
Net increase (decrease) in net assets resulting from operations		128,314,838			(113,751,642	)
Distributions to shareholders:
Initial Class		—			(66,126,079	)
Service Class		—			(59,668,222	)
Total distributions to shareholders		—			(125,794,301	)
Capital share transactions:
Net proceeds from sale of shares		48,261,634			120,202,744
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			125,794,301
Cost of shares redeemed		(127,572,275	)		(137,924,416	)
Increase (decrease) in net assets derived from capital share transactions		(79,310,641	)		108,072,629
Net increase (decrease) in net assets		49,004,197			(131,473,314	)
Net Assets
Beginning of period		849,142,766			980,616,080
End of period	$	898,146,963		$	849,142,766

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Initial Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	11.94			$	15.57			$	13.37			$	13.00			$	15.83			$	16.18
Net investment income (loss) (a)			0.08				0.16				0.12				0.13				0.13				0.10
Net realized and unrealized gain (loss) on investments			1.77				(1.68	)			2.42				1.28				(0.73	)			2.07
Total from investment operations			1.85				(1.52	)			2.54				1.41				(0.60	)			2.17
Less dividends and distributions:
From net investment income			—				(0.15	)			(0.16	)			(0.11	)			(0.09	)			(0.09	)
From net realized gain on investments			—				(1.96	)			(0.18	)			(0.93	)			(2.14	)			(2.43	)
Total dividends and distributions			—				(2.11	)			(0.34	)			(1.04	)			(2.23	)			(2.52	)
Net asset value at end of period		$	13.79			$	11.94			$	15.57			$	13.37			$	13.00			$	15.83
Total investment return (b)			15.49	%(c)			(11.98	%)			19.14	%			11.17	%			(3.68	%)			14.38	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			1.23	%††			1.08	%			0.87	%			1.09	%			0.88	%			0.62	%
Net expenses (d)			0.86	%††			0.86	%			0.86	%			0.86	%			0.86	%			0.85	%
Expenses (before waiver/reimbursement) (d)			0.88	%††			0.88	%			0.88	%			0.89	%			0.88	%			0.88	%
Portfolio turnover rate			67	%			181	%			155	%			164	%			174	%			172	%
Net assets at end of period (in 000’s)		$	425,344			$	453,343			$	503,364			$	558,783			$	506,368			$	440,409

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,				Year ended December 31,
Service Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	11.74			$	15.35			$	13.18			$	12.83			$	15.64			$	16.03
Net investment income (loss) (a)			0.06				0.12				0.09				0.12				0.09				0.06
Net realized and unrealized gain (loss) on investments			1.74				(1.66	)			2.38				1.24				(0.71	)			2.03
Total from investment operations			1.80				(1.54	)			2.47				1.36				(0.62	)			2.09
Less dividends and distributions:
From net investment income			—				(0.11	)			(0.12	)			(0.08	)			(0.05	)			(0.05	)
From net realized gain on investments			—				(1.96	)			(0.18	)			(0.93	)			(2.14	)			(2.43	)
Total dividends and distributions			—				(2.07	)			(0.30	)			(1.01	)			(2.19	)			(2.48	)
Net asset value at end of period		$	13.54			$	11.74			$	15.35			$	13.18			$	12.83			$	15.64
Total investment return (b)			15.33	%(c)			(12.20	%)			18.85	%			10.89	%			(3.92	%)			14.10	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			0.99	%††			0.83	%			0.64	%			0.83	%			0.61	%			0.37	%
Net expenses (d)			1.11	%††			1.11	%			1.11	%			1.11	%			1.11	%			1.10	%
Expenses (before waiver/reimbursement) (d)			1.13	%††			1.13	%			1.13	%			1.14	%			1.13	%			1.13	%
Portfolio turnover rate			67	%			181	%			155	%			164	%			174	%			172	%
Net assets at end of period (in 000’s)		$	472,803			$	395,800			$	477,253			$	435,287			$	426,143			$	479,799

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

18 MainStay VP MacKay Mid Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay Mid Cap Core Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on July 2, 2001. Service Class shares commenced operations on June 5, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seeklong-term growth of capital.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities

and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

19

Notes to Financial Statements(Unaudited) (continued)

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended;

(ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities, including exchange-traded funds (“ETFs”), are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

20 MainStay VP MacKay Mid Cap Core Portfolio

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Rights and Warrants.  Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Portfolio could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Portfolio is exposed to

risk until the sale or exercise of each right or warrant is completed. As of June 30, 2019, the Portfolio did not hold any rights or warrants.

(H)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $10,634,343; the total market value of collateral held by the Portfolio was $10,941,621. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $6,351,543 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $4,590,078.

(I)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management

21

Notes to Financial Statements(Unaudited) (continued)

Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual percentage of the Portfolio’s average daily net assets as follows: 0.85% up to $1 billion; 0.80% from $1 billion to $2 billion; and 0.775% in excess of $2 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.85% (exclusive of any applicable waivers/reimbursements).

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the total annual operating expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) portfolio/fund fees and expenses) do not exceed 0.86% for the Initial Class shares and 1.11% for Service Class shares. This agreement will remain in effect until May 1, 2020 and shall renew automatically for one year terms unless

New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $3,776,293 and waived fees/reimbursed expenses in the amount of $90,615, and paid the Subadvisor in the amount of $1,842,839.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	2,713	$	23,974	$	(24,647	)	$	—	$	—	$	2,040	$	10	$	—		2,040

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	816,962,964	$	117,888,932	$	(31,789,238	)	$	86,099,694

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$45,839,145	$79,955,156

22 MainStay VP MacKay Mid Cap Core Portfolio

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $599,535 and $673,371, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		341,423		$	4,611,111
Shares redeemed		(7,452,918	)		(99,617,584	)
Net increase (decrease)		(7,111,495	)	$	(95,006,473	)
Year ended December 31, 2018:
Shares sold		4,580,915		$	65,688,231
Shares issued to shareholders in reinvestment of dividends and distributions		4,635,445			66,126,079
Shares redeemed		(3,575,706	)		(55,816,319	)
Net increase (decrease)		5,640,654		$	75,997,991
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		3,311,865		$	43,650,523
Shares redeemed		(2,099,731	)		(27,954,691	)
Net increase (decrease)		1,212,134		$	15,695,832
Year ended December 31, 2018:
Shares sold		3,770,863		$	54,514,513
Shares issued to shareholders in reinvestment of dividends and distributions		4,251,410			59,668,222
Shares redeemed		(5,413,515	)		(82,108,097	)
Net increase (decrease)		2,608,758		$	32,074,638

Note 10–Litigation

The Portfolio has been named as a defendant in the case entitledKirschner v. FitzSimons, No.12-2652 (S.D.N.Y.) (the “FitzSimonsaction”) as a result of its ownership of shares in the Tribune Company (“Tribune”) in 2007 when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the plaintiff asserts claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. Separately, the complaint also seeks to obtain from former Tribune shareholders, including the Portfolio, any proceeds they received in connection with the LBO. The sole claim and cause of action brought against the Portfolio is for fraudulent conveyance pursuant to United States Bankruptcy Code Section 548(a)(1)(A).

In June 2011, certain Tribune creditors filed numerous additional actions asserting state law constructive fraudulent conveyance claims (the “SLCFC actions”) against specifically-named former Tribune shareholders and, in some cases, putative defendant classes comprised of former Tribune shareholders. One of the SLCFC actions, entitledDeutsche Bank Trust Co. Americas v. Blackrock Institutional Trust Co., No.11-9319 (S.D.N.Y.) (the “Deutsche Bank action”), named the Portfolio as a defendant.

TheFitzSimonsaction andDeutsche Bankaction have been consolidated with the majority of the other Tribune LBO related lawsuits in a multidistrict litigation proceeding entitledIn re Tribune Co. Fraudulent Conveyance Litig., No. 11-md-2296 (S.D.N.Y.) (the “MDL Proceeding”).

23

Notes to Financial Statements(Unaudited) (continued)

On September 23, 2013, the District Court granted the defendants’ motion to dismiss the SLCFC actions, including theDeutsche Bankaction, on the basis that the plaintiffs did not have standing to pursue their claims. On September 30, 2013, the plaintiffs in the SLCFC actions filed a notice of appeal to the United States Court of Appeals for the Second Circuit. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. On March 29, 2016, the United States Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code-the statutory safe harbor for settlement payments. On April 12, 2016 the Plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. Certain shareholder defendants filed a joint brief in opposition to the petition for certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a “Statement” related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court’s decision inMerit Management Group LP v. FTI Consulting, Inc. On April 10, 2018, the plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the district court for further proceedings consistent withMerit Management. On April 20, 2018, the shareholder defendants filed a response to the plaintiffs’ motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate “in anticipation of further panel review.”

On August 2, 2013, the plaintiff in theFitzSimonsaction filed a Fifth Amended Complaint. On May 23, 2014, the defendants filed motions to dismiss theFitzSimonsaction, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders, for intentional fraudulent conveyance under U.S. federal law.

On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. While the District Court’s dismissal of the intentional fraudulent conveyance claim was not immediately appealable, the Trustee asked the District Court to enter judgment immediately so that an appeal could be taken. On February 23, 2017, the Court issued an order stating that it intended to permit an interlocutory appeal of the dismissal order, but would wait to do so until it has resolved outstanding motions to dismiss filed by other defendants

On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request.

On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed the request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling inMerit Management. The shareholder defendants opposed that request. On June 18, 2018, the District Court ordered that the request would be stayed pending further action by the Second Circuit in the still-pending appeal, discussed above. On December 18, 2018, the plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating the plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the court held a case management conference, during which the court held that it would not lift the stay prior to further action from the Second Circuit. The court held that it would allow the Trustee to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the court ordered the parties still facing pending claims to participate in a mediation. On March 27, 2019, the court held a telephone conference and decided to allow the plaintiff to file a motion for leave to amend. On April 4, 2019, the plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to the plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. The court denied leave to amend the complaint on April 23, 2019. On June 13, 2019, the court entered judgment pursuant to Rule 54(b), which would permit an appeal of the court’s dismissal of the claim against the shareholder defendants.

The value of the proceeds received by the Portfolio in connection with the LBO and the Portfolio’s cost basis in shares of Tribune was as follows:

Portfolio	Proceeds		Cost Basis
MainStay VP MacKay Mid Cap Core Portfolio	$	808,180	$	790,269

At this stage of the proceedings, it would be difficult to assess with any reasonable certainty the probable outcome of the pending litigation or the effect, if any, on the Portfolio’s net asset value.

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

24 MainStay VP MacKay Mid Cap Core Portfolio

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

25

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

26 MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781635 MSVPMCC10-08/19 (NYLIAC) NI527       

MainStay VP MacKay Small Cap Core Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	9
Financial Statements	18
Notes to Financial Statements	22
Proxy Voting Policies and Procedures and Proxy Voting Record	28
Shareholder Reports and Quarterly Portfolio Disclosure	28

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months	One Year	Since Inception	Gross Expense Ratio2
Initial Class Shares	5/2/2016	11.77%	–12.44%	8.33%	0.83%
Service Class Shares	5/2/2016	11.63	–12.66	8.06	1.08

Benchmark Performance	Six Months			One Year			Since Inception
Russell 2000® Index3		16.98	%		–3.31	%		12.10	%
Morningstar Small Blend Category Average4		15.74			–3.76			9.60

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. 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. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay Small Cap Core Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,117.70	$	4.46	$	1,020.58	$	4.26	0.85%
Service Class Shares	$	1,000.00	$	1,116.30	$	5.77	$	1,019.34	$	5.51	1.10%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP MacKay Small Cap Core Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Banks	7.7	%
Biotechnology	7.5
Equity Real Estate Investment Trusts	5.2
Software	5.1
Health Care Equipment & Supplies	3.9
Machinery	3.6
Oil, Gas & Consumable Fuels	3.5
Insurance	3.1
Thrifts & Mortgage Finance	3.1
Household Durables	2.6
Specialty Retail	2.6
Electronic Equipment, Instruments & Components	2.4
Pharmaceuticals	2.4
Professional Services	2.1
Electrical Equipment	2.0
Exchange-Traded Funds	2.0
IT Services	2.0
Commercial Services & Supplies	1.9
Life Sciences Tools & Services	1.9
Aerospace & Defense	1.8
Chemicals	1.8
Construction & Engineering	1.8
Health Care Technology	1.8
Hotels, Restaurants & Leisure	1.8
Semiconductors & Semiconductor Equipment	1.8
Trading Companies & Distributors	1.7
Media	1.6
Diversified Consumer Services	1.3
Energy Equipment & Services	1.2
Health Care Providers & Services	1.2
Water Utilities	1.2
Building Products	1.1
Textiles, Apparel & Luxury Goods	1.1
Beverages	1.0

Food Products	1.0	%
Electric Utilities	0.9
Entertainment	0.9
Internet & Direct Marketing Retail	0.9
Metals & Mining	0.9
Interactive Media & Services	0.8
Tobacco	0.8
Food & Staples Retailing	0.7
Mortgage Real Estate Investment Trusts	0.7
Communications Equipment	0.6
Consumer Finance	0.6
Real Estate Management & Development	0.6
Diversified Telecommunication Services	0.5
Auto Components	0.4
Distributors	0.4
Airlines	0.3
Diversified Financial Services	0.3
Leisure Products	0.3
Technology Hardware, Storage & Peripherals	0.3
Capital Markets	0.2
Construction Materials	0.2
Multi-Utilities	0.2
Air Freight & Logistics	0.1
Containers & Packaging	0.1
Independent Power & Renewable Electricity Producers	0.1
Paper & Forest Products	0.1
Personal Products	0.1
Road & Rail	0.1
Gas Utilities	0.0	‡
Short-Term Investments	0.6
Other Assets, Less Liabilities	–0.5
	100.0	%

See Portfolio of Investments beginning on page 9 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

Top Ten Holdings as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. iShares Russell 2000 ETF

2. Array BioPharma, Inc.

3. Deckers Outdoor Corp.

4. EMCOR Group, Inc.

5. Portland General Electric Co.

  6. Radian Group, Inc.

  7. Generac Holdings, Inc.

  8. Essent Group, Ltd.

  9. Tetra Tech, Inc.

10. EastGroup Properties, Inc.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Migene Kim, CFA, and Mona Patni of MacKay Shields LLC, the Portfolio’s Subadvisor.

How did MainStay VP MacKay Small Cap Core Portfolio perform relative to its benchmark and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay Small Cap Core Portfolio returned 11.77% for Initial Class shares and 11.63% for Service Class shares. Over the same period, both share classes underperformed the 16.98% return of the Russell 2000^® Index, which is the Portfolio’s benchmark, and the 15.74% return of the Morningstar Small Blend Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

Stock selection was the primary reason why the Portfolio underperformed relative to the Russell 2000^® Index during the reporting period, whereas sector allocation effect was nearly neutral. The Portfolio’s performance directly reflected the performance of our stock selection model, particularly the weak effectiveness of the model’s valuation signals, which seek to evaluate companies across sales- and cash-based measures on a peer-relative basis. Valuation ranges across markets were compressed and value signals, which tend to prove most effective in an environment in which profits are accelerating, struggled amid a decelerating global growth outlook. Valuation signals proved more effective in June 2019, however, when value performance rebounded. Positive effects from the stock selection model’s other factors provided only partial mitigation. Momentum signals, which evaluate historical price trends, generated positive performance for the Portfolio during the reporting period, but proved volatile and inconsistent, hence difficult to capture. Sentiment signals, a gauge of institutional investor sentiment, were not effective during the first half of the reporting period but rebounded in the second half of the same period thanks to the Portfolio’s underweight positions.

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

During the reporting period, the strongest positive contributors to the Portfolio’s performance relative to the Russell 2000^® Index were the health care and consumer staples sectors. (Contributions take weightings and total returns into account.) During the same period, the top detractors from benchmark-relative performance were the consumer discretionary, communication services and industrials sectors.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

The stocks that made the most substantial positive contributions to the Portfolio’s absolute performance during the reporting period included biotechnology company Array BioPharma, advertising software company The Trade Desk, and information technology infrastructure provider Vectrus. The stocks that detracted the most from the Portfolio’s absolute performance during the same period included printing company R.R. Donnelley & Sons, publishing company Houghton Mifflin Harcourt and biodiesel producer Renewable Energy Group.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio’s largest initial purchase during the reporting period was in shares of insurance company Essent Group— purchased because of improved momentum measures seen in the Portfolio’s stock selection model. The Portfolio’s largest increase in position size was in public utility provider Portland General Electric due to improved sentiment and momentum measures within the model. Over the same period, the most substantial position that the Portfolio exited completely was in consumer finance company Green Dot, while the Portfolio’s most substantial decrease in position size was in medical diagnostics provider Haemonetics. Both sales were due to deterioration in momentum and sentiment measures within the stock selection model.

How did the Portfolio’s sector weightings change during the reporting period?

During the reporting period, the Portfolio’s largest sector-weighting increases relative to the Russell 2000^® Index were in industrials and health care. Over the same period, the Portfolio’s most substantial sector-weighting decreases relative to the benchmark were in information technology and consumer discretionary.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio’s largest overweight positions relative to the Russell 2000^® Index included the health care and industrials sectors. As of the same date, the sectors that were most substantially underweight relative to the benchmark included information technology and financials.

1. See page 5 for more information on benchmark and peer group returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

8 MainStay VP MacKay Small Cap Core Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 97.9%†
Aerospace & Defense 1.8%
Aerojet Rocketdyne Holdings, Inc. (a)		62,500	$	2,798,125
Ducommun, Inc. (a)		41,800		1,883,926
Moog, Inc., Class A		27,100		2,536,831
Vectrus, Inc. (a)		48,700		1,975,272
Wesco Aircraft Holdings, Inc. (a)		146,900		1,630,590
				10,824,744
Air Freight & Logistics 0.1%
Radiant Logistics, Inc. (a)		99,100		608,474
Airlines 0.3%
SkyWest, Inc.		35,000		2,123,450
Auto Components 0.4%
Cooper Tire & Rubber Co.		7,200		227,160
Dana, Inc.		93,300		1,860,402
Tower International, Inc.		26,800		522,600
				2,610,162
Banks 7.7%
1st Source Corp.		4,500		208,800
Amalgamated Bank, Class A		7,800		136,110
Amerant Bancorp, Inc. (a)(b)		2,700		53,217
Bancorp, Inc. (a)		209,300		1,866,956
Bank of Commerce Holdings		18,100		193,489
BayCom Corp. (a)		9,100		199,290
BCB Bancorp, Inc.		33,600		465,360
Boston Private Financial Holdings, Inc.		92,500		1,116,475
Bridge Bancorp, Inc.		48,790		1,437,354
Cadence Bancorp		122,400		2,545,920
CapStar Financial Holdings, Inc.		1,500		22,725
Central Valley Community Bancorp		6,400		137,408
Century Bancorp, Inc., Class A		10,200		896,580
Civista Bancshares, Inc.		33,800		758,810
ConnectOne Bancorp, Inc.		32,300		731,918
Customers Bancorp, Inc. (a)		93,600		1,965,600
Esquire Financial Holdings, Inc. (a)		100		2,515
Farmers National Banc Corp.		23,300		345,539
Financial Institutions, Inc.		58,300		1,699,445
First BanCorp		170,900		1,886,736
First Business Financial Services, Inc.		16,100		378,350
First Choice Bancorp		600		13,644
First Financial Corp.		3,300		132,528
First Financial Northwest, Inc.		24,900		352,335
First Foundation, Inc.		141,600		1,903,104
First Internet Bancorp		59,000		1,270,860
First Midwest Bancorp, Inc.		117,300		2,401,131
First Northwest Bancorp		2,800		45,500
First of Long Island Corp.		21,900		439,752
Flushing Financial Corp.		58,600		1,300,920
Franklin Financial Network, Inc.		67,800		1,888,908
Fulton Financial Corp.		6,400		104,768

	Shares		Value
Banks (continued)
Great Southern Bancorp, Inc.		19,500	$	1,167,075
Hancock Whitney Corp.		1,100		44,066
Hanmi Financial Corp.		81,800		1,821,686
Hope Bancorp, Inc.		20,800		286,624
IberiaBank Corp.		37,900		2,874,715
Investar Holding Corp.		1,300		31,005
Lakeland Bancorp, Inc.		29,600		478,040
LCNB Corp.		11,700		222,300
Mercantile Bank Corp.		6,100		198,738
Metropolitan Bank Holding Corp. (a)		23,800		1,047,200
MidWestOne Financial Group, Inc.		33,300		931,068
MutualFirst Financial, Inc.		500		17,020
Northeast Bank		12,800		353,024
OFG Bancorp		34,900		829,573
Orrstown Financial Services, Inc.		13,000		285,870
PCB Bancorp		13,800		235,152
Peapack-Gladstone Financial Corp.		56,500		1,588,780
Preferred Bank / Los Angeles CA		24,400		1,152,900
RBB Bancorp		58,500		1,131,390
Renasant Corp.		3,200		115,008
Republic Bancorp, Inc., Class A		18,800		935,300
SB One Bancorp		4,800		107,280
Sierra Bancorp		3,200		86,784
SmartFinancial, Inc. (a)		13,500		292,815
Southern National Bancorp of Virginia, Inc.		12,600		192,906
TriState Capital Holdings, Inc. (a)		38,600		823,724
Unity Bancorp, Inc.		3,700		83,990
WesBanco, Inc.		62,500		2,409,375
West Bancorp., Inc.		3,250		68,965
				46,714,420
Beverages 1.0%
Boston Beer Co., Inc., Class A (a)		7,400		2,795,424
Coca-Cola Consolidated, Inc.		7,300		2,184,525
Craft Brew Alliance, Inc. (a)		45,500		636,545
Primo Water Corp. (a)		26,400		324,720
				5,941,214
Biotechnology 7.5%
ACADIA Pharmaceuticals, Inc. (a)		45,700		1,221,561
Acceleron Pharma, Inc. (a)		28,002		1,150,322
Aimmune Therapeutics, Inc. (a)		36,400		757,848
Amicus Therapeutics, Inc. (a)		110,940		1,384,531
Anaptysbio, Inc. (a)		13,000		733,460
Arena Pharmaceuticals, Inc. (a)		21,383		1,253,685
Array BioPharma, Inc. (a)		74,635		3,457,840
Arrowhead Pharmaceuticals, Inc. (a)(b)		37,900		1,004,350
Atara Biotherapeutics, Inc. (a)		28,100		565,091
Audentes Therapeutics, Inc. (a)		21,000		795,060
Biohaven Pharmaceutical Holding Co., Ltd. (a)		16,100		705,019
Blueprint Medicines Corp. (a)		18,000		1,697,940
Clovis Oncology, Inc. (a)		32,200		478,814
Editas Medicine, Inc. (a)		31,900		789,206

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 9

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Biotechnology (continued)
Emergent BioSolutions, Inc. (a)		22,392	$	1,081,758
Enanta Pharmaceuticals, Inc. (a)		9,500		801,610
FibroGen, Inc. (a)		31,219		1,410,474
Global Blood Therapeutics, Inc. (a)		23,000		1,209,800
Halozyme Therapeutics, Inc. (a)		96,500		1,657,870
Heron Therapeutics, Inc. (a)		39,500		734,305
Immunomedics, Inc. (a)(b)		72,200		1,001,414
Insmed, Inc. (a)		34,790		890,624
Intercept Pharmaceuticals, Inc. (a)(b)		11,600		923,012
Invitae Corp. (a)		37,700		885,950
Iovance Biotherapeutics, Inc. (a)		45,600		1,118,112
Ironwood Pharmaceuticals, Inc. (a)		71,452		781,685
Ligand Pharmaceuticals, Inc. (a)		8,627		984,772
Madrigal Pharmaceuticals, Inc. (a)(b)		5,300		555,493
Mirati Therapeutics, Inc. (a)		10,000		1,030,000
Momenta Pharmaceuticals, Inc. (a)		50,169		624,604
Myriad Genetics, Inc. (a)		31,810		883,682
OPKO Health, Inc. (a)(b)		227,900		556,076
Portola Pharmaceuticals, Inc. (a)(b)		32,542		882,865
Prothena Corp. PLC (a)		67,307		711,435
PTC Therapeutics, Inc. (a)		25,400		1,143,000
Radius Health, Inc. (a)		33,833		824,172
REGENXBIO, Inc. (a)		15,100		775,687
Repligen Corp. (a)		20,676		1,777,102
Retrophin, Inc. (a)		40,000		803,600
Sangamo Therapeutics, Inc. (a)		59,800		644,046
Spark Therapeutics, Inc. (a)		13,516		1,383,768
Spectrum Pharmaceuticals, Inc. (a)		64,815		558,057
Ultragenyx Pharmaceutical, Inc. (a)		25,144		1,596,644
Vanda Pharmaceuticals, Inc. (a)		34,400		484,696
Xencor, Inc. (a)		25,331		1,036,798
				45,747,838
Building Products 1.1%
Armstrong Flooring, Inc. (a)		74,900		737,765
Builders FirstSource, Inc. (a)		146,100		2,463,246
JELD-WEN Holding, Inc. (a)		700		14,861
Patrick Industries, Inc. (a)		25,700		1,264,183
Quanex Building Products Corp.		103,300		1,951,337
				6,431,392
Capital Markets 0.2%
BrightSphere Investment Group PLC		35,300		402,773
Donnelley Financial Solutions, Inc. (a)		9,400		125,396
GAMCO Investors, Inc., Class A		2,100		40,257
INTL FCStone, Inc. (a)		17,700		700,743
Ladenburg Thalmann Financial Services, Inc.		71,600		245,588
				1,514,757
Chemicals 1.8%
AdvanSix, Inc. (a)		78,800		1,925,084
FutureFuel Corp.		35,800		418,502

	Shares		Value
Chemicals (continued)
Hawkins, Inc.		23,000	$	998,430
Koppers Holdings, Inc. (a)		32,200		945,392
OMNOVA Solutions, Inc. (a)		67,400		419,902
Stepan Co.		25,300		2,325,323
Tredegar Corp.		114,000		1,894,680
Trinseo S.A.		54,000		2,286,360
				11,213,673
Commercial Services & Supplies 1.9%
ABM Industries, Inc.		63,800		2,552,000
CECO Environmental Corp. (a)		11,800		113,162
Heritage-Crystal Clean, Inc. (a)		3,700		97,347
Herman Miller, Inc.		45,400		2,029,380
HNI Corp.		6,100		215,818
Kimball International, Inc., Class B		20,200		352,086
Knoll, Inc.		13,100		301,038
LSC Communications, Inc.		51,100		187,537
Quad/Graphics, Inc.		400		3,164
R.R. Donnelley & Sons Co.		293,700		578,589
Steelcase, Inc., Class A		132,700		2,269,170
Tetra Tech, Inc.		38,400		3,016,320
				11,715,611
Communications Equipment 0.6%
ADTRAN, Inc.		2,600		39,650
CalAmp Corp. (a)		9,400		109,792
Clearfield, Inc. (a)		1,100		14,575
Comtech Telecommunications Corp.		6,900		193,959
DASAN Zhone Solutions, Inc. (a)		600		7,794
Digi International, Inc. (a)		5,100		64,668
InterDigital, Inc.		9,500		611,800
NetScout Systems, Inc. (a)		67,900		1,723,981
Viavi Solutions, Inc. (a)		67,800		901,062
				3,667,281
Construction & Engineering 1.8%
Comfort Systems USA, Inc.		30,463		1,553,308
EMCOR Group, Inc.		37,000		3,259,700
Great Lakes Dredge & Dock Corp. (a)		178,000		1,965,120
MYR Group, Inc. (a)		53,900		2,013,165
Sterling Construction Co., Inc. (a)		139,900		1,877,458
				10,668,751
Construction Materials 0.2%
U.S. Concrete, Inc. (a)		29,600		1,470,824
Consumer Finance 0.6%
Elevate Credit, Inc. (a)		56,600		233,192
Enova International, Inc. (a)		85,200		1,963,860
EZCORP, Inc., Class A (a)		172,400		1,632,628
				3,829,680

10 MainStay VP MacKay Small Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Containers & Packaging 0.1%
Myers Industries, Inc.		29,800	$	574,246
UFP Technologies, Inc. (a)		5,300		220,533
				794,779
Distributors 0.4%
Core-Mark Holding Co., Inc.		59,300		2,355,396
Weyco Group, Inc.		1,400		37,394
				2,392,790
Diversified Consumer Services 1.3%
American Public Education, Inc. (a)		2,900		85,782
Career Education Corp. (a)		101,600		1,937,512
Collectors Universe, Inc.		15,600		332,904
Houghton Mifflin Harcourt Co. (a)		136,600		786,816
K12, Inc. (a)		70,100		2,131,741
Laureate Education, Inc., Class A (a)		140,900		2,213,539
Select Interior Concepts, Inc., Class A (a)		1,600		18,640
Strategic Education, Inc.		1,900		338,200
				7,845,134
Diversified Financial Services 0.3%
Cannae Holdings, Inc. (a)		49,600		1,437,408
FGL Holdings		29,100		244,440
Marlin Business Services Corp.		200		4,986
				1,686,834
Diversified Telecommunication Services 0.5%
ATN International, Inc.		14,600		842,858
Bandwidth, Inc., Class A (a)		18,100		1,357,862
IDT Corp., Class B (a)		24,600		232,962
Iridium Communications, Inc. (a)		36,100		839,686
				3,273,368
Electric Utilities 0.9%
Genie Energy, Ltd., Class B		59,200		630,480
Portland General Electric Co.		58,300		3,158,111
Spark Energy, Inc., Class A (b)		141,000		1,577,790
				5,366,381
Electrical Equipment 2.0%
Allied Motion Technologies, Inc.		4,000		151,600
American Superconductor Corp. (a)(b)		73,200		679,296
Atkore International Group, Inc. (a)		82,100		2,123,927
AZZ, Inc.		12,100		556,842
Encore Wire Corp.		37,600		2,202,608
EnerSys		39,000		2,671,500
Generac Holdings, Inc. (a)		43,800		3,040,158
Powell Industries, Inc.		10,500		399,000
Preformed Line Products Co.		2,800		155,456
				11,980,387

	Shares		Value
Electronic Equipment, Instruments & Components 2.4%
Anixter International, Inc. (a)		8,900	$	531,419
AVX Corp.		12,700		210,820
Badger Meter, Inc.		1,800		107,442
Belden, Inc.		23,600		1,405,852
Benchmark Electronics, Inc.		12,700		319,024
CTS Corp.		900		24,822
ePlus, Inc. (a)		4,000		275,760
Insight Enterprises, Inc. (a)		36,100		2,101,020
Iteris, Inc. (a)		8,600		44,462
Itron, Inc. (a)		10,000		625,700
KEMET Corp.		11,300		212,553
Kimball Electronics, Inc. (a)		7,500		121,800
Knowles Corp. (a)		22,500		411,975
Methode Electronics, Inc.		10,600		302,842
Napco Security Technologies, Inc. (a)		2,500		74,200
OSI Systems, Inc. (a)		5,600		630,728
PC Connection, Inc.		6,900		241,362
PCM, Inc. (a)		1,200		42,048
Plexus Corp. (a)		9,000		525,330
Rogers Corp. (a)		5,500		949,190
Sanmina Corp. (a)		69,074		2,091,561
ScanSource, Inc. (a)		4,900		159,544
Tech Data Corp. (a)		18,900		1,976,940
TTM Technologies, Inc. (a)		27,100		276,420
Vishay Intertechnology, Inc.		39,300		649,236
				14,312,050
Energy Equipment & Services 1.2%
C&J Energy Services, Inc. (a)		67,400		793,972
Exterran Corp. (a)		11,500		163,530
FTS International, Inc. (a)		62,300		347,634
Keane Group, Inc. (a)		132,000		887,040
Matrix Service Co. (a)		91,200		1,847,712
ProPetro Holding Corp. (a)		115,300		2,386,710
Select Energy Services, Inc., Class A (a)		34,500		400,545
Superior Energy Services, Inc. (a)		154,100		200,330
				7,027,473
Entertainment 0.9%
Glu Mobile, Inc. (a)		277,900		1,995,322
Marcus Corp.		58,400		1,924,864
Rosetta Stone, Inc. (a)		61,500		1,407,120
				5,327,306
Equity Real Estate Investment Trusts 5.2%
American Assets Trust, Inc.		46,200		2,176,944
Americold Realty Trust		52,900		1,715,018
Ashford Hospitality Trust, Inc.		254,800		756,756
Bluerock Residential Growth REIT, Inc.		10,900		128,075
Braemar Hotels & Resorts, Inc.		156,800		1,552,320
BRT Apartments Corp.		1,000		14,130
CareTrust REIT, Inc.		100,900		2,399,402
Clipper Realty, Inc.		500		5,590

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Equity Real Estate Investment Trusts (continued)
Corepoint Lodging, Inc.		54,000	$	669,060
EastGroup Properties, Inc.		25,900		3,003,882
GEO Group, Inc.		116,827		2,454,535
Innovative Industrial Properties, Inc. (b)		5,200		642,512
Lexington Realty Trust		253,100		2,381,671
New Senior Investment Group, Inc.		300		2,016
NexPoint Residential Trust, Inc.		12,000		496,800
Physicians Realty Trust		24,500		427,280
Preferred Apartment Communities, Inc., Class A		29,900		447,005
PS Business Parks, Inc.		16,100		2,713,333
Rexford Industrial Realty, Inc.		36,200		1,461,394
Ryman Hospitality Properties, Inc.		34,367		2,786,820
Sunstone Hotel Investors, Inc.		156,800		2,149,728
Terreno Realty Corp.		20,900		1,024,936
Xenia Hotels & Resorts, Inc.		116,700		2,433,195
				31,842,402
Food & Staples Retailing 0.7%
Natural Grocers by Vitamin Cottage, Inc. (a)		121,300		1,219,065
Performance Food Group Co. (a)		74,100		2,966,223
Village Super Market, Inc., Class A		7,500		198,825
				4,384,113
Food Products 1.0%
Fresh Del Monte Produce, Inc.		48,700		1,312,465
John B. Sanfilippo & Son, Inc.		24,100		1,920,529
Sanderson Farms, Inc.		18,800		2,567,328
Seneca Foods Corp., Class A (a)		10,700		297,781
				6,098,103
Gas Utilities 0.0%‡
Chesapeake Utilities Corp.		1,300		123,526
Health Care Equipment & Supplies 3.9%
Accuray, Inc. (a)		324,500		1,255,815
AngioDynamics, Inc. (a)		400		7,876
Cardiovascular Systems, Inc. (a)		49,000		2,103,570
Conformis, Inc. (a)		46,900		204,484
CONMED Corp.		28,600		2,447,302
Glaukos Corp. (a)		6,800		512,720
Haemonetics Corp. (a)		200		24,068
Integer Holdings Corp. (a)		30,700		2,576,344
Lantheus Holdings, Inc. (a)		75,300		2,130,990
Meridian Bioscience, Inc.		37,500		445,500
NovoCure, Ltd. (a)		25,100		1,587,073
NuVasive, Inc. (a)		45,500		2,663,570
Orthofix Medical, Inc. (a)		23,200		1,226,816
RTI Surgical Holdings, Inc. (a)		108,500		461,125
SeaSpine Holdings Corp. (a)		66,700		883,775
Surmodics, Inc. (a)		1,700		73,389
Tandem Diabetes Care, Inc. (a)		42,600		2,748,552

	Shares		Value
Health Care Equipment & Supplies (continued)
Varex Imaging Corp. (a)		69,600	$	2,133,240
Zynex, Inc. (b)		54,800		492,652
				23,978,861
Health Care Providers & Services 1.2%
Amedisys, Inc. (a)		5,200		631,332
AMN Healthcare Services, Inc. (a)		9,200		499,100
Cross Country Healthcare, Inc. (a)		6,100		57,218
Ensign Group, Inc.		46,100		2,624,012
Genesis Healthcare, Inc. (a)		2,900		3,596
HealthEquity, Inc. (a)		12,800		837,120
Magellan Health, Inc. (a)		20,700		1,536,561
RadNet, Inc. (a)		15,900		219,261
Tenet Healthcare Corp. (a)		13,000		268,580
Triple-S Management Corp., Class B (a)		37,438		892,896
				7,569,676
Health Care Technology 1.8%
Computer Programs & Systems, Inc.		36,900		1,025,451
HealthStream, Inc. (a)		25,800		667,188
HMS Holdings Corp. (a)		81,300		2,633,307
Inovalon Holdings, Inc., Class A (a)(b)		102,400		1,485,824
NextGen Healthcare, Inc. (a)		107,500		2,139,250
Omnicell, Inc. (a)		32,300		2,778,769
				10,729,789
Hotels, Restaurants & Leisure 1.8%
BJ’s Restaurants, Inc.		300		13,182
Bloomin’ Brands, Inc.		73,177		1,383,777
Carrols Restaurant Group, Inc. (a)		28,300		255,549
Century Casinos, Inc. (a)		47,700		462,690
Cracker Barrel Old Country Store, Inc. (b)		7,800		1,331,694
Dave & Buster’s Entertainment, Inc.		7,200		291,384
Denny’s Corp. (a)		16,600		340,798
Everi Holdings, Inc. (a)		169,100		2,017,363
Fiesta Restaurant Group, Inc. (a)		1,300		17,082
Habit Restaurants, Inc., Class A (a)		92,700		972,423
J. Alexander’s Holdings, Inc. (a)		39,500		443,585
Planet Fitness, Inc., Class A (a)		500		36,220
Potbelly Corp. (a)		47,900		243,811
SeaWorld Entertainment, Inc. (a)		72,300		2,241,300
Speedway Motorsports, Inc.		9,100		168,805
Texas Roadhouse, Inc.		3,800		203,946
Wingstop, Inc.		4,400		416,900
				10,840,509
Household Durables 2.6%
Bassett Furniture Industries, Inc.		6,400		97,600
Beazer Homes USA, Inc. (a)		82,400		791,864
Ethan Allen Interiors, Inc.		92,000		1,937,520
Flexsteel Industries, Inc.		23,600		402,616
KB Home		93,000		2,392,890
La-Z-Boy, Inc.		300		9,198

12 MainStay VP MacKay Small Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Household Durables (continued)
M/I Homes, Inc. (a)		58,000	$	1,655,320
MDC Holdings, Inc.		68,800		2,255,264
Meritage Homes Corp. (a)		44,400		2,279,496
Roku, Inc. (a)		400		36,232
Skyline Champion Corp. (a)		3,600		98,568
Taylor Morrison Home Corp. (a)		118,700		2,487,952
TopBuild Corp. (a)		18,000		1,489,680
				15,934,200
Independent Power & Renewable Electricity Producers 0.1%
Atlantic Power Corp. (a)(b)		325,800		788,436
Insurance 3.1%
American Equity Investment Life Holding Co.		30,300		822,948
Argo Group International Holdings, Ltd.		33,200		2,458,460
Crawford & Co.
Class A		13,500		142,155
Class B		18,800		175,028
eHealth, Inc. (a)		28,800		2,479,680
Employers Holdings, Inc.		50,600		2,138,862
Fednat Holding Co.		42,000		599,340
Genworth Financial, Inc., Class A (a)		645,300		2,394,063
Hallmark Financial Services, Inc. (a)		33,700		479,551
HCI Group, Inc.		5,300		214,491
Heritage Insurance Holdings, Inc.		118,800		1,830,708
Kemper Corp.		9,200		793,868
National General Holdings Corp.		90,800		2,082,952
Selective Insurance Group, Inc.		1,300		97,357
State Auto Financial Corp.		10,400		364,000
Stewart Information Services Corp.		20,800		842,192
Tiptree, Inc.		16,800		105,840
Universal Insurance Holdings, Inc.		31,700		884,430
				18,905,925
Interactive Media & Services 0.8%
DHI Group, Inc. (a)		100,400		358,428
Liberty TripAdvisor Holdings, Inc., Class A (a)		165,800		2,055,920
Meet Group, Inc. (a)		138,900		483,372
QuinStreet, Inc. (a)		30,700		486,595
Travelzoo (a)		98,300		1,517,752
				4,902,067
Internet & Direct Marketing Retail 0.9%
1-800-Flowers.com, Inc., Class A (a)		97,500		1,840,800
Groupon, Inc. (a)		295,200		1,056,816
Lands’ End, Inc. (a)(b)		144,100		1,760,902
Rubicon Project, Inc. (a)		84,300		536,148
				5,194,666
IT Services 2.0%
Brightcove, Inc. (a)		15,800		163,214
Carbonite, Inc. (a)		4,700		122,388
Cardtronics PLC, Class A (a)		52,800		1,442,496

	Shares		Value
IT Services (continued)
Cass Information Systems, Inc.		1,100	$	53,328
Conduent, Inc. (a)		50,900		488,131
CSG Systems International, Inc.		9,700		473,651
EVERTEC, Inc.		17,800		582,060
Hackett Group, Inc.		1,900		31,901
I3 Verticals, Inc., Class A (a)		10,600		312,170
KBR, Inc.		41,700		1,039,998
Limelight Networks, Inc. (a)		8,800		23,760
Liveramp Holdings, Inc. (a)		19,500		945,360
ManTech International Corp., Class A		1,800		118,530
MAXIMUS, Inc.		18,624		1,350,985
NIC, Inc.		1,600		25,664
PaySign, Inc. (a)		4,300		57,491
Perficient, Inc. (a)		43,000		1,475,760
Perspecta, Inc.		42,000		983,220
Presidio, Inc.		121,500		1,660,905
Science Applications International Corp.		1,700		147,152
Sykes Enterprises, Inc. (a)		10,600		291,076
TTEC Holdings, Inc.		4,000		186,360
Unisys Corp. (a)(b)		14,400		139,968
				12,115,568
Leisure Products 0.3%
Clarus Corp.		6,400		92,416
Malibu Boats, Inc., Class A (a)		16,700		648,795
Mastercraft Boat Holdings, Inc. (a)		42,800		838,452
				1,579,663
Life Sciences Tools & Services 1.9%
Fluidigm Corp. (a)		158,600		1,953,952
Medpace Holdings, Inc. (a)		36,600		2,394,372
NanoString Technologies, Inc. (a)		73,700		2,236,795
NeoGenomics, Inc. (a)		101,000		2,215,940
Syneos Health, Inc. (a)		52,625		2,688,611
				11,489,670
Machinery 3.6%
Blue Bird Corp. (a)		24,100		474,529
Commercial Vehicle Group, Inc. (a)		229,900		1,843,798
EnPro Industries, Inc.		33,300		2,125,872
Harsco Corp. (a)		88,100		2,417,464
Hyster-Yale Materials Handling, Inc.		300		16,578
L.B. Foster Co., Class A (a)		71,700		1,960,278
Meritor, Inc. (a)		97,600		2,366,800
Miller Industries, Inc.		42,000		1,291,500
Mueller Industries, Inc.		77,800		2,277,206
Navistar International Corp. (a)		2,100		72,345
Park-Ohio Holdings Corp.		31,100		1,013,549
TriMas Corp. (a)		67,500		2,090,475
Wabash National Corp.		127,900		2,080,933
Woodward, Inc.		15,452		1,748,548
				21,779,875

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Media 1.6%
Central European Media Enterprises, Ltd., Class A (a)		124,300	$	541,948
E.W. Scripps Co., Class A		85,500		1,307,295
Entravision Communications Corp., Class A		328,300		1,024,296
Fluent, Inc. (a)		149,700		805,386
Lee Enterprises, Inc. (a)		73,800		165,312
Marchex, Inc., Class B (a)		48,500		227,950
Nexstar Media Group, Inc., Class A		13,100		1,323,100
Sinclair Broadcast Group, Inc., Class A		32,700		1,753,701
TEGNA, Inc.		181,700		2,752,755
Tribune Publishing Co.		13,500		107,595
				10,009,338
Metals & Mining 0.9%
Materion Corp.		18,300		1,240,923
Schnitzer Steel Industries, Inc., Class A		77,700		2,033,409
Warrior Met Coal, Inc.		81,300		2,123,556
				5,397,888
Mortgage Real Estate Investment Trusts 0.7%
Arbor Realty Trust, Inc. (b)		31,600		382,992
Cherry Hill Mortgage Investment Corp.		102,500		1,640,000
Ellington Financial, Inc.		15,100		271,347
PennyMac Mortgage Investment Trust		94,100		2,054,203
				4,348,542
Multi-Utilities 0.2%
Black Hills Corp.		12,400		969,308
Oil, Gas & Consumable Fuels 3.5%
Adams Resources & Energy, Inc.		3,200		109,696
Arch Coal, Inc., Class A		18,700		1,761,727
Bonanza Creek Energy, Inc. (a)		11,900		248,472
Clean Energy Fuels Corp. (a)		421,600		1,125,672
CONSOL Energy, Inc. (a)		74,600		1,985,106
CVR Energy, Inc.		44,800		2,239,552
Delek U.S. Holdings, Inc.		68,500		2,775,620
Green Plains, Inc.		47,800		515,284
Hallador Energy Co.		80,200		451,526
Midstates Petroleum Co., Inc. (a)		168,100		990,109
NACCO Industries, Inc., Class A		8,300		431,102
Overseas Shipholding Group, Inc., Class A (a)		286,400		538,432
Par Pacific Holdings, Inc. (a)		15,300		313,956
Peabody Energy Corp.		96,400		2,323,240
Renewable Energy Group, Inc. (a)		48,000		761,280
REX American Resources Corp. (a)		15,300		1,115,370
Sandridge Energy, Inc. (a)		91,900		635,948
Teekay Tankers, Ltd., Class A (a)		217,000		277,760
World Fuel Services Corp.		70,400		2,531,584
				21,131,436

	Shares		Value
Paper & Forest Products 0.1%
Verso Corp., Class A (a)		22,300	$	424,815
Personal Products 0.1%
LifeVantage Corp. (a)		23,400		303,732
Nature’s Sunshine Products, Inc. (a)		900		8,361
				312,093
Pharmaceuticals 2.4%
Akorn, Inc. (a)		4,500		23,175
Amphastar Pharmaceuticals, Inc. (a)		95,400		2,013,894
ANI Pharmaceuticals, Inc. (a)		25,400		2,087,880
Assertio Therapeutics, Inc. (a)		74,500		257,025
BioDelivery Sciences International, Inc. (a)		192,100		893,265
Chiasma, Inc. (a)		34,500		257,715
Collegium Pharmaceutical, Inc. (a)		102,600		1,349,190
Endo International PLC (a)		65,000		267,800
Horizon Therapeutics PLC (a)		73,100		1,758,786
Pacira BioSciences, Inc. (a)		51,500		2,239,735
Phibro Animal Health Corp., Class A		62,600		1,988,802
Siga Technologies, Inc. (a)		219,900		1,249,032
				14,386,299
Professional Services 2.1%
Barrett Business Services, Inc.		23,700		1,957,620
BG Staffing, Inc.		52,900		998,752
Heidrick & Struggles International, Inc.		59,800		1,792,206
Insperity, Inc.		18,500		2,259,590
Kelly Services, Inc., Class A		78,900		2,066,391
Kforce, Inc.		52,300		1,835,207
TrueBlue, Inc. (a)		76,708		1,692,179
				12,601,945
Real Estate Management & Development 0.6%
Altisource Portfolio Solutions S.A. (a)		85,500		1,680,930
Marcus & Millichap, Inc. (a)		30,200		931,670
RMR Group, Inc., Class A		18,000		845,640
				3,458,240
Road & Rail 0.1%
Universal Logistics Holdings, Inc.		16,000		359,520
YRC Worldwide, Inc. (a)		33,700		135,811
				495,331
Semiconductors & Semiconductor Equipment 1.8%
Advanced Energy Industries, Inc. (a)		11,368		639,677
Amkor Technology, Inc. (a)		26,600		198,436
Cirrus Logic, Inc. (a)		18,100		790,970
Diodes, Inc. (a)		12,000		436,440
Enphase Energy, Inc. (a)		43,100		785,713
FormFactor, Inc. (a)		6,000		94,020
Ichor Holdings, Ltd. (a)		10,800		255,312
Lattice Semiconductor Corp. (a)		60,200		878,318
Nanometrics, Inc. (a)		6,400		222,144

14 MainStay VP MacKay Small Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Semiconductors & Semiconductor Equipment (continued)
PDF Solutions, Inc. (a)		8,100	$	106,272
Photronics, Inc. (a)		172,200		1,412,040
Rambus, Inc. (a)		31,800		382,872
Rudolph Technologies, Inc. (a)		3,400		93,942
Silicon Laboratories, Inc. (a)		12,900		1,333,860
Synaptics, Inc. (a)		49,920		1,454,669
Ultra Clean Holdings, Inc. (a)		8,800		122,496
Xperi Corp.		85,500		1,760,445
				10,967,626
Software 5.1%
ACI Worldwide, Inc. (a)		32,200		1,105,748
Agilysys, Inc. (a)		5,100		109,497
Alarm.com Holdings, Inc. (a)		10,900		583,150
Alteryx, Inc., Class A (a)(b)		9,900		1,080,288
American Software, Inc., Class A		1,900		24,985
AppFolio, Inc., Class A (a)		4,300		439,761
Avaya Holdings Corp. (a)		82,000		976,620
Blackbaud, Inc.		14,400		1,202,400
Blackline, Inc. (a)		12,600		674,226
Bottomline Technologies, Inc. (a)		1,800		79,632
Channeladvisor Corp. (a)		2,100		18,396
CommVault Systems, Inc. (a)		10,000		496,200
Cornerstone OnDemand, Inc. (a)		23,500		1,361,355
Digital Turbine, Inc. (a)		22,400		112,000
Domo, Inc., Class B (a)		1,000		27,320
Ebix, Inc. (b)		34,800		1,747,656
Egain Corp. (a)		5,100		41,514
Envestnet, Inc. (a)		13,500		922,995
Five9, Inc. (a)		17,100		877,059
Intelligent Systems Corp. (a)		1,100		31,669
j2 Global, Inc.		30,400		2,702,256
LivePerson, Inc. (a)		17,300		485,092
MicroStrategy, Inc., Class A (a)		2,400		343,944
Monotype Imaging Holdings, Inc.		11,300		190,292
OneSpan, Inc. (a)		7,400		104,858
Paylocity Holding Corp. (a)		15,100		1,416,682
Progress Software Corp.		48,800		2,128,656
Q2 Holdings, Inc. (a)		11,300		862,868
QAD, Inc., Class A		400		16,084
Qualys, Inc. (a)		9,900		862,092
Rapid7, Inc. (a)		1,900		109,896
RingCentral, Inc., Class A (a)		12,000		1,379,040
SPS Commerce, Inc. (a)		19,400		1,982,874
Synchronoss Technologies, Inc. (a)		8,500		67,235
Telaria, Inc. (a)		204,000		1,534,080
TiVo Corp.		35,400		260,898
Trade Desk, Inc., Class A (a)		2,400		546,672
Upland Software, Inc. (a)		6,600		300,498
Verint Systems, Inc. (a)		19,300		1,037,954

	Shares		Value
Software (continued)
Workiva, Inc. (a)		13,400	$	778,406
Zix Corp. (a)		174,700		1,588,023
Zscaler, Inc. (a)		4,200		321,888
				30,932,759
Specialty Retail 2.6%
Asbury Automotive Group, Inc. (a)		20,800		1,754,272
Barnes & Noble Education, Inc. (a)		96,200		323,232
Barnes & Noble, Inc.		22,400		149,856
Bed Bath & Beyond, Inc. (b)		30,900		359,058
Genesco, Inc. (a)		45,400		1,919,966
Group 1 Automotive, Inc.		27,400		2,243,786
Hibbett Sports, Inc. (a)		70,400		1,281,280
Lithia Motors, Inc., Class A		14,500		1,722,310
Murphy USA, Inc. (a)		29,700		2,495,691
Office Depot, Inc.		458,200		943,892
Rent-A-Center, Inc. (a)		83,400		2,220,942
RTW Retailwinds, Inc. (a)		56,500		96,050
Sonic Automotive, Inc., Class A		24,600		574,410
				16,084,745
Technology Hardware, Storage & Peripherals 0.3%
AstroNova, Inc.		2,200		56,848
Avid Technology, Inc. (a)		133,300		1,215,696
Diebold Nixdorf, Inc. (a)		22,100		202,436
Stratasys, Ltd. (a)		2,300		67,551
				1,542,531
Textiles, Apparel & Luxury Goods 1.1%
Deckers Outdoor Corp. (a)		18,600		3,273,042
Delta Apparel, Inc. (a)		6,600		152,988
Fossil Group, Inc. (a)(b)		65,800		756,700
Rocky Brands, Inc.		48,600		1,325,808
Vera Bradley, Inc. (a)		109,100		1,309,200
				6,817,738
Thrifts & Mortgage Finance 3.1%
Bridgewater Bancshares, Inc. (a)		22,200		256,188
Dime Community Bancshares, Inc.		98,900		1,878,111
Essent Group, Ltd. (a)		64,600		3,035,554
Flagstar Bancorp, Inc.		62,600		2,074,564
FS Bancorp, Inc.		13,800		715,806
LendingTree, Inc. (a)		4,300		1,806,129
Luther Burbank Corp.		71,000		773,190
Merchants Bancorp		8,800		149,864
MGIC Investment Corp. (a)		130,500		1,714,770
NMI Holdings, Inc., Class A (a)		79,800		2,265,522
Radian Group, Inc.		137,900		3,151,015
Riverview Bancorp, Inc.		6,100		52,094
Sterling Bancorp, Inc.		37,200		370,884
Territorial Bancorp, Inc.		10,400		321,360
				18,565,051

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Tobacco 0.8%
Turning Point Brands, Inc.		38,200	$	1,871,036
Universal Corp.		36,400		2,212,028
Vector Group, Ltd.		104,300		1,016,925
				5,099,989
Trading Companies & Distributors 1.7%
BMC Stock Holdings, Inc. (a)		104,500		2,215,400
DXP Enterprises, Inc. (a)		2,000		75,780
Foundation Building Materials, Inc. (a)		111,200		1,977,136
General Finance Corp. (a)		40,500		338,985
Herc Holdings, Inc. (a)		47,100		2,158,593
Lawson Products, Inc. (a)		7,600		279,148
Rush Enterprises, Inc.
Class A		6,000		219,120
Class B		7,900		291,589
Titan Machinery, Inc. (a)		99,900		2,055,942
Veritiv Corp. (a)		26,000		504,920
Willis Lease Finance Corp. (a)		4,600		268,272
				10,384,885
Water Utilities 1.2%
American States Water Co.		34,200		2,573,208
Aquaventure Holdings, Ltd. (a)		51,900		1,036,443
Artesian Resources Corp., Class A		3,200		118,944
California Water Service Group		19,600		992,348
Consolidated Water Co., Ltd.		16,200		231,012
Global Water Resources, Inc.		500		5,220
Middlesex Water Co.		27,700		1,641,225
SJW Corp.		7,400		449,698
				7,048,098
Total Common Stocks (Cost $592,024,875)				594,324,479
Convertible Preferred Stocks 0.0%‡
Media 0.0%‡
GCI Liberty, Inc. 7.00%		1,040		25,844
Total Convertible Preferred Stocks (Cost $19,365)				25,844
Exchange-Traded Funds 2.0%
iShares Russell 2000 ETF (b)		77,889		12,111,740
Total Exchange-Traded Funds (Cost $11,905,175)				12,111,740

	Shares			Value
Short-Term Investments 0.6%
Affiliated Investment Company 0.0%‡
MainStay U.S. Government Liquidity Fund, 2.03% (c)		15,151		$	15,151
Unaffiliated Investment Company 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (c)(d)		3,423,140			3,423,140
TotalShort-Term Investments (Cost $3,438,291)					3,438,291
Total Investments (Cost $607,387,706)		100.5	%		609,900,354
Other Assets, Less Liabilities		(0.5	)		(3,222,668	)
Net Assets		100.0	%	$	606,677,686

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $20,738,556; the total market value of collateral held by the Portfolio was $21,764,114. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $18,340,974 (See Note 2(H)).

(c) Current yield as of June 30, 2019.

(d) Represents security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:

ETF—Exchange-Traded Fund

REIT—Real Estate Investment Trust

16 MainStay VP MacKay Small Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	594,324,479	$	—	$	—	$	594,324,479
Convertible Preferred Stocks		25,844		—		—		25,844
Exchange-Traded Funds		12,111,740		—		—		12,111,740
Short-Term Investments
Affiliated Investment Company		15,151		—		—		15,151
Unaffiliated Investment Company		3,423,140		—		—		3,423,140
TotalShort-Term Investments		3,438,291		—		—		3,438,291
Total Investments in Securities	$	609,900,354	$	—	$	—	$	609,900,354

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $607,372,555) including securities on loan of $20,738,556	$	609,885,203
Investment in affiliated investment company, at value (identified cost $15,151)		15,151
Receivables:
Investment securities sold		67,803,060
Dividends		589,482
Portfolio shares sold		127,467
Securities lending		12,605
Other assets		1,342
Total assets		678,434,310
Liabilities
Cash collateral received for securities on loan		3,345,920
Cash collateral due to securities lending agent		77,220
Payables:
Investment securities purchased		67,208,648
Portfolio shares redeemed		613,673
Manager (See Note 3)		372,934
NYLIFE Distributors (See Note 3)		64,813
Professional fees		29,791
Custodian		22,013
Shareholder communication		16,301
Trustees		556
Accrued expenses		4,755
Total liabilities		71,756,624
Net assets	$	606,677,686
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	55,500
Additional paid-in capital		584,221,847
		584,277,347
Total distributable earnings (loss)		22,400,339
Net assets	$	606,677,686

Initial Class
Net assets applicable to outstanding shares	$	282,443,965
Shares of beneficial interest outstanding		25,730,583
Net asset value per share outstanding	$	10.98
Service Class
Net assets applicable to outstanding shares	$	324,233,721
Shares of beneficial interest outstanding		29,769,147
Net asset value per share outstanding	$	10.89

18 MainStay VP MacKay Small Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	3,105,478
Securities lending		70,642
Dividends-affiliated		65,214
Interest		15
Total income		3,241,349
Expenses
Manager (See Note 3)		1,655,770
Distribution/Service—Service Class (See Note 3)		259,500
Professional fees		34,157
Shareholder communication		18,663
Custodian		16,352
Trustees		3,637
Miscellaneous		6,523
Total expenses before waiver/reimbursement		1,994,602
Expense waiver/reimbursement from Manager (See Note 3)		(28,003	)
Net expenses		1,966,599
Net investment income (loss)		1,274,750
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		(20,076,035	)
Net change in unrealized appreciation (depreciation) on unaffiliated investments		35,833,512
Net realized and unrealized gain (loss) on investments		15,757,477
Net increase (decrease) in net assets resulting from operations	$	17,032,227

(a) Dividends recorded net of foreign withholding taxes in the amount of $1,450.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,274,750		$	677,528
Net realized gain (loss) on investments		(20,076,035	)		39,774,022
Net change in unrealized appreciation (depreciation) on investments		35,833,512			(82,577,682	)
Net increase (decrease) in net assets resulting from operations		17,032,227			(42,126,132	)
Distributions to shareholders:
Initial Class		—			(17,294,347	)
Service Class		—			(20,912,830	)
Total distributions to shareholders		—			(38,207,177	)
Capital share transactions:
Net proceeds from sale of shares		18,114,034			37,509,654
Net asset value of shares issued in connection with the acquisition of MainStay VP Epoch U.S. Small Cap Portfolio		419,053,712			—
Net asset value of shares issued to shareholders in reinvestment of distributions		—			38,207,177
Cost of shares redeemed		(108,344,445	)		(91,697,172	)
Increase (decrease) in net assets derived from capital share transactions		328,823,301			(15,980,341	)
Net increase (decrease) in net assets		345,855,528			(96,313,650	)
Net Assets
Beginning of period		260,822,158			357,135,808
End of period	$	606,677,686		$	260,822,158

20 MainStay VP MacKay Small Cap Core Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,						May 2, 2016** through December 31,
Initial Class	2019*			2018			2017			2016
Net asset value at beginning of period	$	9.82		$	13.16		$	11.73		$	10.00
Net investment income (loss) (a)		0.04			0.04			0.01			0.03
Net realized and unrealized gain (loss) on investments		1.12			(1.71	)		1.63			1.88
Total from investment operations		1.16			(1.67	)		1.64			1.91
Less dividends and distributions:
From net investment income		—			—			—			(0.02	)
From net realized gain on investments		—			(1.67	)		(0.21	)		(0.16	)
Total dividends and distributions		—			(1.67	)		(0.21	)		(0.18	)
Net asset value at end of period	$	10.98		$	9.82		$	13.16		$	11.73
Total investment return (b)		11.81	%(c)		(15.11	%)		13.93	%		19.14	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.78	%††		0.33	%		0.10	%		0.39	%††
Net expenses (d)		0.85	%††		0.90	%		0.90	%		1.00	%††
Expenses (before waiver/reimbursement) (d)		0.86	%††		0.90	%		0.90	%		1.00	%††
Portfolio turnover rate		188	%		161	%		159	%		180	%
Net assets at end of period (in 000’s)	$	282,444		$	123,857		$	180,840		$	164,253

* Unaudited.

** Inception date.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,			Year ended December 31,						May 2, 2016** through December 31,
Service Class	2019*			2018			2017			2016
Net asset value at beginning of period	$	9.76		$	13.11		$	11.72		$	10.00
Net investment income (loss) (a)		0.03			0.01			(0.02	)		0.01
Net realized and unrealized gain (loss) on investments		1.10			(1.69	)		1.62			1.88
Total from investment operations		1.13			(1.68	)		1.60			1.89
Less dividends and distributions:
From net investment income		—			—			—			(0.01	)
From net realized gain on investments		—			(1.67	)		(0.21	)		(0.16	)
Total dividends and distributions		—			(1.67	)		(0.21	)		(0.17	)
Net asset value at end of period	$	10.89		$	9.76		$	13.11		$	11.72
Total investment return (b)		11.58	%(c)		(15.32	%)		13.64	%		18.95	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.50	%††		0.09	%		(0.15	%)		0.16	%††
Net expenses (d)		1.10	%††		1.15	%		1.15	%		1.25	%††
Expenses (before waiver/reimbursement) (d)		1.11	%††		1.15	%		1.15	%		1.25	%††
Portfolio turnover rate		188	%		161	%		159	%		180	%
Net assets at end of period (in 000’s)	$	324,234		$	136,965		$	176,295		$	175,015

* Unaudited.

** Inception date.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) 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.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay Small Cap Core Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Effective at the close of business on April 30, 2019, the Portfolio acquired the assets and liabilities of MainStay VP Epoch U.S. Small Cap Portfolio (the “Reorganization”), which was a separate series of the Fund (the “VP Epoch U.S. Small Cap Portfolio”). The Reorganization was approved by the Fund’s Board of Trustees (the “Board”) and shareholders pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”). See Note 10 for additional information.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on May 2, 2016. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets to the Distributor (as defined below) of their shares.

The Portfolio’s investment objective is to seeklong-term growth of capital.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”)

(usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

22 MainStay VP MacKay Small Cap Core Portfolio

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national

exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities and Exchange-Traded Funds (“ETFs”) are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of

23

Notes to Financial Statements(Unaudited) (continued)

an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The

Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(H)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $20,738,556; the total market value of collateral held by the Portfolio was $21,764,114. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $18,340,974 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $3,423,140.

24 MainStay VP MacKay Small Cap Core Portfolio

(I)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

Effective May 1, 2019, the Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual percentage of the Portfolio’s average daily net assets as follows: 0.80% up to $1 billion, 0.775% from $1 billion to $2 billion and 0.75% in excess of $2 billion. Prior to May 1, 2019, the Fund, on behalf of the Portfolio, paid New York Life Investments in its capacity as the portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual percentage of the Portfolio’s average daily net assets as follows: 0.85% up to $1 billion and 0.80% in excess of $1 billion.

Effective May 1, 2019, New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the total annual

operating expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of Initial Class shares do not exceed 0.80% of average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement to Service Class shares. This agreement will remain in effect until May 1, 2020, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board. Prior to May 1, 2019, New York Life Investments had agreed to waive fees and/or reimburse expenses so that the total annual operating expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) did not exceed 1.00% for Initial Class and 1.25% for the Service Class shares. During the six-month period ended June 30, 2019, the effective management fee rate was 0.82%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $1,655,770, and paid the Subadvisor in the amount of $813,883.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

25

Notes to Financial Statements(Unaudited) (continued)

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	947	$	38,480	$	(39,412	)	$	—	$	—	$	15	$	65	$	—		15

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	611,114,431	$	29,111,592	$	(30,325,669	)	$	(1,214,077	)

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income		Tax-Based Distributions from Long-Term Gains
$	25,664,252	$	12,542,925

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the

Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During thesix-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $810,865 and $871,718, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		795,809		$	8,858,938
Shares issued in connection with the acquisition of MainStay VP Epoch U.S. Small Cap Portfolio		20,218,171			228,363,711
Shares redeemed		(7,891,149	)		(84,908,810	)
Net increase (decrease)		13,122,831		$	152,313,839
Year ended December 31, 2018:
Shares sold		1,361,385		$	15,183,089
Shares issued to shareholders in reinvestment of dividends and distributions		1,419,572			17,294,347
Shares redeemed		(3,919,446	)		(54,438,077	)
Net increase (decrease)		(1,138,489	)	$	(21,960,641	)

26 MainStay VP MacKay Small Cap Core Portfolio

Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		869,543		$	9,255,096
Shares issued in connection with the acquisition of MainStay VP Epoch U.S. Small Cap Portfolio		17,008,219			190,690,001
Shares redeemed		(2,142,680	)		(23,435,635	)
Net increase (decrease)		15,735,082		$	176,509,462
Year ended December 31, 2018:
Shares sold		1,737,457		$	22,326,565
Shares issued to shareholders in reinvestment of dividends and distributions		1,726,885			20,912,830
Shares redeemed		(2,876,092	)		(37,259,095	)
Net increase (decrease)		588,250		$	5,980,300

Note 10–Fund Acquisitions

At a meeting held on December 10-12, 2018, the Board approved the Reorganization providing for the acquisition of the assets and liabilities of the VP Epoch U.S. Small Cap Portfolio in exchange for shares of the Portfolio, followed by the complete liquidation of the VP Epoch U.S. Small Cap Portfolio. The Reorganization was completed on April 30, 2019. The aggregate net assets of the Portfolio immediately before the acquisition were $285,816,327 and the combined net assets after the acquisition were $704,870,039.

The chart below shows a summary of net assets, shares outstanding, net asset value per share outstanding, net unrealized appreciation/(depreciation), undistributed net investment income and accumulated net realized gains/(losses), before and after the Reorganization:

	Before Reorganization					After Reorganization
	MainStay VP Epoch U.S. Small Cap Portfolio			MainStay VP MacKay Small Cap Core Portfolio		MainStay VP MacKay Small Cap Core Portfolio
Net Assets:
Initial Class		228,363,711			131,840,813		360,204,524
Service Class		190,690,001			153,975,514		344,665,515
Shares Outstanding:
Initial Class		22,566,613			11,672,520		31,890,691
Service Class		19,839,864			13,733,544		30,741,763
Net Asset Value Per Share Outstanding:
Initial Class	$	10.12		$	11.29	$	11.29
Service Class	$	9.61		$	11.21	$	11.21
Net unrealized appreciation/(depreciation)		10,860,166			6,882,132		17,742,298
Undistributed net investment income/(loss)		635,199			1,196,562		1,196,562
Accumulated net realized gain/(loss)		(6,560,471	)		25,292,445		25,292,445

Assuming the acquisition of VP Epoch U.S. Small Cap Portfolio had been completed on January 1, 2019, the beginning of the annual reporting period of the Portfolio, the Portfolio’s pro forma results of operations for the six-month period ended June 30, 2019, are as follows:

Net investment income (loss)	$	2,868,164
Net realized and unrealized gain (loss)	$	21,036,073
Net change in net assets resulting from operations	$	23,904,237

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the VP Epoch U.S. Small Cap Portfolio that have been included in the Portfolio’s Statement of Operations since April 30, 2019.

For financial reporting purposes, assets received and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received from VP MacKay Small Cap Core Portfolio, in the amount of $380,223,029 was carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure.

No subsequent events requiring financial statement adjustment or disclosure have been identified.

27

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website atwww.sec.gov.

28 MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781641 MSVPSCC10-08/19 (NYLIAC) NI530       

MainStay VP T. Rowe Price Equity Income Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison		5
Portfolio Management Discussion and Analysis		8
Portfolio of Investments		11
Financial Statements		15
Notes to Financial Statements		20
Proxy Voting Policies and Procedures and Proxy Voting Record		27
Shareholder Reports and Quarterly Portfolio Disclosure	��	27

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Since Inception			Gross Expense Ratio2
Initial Class Shares	2/17/2012		15.77	%		5.41	%		6.47	%		10.20	%		0.75	%
Service Class Shares	2/17/2012		15.62			5.15			6.20			9.92			1.00

Benchmark Performance	Six Months			One Year			Five Years			Since Inception
Russell 1000® Value Index3		16.24	%		8.46	%		7.46	%		11.54	%
S&P 500® Index4		18.54			10.42			10.71			13.38
Morningstar Large Value Category Average5		14.59			5.79			6.84			10.19

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Russell 1000^® Value Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. Results assume

reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. 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 measuringlarge-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP T. Rowe Price Equity Income Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,157.70	$	4.01	$	1,021.08	$	3.76	0.75%
Service Class Shares	$	1,000.00	$	1,156.20	$	5.35	$	1,019.84	$	5.01	1.00%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP T. Rowe Price Equity Income Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Banks	11.1	%
Oil, Gas & Consumable Fuels	9.6
Insurance	7.4
Pharmaceuticals	6.4
Electric Utilities	4.9
Capital Markets	4.3
Semiconductors & Semiconductor Equipment	4.0
Aerospace & Defense	3.9
Food Products	3.4
Chemicals	3.2
Diversified Telecommunication Services	3.1
Equity Real Estate Investment Trusts	3.1
Media	3.0
Health Care Equipment & Supplies	2.9
Health Care Providers & Services	2.8
Multi-Utilities	2.7
Software	2.1
Household Products	1.7
Communications Equipment	1.5
Airlines	1.4
Air Freight & Logistics	1.3
Building Products	1.3
Biotechnology	1.2
Industrial Conglomerates	1.2
Tobacco	1.2

Hotels, Restaurants & Leisure	1.1	%
Food & Staples Retailing	1.0
Containers & Packaging	0.9
Professional Services	0.8
Electrical Equipment	0.7
Leisure Products	0.6
Machinery	0.6
Commercial Services & Supplies	0.5
Entertainment	0.5
IT Services	0.5
Multiline Retail	0.4
Specialty Retail	0.4
Beverages	0.3
Technology Hardware, Storage & Peripherals	0.3
Construction Materials	0.2
Electronic Equipment, Instruments & Components	0.2
Metals & Mining	0.2
Water Utilities	0.2
Diversified Financial Services	0.1
Personal Products	0.1
Auto Components	0.0	‡
Short-Term Investments	1.7
Other Assets, Less Liabilities	–0.0	‡
	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

Top Ten Holdings or Issuers as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. Wells Fargo & Co.

2. JPMorgan Chase & Co.

3. QUALCOMM, Inc.

4. Southern Co.

5. Total S.A.

  6. Exxon Mobil Corp.

  7. Microsoft Corp.

  8. Pfizer, Inc.

  9. Johnson & Johnson

10. Verizon Communications, Inc.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio manager John D. Linehan, CFA, of T. Rowe Price Associates, Inc. (“T. Rowe”), the Portfolio’s Subadvisor.

How did MainStay VP T. Rowe Price Equity Income Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP T. Rowe Price Equity Income Portfolio returned 15.77% for Initial Class shares and 15.62% for Service Class shares. Over the same period, both share classes underperformed the 16.24% return of the Russell 1000^® Value Index, which is the Portfolio’s primary benchmark, and the 18.54% return of the S&P 500^® Index, which is the Portfolio’s secondary benchmark. For the six months ended June 30, 2019, both share classes outperformed the 14.59% return of the Morningstar Large Value Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio and the Russell 1000^® Value Index both recorded double-digit gains during the reporting period. However, the Portfolio’s returns lagged the benchmark primarily as a result of sector allocation. An unfavorable underweight allocation to the information technology sector hampered relative returns. Stock selection, particularly in the information technology sector, had a slight positive impact on relative results.

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

Due primarily to favorable stock selections, the consumer staples sector made the strongest positive contribution to the Portfolio’s performance relative to the Russell 1000^® Value Index, followed by information technology and energy. (Contributions take weightings and total returns into account.) Stock selection also determined the most significant detractors from the Portfolio’s relative performance, which included the health care, communications services and materials sectors.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

Semiconductor designer and manufacturer Qualcomm was one of the most substantial contributors to the Portfolio’s absolute performance during the reporting period. Shares surged in April 2019 after the company reached a multibillion-dollar settlement with Apple to resolve a legal battle surrounding royalties. Share price also benefited from the company’s strong balance sheet, hefty dividend yield, valuable assets and leading position as a supplier of 5G wireless components.

Food producer Tyson Foods was another strong contributor to the Portfolio’s absolute performance. Tyson reported strong

financial results from its beef, pork and prepared foods segments as it made strides in its transformation into a global, branded protein company. Performance also benefited from a decline in the pork supply due to African swine fever, which raised expectations for higher chicken prices.

Communications systems and equipment maker L3Harris Technologies, another strong contributor to the Portfolio’s absolute performance during the reporting period, generated solid sales growth in its core tactical radio business while benefiting from a lower corporate tax rate. Although we trimmed the Portfolio’s holdings after the share price rose, we continued to believe L3Harris Technologies was well positioned to capitalize on trends in U.S. military spending and were encouraged by potential synergies from the company’s recently completed merger.

Oil and gas exploration and production company Occidental Petroleum was among the most substantial detractors from the Portfolio’s relative performance during the reporting period. The stock traded lower as the firm pursued a debt-fueled takeover of Anadarko Petroleum. Although Occidental Petroleum offered a significant premium for the acquisition, we like the potential long-term synergies; in our opinion, the deal adds to the firm’s already-significant acreage in the Permian Basin. We also like the company’s rich dividend yield.

Health plan and services provider CVS Health suffered amid weakness in its pharmacy benefits management and long-term care businesses. Despite these challenges, we believe the company’s acquisition of Aetna could eventually yield longer-term benefits.

Shares in institutional asset management firm State Street declined due to disappointing growth in core servicing fees, driven by rising headcount and compensation costs. Revised guidance also pressured the stock; management indicated that an expected Federal Reserve interest rate hike would negatively impact the bank’s net interest income. Despite these challenges, we continued to like State Street for its attractive valuation, focus on managing expenses and attractive dividend yield.

The Portfolio’s holdings in Occidental Petroleum, CVS Health and State Street all generated negative absolute returns during the reporting period.

Did the Portfolio make any significant purchases or sales during the reporting period?

During the reporting period, the Portfolio initiated a position in shale driller Pioneer Natural Resources. The company had struggled amid poor operational performance and slowing capital productivity, allowing us to buy shares at compelling

1. See page 5 for more information on benchmark and peer group returns.

8 MainStay VP T. Rowe Price Equity Income Portfolio

valuations. We like Pioneer Natural Resources’ strong asset base and believe the company could benefit from improved execution. We also believe Pioneer Natural Resources could receive takeover interest as larger oil companies look to build scale in North American shale developments.

The Portfolio also initiated a position in information technology services firm Cognizant Technology Solutions on weakness in the stock. Share prices dropped precipitously in April 2019 as the company experienced margin compression, driven by a slowdown in revenue growth within its financial services and health care segments. Longer term, we believe that Cognizant Technology Solutions remains well positioned to outgrow its industry peers. In our view, the company’s above-average dividend yield and the new CEO’s plan to rebuild the company reaffirm management’s focus on long-term value creation and improved accountability.

Merck, a global pharmaceutical company, benefited from strong sales growth and from outpacing competitors in the development of an immuno-oncology treatment for lung cancer. We sold part of the Portfolio’s position on strength during the reporting period. While we recognize the potential for heightened competition and stricter industrywide regulations, we continue to like Merck for its durable growth profile.

We also sold some of the Portfolio’s shares in global financial services company JPMorgan Chase on strength during the reporting period. We like the company’s market-leading core businesses and experienced management team, and, in our opinon, see value in the bank’s scale advantages, technology investments and product pipeline. However, the stock’s strong recent performance made valuations less attractive. Furthermore, we believe the market underappreciates the cyclicality of JPMorgan Chase’s earnings.

How did the Portfolio’s sector weightings change during the reporting period?

At the beginning of the reporting period, the Portfolio’s most substantially overweight positions relative to the Russell 1000^® Value Index were industrials and financials. At the end of the same period, industrials and utilities were the most substantially overweight positions. The most substantial increases in relative weighting in the Portfolio during the reporting period were in consumer staples and energy.

The most substantially underweight positions relative to the benchmark at the beginning of the reporting period were consumer discretionary and real estate. At the end of the same period, consumer discretionary and real estate remained the most substantially underweight positions. During the reporting period, the most substantial decreases in relative weighting in the Portfolio occurred in communication services and materials.

The changes in the Portfolio’s sector weighting relative to the Russell 1000^® Value Index in part reflect the reconstitution of the Index, which occurred in late June 2019, rather than solely investment decisions made within the Portfolio.

How was the Portfolio positioned at the end of the reporting period?

The Portfolio uses a diversified,bottom-up investment strategy with a long-term focus that has historically resulted in lower turnover relative to peers. Changes to our sector positioning result from our stock selection process.

As of June 30, 2019, the Portfolio held overweight positions relative to the Russell 1000^® Value Index in the industrials, utilities and financials sectors.

We like several names in the industrials sector, where we invest in companies that reach many different end markets and have solid business models, an ability to generate strong cash flows or both.

The utilities sector contains several companies that deliver durable cash flows and higher dividend yields with relatively modest downside risk. We prefer to invest in a combination of regulated utilities and integrated utilities that offer stable cash flows from the regulated portion of their business and earnings growth potential from the deregulated portion.

We are relatively cautious on the financials sector, as we are concerned that lending margins will be compressed in a lower interest rate environment, and slowing global growth may heighten credit concerns. However, we continue to find the risk/reward profiles of select financial companies to be compelling, especially attractively valued names that we expect to be solid performers in most economic scenarios.

As of June 30, 2019, the Portfolio held underweighted positions in the consumer discretionary, real estate and health care sectors.

The consumer discretionary sector is composed of a diverse group of industries, including retailers, diversified consumer services, auto manufacturers, and hotel and restaurant operators. We are cautious on several industries within the sector that we believe are exposed to longer-term headwinds, such as the shift frombrick-and-mortar shopping toe-commerce.

The real estate sector currently plays a limited role in the Portfolio. Within the sector, we typically hold real estate investment trusts (REITs), which own and frequently operate many different types of income-producing real estate properties. We value the attractive dividend yields that REITs tend to provide.

We have a diversified view of the health care sector, considering the myriad challenges and opportunities health care companies

9

face, including potential drug pricing reform, single-payer health care proposals, mergers and acquisitions, and an aging U.S. population. Within the sector, our primary exposure is to the pharmaceuticals industry, where most fundamentally strong, dividend-paying companies are located.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

10 MainStay VP T. Rowe Price Equity Income Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 0.4%† Convertible Bonds 0.2%
Insurance 0.2%
AXA S.A. 7.25%, due 5/15/21 (a)	$	1,495,000	$	1,538,318
Total Convertible Bonds (Cost $1,495,246)				1,538,318
Corporate Bonds 0.2%
Toys, Games & Hobbies 0.2%
Mattel, Inc. 6.75%, due 12/31/25 (a)		1,426,000		1,466,997
Total Corporate Bonds (Cost $1,387,174)				1,466,997
TotalLong-Term Bonds (Cost $2,882,420)				3,005,315
	Shares
Common Stocks 95.3%
Aerospace & Defense 3.9%
Boeing Co.		36,776		13,386,832
L3harris Technologies, Inc.		69,966		13,232,669
Northrop Grumman Corp.		2,100		678,531
United Technologies Corp.		5,800		755,160
				28,053,192
Air Freight & Logistics 1.3%
United Parcel Service, Inc., Class B		89,700		9,263,319
Airlines 1.4%
Alaska Air Group, Inc.		84,556		5,403,974
Delta Air Lines, Inc.		57,800		3,280,150
Southwest Airlines Co.		35,100		1,782,378
				10,466,502
Auto Components 0.0%‡
Adient PLC		14,700		356,769
Banks 11.1%
Bank of America Corp.		15,100		437,900
Citigroup, Inc.		81,291		5,692,809
Fifth Third Bancorp		351,800		9,815,220
JPMorgan Chase & Co.		201,666		22,546,259
KeyCorp		17,999		319,482
PNC Financial Services Group, Inc.		56,833		7,802,034
U.S. Bancorp		175,330		9,187,292
Wells Fargo & Co.		529,857		25,072,833
				80,873,829

	Shares		Value
Beverages 0.3%
PepsiCo., Inc.		15,469	$	2,028,450
Biotechnology 1.2%
Gilead Sciences, Inc.		127,400		8,607,144
Building Products 1.3%
Johnson Controls International PLC		221,532		9,151,487
Capital Markets 4.3%
Ameriprise Financial, Inc.		7,600		1,103,216
Bank of New York Mellon Corp.		51,200		2,260,480
Franklin Resources, Inc.		153,205		5,331,534
Morgan Stanley		279,900		12,262,419
Northern Trust Corp.		23,800		2,142,000
State Street Corp.		149,600		8,386,576
				31,486,225
Chemicals 3.2%
Akzo Nobel N.V.		12,519		1,176,410
CF Industries Holdings, Inc.		142,100		6,637,491
Corteva, Inc. (b)		96,699		2,859,389
Dow, Inc. (b)		91,266		4,500,327
DuPont de Nemours, Inc.		96,699		7,259,194
PPG Industries, Inc.		8,100		945,351
				23,378,162
Commercial Services & Supplies 0.5%
Stericycle, Inc. (b)		81,500		3,891,625
Communications Equipment 1.5%
Cisco Systems, Inc.		192,494		10,535,197
Construction Materials 0.2%
Vulcan Materials Co.		11,000		1,510,410
Containers & Packaging 0.9%
International Paper Co.		146,000		6,324,720
Diversified Financial Services 0.1%
AXA Equitable Holdings, Inc.		49,656		1,037,810
Diversified Telecommunication Services 3.1%
AT&T, Inc.		114,045		3,821,648
CenturyLink, Inc.		81,600		959,616
Telefonica S.A.		455,180		3,737,483
Verizon Communications, Inc.		248,740		14,210,516
				22,729,263
Electric Utilities 4.0%
Duke Energy Corp.		23,300		2,055,992

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Electric Utilities (continued)
Edison International		85,785	$	5,782,767
Evergy, Inc.		64,159		3,859,164
PG&E Corp. (b)		30,920		708,686
Southern Co.		297,695		16,456,580
				28,863,189
Electrical Equipment 0.7%
Emerson Electric Co.		58,207		3,883,571
nVent Electric PLC		36,500		904,835
				4,788,406
Electronic Equipment, Instruments & Components 0.2%
TE Connectivity, Ltd.		14,061		1,346,763
Entertainment 0.5%
Walt Disney Co.		25,655		3,582,464
Equity Real Estate Investment Trusts 3.1%
Equity Residential		89,339		6,782,617
Rayonier, Inc.		139,465		4,225,790
SL Green Realty Corp.		46,747		3,757,056
Weyerhaeuser Co.		280,900		7,398,906
				22,164,369
Food & Staples Retailing 1.0%
Walmart, Inc.		68,939		7,617,070
Food Products 3.4%
Bunge, Ltd.		62,000		3,454,020
Conagra Brands, Inc.		280,961		7,451,086
Kellogg Co.		21,900		1,173,183
Tyson Foods, Inc., Class A		154,714		12,491,608
				24,569,897
Health Care Equipment & Supplies 2.0%
Becton Dickinson & Co.		10,057		2,534,464
Medtronic PLC		103,879		10,116,776
Zimmer Biomet Holdings, Inc.		17,600		2,072,224
				14,723,464
Health Care Providers & Services 2.8%
Anthem, Inc.		40,272		11,365,161
CVS Health Corp.		158,637		8,644,130
				20,009,291
Hotels, Restaurants & Leisure 1.1%
Las Vegas Sands Corp.		114,978		6,794,050
MGM Resorts International		40,400		1,154,228
				7,948,278
Household Products 1.7%
Kimberly-Clark Corp.		90,828		12,105,556

	Shares		Value
Industrial Conglomerates 1.2%
General Electric Co.		825,400	$	8,666,700
Insurance 7.2%
American International Group, Inc.		226,409		12,063,072
Brighthouse Financial, Inc. (b)		68,734		2,521,850
Chubb, Ltd.		86,282		12,708,476
Loews Corp.		136,691		7,472,897
Marsh & McLennan Cos., Inc.		25,074		2,501,131
MetLife, Inc.		212,252		10,542,557
Willis Towers Watson PLC		24,133		4,622,435
				52,432,418
IT Services 0.5%
Cognizant Technology Solutions Corp., Class A		59,730		3,786,285
Leisure Products 0.4%
Mattel, Inc. (b)(c)		266,923		2,992,207
Machinery 0.6%
Flowserve Corp.		7,735		407,557
Illinois Tool Works, Inc.		4,184		630,989
PACCAR, Inc.		29,500		2,113,970
Pentair PLC		24,000		892,800
Snap-On, Inc.		3,400		563,176
				4,608,492
Media 3.0%
Comcast Corp., Class A		201,461		8,517,771
Fox Corp., Class B (b)		198,598		7,254,785
News Corp., Class A		442,915		5,974,923
				21,747,479
Metals & Mining 0.2%
Nucor Corp.		26,300		1,449,130
Multi-Utilities 1.9%
NiSource, Inc.		369,647		10,645,833
Sempra Energy		23,229		3,192,594
				13,838,427
Multiline Retail 0.4%
Kohl’s Corp.		68,000		3,233,400
Oil, Gas & Consumable Fuels 9.6%
Chevron Corp.		53,341		6,637,754
Equitrans Midstream Corp. (b)		55,776		1,099,345
Exxon Mobil Corp.		200,356		15,353,280
Hess Corp.		61,146		3,887,051
Occidental Petroleum Corp.		169,100		8,502,348
Pioneer Natural Resources Co.		28,900		4,446,554
Targa Resources Corp.		42,500		1,668,550

12 MainStay VP T. Rowe Price Equity Income Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Oil, Gas & Consumable Fuels (continued)
TC Energy Corp.		257,099	$	12,731,543
Total S.A.		276,218		15,476,663
				69,803,088
Personal Products 0.1%
Coty, Inc., Class A		35,981		482,145
Pharmaceuticals 6.4%
Allergan PLC		22,300		3,733,689
Bristol-Myers Squibb Co.		120,500		5,464,675
GlaxoSmithKline PLC		242,511		4,855,560
GlaxoSmithKline PLC, Sponsored ADR		5,800		232,116
Johnson & Johnson		102,722		14,307,120
Merck & Co., Inc.		38,500		3,228,225
Pfizer, Inc.		338,530		14,665,120
				46,486,505
Professional Services 0.8%
Nielsen Holdings PLC		261,651		5,913,313
Semiconductors & Semiconductor Equipment 4.0%
Applied Materials, Inc.		96,100		4,315,851
NXP Semiconductors N.V.		16,900		1,649,609
QUALCOMM, Inc.		221,894		16,879,477
Texas Instruments, Inc.		51,600		5,921,616
				28,766,553
Software 2.1%
Microsoft Corp.		112,014		15,005,396
Specialty Retail 0.4%
L Brands, Inc.		104,900		2,737,890
Technology Hardware, Storage & Peripherals 0.3%
Hewlett Packard Enterprise Co.		57,900		865,605
Western Digital Corp.		28,800		1,369,440
				2,235,045
Tobacco 1.2%
Philip Morris International, Inc.		115,604		9,078,382
Water Utilities 0.2%
Aqua America, Inc. (b)		19,414		1,106,210
Total Common Stocks (Cost $598,252,402)				691,781,916
Convertible Preferred Stocks 2.6%
Electric Utilities 0.9%
Nextera Energy, Inc. 6.123%		106,149		6,892,255

	Shares			Value
Health Care Equipment & Supplies 0.9%
Becton Dickinson & Co. 6.125%		101,085		$	6,258,172
Multi-Utilities 0.8%
DTE Energy Co. (c) 6.50%		12,134			681,931
Sempra Energy
6.00%		34,999			3,902,038
6.75%		10,478			1,163,268
					5,747,237
Total Convertible Preferred Stocks (Cost $15,496,065)					18,897,664
Short-Term Investments 1.7%
Affiliated Investment Company 1.6%
MainStay U.S. Government Liquidity Fund, 2.03% (d)		11,862,566			11,862,566
Unaffiliated Investment Company 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (d)(e)		825,451			825,451
TotalShort-Term Investments (Cost $12,688,017)					12,688,017
Total Investments (Cost $629,318,904)		100.0	%		726,372,912
Other Assets, Less Liabilities		(0.0	)‡		(15,143	)
Net Assets		100.0	%	$	726,357,769

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) Non-income producing security.

(c) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $2,928,480; the total market value of collateral held by the Portfolio was $2,974,159. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,148,708 (See Note 2(K)).

(d) Current yield as of June 30, 2019.

(e) Represents security purchased with cash collateral received for securities on loan.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

As of June 30, 2019, the Portfolio held the following futures contracts¹:

Type	Number of Contracts		Expiration Date		Value at Trade Date		Current Notional Amount		Unrealized Appreciation (Depreciation)2
Long Contracts
Standard & Poor’s 500 Index Mini		10		September 2019	$	1,479,878	$	1,472,100	$	(7,778	)

1. As of June 30, 2019, cash in the amount of $64,000 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2019.

The following abbreviation is used in the preceding pages:

ADR—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	—		$	1,538,318	$	—	$	1,538,318
Corporate Bonds		—			1,466,997		—		1,466,997
TotalLong-Term Bonds		—			3,005,315		—		3,005,315
Common Stocks		691,781,916			—		—		691,781,916
Convertible Preferred Stocks		18,897,664			—		—		18,897,664
Short-Term Investments
Affiliated Investment Company		11,862,566			—		—		11,862,566
Unaffiliated Investment Company		825,451			—		—		825,451
TotalShort-Term Investments		12,688,017			—		—		12,688,017
Total Investments in Securities	$	723,367,597		$	3,005,315	$	—	$	726,372,912
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(7,778	)	$	—	$	—	$	(7,778	)

(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 T. Rowe Price Equity Income Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $617,456,338) including securities on loan of $2,928,480	$	714,510,346
Investment in affiliated investment company, at value (identified cost $11,862,566)		11,862,566
Cash denominated in foreign currencies (identified cost $82,805)		83,849
Cash collateral on deposit at broker for futures contracts		64,000
Cash		6,500
Receivables:
Investment securities sold		2,881,790
Dividends and interest		1,335,710
Variation margin on futures contracts		5,900
Securities lending		2,712
Other assets		3,578
Total assets		730,756,951
Liabilities
Cash collateral received for securities on loan		825,451
Payables:
Investment securities purchased		2,273,418
Portfolio shares redeemed		753,118
Manager (See Note 3)		422,376
NYLIFE Distributors (See Note 3)		54,700
Professional fees		33,454
Shareholder communication		14,358
Custodian		12,309
Trustees		870
Accrued expenses		9,128
Total liabilities		4,399,182
Net assets	$	726,357,769
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	55,221
Additional paid-in capital		532,415,874
		532,471,095
Total distributable earnings (loss)		193,886,674
Net assets	$	726,357,769

Initial Class
Net assets applicable to outstanding shares	$	456,872,785
Shares of beneficial interest outstanding		34,661,342
Net asset value per share outstanding	$	13.18
Service Class
Net assets applicable to outstanding shares	$	269,484,984
Shares of beneficial interest outstanding		20,560,027
Net asset value per share outstanding	$	13.11

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	11,317,005
Interest		128,483
Dividends-affiliated		109,852
Securities lending		23,692
Total income		11,579,032
Expenses
Manager (See Note 3)		2,592,776
Distribution/Service—Service Class (See Note 3)		336,938
Professional fees		48,192
Shareholder communication		35,990
Custodian		14,287
Trustees		8,992
Miscellaneous		14,095
Total expenses		3,051,270
Net investment income (loss)		8,527,762
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		21,599,608
Foreign currency transactions		5,362
Net realized gain (loss) on investments, futures transactions and foreign currency transactions		21,604,970
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		75,471,909
Futures contracts		(7,778	)
Translation of other assets and liabilities in foreign currencies		(486	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		75,463,645
Net realized and unrealized gain (loss) on investments, futures transactions and foreign currency transactions		97,068,615
Net increase (decrease) in net assets resulting from operations	$	105,596,377

(a) Dividends recorded net of foreign withholding taxes in the amount of $132,787.

16 MainStay VP T. Rowe Price Equity Income Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	8,527,762		$	15,351,903
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		21,604,970			54,152,450
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		75,463,645			(136,025,617	)
Net increase (decrease) in net assets resulting from operations		105,596,377			(66,521,264	)
Distributions to shareholders:
Initial Class		—			(49,365,312	)
Service Class		—			(33,082,583	)
Total distributions to shareholders		—			(82,447,895	)
Capital share transactions:
Net proceeds from sale of shares		3,943,869			64,560,431
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			82,447,895
Cost of shares redeemed		(72,012,808	)		(127,214,373	)
Increase (decrease) in net assets derived from capital share transactions		(68,068,939	)		19,793,953
Net increase (decrease) in net assets		37,527,438			(129,175,206	)
Net Assets
Beginning of period		688,830,331			818,005,537
End of period	$	726,357,769		$	688,830,331

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Initial Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	11.39			$	14.10			$	12.99			$	11.97			$	13.90			$	13.77
Net investment income (loss) (a)			0.15				0.29				0.24				0.27				0.25				0.26
Net realized and unrealized gain (loss) on investments			1.64				(1.40	)			1.83				1.90				(1.21	)			0.78
Net realized and unrealized gain (loss) on foreign currency transactions ‡			0.00				(0.00	)			0.00				(0.00	)			(0.00	)			(0.00	)
Total from investment operations			1.79				(1.11	)			2.07				2.17				(0.96	)			1.04
Less dividends and distributions:
From net investment income			—				(0.29	)			(0.30	)			(0.25	)			(0.24	)			(0.21	)
From net realized gain on investments			—				(1.31	)			(0.66	)			(0.90	)			(0.73	)			(0.70	)
Total dividends and distributions			—				(1.60	)			(0.96	)			(1.15	)			(0.97	)			(0.91	)
Net asset value at end of period		$	13.18			$	11.39			$	14.10			$	12.99			$	11.97			$	13.90
Total investment return (b)			15.72	%(c)			(9.38	%)			16.20	%			18.82	%			(6.78	%)			7.74	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			2.45	%††			2.11	%			1.78	%			2.18	%			1.90	%			1.89	%
Net expenses (d)			0.75	%††			0.77	%			0.77	%			0.78	%			0.77	%			0.78	%
Expenses (before waiver/reimbursement) (d)			0.75	%††			0.77	%			0.77	%			0.78	%			0.77	%			0.79	%
Portfolio turnover rate			8	%			22	%			24	%			23	%			42	%			18	%
Net assets at end of period (in 000’s)		$	456,873			$	431,672			$	469,556			$	472,125			$	473,818			$	534,825

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

18 MainStay VP T. Rowe Price Equity Income Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Service Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	11.34			$	14.04			$	12.94			$	11.93			$	13.85			$	13.73
Net investment income (loss) (a)			0.14				0.25				0.21				0.24				0.22				0.23
Net realized and unrealized gain (loss) on investments			1.63				(1.39	)			1.82				1.89				(1.21	)			0.77
Net realized and unrealized gain (loss) on foreign currency transactions ‡			0.00				(0.00	)			0.00				(0.00	)			(0.00	)			(0.00	)
Total from investment operations			1.77				(1.14	)			2.03				2.13				(0.99	)			1.00
Less dividends and distributions:
From net investment income			—				(0.25	)			(0.27	)			(0.22	)			(0.20	)			(0.18	)
From net realized gain on investments			—				(1.31	)			(0.66	)			(0.90	)			(0.73	)			(0.70	)
Total dividends and distributions			—				(1.56	)			(0.93	)			(1.12	)			(0.93	)			(0.88	)
Net asset value at end of period		$	13.11			$	11.34			$	14.04			$	12.94			$	11.93			$	13.85
Total investment return (b)			15.61	%(c)			(9.61	%)			15.91	%			18.53	%			(7.01	%)			7.47	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			2.20	%††			1.84	%			1.54	%			1.93	%			1.64	%			1.64	%
Net expenses (d)			1.00	%††			1.02	%			1.02	%			1.03	%			1.02	%			1.03	%
Expenses (before waiver/reimbursement) (d)			1.00	%††			1.02	%			1.02	%			1.03	%			1.02	%			1.04	%
Portfolio turnover rate			8	%			22	%			24	%			23	%			42	%			18	%
Net assets at end of period (in 000’s)		$	269,485			$	257,159			$	348,450			$	318,059			$	281,340			$	323,002

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP T. Rowe Price Equity Income Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on February 17, 2012. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek a high level of dividend income andlong-term capital growth primarily through investments in stocks.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

20 MainStay VP T. Rowe Price Equity Income Portfolio

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and

21

Notes to Financial Statements(Unaudited) (continued)

market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries

in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method and includes any realized gains and losses from repayments of principal on mortgage-backed securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the

22 MainStay VP T. Rowe Price Equity Income Portfolio

date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(I)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities— at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets

arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(J)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, open futures contracts are shown in the Portfolio of Investments.

23

Notes to Financial Statements(Unaudited) (continued)

(K)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $2,928,480; the total market value of collateral held by the Portfolio was $2,974,159. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $2,148,708 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $825,451.

(L)  Foreign Securities Risk.  The Portfolio invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(M)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assur-

ance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(N)  Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. The Portfolio entered into futures contracts to help manage the duration and yield curve positioning of the portfolio while minimizing the exposure to wider bid/ask spreads in traditional bonds. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of June 30, 2019:

Liability Derivatives

	Statement of Assets and Liabilities Location	Equity Contracts Risk			Total
Futures Contracts	Net Assets—Net unrealized depreciation on investments and futures contracts (a)	$	(7,778	)	$	(7,778	)
Total Fair Value		$	(7,778	)	$	(7,778	)

(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.

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Change in Unrealized Appreciation (Depreciation)

	Statement of Operations Location	Equity Contracts Risk			Total
Futures Contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$	(7,778	)	$	(7,778	)
Total Change in Unrealized Appreciation (Depreciation)		$	(7,778	)	$	(7,778	)

Average Notional Amount

	Equity Contracts Risk		Total
Futures Contracts Long (a)	$	1,466,720	$	1,466,720

(a) Positions were open less than one month during the reporting period.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management

24 MainStay VP T. Rowe Price Equity Income Portfolio

Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. T. Rowe Price Associates, Inc. (“T. Rowe” or “Subadvisor”), a registered investment adviser, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and T. Rowe, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and facilities furnished at an annual percentage of the Portfolio’s average daily net assets as follows: 0.725% up to $500 million; 0.70% from $500 million to $1 billion; and 0.675% in excess of $1 billion.

Effective, May 1, 2019, New York Life Investments allowed its contractually expense limitation agreement to expire. Prior to that date New York Life Investments waived fees and/or reimburse expenses so that total annual operating expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) portfolio/fund fees and expenses) did not exceed 0.85% for Initial Class shares and 1.10% for Service Class shares. During the six-month period ended June 30, 2019, the effective management fee rate was 0.72% (exclusive of any applicable waivers/reimbursements).

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $2,592,776, and paid the Subadvisor in the amount of $1,056,225.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	11,669	$	59,235	$	(59,041	)	$	—	$	—	$	11,863	$	110	$	—		11,863

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	633,148,922	$	127,477,761	$	(34,253,771	)	$	93,223,990

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$16,048,373	$66,399,522

25

Notes to Financial Statements(Unaudited) (continued)

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During thesix-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $57,046 and $117,378, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		205,867		$	2,495,737
Shares redeemed		(3,457,600	)		(43,794,648	)
Net increase (decrease)		(3,251,733	)	$	(41,298,911	)
Year ended December 31, 2018:
Shares sold		5,071,297		$	59,910,665
Shares issued to shareholders in reinvestment of dividends and distributions		3,775,622			49,365,312
Shares redeemed		(4,243,760	)		(58,376,513	)
Net increase (decrease)		4,603,159		$	50,899,464
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		117,805		$	1,448,132
Shares redeemed		(2,242,700	)		(28,218,160	)
Net increase (decrease)		(2,124,895	)	$	(26,770,028	)
Year ended December 31, 2018:
Shares sold		343,965		$	4,649,766
Shares issued to shareholders in reinvestment of dividends and distributions		2,539,833			33,082,583
Shares redeemed		(5,020,137	)		(68,837,860	)
Net increase (decrease)		(2,136,339	)	$	(31,105,511	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

26 MainStay VP T. Rowe Price Equity Income Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

27

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781643 MSVPTRPE10-08/19 (NYLIAC) NI531        

MainStay VP U.S. Government Money Market Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	9
Financial Statements	11
Notes to Financial Statements	15
Proxy Voting Policies and Procedures and Proxy Voting Record	19
Shareholder Reports and Quarterly Portfolio Disclosure	19

An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. You could lose money by investing in the Portfolio. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction for separate account or policy fees or charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months	One Year	Five Years	Ten Years			Gross Expense Ratio2
Initial Class Shares	1/29/1993	0.99%	1.82%	0.56%		0.29	%		0.44	%
7-Day Current = 1.92%; 7-Day Effective = 1.94%.3

Benchmark Performance	Six Months		One Year			Five Years			Ten Years
Average Lipper Variable Products Money Market Portfolio4		1.03%		1.84	%		0.60	%		0.31	%
Morningstar Prime Money Market Category Average5		1.05		1.96			0.68			0.36

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been lower. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. As of June 30, 2019, MainStay VP U.S. Government Money Market Portfolio had an effective 7-day current = 1.92%; 7-day effective = 1.94%. The current yield is more reflective of the Portfolio’s earnings than the total return.

4. The Average Lipper Variable Products Money Market Portfolio is an equally weighted performance average adjusted for capital gains distributions and

income dividends of all of the money market portfolios in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. Results are based on average total returns of similar portfolios with all dividend and capital gain distributions reinvested.

5. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP U.S. Government Money Market Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the six-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,009.90	$	2.19	$	1,022.61	$	2.21	0.44%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP U.S. Government Money Market Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 9 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

7

Portfolio Management Discussion and Analysis(Unaudited)

Questions answered by NYL Investors LLC, the Portfolio’s Subadvisor.

How did MainStay VP U.S. Government Money Market Portfolio perform relative to its peers during the six months ended June 30, 2019?

As of June 30, 2019, Initial Class shares of MainStay VP U.S. Government Money Market Portfolio provided a7-day current yield of 1.92% and a7-day effective yield of 1.94%. For the six months ended June 30, 2019, Initial Class shares of MainStay VP U.S. Government Money Market Portfolio returned .99%. The Portfolio underperformed the 1.03% return of the Average Lipper Variable Products Money Market Portfolio and the 1.05% return of the Morningstar Prime Money Market Category Average for the six months ended June 30, 2019.¹

What was the Portfolio’s duration² strategy during the reporting period?

The Portfolio lengthened its duration during the reporting period to the extent possible given its liquidity constraints. As of June 30, 2019, the Portfolio’s duration stood at 33 days.

What specific factors, risks or market forces prompted significant decisions for the Portfolio during the reporting period?

The reporting period saw persistent conflicts between the United States and some of its trading partners, heightening tensions with North Korea and Iran, and disappointing international economic performance. These circumstances threatened U.S. growth potential and pressured interest rates, affecting the Portfolio’s investment environment. In particular, the domestic yield curve³ shifted downward and, in March 2019, the curve inverted, with yields for long-term Treasury bonds falling below

yields for some shorter-term Treasury bills. As the likelihood of a U.S. Federal Reserve rate cut increased, in our opinion, we lengthened the Portfolio’s duration.

During the reporting period, which market segments were the strongest contributors to the Portfolio’s performance and which market segments were particularly weak?

Floating-rate agency bonds offered relatively high yields during the reporting period, while U.S. Treasury bills produced lower yields for the Portfolio. Returns also benefited from the Portfolio’s substantial, laddered allocation to1-year Treasury coupons throughout the same period.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio purchased one Federal Home Loan Bank bond and two Federal Farm Credit Bank floating-rate notes during the reporting period. These securities contributed positively to the Portfolio’s yield. (Contributions take weightings and total returns into account.) Because the Portfolio typically holds securities until they mature, there were no significant sales during the reporting period.

How did the Portfolio’s asset class weightings change during the reporting period?

The Portfolio modestly decreased its holdings in the U.S. Treasury sector in favor of agency debt. The Portfolio also reduced its position in repurchase agreements due to a counterparty pulling back their offering.

1. See footnote on page 5 for more information on benchmark and peer group returns.

2. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of days or 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.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

8 MainStay VP U.S. Government Money Market Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Amortized Cost
Short-Term Investments 93.4%†
Government Agency Debt 54.2%
Federal Agricultural Mortgage Corp. (a)
2.233%, due 7/19/19	$	50,000,000	$	49,944,750
2.233%, due 7/22/19		10,000,000		9,987,138
Federal Farm Credit Banks (a)
2.231%, due 7/10/19		6,500,000		6,496,263
2.233%, due 7/22/19		5,000,000		4,993,583
2.409% (1 Month LIBOR–0.02%), due 4/30/20 (b)		15,000,000		15,000,000
2.502% (1 Month LIBOR + 0.01%), due 7/2/20 (b)		10,000,000		10,000,000
Federal Home Loan Banks (a)
2.233%, due 7/24/19		10,000,000		9,984,922
2.234%, due 7/31/19		26,400,000		26,349,363
2.247%, due 8/16/19		14,000,000		13,958,229
2.248%, due 8/28/19		35,345,000		35,211,361
2.42% (SOFR + 0.00), due 12/11/19 (b)		13,000,000		13,000,000
Tennessee Valley Authority (a)
2.231%, due 7/10/19		12,000,000		11,991,204
2.232%, due 7/17/19		20,000,000		19,980,445
Total Government Agency Debt (Cost $226,897,258)				226,897,258
Treasury Debt 18.9%
United States Treasury Bills (a)
1.967%, due 7/2/19		25,000,000		24,998,407
2.096%, due 7/23/19		14,390,000		14,371,700
United States Treasury Notes (a)
1.00%, due 8/31/19		5,000,000		4,986,319
1.00%, due 10/15/19		5,000,000		4,976,468
1.00%, due 11/30/19		5,000,000		4,964,442
1.125%, due 12/31/19		5,000,000		4,965,230
1.375%, due 2/15/20		5,000,000		4,964,087
1.625%, due 7/31/19		5,000,000		4,995,959
1.75%, due 9/30/19		5,000,000		4,988,475
2.00%, due 1/31/20		5,000,000		4,984,567
Total Treasury Debt (Cost $79,195,654)				79,195,654
Treasury Repurchase Agreements 20.3%
Bank of America N.A. 2.48%, dated 6/28/19 due 7/1/19 Proceeds at Maturity $25,005,167 (Collateralized by a United States Treasury Note with a rate of 2.50% and maturity date of 2/28/26, with a Principal Amount of $24,343,600 and a Market Value of $25,500,023)		25,000,000		25,000,000

	Principal Amount			Amortized Cost
Treasury Repurchase Agreements (continued)
RBC Capital Markets 2.46%, dated 6/28/19 due 7/1/19 Proceeds at Maturity $34,794,131 (Collateralized by a United States Treasury Note with a rate of 1.25% and maturity of 3/31/21, with a Principal Amount of $35,724,000 and a Market Value of $35,490,101)	$	34,787,000		$	34,787,000
Toronto Dominion Bank 2.50%, dated 6/28/19 due 3/1/19 Proceeds at Maturity $25,005,208 (Collateralized by a United States Treasury Note with a rate of 2.625% and maturity date of 6/15/21, with a Principal Amount of $25,059,900 and a Market Value of $25,500,087)		25,000,000			25,000,000
Total Treasury Repurchase Agreements (Cost $84,787,000)					84,787,000
TotalShort-Term Investments (Cost $390,879,912)					390,879,912
Total Investments (Cost $390,879,912)		93.4	%		390,879,912
Other Assets, Less Liabilities		6.6			27,756,804
Net Assets		100.0	%	$	418,636,716

† Percentages indicated are based on Portfolio net assets.

(a) Interest rate shown represents yield to maturity.

(b) Floating rate—Rate shown was the rate in effect as of June 30, 2019.

The following abbreviation is used in the preceding pages:

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 9

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	—	$	226,897,258	$	—	$	226,897,258
Treasury Debt		—		79,195,654		—		79,195,654
Treasury Repurchase Agreements		—		84,787,000		—		84,787,000
Total Investments in Securities	$	—	$	390,879,912	$	—	$	390,879,912

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

10 MainStay VP U.S. Government Money Market Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in securities, at value (amortized cost $306,092,912)	$	306,092,912
Repurchase agreements, at value (amortized cost $84,787,000)		84,787,000
Cash		353
Receivables:
Investment securities sold		38,000,000
Interest		487,506
Portfolio shares sold		240,582
Other assets		2,628
Total assets		429,610,981
Liabilities
Payables:
Investment securities purchased		10,000,000
Portfolio shares redeemed		768,924
Manager (See Note 3)		138,060
Professional fees		28,633
Custodian		20,293
Shareholder communication		14,432
Trustees		528
Accrued expenses		3,395
Total liabilities		10,974,265
Net assets	$	418,636,716
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	418,600
Additional paid-in capital		418,214,539
		418,633,139
Total distributable earnings (loss)		3,577
Net assets applicable to outstanding shares	$	418,636,716
Shares of beneficial interest outstanding		418,600,434
Net asset value per share outstanding	$	1.00

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest	$	5,501,677
Other		904
Total income		5,502,581
Expenses
Manager (See Note 3)		906,954
Professional fees		36,214
Custodian		20,318
Shareholder communication		15,847
Trustees		5,625
Miscellaneous		6,759
Total expenses		991,717
Net investment income (loss)		4,510,864
Realized Gain (Loss) on Investments
Net realized gain (loss) on investments		3,516
Net increase (decrease) in net assets resulting from operations	$	4,514,380

12 MainStay VP U.S. Government Money Market Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	4,510,864		$	6,380,578
Net realized gain (loss) on investments		3,516			126
Net increase (decrease) in net assets resulting from operations		4,514,380			6,380,704
Distributions to shareholders		(4,510,864	)		(6,380,657	)
Capital share transactions:
Net proceeds from sale of shares		142,785,624			410,480,548
Net asset value of shares issued to shareholders in reinvestment of dividends		4,510,323			6,380,491
Cost of shares redeemed		(241,152,679	)		(401,242,610	)
Increase (decrease) in net assets derived from capital share transactions		(93,856,732	)		15,618,429
Net increase (decrease) in net assets		(93,853,216	)		15,618,476
Net Assets
Beginning of period		512,489,932			496,871,456
End of period	$	418,636,716		$	512,489,932

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
Net investment income (loss)			0.01				0.01				0.00	‡			0.00	‡			0.00	‡			0.00	‡
Net realized gain (loss) on investments			0.00	‡			0.00	‡			0.00	‡			(0.00	)‡			0.00	‡			(0.00	)‡
Total from investment operations			0.01				0.01				0.00	‡			0.00	‡			0.00	‡			0.00	‡
Less dividends:
From net investment income			(0.01	)			(0.01	)			(0.00	)‡			(0.00	)‡			(0.00	)‡			(0.00	)‡
Net asset value at end of period		$	1.00			$	1.00			$	1.00			$	1.00			$	1.00			$	1.00
Total investment return (a)			0.99	%			1.38	%			0.42	%			0.02	%			0.01	%			0.01	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			1.99	%††			1.37	%			0.41	%			0.02	%(b)			0.01	%			0.01	%
Net expenses			0.44	%††			0.44	%			0.44	%			0.39	%(c)			0.15	%			0.11	%
Expenses (before waiver/reimbursement)			0.44	%††			0.44	%			0.44	%			0.49	%			0.48	%			0.47	%
Net assets at end of period (in 000’s)		$	418,637			$	512,490			$	496,871			$	657,487			$	620,286			$	578,509

* Unaudited.

†† Annualized.

‡ 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.

(b) Without the custody fee reimbursement, net investment income (loss) would have been 0.01%.

(c) Without the custody fee reimbursement, net expenses would have been 0.40%.

14 MainStay VP U.S. Government Money Market Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP U.S. Government Money Market Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers one class of shares. Initial Class shares commenced operations on January 29, 1993. Shares of the Portfolio are offered and are redeemed at a price equal to their net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares.

The Portfolio’s investment objective is to seek a high level of current income while preserving capital and maintaining liquidity.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Valuation of Shares.  The Portfolio seeks to maintain a NAV of $1.00 per share, although there is no assurance that it will be able to do so. An investment in the Portfolio, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio’s sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

(B)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (generally 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”). Securities are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate per the requirements of Rule 2a-7 under the 1940 Act. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant

amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio.

15

Notes to Financial Statements(Unaudited) (continued)

Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

Securities valued at amortized cost are not obtained from a quoted price in an active market and are generally categorized as Level 2 in the hierarchy. The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio may utilize some of the following fair value techniques: multi-dimensional relational pricing models and option adjusted spread pricing. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(C)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies

and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and declares and pays distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in shares of mutual funds, which are subject to management fees and other fees that may cause the costs of investing mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the

16 MainStay VP U.S. Government Money Market Portfolio

agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, repurchase agreements are shown in the Portfolio of Investments.

(I)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. NYL Investors LLC (“NYL Investors” or the “Subadvisor”), a registered investment adviser and a direct,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement

(“Subadvisory Agreement”) between New York Life Investments and NYL Investors, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual percentage of the average daily net assets. The Fund, on behalf of the Portfolio, pays New York Life Investments at the rate of 0.40% up to $500 million; 0.35% from $500 million to $1 billion; and 0.30% in excess of $1 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.40%.

New York Life Investments may voluntarily waive fees or reimburse expenses of the Portfolio’s to the extent it deems appropriate to enhance the Portfolio’s yield during periods when expenses may have a significant impact on yield because of low interest rates. This expense limitation policy is voluntary and may be revised or terminated by the Manager at any time.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $906,954, and paid the Subadvisor in the amount of $453,489.

State Street Bank and Trust Company (“State Street”) providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAV of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAV, and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

Note 4–Federal Income Tax

The amortized cost also represents the aggregate cost for federal income tax purposes.

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $337 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$—(a)	$—

(a) Amount is less than $1,000.

17

Notes to Financial Statements(Unaudited) (continued)

The Portfolio utilized $126 of capital loss carryforwards during the year ended December 31, 2018.

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$6,380,657	$—

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class (at $1 per share)	Shares
Six-month period ended June 30, 2019:
Shares sold		142,773,569
Shares issued to shareholders in reinvestment of distributions		4,509,983
Shares redeemed		(241,132,956	)
Net increase (decrease)		(93,849,404	)
Year ended December 31, 2018:
Shares sold		410,448,751
Shares issued to shareholders in reinvestment of dividends and distributions		6,380,000
Shares redeemed		(401,211,594	)
Net increase (decrease)		15,617,157

Note 7–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 8–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

18 MainStay VP U.S. Government Money Market Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file a Form N-MFP every month disclosing its portfolio holdings. The Portfolio’s Form N-MFP is available without charge on the SEC’s website atwww.sec.govor by calling New York Life Investments at800-624-6782.

19

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781646 MSVPUSGMM10-08/19 (NYLIAC) NI510           

MainStay VP Mellon Natural Resources Portfolio

(Formerly known as MainStay VP VanEck Global Hard Assets Portfolio)

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	12
Notes to Financial Statements	16
Proxy Voting Policies and Procedures and Proxy Voting Record	22
Shareholder Reports and Quarterly Portfolio Disclosure	22

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class

Inception Date

Six Months

One Year

Five Years

Since Inception2

Gross Expense Ratio3

Initial Class Shares

2/17/2012

12.32%

–19.13%

–11.39

%

–6.16

%

0.85

%

Benchmark Performance

Six Months

One Year

Five Years

Since Inception

S&P Global Natural Resources Sector Index4

13.84

%

–4.02

%

0.74

%

1.20

%

S&P North American Natural Resources Sector Index5

14.58

–14.10

–6.80

–1.60

Morningstar Natural Resources Category Average6

11.97

–7.94

–2.33

–1.57

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

2. The Portfolio replaced its subadvisor, changed its investment objective 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.

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.

4. The Portfolio has selected the S&P Global Natural Resources Sector Index as its primary benchmark. The S&P Global Natural Resources Sector Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. The S&P North American Natural Resources Sector Index is the Portfolio’s secondary benchmark. The S&P North American Natural Resources Sector Index represents U.S. traded securities that are classified under the GICS^® energy and materials sector excluding the chemicals industry and steel sub-industry. The natural resource sector includes mining, energy, paper and forest products, and plantation-owning companies. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. widely regarded as the standard index for measuringlarge-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Mellon Natural Resources Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,123.20	$	4.90	$	1,020.18	$	4.66	0.93%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Mellon Natural Resources Portfolio

Country Composition as of June 30, 2019(Unaudited)

United States	47.6	%
Canada	13.3
France	8.6
United Kingdom	4.8
South Africa	4.5
Australia	4.1
Norway	2.9
Austria	2.7

Russia	2.3	%
Brazil	2.2
Denmark	2.1
Portugal	1.9
China	1.5
Republic of Korea	0.7
Other Assets, Less Liabilities	0.8
	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings as of June 30, 2019(excludingshort-term investment) (Unaudited)

1. TOTAL S.A.

2. Nutrien, Ltd.

3. BP PLC

4. Archer-Daniels-Midland Co.

5. Anglo American PLC

  6. Newcrest Mining, Ltd.

  7. Barrick Gold Corp.

  8. CF Industries Holdings, Inc.

  9. Ball Corp.

10. Newmont Goldcorp Corp.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio manager Robin Wehbe, CFA, of Mellon Investments Corporation, the Portfolio’s Subadvisor.

How did MainStay VP Mellon Natural Resources Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Mellon Natural Resources Portfolio returned 12.32% for Initial Class shares. Over the same period, Initial Class shares of the Portfolio underperformed the 13.84% return of the S&P Global Natural Resources Sector Index, which is the Portfolio’s primary benchmark, and the 14.58% return of the S&P North American Natural Resources Sector Index, which is the Portfolio’s secondary benchmark. For the six months ended June 30, 2019, Initial Class shares of the Portfolio outperformed the 11.97% return of the Morningstar Natural Resources Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

A company-specific incident that negatively affected one holding, along with volatility in equity and commodity markets, made the first half of the reporting period a challenging time for the Portfolio relative to the S&P Global Natural Resources Sector Index. In January 2019, Brazilian iron ore mining company Vale, one of the Portfolio’s largest holdings, experienced a major catastrophe with large loss of life at one of their facilities. Shares in the company plunged as investors tried to assess the financial and reputational impacts of the event. Although the Portfolio exited its position in the weeks that followed and redeployed the assets, performance relative to the S&P Global Natural Resources Sector Index suffered. Relative performance was also weakened early in the reporting period by the Portfolio’s underweight exposure to large integrated oil and gas companies.

The second half of the reporting period proved more favorable for several of the Portfolio’s positions relative to the S&P Global Natural Resources Sector Index. Overweight exposure to surging U.S. energy stocks bolstered relative returns. Gold stocks climbed as well, another area in which the Portfolio held overweight exposure. Defensive holdings in packaging company Ball and new holdings in waste solutions companies Casella Waste and Covanta further enhanced relative returns as the United States struggled with China’s refusal to accept most of its waste exports. The Portfolio also saw strong performance from next gen energy investments in renewable utility Nextera Energy and solar equipment maker First Solar, as this market segment continued to benefit from secular growth tailwinds.

Which market segments were the strongest positive contributors to the Portfolio’s relative performance, and which market segments were particularly weak?

The Portfolio achieved its strongest returns relative to the S&P Global Natural Resources Index from strong individual stock

selections in the forest product & other segment, underweight exposure to steel and overweight exposure to next gen energy holdings. The most significant detractors from relative performance included the integrated energy and the refining & chemicals segments, where individual stock selections detracted; and metals & mining, where the negative impact of underweight exposure more than offset the positive impact of good stock selections.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

The top contributors to the Portfolio’s absolute performance included mine operator Newcrest Mining, metal packaging company Ball and energy exploration & production company Hess. (Contributions take weightings and total returns into account.) Newcrest Mining benefited from rising gold prices as the company demonstrated strong cost discipline with solid production results. Ball shares climbed as recent cost pressures showed signs of easing amid healthy global volume growth. Hess reported better-than-expected earnings on increased oil vs. natural gas production.

As mentioned earlier, the Portfolio’s holdings in iron ore production & exploration company Vale lost ground in the wake of a fatal accident in Brazil. Other significant detractors from absolute performance included lithium producer Livent, which announced a sharp cut to full-year guidance in the face of persistent business headwinds; and oil and natural gas producer Concho Resources, which posted lower-than-expected earnings due to unanticipated capital expenditures.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio established a new position in shares of integrated oil & gas company BP, reflecting our view that the company’s large portfolio of energy producing properties provides advantages of scale and increased return potential in a rapidly maturing sector. The Portfolio also initiated a significant position in diversified mining company Anglo American, which, in our view, possesses several attractive business characteristics, including the potential for an effective operational and financial turnaround, organic copper growth and the winding down of South African operations.

Significant sales included Vale, described earlier, and diversified mining company Rio Tinto, which in our opinion suffered from unfavorable iron ore supply and demand dynamics.

1. See page 5 for more information on benchmark and peer group returns.

8 MainStay VP Mellon Natural Resources Portfolio

How did the Portfolio’s subsector and subindustry weightings change during the reporting period?

Relative to the S&P Global Natural Resources Sector Index, the Portfolio further increased its overweight exposure to next gen energy and agriculture and added to its underweighted integrated energy position. Conversely, the Portfolio reduced its already underweight holdings in the metals & mining and forest products & other segments, while trimming its overweight position in refining & chemicals.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held its largest overweight exposures relative to the S&P Global Natural Resources Sector Index in the next gen energy, U.S./onshore upstream and agriculture segments. As of the same date, the Portfolio maintained its most significantly underweight exposures in forest products & other, metals & mining and steel.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 98.2%†
Australia 4.1%
Newcrest Mining, Ltd. (Metals & Mining)		481,639	$	10,803,402
Austria 2.7%
OMV A.G. (Oil, Gas & Consumable Fuels)		145,312		7,080,290
Brazil 2.2%
Petroleo Brasileiro S.A., Sponsored ADR (Oil, Gas & Consumable Fuels)		404,549		5,744,596
Canada 13.3%
Barrick Gold Corp. (Metals & Mining)		623,155		9,827,154
Lundin Mining Corp. (Metals & Mining)		814,214		4,482,825
Nutrien, Ltd. (Chemicals)		174,792		9,344,380
Nutrien, Ltd. (Chemicals)		130,092		6,958,837
Teck Resources, Ltd., Class B (Metals & Mining)		173,738		4,006,398
				34,619,594
China 1.5%
CNOOC, Ltd. (Oil, Gas & Consumable Fuels)		2,235,000		3,822,420
Denmark 2.1%
Vestas Wind Systems A/S (Electrical Equipment)		62,462		5,395,360
France 8.6%
Air Liquide S.A. (Chemicals)		37,865		5,298,078
TOTAL S.A. (Oil, Gas & Consumable Fuels)		306,080		17,149,849
				22,447,927
Norway 2.9%
Yara International ASA (Chemicals)		155,794		7,557,345
Portugal 1.9%
Galp Energia SGPS S.A. (Oil, Gas & Consumable Fuels)		319,611		4,915,387
Republic of Korea 0.7%
S-Oil Corp. (Oil, Gas & Consumable Fuels)		25,695		1,862,618
Russia 2.3%
Gazprom PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		811,002		5,941,401
South Africa 4.5%
Anglo American PLC (Metals & Mining)		411,493		11,729,202
United Kingdom 4.8%
BP PLC (Oil, Gas & Consumable Fuels)		1,806,230		12,583,899

	Shares			Value
United States 46.6%
Archer-Daniels-Midland Co. (Food Products)		295,058		$	12,038,366
Ball Corp. (Containers & Packaging)		137,554			9,627,404
Casella Waste Systems, Inc., Class A (Commercial Services & Supplies) (a)		110,566			4,381,731
CF Industries Holdings, Inc. (Chemicals)		208,515			9,739,736
Compass Minerals International, Inc. (Metals & Mining)		61,330			3,370,083
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)		43,645			4,503,291
Covanta Holding Corp. (Commercial Services & Supplies)		221,735			3,971,274
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		38,708			4,218,011
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		75,218			7,007,309
First Solar, Inc. (Semiconductors & Semiconductor Equipment) (a)		85,921			5,643,291
FMC Corp. (Chemicals)		64,055			5,313,362
Freeport-McMoRan, Inc. (Metals & Mining)		625,389			7,260,766
Hess Corp. (Oil, Gas & Consumable Fuels)		113,525			7,216,784
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		95,277			5,324,079
Newmont Goldcorp Corp. (Metals & Mining)		213,274			8,204,651
NextEra Energy, Inc. (Electric Utilities)		27,523			5,638,362
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		84,352			4,241,219
PBF Energy, Inc., Class A (Oil, Gas & Consumable Fuels)		111,069			3,476,460
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		22,718			3,495,391
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		78,357			6,708,143
					121,379,713
Total Common Stocks (Cost $240,811,277)					255,883,154
Short-Term Investment 1.0%
Affiliated Investment Company 1.0%
United States 1.0%
MainStay U.S. Government Liquidity Fund, 2.03% (b)		2,561,211			2,561,211
TotalShort-Term Investment (Cost $2,561,211)					2,561,211
Total Investments (Cost $243,372,488)		99.2	%		258,444,365
Other Assets, Less Liabilities		0.8			2,034,560
Net Assets		100.0	%	$	260,478,925

10 MainStay VP Mellon Natural Resources Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

† Percentages indicated are based on Portfolio net assets.

(a) Non-income producing security.

(b) Current yield as of June 30, 2019.

The following abbreviation is used in the preceding pages:

ADR—American Depositary Receipt

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	255,883,154	$	—	$	—	$	255,883,154
Short-Term Investment
Affiliated Investment Company		2,561,211		—		—		2,561,211
Total Investments in Securities	$	258,444,365	$	—	$	—	$	258,444,365

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The table below sets forth the diversification of the Portfolio’s investments by industry.

Industry Diversification (Unaudited)

	Value		Percent †
Chemicals	$	44,211,738		17.0	%
Commercial Services & Supplies		8,353,005		3.2
Containers & Packaging		9,627,404		3.7
Electric Utilities		5,638,362		2.1
Electrical Equipment		5,395,360		2.1
Food Products		12,038,366		4.6
Metals & Mining		59,684,481		22.9
Oil, Gas & Consumable Fuels		105,291,147		40.4
Semiconductors & Semiconductor Equipment		5,643,291		2.2
		255,883,154		98.2
Short-Term Investment		2,561,211		1.0
Other Assets, Less Liabilities		2,034,560		0.8
Net Assets	$	260,478,925		100.0	%

† Percentages indicated are based on Portfolio net assets.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in securities, at value (identified cost $240,811,277)	$	255,883,154
Investment in affiliated investment company, at value (identified cost $2,561,211)		2,561,211
Cash denominated in foreign currencies (identified cost $85,351)		84,103
Cash		5,682
Receivables:
Investment securities sold		1,746,769
Dividends		480,098
Portfolio shares sold		29,205
Other assets		85,914
Total assets		260,876,136
Liabilities
Payables:
Portfolio shares redeemed		189,347
Manager (See Note 3)		162,624
Professional fees		27,173
Custodian		8,603
Trustees		430
Accrued expenses		9,034
Total liabilities		397,211
Net assets	$	260,478,925
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	42,669
Additional paid-in capital		469,733,579
		469,776,248
Total distributable earnings (loss)		(209,297,323	)
Net assets	$	260,478,925

Initial Class
Net assets applicable to outstanding shares	$	260,478,925
Shares of beneficial interest outstanding		42,668,962
Net asset value per share outstanding	$	6.10

12 MainStay VP Mellon Natural Resources Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	3,651,965
Non-cash dividends		868,809
Dividends-affiliated		43,150
Securities lending		27,866
Total income		4,591,790
Expenses
Manager (See Note 3)		1,011,334
Shareholder communication		122,187
Professional fees		33,232
Custodian		10,780
Trustees		3,330
Miscellaneous		10,203
Total expenses		1,191,066
Net investment income (loss)		3,400,724
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		(9,564,990	)
Foreign currency transactions		(1,738	)
Net realized gain (loss) on investments and foreign currency transactions		(9,566,728	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		35,736,887
Translation of other assets and liabilities in foreign currencies		691
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		35,737,578
Net realized and unrealized gain (loss) on investments and foreign currency transactions		26,170,850
Net increase (decrease) in net assets resulting from operations	$	29,571,574

(a) Dividends recorded net of foreign withholding taxes in the amount of $271,901.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	3,400,724		$	1,936,539
Net realized gain (loss) on investments and foreign currency transactions		(9,566,728	)		(40,630,459	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		35,737,578			(57,913,149	)
Net increase (decrease) in net assets resulting from operations		29,571,574			(96,607,069	)
Capital share transactions:
Net proceeds from sale of shares		12,958,422			24,434,729
Cost of shares redeemed		(22,118,417	)		(67,013,329	)
Increase (decrease) in net assets derived from capital share transactions		(9,159,995	)		(42,578,600	)
Net increase (decrease) in net assets		20,411,579			(139,185,669	)
Net Assets
Beginning of period		240,067,346			379,253,015
End of period	$	260,478,925		$	240,067,346

14 MainStay VP Mellon Natural Resources Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Initial Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	5.43			$	7.61			$	7.67			$	5.38			$	8.06			$	9.97
Net investment income (loss)			0.08				0.04				(0.01	)			(0.01	)			0.04				0.04
Net realized and unrealized gain (loss) on investments			0.59				(2.22	)			(0.05	)			2.34				(2.69	)			(1.91	)
Net realized and unrealized gain (loss) on foreign currency transactions			0.00	‡			0.00	‡			(0.00	)‡			(0.00	)‡			0.00	‡			(0.00	)‡
Total from investment operations			0.67				(2.18	)			(0.06	)			2.33				(2.65	)			(1.87	)
Less dividends:
From net investment income			—				—				—				(0.04	)			(0.03	)			(0.04	)
Net asset value at end of period		$	6.10			$	5.43			$	7.61			$	7.67			$	5.38			$	8.06
Total investment return (a)			12.34	%(b)			(28.65	%)(b)			(0.78	%)(b)			43.33	%			(32.96	%)			(18.81	%)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			2.66	%††			0.59	%			(0.10	%)			(0.12	%)(c)			0.57	%			0.38	%
Net expenses (d)			0.93	%††			0.94	%			0.94	%			0.93	% (e)			0.93	%			0.93	%
Portfolio turnover rate			53	%			78	%			17	%			40	%			21	%			33	%
Net assets at end of period (in 000’s)		$	260,479			$	240,067			$	379,253			$	432,891			$	332,823			$	466,515

* Unaudited.

†† Annualized.

‡ 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.

(b) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(c) Without the custody fee reimbursement, net investment income (loss) would have been (0.13)%.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) Without the custody fee reimbursement, net expenses would have been 0.94%.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Mellon Natural Resources Portfolio (formerly known as MainStay VP VanEck Global Hard Assets Portfolio) (the “Portfolio”), a “non-diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time. Since the Portfolio has historically operated as a “diversified” portfolio, it will not operate as “non-diversified” without first obtaining shareholder approval.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers one class of shares. Initial Class shares commenced operations on February 17, 2012. Shares of the Portfolio are offered and are redeemed at a price equal to their net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares.

The Portfolio’s investment objective is to seeklong-term capital appreciation.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The

Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

16 MainStay VP Mellon Natural Resources Portfolio

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30,

2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of June 30, 2019, no foreign equity securities held by the Portfolio were fair valued in such a manner.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

17

Notes to Financial Statements(Unaudited) (continued)

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date;

net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(I)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean

18 MainStay VP Mellon Natural Resources Portfolio

between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities— at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(J)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio did not have any portfolio securities on loan.

(K)  Foreign Securities Risk.  The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign

governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(L)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. Mellon Investments Corporation (“Mellon” or the “Subadvisor”), a registered investment adviser, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and Mellon, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.79% up to $1 billion; and 0.78% in excess of $1 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.79%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $1,011,334, and paid the Subadvisor in the amount of $485,251.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAV of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAV and assisting New York Life Investments in

19

Notes to Financial Statements(Unaudited) (continued)

conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or

procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	4,510	$	59,184	$	(61,133	)	$	—	$	—	$	2,561	$	43	$	—		2,561

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	243,812,368	$	22,643,152	$	(8,011,155	)	$	14,631,997

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $219,560,720, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$17,883	$201,677

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as

the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $132,823 and $137,546, respectively.

20 MainStay VP Mellon Natural Resources Portfolio

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		2,249,797		$	12,958,422
Shares redeemed		(3,751,489	)		(22,118,417	)
Net increase (decrease)		(1,501,692	)	$	(9,159,995	)
Year ended December 31, 2018:
Shares sold		3,598,827		$	24,434,729
Shares redeemed		(9,232,382	)		(67,013,329	)
Net increase (decrease)		(5,633,555	)	$	(42,578,600	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

21

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

22 MainStay VP Mellon Natural Resources Portfolio

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Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781648 MSVPVEG10-08/19 (NYLIAC) NI533      

MainStay VP Allocation Portfolios

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

MainStay VP Conservative Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

MainStay VP Growth Allocation Portfolio

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
MainStay VP Conservative Allocation Portfolio	5
MainStay VP Moderate Allocation Portfolio	17
MainStay VP Moderate Growth Allocation Portfolio	29
MainStay VP Growth Allocation Portfolio	41
Notes to Financial Statements	52
Proxy Voting Policies and Procedures and Proxy Voting Record	64
Shareholder Reports and Quarterly Portfolio Disclosure	64

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

MainStay VP Conservative Allocation Portfolio

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges, or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	2/13/2006		10.03	%		4.12	%		3.71	%		7.39	%		0.68	%
Service Class Shares	2/13/2006		9.90			3.86			3.46			7.12			0.93

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
S&P 500® Index3		18.54	%		10.42	%		10.71	%		14.70	%
MSCI EAFE® Index4		14.03			1.08			2.25			6.90
Bloomberg Barclays U.S. Aggregate Bond Index5		6.11			7.87			2.95			3.90
Conservative Allocation Composite Index6		10.70			8.36			5.36			7.74
Morningstar Allocation—30% to 50% Equity Category Average7		9.82			5.12			3.61			7.08

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The S&P 500^® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. “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 measuringlarge-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 MSCI EAFE^® Index is the Portfolio’s secondary benchmark. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. The Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg Barclays U.S. Aggregate

Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. The Portfolio has selected the Conservative Allocation Composite Index as an additional benchmark. The Conservative Allocation Composite Index consists of the S&P 500^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 30%, 10% and 60%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

7. The Morningstar Allocation—30% to 50% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 30% and 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Conservative Allocation Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,100.30	$	0.16	$	1,024.65	$	0.15	0.03%
Service Class Shares	$	1,000.00	$	1,099.00	$	1.46	$	1,023.41	$	1.40	0.28%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the Underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Conservative Allocation Portfolio

Investment Objectives of Underlying Portfolios/Funds as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Jae S. Yoon, CFA, Jonathan Swaney, Poul Kristensen, CFA, and Amit Soni, CFA, of New York Life Investments,¹ the Portfolio’s Manager.

How did MainStay VP Conservative Allocation Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Conservative Allocation Portfolio returned 10.03% for Initial Class shares and 9.90% for Service Class shares. Over the same period, both share classes underperformed the 18.54% return of the S&P 500^® Index, which is the Portfolio’s primary benchmark, and the 14.03% return of the MSCI EAFE^® Index, which is a secondary benchmark of the Portfolio. For the six months ended June 30, 2019, both share classes outperformed the 6.11% return of the Bloomberg Barclays U.S. Aggregate Bond Indexand underperformed the 10.70% return of the Conservative Allocation Composite Index,which are additional benchmarks of the Portfolio. Over the same period, both share classes outperformed the 9.82% return of the Morningstar Allocation—30% to 50% Equity Category Average.²

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in mutual funds and exchange-traded funds (“ETFs”) managed by New York Life Investments or its affiliates (the “Underlying Portfolios/Funds”). The Underlying Portfolios/Funds may invest in U.S. equities, international equities, and fixed-income instruments, making comparisons to any single index generally less suitable than a weighted combination of indices, which is a more useful yardstick by which to measure performance. The most influential factor affecting relative performance for the Portfolio versus the performance of a weighted combination of indices is the net performance of the Underlying Portfolios/Funds themselves relative to their respective benchmarks. This reporting period again proved to be challenging for the Underlying Portfolios/Funds, some of which detracted materially from active returns. Prominent examples of Underlying Portfolios/Funds that struggled to meet their objectives included the MainStay MacKay VP Small Cap Core Portfolio, the MainStay MacKay US Equity Opportunities Fund, the IQ Chaikin US Small Cap ETF and the IQ ARB Global Resources ETF.

Asset class policy provided a modest lift to relative performance through successful management of the Portfolio’s overall stock/ bond blend. The Portfolio increased its equity exposure based on perceived market weakness during the fourth quarter of 2018 and maintained the increased exposure well into 2019 as stock prices recovered, although positioning returned to nearly

neutral by mid spring and remained near that level through the end of the reporting period. Within equities, a preference for large company stocks over those of smaller firms was well rewarded. However, returns were undermined by the Portfolio’s tilt toward value-oriented over growth-oriented securities, a position reflecting our belief that value-oriented stocks would benefit disproportionately from policy stimulus, while growth would be restrained by new regulations. Equity performance also suffered from the Portfolio’s emphasis on emerging markets over developed international markets, which we implemented in the expectation that the developing world would benefit broadly from Chinese government economic intervention. Among the Portfolio’s fixed-income holdings, performance benefited from exposure to convertible bonds, but the Portfolio’s position in cash and short maturity municipal bonds failed to match the returns available on longer duration³ instruments.

How did you allocate the Portfolio’s assets during the reporting period and why?

The Portfolio’s management considers a variety of factors in allocating the assets, including the portfolio-level characteristics of the Underlying Portfolios/Funds (such as capitalization, style biases, sector exposures, credit quality and duration) and the attributes of the individual holdings within those funds (valuation metrics, earnings data and technical indicators). Generally, we seek to invest in funds that correspond well to our desired asset class exposures, which is to say that they occupy attractively valued segments of the market and appear positioned to benefit from the current economic environment.

In late 2018, just before the reporting period began, we took advantage of declining stock prices to increase the Portfolio’s exposure to equities in the belief that economic fundamentals remained sound despite concerns around trade negotiations, monetary policy and slowing external growth. Conditions were improving as we entered the reporting period. Stocks climbed steadily through the first four months of 2019, supported by increasing signs of progress in trade negotiations, signals from the U.S. Federal Reserve Board of a pause in interest-rate hikes and sweeping Chinese government actions across fiscal, monetary and regulatory fronts to bolster economic activity. As equity markets rose, we gradually trimmed the Portfolio’s equity exposure until, by late April 2019, it was again close to neutral. Markets dropped in May 2019 on renewed trade friction and mounting concerns within manufacturing areas of the industrial sector before rebounding in June 2019 on signs of potential

1. “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC.

2. See page 5 for more information on benchmark and peer group returns.

3. 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 Conservative Allocation Portfolio

monetary policy support and possible progress in trade negotiations. The Portfolio’s positioning maintained relative stability throughout the reporting period.

We believed that, in light of aggressive government actions, Chinese economic reacceleration was likely to continue, and that the impact would be felt as a tailwind for most emerging markets. In response, we allocated a relatively large percentage of the Portfolio’s assets to stocks of developing nations over those of the developed world. However, the Chinese economy remained more sluggish than we anticipated during the reporting period. Second, the Portfolio allocated assets disproportionately across the capitalization spectrum and by industry. Whereas we had previously positioned the Portfolio to favor small companies over larger multinationals that we believed were less likely to benefit from tax reform and industry deregulation, we later reversed that position. As the reporting period progressed, we saw comparatively weak earnings trends within thesmall-cap universe, with a disconcerting number of firms producing negative earnings. We also anticipated thatsmall-cap companies might prove more vulnerable to rising interest rates than large companies that have locked in lower rates by issuing long maturity bonds. Third, in 2018 we introduced a value bias to the Portfolio, driven primarily by concerns regarding potential developments in litigation, regulation and competition in the information technology, energy and financials sectors. During the reporting period, that bias detracted from performance as growth companies continued to lead the market higher.

In the fixed-income portion of the Portfolio, we shifted overall credit exposure from being slightly underweight to being effectively neutral as spreads⁴ widened in late 2018, and valuations appeared more reasonable. Within speculative-grade credit, the Portfolio avoided floating-rate bonds due to concerns about excessive leverage and poor underwriting. At the same time, we kept the Portfolio’s duration slightly short in the expectation that the yield curve⁵ would steepen should events bear out our opinion that growth remained entrenched and the next recession was still some distance off. The Portfolio’s positioning on credit mildly enhanced returns, but those benefits were undercut by the negative effects of the Portfolio’s duration position.

How did the Portfolio’s allocations change over the course of the reporting period?

We lowered the Portfolio’s equity exposure during the reporting period in part by reducing its positions in the IQ Chaikin U.S. Large Cap ETF and the IQ 50 Percent Hedged FTSE International

ETF. The Portfolio kept some of the proceeds in cash rather than investing in fixed-income securities, given our duration strategy.

Within equities, we made the Portfolio’s value bias a little less pronounced by allocating more assets to the MainStay VP Large Cap Growth Portfolio and the MainStay VP MacKay Growth Equity Portfolio. We also lowered the Portfolio’s exposure to the MainStay Cushing Renaissance Advantage Fund and the MainStay Cushing MLP Premier Fund as energy assets failed to respond to rising crude oil prices to the degree we anticipated.

During the reporting period, the MainStay VP Epoch U.S. Small Cap Portfolio merged into the MainStay VP MacKay Small Cap Core Portfolio; the Portfolio maintained its position through the merger. In another merger, MainStay Epoch Global Choice Fund merged into the MainStay Epoch Capital Growth Fund. In that instance, the Portfolio exited its position prior to the merger date. A new Underlying Fund was added during the reporting period: the IQ International 500 ETF. The Portfolio’s exposure to this Underlying Fund remained quite small as of June 30, 2019 but was expected to grow.

In the fixed-income portion of the Portfolio, we reduced the position in the MainStay VP Indexed Bond Portfolio and redirected the proceeds to the MainStay VP Bond Portfolio and the MainStay Short Duration High Yield Fund, slightly increasing the Portfolio’s exposure to credit and shortening average maturity.

Which Underlying Equity Portfolios/Funds had the highest total returns during the reporting period, and which Underlying Equity Portfolios/Funds had the lowest total returns?

Of the Underlying Equity Portfolios/Funds held for the full reporting period, the highest total returns came from the MainStay VP Large Cap Growth Portfolio, the MainStay Epoch U.S. All Cap Fund, and the MainStay VP Eagle Small Cap Growth Portfolio. At the other end of the spectrum, the IQ Global Resources ETF, the IQ 500 International ETF, and the MainStay MacKay International Opportunities Fund produced the lowest total returns.

Which Underlying Equity Portfolios/Funds made the strongest positive contributions to the Portfolio’s overall performance, and which Underlying Equity Portfolios/Funds were the greatest detractors?

Among the Underlying Equity Portfolios/Funds making the most significant contributions to the Portfolio’s equity returns were

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. 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

9

the MainStay VP Emerging Markets Equity Portfolio, the IQ Chaikin US Large Cap ETF and the MainStay VP T. Rowe Price Equity Income Portfolio. (Contributions take weightings and total returns into account.) Detractors from the Portfolio’s equity performance included the MainStay Epoch U.S. Equity Yield Fund, the MainStay VP International Equity Portfolio, and the IQ 500 International ETF, though all generated positive returns.

What factors and risks affected the Portfolio’s Underlying Fixed-Income Portfolio/Fund investments during the reporting period?

Within credit markets, spreads recovered from the stress of late 2018, compressing through late February 2019 and then holding generally steady through the end of the reporting period as softening economic conditions were balanced by rising expectations of policy support. Several factors affected investments in the high-grade market, including surprisingly soft inflation readings, a decline in unit labor costs, weak global manufacturing data and expectations of increasingly relaxed monetary policy from many of the world’s central banks. As a result, yields fell across the curve leading to an inversion in some segments.

During the reporting period, which fixed-income market segments were the strongest positive contributors to the Portfolio’s performance and which segments were particularly weak?

The equity sensitivity of convertible bonds made this segment the strongest positive contributor to the Portfolio’s performance.

Most other segments also fared well, with high-yielding and longer-duration bonds performing best. High-quality, short-maturity instruments trailed the pack, but still posted positive results.

Which Underlying Fixed-Income Portfolios/Funds made the strongest positive contributions to the Portfolio’s performance, and which Underlying Fixed-Income Portfolios/Funds were the greatest detractors?

During the reporting period, MainStay VP Indexed Bond Portfolio, the MainStay VP Floating Rate Portfolio and the MainStay VP Bond Portfolio made the strongest positive contributions to the performance of the fixed-income portion of the Portfolio. Over the same period, the Portfolio’s cash position, the MainStay Total Return Bond Fund and the MainStay MacKay Short Term Municipal Fund were the most significant detractors from the performance of the fixed-income portion of the Portfolio, though all provided positive returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

10 MainStay VP Conservative Allocation Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Affiliated Investment Companies 96.6%†
Equity Funds 39.2%
IQ 50 Percent Hedged FTSE International ETF (a)		677,198	$	13,787,751
IQ Chaikin U.S. Large Cap ETF		536,484		13,192,142
IQ Chaikin U.S. Small Cap ETF		423,825		10,536,289
IQ Global Resources ETF		233,695		6,379,873
MainStay Cushing MLP Premier Fund Class I		4,980		55,322
MainStay Epoch Capital Growth Fund Class I (a)(b)		607,395		7,768,585
MainStay Epoch International Choice Fund Class I		403,091		14,249,274
MainStay Epoch U.S. All Cap Fund Class R6		513,821		14,592,529
MainStay Epoch U.S. Equity Yield Fund Class R6		47,817		795,195
MainStay MacKay International Opportunities Fund Class I		1,096,958		8,523,365
MainStay MacKay U.S. Equity Opportunities Fund Class I		1,448,105		12,207,524
MainStay MAP Equity Fund Class I		497,546		20,767,569
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class		21,325		184,677
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		696,653		10,159,805
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		2,837,515		25,440,979
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		989,186		15,867,797
MainStay VP Large Cap Growth Portfolio Initial Class		614,988		16,372,124
MainStay VP MacKay Common Stock Portfolio Initial Class		327,736		9,523,089
MainStay VP MacKay Growth Portfolio Initial Class		488,593		15,866,701
MainStay VP MacKay International Equity Portfolio Initial Class		163,905		2,767,782
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		1,626,287		22,422,162
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		55,409		3,157,435
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		2,104,825		23,110,166
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		1,735,319		22,873,357
Total Equity Funds (Cost $279,179,191)				290,601,492
Fixed Income Funds 57.4%
IQ Enhanced Core Plus Bond U.S. ETF (a)		1,310,475		25,547,710
IQ S&P High Yield Low Volatility Bond ETF (a)		352,522		8,854,718

	Shares			Value
Fixed Income Funds (continued)
MainStay MacKay High Yield Municipal Bond Fund Class I		939,780		$	12,104,362
MainStay MacKay Short Duration High Yield Fund Class I		3,452,524			34,110,937
MainStay MacKay Short Term Municipal Fund Class I		1,238,173			11,911,228
MainStay MacKay Total Return Bond Fund Class R6		2			17
MainStay VP Bond Portfolio Initial Class (a)		2,647,584			38,704,581
MainStay VP Floating Rate Portfolio Initial Class (a)		4,928,922			43,819,649
MainStay VP Indexed Bond Portfolio Initial Class (a)		20,161,557			209,494,041
MainStay VP MacKay Convertible Portfolio Initial Class		564,498			8,014,819
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class		1,312,711			13,309,771
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class (a)		1,297,840			12,774,140
MainStay VP PIMCO Real Return Portfolio Initial Class (a)		867,420			7,572,781
Total Fixed Income Funds (Cost $412,201,544)					426,218,754
Total Affiliated Investment Companies (Cost $691,380,735)					716,820,246
Short-Term Investment 3.4%
Affiliated Investment Company 3.4%
MainStay U.S. Government Liquidity Fund, 2.03% (c)		25,102,171			25,102,171
TotalShort-Term Investment (Cost $25,102,171)					25,102,171
Total Investments (Cost $716,482,906)		100.0	%		741,922,417
Other Assets, Less Liabilities		0.0	‡		143,346
Net Assets		100.0	%	$	742,065,763

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) As of June 30, 2019, the Portfolio’s ownership exceeds 5% of the outstanding shares of the Underlying Portfolio’s/Fund’s share class.

(b) Non-income producing Underlying Portfolio/Fund.

(c) Current yield as of June 30, 2019.

The following abbreviations are used in the preceding pages:

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

MLP—Master limited partnership

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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 (a)
Affiliated Investment Companies
Equity Funds	$	290,601,492	$	—	$	—	$	290,601,492
Fixed Income Funds		426,218,754		—		—		426,218,754
Short-Term Investment		25,102,171		—		—		25,102,171
Total Investments in Securities	$	741,922,417	$	—	$	—	$	741,922,417

(a) For a complete listing of investments, see the Portfolio of Investments.

12 MainStay VP Conservative Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in affiliated investment companies, at value (identified cost $716,482,906)	$	741,922,417
Cash		371
Receivables:
Investment securities sold		739,975
Dividends and Interest		506,721
Portfolio shares sold		43,919
Other assets		3,695
Total assets		743,217,098
Liabilities
Payables:
Investment securities purchased		504,224
Portfolio shares redeemed		431,278
NYLIFE Distributors (See Note 3)		148,380
Shareholder communication		32,032
Professional fees		22,668
Custodian		5,376
Trustees		1,013
Accrued expenses		6,364
Total liabilities		1,151,335
Net assets	$	742,065,763
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	63,349
Additional paid-in capital		708,636,407
		708,699,756
Total distributable earnings (loss)		33,366,007
Net assets	$	742,065,763

Initial Class
Net assets applicable to outstanding shares	$	14,804,002
Shares of beneficial interest outstanding		1,249,082
Net asset value per share outstanding	$	11.85
Service Class
Net assets applicable to outstanding shares	$	727,261,761
Shares of beneficial interest outstanding		62,099,694
Net asset value per share outstanding	$	11.71

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividend distributions from affiliated investment companies	$	3,858,892
Interest		469
Total income		3,859,361
Expenses
Distribution/Service—Service Class (See Note 3)		908,808
Professional fees		37,152
Shareholder communication		32,018
Trustees		9,426
Custodian		6,808
Miscellaneous		11,286
Total expenses		1,005,498
Net investment income (loss)		2,853,863
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Affiliated investment company transactions		(3,118,986	)
Realized capital gain distributions from affiliated investment companies		1,708,496
Net realized gain (loss) on investments from affiliated and unaffiliated investment companies		(1,410,490	)
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		68,948,332
Net realized and unrealized gain (loss) on investments		67,537,842
Net increase (decrease) in net assets resulting from operations	$	70,391,705

14 MainStay VP Conservative Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	2,853,863		$	14,146,346
Net realized gain (loss) on investments and investments from affiliated investment companies		(1,410,490	)		21,482,892
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		68,948,332			(89,340,441	)
Net increase (decrease) in net assets resulting from operations		70,391,705			(53,711,203	)
Distributions to shareholders:
Initial Class		—			(386,602	)
Service Class		—			(16,968,097	)
Total distributions to shareholders		—			(17,354,699	)
Capital share transactions:
Net proceeds from sale of shares		22,128,322			71,202,231
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			17,354,699
Cost of shares redeemed		(79,790,691	)		(170,508,772	)
Increase (decrease) in net assets derived from capital share transactions		(57,662,369	)		(81,951,842	)
Net increase (decrease) in net assets		12,729,336			(153,017,744	)
Net Assets
Beginning of period		729,336,427			882,354,171
End of period	$	742,065,763		$	729,336,427

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.77		$	11.80		$	10.87		$	10.71		$	11.85		$	12.47
Net investment income (loss) (a)		0.06			0.23			0.22			0.22			0.24			0.25
Net realized and unrealized gain (loss) on investments		1.02			(0.98	)		0.95			0.46			(0.41	)		0.28
Total from investment operations		1.08			(0.75	)		1.17			0.68			(0.17	)		0.53
Less dividends and distributions:
From net investment income		—			(0.28	)		(0.24	)		(0.29	)		(0.28	)		(0.32	)
From net realized gain on investments		—			—			—			(0.23	)		(0.69	)		(0.83	)
Total dividends and distributions		—			(0.28	)		(0.24	)		(0.52	)		(0.97	)		(1.15	)
Net asset value at end of period	$	11.85		$	10.77		$	11.80		$	10.87		$	10.71		$	11.85
Total investment return (b)		10.03	%		(6.47	%)		10.80	%		6.36	%		(1.41	%)		4.29	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.02	%††		2.02	%		1.89	%		2.02	%		2.01	%		1.99	%
Net expenses (c)		0.03	%††		0.03	%		0.02	%		0.03	%		0.03	%		0.03	%
Portfolio turnover rate		16	%		58	%		44	%		44	%		40	%		47	%
Net assets at end of period (in 000’s)	$	14,804		$	14,616		$	16,481		$	16,599		$	16,171		$	15,669

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.66		$	11.67		$	10.75		$	10.60		$	11.73		$	12.37
Net investment income (loss) (a)		0.04			0.20			0.19			0.19			0.21			0.22
Net realized and unrealized gain (loss) on investments		1.01			(0.96	)		0.94			0.45			(0.40	)		0.26
Total from investment operations		1.05			(0.76	)		1.13			0.64			(0.19	)		0.48
Less dividends and distributions:
From net investment income		—			(0.25	)		(0.21	)		(0.26	)		(0.25	)		(0.29	)
From net realized gain on investments		—			—			—			(0.23	)		(0.69	)		(0.83	)
Total dividends and distributions		—			(0.25	)		(0.21	)		(0.49	)		(0.94	)		(1.12	)
Net asset value at end of period	$	11.71		$	10.66		$	11.67		$	10.75		$	10.60		$	11.73
Total investment return (b)		9.85	%(c)		(6.68	%)		10.52	%		6.10	%		(1.65	%)		4.03	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.76	%††		1.70	%		1.66	%		1.74	%		1.84	%		1.78	%
Net expenses (d)		0.28	%††		0.28	%		0.27	%		0.28	%		0.28	%		0.28	%
Portfolio turnover rate		16	%		58	%		44	%		44	%		40	%		47	%
Net assets at end of period (in 000’s)	$	727,262		$	714,720		$	865,873		$	850,124		$	900,093		$	896,381

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

16 MainStay VP Conservative Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

MainStay VP Moderate Allocation Portfolio

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	2/13/2006		12.01	%		3.50	%		4.41	%		8.66	%		0.78	%
Service Class Shares	2/13/2006		11.87			3.24			4.15			8.39			1.03

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
S&P 500® Index3		18.54	%		10.42	%		10.71	%		14.70	%
MSCI EAFE® Index4		14.03			1.08			2.25			6.90
Bloomberg Barclays U.S. Aggregate Bond Index5		6.11			7.87			2.95			3.90
Moderate Allocation Composite Index6		12.96			8.40			6.49			9.52
Morningstar Allocation—50% to 70% Equity Category Average7		12.21			5.73			5.04			8.93

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The S&P 500^® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. “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 measuringlarge-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 MSCI EAFE^® Index is the Portfolio’s secondary benchmark. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. The Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg Barclays U.S. Aggregate

Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. The Portfolio has selected the Moderate Allocation Composite Index as an additional benchmark. The Moderate Allocation Composite Index consists of the S&P 500^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

7. The Morningstar Allocation—50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

17

Cost in Dollars of a $1,000 Investment in MainStay VP Moderate Allocation Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,120.10	$	0.11	$	1,024.70	$	0.10	0.02%
Service Class Shares	$	1,000.00	$	1,118.70	$	1.42	$	1,023.46	$	1.35	0.27%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the Underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

18 MainStay VP Moderate Allocation Portfolio

Investment Objectives of Underlying Portfolios/Funds as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 23 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

19

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Jae S. Yoon, CFA, Jonathan Swaney, Poul Kristensen, CFA, and Amit Soni, CFA, of New York Life Investments,¹ the Portfolio’s Manager.

How did MainStay VP Moderate Allocation Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Moderate Allocation Portfolio returned 12.01% for Initial Class shares and 11.87% for Service Class shares. Over the same period, both share classes underperformed the 18.54% return of the S&P 500^® Index, which is the Portfolio’s primary benchmark, and the 14.03% return of the MSCI EAFE^® Index,which is a secondary benchmark of the Portfolio. For the six months ended June 30, 2019, both share classes outperformed the 6.11% return of the Bloomberg Barclays U.S. Aggregate Bond Indexand underperformed the 12.96% return of the Moderate Allocation Composite Index,which are additional benchmarks of the Portfolio. Over the same period, both share classes underperformed the 12.21% return of the Morningstar Allocation—50% to 70% Equity Category Average.²

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in mutual funds and exchange-traded funds (“ETFs”) managed by New York Life Investments or its affiliates (the “Underlying Portfolios/Funds”). The Underlying Portfolios/Funds may invest in U.S. equities, international equities, and fixed-income instruments, making comparisons to any single index generally less suitable than a weighted combination of indices, which is a more useful yardstick by which to measure performance. The most influential factor affecting relative performance for the Portfolio versus the performance of a weighted combination of indices is the net performance of the Underlying Portfolios/Funds themselves relative to their respective benchmarks. This reporting period again proved to be challenging for the Underlying Portfolios/Funds, some of which detracted materially from active returns. Prominent examples of Underlying Portfolios/Funds that struggled to meet their objectives included the MainStay MacKay VP Small Cap Core Portfolio, the MainStay MacKay US Equity Opportunities Fund, the IQ Chaikin US Small Cap ETF and the IQ ARB Global Resources ETF.

Asset class policy provided a modest lift to relative performance through successful management of the Portfolio’s overall stock/ bond blend. The Portfolio increased its equity exposure based on perceived market weakness during the fourth quarter of 2018 and maintained the increased exposure well into 2019 as stock prices recovered, although positioning returned to nearly

neutral by mid spring and remained near that level through the end of the reporting period. Within equities, a preference for large company stocks over those of smaller firms was well rewarded. However, returns were undermined by the Portfolio’s tilt toward value-oriented over growth-oriented securities, a position reflecting our belief that value-oriented stocks would benefit disproportionately from policy stimulus, while growth would be restrained by new regulations. Equity performance also suffered from the Portfolio’s emphasis on emerging markets over developed international markets, which we implemented in the expectation that the developing world would benefit broadly from Chinese government economic intervention. Among the Portfolio’s fixed-income holdings, performance benefited from exposure to convertible bonds, but the Portfolio’s position in cash and short maturity municipal bonds failed to match the returns available on longer duration³ instruments.

How did you allocate the Portfolio’s assets during the reporting period and why?

The Portfolio’s management considers a variety of factors in allocating the assets, including the portfolio-level characteristics of the Underlying Portfolios/Funds (such as capitalization, style biases, sector exposures, credit quality and duration) and the attributes of the individual holdings within those funds (valuation metrics, earnings data and technical indicators). Generally, we seek to invest in funds that correspond well to our desired asset class exposures, which is to say that they occupy attractively valued segments of the market and appear positioned to benefit from the current economic environment.

In late 2018, just before the reporting period began, we took advantage of declining stock prices to increase the Portfolio’s exposure to equities in the belief that economic fundamentals remained sound despite concerns around trade negotiations, monetary policy and slowing external growth. Conditions were improving as we entered the reporting period. Stocks climbed steadily through the first four months of 2019, supported by increasing signs of progress in trade negotiations, signals from the U.S. Federal Reserve Board of a pause in interest-rate hikes and sweeping Chinese government actions across fiscal, monetary and regulatory fronts to bolster economic activity. As equity markets rose, we gradually trimmed the Portfolio’s equity exposure until, by the late April, it was again close to neutral. Markets dropped in May 2019 on renewed trade friction and mounting concerns within manufacturing areas of the industrial sector before rebounding in June 2019 on signs of potential

1. “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC.

2. See page 17 for more information on benchmark and peer group returns.

3. 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.

20 MainStay VP Moderate Allocation Portfolio

monetary policy support and possible progress in trade negotiations. The Portfolio’s positioning maintained relative stability throughout the reporting period.

We believed that, in light of aggressive government actions, Chinese economic reacceleration was likely to continue, and that the impact would be felt as a tailwind for most emerging markets. In response, we allocated a relatively large percentage of the Portfolio’s assets to stocks of developing nations over those of the developed world. However, the Chinese economy remained more sluggish than we anticipated during the reporting period. Second, the Portfolio allocated assets disproportionately across the capitalization spectrum and by industry. Whereas we had previously positioned the Portfolio to favor small companies over larger multinationals that we believed were less likely to benefit from tax reform and industry deregulation, we later reversed that position. As the reporting period progressed, we saw comparatively weak earnings trends within thesmall-cap universe, with a disconcerting number of firms producing negative earnings. We also anticipated thatsmall-cap companies might prove more vulnerable to rising interest rates than large companies that have locked in lower rates by issuing long maturity bonds. Third, in 2018 we introduced a value bias to the Portfolio, driven primarily by concerns regarding potential developments in litigation, regulation and competition in the information technology, energy and financials sectors. During the reporting period, that bias detracted from performance as growth companies continued to lead the market higher.

In the fixed-income portion of the Portfolio, we shifted overall credit exposure from being slightly underweight to being effectively neutral as spreads⁴ widened in late 2018, and valuations appeared more reasonable. Within speculative-grade credit, the Portfolio avoided floating-rate bonds due to concerns about excessive leverage and poor underwriting. At the same time, we kept the Portfolio’s duration slightly short in the expectation that the yield curve⁵ would steepen should events bear out our opinion that growth remained entrenched and the next recession was still some distance off. The Portfolio’s positioning on credit mildly enhanced returns, but those benefits were undercut by the negative effects of the Portfolio’s duration position.

How did the Portfolio’s allocations change over the course of the reporting period?

We lowered the Portfolio’s equity exposure during the reporting period in part by reducing its positions in the IQ Chaikin U.S. Large Cap ETF and the IQ 50 Percent Hedged FTSE International

ETF. The Portfolio kept some of the proceeds in cash rather than investing in fixed-income securities, given our duration strategy.

Within equities, we made the Portfolio’s value bias a little less pronounced by allocating more assets to the MainStay VP Large Cap Growth Portfolio and the MainStay VP MacKay Growth Equity Portfolio. We also lowered the Portfolio’s exposure to the MainStay Cushing Renaissance Advantage Fund and the MainStay Cushing MLP Premier Fund as energy assets failed to respond to rising crude oil prices to the degree we anticipated.

During the reporting period, the MainStay VP Epoch U.S. Small Cap Portfolio merged into the MainStay VP MacKay Small Cap Core Portfolio; the Portfolio maintained its position through the merger. In another merger, MainStay Epoch Global Choice Fund merged into the MainStay Epoch Capital Growth Fund. In that instance, the Portfolio exited its position prior to the merger date. A new Underlying Fund was also added during the reporting period: the IQ International 500 ETF. The Portfolio’s exposure to this Underlying Fund remained quite small as of June 30, 2019 but was expected to grow.

In the fixed-income portion of the Portfolio, we reduced the position in the MainStay VP Indexed Bond Portfolio and redirected the proceeds to the MainStay VP Bond Portfolio and the MainStay Short Duration High Yield Fund, thereby slightly increasing the Portfolio’s exposure to credit and shortening average maturity.

Which Underlying Equity Portfolios/Funds had the highest total returns during the reporting period, and which Underlying Equity Portfolios/Funds had the lowest total returns?

Of the Underlying Equity Portfolios/Funds held for the full reporting period, the highest total returns came from the MainStay VP Large Cap Growth Portfolio, the MainStay Epoch U.S. All Cap Fund, and the MainStay VP Eagle Small Cap Growth Portfolio. At the other end of the spectrum, the IQ Global Resources ETF, the IQ 500 International ETF, and the MainStay MacKay International Opportunities Fund produced the lowest total returns.

Which Underlying Equity Portfolios/Funds made the strongest positive contributions to the Portfolio’s overall performance, and which Underlying Equity Portfolios/Funds were the greatest detractors?

Among the Underlying Equity Portfolios/Funds making the most significant contributions to the Portfolio’s equity returns were the MainStay VP Large Cap Growth Portfolio, the MainStay VP T.

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. 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.

21

Rowe Price Equity Income Portfolio, and the MainStay Epoch U.S. Call Cap Fund. (Contributions take weightings and total returns into account.) Detractors from the Portfolio’s equity performance included the MainStay Epoch U.S. Equity Yield Fund, the MainStay VP International Equity Portfolio, and the MainStay VP S&P 500 Fund, though all generated positive returns.

What factors and risks affected the Portfolio’s Underlying Fixed-Income Portfolio/Fund investments during the reporting period?

Within credit markets, spreads recovered from the stress of late 2018, compressing through late February 2019 and then holding generally steady through the end of the reporting period as softening economic conditions were balanced by rising expectations of policy support. Several factors affected investments in the high-grade market, including surprisingly soft inflation readings, a decline in unit labor costs, weak global manufacturing data and expectations of increasingly relaxed monetary policy from many of the world’s central banks. As a result, yields fell across the curve leading to an inversion in some segments.

During the reporting period, which fixed-income market segments were the strongest positive contributors to the Portfolio’s performance and which segments were particularly weak?

The equity sensitivity of convertible bonds made this segment the strongest positive contributor to the Portfolio’s performance.

Most other segments also fared well, with high-yielding and longer-duration bonds performing best. High-quality, short-maturity instruments trailed the pack, but still posted positive results.

Which Underlying Fixed-Income Portfolios/Funds made the strongest positive contributions to the Portfolio’s performance, and which Underlying Fixed-Income Portfolios/Funds were the greatest detractors?

During the reporting period, the MainStay VP Indexed Bond Portfolio, the MainStay VP Bond Portfolio and the MainStay VP Convertibles Portfolio made the strongest positive contributions to the performance of the fixed-income portion of the Portfolio. Over the same period, the Portfolio’s cash position, the MainStay Total Return Bond Fund and the MainStay MacKay Short Term Municipal Fund were the most significant detractors from the performance of the fixed-income portion of the Portfolio, though all provided positive returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

22 MainStay VP Moderate Allocation Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Affiliated Investment Companies 96.5%†
Equity Funds 59.2%
IQ 50 Percent Hedged FTSE International ETF (a)		1,319,677	$	26,868,624
IQ 500 International ETF		96,618		2,591,797
IQ Chaikin U.S. Large Cap ETF (a)		1,533,944		37,719,683
IQ Chaikin U.S. Small Cap ETF (a)		568,325		14,128,559
IQ Global Resources ETF (a)		582,594		15,904,816
MainStay Cushing MLP Premier Fund Class I		260,124		2,889,981
MainStay Epoch Capital Growth Fund Class I (a)(b)		904,094		11,563,364
MainStay Epoch International Choice Fund Class I (a)		1,167,890		41,284,896
MainStay Epoch U.S. All Cap Fund Class R6 (a)		1,556,119		44,193,789
MainStay Epoch U.S. Equity Yield Fund Class R6		184,498		3,068,201
MainStay MacKay International Opportunities Fund Class I (a)		3,591,346		27,904,756
MainStay MacKay U.S. Equity Opportunities Fund Class I (a)		4,649,041		39,191,418
MainStay MAP Equity Fund Class I (a)		1,288,143		53,767,106
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class (a)		1,089,956		9,439,031
MainStay VP Eagle Small Cap Growth Portfolio Initial Class (a)		1,032,752		15,061,379
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		6,248,276		56,021,652
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a)		2,623,459		42,083,606
MainStay VP Large Cap Growth Portfolio Initial Class (a)		1,752,279		46,648,914
MainStay VP MacKay Common Stock Portfolio Initial Class (a)		993,093		28,856,530
MainStay VP MacKay Growth Portfolio Initial Class (a)		1,423,662		46,232,339
MainStay VP MacKay International Equity Portfolio Initial Class		297,370		5,021,540
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		2,466,577		34,007,507
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		66,971		3,816,303
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		2,595,150		28,493,752
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		4,404,875		58,060,974
Total Equity Funds (Cost $668,611,204)				694,820,517

	Shares			Value
Fixed Income Funds 37.3%
IQ Enhanced Core Bond U.S. ETF (a)		2,206,899		$	42,317,288
IQ Enhanced Core Plus Bond U.S. ETF		325,555			6,346,695
IQ S&P High Yield Low Volatility Bond ETF (a)		177,040			4,446,926
MainStay MacKay High Yield Municipal Bond Fund Class I		1,454,776			18,737,518
MainStay MacKay Short Duration High Yield Fund Class I (a)		5,411,995			53,470,506
MainStay MacKay Short Term Municipal Fund Class I (a)		2,149,187			20,675,176
MainStay MacKay Total Return Bond Fund Class R6		112,594			1,205,877
MainStay VP Bond Portfolio Initial Class (a)		5,495,022			80,330,809
MainStay VP Floating Rate Portfolio Initial Class (a)		4,448,285			39,546,629
MainStay VP Indexed Bond Portfolio Initial Class (a)		11,055,500			114,875,120
MainStay VP MacKay Convertible Portfolio Initial Class (a)		1,090,437			15,482,165
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class		590,421			5,986,362
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class (a)		2,555,317			25,150,999
MainStay VP PIMCO Real Return Portfolio Initial Class (a)		1,159,322			10,121,160
Total Fixed Income Funds (Cost $427,963,672)					438,693,230
Total Affiliated Investment Companies (Cost $1,096,574,876)					1,133,513,747
Short-Term Investment 3.4%
Affiliated Investment Company 3.4%
MainStay U.S. Government Liquidity Fund, 2.03% (c)		39,811,485			39,811,485
TotalShort-Term Investment (Cost $39,811,485)					39,811,485
Total Investments (Cost $1,136,386,361)		99.9	%		1,173,325,232
Other Assets, Less Liabilities		0.1			965,844
Net Assets		100.0	%	$	1,174,291,076

† Percentages indicated are based on Portfolio net assets.

(a) As of June 30, 2019, the Portfolio’s ownership exceeds 5% of the outstanding shares of the Underlying Portfolio’s/Fund’s share class.

(b) Non-income producing Underlying Portfolio/Fund.

(c) Current yield as of June 30, 2019.

The following abbreviations are used in the preceding pages:

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

MLP—Master limited partnership

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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 (a)
Affiliated Investment Companies
Equity Funds	$	694,820,517	$	—	$	—	$	694,820,517
Fixed Income Funds		438,693,230		—		—		438,693,230
Short-Term Investment		39,811,485		—		—		39,811,485
Total Investments in Securities	$	1,173,325,232	$	—	$	—	$	1,173,325,232

(a) For a complete listing of investments, see the Portfolio of Investments.

24 MainStay VP Moderate Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in affiliated investment companies, at value (identified cost $1,136,386,361)	$	1,173,325,232
Cash		19,379
Receivables:
Investment securities sold		1,335,980
Dividends and Interest		756,471
Portfolio shares sold		243,042
Other assets		5,812
Total assets		1,175,685,916
Liabilities
Payables:
Investment securities purchased		754,011
Portfolio shares redeemed		317,162
NYLIFE Distributors (See Note 3)		230,607
Shareholder communication		49,763
Professional fees		27,731
Custodian		4,653
Trustees		1,580
Accrued expenses		9,333
Total liabilities		1,394,840
Net assets	$	1,174,291,076
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	102,528
Additional paid-in capital		1,111,417,733
		1,111,520,261
Total distributable earnings (loss)		62,770,815
Net assets	$	1,174,291,076

Initial Class
Net assets applicable to outstanding shares	$	43,984,466
Shares of beneficial interest outstanding		3,802,886
Net asset value per share outstanding	$	11.57
Service Class
Net assets applicable to outstanding shares	$	1,130,306,610
Shares of beneficial interest outstanding		98,725,550
Net asset value per share outstanding	$	11.45

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividend distributions from affiliated investment companies	$	5,805,434
Interest		891
Total income		5,806,325
Expenses
Distribution/Service—Service Class (See Note 3)		1,419,462
Shareholder communication		50,414
Professional fees		50,135
Trustees		15,004
Custodian		5,907
Miscellaneous		16,947
Total expenses		1,557,869
Net investment income (loss)		4,248,456
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Affiliated investment company transactions		(11,119,139	)
Realized capital gain distributions from affiliated investment companies		2,985,420
Net realized gain (loss) on investments from affiliated and unaffiliated investment companies		(8,133,719	)
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		136,566,759
Net realized and unrealized gain (loss) on investments		128,433,040
Net increase (decrease) in net assets resulting from operations	$	132,681,496

26 MainStay VP Moderate Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	4,248,456		$	22,527,564
Net realized gain (loss) on investments and investments from affiliated investment companies		(8,133,719	)		53,481,816
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		136,566,759			(185,630,627	)
Net increase (decrease) in net assets resulting from operations		132,681,496			(109,621,247	)
Distributions to shareholders:
Initial Class		—			(2,565,757	)
Service Class		—			(62,823,221	)
Total distributions to shareholders		—			(65,388,978	)
Capital share transactions:
Net proceeds from sale of shares		19,648,732			106,545,338
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			65,388,978
Cost of shares redeemed		(124,435,754	)		(188,840,859	)
Increase (decrease) in net assets derived from capital share transactions		(104,787,022	)		(16,906,543	)
Net increase (decrease) in net assets		27,894,474			(191,916,768	)
Net Assets
Beginning of period		1,146,396,602			1,338,313,370
End of period	$	1,174,291,076		$	1,146,396,602

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 27

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.33		$	11.89		$	10.57		$	10.59		$	12.03		$	12.61
Net investment income (loss) (a)		0.05			0.23			0.20			0.19			0.20			0.23
Net realized and unrealized gain (loss) on investments		1.19			(1.16	)		1.36			0.48			(0.39	)		0.33
Total from investment operations		1.24			(0.93	)		1.56			0.67			(0.19	)		0.56
Less dividends and distributions:
From net investment income		—			(0.27	)		(0.19	)		(0.24	)		(0.30	)		(0.29	)
From net realized gain on investments		—			(0.36	)		(0.05	)		(0.45	)		(0.95	)		(0.85	)
Total dividends and distributions		—			(0.63	)		(0.24	)		(0.69	)		(1.25	)		(1.14	)
Net asset value at end of period	$	11.57		$	10.33		$	11.89		$	10.57		$	10.59		$	12.03
Total investment return (b)		12.00	%(c)		(8.40	%)		14.97	%		6.41	%		(1.61	%)		4.62	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.96	%††		1.99	%		1.79	%		1.76	%		1.69	%		1.80	%
Net expenses (d)		0.02	%††		0.02	%		0.02	%		0.03	%		0.02	%		0.03	%
Portfolio turnover rate		15	%		52	%		33	%		40	%		36	%		46	%
Net assets at end of period (in 000’s)	$	43,984		$	43,161		$	49,419		$	43,873		$	41,551		$	41,706

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.23		$	11.79		$	10.48		$	10.51		$	11.95		$	12.53
Net investment income (loss) (a)		0.04			0.20			0.17			0.16			0.17			0.19
Net realized and unrealized gain (loss) on investments		1.18			(1.16	)		1.36			0.47			(0.39	)		0.34
Total from investment operations		1.22			(0.96	)		1.53			0.63			(0.22	)		0.53
Less dividends and distributions:
From net investment income		—			(0.24	)		(0.17	)		(0.21	)		(0.27	)		(0.26	)
From net realized gain on investments		—			(0.36	)		(0.05	)		(0.45	)		(0.95	)		(0.85	)
Total dividends and distributions		—			(0.60	)		(0.22	)		(0.66	)		(1.22	)		(1.11	)
Net asset value at end of period	$	11.45		$	10.23		$	11.79		$	10.48		$	10.51		$	11.95
Total investment return (b)		11.93	%(c)		(8.63	%)		14.68	%		6.14	%		(1.86	%)		4.35	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.71	%††		1.73	%		1.53	%		1.52	%		1.44	%		1.51	%
Net expenses (d)		0.27	%††		0.27	%		0.27	%		0.28	%		0.27	%		0.28	%
Portfolio turnover rate		15	%		52	%		33	%		40	%		36	%		46	%
Net assets at end of period (in 000’s)	$	1,130,307		$	1,103,235		$	1,288,895		$	1,171,213		$	1,137,619		$	1,154,403

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

28 MainStay VP Moderate Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

MainStay VP Moderate Growth Allocation Portfolio

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges mortality and expense charges, contract charges, or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	2/13/2006		13.86	%		2.07	%		4.90	%		9.93	%		0.87	%
Service Class Shares	2/13/2006		13.71			1.81			4.64			9.65			1.12

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
S&P 500® Index3		18.54	%		10.42	%		10.71	%		14.70	%
MSCI EAFE® Index4		14.03			1.08			2.25			6.90
Bloomberg Barclays U.S. Aggregate Bond Index5		6.11			7.87			2.95			3.90
Moderate Growth Allocation Composite Index6		15.20			8.30			7.57			11.25
Morningstar Allocation—70% to 85% Equity Category Average7		13.59			4.23			5.20			9.74

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The S&P 500^® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. “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 measuringlarge-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 MSCI EAFE^® Index is the Portfolio’s secondary benchmark. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. The Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg Barclays U.S. Aggregate

Bond Index is a broad-based benchmark that measures performance of theinvestment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. The Portfolio has selected the Moderate Growth Allocation Composite Index as an additional benchmark. The Moderate Growth Allocation Composite Index consists of the S&P 500^® Index, the MSCI EAFE^® Index and the Bloomberg Barclays U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

7. The Morningstar Allocation—70% to 85% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

29

Cost in Dollars of a $1,000 Investment in MainStay VP Moderate Growth Allocation Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,138.60	$	0.11	$	1,024.70	$	0.10	0.02%
Service Class Shares	$	1,000.00	$	1,137.10	$	1.43	$	1,023.46	$	1.35	0.27%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the Underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

30 MainStay VP Moderate Growth Allocation Portfolio

Investment Objectives of Underlying Portfolios/Funds as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 35 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

31

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Jae S. Yoon, CFA, Jonathan Swaney, Poul Kristensen, CFA, and Amit Soni, CFA, of New York Life Investments,¹ the Portfolio’s Manager.

How did MainStay VP Moderate Growth Allocation Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Moderate Growth Allocation Portfolio returned 13.86% for Initial Class shares and 13.71% for Service Class shares. Over the same period, both share classes underperformed the 18.54% return of the S&P 500^® Index, which is the Portfolio’s primary benchmark, and the 14.03% return of the MSCI EAFE^® Index, which is a secondary benchmark of the Portfolio. For the six months ended June 30, 2019, both share classes outperformed the 6.11% return of the Bloomberg Barclays U.S. Aggregate Bond Index and underperformed the 15.20% return of the Moderate Growth Allocation Composite Index, which are additional benchmarks of the Portfolio. Over the same period, both share classes outperformed the 13.59% return of the Morningstar Allocation—70% to 85% Equity Category Average.²

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in mutual funds and exchange-traded funds (“ETFs”) managed by New York Life Investments or its affiliates (the “Underlying Portfolios/Funds”). The Underlying Portfolios/Funds may invest in U.S. equities, international equities, and fixed-income instruments, making comparisons to any single index generally less suitable than a weighted combination of indices, which is a more useful yardstick by which to measure performance. The most influential factor affecting relative performance for the Portfolio versus the performance of a weighted combination of indices is the net performance of the Underlying Portfolios/Funds themselves relative to their respective benchmarks. This reporting period again proved to be challenging for the Underlying Portfolios/Funds, some of which detracted materially from active returns. Prominent examples of Underlying Portfolios/Funds that struggled to meet their objectives included the MainStay MacKay VP Small Cap Core Portfolio, the MainStay MacKay US Equity Opportunities Fund, the IQ Chaikin US Small Cap ETF and the IQ ARB Global Resources ETF.

Asset class policy provided a modest lift to relative performance through successful management of the Portfolio’s overall stock/ bond blend. The Portfolio increased its equity exposure based on perceived market weakness during the fourth quarter of 2018 and maintained the increased exposure well into 2019 as stock prices recovered, although positioning returned to nearly

neutral by mid spring and remained near that level through the end of the reporting period. Within equities, a preference for large company stocks over those of smaller firms was well rewarded. However, returns were undermined by the Portfolio’s tilt toward value-oriented over growth-oriented securities, a position reflecting our belief that value-oriented stocks would benefit disproportionately from policy stimulus, while growth would be restrained by new regulations. Equity performance also suffered from the Portfolio’s emphasis on emerging markets over developed international markets, which we implemented in the expectation that the developing world would benefit broadly from Chinese government economic intervention. Among the Portfolio’s fixed-income holdings, performance benefited from exposure to convertible bonds, but the Portfolio’s position in cash and short maturity municipal bonds failed to match the returns available on longer duration³ instruments.

How did you allocate the Portfolio’s assets during the reporting period and why?

The Portfolio’s management considers a variety of factors in allocating the assets, including the portfolio-level characteristics of the Underlying Portfolios/Funds (such as capitalization, style biases, sector exposures, credit quality and duration) and the attributes of the individual holdings within those funds (valuation metrics, earnings data and technical indicators). Generally, we seek to invest in funds that correspond well to our desired asset class exposures, which is to say that they occupy attractively valued segments of the market and appear positioned to benefit from the current economic environment.

In late 2018, just before the reporting period began, we took advantage of declining stock prices to increase the Portfolio’s exposure to equities in the belief that economic fundamentals remained sound despite concerns around trade negotiations, monetary policy and slowing external growth. Conditions were improving as we entered the reporting period. Stocks climbed steadily through the first four months of 2019, supported by increasing signs of progress in trade negotiations, signals from the U.S. Federal Reserve Board of a pause in interest-rate hikes and sweeping Chinese government actions across fiscal, monetary and regulatory fronts to bolster economic activity. As equity markets rose, we gradually trimmed the Portfolio’s equity exposure until, by late April 2019, it was again close to neutral. Markets dropped in May 2019 on renewed trade friction and mounting concerns within manufacturing areas of the industrial sector before rebounding in June 2019 on signs of potential

1. “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC.

2. See page 29 for more information on benchmark and peer group returns.

3. 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.

32 MainStay VP Moderate Growth Allocation Portfolio

monetary policy support and possible progress in trade negotiations. The Portfolio’s positioning maintained relative stability throughout the reporting period.

We believed that, in light of aggressive government actions, Chinese economic reacceleration was likely to continue, and that the impact would be felt as a tailwind for most emerging markets. In response, we allocated a relatively large percentage of the Portfolio’s assets to stocks of developing nations over those of the developed world. However, the Chinese economy remained more sluggish than we anticipated during the reporting period. Second, the Portfolio allocated assets disproportionately across the capitalization spectrum and by industry. Whereas we had previously positioned the Portfolio to favor small companies over larger multinationals that we believed were less likely to benefit from tax reform and industry deregulation, we later reversed that position. As the reporting period progressed, we saw comparatively weak earnings trends within thesmall-cap universe, with a disconcerting number of firms producing negative earnings. We also anticipated thatsmall-cap companies might prove more vulnerable to rising interest rates than large companies that have locked in lower rates by issuing long maturity bonds. Third, in 2018 we introduced a value bias to the Portfolio, driven primarily by concerns regarding potential developments in litigation, regulation and competition in the information technology, energy and financials sectors. During the reporting period, that bias detracted from performance as growth companies continued to lead the market higher.

In the fixed-income portion of the Portfolio, we shifted overall credit exposure from being slightly underweight to being effectively neutral as spreads⁴ widened in late 2018, and valuations appeared more reasonable. Within speculative-grade credit, the Portfolio avoided floating-rate bonds due to concerns about excessive leverage and poor underwriting. At the same time, we kept the Portfolio’s duration slightly short in the expectation that the yield curve⁵ would steepen should events bear out our opinion that growth remained entrenched and the next recession was still some distance off. The Portfolio’s positioning on credit mildly enhanced returns, but those benefits were undercut by the negative effects of the Portfolio’s duration position.

How did the Portfolio’s allocations change over the course of the reporting period?

We lowered the Portfolio’s equity exposure during the reporting period in part by reducing its positions in the IQ Chaikin US Large Cap ETF and the IQ 50% Hedged FTSE International ETF. The Portfolio kept some of the proceeds in cash rather than investing in fixed-income securities, given our duration strategy.

Within equities, we made the Portfolio’s value bias a little less pronounced by allocating more assets to the MainStay VP Large Cap Growth Portfolio and the MainStay VP MacKay Growth Equity Portfolio. We also lowered the Portfolio’s exposure to the MainStay Cushing Renaissance Advantage Fund and the MainStay Cushing MLP Premier Fund as energy assets failed to respond to rising crude oil prices to the degree we anticipated.

During the reporting period, the MainStay VP Epoch U.S. Small Cap Portfolio merged into the MainStay VP MacKay Small Cap Core Portfolio; the Portfolio maintained its position through the merger. In another merger, MainStay Epoch Global Choice Fund merged into the MainStay Epoch Capital Growth Fund. In that instance, the Portfolio exited its position prior to the merger date. A new Underlying Fund was added during the reporting period: the IQ International 500 ETF. The Portfolio’s exposure to this Underlying Fund remained quite small as of June 30, 2019 but was expected to grow.

In the fixed-income portion of the Portfolio, we reduced the position in the MainStay VP Indexed Bond Portfolio and MainStay VP Bond Portfolio, and redirected the proceeds to the MainStay Short Duration High Yield Fund, thereby slightly increasing the Portfolio’s exposure to credit and shortening average maturity.

Which Underlying Equity Portfolios/Funds had the highest total returns during the reporting period, and which Underlying Equity Portfolios/Funds had the lowest total returns?

Of the Underlying Equity Portfolios/Funds held for the full reporting period, the highest total returns came from the MainStay VP Large Cap Growth Portfolio, the MainStay Epoch U.S. All Cap Fund, and the MainStay VP Eagle Small Cap Growth Portfolio. At the other end of the spectrum, the IQ Global Resources ETF, the IQ 500 International ETF, and the MainStay MacKay International Opportunities Fund produced the lowest total returns.

Which Underlying Equity Portfolios/Funds made the strongest positive contributions to the Portfolio’s overall performance, and which Underlying Equity Portfolios/Funds were the greatest detractors?

Among the Underlying Equity Portfolios/Funds making the most significant contributions to the Portfolio’s equity returns were the MainStay Epoch All Cap Fund, the MainStay VP T. Rowe Price Equity Income Portfolio and the MainStay VP Mid Cap Core Portfolio. (Contributions take weightings and total returns into account.) Detractors from the Portfolio’s equity performance included the MainStay Epoch U.S. Equity Yield Fund, the

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. 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.

33

MainStay VP S&P 500 Fund and the IQ 500 International ETF, though all generated positive returns.

What factors and risks affected the Portfolio’s Underlying Fixed-Income Portfolio/Fund investments during the reporting period?

Within credit markets, spreads recovered from the stress of late 2018, compressing through late February 2019 and then holding generally steady through the end of the reporting period as softening economic conditions were balanced by rising expectations of policy support. Several factors affected investments in the high-grade market, including surprisingly soft inflation readings, a decline in unit labor costs, weak global manufacturing data and expectations of increasingly relaxed monetary policy from many of the world’s central banks. As a result, yields fell across the curve leading to an inversion in some segments.

During the reporting period, which fixed-income market segments were the strongest positive contributors to the Portfolio’s performance and which segments were particularly weak?

The equity sensitivity of convertible bonds made this segment the strongest positive contributor to the Portfolio’s performance.

Most other segments also fared well, with high-yielding and longer-duration bonds performing best. High-quality, short-maturity instruments trailed the pack, but still posted positive results.

Which Underlying Fixed-Income Portfolios/Funds made the strongest positive contributions to the Portfolio’s performance, and which Underlying Fixed-Income Portfolios/Funds were the greatest detractors?

During the reporting period, the MainStay VP Convertibles Portfolio, the MainStay Short Duration High Yield Fund and the MainStay VP Floating Rate Portfolio made the strongest positive contributions to the performance of the fixed-income portion of the Portfolio. Over the same period, the Portfolio’s cash position, the MainStay Total Return Bond Fund and the IQ S&P High Yield Low Volatility Bond ETF were the most significant detractors from the performance of the fixed-income portion of the Portfolio, though all provided positive returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

34 MainStay VP Moderate Growth Allocation Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Affiliated Investment Companies 96.8%†
Equity Funds 79.3%
IQ 50 Percent Hedged FTSE International ETF (a)		2,496,314	$	50,824,953
IQ 500 International ETF (a)		546,882		14,670,219
IQ Chaikin U.S. Large Cap ETF (a)		3,019,997		74,261,726
IQ Chaikin U.S. Small Cap ETF (a)		1,373,462		34,144,265
IQ Global Resources ETF (a)		1,383,597		37,772,198
MainStay Cushing MLP Premier Fund Class I		443,037		4,922,144
MainStay Epoch Capital Growth Fund Class I (a)(b)		1,604,405		20,520,340
MainStay Epoch International Choice Fund Class I (a)		2,696,137		95,308,454
MainStay Epoch U.S. All Cap Fund Class R6 (a)		4,100,791		116,462,474
MainStay Epoch U.S. Equity Yield Fund Class R6		290,344		4,828,427
MainStay MacKay International Opportunities Fund Class I (a)		8,975,338		69,738,379
MainStay MacKay U.S. Equity Opportunities Fund Class I (a)		9,419,284		79,404,566
MainStay MAP Equity Fund Class I (a)		2,340,264		97,682,617
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class (a)		1,883,609		16,312,071
MainStay VP Eagle Small Cap Growth Portfolio Initial Class (a)		4,040,804		58,929,987
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		13,325,884		119,479,035
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a)		6,733,910		108,020,441
MainStay VP Large Cap Growth Portfolio Initial Class (a)		3,347,019		89,103,844
MainStay VP MacKay Common Stock Portfolio Initial Class (a)		1,657,293		48,156,334
MainStay VP MacKay Growth Portfolio Initial Class (a)		2,776,493		90,164,530
MainStay VP MacKay International Equity Portfolio Initial Class (a)		1,257,364		21,232,508
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		7,819,080		107,804,233
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		84,807		4,832,650
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		8,124,306		89,201,753
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		10,876,605		143,365,303
Total Equity Funds (Cost $1,562,673,637)				1,597,143,451

	Shares			Value
Fixed Income Funds 17.5%
IQ Enhanced Core Plus Bond U.S. ETF (a)		903,267		$	17,609,190
IQ S&P High Yield Low Volatility Bond ETF		79,522			1,997,450
MainStay MacKay High Yield Municipal Bond Fund Class I		2,411,455			31,059,538
MainStay MacKay Short Duration High Yield Fund Class I (a)		9,420,908			93,078,567
MainStay MacKay Short Term Municipal Fund Class I (a)		4,232,082			40,712,625
MainStay MacKay Total Return Bond Fund Class R6		32,272			345,638
MainStay VP Bond Portfolio Initial Class (a)		1,290,510			18,865,751
MainStay VP Floating Rate Portfolio Initial Class (a)		7,377,807			65,590,993
MainStay VP MacKay Convertible Portfolio Initial Class (a)		1,837,007			26,082,067
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class		231,478			2,346,993
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class (a)		3,858,768			37,980,368
MainStay VP PIMCO Real Return Portfolio Initial Class (a)		2,019,091			17,627,146
Total Fixed Income Funds (Cost $347,941,390)					353,296,326
Total Affiliated Investment Companies (Cost $1,910,615,027)					1,950,439,777
Short-Term Investment 3.2%
Affiliated Investment Company 3.2%
MainStay U.S. Government Liquidity Fund, 2.03% (c)		65,031,090			65,031,090
TotalShort-Term Investment (Cost $65,031,090)					65,031,090
Total Investments (Cost $1,975,646,117)		100.0	%		2,015,470,867
Other Assets, Less Liabilities		(0.0	)‡		(488,700	)
Net Assets		100.0	%	$	2,014,982,167

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) As of June 30, 2019, the Portfolio’s ownership exceeds 5% of the outstanding shares of the Underlying Portfolio’s/Fund’s share class.

(b) Non-income producing Underlying Portfolio/Fund.

(c) Current yield as of June 30, 2019.

The following abbreviations are used in the preceding pages:

ETF—Exchange-Traded Fund

FTSE��Financial Times Stock Exchange

MLP—Master limited partnership

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 35

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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 (a)
Affiliated Investment Companies
Equity Funds	$	1,597,143,451	$	—	$	—	$	1,597,143,451
Fixed Income Funds		353,296,326		—		—		353,296,326
Short-Term Investment		65,031,090		—		—		65,031,090
Total Investments in Securities	$	2,015,470,867	$	—	$	—	$	2,015,470,867

(a) For a complete listing of investments, see the Portfolio of Investments.

36 MainStay VP Moderate Growth Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in affiliated investment companies, at value (identified cost $1,975,646,117)	$	2,015,470,867
Cash		33,005
Receivables:
Investment securities sold		1,634,265
Dividends and Interest		1,227,762
Portfolio shares sold		107,258
Other assets		9,808
Total assets		2,018,482,965
Liabilities
Payables:
Portfolio shares redeemed		1,734,501
Investment securities purchased		1,228,827
NYLIFE Distributors (See Note 3)		390,703
Shareholder communication		89,908
Professional fees		34,046
Custodian		4,919
Trustees		2,681
Accrued expenses		15,213
Total liabilities		3,500,798
Net assets	$	2,014,982,167
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	169,232
Additional paid-in capital		1,864,059,066
		1,864,228,298
Total distributable earnings (loss)		150,753,869
Net assets	$	2,014,982,167

Initial Class
Net assets applicable to outstanding shares	$	89,493,795
Shares of beneficial interest outstanding		7,433,233
Net asset value per share outstanding	$	12.04
Service Class
Net assets applicable to outstanding shares	$	1,925,488,372
Shares of beneficial interest outstanding		161,799,242
Net asset value per share outstanding	$	11.90

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 37

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividend distributions from affiliated investment companies	$	9,632,924
Interest		1,387
Total income		9,634,311
Expenses
Distribution/Service—Service Class (See Note 3)		2,414,118
Shareholder communication		88,162
Professional fees		72,336
Trustees		25,799
Custodian		6,347
Miscellaneous		27,805
Total expenses		2,634,567
Net investment income (loss)		6,999,744
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Affiliated investment company transactions		(28,139,740	)
Realized capital gain distributions from affiliated investment companies		9,669,017
Net realized gain (loss) on investments from affiliated and unaffiliated investment companies		(18,470,723	)
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		270,988,417
Net realized and unrealized gain (loss) on investments		252,517,694
Net increase (decrease) in net assets resulting from operations	$	259,517,438

38 MainStay VP Moderate Growth Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	6,999,744		$	32,478,085
Net realized gain (loss) on investments and investments from affiliated investment companies		(18,470,723	)		154,490,784
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		270,988,417			(425,456,108	)
Net increase (decrease) in net assets resulting from operations		259,517,438			(238,487,239	)
Distributions to shareholders:
Initial Class		—			(5,592,425	)
Service Class		—			(128,359,468	)
Total distributions to shareholders		—			(133,951,893	)
Capital share transactions:
Net proceeds from sale of shares		13,819,235			115,635,373
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			133,951,893
Cost of shares redeemed		(188,461,447	)		(301,081,497	)
Increase (decrease) in net assets derived from capital share transactions		(174,642,212	)		(51,494,231	)
Net increase (decrease) in net assets		84,875,226			(423,933,363	)
Net Assets
Beginning of period		1,930,106,941			2,354,040,304
End of period	$	2,014,982,167		$	1,930,106,941

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 39

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.57		$	12.61		$	11.00		$	11.08		$	12.78		$	13.36
Net investment income (loss) (a)		0.05			0.21			0.17			0.18			0.17			0.20
Net realized and unrealized gain (loss) on investments		1.42			(1.47	)		1.86			0.64			(0.49	)		0.39
Total from investment operations		1.47			(1.26	)		2.03			0.82			(0.32	)		0.59
Less dividends and distributions:
From net investment income		—			(0.24	)		(0.18	)		(0.24	)		(0.30	)		(0.25	)
From net realized gain on investments		—			(0.54	)		(0.24	)		(0.66	)		(1.08	)		(0.92	)
Total dividends and distributions		—			(0.78	)		(0.42	)		(0.90	)		(1.38	)		(1.17	)
Net asset value at end of period	$	12.04		$	10.57		$	12.61		$	11.00		$	11.08		$	12.78
Total investment return (b)		13.91	%(c)		(10.73	%)		18.62	%		7.56	%		(2.35	%)		4.59	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.94	%††		1.71	%		1.43	%		1.60	%		1.38	%		1.51	%
Net expenses (d)		0.02	%††		0.02	%		0.02	%		0.03	%		0.02	%		0.03	%
Portfolio turnover rate		16	%		44	%		31	%		33	%		34	%		44	%
Net assets at end of period (in 000’s)	$	89,494		$	80,133		$	90,089		$	76,025		$	68,000		$	66,849

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.47		$	12.49		$	10.90		$	10.99		$	12.68		$	13.28
Net investment income (loss) (a)		0.04			0.17			0.14			0.14			0.14			0.17
Net realized and unrealized gain (loss) on investments		1.39			(1.44	)		1.84			0.64			(0.47	)		0.38
Total from investment operations		1.43			(1.27	)		1.98			0.78			(0.33	)		0.55
Less dividends and distributions:
From net investment income		—			(0.21	)		(0.15	)		(0.21	)		(0.28	)		(0.23	)
From net realized gain on investments		—			(0.54	)		(0.24	)		(0.66	)		(1.08	)		(0.92	)
Total dividends and distributions		—			(0.75	)		(0.39	)		(0.87	)		(1.36	)		(1.15	)
Net asset value at end of period	$	11.90		$	10.47		$	12.49		$	10.90		$	10.99		$	12.68
Total investment return (b)		13.66	%(c)		(10.95	%)		18.32	%		7.30	%		(2.59	%)		4.33	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.68	%††		1.42	%		1.17	%		1.32	%		1.13	%		1.28	%
Net expenses (d)		0.27	%††		0.27	%		0.27	%		0.28	%		0.27	%		0.28	%
Portfolio turnover rate		16	%		44	%		31	%		33	%		34	%		44	%
Net assets at end of period (in 000’s)	$	1,925,488		$	1,849,974		$	2,263,952		$	1,990,699		$	1,869,969		$	1,855,721

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

40 MainStay VP Moderate Growth Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

MainStay VP Growth Allocation Portfolio

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	2/13/2006		15.61	%		1.25	%		5.31	%		10.77	%		0.90	%
Service Class Shares	2/13/2006		15.47			1.00			5.05			10.49			1.15

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
S&P 500® Index3		18.54	%		10.42	%		10.71	%		14.70	%
MSCI EAFE® Index4		14.03			1.08			2.25			6.90
Growth Allocation Composite Index5		17.40			8.07			8.59			12.92
Morningstar Allocation—85%+ Equity Category Average6		15.80			3.79			5.79			10.95

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The S&P 500^® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. “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 measuringlarge-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 MSCI EAFE^® Index is the Portfolio’s secondary benchmark. The MSCI EAFE^® Index consists of international stocks representing the developed world outside of North America. Results assume reinvestment of all

dividends and capital gains. An investment cannot be made directly in an index.

5. The Portfolio has selected the Growth Allocation Composite Index as an additional benchmark. The Growth Allocation Composite Index consists of the S&P 500^® Index and the MSCI EAFE^® Index weighted 75% and 25%, respectively. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. The Morningstar Allocation—85%+ Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures of over 85%. These funds typically allocate at least 10% to equities of foreign companies and do not exclusively allocate between cash and equities. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

41

Cost in Dollars of a $1,000 Investment in MainStay VP Growth Allocation Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,156.10	$	0.11	$	1,024.70	$	0.10	0.02%
Service Class Shares	$	1,000.00	$	1,154.70	$	1.44	$	1,023.46	$	1.35	0.27%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the Underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

42 MainStay VP Growth Allocation Portfolio

Investment Objectives of Underlying Portfolios/Funds as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 46 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

43

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Jae S. Yoon, CFA, Jonathan Swaney, Poul Kristensen, CFA, and Amit Soni, CFA, of New York Life Investments,¹ the Portfolio’s Manager.

How did MainStay VP Growth Allocation Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Growth Allocation Portfolio returned 15.61% for Initial Class shares and 15.47% for Service Class shares. Over the same period, both share classes underperformed the 18.54% return of the S&P 500^® Index, which is the Portfolio’s primary benchmark, but outperformed the 14.03% return of the MSCI EAFE^® Index, which is a secondary benchmark of the Portfolio. For the six months ended June 30, 2019, both share classes underperformed the 17.40% return of the Growth Allocation Composite Index, which is an additional benchmark of the Portfolio. Over the same period, both share classes underperformed the 15.80% return of the Morningstar Allocation—85%+ Equity Category Average.²

What factors affected the Portfolio’s relative performance during the reporting period?

The Portfolio is a “fund of funds,” meaning that it seeks to achieve its investment objective by investing primarily in mutual funds and exchange-traded funds (“ETFs”) managed by New York Life Investments or its affiliates (the “Underlying Portfolios/Funds”). The Underlying Portfolios/Funds may invest in U.S. equities, international equities, and fixed-income instruments, making comparisons to any single index generally less suitable than a weighted combination of indices, which is a more useful yardstick by which to measure performance. The most influential factor affecting relative performance for the Portfolio versus the performance of a weighted combination of indices is the net performance of the Underlying Portfolios/Funds themselves relative to their respective benchmarks. This reporting period again proved to be challenging for the Underlying Portfolios/Funds, some of which detracted materially from active returns. Prominent examples of Underlying Portfolios/Funds that struggled to meet their objectives included the MainStay MacKay VP Small Cap Core Portfolio, the MainStay MacKay US Equity Opportunities Fund, the IQ Chaikin US Small Cap ETF and the IQ ARB Global Resources ETF.

Asset class policy provided a modest drag to the Portfolio’s relative performance. While a preference for large company stocks over those of smaller firms was well rewarded, returns were undermined by the Portfolio’s tilt toward value-oriented over growth-oriented securities. This position reflecting our belief that value-oriented stocks would benefit disproportionately from policy stimulus, while growth would be restrained by new regulations. Performance also suffered from the Portfolio’s emphasis on emerging markets over developed

international markets, which we implemented in the expectation that the developing world would benefit broadly from Chinese government economic intervention.

How did you allocate the Portfolio’s assets during the reporting period and why?

The Portfolio’s management considers a variety of factors in allocating the assets, including the portfolio-level characteristics of the Underlying Portfolios/Funds (such as capitalization, style biases and sector exposures) and the attributes of the individual holdings within those funds (valuation metrics, earnings data and technical indicators). Generally, we seek to invest in funds that correspond well to our desired asset class exposures, which is to say that they occupy attractively valued segments of the market and appear positioned to benefit from the current economic environment.

We believed that, in light of aggressive government actions, Chinese economic reacceleration was likely to continue, and that the impact would be felt as a tailwind for most emerging markets. In response, we allocated a relatively large percentage of the Portfolio’s assets to stocks of developing nations over those of the developed world. However, during the reporting period the Chinese economy remained more sluggish than we anticipated. Second, the Portfolio allocated assets disproportionately across the capitalization spectrum and by industry. Whereas we had previously positioned the Portfolio to favor small companies over larger multinationals that we believed were less likely to benefit from tax reform and industry deregulation, we later reversed that position. As the reporting period progressed, we saw comparatively weak earnings trends within thesmall-cap universe, with a disconcerting number of firms producing negative earnings. We also anticipated thatsmall-cap companies might prove more vulnerable to rising interest rates than large companies that have locked in lower rates by issuing long maturity bonds. Third, in 2018 we introduced a value bias to the Portfolio, driven primarily by concerns regarding potential developments in litigation, regulation and competition in the information technology, energy and financials sectors. During the reporting period, that bias detracted from performance as growth companies continued to lead the market higher.

How did the Portfolio’s allocations change over the course of the reporting period?

We made the Portfolio’s bias toward value-oriented equities a little less pronounced by increasing allocations to the MainStay VP Large Cap Growth Portfolio and the MainStay VP MacKay Growth Equity Portfolio. We also lowered exposure to the

1. “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC.

2. See page 41 for more information on benchmark and peer group returns.

44 MainStay VP Growth Allocation Portfolio

MainStay Cushing Renaissance Advantage Fund and the MainStay Cushing MLP Premier Fund as energy assets failed to respond to rising crude oil prices to the degree we anticipated.

During the reporting period, the MainStay VP Epoch U.S. Small Cap Portfolio merged into the MainStay VP MacKay Small Cap Core Portfolio; the Portfolio maintained its position through the merger. In another merger, MainStay Epoch Global Choice Fund merged into the MainStay Epoch Capital Growth Fund. In that instance, the Portfolio exited its position prior to the merger date. A new Underlying Fund was also added during the reporting period: the IQ International 500 ETF.

Which Underlying Equity Portfolios/Funds had the highest total returns during the reporting period, and which Underlying Equity Portfolios/Funds had the lowest total returns?

Of the Underlying Equity Portfolios/Funds held for the full reporting period, the highest total returns came from the MainStay VP Large Cap Growth Portfolio, the MainStay Epoch

U.S. All Cap Fund and the MainStay VP Eagle Small Cap Growth Portfolio. At the other end of the spectrum, the IQ Global Resources ETF, the IQ 500 International ETF and the MainStay MacKay International Opportunities Fund produced the lowest total returns.

Which Underlying Equity Portfolios/Funds made the strongest positive contributions to the Portfolio’s overall performance, and which Underlying Equity Portfolios/Funds were the greatest detractors?

Among the Underlying Equity Portfolios/Funds making the most significant contributions to the Portfolio’s equity returns were the MainStay Epoch U.S. All Cap Fund, the MainStay VP T. Rowe Price Equity Income Portfolio and the MainStay VP Large Cap Growth Portfolio. (Contributions take weightings and total returns into account.) Detractors from the Portfolio’s equity performance included the MainStay Epoch U.S. Equity Yield Fund, the MainStay VP S&P 500 Fund and the IQ 500 International ETF, though all generated positive returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

45

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Affiliated Investment Companies 98.9%†
Equity Funds 98.9%
IQ 50 Percent Hedged FTSE International ETF (a)		1,425,717	$	29,027,598
IQ 500 International ETF (a)		1,108,972		29,748,396
IQ Chaikin U.S. Large Cap ETF (a)		2,387,617		58,711,502
IQ Chaikin U.S. Small Cap ETF (a)		1,099,384		27,330,686
IQ Global Resources ETF (a)		768,228		20,972,624
MainStay Cushing MLP Premier Fund Class I		238,722		2,652,202
MainStay Epoch Capital Growth Fund Class I (a)(b)		796,609		10,188,634
MainStay Epoch International Choice Fund Class I (a)		1,724,000		60,943,391
MainStay Epoch U.S. All Cap Fund Class R6 (a)		2,738,613		77,776,602
MainStay Epoch U.S. Equity Yield Fund Class R6		14,829		246,601
MainStay MacKay International Opportunities Fund Class I (a)		5,579,135		43,349,882
MainStay MacKay U.S. Equity Opportunities Fund Class I (a)		6,282,917		52,964,993
MainStay MAP Equity Fund Class I (a)		1,822,703		76,079,617
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class (a)		1,020,699		8,839,263
MainStay VP Eagle Small Cap Growth Portfolio Initial Class (a)		2,294,690		33,465,144
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		8,577,927		76,909,157
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a)		4,254,161		68,242,130
MainStay VP Large Cap Growth Portfolio Initial Class (a)		2,680,606		71,362,694
MainStay VP MacKay Common Stock Portfolio Initial Class (a)		1,402,466		40,751,762
MainStay VP MacKay Growth Portfolio Initial Class (a)		2,192,005		71,183,693
MainStay VP MacKay International Equity Portfolio Initial Class (a)		1,019,239		17,211,402
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		4,101,836		56,553,362
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		25,348		1,444,428
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		5,385,646		59,132,314
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		6,976,290		91,954,973
Total Affiliated Investment Companies (Cost $1,056,019,000)				1,087,043,050

	Shares			Value
Short-Term Investment 1.1%
Affiliated Investment Company 1.1%
MainStay U.S. Government Liquidity Fund, 2.03% (c)		11,917,204		$	11,917,204
TotalShort-Term Investment (Cost $11,917,204)					11,917,204
Total Investments (Cost $1,067,936,204)		100.0	%		1,098,960,254
Other Assets, Less Liabilities		(0.0	)‡		(400,648	)
Net Assets		100.0	%	$	1,098,559,606

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) As of June 30, 2019, the Portfolio’s ownership exceeds 5% of the outstanding shares of the Underlying Portfolio’s/Fund’s share class.

(b) Non-income producing Underlying Portfolio/Fund.

(c) Current yield as of June 30, 2019.

The following abbreviations are used in the preceding pages:

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

MLP—Master limited partnership

46 MainStay VP Growth Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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 (a)
Affiliated Investment Companies
Equity Funds	$	1,087,043,050	$	—	$	—	$	1,087,043,050
Short-Term Investment		11,917,204		—		—		11,917,204
Total Investments in Securities	$	1,098,960,254	$	—	$	—	$	1,098,960,254

(a) For a complete listing of investments, see the Portfolio of Investments.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 47

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in affiliated investment companies, at value (identified cost $1,067,936,204)	$	1,098,960,254
Cash		17,784
Receivables:
Investment securities sold		435,229
Portfolio shares sold		84,546
Dividends and Interest		5,020
Other assets		5,078
Total assets		1,099,507,911
Liabilities
Payables:
Portfolio shares redeemed		643,077
NYLIFE Distributors (See Note 3)		205,756
Shareholder communication		43,631
Professional fees		26,413
Investment securities purchased		19,469
Trustees		1,349
Custodian		281
Accrued expenses		8,329
Total liabilities		948,305
Net assets	$	1,098,559,606
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	91,509
Additional paid-in capital		1,013,155,675
		1,013,247,184
Total distributable earnings (loss)		85,312,422
Net assets	$	1,098,559,606

Initial Class
Net assets applicable to outstanding shares	$	77,290,563
Shares of beneficial interest outstanding		6,370,064
Net asset value per share outstanding	$	12.13
Service Class
Net assets applicable to outstanding shares	$	1,021,269,043
Shares of beneficial interest outstanding		85,139,269
Net asset value per share outstanding	$	12.00

48 MainStay VP Growth Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividend distributions from affiliated investment companies	$	2,809,751
Interest		86
Total income		2,809,837
Expenses
Distribution/Service—Service Class (See Note 3)		1,251,855
Professional fees		47,177
Shareholder communication		44,808
Trustees		13,481
Custodian		8,186
Miscellaneous		15,166
Total expenses		1,380,673
Net investment income (loss)		1,429,164
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on:
Affiliated investment company transactions		(10,749,922	)
Realized capital gain distributions from affiliated investment companies		4,922,193
Net realized gain (loss) on investments from affiliated and unaffiliated investment companies		(5,827,729	)
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		157,251,939
Net realized and unrealized gain (loss) on investments		151,424,210
Net increase (decrease) in net assets resulting from operations	$	152,853,374

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 49

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	1,429,164		$	13,492,831
Net realized gain (loss) on investments and investments from affiliated investment companies		(5,827,729	)		85,552,189
Net change in unrealized appreciation (depreciation) on investments in affiliated investment companies		157,251,939			(244,019,650	)
Net increase (decrease) in net assets resulting from operations		152,853,374			(144,974,630	)
Distributions to shareholders:
Initial Class		—			(3,974,409	)
Service Class		—			(53,585,629	)
Total distributions to shareholders		—			(57,560,038	)
Capital share transactions:
Net proceeds from sale of shares		12,862,016			106,056,712
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			57,560,038
Cost of shares redeemed		(62,712,080	)		(116,309,346	)
Increase (decrease) in net assets derived from capital share transactions		(49,850,064	)		47,307,404
Net increase (decrease) in net assets		103,003,310			(155,227,264	)
Net Assets
Beginning of period		995,556,296			1,150,783,560
End of period	$	1,098,559,606		$	995,556,296

50 MainStay VP Growth Allocation Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.50		$	12.65		$	10.60		$	10.63		$	12.12		$	12.51
Net investment income (loss) (a)		0.03			0.18			0.12			0.12			0.10			0.18
Net realized and unrealized gain (loss) on investments		1.60			(1.67	)		2.26			0.68			(0.49	)		0.40
Total from investment operations		1.63			(1.49	)		2.38			0.80			(0.39	)		0.58
Less dividends and distributions:
From net investment income		—			(0.19	)		(0.12	)		(0.17	)		(0.22	)		(0.17	)
From net realized gain on investments		—			(0.47	)		(0.21	)		(0.66	)		(0.88	)		(0.80	)
Total dividends and distributions		—			(0.66	)		(0.33	)		(0.83	)		(1.10	)		(0.97	)
Net asset value at end of period	$	12.13		$	10.50		$	12.65		$	10.60		$	10.63		$	12.12
Total investment return (b)		15.52	%(c)		(12.78	%)		22.67	%		7.59	%		(3.13	%)		4.88	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.51	%††		1.42	%		1.05	%		1.19	%		0.85	%		1.43	%
Net expenses (d)		0.02	%††		0.02	%		0.02	%		0.03	%		0.03	%		0.03	%
Portfolio turnover rate		14	%		28	%		26	%		21	%		29	%		27	%
Net assets at end of period (in 000’s)	$	77,291		$	66,326		$	76,504		$	60,070		$	51,447		$	48,088

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.39		$	12.53		$	10.51		$	10.55		$	12.05		$	12.45
Net investment income (loss) (a)		0.01			0.14			0.09			0.10			0.08			0.13
Net realized and unrealized gain (loss) on investments		1.60			(1.65	)		2.24			0.66			(0.50	)		0.42
Total from investment operations		1.61			(1.51	)		2.33			0.76			(0.42	)		0.55
Less dividends and distributions:
From net investment income		—			(0.16	)		(0.10	)		(0.14	)		(0.20	)		(0.15	)
From net realized gain on investments		—			(0.47	)		(0.21	)		(0.66	)		(0.88	)		(0.80	)
Total dividends and distributions		—			(0.63	)		(0.31	)		(0.80	)		(1.08	)		(0.95	)
Net asset value at end of period	$	12.00		$	10.39		$	12.53		$	10.51		$	10.55		$	12.05
Total investment return (b)		15.50	%(c)		(12.99	%)		22.36	%		7.32	%		(3.37	%)		4.62	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.25	%††		1.16	%		0.81	%		0.95	%		0.65	%		1.03	%
Net expenses (d)		0.27	%††		0.27	%		0.27	%		0.28	%		0.28	%		0.28	%
Portfolio turnover rate		14	%		28	%		26	%		21	%		29	%		27	%
Net assets at end of period (in 000’s)	$	1,021,269		$	929,230		$	1,074,280		$	829,780		$	684,824		$	550,573

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 51

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios” and each individually referred to as a “Portfolio”). These financial statements and notes relate to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio (collectively referred to as the “Allocation Portfolios” and each individually referred to as an “Allocation Portfolio”). Each is a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Allocation Portfolios are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”). NYLIAC allocates shares of the Allocation Portfolios to, among others, certain NYLIAC separate accounts. The Separate Accounts are used to fund flexible premium deferred variable annuity contracts and variable life insurance policies.

Each Allocation Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on February 13, 2006. Shares of the Allocation Portfolios are offered and are redeemed at a price equal to their respective net asset value (“NAVs”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Allocation Portfolios’ shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Allocation Portfolios pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the respective Allocation Portfolios to the Distributor (as defined in Note 3(B)), pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The investment objective for each Allocation Portfolio is as follows:

TheMainStay VP Conservative Allocation Portfolio seeks current income and, secondarily,long-term growth of capital.

TheMainStay VP Moderate Allocation Portfolio seekslong-term growth of capital and, secondarily, current income.

TheMainStay VP Moderate Growth Allocation Portfolio seekslong-term growth of capital and, secondarily, current income.

TheMainStay VP Growth Allocation Portfolio seekslong-term growth of capital.

Each Allocation Portfolio is a“fund-of-funds,” meaning that each seeks to achieve their investment objectives by investing primarily in mutual funds and exchange-traded funds (“ETFs”) managed by New York Life Investment Management LLC (“New York Life Investments” or “Manager”) or its affiliates (the “Underlying Portfolios/Funds”).

Note 2–Significant Accounting Policies

The Allocation Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Allocation Portfolios prepare their financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follow the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Allocation Portfolios are open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of each Allocation Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Allocation Portfolios’ assets and liabilities) rests with New York Life Investments.

To assess the appropriateness of security valuations, the Manager or the Allocation Portfolios’ third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price an Allocation Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the

52 MainStay VP Allocation Portfolios

assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Allocation Portfolios. Unobservable inputs reflect each Allocation Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including each Allocation Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of each Allocation Portfolio’s assets and liabilities is included at the end of each Allocation Portfolio’s Portfolio of Investments.

Investments in Underlying Portfolios/Funds are valued at their respective NAVs at the close of business each day, except for investment in ETFs. These securities are generally categorized as Level 1 in the hierarchy.

Securities held by the Underlying Portfolios/Funds are valued using policies consistent with those used by the Underlying Portfolios/Funds. Equity securities, including shares of ETFs, are generally valued at the last quoted sales price as of the close of regular trading on the relevant exchange on each valuation date.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Allocation Portfolios’ policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of each Allocation Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates each Allocation Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax

positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Allocation Portfolios’ tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Allocation Portfolios’ financial statements. The Allocation Portfolios’ federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Allocation Portfolios intend to declare and pay dividends from net investment income and distributions from net realized capital gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the respective Allocation Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Allocation Portfolios record security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividends and distributions received by the Allocation Portfolios from the Underlying Portfolios/Funds are recorded on the ex-dividend date.

Investment income and realized and unrealized gains and losses on investments of the Allocation Portfolios are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Allocation Portfolios, including those of related parties to the Allocation Portfolios, are shown in the Statement of Operations.

Additionally, the Allocation Portfolios may invest in shares of ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in each Allocation Portfolio’s Statement of Operations or in the expense ratios included in the financial highlights. In addition, the Allocation Portfolios bear a pro rata share of the fees and expenses of the Underlying Portfolios/Funds in which they invest. Because the Underlying Portfolios/Funds have varied expense and fee levels and the Allocation Portfolios may own different proportions of the Underlying Portfolios/Funds at different times, the

53

Notes to Financial Statements(Unaudited) (continued)

amount of fees and expenses incurred indirectly by each Allocation Portfolio may vary.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Allocation Portfolios may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Allocation Portfolios may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Allocation Portfolio to the counterparty secured by the securities transferred to the respective Allocation Portfolio.

Repurchase agreements are subject to counterparty risk, meaning an Allocation Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Allocation Portfolios mitigate this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Allocation Portfolios’ custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Allocation Portfolios have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the respective Allocation Portfolio. As of June 30, 2019, the Portfolios did not hold any repurchase agreements.

(H)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Allocation Portfolios enter into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Allocation Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Allocation Portfolios that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Allocation Portfolios.

Note 3–Fees and Related Party Transactions

(A)  Manager.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Allocation Portfolios’ Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”) and is responsible for theday-to-day portfolio management of the Allocation

Portfolios. The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Allocation Portfolios. Except for the portion of salaries and expenses that are the responsibility of the Allocation Portfolios, the Manager pays the salaries and expenses of all personnel affiliated with the Allocation Portfolios and certain operational expenses of the Allocation Portfolios. The Allocation Portfolios reimburse New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Allocation Portfolios.

The Allocation Portfolios do not pay any fees to the Manager in return for the services performed under the Management Agreement. The Allocation Portfolios do, however, indirectly pay a proportionate share of the management fees paid to the managers of the Underlying Portfolios/Funds in which the Allocation Portfolios invest.

State Street Bank and Trust Company (“State Street”) providessub-administration andsub-accounting services to the Allocation Portfolios pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Allocation Portfolios, maintaining the general ledger andsub-ledger accounts for the calculation of the Allocation Portfolios’ respective NAVs, and assisting New York Life Investments in conducting various aspects of the Allocation Portfolios’ administrative operations. For providing these services to the Allocation Portfolios, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Allocation Portfolios. The Allocation Portfolios will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Allocation Portfolios.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Allocation Portfolios, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Allocation Portfolios have adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of each Allocation Portfolio.

54 MainStay VP Allocation Portfolios

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

MainStay VP Conservative Allocation Portfolio

Affiliated Investment Companies	Value, Beginning of Period			Purchases at Cost			Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period			Dividend Income			Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	25,399		$	72		$	(14,367	)	$	(1,481	)	$	4,165		$	13,788		$	353		$	—		677
IQ 500 International ETF		1,531			5,613			(7,270	)		125			1			—			71			—		—
IQ Chaikin U.S. Large Cap ETF		30,169			11,498			(32,269	)		(352	)		4,146			13,192			147			—		536
IQ Chaikin U.S. Small Cap ETF		10,379			149			(1,192	)		(120	)		1,320			10,536			95			—		424
IQ Enhanced Core Plus Bond U.S. ETF		21,369			4,774			(1,264	)		(84	)		753			25,548			241			—		1,310
IQ Global Resources ETF		6,396			27			(555	)		22			490			6,380			—			—		234
IQ S&P High Yield Low Volatility Bond ETF		8,548			21			(380	)		(15	)		681			8,855			181			—		353
MainStay Cushing MLP Premier Fund Class I		4,813			114			(5,664	)		194			598			55			114			—		5
MainStay Epoch Capital Growth Fund Class I		6,923			134			(626	)		110			1,227			7,768			—			—		607
MainStay Epoch Global Choice Fund Class I		8,314			—			(8,753	)		(755	)		1,194			—			—			—		—
MainStay Epoch International Choice Fund Class I		16,403			59			(4,446	)		116			2,117			14,249			—			—		403
MainStay Epoch U.S. All Cap Fund Class R6		11,653			2,041			(1,704	)		100			2,503			14,593			—			—		514
MainStay Epoch U.S. Equity Yield Fund Class R6		860			9			(172	)		(8	)		106			795			10			—		48
MainStay MacKay High Yield Municipal Bond Fund Class I		11,989			289			(654	)		13			467			12,104			230			—		940
MainStay MacKay International Opportunities Fund Class I		13,950			76			(6,776	)		(1,658	)		2,931			8,523			—			—		1,097
MainStay MacKay Short Duration High Yield Fund Class I		15,786			18,592			(988	)		0	(a)		721			34,111			577			—		3,453
MainStay MacKay Short Term Municipal Fund Class I		9,836			2,251			(256	)		1			79			11,911			96			—		1,238
MainStay MacKay Total Return Bond Fund Class R6		0	(a)		0	(a)		(0	)(a)		0	(a)		0	(a)		0	(a)		0	(a)		—		—
MainStay MacKay U.S. Equity Opportunities Fund Class I		11,991			153			(1,522	)		(67	)		1,652			12,207			—			—		1,448
MainStay MAP Equity Fund Class I		12,621			8,049			(2,527	)		188			2,437			20,768			—			—		498
MainStay U.S. Government Liquidity Fund		—			85,667			(60,565	)		—			—			25,102			244			—		25,102
MainStay VP Bond Portfolio Initial Class		16,614			22,347			(2,115	)		25			1,834			38,705			—			—		2,648
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class		13,919			190			(15,995	)		(841	)		2,912			185			—			—		21
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		9,899			155			(1,768	)		356			1,518			10,160			—			—		697
MainStay VP Emerging Markets Equity Portfolio Initial Class		34,558			309			(13,128	)		305			3,397			25,441			—			—		2,838
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		13,529			1,675			(1,377	)		94			1,947			15,868			—			—		989
MainStay VP Epoch U.S. Small Cap Portfolio Initial Class(b)		13,871			1,949			(17,791	)		92			1,879			—			122			1,708		—

55

Notes to Financial Statements(Unaudited) (continued)

MainStay VP Conservative Allocation Portfolio (continued)

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay VP Floating Rate Portfolio Initial Class	$	36,304	$	7,671	$	(1,169	)	$	(24	)	$	1,038		$	43,820	$	1,022	$	—		4,929
MainStay VP Indexed Bond Portfolio Initial Class		237,874		2,092		(43,304	)		(85	)		12,917			209,494		—		—		20,162
MainStay VP Large Cap Growth Portfolio Initial Class		7,988		7,814		(1,623	)		410			1,783			16,372		—		—		615
MainStay VP MacKay Common Stock Portfolio Initial Class		4,184		5,092		(582	)		(56	)		885			9,523		—		—		328
MainStay VP MacKay Convertible Portfolio Initial Class		7,269		60		(412	)		31			1,067		��	8,015		60		—		564
MainStay VP MacKay Growth Portfolio Initial Class		7,209		8,451		(1,405	)		313			1,299			15,867		—		—		489
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class		12,850		17		(675	)		58			1,060			13,310		—		—		1,313
MainStay VP MacKay International Equity Portfolio Initial Class		73		2,636		(193	)		15			237			2,768		—		—		164
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		21,931		134		(2,932	)		78			3,211			22,422		—		—		1,626
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		3,054		—		(430	)		(9	)		542			3,157		—		—		55
MainStay VP MacKay Small Cap Core Portfolio Initial Class		11,841		16,508		(4,681	)		(206	)		(352	)		23,110		—		—		2,105
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class		14,943		305		(2,852	)		14			364			12,774		296		—		1,298
MainStay VP PIMCO Real Return Portfolio Initial Class		7,434		9		(352	)		(20	)		502			7,573		—		—		867
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		21,730		561		(2,740	)		2			3,320			22,873		—		—		1,735
	$	726,004	$	217,563	$	(267,474	)	$	(3,119	)	$	68,948		$	741,922	$	3,859	$	1,708

MainStay VP Moderate Allocation Portfolio

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	40,178	$	43	$	(17,944	)	$	(1,594	)	$	6,186	$	26,869	$	672	$	—		1,320
IQ 500 International ETF		1,435		12,487		(11,580	)		229			21		2,592		168		—		97
IQ Chaikin U.S. Large Cap ETF		49,445		33,231		(51,635	)		(1,003	)		7,682		37,720		379		—		1,534
IQ Chaikin U.S. Small Cap ETF		14,029		—		(1,517	)		(138	)		1,755		14,129		129		—		568
IQ Enhanced Core Bond U.S. ETF		19,262		24,231		(2,247	)		56			1,015		42,317		357		—		2,207
IQ Enhanced Core Plus Bond U.S. ETF		6,785		—		(632	)		(8	)		202		6,347		72		—		326
IQ Global Resources ETF		15,369		23		(738	)		36			1,215		15,905		—		—		583
IQ S&P High Yield Low Volatility Bond ETF		4,366		—		(256	)		(11	)		348		4,447		92		—		177
MainStay Cushing MLP Premier Fund Class I		7,483		240		(5,923	)		(749	)		1,839		2,890		238		—		260
MainStay Epoch Capital Growth Fund Class I		10,195		28		(599	)		98			1,841		11,563		—		—		904

56 MainStay VP Allocation Portfolios

MainStay VP Moderate Allocation Portfolio (continued)

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay Epoch Global Choice Fund Class I	$	14,811	$	—	$	(15,620	)	$	(1,693	)	$	2,502	$	—	$	—	$	—		—
MainStay Epoch International Choice Fund Class I		45,385		58		(10,411	)		(543	)		6,796		41,285		—		—		1,168
MainStay Epoch U.S. All Cap Fund Class R6		41,173		134		(5,479	)		(136	)		8,502		44,194		—		—		1,556
MainStay Epoch U.S. Equity Yield Fund Class R6		2,770		38		(101	)		7			354		3,068		38		—		184
MainStay MacKay High Yield Municipal Bond Fund Class I		19,083		614		(1,722	)		38			724		18,737		363		—		1,455
MainStay MacKay International Opportunities Fund Class I		42,403		50		(18,551	)		(2,438	)		6,441		27,905		—		—		3,591
MainStay MacKay Short Duration High Yield Fund Class I		24,633		30,268		(2,557	)		(59	)		1,186		53,471		909		—		5,412
MainStay MacKay Short Term Municipal Fund Class I		15,039		6,330		(822	)		4			124		20,675		152		—		2,149
MainStay MacKay Total Return Bond Fund Class R6		1,198		18		(68	)		(1	)		59		1,206		18		—		113
MainStay MacKay U.S. Equity Opportunities Fund Class I		38,297		111		(4,340	)		(191	)		5,314		39,191		—		—		4,649
MainStay MAP Equity Fund Class I		42,699		9,464		(6,110	)		(862	)		8,576		53,767		—		—		1,288
MainStay U.S. Government Liquidity Fund		12,668		115,272		(88,129	)		—			—		39,811		395		—		39,811
MainStay VP Bond Portfolio Initial Class		82,880		89		(7,869	)		(143	)		5,374		80,331		—		—		5,495
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class		21,424		35		(14,827	)		(2,271	)		5,078		9,439		—		—		1,090
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		14,078		—		(1,685	)		46			2,622		15,061		—		—		1,033
MainStay VP Emerging Markets Equity Portfolio Initial Class		66,782		362		(18,624	)		3,048			4,454		56,022		—		—		6,248
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		40,445		109		(4,188	)		322			5,396		42,084		—		—		2,623
MainStay VP Epoch U.S. Small Cap Portfolio Initial Class(b)		28,248		3,198		(35,707	)		(326	)		4,587		—		212		2,985		—
MainStay VP Floating Rate Portfolio Initial Class		30,736		9,756		(1,798	)		(17	)		870		39,547		904		—		4,448
MainStay VP Indexed Bond Portfolio Initial Class		123,717		118		(15,809	)		240			6,609		114,875		—		—		11,056
MainStay VP Large Cap Growth Portfolio Initial Class		29,530		15,102		(6,434	)		1,468			6,983		46,649		—		—		1,752
MainStay VP MacKay Common Stock Portfolio Initial Class		19,290		8,338		(1,922	)		4			3,147		28,857		—		—		993
MainStay VP MacKay Convertible Portfolio Initial Class		13,940		115		(673	)		46			2,054		15,482		115		—		1,090
MainStay VP MacKay Growth Portfolio Initial Class		26,406		18,584		(4,381	)		969			4,654		46,232		—		—		1,424
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class		5,828		16		(362	)		19			485		5,986		—		—		590

57

Notes to Financial Statements(Unaudited) (continued)

MainStay VP Moderate Allocation Portfolio (continued)

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay VP MacKay International Equity Portfolio Initial Class	$	4,593	$	33	$	(185	)	$	30		$	550		$	5,021	$	—	$	—		297
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		49,625		—		(22,474	)		(3,699	)		10,555			34,007		—		—		2,467
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		3,458		—		(272	)		5			625			3,816		—		—		67
MainStay VP MacKay Small Cap Core Portfolio Initial Class		15,762		28,758		(14,009	)		(639	)		(1,378	)		28,494		—		—		2,595
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class		30,403		592		(6,613	)		(370	)		1,139			25,151		592		—		2,555
MainStay VP PIMCO Real Return Portfolio Initial Class		10,030		164		(735	)		(31	)		693			10,121		—		—		1,159
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		56,005		131		(6,601	)		(862	)		9,388			58,061		—		—		4,405
	$	1,141,886	$	318,140	$	(412,149	)	$	(11,119	)	$	136,567		$	1,173,325	$	5,805	$	2,985

MainStay VP Moderate Growth Allocation Portfolio

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	65,286	$	264	$	(22,455	)	$	(1,730	)	$	9,460	$	50,825	$	1,265	$	—		2,496
IQ 500 International ETF		11,649		21,986		(20,200	)		1,024			211		14,670		489		—		547
IQ Chaikin U.S. Large Cap ETF		84,880		64,144		(86,530	)		(2,108	)		13,876		74,262		721		—		3,020
IQ Chaikin U.S. Small Cap ETF		33,168		—		(2,858	)		(32	)		3,866		34,144		310		—		1,373
IQ Enhanced Core Plus Bond U.S. ETF		18,942		—		(1,880	)		18			529		17,609		207		—		903
IQ Global Resources ETF		35,691		67		(896	)		37			2,873		37,772		—		—		1,384
IQ S&P High Yield Low Volatility Bond ETF		1,940		97		(185	)		(12	)		158		1,998		39		—		80
MainStay Cushing MLP Premier Fund Class I		12,812		409		(10,149	)		(2,211	)		4,061		4,922		409		—		443
MainStay Epoch Capital Growth Fund Class I		17,773		40		(680	)		107			3,280		20,520		—		—		1,604
MainStay Epoch Global Choice Fund Class I		19,455		—		(20,521	)		(2,082	)		3,148		—		—		—		—
MainStay Epoch International Choice Fund Class I		99,019		—		(17,787	)		(339	)		14,415		95,308		—		—		2,696
MainStay Epoch U.S. All Cap Fund Class R6		108,406		19		(14,063	)		(906	)		23,006		116,462		—		—		4,101
MainStay Epoch U.S. Equity Yield Fund Class R6		4,356		60		(157	)		8			561		4,828		60		—		290
MainStay MacKay High Yield Municipal Bond Fund Class I		29,120		3,993		(3,319	)		64			1,202		31,060		598		—		2,411
MainStay MacKay International Opportunities Fund Class I		103,590		56		(43,982	)		(4,572	)		14,646		69,738		—		—		8,975
MainStay MacKay Short Duration High Yield Fund Class I		36,828		60,185		(5,727	)		(44	)		1,837		93,079		1,537		—		9,421

58 MainStay VP Allocation Portfolios

MainStay VP Moderate Growth Allocation Portfolio (continued)

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay MacKay Short Term Municipal Fund Class I	$	22,933	$	19,778	$	(2,216	)	$	11		$	207		$	40,713	$	257	$	—		4,232
MainStay MacKay Total Return Bond Fund Class R6		512		6		(191	)		(3	)		22			346		6		—		32
MainStay MacKay U.S. Equity Opportunities Fund Class I		75,294		104		(6,227	)		(38	)		10,272			79,405		—		—		9,419
MainStay MAP Equity Fund Class I		82,298		9,798		(9,260	)		(826	)		15,673			97,683		—		—		2,340
MainStay U.S. Government Liquidity Fund		23,397		174,082		(132,448	)		—			—			65,031		621		—		65,031
MainStay VP Bond Portfolio Initial Class		26,863		197		(9,443	)		(126	)		1,375			18,866		—		—		1,291
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class		35,858		—		(24,128	)		(4,049	)		8,631			16,312		—		—		1,884
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		56,466		—		(8,264	)		134			10,594			58,930		—		—		4,041
MainStay VP Emerging Markets Equity Portfolio Initial Class		136,060		1,275		(33,268	)		4,829			10,583			119,479		—		—		13,326
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		103,137		124		(9,876	)		766			13,869			108,020		—		—		6,734
MainStay VP Epoch U.S. Small Cap Portfolio Initial Class(b)		86,198		10,357		(111,169	)		(3,844	)		18,458			—		688		9,669		—
MainStay VP Floating Rate Portfolio Initial Class		39,126		28,899		(3,504	)		(75	)		1,145			65,591		1,345		—		7,378
MainStay VP Large Cap Growth Portfolio Initial Class		44,250		40,605		(9,975	)		2,508			11,716			89,104		—		—		3,347
MainStay VP MacKay Common Stock Portfolio Initial Class		44,667		288		(3,493	)		(541	)		7,235			48,156		—		—		1,657
MainStay VP MacKay Convertible Portfolio Initial Class		23,875		193		(1,546	)		81			3,479			26,082		193		—		1,837
MainStay VP MacKay Growth Portfolio Initial Class		45,550		42,029		(7,447	)		1,644			8,389			90,165		—		—		2,776
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class		2,247		118		(207	)		(4	)		193			2,347		—		—		231
MainStay VP MacKay International Equity Portfolio Initial Class		19,667		53		(960	)		156			2,317			21,233		—		—		1,257
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		128,581		—		(39,400	)		(8,583	)		27,206			107,804		—		—		7,819
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		4,316		—		(271	)		4			784			4,833		—		—		85
MainStay VP MacKay Small Cap Core Portfolio Initial Class		39,126		94,558		(35,394	)		(5,792	)		(3,296	)		89,202		—		—		8,124
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class		52,841		888		(16,989	)		(325	)		1,565			37,980		888		—		3,859
MainStay VP PIMCO Real Return Portfolio Initial Class		17,901		344		(1,776	)		(63	)		1,221			17,627		—		—		2,019
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		136,004		530		(14,164	)		(1,226	)		22,221			143,365		—		—		10,877
	$	1,930,082	$	575,546	$	(733,005	)	$	(28,140	)	$	270,988		$	2,015,471	$	9,633	$	9,669

59

Notes to Financial Statements(Unaudited) (continued)

MainStay VP Growth Allocation Portfolio

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	37,974	$	—	$	(13,052	)	$	(1,044	)	$	5,150		$	29,028	$	712	$	—		1,426
IQ 500 International ETF		50		35,020		(6,016	)		203			491			29,748		699		—		1,109
IQ Chaikin U.S. Large Cap ETF		34,408		24,021		(5,627	)		(387	)		6,296			58,711		575		—		2,388
IQ Chaikin U.S. Small Cap ETF		28,911		238		(5,236	)		59			3,359			27,331		248		—		1,099
IQ Global Resources ETF		20,457		124		(1,267	)		60			1,599			20,973		—		—		768
MainStay Cushing MLP Premier Fund Class I		6,710		216		(5,239	)		(148	)		1,113			2,652		217		—		239
MainStay Epoch Capital Growth Fund Class I		8,619		444		(535	)		89			1,572			10,189		—		—		797
MainStay Epoch Global Choice Fund Class I		13,172		—		(13,895	)		(1,414	)		2,137			—		—		—		—
MainStay Epoch International Choice Fund Class I		60,487		224		(8,568	)		(375	)		9,175			60,943		—		—		1,724
MainStay Epoch U.S. All Cap Fund Class R6		68,629		364		(5,513	)		(287	)		14,584			77,777		—		—		2,739
MainStay Epoch U.S. Equity Yield Fund Class R6		561		4		(383	)		13			52			247		4		—		15
MainStay MacKay International Opportunities Fund Class I		59,629		46		(22,205	)		(2,217	)		8,097			43,350		—		—		5,579
MainStay MacKay U.S. Equity Opportunities Fund Class I		49,595		200		(3,589	)		(69	)		6,828			52,965		—		—		6,283
MainStay MAP Equity Fund Class I		58,443		10,169		(3,414	)		(372	)		11,254			76,080		—		—		1,823
MainStay U.S. Government Liquidity Fund		3,010		14,731		(5,824	)		—			—			11,917		5		—		11,917
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class		18,574		—		(12,098	)		(935	)		3,298			8,839		—		—		1,021
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		28,490		2,536		(3,359	)		197			5,601			33,465		—		—		2,295
MainStay VP Emerging Markets Equity Portfolio Initial Class		79,111		858		(12,370	)		1,727			7,583			76,909		—		—		8,578
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		62,098		966		(3,758	)		289			8,647			68,242		—		—		4,254
MainStay VP Epoch U.S. Small Cap Portfolio Initial Class(b)		44,338		5,382		(57,402	)		(811	)		8,493			—		350		4,922		—
MainStay VP Large Cap Growth Portfolio Initial Class		36,462		28,406		(4,586	)		1,161			9,920			71,363		—		—		2,681
MainStay VP MacKay Common Stock Portfolio Initial Class		29,983		7,024		(997	)		(137	)		4,879			40,752		—		—		1,402
MainStay VP MacKay Growth Portfolio Initial Class		37,469		29,016		(3,077	)		605			7,171			71,184		—		—		2,192
MainStay VP MacKay International Equity Portfolio Initial Class		13,002		2,811		(348	)		63			1,683			17,211		—		—		1,019
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		70,849		67		(24,633	)		(4,657	)		14,927			56,553		—		—		4,102
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		1,739		—		(592	)		3			294			1,444		—		—		25
MainStay VP MacKay Small Cap Core Portfolio Initial Class		36,904		49,106		(24,051	)		(1,254	)		(1,573	)		59,132		—		—		5,386
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		87,355		560		(9,470	)		(1,112	)		14,622			91,955		—		—		6,976
	$	997,029	$	212,533	$	(257,104	)	$	(10,750	)	$	157,252		$	1,098,960	$	2,810	$	4,922

(a) Less than $500.

(b) Reorganized into the MainStay VP MacKay Small Cap Core Portfolio Initial Class on May 1, 2019.

60 MainStay VP Allocation Portfolios

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of each Allocation Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

MainStay VP Conservative Allocation Portfolio

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Affiliates	$	724,844,617	$	31,960,457	$	(14,882,657	)	$	17,077,800

MainStay VP Moderate Allocation Portfolio

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Affiliates	$	1,144,893,693	$	49,876,008	$	(21,444,469	)	$	28,431,539

MainStay VP Moderate Growth Allocation Portfolio

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Affiliates	$	1,992,184,263	$	73,134,349	$	(49,847,745	)	$	23,286,604

MainStay VP Growth Allocation Portfolio

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Affiliates	$	1,076,885,206	$	47,273,858	$	(25,198,810	)	$	22,075,048

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

	2018
	Tax Based Distributions from Ordinary Income		Tax Based Distributions from Long-Term Capital Gains		Total
MainStay VP Conservative Allocation Portfolio	$	17,354,699	$	—	$	17,354,699
MainStay VP Moderate Allocation Portfolio		27,682,114		37,706,864		65,388,978
MainStay VP Moderate Growth Allocation Portfolio		39,055,607		94,896,286		133,951,893
MainStay VP Growth Allocation Portfolio		15,121,610		42,438,428		57,560,038

Note 5–Custodian

State Street is the custodian of cash and securities held by the Allocation Portfolios. Custodial fees are charged to each Allocation Portfolio based on the Allocation Portfolios’ net assets and/or the market value of securities held by each Allocation Portfolio and the number of certain transactions incurred by each Allocation Portfolio.

Note 6–Line of Credit

The Allocation Portfolios and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under a credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Allocation Portfolios and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Allocation Portfolios, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Allocation Portfolios under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Allocation Portfolios, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Allocation Portfolios and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Allocation Portfolios.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities were as follows:

	Purchases		Sales
MainStay VP Conservative Allocation Portfolio	$	115,643	$	190,656
MainStay VP Moderate Allocation Portfolio		174,109		295,261
MainStay VP Moderate Growth Allocation Portfolio		306,906		506,001
MainStay VP Growth Allocation Portfolio		149,512		202,990

61

Notes to Financial Statements(Unaudited) (continued)

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

MainStay VP Conservative Allocation Portfolio

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		46,497		$	536,090
Shares redeemed		(154,361	)		(1,783,820	)
Net increase (decrease)		(107,864	)	$	(1,247,730	)
Year ended December 31, 2018:
Shares sold		285,884		$	3,358,327
Shares issued to shareholders in reinvestment of dividends and distributions		33,705			386,602
Shares redeemed		(359,681	)		(4,177,005	)
Net increase (decrease)		(40,092	)	$	(432,076	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,898,919		$	21,592,232
Shares redeemed		(6,867,839	)		(78,006,871	)
Net increase (decrease)		(4,968,920	)	$	(56,414,639	)
Year ended December 31, 2018:
Shares sold		5,887,722		$	67,843,904
Shares issued to shareholders in reinvestment of dividends and distributions		1,494,347			16,968,097
Shares redeemed		(14,514,524	)		(166,331,767	)
Net increase (decrease)		(7,132,455	)	$	(81,519,766	)
MainStay VP Moderate Allocation Portfolio
Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		110,905		$	1,259,005
Shares redeemed		(488,031	)		(5,437,257	)
Net increase (decrease)		(377,126	)	$	(4,178,252	)
Year ended December 31, 2018:
Shares sold		334,163		$	3,860,363
Shares issued to shareholders in reinvestment of dividends and distributions		226,121			2,565,757
Shares redeemed		(535,054	)		(6,073,725	)
Net increase (decrease)		25,230		$	352,395

Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,663,501		$	18,389,727
Shares redeemed		(10,741,503	)		(118,998,497	)
Net increase (decrease)		(9,078,002	)	$	(100,608,770	)
Year ended December 31, 2018:
Shares sold		8,832,130		$	102,684,975
Shares issued to shareholders in reinvestment of dividends and distributions		5,582,969			62,823,221
Shares redeemed		(15,893,652	)		(182,767,134	)
Net increase (decrease)		(1,478,553	)	$	(17,258,938	)
MainStay VP Moderate Growth Allocation Portfolio
Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		143,387		$	1,647,899
Shares redeemed		(288,042	)		(3,365,773	)
Net increase (decrease)		(144,655	)	$	(1,717,874	)
Year ended December 31, 2018:
Shares sold		385,781		$	4,797,520
Shares issued to shareholders in reinvestment of dividends and distributions		464,525			5,592,425
Shares redeemed		(414,496	)		(5,104,513	)
Net increase (decrease)		435,810		$	5,285,432
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,073,812		$	12,171,336
Shares redeemed		(16,047,891	)		(185,095,674	)
Net increase (decrease)		(14,974,079	)	$	(172,924,338	)
Year ended December 31, 2018:
Shares sold		8,966,431		$	110,837,853
Shares issued to shareholders in reinvestment of dividends and distributions		10,766,818			128,359,468
Shares redeemed		(24,201,137	)		(295,976,984	)
Net increase (decrease)		(4,467,888	)	$	(56,779,663	)
MainStay VP Growth Allocation Portfolio
Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		291,566		$	3,380,635
Shares redeemed		(241,306	)		(2,801,224	)
Net increase (decrease)		50,260		$	579,411
Year ended December 31, 2018:
Shares sold		489,356		$	6,097,660
Shares issued to shareholders in reinvestment of dividends and distributions		324,680			3,974,409
Shares redeemed		(540,356	)		(6,683,629	)
Net increase (decrease)		273,680		$	3,388,440

62 MainStay VP Allocation Portfolios

Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		834,217		$	9,481,381
Shares redeemed		(5,143,711	)		(59,910,856	)
Net increase (decrease)		(4,309,494	)	$	(50,429,475	)
Year ended December 31, 2018:
Shares sold		8,146,507		$	99,959,052
Shares issued to shareholders in reinvestment of dividends and distributions		4,420,094			53,585,629
Shares redeemed		(8,821,760	)		(109,625,717	)
Net increase (decrease)		3,744,841		$	43,918,964

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is

effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Allocation Portfolios as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Allocation Portfolios’ management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

63

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

Each Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

Each Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. Each Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

64 MainStay VP Allocation Portfolios

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781600 MSVPAA10-08/19 (NYLIAC) NI507     

MainStay VP Bond Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	20
Notes to Financial Statements	25
Proxy Voting Policies and Procedures and Proxy Voting Record	32
Shareholder Reports and Quarterly Portfolio Disclosure	32

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date		Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares		1/23/1984		6.58	%		7.76	%		2.94	%		4.17	%		0.53	%
Service Class Shares		6/4/2003		6.45			7.49			2.69			3.91			0.78

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
Bloomberg Barclays U.S. Aggregate Bond Index3		6.11	%		7.87	%		2.95	%		3.90	%
Morningstar Intermediate-Term Bond Category Average4		5.77			7.24			2.55			3.86

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Bloomberg Barclays U.S. Aggregate Bond Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar

denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. The Morningstar Intermediate-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Bond Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,065.80	$	2.77	$	1,022.12	$	2.71	0.54%
Service Class Shares	$	1,000.00	$	1,064.50	$	4.04	$	1,020.88	$	3.96	0.79%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Bond Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Issuers Held as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. United States Treasury Notes, 1.75%–2.875%,
due 10/31/20–5/15/29

2. Federal National Mortgage Association (Mortgage Pass-Through Securities), 2.50%–7.50%, due 4/1/20–6/1/49

3. Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities), 3.50%–6.50%, due 7/1/21–5/1/49

4. United States Treasury Bonds, 3.00%–4.25%,
due 5/15/39–2/15/49

5. Government National Mortgage Association (Mortgage Pass-Through Securities), 3.50%–4.50%, due 6/15/39–3/20/49

  6. Federal Home Loan Mortgage Corporation, 1.25%–6.25%, due 8/15/19–7/15/32

  7. Federal Home Loan Bank, 2.30%–3.25%,
due 1/26/21–11/16/28

  8. Seasoned Credit Risk Transfer Trust, 3.50%–4.00%, due 8/25/57–8/25/58

  9. Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates, 3.35%–3.563%, due 1/25/28–5/25/29

10. International Bank for Reconstruction & Development,
2.00%–2.88%, due 10/30/20–5/15/24

7

Portfolio Management Discussion and Analysis (Unaudited)

Answers to the questions reflect the views of Kenneth Sommer and AJ Rzad, CFA of NYL Investors LLC, the Portfolio’s Subadvisor.

How did MainStay VP Bond Portfolio perform relative to its benchmark and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Bond Portfolio returned 6.58% for Initial Class shares and 6.45% for Service Class shares. Over the same period, both share classes outperformed the 6.11% return of the Bloomberg Barclays U.S. Aggregate Bond Index, which is the Portfolio’s broad-based securities-market index, and the 5.77% return of the Morningstar Intermediate-Term Bond Category Average.¹

What factors affected the Portfolio’s performance relative to its primary benchmark during the reporting period?

Relative to the Bloomberg Barclays U.S. Aggregate Bond Index, the Portfolio held overweight positions in the corporate, asset-backed securities and commercial mortgage-backed securities sectors throughout the reporting period. The corporate sector was the best performing sector during the reporting period. Within the corporate sector, the Portfolio’s allocations to financials and industrials were most accretive to returns. Within thenon-corporate sector, the Portfolio’s positioning in foreign agencies, specifically longer-duration² securities, also enhanced relative performance. Within the asset-backed sector, the Portfolio’s allocation to collateralized loan obligations had a positive impact on relative performance. During the first half of the reporting period, the Portfolio’s overweight position in U.S. government agencies was accretive to relative performance as well. During the second half of the reporting period, the Portfolio’s overweight allocation to fixed-rate asset-backed securities detracted from relative performance.

What was the Portfolio’s duration strategy during the reporting period?

The Portfolio maintained a duration close to that of the Bloomberg Barclays U.S. Aggregate Bond Index during the reporting period. There were several occasions during which the duration of the Portfolio was shorter than that of the benchmark. This strategy had a slightly negative impact on the Portfolio’s performance. As of June 30, 2019, the Portfolio had a duration of 5.52 years, compared to a duration of 5.53 years for the Bloomberg Barclays U.S. Aggregate Bond Index.

What specific factors, risks or market forces prompted significant decisions for the Portfolio during the reporting period?

The Portfolio maintained overweight positions relative to the Bloomberg Barclays U.S. Aggregate Bond Index in corporate bonds, commercial mortgage-backed securities and asset-backed securities. During the reporting period, we reduced the Portfolio’s exposure to the corporate sector as yields declined and valuations became less attractive despite lingering concerns around global growth and unresolved trade-related tensions with China. Specifically, we reduced exposure across financials, health care and wirelines as these sectors constituted the largest risk positions in the Portfolio.

During the first half of the reporting period, we increased the Portfolio’s allocation to U.S. government agencies. Spreads³ on longer-duration U.S. government agency securities moved wider as market volatility increased towards the end of 2018. This created an attractive opportunity to increase the Portfolio’s overweight exposure to the U.S. government agencies sector.

During the second half of the reporting period, the Portfolio initiated an underweight position in agency mortgage-backed pass-through securities. This move reflected our concerns over elevated prepayment risks and negative supply technicals as rates continued to break into lower ranges. A portion of the underweight position in the mortgage-backed securities sector was offset by the Portfolio’s increased allocation to commercial mortgage-backed securities, which we believe offer an enhanced convexity⁴ profile due to the call protection in the underlying loans. Throughout the reporting period we maintained the Portfolio’s overweight allocation to asset-backed securities and commercial mortgage-backed securities, which we continued to favor due to the sector’s favorable yield dynamics and high credit quality.

During the reporting period, which market segments were the strongest positive contributors to the Portfolio’s absolute performance and which market segments were particularly weak?

During the reporting period, the Portfolio’s overweight exposure to the corporate sector provided the strongest positive contribution to absolute performance. (Contributions take weightings and total returns into account.) Within the corporate sector, positions in the financial, industrial and utilities subsectors, including overweight holdings in Electricite De France, Bank of America, AT&T and Anheuser-Busch InBev, produced particularly strong returns. The Portfolio’s positioning in the

1. See page 5 for more information on benchmark and peer group returns.

2. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

3. The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

4. Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates.

8 MainStay VP Bond Portfolio

Treasury and mortgage-backed securities sectors also enhanced absolute performance during the reporting period.

The asset-backed securities sector made the weakest contribution to the Portfolio’s absolute performance during the same period. Within the asset-backed securities sector, positioning in the floating-rate subcomponent proved particularly disappointing. The Portfolio’s allocation to commercial mortgage-backed securities also provided a relatively weak contribution to absolute performance.

Did the Portfolio make any significant purchases or sales during the reporting period?

During the reporting period, the Portfolio generally sought to purchase corporate bonds during periods of market weakness. As the market stabilized, the Portfolio sold corporate bonds to reduce its overweight exposure relative to the Bloomberg Barclays U.S. Aggregate Bond Index.

How did the Portfolio’s sector weightings change during the reporting period?

The Portfolio held overweight allocations in commercial mortgage-backed securities and asset-backed securities sectors throughout the reporting period. However, in the second half of the reporting period, we moderately reduced the

Portfolio’s allocation to commercial mortgage-backed securities and remained focused on asset-backed securities due to compelling relative value opportunities in collateralized loan obligations and student loans. Throughout the reporting period, we increased the Portfolio’s exposure to the Treasury sector in concert with reductions to corporate sector exposure.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held overweight exposure to corporate bonds relative to the Bloomberg Barclays U.S. Aggregate Bond Index. Within the corporate sector, the Portfolio was overweight in financials, industrials and utilities. As of the same date, the Portfolio also held overweight positions in asset-backed securities, commercial mortgage-backed securities and U.S. government agencies, with its largest overweight allocation among these sectors in asset-backed securities.

As of June 30, 2019, the Portfolio held underweight positions in the sovereign and foreign local government sectors. The Portfolio also held underweight exposure to the mortgage-backed securities sector, specifically among30-year 3.0% and 3.5% GNMA coupons. As of the same date, the Portfolio maintained a duration that was approximately equal to the duration of the Bloomberg Barclays U.S. Aggregate Bond Index.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 99.0%† Asset-Backed Securities 10.4%
Auto Floor Plan Asset-Backed Securities 0.1%
NextGear Floorplan Master Owner Trust  Series 2017-2A, Class A2 2.56%, due 10/17/22 (a)	$	600,000	$	601,296
Automobile 1.5%
Ally Auto Receivables Trust  Series 2018-3, Class A3 3.00%, due 1/17/23		1,283,000		1,295,070
Avis Budget Rental Car Funding AESOP LLC Series 2019-1A, Class A 3.45%, due 3/20/23 (a)		400,000		409,672
GM Financial Automobile Leasing Trust  Series 2018-2, Class A3 3.06%, due 6/21/21		1,273,000		1,280,152
Mercedes Benz Auto Lease Trust  Series 2019-A, Class A3 3.10%, due 11/15/21		900,000		909,657
OSCAR US Funding Trust  Series 2018-2A, Class A3 3.39%, due 9/12/22 (a)		1,300,000		1,320,223
Toyota Auto Loan Extended Note Trust  Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		4,250,000		4,299,805
Volkswagen Auto Loan Enhanced Trust  Series 2018-1, Class A3 3.02%, due 11/21/22		825,000		836,654
				10,351,233
Home Equity 0.1%
Chase Funding Trust  Series 2002-2, Class 1A5 6.333%, due 4/25/32 (b)		104,609		106,547
Morgan Stanley Mortgage Loan Trust  Series 2006-17XS, Class A3A 5.651%, due 10/25/46 (b)		987,860		470,452
				576,999
Other Asset-Backed Securities 8.7%
Apidos CLO Series 2015-21A, Class A1R 3.531% (3 Month LIBOR + 0.93%), due 7/18/27 (a)(c)		2,200,000		2,200,141
Apidos CLO XXV Series 2016-25A, Class A1R 3.762% (3 Month LIBOR + 1.17%), due 10/20/31 (a)(c)		1,300,000		1,297,916
Bain Capital Credit CLO Series 2016-2A, Class A 4.017% (3 Month LIBOR + 1.42%), due 1/15/29 (a)(c)		3,475,000		3,475,358

	Principal Amount		Value
Other Asset-Backed Securities (continued)
Benefit Street Partners CLO IV, Ltd. Series 2014-IVA, Class A1 3.842% (3 Month LIBOR + 1.25%), due 1/20/29 (a)(c)	$	1,600,000	$	1,600,360
Capital Automotive REIT Series 2017-1A, Class A1 3.87%, due 4/15/47 (a)		2,152,333		2,190,353
Cedar Funding IV CLO, Ltd. Series 2014-4A, Class AR 3.822% (3 Month LIBOR + 1.23%), due 7/23/30 (a)(c)		2,600,000		2,598,144
Cedar Funding Ltd. Series 2017-8A, Class A1 3.838% (3 Month LIBOR + 1.25%), due 10/17/30 (a)(c)		1,250,000		1,249,980
DB Master Finance LLC Series 2019-1A, Class A2I 3.787%, due 5/20/49 (a)		2,625,000		2,680,965
Dryden Senior Loan Fund  Series 2018-71A, Class A 3.843% (3 Month LIBOR + 1.15%), due 1/15/29 (a)(c)		650,000		650,007
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A 2.69%, due 3/25/30 (a)		599,052		600,170
FOCUS Brands Funding LLC Series 2017-1A, Class A2I 3.857%, due 4/30/47 (a)		490,000		503,656
Galaxy XXII CLO, Ltd. Series 2016-22A, Class A1R 3.779% (3 Month LIBOR + 1.00%), due 7/16/28 (a)(c)		1,500,000		1,499,979
Hilton Grand Vacations Trust (a)
Series 2013-A, Class A 2.28%, due 1/25/26		389,115		388,855
Series 2018-AA, Class A 3.54%, due 2/25/32		1,663,736		1,713,715
HPS Loan Management, Ltd. Series 2011-A17, Class A 3.825% (3 Month LIBOR + 1.26%), due 5/6/30 (a)(c)		3,000,000		3,000,093
JPMorgan Mortgage Acquisition Corp. Series 2007-CH2, Class AF3 4.686%, due 10/25/30 (b)		643,359		463,859
Magnetite XVIII, Ltd. Series 2016-18A, Class AR 3.598% (3 Month LIBOR + 1.08%), due 11/15/28 (a)(c)		1,900,000		1,897,230
MVW Owner Trust (a)
Series 2014-1A, Class A 2.25%, due 9/22/31		274,107		273,366

10 MainStay VP Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Asset-Backed Securities (continued)
Other Asset-Backed Securities (continued)
MVW Owner Trust (a) (continued)
Series 2019-1A, Class A 2.89%, due 11/20/36	$	1,250,000	$	1,266,470
Navient Private Education Refi Loan Trust  Series 2019-CA, Class A2 3.13%, due 2/15/68 (a)		1,600,000		1,634,057
Palmer Square CLO, Ltd. Series 2015-1A, Class A1R2 3.742% (3 Month LIBOR + 1.22%), due 5/21/29 (a)(c)		2,200,000		2,199,987
Regatta VI Funding, Ltd. Series 2016-1A, Class AR 3.672% (3 Month LIBOR + 1.08%), due 7/20/28 (a)(c)		1,800,000		1,798,834
Sierra Receivables Funding Co. LLC (a)
Series 2019-1A, Class A 3.20%, due 1/20/36		695,317		712,400
Series 2018-2A, Class A 3.50%, due 6/20/35		781,227		796,236
Series 2018-3A, Class A 3.69%, due 9/20/35		407,864		422,137
SMB Private Education Loan Trust  Series 2019-B, Class A2A 2.84%, due 6/15/37 (a)		3,000,000		3,023,369
SoFi Professional Loan Program LLC (a)
Series 2018-D, Class A1FX 3.12%, due 2/25/48		594,677		599,565
Series 2019-A, Class A1FX 3.18%, due 6/15/48		1,315,576		1,328,051
Sound Point CLO XVI, Ltd. Series 2017-2A, Class A 3.86% (3 Month LIBOR + 1.28%), due 7/25/30 (a)(c)		1,500,000		1,498,512
Taco Bell Funding, LLC Series 2018-1A, Class A2I 4.318%, due 11/25/48 (a)		1,990,000		2,064,207
THL Credit Wind River CLO, Ltd. (a)(c)
Series 2017-4A, Class A 3.67% (3 Month LIBOR + 1.15%), due 11/20/30		2,243,000		2,235,829
Series 2012-1A, Class AR 4.047% (3 Month LIBOR + 1.45%), due 1/15/26		2,493,867		2,494,301
TIAA CLO III, Ltd. Series 2017-2A, Class A 3.751% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(c)		2,400,000		2,384,203
TICP CLO XIII, Ltd. Series 2019 13A, Class A 3.665% (3 Month LIBOR + 1.30%), due 7/15/32 (a)(c)		1,500,000		1,499,967

	Principal Amount		Value
Other Asset-Backed Securities (continued)
Treman Park CLO, Ltd. Series 2015-1A, Class ARR 3.662% (3 Month LIBOR + 1.07%), due 10/20/28 (a)(c)	$	1,245,000	$	1,245,002
Voya CLO, Ltd. Series 2019-1A, Class A 3.813% (3 Month LIBOR + 1.17%), due 4/15/29 (a)(c)		1,250,000		1,250,037
VSE VOI Mortgage LLC Series 2016-A, Class A 2.54%, due 7/20/33 (a)		1,612,140		1,611,615
Westcott Park CLO, Ltd. Series 2016 1A, Class AR 3.684% (3 Month LIBOR + 1.21%), due 7/20/28 (a)(c)		1,850,000		1,850,096
				60,199,022
Total Asset-Backed Securities (Cost $71,962,209)				71,728,550
Corporate Bonds 32.4%
Aerospace & Defense 0.3%
Boeing Co. 3.10%, due 5/1/26		1,925,000		1,981,070
Auto Manufacturers 0.7%
Ford Motor Credit Co. LLC 5.875%, due 8/2/21		3,000,000		3,163,377
General Motors Co. 5.15%, due 4/1/38		1,500,000		1,478,537
				4,641,914
Banks 6.7%
Banco del Estado de Chile 2.668%, due 1/8/21 (a)		3,150,000		3,150,032
Bank of America Corp.
4.33%, due 3/15/50 (d)		3,000,000		3,344,540
4.45%, due 3/3/26		1,570,000		1,693,469
BB&T Corp. 3.75%, due 12/6/23		2,300,000		2,427,457
Citigroup, Inc.
4.60%, due 3/9/26		1,500,000		1,622,940
5.30%, due 5/6/44		1,501,000		1,786,076
Credit Suisse Group A.G. 3.869%, due 1/12/29 (a)(d)		500,000		515,452
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 9/15/22		1,990,000		2,063,036
Fifth Third Bancorp 4.30%, due 1/16/24		3,875,000		4,138,137
Goldman Sachs Group, Inc.
2.905%, due 7/24/23 (d)		500,000		504,835
5.15%, due 5/22/45		975,000		1,115,944

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Banks (continued)
HSBC Bank PLC 4.75%, due 1/19/21 (a)	$	1,500,000	$	1,555,319
HSBC Holdings PLC 3.973%, due 5/22/30 (d)		1,625,000		1,697,404
JPMorgan Chase & Co.
3.702%, due 5/6/30 (d)		1,500,000		1,581,555
5.40%, due 1/6/42		1,925,000		2,450,100
Lloyds Bank PLC 6.50%, due 9/14/20 (a)		8,150,000		8,505,942
Lloyds Banking Group PLC 4.344%, due 1/9/48		1,250,000		1,218,306
Morgan Stanley
4.10%, due 5/22/23		2,032,000		2,139,014
4.35%, due 9/8/26		1,556,000		1,668,540
SunTrust Bank 3.115% (3 Month LIBOR + 0.59%), due 5/17/22 (c)		3,400,000		3,405,289
				46,583,387
Beverages 0.6%
Anheuser-Busch InBev Worldwide, Inc. 4.75%, due 1/23/29		3,750,000		4,257,023
Biotechnology 0.3%
Amgen, Inc. 4.563%, due 6/15/48		1,750,000		1,896,852
Building Materials 1.0%
Fortune Brands Home & Security, Inc. 4.00%, due 6/15/25		3,775,000		3,972,010
Masco Corp. 4.50%, due 5/15/47		3,000,000		2,839,723
				6,811,733
Chemicals 1.0%
Dow Chemical Co. 3.15%, due 5/15/24 (a)		975,000		994,396
NewMarket Corp. 4.10%, due 12/15/22		5,536,000		5,740,737
				6,735,133
Diversified Financial Services 0.5%
GE Capital International Funding Co. 4.418%, due 11/15/35		3,410,000		3,375,070
Electric 4.2%
Appalachian Power Co. 6.375%, due 4/1/36		1,750,000		2,217,230
Arizona Public Service Co. 5.50%, due 9/1/35		1,275,000		1,521,799

	Principal Amount		Value
Electric (continued)
Dayton Power & Light Co. 3.95%, due 6/15/49 (a)	$	1,025,000	$	1,053,200
Electricite de France S.A. (a)
2.35%, due 10/13/20		2,000,000		2,001,102
5.00%, due 9/21/48		3,420,000		3,894,525
Entergy Corp. 4.00%, due 7/15/22		3,700,000		3,849,203
Entergy Mississippi, Inc. 3.85%, due 6/1/49		2,500,000		2,613,363
Evergy, Inc. 4.85%, due 6/1/21		385,000		398,754
Exelon Corp. 3.497%, due 6/1/22		2,750,000		2,817,327
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		3,455,000		3,708,189
NextEra Energy Capital Holdings, Inc. 3.25%, due 4/1/26		1,800,000		1,850,375
Ohio Edison Co. 6.875%, due 7/15/36		2,500,000		3,353,141
				29,278,208
Food 1.2%
Conagra Brands, Inc. 4.85%, due 11/1/28		2,300,000		2,550,991
Ingredion, Inc. 4.625%, due 11/1/20		1,475,000		1,515,091
Kraft Heinz Foods Co. 3.00%, due 6/1/26		1,170,000		1,138,512
Kroger Co. 7.70%, due 6/1/29		1,000,000		1,289,824
Tyson Foods, Inc. 4.00%, due 3/1/26		1,550,000		1,648,558
				8,142,976
Forest Products & Paper 0.3%
Fibria Overseas Finance, Ltd. 4.00%, due 1/14/25		1,850,000		1,863,875
Gas 0.2%
NiSource, Inc. 5.65%, due 2/1/45		1,125,000		1,366,550
Health Care—Products 0.4%
Becton Dickinson & Co. 2.894%, due 6/6/22		2,500,000		2,533,964
Iron & Steel 0.8%
Carpenter Technology Corp. 4.45%, due 3/1/23		1,825,000		1,852,290
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		3,550,000		3,727,385
				5,579,675

12 MainStay VP Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Media 1.2%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.50%, due 2/1/24	$	1,750,000	$	1,865,069
Comcast Corp. 4.60%, due 10/15/38		3,000,000		3,435,141
Fox Corp. (a)
4.709%, due 1/25/29		1,200,000		1,342,497
5.576%, due 1/25/49		1,250,000		1,529,446
				8,172,153
Miscellaneous—Manufacturing 0.2%
Parker-Hannifin Corp. 3.25%, due 6/14/29		1,300,000		1,348,351
Multi-National 1.4%
International Bank for Reconstruction & Development
2.00%, due 10/30/20		3,000,000		3,000,003
2.60%, due 6/28/24		1,000,000		998,743
2.70%, due 5/16/22		2,700,000		2,737,000
2.88%, due 5/15/24		3,050,000		3,122,155
				9,857,901
Oil & Gas 2.0%
Anadarko Petroleum Corp. 4.85%, due 3/15/21		2,369,000		2,452,331
Cenovus Energy, Inc. 4.25%, due 4/15/27 (e)		2,000,000		2,071,747
Helmerich & Payne, Inc. 4.65%, due 3/15/25		2,900,000		3,070,152
Nabors Industries, Inc. 5.00%, due 9/15/20		985,000		987,463
Occidental Petroleum Corp. 4.20%, due 3/15/48		1,710,000		1,728,233
Petroleos Mexicanos
3.50%, due 1/30/23		1,575,000		1,494,517
4.875%, due 1/24/22		1,450,000		1,446,375
5.35%, due 2/12/28		1,100,000		1,001,110
				14,251,928
Oil & Gas Services 0.7%
Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)		4,725,000		4,923,352
Packaging & Containers 0.3%
WRKCo., Inc. 3.75%, due 3/15/25		1,825,000		1,893,437

	Principal Amount		Value
Pharmaceuticals 0.6%
Bayer U.S. Finance II LLC 3.875%, due 12/15/23 (a)	$	2,475,000	$	2,570,045
Bristol-Myers Squibb Co. 4.25%, due 10/26/49 (a)		1,675,000		1,851,545
				4,421,590
Pipelines 2.4%
Energy Transfer Operating, L.P. 6.05%, due 6/1/41		1,300,000		1,455,565
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		4,800,000		5,148,989
Enterprise Products Operating LLC 5.10%, due 2/15/45		2,600,000		2,971,968
Kinder Morgan Energy Partners, L.P. 6.375%, due 3/1/41		400,000		483,258
Kinder Morgan, Inc. 5.00%, due 2/15/21 (a)		4,500,000		4,667,222
Texas Eastern Transmission, L.P. 2.80%, due 10/15/22 (a)		2,350,000		2,346,908
				17,073,910
Real Estate Investment Trusts 2.5%
American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		3,000,000		3,030,317
HCP, Inc. 3.25%, due 7/15/26		2,050,000		2,066,029
Highwoods Realty, L.P. 3.625%, due 1/15/23		5,000,000		5,108,348
Host Hotels & Resorts, L.P. 6.00%, due 10/1/21		1,700,000		1,803,171
VEREIT Operating Partnership, L.P. 4.875%, due 6/1/26		4,872,000		5,268,500
				17,276,365
Retail 0.5%
CVS Health Corp. 5.05%, due 3/25/48		3,420,000		3,642,708
Software 0.6%
Fidelity National Information Services, Inc. 2.25%, due 8/15/21		1,150,000		1,147,643
Fiserv, Inc.
3.20%, due 7/1/26		1,425,000		1,454,469
4.75%, due 6/15/21		1,355,000		1,415,079
				4,017,191
Telecommunications 1.4%
AT&T, Inc.
4.50%, due 5/15/35		1,500,000		1,570,210
4.85%, due 3/1/39		2,000,000		2,146,461

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Telecommunications (continued)
Orange S.A. 5.375%, due 1/13/42	$	895,000	$	1,082,390
Telefonica Emisiones SAU 5.213%, due 3/8/47		1,500,000		1,653,705
Verizon Communications, Inc. 4.50%, due 8/10/33		3,150,000		3,548,686
				10,001,452
Transportation 0.4%
Norfolk Southern Corp. 5.64%, due 5/17/29		1,400,000		1,696,842
Union Pacific Corp. 4.30%, due 3/1/49		750,000		835,883
				2,532,725
Total Corporate Bonds (Cost $212,383,803)				224,460,493
Foreign Government Bonds 0.3%
Mexico 0.3%
United Mexican States 3.75%, due 1/11/28		1,850,000		1,884,687
Poland 0.0%‡
Republic of Poland Government International Bond 5.00%, due 3/23/22		350,000		375,813
Total Foreign Government Bonds (Cost $2,191,512)				2,260,500
Mortgage-Backed Securities 6.7%
Agency (Collateralized Mortgage Obligations) 1.7%
Federal Home Loan Mortgage Corporation Series 2019-1, Class A1 3.50%, due 5/25/29		4,179,298		4,346,847
Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
Series K089, Class A2 3.563%, due 1/25/29		2,800,000		3,042,877
Series K073, Class A2 3.35%, due 1/25/28		4,250,000		4,533,869
				11,923,593
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.8%
BX Commercial Mortgage Trust  Series 2019-IMC, Class A 3.44% (3 Month LIBOR + 1.00%), due 4/15/34 (a)(c)		800,000		801,004

	Principal Amount		Value
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)
COMM Mortgage Trust
Series 2016-COR1, Class A4 3.091%, due 10/10/49	$	3,000,000	$	3,081,520
Series 2015-LC19, Class A4 3.183%, due 2/10/48		1,400,000		1,451,887
CSAIL Commercial MortgageTrust 2018-CX11, Class A4 3.766%, due 4/15/51		2,000,000		2,143,449
Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
Series K090, Class A2 3.422%, due 2/25/29		2,700,000		2,905,173
Series K091, Class A2 3.505%, due 3/25/29		910,000		986,468
GRACE Mortgage Trust  Series 2014-GRCE, Class A 3.369%, due 6/10/28 (a)		1,700,000		1,732,103
GS Mortgage Securities Trust  Series 2015-GC32, Class AS 4.018%, due 7/10/48 (f)		3,000,000		3,211,713
Morgan Stanley Bank of America Merrill Lynch Trust  Series 2015-C21, Class AS 3.652%, due 3/15/48		1,000,000		1,043,154
Wells Fargo Commercial Mortgage Trust  Series 2016-NXS6, Class A2 2.399%, due 11/15/49		1,900,000		1,902,858
				19,259,329
Whole Loan (Collateralized Mortgage Obligations) 2.2%
JPMorgan Mortgage Trust (a)(f)
Series 2014-2, Class 1A1 3.00%, due 6/25/29		1,753,103		1,774,504
Series 2015-6, Class A5 3.50%, due 10/25/45		1,212,146		1,230,678
Seasoned Credit Risk Transfer Trust
Series 2018-3, Class MA 3.50%, due 8/25/57		6,289,307		6,513,249
Series 2019-2, Class MA 3.50%, due 8/25/58		3,127,373		3,247,352
Series 2019-2, Class M55D 4.00%, due 8/25/58		2,543,561		2,643,416
				15,409,199
Total Mortgage-Backed Securities (Cost $45,752,726)				46,592,121

14 MainStay VP Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Municipal Bonds 0.7%
Texas 0.7%
San Antonio Water System, Revenue Bonds 5.502%, due 5/15/29	$	2,000,000	$	2,375,420
Texas Transportation Commission State Highway Fund, Revenue Bonds 5.178%, due 4/1/30		2,150,000		2,599,329
Total Municipal Bonds (Cost $4,683,301)				4,974,749
U.S. Government & Federal Agencies 48.5%
Federal Home Loan Bank 3.7%
2.30%, due 1/26/21		2,500,000		2,500,561
2.50%, due 12/10/27		3,000,000		3,059,063
2.51%, due 12/29/22		2,100,000		2,102,346
2.65%, due 5/23/22		1,300,000		1,300,375
3.00%, due 3/10/28		1,900,000		2,007,401
3.125%, due 9/12/25		3,100,000		3,297,501
3.25%, due 6/9/28		4,000,000		4,321,054
3.25%, due 11/16/28		6,500,000		7,063,600
				25,651,901
Federal Home Loan Mortgage Corporation 3.1%
1.25%, due 8/15/19		2,000,000		1,997,600
2.55%, due 6/6/22		2,000,000		2,000,747
2.55%, due 6/20/22		1,425,000		1,425,254
2.70%, due 9/27/21		2,000,000		2,002,448
2.70%, due 4/5/22		2,000,000		2,000,120
2.70%, due 4/8/22		2,000,000		2,003,144
2.75%, due 6/17/24		1,700,000		1,700,324
2.753%, due 1/30/23		2,100,000		2,101,127
2.89%, due 4/16/24		2,000,000		2,003,334
2.90%, due 5/9/24		2,300,000		2,301,462
6.25%, due 7/15/32		1,600,000		2,297,190
				21,832,750
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 6.5%
3.50%, due 2/1/44		1,841,091		1,912,508
3.50%, due 1/1/45		1,251,438		1,303,968
3.50%, due 9/1/45		3,201,434		3,303,994
3.50%, due 3/1/46		733,915		757,308
3.50%, due 4/1/46		749,193		772,967
3.50%, due 9/1/46		248,131		255,696
3.50%, due 12/1/46		381,316		392,824
3.50%, due 11/1/47		911,288		938,659
3.50%, due 3/1/48		572,733		588,983
3.50%, due 5/1/48		6,118,999		6,282,578
3.50%, due 6/1/49		6,250,000		6,413,896
4.00%, due 7/1/23		112,362		117,070
4.00%, due 8/1/25		56,695		58,998
4.00%, due 11/1/41		1,074		1,128

	Principal Amount		Value
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued)
4.00%, due 1/1/42	$	347	$	365
4.00%, due 4/1/42		37,080		38,944
4.00%, due 5/1/44		52,693		55,176
4.00%, due 7/1/45		3,538		3,690
4.00%, due 8/1/45		2,570		2,680
4.00%, due 10/1/45		1,726		1,800
4.00%, due 11/1/45		672		699
4.00%, due 6/1/47		16,434		17,158
4.00%, due 5/1/48		6,685		6,956
4.00%, due 12/1/48		7,374,331		7,655,503
4.00%, due 5/1/49		6,832,785		7,106,197
4.50%, due 4/1/22		11,937		12,189
4.50%, due 4/1/23		6,038		6,232
4.50%, due 11/1/39		856,274		920,059
4.50%, due 8/1/40		129,376		139,046
4.50%, due 9/1/40		723,314		774,969
4.50%, due 11/1/40		341,618		361,522
4.50%, due 7/1/41		194,202		208,719
4.50%, due 2/1/47		274,347		289,051
4.50%, due 10/1/47		305,762		323,319
4.50%, due 4/1/48		257,079		270,381
4.50%, due 5/1/48		176,134		185,145
4.50%, due 8/1/48		362,327		380,693
4.50%, due 9/1/48		549,979		576,182
5.00%, due 3/1/25		73,296		75,464
5.00%, due 8/1/35		47,589		52,067
5.00%, due 4/1/37		537,110		587,660
5.00%, due 8/1/37		133,254		145,059
5.00%, due 3/1/40		254,611		276,734
5.50%, due 9/1/21		17,137		17,291
5.50%, due 9/1/22		29,850		30,328
5.50%, due 9/1/37		300,179		333,488
5.50%, due 8/1/38		130,959		142,572
5.50%, due 12/1/38		135,848		150,379
6.00%, due 7/1/21		39,253		39,824
6.00%, due 8/1/36		57,919		65,578
6.00%, due 9/1/37		131,052		147,966
6.00%, due 5/1/40		336,587		381,898
6.50%, due 11/1/35		20,796		23,200
6.50%, due 8/1/37		26,791		31,670
				44,938,430
Federal National Mortgage Association 1.1%
1.25%, due 7/26/19		2,500,000		2,498,320
1.875%, due 9/24/26		900,000		890,827
6.25%, due 5/15/29		3,000,000		4,049,443
				7,438,590

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
Federal National Mortgage Association (Mortgage Pass-Through Securities) 10.4%
2.50%, due 5/1/43	$	552,890	$	551,208
2.91%, due 4/1/26		6,450,000		6,609,157
3.00%, due 9/1/42		1,985,791		2,020,003
3.00%, due 9/1/43		1,401,319		1,425,466
3.00%, due 12/1/43		1,400,024		1,421,763
3.00%, due 11/1/46		12,356,069		12,515,554
3.00%, due 2/1/47		2,557,733		2,589,881
3.00%, due 7/1/47		1,366,565		1,383,823
3.00%, due 7/1/48		1,615,850		1,636,821
3.50%, due 11/1/40		223,726		230,685
3.50%, due 10/1/43		1,071,540		1,112,472
3.50%, due 11/1/43		693,773		720,240
3.50%, due 1/1/44		1,059,982		1,100,389
3.50%, due 5/1/45		1,446,282		1,507,738
3.50%, due 8/1/45		2,071,149		2,136,170
3.50%, due 9/1/45		475,290		490,211
3.50%, due 3/1/46		585,791		604,086
3.50%, due 9/1/46		1,226,656		1,276,427
3.50%, due 1/1/47		1,078,829		1,110,695
3.50%, due 10/1/47		4,586,127		4,722,927
3.50%, due 12/1/47		627,118		646,015
3.50%, due 1/1/48		1,092,632		1,125,165
4.00%, due 4/1/20		202		209
4.00%, due 10/1/20		18		19
4.00%, due 3/1/22		32,878		34,128
4.00%, due 12/1/25		390,711		406,394
4.00%, due 12/1/39		94,757		99,894
4.00%, due 7/1/40		498,675		525,723
4.00%, due 5/1/42		1,289,129		1,359,591
4.00%, due 11/1/45		355,942		372,295
4.00%, due 12/1/45		349,786		365,856
4.00%, due 5/1/46		418,987		438,234
4.00%, due 6/1/46		2,952,028		3,091,586
4.00%, due 9/1/46		315,514		329,914
4.00%, due 4/1/47		9,559		9,982
4.00%, due 5/1/47		16,599		17,329
4.00%, due 6/1/47		3,187		3,327
4.00%, due 9/1/47		7,513		7,820
4.00%, due 10/1/47		5,381		5,601
4.00%, due 11/1/47		5,617		5,847
4.00%, due 1/1/48		9,026		9,376
4.00%, due 6/1/49		6,300,000		6,573,066
4.50%, due 5/1/24		183,991		189,858
4.50%, due 11/1/35		173,679		186,275
4.50%, due 4/1/41		475,805		511,042
4.50%, due 5/1/41		682,543		733,084
4.50%, due 7/1/41		563,350		605,071
4.50%, due 9/1/41		220,421		236,745
4.50%, due 3/1/44		263,463		280,555

	Principal Amount		Value
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)
4.50%, due 8/1/44	$	1,289,751	$	1,381,993
4.50%, due 11/1/44		308,404		327,986
4.50%, due 3/1/46		175,862		186,205
4.50%, due 12/1/46		297,290		313,274
4.50%, due 2/1/47		170,004		178,973
4.50%, due 7/1/47		342,358		360,457
4.50%, due 2/1/48		253,501		266,561
4.50%, due 4/1/48		156,108		163,419
4.50%, due 8/1/48		177,683		185,628
4.50%, due 10/1/48		180,219		188,268
4.50%, due 11/1/48		371,474		388,065
4.50%, due 12/1/48		278,569		292,324
5.00%, due 12/1/23		134,242		138,173
5.00%, due 3/1/34		366,711		390,176
5.00%, due 4/1/34		249,866		273,751
5.00%, due 4/1/35		89,800		98,158
5.00%, due 2/1/36		153,269		167,594
5.00%, due 5/1/37		247		267
5.00%, due 6/1/37		178,342		194,187
5.00%, due 5/1/38		239,780		260,345
5.00%, due 1/1/39		100,352		108,776
5.00%, due 3/1/44		136,904		148,469
5.00%, due 9/1/48		321,146		344,247
5.50%, due 1/1/21		767		775
5.50%, due 12/1/21		2,823		2,883
5.50%, due 1/1/22		12,171		12,378
5.50%, due 2/1/22		765		779
5.50%, due 4/1/34		98,372		108,458
5.50%, due 8/1/37		83,333		92,560
5.50%, due 3/1/38		183,956		201,397
5.50%, due 6/1/38		187,272		207,894
5.50%, due 1/1/39		429,913		477,457
5.50%, due 11/1/39		79,395		86,213
5.50%, due 6/1/40		59,972		66,491
6.00%, due 3/1/36		24,693		27,976
6.00%, due 10/1/38		291,949		328,644
6.00%, due 12/1/38		275,017		311,901
6.00%, due 4/1/40		139,500		158,201
6.50%, due 10/1/36		33,618		38,496
6.50%, due 8/1/37		8,404		9,403
7.00%, due 9/1/37		51,358		60,465
7.00%, due 10/1/37		621		735
7.00%, due 11/1/37		6,778		7,797
7.50%, due 7/1/28		14,969		16,332
				71,910,248
Government National Mortgage Association (Mortgage Pass-Through Securities) 3.8%
3.50%, due 6/20/42		875,966		914,532
3.50%, due 8/20/43		1,197,292		1,247,681

16 MainStay VP Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued)
3.50%, due 11/20/43	$	1,157,773	$	1,206,026
3.50%, due 4/20/45		889,817		922,935
3.50%, due 12/20/45		1,413,094		1,470,689
3.50%, due 2/20/46		674,421		697,967
3.50%, due 10/20/46		970,334		1,004,214
3.50%, due 11/20/46		1,133,403		1,172,977
3.50%, due 1/20/47		978,936		1,013,017
3.50%, due 5/20/47		1,523,969		1,576,401
3.50%, due 6/20/47		522,301		540,217
3.50%, due 7/20/47		804,496		831,928
3.50%, due 8/20/47		479,218		495,511
3.50%, due 9/20/47		766,110		792,069
3.50%, due 1/20/49		384,750		397,637
4.00%, due 1/20/42		1,049,297		1,111,287
4.00%, due 2/20/42		408,398		432,546
4.00%, due 8/20/43		1,321,042		1,389,281
4.00%, due 10/20/43		403,133		425,417
4.00%, due 3/15/44		54,691		58,087
4.00%, due 6/20/44		385,701		406,687
4.00%, due 7/15/44		387,210		411,259
4.00%, due 8/20/44		343,029		360,337
4.00%, due 9/20/44		351,085		370,205
4.00%, due 12/20/44		237,525		250,468
4.00%, due 1/20/45		184,929		194,988
4.00%, due 4/20/45		242,792		256,005
4.00%, due 7/15/45		247,769		263,150
4.00%, due 9/20/45		123,136		129,465
4.00%, due 2/20/46		229,462		241,088
4.00%, due 12/20/46		353,218		369,719
4.00%, due 1/20/47		309,628		323,250
4.00%, due 2/20/47		311,733		325,392
4.00%, due 3/20/47		717,575		750,510
4.00%, due 4/20/47		207,999		217,291
4.00%, due 5/20/47		431,714		450,380
4.00%, due 7/20/47		393,839		410,938
4.00%, due 12/20/47		420,789		438,379
4.00%, due 6/20/48		552,379		573,446
4.00%, due 8/20/48		632,356		655,939
4.00%, due 3/20/49		297,483		308,560
4.50%, due 6/15/39		975,666		1,051,144
4.50%, due 6/15/40		273,912		295,301
				26,754,320
Tennessee Valley Authority 0.4%
5.25%, due 9/15/39		2,000,000		2,665,341
United States Treasury Bonds 3.9%
3.00%, due 2/15/49		20,950,000		23,008,992
4.25%, due 5/15/39		2,925,000		3,826,494
				26,835,486

	Principal Amount		Value
United States Treasury Notes 15.6%
1.75%, due 6/15/22	$	21,400,000	$	21,430,094
2.00%, due 5/31/24		20,875,000		21,120,444
2.125%, due 5/31/21		15,300,000		15,403,992
2.125%, due 5/31/26		2,350,000		2,389,289
2.25%, due 11/15/25		8,875,000		9,088,901
2.375%, due 5/15/29 (e)		600,000		620,039
2.50%, due 1/31/21		1,500,000		1,515,703
2.50%, due 2/15/22		17,000,000		17,334,024
2.875%, due 10/31/20		18,785,000		19,029,352
				107,931,838
Total U.S. Government & Federal Agencies (Cost $331,418,399)				335,958,904
TotalLong-Term Bonds (Cost $668,391,950)				685,975,317
Short-Term Investments 2.6%
Repurchase Agreement 0.7%
RBC Capital Markets 2.46%, dated 6/28/19 due 7/1/19 Proceeds at Maturity $5,205,067 (Collateralized by United States Treasury Note with a rate of 1.25% and a maturity date of 3/31/21, with a Principal Amount of $5,344,200 and a Market Value of $5,309,209)		5,204,000		5,204,000
Total Repurchase Agreement (Cost $5,204,000)				5,204,000
U.S. Government & Federal Agencies 1.5%
Federal Home Loan Bank Discount Notes  2.028%, due 7/1/19 (g)(h)		8,100,000		8,100,000
United States Treasury Bills 2.242%, due 9/5/19		2,200,000		2,191,560
Total U.S. Government & Federal Agencies (Cost $10,291,129)				10,291,560

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares			Value
Short-Term Investments (continued)
Unaffiliated Investment Company 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (h)(i)	$	2,743,200		$	2,743,200
Total Unaffiliated Investment Company (Cost $2,743,200)					2,743,200
TotalShort-Term Investments (Cost $18,238,329)					18,238,760
Total Investments (Cost $686,630,279)		101.6	%		704,214,077
Other Assets, Less Liabilities		(1.6	)		(11,216,368	)
Net Assets		100.0	%	$	692,997,709

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) Step coupon—Rate shown was the rate in effect as of June 30, 2019.

(c) Floating rate—Rate shown was the rate in effect as of June 30, 2019.

(d) Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2019.

(e) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $2,690,119 and the Portfolio received cash collateral with a value of $2,743,200 (See Note 2(J)).

(f) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

(g) Interest rate shown represents yield to maturity.

(h) Current yield as of June 30, 2019.

(i) Represents security purchased with cash collateral received for securities on loan.

As of June 30, 2019, the Portfolio held the following futures contracts¹:

Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
2-Year United States Treasury Note		152			September 2019	$	32,526,730		$	32,707,313		$	180,583
5-Year United States Treasury Note		236			September 2019		27,525,738			27,884,875			359,137
10-Year United States Treasury Note		23			September 2019		2,930,025			2,943,281			13,256
United States Treasury Ultra Bond		93			September 2019		15,932,236			16,513,312			581,076
Total Long Contracts													1,134,052
Short Contracts
10-Year United States Treasury Ultra Note		(94	)		September 2019		(12,750,620	)		(12,983,750	)		(233,130	)
Total Short Contracts													(233,130	)
Net Unrealized Appreciation												$	900,922

1. As of June 30, 2019, cash in the amount of $483,620 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2019.

The following abbreviations are used in the preceding pages:

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

18 MainStay VP Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets and liabilities:

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	$	—		$	71,728,550	$	—	$	71,728,550
Corporate Bonds		—			224,460,493		—		224,460,493
Foreign Government Bonds		—			2,260,500		—		2,260,500
Mortgage-Backed Securities		—			46,592,121		—		46,592,121
Municipal Bonds		—			4,974,749		—		4,974,749
U.S. Government & Federal Agencies		—			335,958,904		—		335,958,904
TotalLong-Term Bonds		—			685,975,317		—		685,975,317
Short-Term Investments
Repurchase Agreements		—			5,204,000		—		5,204,000
U.S. Government & Federal Agencies		—			10,291,560		—		10,291,560
Unaffiliated Investment Company		2,743,200			—		—		2,743,200
TotalShort-Term Investments		2,743,200			15,495,560		—		18,238,760
Total Investments in Securities		2,743,200			701,470,877		—		704,214,077
Other Financial Instruments
Futures Contracts (b)		1,134,052			—		—		1,134,052
Total Investments in Securities and Other Financial Instruments	$	3,877,252		$	701,470,877	$	—	$	705,348,129
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(233,130	)	$	—	$	—	$	(233,130	)

(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.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $686,630,279) including securities on loan of $2,690,119	$	704,214,077
Cash		10,300,104
Cash collateral on deposit at broker for futures contracts		483,620
Receivables:
Investment securities sold		32,328,464
Interest		4,368,126
Portfolio shares sold		428,483
Securities lending		899
Other assets		3,190
Total assets		752,126,963
Liabilities
Cash collateral received for securities on loan		2,743,200
Payables:
Investment securities purchased		55,631,402
Portfolio shares redeemed		286,589
Manager (See Note 3)		276,953
NYLIFE Distributors (See Note 3)		75,346
Professional fees		41,983
Shareholder communication		33,920
Custodian		28,624
Variation margin on futures contracts		4,916
Trustees		783
Accrued expenses		5,538
Total liabilities		59,129,254
Net assets	$	692,997,709
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	47,691
Additional paid-in capital		652,023,685
		652,071,376
Total distributable earnings (loss)		40,926,333
Net assets	$	692,997,709

Initial Class
Net assets applicable to outstanding shares	$	321,291,150
Shares of beneficial interest outstanding		21,977,525
Net asset value per share outstanding	$	14.62
Service Class
Net assets applicable to outstanding shares	$	371,706,559
Shares of beneficial interest outstanding		25,713,194
Net asset value per share outstanding	$	14.46

20 MainStay VP Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest	$	10,994,969
Securities lending		10,738
Other		1,670
Total income		11,007,377
Expenses
Manager (See Note 3)		1,605,007
Distribution/Service—Service Class (See Note 3)		426,429
Professional fees		53,857
Shareholder communication		37,520
Custodian		30,100
Trustees		7,825
Miscellaneous		13,535
Total expenses		2,174,273
Net investment income (loss)		8,833,104
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net realized gain (loss) on:
Investment transactions		3,866,029
Futures transactions		1,938,963
Net realized gain (loss) on investments and futures transactions		5,804,992
Net change in unrealized appreciation (depreciation) on:
Investments		26,966,702
Futures contracts		72,644
Net change in unrealized appreciation (depreciation) on investments and futures contracts		27,039,346
Net realized and unrealized gain (loss) on investments and futures transactions		32,844,338
Net increase (decrease) in net assets resulting from operations	$	41,677,442

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	8,833,104		$	19,418,890
Net realized gain (loss) on investments and futures contracts		5,804,992			(11,288,640	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		27,039,346			(19,877,029	)
Net increase (decrease) in net assets resulting from operations		41,677,442			(11,746,779	)
Distributions to shareholders:
Initial Class		—			(10,651,264	)
Service Class		—			(9,223,661	)
Total distributions to shareholders		—			(19,874,925	)
Capital share transactions:
Net proceeds from sale of shares		79,629,206			145,886,552
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			19,874,925
Cost of shares redeemed		(59,090,643	)		(353,955,003	)
Increase (decrease) in net assets derived from capital share transactions		20,538,563			(188,193,526	)
Net increase (decrease) in net assets		62,216,005			(219,815,230	)
Net Assets
Beginning of period		630,781,704			850,596,934
End of period	$	692,997,709		$	630,781,704

22 MainStay VP Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Initial Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	13.72			$	14.31			$	14.26			$	14.19			$	14.52			$	14.00
Net investment income (loss) (a)			0.20				0.38				0.32				0.32				0.31				0.33
Net realized and unrealized gain (loss) on investments			0.70				(0.53	)			0.23				0.20				(0.27	)			0.49
Total from investment operations			0.90				(0.15	)			0.55				0.52				0.04				0.82
Less dividends and distributions:
From net investment income			—				(0.40	)			(0.37	)			(0.39	)			(0.36	)			(0.30	)
From net realized gain on investments			—				(0.04	)			(0.13	)			(0.06	)			(0.01	)			—
Total dividends and distributions			—				(0.44	)			(0.50	)			(0.45	)			(0.37	)			(0.30	)
Net asset value at end of period		$	14.62			$	13.72			$	14.31			$	14.26			$	14.19			$	14.52
Total investment return (b)			6.56	%(c)			(1.00	%)			3.85	%			3.53	%			0.22	%			5.82	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			2.85	%††			2.76	%			2.23	%			2.16	%(d)			2.14	%			2.29	%
Net expenses			0.54	%††			0.53	%			0.52	%			0.51	%(e)			0.52	%			0.53	%
Expenses (before waiver/reimbursement)			0.54	%††			0.53	%			0.52	%			0.53	%			0.52	%			0.53	%
Portfolio turnover rate (f)			119	%			148	%			209	%			258	%			326	%			262	%
Net assets at end of period (in 000’s)		$	321,291			$	307,682			$	517,067			$	538,979			$	707,265			$	733,113

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 2.14%.

(e) Without the custody fee reimbursement, net expenses would have been 0.53%.

(f) The portfolio turnover rates not including mortgage dollar rolls were 104%, 133%, 190%, 223%, 191% and 116% for the six months ended June 30, 2019 and for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Service Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	13.58			$	14.16			$	14.12			$	14.06			$	14.39			$	13.87
Net investment income (loss) (a)			0.18				0.35				0.28				0.28				0.27				0.29
Net realized and unrealized gain (loss) on investments			0.70				(0.53	)			0.22				0.19				(0.27	)			0.48
Total from investment operations			0.88				(0.18	)			0.50				0.47				(0.00	)‡			0.77
Less dividends and distributions:
From net investment income			—				(0.36	)			(0.33	)			(0.35	)			(0.32	)			(0.25	)
From net realized gain on investments			—				(0.04	)			(0.13	)			(0.06	)			(0.01	)			—
Total dividends and distributions			—				(0.40	)			(0.46	)			(0.41	)			(0.33	)			(0.25	)
Net asset value at end of period		$	14.46			$	13.58			$	14.16			$	14.12			$	14.06			$	14.39
Total investment return (b)			6.48	%(c)			(1.25	%)			3.59	%			3.27	%			(0.03	%)			5.56	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			2.60	%††			2.53	%			1.98	%			1.90	%(d)			1.89	%			2.04	%
Net expenses			0.79	%††			0.78	%			0.77	%			0.76	%(e)			0.77	%			0.78	%
Expenses (before waiver/reimbursement)			0.79	%††			0.78	%			0.77	%			0.78	%			0.77	%			0.78	%
Portfolio turnover rate (f)			119	%			148	%			209	%			258	%			326	%			262	%
Net assets at end of period (in 000’s)		$	371,707			$	323,100			$	333,530			$	351,848			$	339,529			$	358,663

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 1.88%.

(e) Without the custody fee reimbursement, net expenses would have been 0.78%.

(f) The portfolio turnover rates not including mortgage dollar rolls were 104%, 133%, 190%, 223%, 191% and 116% for the six months ended June 30, 2019 and for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively.

24 MainStay VP Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Notes to Financial Statements (Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Bond Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on January 23, 1984. Service Class shares commenced operations on June 4, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan, adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek total return.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determi-

nations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

25

Notes to Financial Statements(Unaudited) (continued)

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that

has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies

26 MainStay VP Bond Portfolio

summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method and includes any realized gains and losses from repayments of principal on mortgage-backed securities. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, repurchase agreements are shown in the Portfolio of Investments.

(H)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security, or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker

27

Notes to Financial Statements(Unaudited) (continued)

or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, open futures contracts are shown in the Portfolio of Investments.

(I)  Dollar Rolls.  The Portfolio may enter into dollar roll transactions in which it sells mortgage-backed securities (“MBS”) from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. The Portfolio generally transfers MBS where the MBS are “to be announced,” therefore, the Portfolio accounts for these transactions as purchases and sales.

When accounted for as purchase and sales, the securities sold in connection with the dollar rolls are removed from the portfolio and a realized gain or loss is recognized. The securities the Portfolio has agreed to acquire are included at market value in the Portfolio of Investments and liabilities for such purchase commitments are included as payables for investments purchased. During the roll period, the Portfolio foregoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the forward price for the future as well as by the earnings on the cash proceeds of the initial sale. Dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolio maintains liquid assets from its portfolio having a value not less than the repurchase price, including accrued interest. Dollar roll transactions involve certain risks, including the risk that the securities returned to the Portfolio at the end of the roll period, while substantially similar, could be inferior to what was initially sold to the counterparty.

The Portfolio accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss).

(J)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $2,690,119 and received cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $2,743,200.

(K)  Securities Risk.  The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

Investments in the Portfolio are not guaranteed, even though some of the Portfolio’s underlying investments are guaranteed by the U.S. government or its agencies or instrumentalities. The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Portfolio’s investment. If interest rates rise, less of the debt may be prepaid and the Portfolio may lose money because the Portfolio may be unable to invest in higher yielding assets. The Portfolio is subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

The Portfolio may invest in foreign debt securities, which carry certain risks that are in addition to the usual risks inherent in domestic debt securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of

28 MainStay VP Bond Portfolio

debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(L)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(M)  Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. The Portfolio entered into futures contracts in order to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of the Portfolio’s securities as well as help manage the duration and yield curve positioning of the portfolio. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of June 30, 2019:

Asset Derivatives

	Statement of Assets and Liabilities Location	Interest Rate Contracts Risk		Total
Futures Contracts	Net Assets— Net unrealized appreciation on investments and futures contracts (a)	$	1,134,052	$	1,134,052
Total Fair Value		$	1,134,052	$	1,134,052

Liability Derivatives

	Statement of Assets and Liabilities Location	Interest Rate Contracts Risk			Total
Futures Contracts	Net Assets— Net unrealized depreciation on investments and futures contracts (a)	$	(233,130	)	$	(233,130	)
Total Fair Value		$	(233,130	)	$	(233,130	)

(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.

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Realized Gain (Loss)

	Statement of Operations Location	Interest Rate Contracts Risk		Total
Futures Contracts	Net realized gain (loss) on futures transactions	$	1,938,963	$	1,938,963
Total Realized Gain (Loss)		$	1,938,963	$	1,938,963

Change in Unrealized Appreciation (Depreciation)

	Statement of Operations Location	Interest Rate Contracts Risk		Total
Futures Contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$	72,644	$	72,644
Total Change in Unrealized Appreciation (Depreciation)		$	72,644	$	72,644

Average Notional Amount

	Interest Rate Contracts Risk			Total
Futures Contracts Long	$	68,197,858		$	68,197,858
Futures Contracts Short	$	(10,615,859	)	$	(10,615,859	)

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. NYL Investors LLC (“NYL Investors” or the “Subadvisor”), a registered investment adviser and a direct,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and NYL Investors, New York Life Investments pays for the services of the Subadvisor.

29

Notes to Financial Statements(Unaudited) (continued)

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.50% up to $500 million; 0.475% from $500 million to $1 billion; 0.45% from $1 billion to $3 billion; and 0.44% in excess of $3 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.49%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $1,605,007, and paid the Subadvisor in the amount of $802,504.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	687,448,616	$	19,149,813	$	(2,384,352	)	$	16,765,461

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income		Tax-Based Distributions from Long-Term Gains
$	17,997,689	$	1,877,236

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

30 MainStay VP Bond Portfolio

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of U.S. government securities were $675,288 and $597,611, respectively. Purchases and sales of securities, other than U.S. government securities andshort-term securities, were $130,847 and $174,024, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		2,012,099		$	28,301,748
Shares redeemed		(2,467,523	)		(34,622,819	)
Net increase (decrease)		(455,424	)	$	(6,321,071	)
Year ended December 31, 2018:
Shares sold		6,688,591		$	92,811,203
Shares issued to shareholders in reinvestment of dividends and distributions		789,830			10,651,264
Shares redeemed		(21,190,244	)		(294,654,464	)
Net increase (decrease)		(13,711,823	)	$	(191,191,997	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		3,676,350		$	51,327,458
Shares redeemed		(1,756,647	)		(24,467,824	)
Net increase (decrease)		1,919,703		$	26,859,634
Year ended December 31, 2018:
Shares sold		3,867,467		$	53,075,349
Shares issued to shareholders in reinvestment of dividends and distributions		690,418			9,223,661
Shares redeemed		(4,311,268	)		(59,300,539	)
Net increase (decrease)		246,617		$	2,998,471

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requiwrements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

31

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

32 MainStay VP Bond Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781605 MSVPB10-08/19 (NYLIAC) NI509   

MainStay VP Emerging Markets Equity Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	11
Financial Statements	20
Notes to Financial Statements	25
Proxy Voting Policies and Procedures and Proxy Voting Record	33
Shareholder Reports and Quarterly Portfolio Disclosure	33

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class

Inception Date

Six Months

One Year

Five Years

Since Inception

Gross Expense Ratio2

Initial Class Shares

2/17/2012

12.17%

–2.60%

–0.44

%

–0.60

%

1.15

%

Service Class Shares

2/17/2012

12.03

–2.84

–0.69

–0.85

1.40

Benchmark Performance	Six Months			One Year			Five Years			Since Inception
MSCI Emerging Markets Index3		10.58	%		1.21	%		2.49	%		2.39	%
Morningstar Diversified Emerging Markets Category Average4		12.06			1.16			1.71			2.16

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The MSCI Emerging Markets Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The MSCI Emerging Markets Index is a free float-adjusted market-capitalization index that is

designed to measure equity market performance in the global emerging markets. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Emerging Markets Equity Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,121.70	$	6.05	$	1,019.09	$	5.76	1.15%
Service Class Shares	$	1,000.00	$	1,120.30	$	7.36	$	1,017.85	$	7.00	1.40%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Emerging Markets Equity Portfolio

Country Composition as of June 30, 2019(Unaudited)

China	30.2	%
Republic of Korea	12.6
Taiwan	10.2
India	9.9
Brazil	9.3
South Africa	5.9
Russia	4.9
Thailand	3.3
Mexico	2.5
Philippines	1.7
Indonesia	1.6
Poland	1.4
United States	1.4
Malaysia	0.8

Argentina	0.7	%
Hong Kong	0.7
Peru	0.7
Hungary	0.6
Turkey	0.5
United Arab Emirates	0.4
Egypt	0.3
Greece	0.2
Chile	0.1
Colombia	0.1
Romania	0.0	‡
Other Assets, Less Liabilities	0.0	‡
	100.0	%

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

Top Ten Holdings as of June 30, 2019(excluding short-term investments) (Unaudited)

1. Tencent Holdings, Ltd.

2. Alibaba Group Holding, Ltd., Sponsored ADR

3. Taiwan Semiconductor Manufacturing Co., Ltd.

4. Samsung Electronics Co., Ltd.

5. Naspers, Ltd.

  6. Ping An Insurance Group Co. of China, Ltd., Class H

  7. China Construction Bank Corp., Class H

  8. China Merchants Bank Co., Ltd., Class H

  9. Petroleo Brasileiro S.A.

10. Reliance Industries, Ltd.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Ping Wang, PhD, and Rui Tang, CFA, of MacKay Shields LLC (“MacKay Shields”), a Subadvisor of the Portfolio, and Jan Boudewijns, Philip Screve and Mohamed Lamine Saidi of Candriam Belgium (“Candriam”), a Subadvisor of the Portfolio.

How did MainStay VP Emerging Markets Equity Portfolio perform relative to its benchmark and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Emerging Markets Equity Portfolio returned 12.17% for Initial Class shares and 12.03% for Service Class shares. Over the same period, both share classes outperformed the 10.58% return of the MSCI Emerging Markets Index, which is the Portfolio’s benchmark. For the six months ended June 30, 2019, Initial Class shares outperformed, and Service Class shares underperformed, the 12.06% return of the Morningstar Diversified Emerging Markets Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

Candriam

The portion of the Portfolio subadvised by Candriam outperformed the MSCI Emerging Markets Index during the reporting period largely due to its investment process, which focuses on thebottom-up selection of reasonably priced stocks of quality companies delivering strong and sustainable profitability. During the reporting period, our investment process resulted in a structural tilt toward quality and growth stocks in the Portfolio.

A strong recovery in emerging-markets equities at the start of 2019 underpinned the Candriam portion of the Portfolio’s positive performance. Several political and economic developments drove the sector’s recovery, including a more constructive evolution of U.S.-China trade negotiations, aU-turn by the U.S. Federal Reserve Board to a more benign monetary and balance-sheet policy, and monetary and fiscal support by the Chinese government to halt China’s slowing growth trend.

In this supportive environment, the Candriam portion of the Portfolio initially added to its China equities exposure, with a focus on localA-shares, while also increasing exposure to promising growth-sensitive stocks such as the Latin Americane-commerce giant MercadoLibre in Argentina, mining company Southern Copper in Peru and communication equipment manufacturer Accton Technology in Taiwan.

As trade tensions between the United States and China started to rise again from May 2019 onwards, the Candriam portion of the Portfolio again reduced exposure to Chinese equities, focusing the reduction on more exposedA-shares and on companies directly impacted by rising trade and technology tensions, not only in China but also in Korea and Taiwan. The Candriam portion of the Portfolio reinvested those proceeds in equities based in areas less exposed to trade tensions, such as India, Russia, Thailand and Brazil, the latter of which benefited

from strong investor interest in growing prospects for pension reform.

Throughout the reporting period, the Candriam portion of the Portfolio maintained a balanced and diversified approach in terms of both allocation and stock selection. Our initialrisk-on actions in early 2019 bolstered the Candriam portion of the Portfolio’s performance relative to the MSCI Emerging Markets Index, while subsequent profit-taking and risk-reduction steps taken from May onward helped maintain its comparatively strong gains.

MacKay Shields

The portion of the Portfolio subadvised by MacKay Shields underperformed the MSCI Emerging Markets Index during the reporting period, primarily as a result of weak stock selection. Our stock selection process is driven by the systematic assessment of eligible securities across valuation, momentum and market sentiment measures using the investment team’s systematic stock selection model. This process is the main determiner of positioning in the MacKay Shields portion of the Portfolio.

During the reporting period, many investors tended to react primarily to macroeconomic and political developments, such as the evolving trade tensions between the United States and China. In this environment, individual company fundamentals often failed to drive stock performance. As a result, our valuation signals, which seek to evaluate companies across sales- and cash-based measures on a peer-relative basis, failed to enhance relative returns. Our momentum and sentiment composite supported the relative performance of the portion of the Portfolio subadvised by MacKay Shields, but not strongly enough to offset the underperformance of our valuation signals.

Which sectors were the strongest positive contributors to the Portfolio’s relative performance, and which sectors were particularly weak?

Candriam

In the portion of the Portfolio subadvised by Candriam, the financials, communication services and real estate sectors made the strongest positive sector contributions to performance relative to the MSCI Emerging Markets Index during the reporting period. (Contributions take weightings and total returns into account.) During the same period, utilities, consumer staples and information technology made the weakest sector contributions to the relative performance of the Candriam portion of the Portfolio.

1. See page 5 for more information on benchmark and peer group returns.

8 MainStay VP Emerging Markets Equity Portfolio

MacKay Shields

In the portion of the Portfolio subadvised by MacKay Shields, the sectors that made the most substantial positive contributions to the Portfolio’s performance relative to the MSCI Emerging Markets Index during the reporting period included consumer discretionary, energy and health care. During the same period, the sectors that detracted the most from the relative performance of the MacKay Shields portion of the Portfolio were communication services, financials and industrials.

During the reporting period, which individual stocks made the strongest positive contributions to the Portfolio’s absolute performance and which stocks detracted the most?

Candriam

In the Candriam portion of the Portfolio, the strongest contributions to absolute performance came from three China-based holdings: bank China Merchants Bank, insurer Ping An Insurance and information technology ande-commerce company Alibaba Group. All three performed particularly well during the first half of the reporting period as the hope for a U.S.-China trade deal increased. In our opinion, China Merchants Bank has the best retail banking franchise in China in terms of service quality, a factor that bolstered returns during the reporting period and which we expect to be an advantage going forward if China’s central bank relaxes deposit-rate guidelines as expected. Ping An Insurance benefited from its increasing use of technology in core functions, such as product pricing, investment and risk control, positioning the company to better deal with ongoing Chinese insurance industry reforms, in our view. Despite sluggish domestice-commerce growth, Alibaba maintained a reputation for innovation and leadership in areas ranging from offline commerce and food delivery to cloud computing and digital media.

During the reporting period, the most substantial detractors from absolute performance in the Candriam portion of the Portfolio included Chinesee-commerce platform Pinduoduo, South Korean cosmetics manufacturer Cosmax and Chinese automobile maker Geely Automobile. Each of these stocks provided negative total returns during the reporting period. Pinduoduo faced intensified competition from majore-commerce platforms such as Alibaba amid an industry slowdown.

Cosmax missed earnings expectations on disappointing sales in China and announced the need for a further increase in capital spending. Despite promising new models and market share gains, Geely suffered from a depressed Chinese car market following subsidy cuts in 2018.

MacKay Shields

The stocks that made the most substantial contributions to the absolute performance of the MacKay Shields portion of the Portfolio during the reporting period were South African media company Naspers, Chinese Internet & direct marketing retailer Alibaba and South Korean consumer electronics manufacturer Samsung. Over the same period, the stocks that detracted the most from the absolute performance of the MacKay Shields portion of the Portfolio were South African entertainment company Multichoice, Indian thrifts & mortgage finance company Dewan Housing Finance and Indian energy & infrastructure provider Reliance Infrastructure.

Did the Portfolio make any significant purchases or sales during the reporting period?

Candriam

Significant purchases in the Candriam portion of the Portfolio during the reporting period included shares of Russian retailer X5 Retail and South African gold producer AngloGold Ashanti. The Candriam portion of the Portfolio added the position in X5 Retail because we believed that recent increases in operational efficiency positioned the company to benefit from favorable trends, such as food inflation. We believed that AngloGold Ashanti represented an attractive defensive stock sensitive to the price of gold in a time of rising geopolitical tensions and rallying gold prices.

During the reporting period, significant sales in the Candriam portion of the Portfolio included Brazilian bank Itaú Unibanco and the Chinese bank China Construction Bank. The Candriam portion of the Portfolio reduced its position in Itaú Unibanco in favor of other Brazil financial stocks, such as Banco do Brasil and reinsurance group IRB. The Candriam portion of the Portfolio reduced its position in China Construction Bank in preference for China Merchants Bank, which we believed had a stronger franchise.

MacKay Shields

The most substantial position initiated in the MacKay Shields portion of the Portfolio during the reporting period was in Mexican beverage retailer Fomento Económico Mexicano, while the largest increased purchase was in Brazilian bank Banco Bradesco. During the same period, the most substantial position that the MacKay Shields portion of the Portfolio exited entirely was in Mexican retailer Walmart de México, while the largest decreased position size was in Brazilian metals & mining company Vale.

9

How did the Portfolio’s sector weightings change during the reporting period?

Candriam

During the reporting period, the Candriam portion of the Portfolio saw its most substantial weighting increase relative to the MSCI Emerging Markets Index in the consumer discretionary sector. This increase was followed by relative sector-weighting increases in real estate and consumer staples. During the same period, the Candriam portion of the Portfolio saw a large decrease in its sector weightings relative to the benchmark in industrials, followed by sector-weighting decreases in materials and information technology.

MacKay Shields

In the MacKay Shields portion of the Portfolio, the most substantial increases in sector weightings relative to the MSCI Emerging Markets Index during the reporting period were in financials and communications services. Over the same period, the MacKay Shields portion of the Portfolio saw its most substantial decreases in sector weightings relative to the benchmark in materials and utilities.

How was the Portfolio positioned at the end of the reporting period?

Candriam

As of June 30, 2019, the sectors that were most substantially overweight relative to the MSCI Emerging Markets Index in the Candriam portion of the Portfolio were health care, financials and real estate. As of the same date, the sectors that were most substantially underweight in the Candriam portion of the Portfolio were utilities and materials.

MacKay Shields

As of June 30, 2019, the sectors in the MacKay Shields portion of the Portfolio that were most substantially overweight relative to the MSCI Emerging Markets Index were information technology and industrials. As of the same date, the sectors in the MacKay Shields portion of the Portfolio that were most substantially underweight relative to the Index were consumer staples and materials.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

10 MainStay VP Emerging Markets Equity Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 94.5%†
Argentina 0.7%
Grupo Financiero Galicia S.A., ADR (Banks)		33,000	$	1,171,500
MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a)		3,500		2,141,195
				3,312,695
Brazil 6.2%
B3 S.A.—Brasil Bolsa Balcao (Capital Markets)		24,000		234,128
Banco Bradesco S.A. (Banks)		113,200		986,091
Banco do Brasil S.A. (Banks)		344,500		4,839,212
Banco Santander Brasil S.A. (Banks)		64,500		763,596
BRF S.A. (Food Products) (a)		90,000		691,884
Camil Alimentos S.A. (Food Products)		66,300		123,969
Centrais Eletricas Brasileiras S.A. (Electric Utilities)		41,000		376,372
Cia de Locacao das Americas (Road & Rail)		51,400		654,288
Cia Energetica de Minas Gerais (Electric Utilities)		171,800		837,536
Cielo S.A. (IT Services)		567,800		993,663
Construtora Tenda S.A. (Household Durables)		115,800		720,744
Cosan S.A. (Oil, Gas & Consumable Fuels)		75,700		909,792
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household Durables)		300,000		1,625,021
IRB Brasil Resseguros S.A. (Insurance)		78,500		2,013,633
JBS S.A. (Food Products)		160,300		885,836
Localiza Rent a Car S.A. (Road & Rail)		150,000		1,600,802
Magazine Luiza S.A. (Multiline Retail)		26,000		1,429,477
Minerva S.A. (Food Products) (a)		164,900		341,399
Movida Participacoes S.A. (Road & Rail)		45,900		178,104
Notre Dame Intermedica Participacoes S.A. (Health Care Providers & Services)		180,000		1,890,024
Petroleo Brasileiro S.A. (Oil, Gas & Consumable Fuels)		9,700		75,833
Qualicorp Consultoria e Corretora de Seguros S.A. (Health Care Providers & Services)		124,400		744,142
Rumo S.A. (Road & Rail) (a)		260,000		1,403,612
SLC Agricola S.A. (Food Products)		108,700		500,196
Sul America S.A. (Insurance)		72,900		712,303
Tupy S.A. (Auto Components)		33,000		179,526
Vale S.A. (Metals & Mining)		218,775		2,952,361
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A. (Commercial Services & Supplies)		42,600		171,733
Wiz Solucoes e Corretagem de Seguros S.A. (Insurance)		84,300		239,951
				29,075,228
Chile 0.1%
Enel Americas S.A. (Electric Utilities)		4,099,247		722,968

	Shares		Value
China 30.2%
Agricultural Bank of China, Ltd., Class H (Banks)		438,000	$	183,348
Aier Eye Hospital Group Co., Ltd., Class A (Health Care Providers & Services)		335,177		1,511,354
Alibaba Group Holding, Ltd., Sponsored ADR (Internet & Direct Marketing Retail) (a)		113,573		19,244,945
Anhui Conch Cement Co., Ltd., Class H (Construction Materials)		655,500		4,107,521
ANTA Sports Products, Ltd. (Textiles, Apparel & Luxury Goods)		285,000		1,957,352
Autohome, Inc., ADR (Interactive Media & Services) (a)(b)		1,000		85,620
BAIC Motor Corp., Ltd., Class H (Automobiles) (c)		1,524,000		955,951
Baidu, Inc., Sponsored ADR (Interactive Media & Services) (a)		7,600		891,936
Bank of China, Ltd., Class H (Banks)		5,357,000		2,263,029
Bank of Communications Co., Ltd., Class H (Banks)		1,455,000		1,104,516
Baozun, Inc., ADR (Internet & Direct Marketing Retail) (a)(b)		26,000		1,296,360
Beijing Enterprises Holdings, Ltd. (Gas Utilities)		195,500		993,555
Beijing Enterprises Water Group, Ltd. (Water Utilities) (a)		2,900,000		1,722,544
BYD Electronic International Co., Ltd. (Communications Equipment) (b)		428,500		612,166
China Aoyuan Group, Ltd. (Real Estate Management & Development)		400,000		562,234
China CITIC Bank Corp., Ltd., Class H (Banks)		1,527,000		869,868
China Communications Services Corp., Ltd., Class H (Construction & Engineering)		1,138,000		882,814
China Construction Bank Corp., Class H (Banks)		9,392,100		8,091,559
China Everbright Bank Co., Ltd., Class H (Banks)		692,000		317,135
China Evergrande Group (Real Estate Management & Development) (b)		406,000		1,138,216
China Galaxy Securities Co., Ltd., Class H (Capital Markets)		1,296,000		768,140
China Lumena New Materials Corp. (Chemicals) (a)(d)(e)(f)		260,000		0
China Merchants Bank Co., Ltd., Class H (Banks)		1,260,000		6,282,499
China Mobile, Ltd. (Wireless Telecommunication Services)		539,000		4,909,283
China Overseas Land & Investment, Ltd. (Real Estate Management & Development)		700,000		2,580,744
China Pacific Insurance Group Co., Ltd., Class H (Insurance)		217,200		849,426
China Petroleum & Chemical Corp., Class H (Oil, Gas & Consumable Fuels)		1,634,000		1,110,711

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
China (continued)
China State Construction International Holdings, Ltd. (Construction & Engineering)		600,000	$	615,999
China Telecom Corp., Ltd., Class H (Diversified Telecommunication Services)		2,324,000		1,169,185
China Vanke Co., Ltd., Class H (Real Estate Management & Development)		19,500		73,140
CITIC Securities Co., Ltd., Class H (Capital Markets)		550,000		1,146,229
CITIC, Ltd. (Industrial Conglomerates)		881,000		1,269,898
CNOOC, Ltd. (Oil, Gas & Consumable Fuels)		1,277,000		2,183,996
COFCO Meat Holdings, Ltd. (Food Products) (a)		747,000		248,627
COSCO Shipping Energy Transportation Co., Ltd., Class H (Marine)		330,000		195,169
COSCO SHIPPING Ports, Ltd. (Transportation Infrastructure)		300,000		296,094
Country Garden Holdings Co., Ltd. (Real Estate Management & Development)		308,000		468,405
Country Garden Services Holdings Co., Ltd. (Commercial Services & Supplies)		900,183		2,081,148
Ctrip.com International, Ltd., ADR (Internet & Direct Marketing Retail) (a)		2,600		95,966
Fosun International, Ltd. (Industrial Conglomerates)		749,000		995,253
Future Land Development Holdings, Ltd. (Real Estate Management & Development)		1,800,000		2,368,755
Geely Automobile Holdings, Ltd. (Automobiles)		280,000		478,871
Great Wall Motor Co., Ltd., Class H (Automobiles) (b)		951,500		680,887
Guangzhou R&F Properties Co., Ltd., Class H (Real Estate Management & Development) (b)		192,400		369,938
Guotai Junan Securities Co., Ltd., Class H (Capital Markets) (c)		157,000		279,765
Haitong Securities Co., Ltd., Class H (Capital Markets)		944,800		1,059,494
Hundsun Technologies, Inc., Class A (Software)		19,944		197,892
Industrial & Commercial Bank of China, Ltd., Class H (Banks)		3,299,000		2,407,197
JD.com, Inc., ADR (Internet & Direct Marketing Retail) (a)		49,094		1,487,057
Jumei International Holding, Ltd., ADR (Internet & Direct Marketing Retail) (a)		73,900		181,794
Kunlun Energy Co., Ltd. (Gas Utilities)		1,300,000		1,133,300
Kweichow Moutai Co., Ltd., Class A (Beverages)		5,885		843,126
Lenovo Group, Ltd. (Technology Hardware, Storage & Peripherals)		1,768,000		1,369,279

	Shares		Value
China (continued)
Longfor Group Holdings, Ltd. (Real Estate Management & Development)		308,500	$	1,163,041
Longi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)		240,422		808,956
Luxshare Precision Industry Co., Ltd., Class A (Electronic Equipment, Instruments & Components)		159,951		577,317
Luye Pharma Group, Ltd. (Pharmaceuticals) (b)(c)		1,185,500		858,959
Momo, Inc., Sponsored ADR (Interactive Media & Services)		23,000		823,400
Nari Technology Co., Ltd., Class A (Electrical Equipment)		229,963		624,101
NetEase, Inc., ADR (Entertainment)		4,900		1,253,273
Noah Holdings, Ltd., ADR (Capital Markets) (a)		11,000		468,050
PetroChina Co., Ltd., Class H (Oil, Gas & Consumable Fuels)		1,000,000		551,737
PICC Property & Casualty Co., Ltd., Class H (Insurance)		1,092,000		1,178,432
Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail) (a)(b)		28,000		577,640
Ping An Insurance Group Co. of China, Ltd., Class H (Insurance)		905,000		10,866,905
Sany Heavy Industry Co., Ltd., Class A (Machinery)		639,906		1,218,638
Shenzhen International Holdings, Ltd. (Transportation Infrastructure)		400,000		793,681
Sihuan Pharmaceutical Holdings Group, Ltd. (Pharmaceuticals)		3,901,000		878,907
Silergy Corp. (Semiconductors & Semiconductor Equipment)		50,000		978,767
Sinopec Engineering Group Co., Ltd., Class H (Construction & Engineering)		326,500		276,691
Sinotruk Hong Kong, Ltd. (Machinery)		485,000		839,408
Springland International Holdings, Ltd. (Food & Staples Retailing)		447,000		87,550
Sunac China Holdings, Ltd. (Real Estate Management & Development)		291,000		1,430,470
TAL Education Group, ADR (Diversified Consumer Services) (a)		57,000		2,171,700
Tencent Holdings, Ltd. (Interactive Media & Services)		496,600		22,415,244
Tianneng Power International, Ltd. (Auto Components)		192,000		154,599
Weichai Power Co., Ltd., Class H (Machinery)		603,000		1,018,933
Weiqiao Textile Co., Ltd., Class H (Textiles, Apparel & Luxury Goods)		254,500		80,797
Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(c)		60,000		538,807

12 MainStay VP Emerging Markets Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
China (continued)
Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)		3,900	$	180,180
				141,805,473
Colombia 0.1%
Ecopetrol S.A. (Oil, Gas & Consumable Fuels)		203,330		184,759
Grupo Argos S.A. (Construction Materials)		29,445		158,518
Interconexion Electrica S.A. E.S.P. (Electric Utilities)		27,843		154,746
				498,023
Egypt 0.3%
Commercial International Bank Egypt S.A.E., GDR (Banks)		310,000		1,317,500
Greece 0.2%
FF Group (Textiles, Apparel & Luxury Goods) (a)(e)(f)		19,000		51,852
Motor Oil Hellas Corinth Refineries S.A. (Oil, Gas & Consumable Fuels)		31,577		807,889
				859,741
Hong Kong 0.7%
China Metal Recycling Holdings, Ltd. (Metals & Mining) (d)(e)(f)		75,000		0
CSPC Pharmaceutical Group, Ltd. (Pharmaceuticals)		600,000		967,779
Kingboard Laminates Holdings, Ltd. (Electronic Equipment, Instruments & Components)		356,500		326,759
SSY Group, Ltd. (Pharmaceuticals)		1,450,000		1,310,470
Xinyi Glass Holdings, Ltd. (Auto Components)		900,000		944,737
				3,549,745
Hungary 0.6%
MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)		150,000		1,664,151
OTP Bank Nyrt. (Banks)		23,817		947,286
				2,611,437
India 9.9%
Adani Ports & Special Economic Zone, Ltd. (Transportation Infrastructure)		220,000		1,307,363
Aurobindo Pharma, Ltd. (Pharmaceuticals)		12,273		108,102
Axis Bank, Ltd. (Banks) (a)		284,619		3,338,818
Bajaj Finance, Ltd. (Consumer Finance)		94,893		5,066,230
Coal India, Ltd. (Oil, Gas & Consumable Fuels)		57,149		209,670
DCM Shriram, Ltd. (Chemicals)		10,921		88,876
Dewan Housing Finance Corp., Ltd. (Thrifts & Mortgage Finance)		268,091		282,354
Divi’s Laboratories, Ltd. (Life Sciences Tools & Services)		27,970		647,106

	Shares		Value
India (continued)
GAIL India, Ltd. (Gas Utilities)		150,996	$	682,164
Graphite India, Ltd. (Electrical Equipment)		13,923		67,661
HCL Technologies, Ltd. (IT Services)		56,131		866,634
Hindustan Petroleum Corp., Ltd. (Oil, Gas & Consumable Fuels)		153,973		644,756
Hindustan Unilever, Ltd. (Household Products)		26,508		686,975
Housing Development Finance Corp., Ltd. (Thrifts & Mortgage Finance)		140,352		4,461,822
ICICI Bank, Ltd. (Banks)		11,666		73,804
India Cements, Ltd. (Construction Materials)		194,408		280,512
Indiabulls Housing Finance, Ltd. (Thrifts & Mortgage Finance)		63,816		561,172
Indian Oil Corp., Ltd. (Oil, Gas & Consumable Fuels)		89,260		201,402
Infosys, Ltd. (IT Services)		391,930		4,154,506
InterGlobe Aviation, Ltd. (Airlines) (c)		4,272		96,363
ITC, Ltd. (Tobacco)		162,415		644,225
Larsen & Toubro, Ltd. (Construction & Engineering)		20,934		473,056
LIC Housing Finance, Ltd. (Thrifts & Mortgage Finance)		45,248		366,428
Oil & Natural Gas Corp., Ltd. (Oil, Gas & Consumable Fuels)		333,395		811,421
Petronet LNG, Ltd. (Oil, Gas & Consumable Fuels)		800,000		2,850,458
Power Grid Corp. of India, Ltd. (Electric Utilities)		272,379		812,471
PVR, Ltd. (Entertainment)		55,000		1,332,223
REC, Ltd. (Diversified Financial Services)		274,813		657,298
Reliance Capital, Ltd. (Diversified Financial Services)		87,845		83,992
Reliance Industries, Ltd. (Oil, Gas & Consumable Fuels)		306,104		5,560,891
Shree Cement, Ltd. (Construction Materials)		7,500		2,357,756
Sonata Software, Ltd. (IT Services)		18,198		92,008
State Bank of India (Banks) (a)		84,723		445,294
Tata Consultancy Services, Ltd. (IT Services)		53,004		1,710,810
Tata Steel, Ltd. (Metals & Mining)		16,222		118,632
Tech Mahindra, Ltd. (IT Services)		121,931		1,249,648
Titan Co., Ltd. (Textiles, Apparel & Luxury Goods)		73,000		1,407,969
UPL, Ltd. (Chemicals)		51,659		704,228
Vedanta, Ltd. (Metals & Mining)		60,456		152,656
Wipro, Ltd. (IT Services)		176,194		716,875
Zensar Technologies, Ltd. (Software)		25,900		96,636
				46,471,265
Indonesia 1.6%
Bank Rakyat Indonesia Persero Tbk PT (Banks)		13,500,000		4,166,342
PT Bank Negara Indonesia Persero Tbk (Banks)		716,400		466,528

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Indonesia (continued)
PT Bank Rakyat Indonesia Persero Tbk (Banks)		4,380,300	$	1,351,839
PT Bank Tabungan Negara Persero Tbk (Banks)		552,400		96,189
PT Gudang Garam Tbk (Tobacco)		119,600		650,805
PT Indah Kiat Pulp & Paper Corp. Tbk (Paper & Forest Products)		391,100		259,534
PT Indofood Sukses Makmur Tbk (Food Products)		1,039,400		516,849
Telekomunikasi Indonesia Persero Tbk PT (Diversified Telecommunication Services)		300,000		87,914
				7,596,000
Malaysia 0.8%
AMMB Holdings BHD (Banks)		803,900		822,867
Bernaz Auto BHD (Specialty Retail)		364,100		234,363
Dialog Group BHD (Energy Equipment & Services)		1,800,000		1,419,964
Hibiscus Petroleum BHD (Oil, Gas & Consumable Fuels) (a)		1,588,400		411,274
IOI Properties Group BHD (Real Estate Management & Development)		347,400		116,010
Malaysian Pacific Industries BHD (Semiconductors & Semiconductor Equipment)		41,300		92,144
MISC BHD (Marine)		104,800		181,324
PPB Group BHD (Food Products)		16,900		76,474
VS Industry BHD (Electronic Equipment, Instruments & Components)		1,277,800		340,128
				3,694,548
Mexico 2.5%
Aleatica, S.A.B. de C.V. (Transportation Infrastructure)		95,000		87,508
America Movil S.A.B. de C.V., Series L (Wireless Telecommunication Services)		2,525,800		1,841,013
Banco Santander Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero Santander (Banks)		649,600		996,716
Credito Real S.A.B. de C.V. (Consumer Finance)		75,400		91,570
Fibra Uno Administracion S.A. de C.V. (Equity Real Estate Investment Trusts)		790,200		1,048,179
Fomento Economico Mexicano S.A.B. de C.V. (Beverages)		168,400		1,629,274
Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Transportation Infrastructure)		90,000		1,460,538
Grupo Financiero Banorte S.A.B. de C.V., Class O (Banks)		600,000		3,484,885

	Shares		Value
Mexico (continued)
Wal-Mart de Mexico S.A.B. de C.V. (Food & Staples Retailing)		350,000	$	955,337
				11,595,020
Peru 0.7%
Credicorp, Ltd. (Banks)		8,200		1,877,062
Southern Copper Corp. (Metals & Mining)		40,000		1,554,000
				3,431,062
Philippines 1.7%
Alliance Global Group, Inc. (Industrial Conglomerates)		1,671,600		503,747
Ayala Land, Inc. (Real Estate Management & Development)		3,300,000		3,271,982
Globe Telecom, Inc. (Wireless Telecommunication Services)		21,996		971,113
International Container Terminal Services, Inc. (Transportation Infrastructure)		191,630		547,568
Jollibee Foods Corp. (Hotels, Restaurants & Leisure)		230,000		1,265,034
PLDT, Inc. (Wireless Telecommunication Services)		9,795		246,619
Universal Robina Corp. (Food Products)		330,000		1,069,191
				7,875,254
Poland 1.4%
Asseco Poland S.A. (Software)		39,350		561,744
CD Projekt S.A. (Entertainment)		34,500		1,989,434
Ciech S.A. (Chemicals)		7,674		85,811
Dino Polska S.A. (Food & Staples Retailing) (a)(c)		62,000		2,173,691
Enea S.A. (Electric Utilities) (a)		77,434		193,603
Grupa Lotos S.A. (Oil, Gas & Consumable Fuels)		27,677		627,869
PLAY Communications S.A. (Wireless Telecommunication Services) (c)		72,413		627,224
Tauron Polska Energia S.A. (Electric Utilities) (a)		311,101		142,817
				6,402,193
Republic of Korea 11.6%
BNK Financial Group, Inc. (Banks)		12,304		79,814
Celltrion, Inc. (Biotechnology) (a)		2,476		440,669
Cheil Worldwide, Inc. (Media)		4,082		103,937
CJ CheilJedang Corp. (Food Products)		393		101,088
Cosmax, Inc. (Personal Products)		2,000		188,802
Daelim Industrial Co., Ltd. (Construction & Engineering)		9,931		989,101
DGB Financial Group, Inc. (Banks)		49,204		347,302
Dongwon Industries Co., Ltd. (Food Products)		1,386		300,091
Doosan Bobcat, Inc. (Machinery) (a)		2,816		88,774
Eugene Corp. (Construction Materials)		31,699		162,798

14 MainStay VP Emerging Markets Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Republic of Korea (continued)
Fila Korea, Ltd. (Textiles, Apparel & Luxury Goods)		14,767	$	980,928
GS Engineering & Construction Corp. (Construction & Engineering)		27,163		949,229
Hana Financial Group, Inc. (Banks)		32,720		1,059,826
Hanwha Corp. (Industrial Conglomerates)		27,638		639,098
Hotel Shilla Co., Ltd. (Specialty Retail)		12,000		1,008,098
Hyundai Glovis Co., Ltd. (Air Freight & Logistics)		3,578		498,903
Hyundai Heavy Industries Holdings Co., Ltd. (Machinery)		3,802		1,066,858
Hyundai Marine & Fire Insurance Co., Ltd. (Insurance)		2,968		73,130
Hyundai Mobis Co., Ltd. (Auto Components) (a)		1,445		294,719
Hyundai Motor Co. (Automobiles)		4,057		491,907
Industrial Bank of Korea (Banks)		65,523		797,296
Kakao Corp. (Interactive Media & Services)		21,237		2,418,625
KB Financial Group, Inc. (Banks)		18,836		747,959
KGInicis Co., Ltd. (IT Services)		16,280		212,198
Kia Motors Corp. (Automobiles)		34,857		1,328,288
Koh Young Technology, Inc. (Semiconductors & Semiconductor Equipment)		15,000		1,079,548
Korea Investment Holdings Co., Ltd. (Capital Markets)		43,945		3,071,374
KT Corp. (Diversified Telecommunication Services)		6,720		164,995
KT&G Corp. (Tobacco)		5,431		463,304
Kumho Petrochemical Co., Ltd. (Chemicals)		3,421		288,577
LG Chem, Ltd. (Chemicals)		6,000		1,842,117
LG Electronics, Inc. (Household Durables)		4,938		339,136
LG Household & Health Care, Ltd. (Personal Products)		1,436		1,632,934
LG Uplus Corp. (Diversified Telecommunication Services)		33,120		415,918
NAVER Corp. (Interactive Media & Services)		5,459		538,974
NCSoft Corp. (Entertainment)		4,179		1,726,395
Nice Information Service Co., Ltd. (Professional Services)		12,779		187,593
Orange Life Insurance, Ltd. (Insurance) (c)		10,635		291,515
Osstem Implant Co., Ltd. (Health Care Equipment & Supplies) (a)		32,020		2,077,078
Partron Co., Ltd. (Electronic Equipment, Instruments & Components)		47,333		727,632
POSCO (Metals & Mining)		3,652		773,320
Samsung Electronics Co., Ltd. (Technology Hardware, Storage & Peripherals)		392,056		15,958,630
Samsung Engineering Co., Ltd. (Construction & Engineering) (a)		80,000		1,188,239

	Shares		Value
Republic of Korea (continued)
Shinhan Financial Group Co., Ltd. (Banks)		27,897	$	1,084,809
Shinsegae, Inc. (Multiline Retail)		1,339		349,057
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		40,126		2,415,240
SK Materials Co., Ltd. (Chemicals)		4,500		577,188
SK Telecom Co., Ltd. (Wireless Telecommunication Services)		3,739		838,696
Woori Financial Group, Inc. (Banks)		74,528		906,871
				54,308,578
Romania 0.0%‡
NEPI Rockcastle PLC (Real Estate)		16,106		147,978
Russia 4.9%
Gazprom PAO, Sponsored ADR (Oil, Gas & Consumable Fuels)		340,660		2,493,631
LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		18,935		1,590,919
MMC Norilsk Nickel PJSC, ADR (Metals & Mining)		65,232		1,469,025
Mobile TeleSystems PJSC, Sponsored ADR (Wireless Telecommunication Services)		40,600		377,986
Polymetal International PLC (Metals & Mining)		120,000		1,519,063
Polyus PJSC (Metals & Mining) (a)		2,500		230,109
Qiwi PLC, Sponsored ADR (IT Services)		25,000		489,250
Rosneft Oil Co. PJSC, GDR (Oil, Gas & Consumable Fuels)		63,426		415,440
Sberbank of Russia PJSC, Sponsored ADR (Banks)		158,021		2,414,561
Severstal PJSC, Registered, GDR (Metals & Mining)		60,563		1,020,486
Surgutneftegas PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		185,474		760,443
Tatneft PJSC (Oil, Gas & Consumable Fuels)		130,000		1,596,110
Tatneft PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		11,331		831,129
TCS Group Holding PLC (Banks)		130,000		2,548,000
VTB Bank PJSC, GDR (Banks)		135,111		169,970
X5 Retail Group N.V., GDR (Food & Staples Retailing)		65,000		2,228,850
Yandex N.V., Class A (Interactive Media & Services) (a)		77,000		2,926,000
				23,080,972
South Africa 5.9%
Absa Group, Ltd. (Banks)		86,019		1,074,856
African Rainbow Minerals, Ltd. (Metals & Mining)		54,377		703,291
AngloGold Ashanti, Ltd. (Metals & Mining)		125,000		2,254,260
Ascendis Health, Ltd. (Pharmaceuticals) (a)		285,724		95,343
Assore, Ltd. (Metals & Mining)		11,546		300,663
Astral Foods, Ltd. (Food Products)		16,139		177,615
Bidvest Group, Ltd. (Industrial Conglomerates)		89,000		1,196,461

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
South Africa (continued)
Capitec Bank Holdings, Ltd. (Banks)		30,000	$	2,766,219
EOH Holdings, Ltd. (IT Services) (a)		65,724		91,318
Exxaro Resources, Ltd. (Oil, Gas & Consumable Fuels)		85,251		1,040,988
Harmony Gold Mining Co., Ltd. (Metals & Mining) (a)		48,988		110,393
Investec, Ltd. (Capital Markets)		23,569		153,713
Kumba Iron Ore, Ltd. (Metals & Mining)		3,321		117,745
Liberty Holdings, Ltd. (Insurance)		39,667		297,566
MTN Group, Ltd. (Wireless Telecommunication Services)		65,935		499,720
Naspers, Ltd. (Internet & Direct Marketing Retail)		51,050		12,393,788
Nedbank Group, Ltd. (Banks)		15,013		269,882
Old Mutual, Ltd. (Insurance)		200,586		301,911
Sibanye Gold, Ltd. (Metals & Mining) (a)		165,243		196,626
Standard Bank Group, Ltd. (Banks)		214,311		2,992,442
Telkom S.A. SOC, Ltd. (Diversified Telecommunication Services) (b)		140,752		921,259
				27,956,059
Taiwan 10.2%
Accton Technology Corp. (Communications Equipment)		440,000		1,862,876
Airtac International Group (Machinery)		80,000		896,344
Arcadyan Technology Corp. (Communications Equipment)		193,000		552,414
Asia Cement Corp. (Construction Materials)		677,000		1,036,441
ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment)		40,000		762,408
Center Laboratories, Inc. (Pharmaceuticals)		267,000		665,362
Chailease Holding Co., Ltd. (Diversified Financial Services)		932,400		3,857,545
CTBC Financial Holding Co., Ltd. (Banks)		313,000		215,153
Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)		248,000		1,257,586
E.Sun Financial Holding Co., Ltd. (Banks)		1,900,533		1,590,942
Feng TAY Enterprise Co., Ltd. (Textiles, Apparel & Luxury Goods)		86,000		670,069
Formosa Taffeta Co., Ltd. (Textiles, Apparel & Luxury Goods)		445,000		560,199
Giant Manufacturing Co., Ltd. (Leisure Products)		220,000		1,721,213
GlobalWafers Co., Ltd. (Semiconductors & Semiconductor Equipment)		64,000		648,046
Hon Hai Precision Industry Co., Ltd. (Electronic Equipment, Instruments & Components)		375,892		936,720
King Yuan Electronics Co., Ltd. (Semiconductors & Semiconductor Equipment)		640,000		552,230

	Shares		Value
Taiwan (continued)
Makalot Industrial Co., Ltd. (Textiles, Apparel & Luxury Goods)		193,000	$	1,304,914
MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		9,000		90,987
Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		132,000		735,234
Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		599,000		742,494
Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		170,000		569,230
Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		98,000		720,971
Ruentex Industries, Ltd. (Textiles, Apparel & Luxury Goods)		369,600		898,430
Shanghai Commercial & Savings Bank, Ltd. (Banks)		378,000		683,965
Sino-American Silicon Products, Inc. (Semiconductors & Semiconductor Equipment) (a)		218,000		572,733
Taiwan Cement Corp. (Construction Materials)		643,500		954,078
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)		2,090,000		16,082,358
Taiwan Surface Mounting Technology Co., Ltd. (Semiconductors & Semiconductor Equipment)		324,000		608,162
TCI Co., Ltd. (Personal Products)		25,000		343,695
Uni-President Enterprises Corp. (Food Products)		742,000		1,975,673
Unimicron Technology Corp. (Electronic Equipment, Instruments & Components)		522,000		592,427
United Integrated Services Co., Ltd. (Construction & Engineering)		138,000		675,349
Walsin Technology Corp. (Electronic Equipment, Instruments & Components)		131,000		691,705
Yuanta Financial Holding Co., Ltd. (Capital Markets)		1,936,000		1,162,491
Zhen Ding Technology Holding, Ltd. (Electronic Equipment, Instruments & Components)		195,000		624,060
				47,814,504
Thailand 3.3%
Advanced Info Service PCL, NVDR (Wireless Telecommunication Services)		300,000		2,132,551
BTS Group Holdings PCL, NVDR (Road & Rail)		207,500		81,193
Charoen Pokphand Foods PCL, NVDR (Food Products)		1,127,600		1,038,712
CP ALL PCL, NVDR (Food & Staples Retailing)		1,150,000		3,224,912

16 MainStay VP Emerging Markets Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Thailand (continued)
Energy Absolute PCL, NVDR (Independent Power & Renewable Electricity Producers)		1,500,000	$	2,726,828
Major Cineplex Group PCL, NVDR (Entertainment)		249,300		237,777
PTT Exploration & Production PCL, NVDR (Oil, Gas & Consumable Fuels)		270,600		1,191,196
PTT Global Chemical PCL, NVDR (Chemicals)		542,700		1,132,561
PTT PCL, NVDR (Oil, Gas & Consumable Fuels)		351,600		558,914
Sri Trang Agro-Industry PCL, NVDR (Auto Components)		304,800		126,224
Srisawad Corp. PCL, NVDR (Consumer Finance)		1,400,000		2,567,865
Thai Union Group PCL, NVDR (Food Products)		452,600		270,077
Thanachart Capital PCL, NVDR (Banks)		99,600		180,249
				15,469,059
Turkey 0.5%
Haci Omer Sabanci Holding A/S (Diversified Financial Services)		78,279		116,124
Turkcell Iletisim Hizmetleri A/S (Wireless Telecommunication Services)		147,700		326,493
Turkiye Garanti Bankasi A/S (Banks) (a)		582,087		914,773
Turkiye Halk Bankasi A/S (Banks)		585,377		580,272
Turkiye Sise ve Cam Fabrikalari A/S (Industrial Conglomerates)		410,270		367,723
				2,305,385
United Arab Emirates 0.4%
NMC Health PLC (Health Care Providers & Services) (b)		64,000		1,953,080
Total Common Stocks (Cost $412,118,786)				443,853,767
Exchange-Traded Funds 0.3%
United States 0.3%
iShares MSCI Emerging Markets ETF (Capital Markets)		4,118		176,704
iShares MSCI Qatar ETF (Capital Markets)		79,534		1,422,863
Total Exchange-Traded Funds (Cost $1,671,039)				1,599,567
Preferred Stocks 4.1%
Brazil 3.1%
Banco Bradesco S.A. 2.61% (Banks)		219,200		2,154,353
Banco do Estado do Rio Grande do Sul S.A. 8.55% Class B (Banks)		23,600		145,965
Centrais Eletricas Brasileiras S.A. 3.69% Class B (Electric Utilities)		91,500		857,824

	Shares			Value
Brazil (continued)
Cia Energetica de Minas Gerais 3.89% (Electric Utilities)		103,700		$	401,033
Cia Paranaense de Energia 2.91% Class B (Electric Utilities)		24,800			313,879
Itau Unibanco Holding S.A. 3.91% (Banks)		401,095			3,787,472
Petroleo Brasileiro S.A. 3.49% (Oil, Gas & Consumable Fuels)		842,300			6,012,434
Telefonica Brasil S.A. 10.37% (Diversified Telecommunication Services)		48,000			623,883
					14,296,843
Colombia 0.0%‡
Grupo Aval Acciones y Valores S.A. 4.00% (Banks)		249,046			99,587
Republic of Korea 1.0%
Hyundai Motor Co. 3.50% (Automobiles)		9,261			692,179
Hyundai Motor Co. 3.80% (Automobiles)		12,004			822,341
LG Household & Health Care, Ltd. 1.19% (Personal Products)		411			286,898
Samsung Electronics Co., Ltd. 2.76% (Technology Hardware, Storage & Peripherals)		38,000			1,258,823
Samsung Electronics Co., Ltd. 2.77% (Technology Hardware, Storage & Peripherals)		47,527			1,574,423
					4,634,664
Total Preferred Stocks (Cost $17,124,790)					19,031,094
Short-Term Investments 1.1%
Affiliated Investment Company 0.4%
MainStay U.S. Government Liquidity Fund, 2.03% (g)		1,818,442			1,818,442
Unaffiliated Investment Company 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (g)(h)		3,388,200			3,388,200
TotalShort-Term Investments (Cost $5,206,642)					5,206,642
Total Investments (Cost $436,121,257)		100.0	%		469,691,070
Other Assets, Less Liabilities		(0.0	)‡		(231,764	)
Net Assets		100.0	%	$	469,459,306

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $6,126,426; the total market value of collateral held by the Portfolio was $6,578,123. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $3,189,923 (See Note 2(M)).

(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) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(e) Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, the total market value of fair valued securities was $51,852, which represented less than one-tenth of a percent of the Portfolio’s net assets.

(f) Illiquid security—As of June 30, 2019, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $51,852, which represented less than one-tenth of a percent of the Portfolio’s net assets.

(g) Current yield as of June 30, 2019.

(h) Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ADR—American Depositary Receipt

ETF—Exchange-Traded Fund

GDR—Global Depositary Receipt

NVDR—Non-Voting Depositary Receipt

PCL—Provision for Credit Losses

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets and liabilities:

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 (b)	$	443,801,915	$	51,852	$	0	$	443,853,767
Exchange-Traded Funds		1,599,567		—		—		1,599,567
Preferred Stocks		19,031,094		—		—		19,031,094
Short-Term Investments
Affiliated Investment Company		1,818,442		—		—		1,818,442
Unaffiliated Investment Company		3,388,200		—		—		3,388,200
TotalShort-Term Investments		5,206,642		—		—		5,206,642
Total Investments in Securities	$	469,639,218	$	51,852	$	0	$	469,691,070

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 securities valued at $0 and $0 are held in China and Hong Kong, respectively, within the Common Stocks section of the Portfolio of Investments.

18 MainStay VP Emerging Markets Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The table below sets forth the diversification of the Portfolio’s investments by industry.

Industry Diversification (Unaudited)

	Value		Percent †
Air Freight & Logistics	$	498,903		0.1	%
Airlines		96,363		0.0	‡
Auto Components		1,699,805		0.4
Automobiles		5,450,424		1.2
Banks		76,277,218		16.2
Beverages		2,472,400		0.5
Biotechnology		440,669		0.1
Capital Markets		9,942,951		2.1
Chemicals		4,719,358		1.0
Commercial Services & Supplies		2,252,881		0.5
Communications Equipment		3,027,456		0.6
Construction & Engineering		6,050,478		1.3
Construction Materials		9,057,624		1.9
Consumer Finance		7,725,665		1.6
Diversified Consumer Services		2,171,700		0.5
Diversified Financial Services		4,714,959		1.0
Diversified Telecommunication Services		3,383,154		0.7
Electric Utilities		4,813,249		1.0
Electrical Equipment		691,762		0.1
Electronic Equipment, Instruments & Components		6,074,334		1.3
Energy Equipment & Services		1,419,964		0.3
Entertainment		6,539,102		1.4
Equity Real Estate Investment Trusts		1,048,179		0.2
Food & Staples Retailing		8,670,340		1.8
Food Products		8,317,681		1.8
Gas Utilities		2,809,019		0.6
Health Care Equipment & Supplies		2,077,078		0.4
Health Care Providers & Services		6,098,600		1.3
Hotels, Restaurants & Leisure		1,445,214		0.3
Household Durables		2,684,901		0.6
Household Products		686,975		0.1
Independent Power & Renewable Electricity Producers		2,726,828		0.6
Industrial Conglomerates		4,972,180		1.1
Insurance		16,824,772		3.6
Interactive Media & Services		30,099,799		6.4

	Value			Percent †
Internet & Direct Marketing Retail	$	37,418,745			8.0	%
IT Services		10,576,910			2.3
Leisure Products		1,721,213			0.4
Life Sciences Tools & Services		1,185,913			0.3
Machinery		5,128,955			1.1
Marine		376,493			0.1
Media		103,937			0.0	‡
Metals & Mining		13,472,630			2.9
Multiline Retail		1,778,534			0.4
Oil, Gas & Consumable Fuels		35,297,813			7.5
Paper & Forest Products		259,534			0.1
Personal Products		2,452,329			0.5
Pharmaceuticals		4,884,922			1.0
Professional Services		187,593			0.0	‡
Real Estate		147,978			0.0	‡
Real Estate Management & Development		13,542,935			2.9
Road & Rail		3,917,999			0.8
Semiconductors & Semiconductor Equipment		26,717,014			5.7
Software		856,272			0.2
Specialty Retail		1,242,461			0.3
Technology Hardware, Storage & Peripherals		20,161,155			4.3
Textiles, Apparel & Luxury Goods		8,655,004			1.8
Thrifts & Mortgage Finance		5,671,776			1.2
Tobacco		1,758,334			0.4
Transportation Infrastructure		4,492,752			1.0
Water Utilities		1,722,544			0.4
Wireless Telecommunication Services		12,770,698			2.7
		464,484,428			98.9
Short-Term Investment		5,206,642			1.1
Other Assets, Less Liabilities		(231,764	)		(0.0	)‡
Net Assets	$	469,459,306			100.0	%

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers in to Level 3		Transfers out of Level 3		Balance as of June 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of June 30, 2019 (a)
Common Stocks
China	$	0	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0	$	—
Hong Kong		0		—		—		—		—		—		—		—		0		—
Total	$	0	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	0	$	—

(a) Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statement of Operations.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $434,302,815) including securities on loan of $6,126,426	$	467,872,628
Investment in affiliated investment company, at value (identified cost $1,818,442)		1,818,442
Cash denominated in foreign currencies (identified cost $1,631,855)		1,636,892
Receivables:
Investment securities sold		3,964,879
Dividends		2,035,965
Portfolio shares sold		9,730
Securities lending		9,264
Other assets		2,561
Total assets		477,350,361
Liabilities
Due to custodian		1,923,515
Cash collateral received for securities on loan		3,388,200
Payables:
Investment securities purchased		938,773
Portfolio shares redeemed		560,542
Manager (See Note 3)		396,540
Foreign capital gains tax (See Note 2(C))		296,472
Custodian		276,532
Professional fees		40,096
Shareholder communication		33,955
NYLIFE Distributors (See Note 3)		26,512
Trustees		537
Accrued expenses		9,381
Total liabilities		7,891,055
Net assets	$	469,459,306
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	52,396
Additional paid-in capital		484,983,718
		485,036,114
Total distributable earnings (loss)		(15,576,808	)
Net assets	$	469,459,306

Initial Class
Net assets applicable to outstanding shares	$	337,351,646
Shares of beneficial interest outstanding		37,624,727
Net asset value per share outstanding	$	8.97
Service Class
Net assets applicable to outstanding shares	$	132,107,660
Shares of beneficial interest outstanding		14,770,855
Net asset value per share outstanding	$	8.94

20 MainStay VP Emerging Markets Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	6,736,989
Securities lending		53,890
Dividends-affiliated		12,674
Interest		5,064
Other		4,009
Total income		6,812,626
Expenses
Manager (See Note 3)		2,572,148
Custodian		268,005
Distribution/Service—Service Class (See Note 3)		167,351
Professional fees		62,412
Shareholder communication		32,255
Trustees		6,482
Interest expense		159
Miscellaneous		16,304
Total expenses		3,125,116
Net investment income (loss)		3,687,510
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions (b)		(1,533,928	)
Foreign currency forward transactions		32,032
Foreign currency transactions		(455,112	)
Net realized gain (loss) on investments and foreign currency transactions		(1,957,008	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments (c)		56,259,259
Translation of other assets and liabilities in foreign currencies		(10,187	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		56,249,072
Net realized and unrealized gain (loss) on investments and foreign currency transactions		54,292,064
Net increase (decrease) in net assets resulting from operations	$	57,979,574

(a) Dividends recorded net of foreign withholding taxes in the amount of $888,288.

(b) Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $19,494.

(c) Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(227,718).

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	3,687,510		$	7,359,299
Net realized gain (loss) on investments and foreign currency transactions		(1,957,008	)		7,779,638
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		56,249,072			(142,424,318	)
Net increase (decrease) in net assets resulting from operations		57,979,574			(127,285,381	)
Distributions to shareholders:
Initial Class		—			(6,159,288	)
Service Class		—			(1,891,460	)
Total distributions to shareholders		—			(8,050,748	)
Capital share transactions:
Net proceeds from sale of shares		4,447,136			90,103,733
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			8,050,748
Cost of shares redeemed		(96,299,640	)		(165,937,159	)
Increase (decrease) in net assets derived from capital share transactions		(91,852,504	)		(67,782,678	)
Net increase (decrease) in net assets		(33,872,930	)		(203,118,807	)
Net Assets
Beginning of period		503,332,236			706,451,043
End of period	$	469,459,306		$	503,332,236

22 MainStay VP Emerging Markets Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	7.99		$	10.22		$	7.22		$	6.83		$	8.27		$	9.50
Net investment income (loss) (a)		0.06			0.12			0.09			0.06			0.06			0.14	(b)
Net realized and unrealized gain (loss) on investments		0.93			(2.19	)		3.03			0.37			(1.38	)		(1.26	)
Net realized and unrealized gain (loss) on foreign currency transactions		(0.01	)		(0.02	)		(0.01	)		(0.01	)		(0.02	)		(0.01	)
Total from investment operations		0.98			(2.09	)		3.11			0.42			(1.34	)		(1.13	)
Less dividends:
From net investment income		—			(0.14	)		(0.11	)		(0.03	)		(0.10	)		(0.10	)
Net asset value at end of period	$	8.97		$	7.99		$	10.22		$	7.22		$	6.83		$	8.27
Total investment return (c)		12.27	%(d)		(20.55	%)		43.12	%		6.23	%		(16.20	%)		(11.97	%)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.49	%††		1.27	%		0.94	%		0.91	%(e)		0.77	%		1.52	% (b)
Net expenses (f)(g)		1.15	%††		1.16	%		1.24	%		1.29	%		1.40	%		1.37	%
Portfolio turnover rate		54	%		135	%		149	%		123	%		207	%		65	%
Net assets at end of period (in 000’s)	$	337,352		$	371,834		$	497,861		$	257,593		$	204,138		$	165,049

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Included in net investment income per share and the ratio of net investment income to average net assets are $0.03 per share and 0.32%, respectively, resulting from a special one-time dividend from BR Properties S.A. that paid 5.50 Brazilian Real per share.

(c) 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.

(d) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(e) Without the custody fee reimbursement, net investment income (loss) would have been 0.83%.

(f) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-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.

(g) The expense ratios presented below exclude short sales expense:

Period Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
June 30, 2019		1.15	%††		—
December 31, 2018		1.16	%		—
December 31, 2017		1.24	%		0.00	%(h)
December 31, 2016		1.29	%(i)		0.00	%(h)
December 31, 2015		1.40	%		0.00	%(h)
December 31, 2014		1.37	%		—

(h) Less than 0.01%.

(i) Without the custody fee reimbursement, net expenses would have been 1.37%.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	7.98		$	10.20		$	7.21		$	6.82		$	8.25		$	9.47
Net investment income (loss) (a)		0.05			0.10			0.07			0.05			0.04			0.12	(b)
Net realized and unrealized gain (loss) on investments		0.92			(2.19	)		3.02			0.36			(1.37	)		(1.25	)
Net realized and unrealized gain (loss) on foreign currency transactions		(0.01	)		(0.02	)		(0.01	)		(0.01	)		(0.02	)		(0.01	)
Total from investment operations		0.96			(2.11	)		3.08			0.40			(1.35	)		(1.14	)
Less dividends:
From net investment income		—			(0.11	)		(0.09	)		(0.01	)		(0.08	)		(0.08	)
Net asset value at end of period	$	8.94		$	7.98		$	10.20		$	7.21		$	6.82		$	8.25
Total investment return (c)		12.03	%		(20.74	%)		42.77	%		5.96	%		(16.42	%)		(12.19	%)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.26	%††		1.07	%		0.73	%		0.69	%(d)		0.52	%		1.29	% (b)
Net expenses (e) (f)		1.40	%††		1.41	%		1.49	%		1.55	%		1.65	%		1.62	%
Portfolio turnover rate		54	%		135	%		149	%		123	%		207	%		65	%
Net assets at end of period (in 000’s)	$	132,108		$	131,498		$	208,590		$	155,777		$	163,884		$	205,319

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Included in net investment income per share and the ratio of net investment income to average net assets are $0.03 per share and 0.32%, respectively, resulting from a special one-time dividend from BR Properties S.A. that paid 5.50 Brazilian Real per share.

(c) 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.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 0.62%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) The expense ratios presented below exclude short sales expense:

Period Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
June 30, 2019		1.40	%††		—
December 31, 2018		1.41	%		—
December 31, 2017		1.49	%		0.00	%(g)
December 31, 2016		1.55	%(h)		0.00	%(g)
December 31, 2015		1.65	%		0.00	%(g)
December 31, 2014		1.62	%		—

(g) Less than 0.01%.

(h) Without the custody fee reimbursement, net expenses would have been 1.62%.

24 MainStay VP Emerging Markets Equity Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Emerging Markets Equity Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios, to among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on February 17, 2012. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003 are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seeklong-term capital appreciation.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities

and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisors (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisors or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

25

Notes to Financial Statements(Unaudited) (continued)

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended;

(ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisors, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, securities that were fair valued in such a manner are shown in the Portfolio of Investments.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisors conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of June 30, 2019, no foreign equity securities held by the Portfolio were fair valued in such a manner.

Equity securities, including exchange-traded funds (“ETFs”), are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date.

26 MainStay VP Emerging Markets Equity Portfolio

Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio security or other asset may be determined to be illiquid under procedures approved by the Board. Illiquidity of a security might prevent the sale of such security at a time when the Manager or the Subadvisors might wish to sell, and these securities could have the effect of decreasing the overall level of the Portfolio’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, requiring the Portfolio to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Portfolio could realize upon disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to the Portfolio. Under the supervision of the Board, the Manager or the Subadvisors determine the liquidity of the Portfolio’s investments; in doing so, the Manager or the Subadvisors may consider various factors, including (i) the frequency of trades and quotations; (ii) the number of dealers and prospective purchasers; (iii) dealer undertakings to make a market; and (iv) the nature of the security and the market in which it trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). Illiquid securities are often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of the Portfolio’s investments, as shown in the Portfolio of Investments, was determined as of June 30, 2019 and can change at any time in response to, among other relevant factors, market conditions or events or developments with respect to an individual issuer or instrument. As of June 30, 2019, securities deemed to be illiquid under procedures approved by the Board are shown in the Portfolio of Investments.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal,

state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue. The Portfolio’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the

27

Notes to Financial Statements(Unaudited) (continued)

distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisors to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisors will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(I)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security, or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the

value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures, and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any futures contracts.

(J)  Securities Sold Short.  The Portfolio may engage in sales of securities it does not own (“short sales”) as part of its investment strategies. When the Portfolio enters into a short sale, it must segregate or maintain with a broker the cash proceeds from the security sold short or other securities as collateral for its obligation to deliver the security upon conclusion of the sale. During the period a short position is open, depending on the nature and type of security, a short position is reflected as a liability and is marked to market in accordance with the valuation methodologies previously detailed (See Note 2(A)). Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the counterparty broker. A gain, limited to the price at which the Portfolio sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon termination of a short sale if the market price on the date the short position is closed out is less or greater, respectively, than the proceeds originally received. Any such gain or loss may be offset, completely or in part, by the change in the value of the hedged investments. Interest on short positions held is accrued daily, while dividends declared on short positions existing on the record date are recorded on the ex-dividend date as a dividend expense in the Statement of Operations. Broker fees and other expenses related to securities sold short are disclosed in the Statement of Operations. Short sales involve risk of loss in excess of the related

28 MainStay VP Emerging Markets Equity Portfolio

amounts reflected in the Statement of Assets and Liabilities. During the six-month period ended June 30, 2019, the Portfolio did not engage in short sales as part of its investment strategies.

(K)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities— at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(L)  Rights and Warrants.  Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Portfolio could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Portfolio is exposed to risk until the sale or exercise of each right or warrant is completed. As of June 30, 2019, the Portfolio did not hold any rights or warrants.

(M)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the

United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $6,126,426; the total market value of collateral held by the Portfolio was $6,578,123. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $3,189,923 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $3,388,200.

(N)  Foreign Securities Risk.  The Portfolio invests in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Portfolio to meet their obligations may be affected by economic or political developments in a specific country, industry or region.

For example, the Portfolio has significant investments in the Asia-Pacific region. The development and stability of the Asia-Pacific region can be adversely affected by, among other regional and global developments, trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. Some Asia-Pacific countries can be characterized as emerging markets or newly industrialized and may experience more volatile economic cycles and less liquid markets than developed countries.

(O)  Counterparty Credit Risk.  In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains collateral posting terms and netting provisions. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in

29

Notes to Financial Statements(Unaudited) (continued)

bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels or if the Portfolio fails to meet the terms of its ISDA Master Agreements. The result would cause the Portfolio to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

(P)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(Q)  Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. Foreign currency forward contracts were used to hedge against the risk of loss due to changing currency exchange rates. These derivatives are not accounted for as hedging instruments.

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Realized Gain (Loss)

	Statement of Operations Location	Foreign Exchange Contracts Risk		Total
Forward Contracts	Net realized gain (loss) on foreign currency forward transactions	$	32,032	$	32,032
Total Realized Gain (Loss)		$	32,032	$	32,032

Average Notional Amount

	Foreign Exchange Contracts Risk			Total
Forward Contracts Long (a)	$	270,933		$	270,933
Forward Contracts Short (b)	$	(544,496	)	$	(544,496	)

(a) Positions were open one month during the reporting period.

(b) Positions were open two months during the reporting period.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisors.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as a Subadvisor to the Portfolio, pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields. Candriam Belgium (“Candriam Belgium” or “Subadvisor,” and, together with MacKay Shields, the “Subadvisors”), a registered investment adviser and a direct,wholly-owned subsidiary of New York Life, serves as a Subadvisor to the Portfolio, pursuant to the terms of an Amended and Restated Subadvisory Agreement between New York Life Investments and Candriam Belgium. Each Subadvisor is responsible for managing a portion of the Portfolio’s assets, as designated by the Manager from time to time. New York Life Investments pays for the services of the Subadvisors.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of Portfolio’s average daily net assets as follows: 1.00% up to $1 billion and 0.975% in excess of $1 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 1.00%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $2,572,148, and paid MacKay Shields LLC and Candriam Belgium in the amounts of $613,689 and $672,167, respectively.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs

incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

30 MainStay VP Emerging Markets Equity Portfolio

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affili-

ates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	1,319	$	17,274	$	(16,775	)	$	—	$	—	$	1,818	$	13	$	—		1,818

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	440,863,796	$	48,445,620	$	(19,618,346	)	$	28,827,274

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $50,977,859, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$50,978	$—

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$8,050,748	$—

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net

assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

31

Notes to Financial Statements(Unaudited) (continued)

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $274,118 and $362,187, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		410,696		$	3,447,770
Shares redeemed		(9,305,178	)		(80,536,311	)
Net increase (decrease)		(8,894,482	)	$	(77,088,541	)
Year ended December 31, 2018:
Shares sold		8,761,163		$	79,889,183
Shares issued to shareholders in reinvestment of dividends and distributions		722,470			6,159,288
Shares redeemed		(11,668,289	)		(114,852,370	)
Net increase (decrease)		(2,184,656	)	$	(28,803,899	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		115,815		$	999,366
Shares redeemed		(1,817,156	)		(15,763,329	)
Net increase (decrease)		(1,701,341	)	$	(14,763,963	)
Year ended December 31, 2018:
Shares sold		1,116,001		$	10,214,550
Shares issued to shareholders in reinvestment of dividends and distributions		222,010			1,891,460
Shares redeemed		(5,311,676	)		(51,084,789	)
Net increase (decrease)		(3,973,665	)	$	(38,978,779	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

32 MainStay VP Emerging Markets Equity Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter on FormN-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

33

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781615 MSVPEME10-08/19 (NYLIAC) NI516       

MainStay VP Floating Rate Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	33
Notes to Financial Statements	37
Proxy Voting Policies and Procedures and Proxy Voting Record	44
Shareholder Reports and Quarterly Portfolio Disclosure	44

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months	One Year	Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	5/2/2005	5.43%	3.45%		3.39	%		4.86	%		0.65	%
Service Class Shares	5/2/2005	5.30	3.19		3.13			4.60			0.90

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
S&P/LSTA Leveraged Loan Index3		5.74	%		3.97	%		3.68	%		6.17	%
Credit Suisse Leveraged Loan Index4		5.42			4.15			3.85			6.29
Morningstar Bank Loan Category Average5		5.05			3.18			2.89			5.21

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The S&P/LSTA Leveraged Loan Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The S&P/LSTA Leveraged Loan Index is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. The Credit Suisse Leveraged Loan Index is the Portfolio’s secondary benchmark. The Credit Suisse Leveraged Loan Index represents tradable,senior-secured, U.S. dollar denominated non-investment-grade loans. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Floating Rate Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during thesix-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service(12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of thesix-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,054.30	$	3.26	$	1,021.62	$	3.21	0.64%
Service Class Shares	$	1,000.00	$	1,053.00	$	4.53	$	1,020.38	$	4.46	0.89%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect thesix-month period). The table above represents the actual expenses incurred during thesix-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 thesix-month period.

6 MainStay VP Floating Rate Portfolio

Industry Composition as of June 30, 2019 (Unaudited)

Electronics	13.6	%
Healthcare, Education & Childcare	8.7
Hotels, Motels, Inns & Gaming	6.2
Diversified/Conglomerate Service	5.5
Telecommunications	4.1
Broadcasting & Entertainment	3.7
Diversified/Conglomerate Manufacturing	3.7
Chemicals, Plastics & Rubber	3.6
Utilities	3.6
Beverage, Food & Tobacco	3.4
Insurance	3.4
Leisure, Amusement, Motion Pictures & Entertainment	3.4
Containers, Packaging & Glass	3.3
Buildings & Real Estate	3.1
Retail Store	3.0
Banking	2.5
Personal, Food & Miscellaneous Services	2.4
Automobile	2.0
Oil & Gas	2.0
Machinery(Non-Agriculture,Non-Construct &Non-Electronic)	1.5
Mining, Steel, Iron &Non-Precious Metals	1.5
Finance	1.4
Printing & Publishing	1.4
Personal & Nondurable Consumer Products (Manufacturing Only)	1.3
Aerospace & Defense	0.7
Electric	0.7
Commercial Services	0.6
Ecological	0.6
Home and Office Furnishings, Housewares & Durable Consumer Products	0.5
Radio and TV Broadcasting	0.5
Auto Manufacturers	0.4

Affiliated Investment Company	0.3	%
Manufacturing	0.3
Metals & Mining	0.3
Auto Parts & Equipment	0.2
Chemicals	0.2
Communications Equipment	0.2
Environmental Controls	0.2
Media	0.2
Packaging & Containers	0.2
Personal Transportation	0.2
Pharmaceuticals	0.2
Trucking & Leasing	0.2
Building Materials	0.1
Distribution & Wholesale	0.1
Energy Equipment & Services	0.1
Miscellaneous—Manufacturing	0.1
Pipelines	0.1
Real Estate	0.1
Food	0.0	‡
Health Care—Services	0.0	‡
Hotels, Restaurants & Leisure	0.0	‡
Household Products & Wares	0.0	‡
Housewares	0.0	‡
Independent Power & Renewable Electricity Producers	0.0	‡
Machinery–Diversified	0.0	‡
Oil & Gas Services	0.0	‡
Oil, Gas & Consumable Fuels	0.0	‡
Retail	0.0	‡
Short-Term Investments	7.1
Other Assets, Less Liabilities	–2.7
	100.0	%

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less thanone-tenth of a percent.

Top Ten Holdings or Issuers Held as of June 30, 2019(excluding short-term investments) (Unaudited)

1. Asurion LLC, 5.402%–8.902%, due 8/4/22–8/4/25

2. Allied Universal Holdco LLC, TBD–6.652%, due 7/28/22–6/26/26

3. McAfee LLC, 6.152%–10.902%, due 9/30/24–9/29/25

4. Scientific Games International, Inc., 5.15%–5.23%, due 8/14/24

5. Epicor Software Corp., 5.66%, due 6/1/22

  6. Sprint Communications, Inc., 4.938%–5.438%, due 2/2/24

  7. Valeant Pharmaceuticals International, Inc., 5.412%, due 6/2/25

  8. Berry Global, Inc., TBD due 5/15/26

  9. Almonde, Inc., 5.902%–9.652%, due 6/13/24–6/13/25

10. First Data Corp., 4.404%, due 4/26/24

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Robert H. Dial, Mark A. Campellone and Arthur S. Torrey of NYL Investors LLC, the Portfolio’s Subadvisor.

How did MainStay VP Floating Rate Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Floating Rate Portfolio returned 5.43% for Initial Class shares and 5.30% for Service Class shares. Over the same period, both share classes underperformed the 5.74% return of the S&P/LSTA Leveraged Loan Index, which is the Portfolio’s primary benchmark. The Initial Class shares outperformed, and the Service Class shares underperformed the 5.42% return of the Credit Suisse Leveraged Loan Index, which is the Portfolio’s secondary benchmark. Both share classes outperformed the 5.05% return of the Morningstar Bank Loan Category Average.¹

What factors affected the Portfolio’s performance relative to its primary benchmark during the reporting period?

During the first six months of 2019, the floating-rate loan market recorded one of its best starts to a year since coming out of the credit crisis in 2008. With most sectors reporting positive performance, all of the Portfolio’s overweight positions contributed positively to performance. (Contributions take weightings and total returns into account.) Performance also benefited from the Portfolio’s overweight exposure to higher credit-quality securities than the S&P/LSTA Leveraged Loan Index during a reporting period in which higher credit-quality issues generally outperformed lower credit-quality issues. Performance relative to the benchmark suffered from the Portfolio’s underweight sector positions and from certain individual holdings that traded lower during the first six months.

What was the Portfolio’s duration² strategy during the reporting period? Please include the Portfolio’s duration at the end of the reporting period.

Floating-rate loans are, by their nature, a low duration asset. Loans earn a stated spread³ over a floating reference rate, which is LIBOR.⁴ Issuers can generally borrow under a 30- to

90-day range with LIBOR. As of June 30, 2019, the Portfolio’s weighted-average time to LIBOR reset was 38 days.

What specific factors, risks or market forces prompted significant decisions for the Portfolio during the reporting period?

As 2019 began, the Portfolio was positioned to benefit from prevailing market conditions and the recovery in risk assets—the markets favored higher credit quality over lower credit quality and favored longer duration assets as interest rates fell. Compared to its benchmark, the Portfolio held overweight exposure to credits rated BB and B, which outperformed lower-rated CCC credits.⁵ As the reporting period progressed, the Portfolio also, on the margin, increased its exposure to high-yield bonds, which outperformed loans as interest rates declined.

During the reporting period, which market segments were the strongest positive contributors to the Portfolio’s absolute performance and which market segments were particularly weak?

From a sector perspective, the top contributors to the Portfolio’s absolute performance were holdings in the gaming, containers & packaging and building materials sectors. The Portfolio’s exposure to non-benchmark positions in high-yield bonds and restructured equities also contributed positively to absolute performance. The sectors making the weakest contributions to absolute performance were ones in which the Portfolio held underweight exposure, including telecommunications, health-care, energy and broadcasting

How did the Portfolio’s sector weightings change during the reporting period?

The Portfolio did not make any material changes to its sector weightings during the reporting period.

1. See page 5 for more information on benchmark and peer group returns.

2. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

3. The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

4. The London Interbank Offered Rate (LIBOR) is a composite of interest rates at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates.

5. An obligation rated ‘BB’ by Standard & Poor’s (“S&P”) is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. An obligation rated ‘B’ by S&P is deemed by S&P to be more vulnerable to nonpayment than obligations rated ‘BB’, but in the opinion of S&P, the obligor currently has the capacity to meet its financial commitment on the obligation. It is the opinion of S&P that adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitment on the obligation. 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.

8 MainStay VP Floating Rate Portfolio

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held underweight exposure relative to the S&P/LSTA Leveraged Loan Index in credits rated BBB, CCC and below, as well as credits for which a rating has not been assigned or is no longer assigned (NR).⁶ As of the same date, the Portfolio held overweight exposure relative to the Index in credits rated BB and B, and in cash or cash equivalents, which are not constituents of the benchmark.

As of June 30, 2019, the Portfolio’s top five industry exposures were in electronics (underweight relative to the S&P/LSTA Leveraged Loan Index), business equipment/services (neutral weight), health care (underweight), hotels & casinos (overweight), and building materials (overweight).

6. 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.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 94.8%† Corporate Bonds 3.7%
Auto Parts & Equipment 0.2%
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/26 (a)	$	400,000	$	355,000
Delphi Technologies PLC 5.00%, due 10/1/25 (a)		800,000		714,000
Goodyear Tire & Rubber Co. 4.875%, due 3/15/27 (b)		750,000		712,500
				1,781,500
Building Materials 0.1%
Jeld-Wen, Inc. (a)
4.625%, due 12/15/25		250,000		245,313
4.875%, due 12/15/27		330,000		319,275
				564,588
Chemicals 0.2%
Element Solutions, Inc. 5.875%, due 12/1/25 (a)		1,200,000		1,249,500
Starfruit Finco B.V. / Starfruit U.S. Holdco LLC 8.00%, due 10/1/26 (a)(b)		500,000		513,750
				1,763,250
Chemicals, Plastics & Rubber 0.2%
Alpha 3 B.V. / Alpha U.S. Bidco, Inc. 6.25%, due 2/1/25 (a)		400,000		394,000
Versum Materials, Inc. 5.50%, due 9/30/24 (a)		1,050,000		1,124,812
				1,518,812
Commercial Services 0.6%
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		850,000		855,312
Hertz Corp. 5.875%, due 10/15/20		3,700,000		3,704,625
Refinitiv U.S. Holdings, Inc. 8.25%, due 11/15/26 (a)		500,000		514,250
				5,074,187
Communications Equipment 0.2%
CommScope Finance LLC 5.50%, due 3/1/24 (a)		1,500,000		1,539,375
Distribution & Wholesale 0.1%
IAA, Inc. 5.50%, due 6/15/27 (a)		500,000		520,000
KAR Auction Services, Inc. 5.125%, due 6/1/25 (a)		350,000		356,125
				876,125
Electric 0.7%
Clearway Energy Operating LLC 5.75%, due 10/15/25 (a)		1,630,000		1,654,450

	Principal Amount		Value
Electric (continued)
NRG Energy, Inc. 7.25%, due 5/15/26	$	1,300,000	$	1,431,625
Vistra Energy Corp. 8.125%, due 1/30/26 (a)		1,250,000		1,346,875
Vistra Operations Co. LLC 5.00%, due 7/31/27 (a)		1,500,000		1,554,375
				5,987,325
Environmental Controls 0.2%
Advanced Disposal Services, Inc. 5.625%, due 11/15/24 (a)		800,000		837,000
GFL Environmental, Inc. 8.50%, due 5/1/27 (a)		380,000		408,975
				1,245,975
Food 0.0%‡
Post Holdings, Inc. 5.50%, due 12/15/29 (a)		240,000		240,600
Health Care—Services 0.0%‡
MPH Acquisition Holdings LLC 7.125%, due 6/1/24 (a)		170,000		159,409
Household Products & Wares 0.0%‡
Prestige Brands, Inc. 6.375%, due 3/1/24 (a)(b)		300,000		313,875
Housewares 0.0%‡
Scotts Miracle-Gro Co. 5.25%, due 12/15/26		200,000		203,000
Insurance 0.2%
Acrisure, LLC / Acrisure Finance, Inc. 7.00%, due 11/15/25 (a)		970,000		875,425
GTCR AP Finance, Inc. 8.00%, due 5/15/27 (a)		900,000		904,500
				1,779,925
Machinery—Diversified 0.0%‡
RBS Global, Inc. / Rexnord LLC 4.875%, due 12/15/25 (a)		300,000		303,750
Media 0.1%
E.W. Scripps Co. 5.125%, due 5/15/25 (a)		500,000		480,000
iHeartCommunications, Inc.
6.375%, due 5/1/26		105,206		111,650
8.375%, due 5/1/27		190,685		199,746
				791,396

10 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Miscellaneous—Manufacturing 0.1%
Koppers, Inc. 6.00%, due 2/15/25 (a)	$	500,000	$	468,750
Oil & Gas 0.0%‡
EP Energy LLC / Everest Acquistion Finance, Inc. 8.00%, due 2/15/25 (a)		200,000		43,500
Oil & Gas Services 0.0%‡
USA Compression Partners, L.P. / USA Compression Finance Corp. 6.875%, due 4/1/26		360,000		380,664
Packaging & Containers 0.2%
ARD Finance S.A. 7.125% (7.875% PIK), due 9/15/23 (c)		670,000		685,075
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 7.25%, due 5/15/24 (a)		600,000		632,250
Plastipak Holdings, Inc. 6.25%, due 10/15/25 (a)(b)		220,000		199,100
				1,516,425
Pharmaceuticals 0.2%
Bausch Health Cos., Inc. (a)
5.50%, due 11/1/25		300,000		312,750
6.50%, due 3/15/22		1,000,000		1,036,250
				1,349,000
Pipelines 0.1%
Energy Transfer Operating, L.P. 4.25%, due 3/15/23		600,000		626,350
Real Estate 0.1%
Realogy Group LLC / RealogyCo-Issuer Corp. 4.875%, due 6/1/23 (a)(b)		900,000		810,000
Retail 0.0%‡
PetSmart, Inc. 5.875%, due 6/1/25 (a)		200,000		194,000
Trucking & Leasing 0.2%
DAE Funding LLC 5.25%, due 11/15/21 (a)		1,700,000		1,765,875
Total Corporate Bonds (Cost $31,015,080)				31,297,656

	Principal Amount		Value
Floating Rate Loans 80.7% (d)
Aerospace & Defense 0.7%
Dynasty Acquisition Co., Inc. 2019 Term Loan B1 6.33% (3 Month LIBOR + 4.00%), due 4/6/26	$	578,089	$	580,076
Science Applications International Corp. 2018 Term Loan B 4.152% (1 Month LIBOR + 1.75%), due 10/31/25		895,500		889,104
TransDigm, Inc.
2018 Term Loan F 4.83% (3 Month LIBOR + 2.50%), due 6/9/23		3,659,467		3,589,710
2018 Term Loan E 4.83% (3 Month LIBOR + 2.50%), due 5/30/25		987,500		964,399
				6,023,289
Automobile 2.0%
American Axle and Manufacturing, Inc.
Term Loan B 4.66%, due 4/6/24		1,596,562		1,559,442
Term Loan B 4.84% (1 Month LIBOR + 2.25%), due 4/6/24		810,055		791,222
AP Exhaust Acquisition LLC 1st Lien Term Loan 7.528% (3 Month LIBOR + 5.00%), due 5/10/24 (e)		722,223		613,889
Belron Finance U.S. LLC
2018 Term Loan B 5.035% (3 Month LIBOR + 2.50%), due 11/13/25		995,000		993,756
Term Loan B 5.065% (3 Month LIBOR + 2.50%), due 11/7/24		985,000		983,153
Chassix, Inc. (e)
2017 1st Lien Term Loan 8.06% (3 Month LIBOR + 5.50%), due 11/15/23		724,167		722,356
2017 1st Lien Term Loan 8.06% (6 Month LIBOR + 5.50%), due 11/15/23		753,333		751,450
KAR Auction Services, Inc. Term Loan B5 4.875% (3 Month LIBOR + 2.50%), due 3/9/23		601,479		599,787
L&W, Inc. 2018 Term Loan B 6.402% (1 Month LIBOR + 4.00%), due 5/22/25 (e)		1,789,481		1,744,744

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Floating Rate Loans (continued)
Automobile (continued)
Mavis Tire Express Services Corp. 2018 1st Lien Term Loan 5.652% (1 Month LIBOR + 3.25%), due 3/20/25	$	1,409,675	$	1,378,839
Tenneco, Inc. 2018 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 10/1/25		1,840,750		1,693,490
Tower Automotive Holdings USA LLC 2017 Term Loan B 5.188% (1 Month LIBOR + 2.75%), due 3/7/24		1,963,606		1,914,516
Truck Hero, Inc. 1st Lien Term Loan 6.152% (1 Month LIBOR + 3.75%), due 4/21/24		2,237,667		2,092,218
Wand NewCo 3, Inc. 2019 1st Lien Term Loan 5.919% (1 Month LIBOR + 3.50%), due 2/5/26		1,200,000		1,199,626
				17,038,488
Banking 2.5%
Advisor Group, Inc. 2018 Term Loan 6.152% (1 Month LIBOR + 3.75%), due 8/15/25		1,985,000		1,981,899
Apollo Commercial Real Estate Finance, Inc. Term Loan B 5.144% (1 Month LIBOR + 2.75%), due 5/15/26		1,500,000		1,486,875
Broadstreet Partners, Inc. 2018 Term Loan B 5.652% (3 Month LIBOR + 3.25%), due 11/8/23		1,473,552		1,466,184
Brookfield Property REIT, Inc. 1st Lien Term Loan B 4.902% (1 Month LIBOR + 2.50%), due 8/27/25		4,466,250		4,355,835
Capital Automotive L.P. 2017 2nd Lien Term Loan 8.41% (1 Month LIBOR + 6.00%), due 3/24/25		2,829,416		2,829,416
Edelman Financial Center LLC 2018 1st Lien Term Loan 5.644% (1 Month LIBOR + 3.25%), due 7/21/25		1,691,500		1,686,744
Forest City Enterprises, L.P. Term Loan B 6.402% (1 Month LIBOR + 4.00%), due 12/7/25		2,589,494		2,589,494

	Principal Amount		Value
Banking (continued)
Greenhill & Co., Inc. Term Loan B 5.661% (1 Month LIBOR + 3.25%), due 4/12/24	$	1,500,000	$	1,492,500
Jane Street Group LLC 2018 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 8/25/22		1,880,414		1,867,095
Russell Investments U.S. Inst’l Holdco, Inc. Term Loan B 5.652% (1 Month LIBOR + 3.25%), due 6/1/23		977,330		967,353
Trans Union LLC 2018 Term Loan B4 4.402% (1 Month LIBOR + 2.00%), due 6/19/25		445,500		444,201
				21,167,596
Beverage, Food & Tobacco 2.7%
8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan 6.169% (1 Month LIBOR + 3.75%), due 10/1/25		1,592,000		1,589,346
Acosta Holdco, Inc. 2015 Term Loan 5.652% (1 Month LIBOR + 3.25%), due 9/26/21		2,147,645		776,732
Advantage Sales & Marketing, Inc.
2014 1st Lien Term Loan 5.58% (3 Month LIBOR + 3.25%), due 7/23/21		1,807,396		1,642,923
Term Loan B2 5.58% (3 Month LIBOR + 3.25%), due 7/25/21		980,000		890,820
2014 2nd Lien Term Loan 8.83% (3 Month LIBOR + 6.50%), due 7/25/22		625,000		491,406
Albertsons LLC
USD 2017 Term Loan B5 5.311% (3 Month LIBOR + 3.00%), due 12/21/22		1,986,070		1,986,070
2017 Term Loan B6 5.402% (1 Month LIBOR + 3.00%), due 6/22/23		2,180,958		2,178,231
American Seafoods Group LLC
2017 1st Lien Term Loan 5.16% (1 Month LIBOR + 2.75%), due 8/21/23		18,551		18,481
2017 1st Lien Term Loan 5.18% (1 Month LIBOR + 2.75%), due 8/21/23		1,210,440		1,205,901

12 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Floating Rate Loans (continued)
Beverage, Food & Tobacco (continued)
Arctic Glacier U.S.A., Inc. 2018 Term Loan B 5.902% (1 Month LIBOR + 3.50%), due 3/20/24	$	1,686,852	$	1,680,526
ASP MSG Acquisition Co., Inc. 2017 Term Loan B 6.402% (1 Month LIBOR + 4.00%), due 8/16/23		1,612,391		1,578,800
CH Guenther & Son, Inc. 2018 Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 3/31/25		1,732,500		1,716,258
Chobani LLC 2017 Term Loan B 5.902% (1 Month LIBOR + 3.50%), due 10/10/23		977,490		960,995
Hearthside Food Solutions LLC 2018 Term Loan B 6.09% (1 Month LIBOR + 3.687%), due 5/23/25		1,285,759		1,251,607
Post Holdings, Inc. 2017 Series A Incremental Term Loan 4.404% (1 Month LIBOR + 2.00%), due 5/24/24		595,227		591,932
U.S. Foods, Inc. 2016 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 6/27/23		2,421,269		2,403,543
United Natural Foods, Inc. Term Loan B 6.652% (1 Month LIBOR + 4.25%), due 10/22/25		2,985,000		2,489,989
				23,453,560
Broadcasting & Entertainment 3.1%
CBS Radio, Inc. 2017 Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 11/18/24		1,020,515		1,019,239
Charter Communications Operating LLC 2017 Term Loan B 4.33% (3 Month LIBOR + 2.00%), due 4/30/25		4,925,000		4,916,105
Global Eagle Entertainment, Inc. 1st Lien Term Loan 10.349% (6 Month LIBOR + 7.50%), due 1/6/23		843,750		801,563
Gray Television, Inc. 2018 Term Loan C 4.931% (1 Month LIBOR + 2.50%), due 1/2/26		2,935,250		2,928,437

	Principal Amount		Value
Broadcasting & Entertainment (continued)
iHeartCommunications, Inc. Exit Term Loan 6.579% (3 Month LIBOR + 4.00%), due 5/1/26	$	460,274	$	460,754
Nielsen Finance LLC Term Loan B4 4.412% (1 Month LIBOR + 2.00%), due 10/4/23		1,217,257		1,204,432
Tribune Media Co.
Term Loan 5.402% (1 Month LIBOR + 3.00%), due 12/27/20		208,885		208,689
Term Loan C 5.402% (1 Month LIBOR + 3.00%), due 1/27/24		3,360,742		3,354,861
Unitymedia Finance LLC Term Loan B 4.644% (1 Month LIBOR + 2.25%), due 9/30/25		1,500,000		1,494,937
Univision Communications, Inc. Term Loan C5 5.152% (1 Month LIBOR + 2.75%), due 3/15/24		4,119,592		3,918,762
Virgin Media Bristol LLC Term Loan K 4.894% (1 Month LIBOR + 2.50%), due 1/15/26		4,047,619		4,031,315
WideOpenWest Finance LLC 2017 Term Loan B 5.654% (1 Month LIBOR + 3.25%), due 8/18/23		1,950,263		1,903,131
				26,242,225
Buildings & Real Estate 3.1%
American Bath Group LLC 2018 Term Loan B 6.58% (3 Month LIBOR + 4.25%), due 9/30/23		1,992,437		1,972,513
Core & Main L.P. 2017 Term Loan B 5.52% (3 Month LIBOR + 3.00%), due 8/1/24		3,095,594		3,085,276
DTZ U.S. Borrower LLC 2018 Add On Term Loan B 5.652% (1 Month LIBOR + 3.25%), due 8/21/25		2,977,500		2,964,101
Jeld-Wen, Inc. 2017 1st Lien Term Loan 4.33% (3 Month LIBOR + 2.00%), due 12/14/24		769,531		766,165

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Floating Rate Loans (continued)
Buildings & Real Estate (continued)
NCI Building Systems, Inc. 2018 Term Loan 6.354% (3 Month LIBOR + 3.75%), due 4/12/25	$	2,575,489	$	2,504,663
Priso Acquisition Corp. 2017 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 5/8/22 (f)		1,047,374		994,133
Realogy Group LLC 2018 Term Loan B 4.633% (1 Month LIBOR + 2.25%), due 2/8/25		2,856,402		2,704,061
Reece, Ltd. 2018 Term Loan B 4.33% (3 Month LIBOR + 2.00%), due 7/2/25		371,250		368,466
SIWF Holdings, Inc.
1st Lien Term Loan 6.654% (1 Month LIBOR + 4.25%), due 6/15/25		1,281,859		1,262,631
2nd Lien Term Loan 10.904% (1 Month LIBOR + 8.50%), due 6/15/26		120,000		114,000
SMG Holdings, Inc. 2017 1st Lien Term Loan 5.402% (1 Month LIBOR + 3.00%), due 1/23/25		1,481,250		1,468,751
SRS Distribution, Inc. 2018 1st Lien Term Loan 5.652% (1 Month LIBOR + 3.25%), due 5/23/25		2,083,006		1,991,550
VC GB Holdings, Inc. 2017 1st Lien Term Loan 5.402% (1 Month LIBOR + 3.00%), due 2/28/24		2,396,805		2,342,877
Wilsonart LLC 2017 Term Loan B 5.58% (3 Month LIBOR + 3.25%), due 12/19/23		3,994,536		3,895,671
				26,434,858
Chemicals, Plastics & Rubber 2.3%
Allnex USA, Inc. Term Loan B3 5.771% (3 Month LIBOR + 3.25%), due 9/13/23		952,773		931,931
Cabot Microelectronics Corp. Term Loan B 4.688% (1 Month LIBOR + 2.25%), due 11/14/25		810,993		809,979

	Principal Amount		Value
Chemicals, Plastics & Rubber (continued)
Emerald Performance Materials LLC
New 1st Lien Term Loan 5.902% (1 Month LIBOR + 3.50%), due 8/1/21	$	1,662,542	$	1,655,614
New 2nd Lien Term Loan 10.152% (1 Month LIBOR + 7.75%), due 8/1/22		700,000		685,417
Encapsys LLC 1st Lien Term Loan 5.902% (1 Month LIBOR + 3.50%), due 11/7/24		1,469,293		1,461,334
Flex Acquisition Co., Inc. 1st Lien Term Loan 5.44% (1 Month LIBOR + 3.00%), due 12/29/23		962,832		912,971
Flint Group U.S. LLC 1st Lien Term Loan B2 5.581% (3 Month LIBOR + 3.00%), due 9/7/21		1,771,008		1,465,509
Ineos U.S. Finance LLC 2017 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 3/31/24		1,471,266		1,450,831
Minerals Technologies, Inc.
2017 Term Loan B 4.60% (1 Month LIBOR + 2.25%), due 2/14/24		128,891		128,569
2017 Term Loan B 4.65% (1 Month LIBOR + 2.25%), due 2/14/24		32,223		32,142
2017 Term Loan B 4.66% (1 Month LIBOR + 2.25%), due 2/14/24		555,198		553,810
2017 Term Loan B 4.68% (3 Month LIBOR + 2.25%), due 2/14/24		25,778		25,714
PQ Corp. 2018 Term Loan B 5.083% (3 Month LIBOR + 2.50%), due 2/8/25		1,500,000		1,491,093
TricorBraun Holdings, Inc.
2016 1st Lien Term Loan 6.14% (3 Month LIBOR + 3.75%), due 11/30/23		121,896		119,661
2016 1st Lien Term Loan 6.15% (3 Month LIBOR + 3.75%), due 11/30/23		1,366,659		1,341,604
Tronox Finance LLC
Term Loan B 5.33%, due 9/23/24		1,042,988		1,031,254

14 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Floating Rate Loans (continued)
Chemicals, Plastics & Rubber (continued)
Tronox Finance LLC (continued)
Term Loan B 5.40% (1 Month LIBOR + 3.00%), due 9/23/24	$	1,630,886	$	1,612,538
Univar, Inc. 2019 USD Term Loan B 4.902% (1 Month LIBOR + 2.50%), due 7/1/24		816,794		814,956
Venator Materials Corp. Term Loan B 5.524% (3 Month LIBOR + 3.00%), due 8/8/24		1,965,000		1,935,525
Zep, Inc. 2017 1st Lien Term Loan 6.33% (3 Month LIBOR + 4.00%), due 8/12/24 (f)		1,473,750		1,182,684
				19,643,136
Containers, Packaging & Glass 3.3%
Anchor Glass Container Corp.
2017 1st Lien Term Loan 5.15% (1 Month LIBOR + 2.75%), due 12/7/23		114,058		102,709
2017 1st Lien Term Loan 5.17% (1 Month LIBOR + 2.75%), due 12/7/23		2,023,794		1,822,427
Berlin Packaging LLC
2018 1st Lien Term Loan 5.33% (1 Month LIBOR + 3.00%), due 11/7/25		15,579		15,112
2018 1st Lien Term Loan 5.41%, due 11/7/25		115,574		112,106
2018 1st Lien Term Loan 5.44% (3 Month LIBOR + 3.00%), due 11/7/25		614,852		596,406
Berry Global, Inc. USD Term Loan U TBD, due 5/15/26		5,250,000		5,213,014
BWAY Holding Co. 2017 Term Loan B 5.854% (3 Month LIBOR + 3.25%), due 4/3/24		3,920,000		3,780,350
Charter NEX U.S. Holdings, Inc.
2017 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 5/16/24		2,940,000		2,882,426
Incremental Term Loan 5.902% (1 Month LIBOR + 3.50%), due 5/16/24		875,000		871,281

	Principal Amount		Value
Containers, Packaging & Glass (continued)
Consolidated Container Co. LLC
2019 Incremental Term Loan TBD, due 5/22/24	$	1,000,000	$	995,000
2017 1st Lien Term Loan 5.152% (1 Month LIBOR + 2.75%), due 5/22/24		1,965,075		1,932,529
Fort Dearborn Co.
2016 1st Lien Term Loan 6.43%, due 10/19/23		73,219		70,290
2016 1st Lien Term Loan 6.60% (3 Month LIBOR + 4.00%), due 10/19/23		2,364,282		2,269,711
2016 2nd Lien Term Loan 11.102% (3 Month LIBOR + 8.50%), due 10/19/24		1,000,000		940,000
Klockner-Pentaplast of America, Inc. 2017 Term Loan B2 6.652% (1 Month LIBOR + 4.25%), due 6/30/22		2,456,250		2,165,595
Reynolds Group Holdings, Inc. 2017 Term Loan 5.152% (1 Month LIBOR + 2.75%), due 2/5/23		2,206,758		2,188,453
Tank Holding Corp.
2019 Term Loan B 6.40% (12 Month LIBOR + 4.00%), due 3/26/26		500,000		499,688
2019 Term Loan B 6.79% (3 Month LIBOR + 4.00%), due 3/26/26		750,000		749,531
Trident TPI Holdings, Inc. 2017 USD Term Loan B1 5.652% (1 Month LIBOR + 3.25%), due 10/17/24		735,467		694,097
				27,900,725
Diversified/Conglomerate Manufacturing 3.1%
Allied Universal Holdco LLC
2019 Term Loan TBD, due 6/26/26		225,225		224,099
2019 Term Loan B TBD, due 6/26/26		2,274,775		2,268,139
2015 Term Loan 6.152% (1 Month LIBOR + 3.75%), due 7/28/22		3,743,358		3,736,807
Incremental Term Loan 6.652% (1 Month LIBOR + 4.25%), due 7/28/22		1,990,000		1,985,646
Filtration Group Corp. 2018 1st Lien Term Loan 5.402% (1 Month LIBOR + 3.00%), due 3/29/25		1,876,250		1,870,554

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Floating Rate Loans (continued)
Diversified/Conglomerate Manufacturing (continued)
Gardner Denver, Inc. 2017 Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 7/30/24	$	1,386,817	$	1,387,919
GYP Holdings III Corp. 2018 Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 6/1/25		462,000		449,295
Hyster-Yale Group, Inc. Term Loan B 5.652% (1 Month LIBOR + 3.25%), due 5/30/23		450,000		442,125
Iron Mountain, Inc. 2018 Term Loan B 4.152% (1 Month LIBOR + 1.75%), due 1/2/26		1,851,563		1,796,016
LTI Holdings, Inc. 2018 Add On 1st Lien Term Loan 5.902% (1 Month LIBOR + 3.50%), due 9/6/25		1,592,987		1,502,386
Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan 5.652% (1 Month LIBOR + 3.25%), due 5/1/25		2,552,775		2,546,393
Quikrete Holdings, Inc. 2016 1st Lien Term Loan 5.152% (1 Month LIBOR + 2.75%), due 11/15/23		3,336,792		3,275,269
Red Ventures LLC 2018 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 11/8/24		4,056,844		4,041,631
TRC Cos., Inc. Term Loan 5.902% (1 Month LIBOR + 3.50%), due 6/21/24		884,250		882,039
				26,408,318
Diversified/Conglomerate Service 5.5%
Applied Systems, Inc.
2017 1st Lien Term Loan 5.33% (3 Month LIBOR + 3.00%), due 9/19/24		2,947,500		2,920,790
2017 2nd Lien Term Loan 9.33% (3 Month LIBOR + 7.00%), due 9/19/25		460,000		464,485
Blackhawk Network Holdings, Inc. 2018 1st Lien Term Loan 5.402% (1 Month LIBOR + 3.00%), due 6/15/25		990,000		981,337

	Principal Amount		Value
Diversified/Conglomerate Service (continued)
BrightView Landscapes LLC
2018 1st Lien Term Loan B 4.94% (1 Month LIBOR + 2.50%), due 8/15/25	$	963,359	$	960,951
2018 1st Lien Term Loan B 4.94% (1 Month LIBOR + 2.50%), due 8/15/25		1,156,122		1,153,232
Carbonite, Inc. Term Loan B 6.152% (1 Month LIBOR + 3.75%), due 3/26/26		900,000		900,750
Change Healthcare Holdings, Inc. 2017 Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 3/1/24		2,051,786		2,033,547
Cypress Intermediate Holdings III, Inc. 2017 1st Lien Term Loan 5.16% (1 Month LIBOR + 2.75%), due 4/26/24		1,960,000		1,932,560
Element Materials Technology Group US Holdings, Inc. 2017 USD Term Loan B 6.151% (3 Month LIBOR + 3.50%), due 6/28/24		987,469		982,531
First Data Corp. 2024 USD Term Loan 4.404% (1 Month LIBOR + 2.00%), due 4/26/24		5,000,000		4,994,440
Greeneden U.S. Holdings II LLC 2018 USD Term Loan B 5.652% (3 Month LIBOR + 3.25%), due 12/1/23		1,459,294		1,440,444
Information Resources, Inc. 2018 1st Lien Term Loan 7.022% (3 Month LIBOR + 4.50%), due 12/1/25		3,233,750		3,220,275
J.D. Power and Associates 2018 1st Lien Term Loan 6.152% (1 Month LIBOR + 3.75%), due 9/7/23		2,843,218		2,829,002
Kronos, Inc. 2017 Term Loan B 5.579% (3 Month LIBOR + 3.00%), due 11/1/23		4,037,959		4,026,181
Mitchell International, Inc. 2017 1st Lien Term Loan 5.652% (1 Month LIBOR + 3.25%), due 11/29/24		1,481,250		1,409,965
MKS Instruments, Inc. 2017 Term Loan B3 4.402% (1 Month LIBOR + 2.00%), due 5/1/23		791,500		790,841

16 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Floating Rate Loans (continued)
Diversified/Conglomerate Service (continued)
Monitronics International, Inc. Term Loan B2 10.00% (PRIME + 4.50%), due 9/30/22 (g)	$	1,139,045	$	1,082,093
MX Holdings U.S., Inc. 2018 USD Term Loan B1C 5.402% (1 Month LIBOR + 3.00%), due 7/31/25		3,229,068		3,216,959
Prime Security Services Borrower LLC 2016 1st Lien Term Loan 5.152% (1 Month LIBOR + 2.75%), due 5/2/22		3,704,642		3,677,698
Sophia L.P. 2017 Term Loan B 5.58% (3 Month LIBOR + 3.25%), due 9/30/22		1,844,252		1,839,066
TruGreen, Ltd. Partnership 2019 Term Loan 6.161% (1 Month LIBOR + 3.75%), due 3/19/26		1,755,326		1,757,520
Verint Systems, Inc. 2018 Term Loan B 4.44% (1 Month LIBOR + 2.00%), due 6/28/24		2,450,000		2,446,937
Verscend Holding Corp. 2018 Term Loan B 6.902% (1 Month LIBOR + 4.50%), due 8/27/25		992,500		991,880
WEX, Inc. Term Loan B3 4.652% (1 Month LIBOR + 2.25%), due 5/15/26		970,069		966,026
				47,019,510
Ecological 0.4%
Advanced Disposal Services, Inc. Term Loan B3 4.635% (1 Week LIBOR + 2.25%), due 11/10/23		3,581,765		3,574,802
Electronics 12.8%
Almonde, Inc.
1st Lien Term Loan 5.902% (1 Month LIBOR + 3.50%), due 6/13/24		3,734,185		3,634,830
2nd Lien Term Loan 9.652% (1 Month LIBOR + 7.25%), due 6/13/25		1,400,000		1,385,300

	Principal Amount		Value
Electronics (continued)
ASG Technologies Group, Inc. 2018 Term Loan 5.902% (1 Month LIBOR + 3.50%), due 7/31/24	$	1,506,558	$	1,482,076
Banff Merger Sub Inc. 2018 USD Term Loan B 6.58% (3 Month LIBOR + 4.25%), due 10/2/25		4,943,160		4,681,326
Barracuda Networks, Inc. 1st Lien Term Loan 5.774% (3 Month LIBOR + 3.25%), due 2/12/25		1,983,741		1,980,642
Camelot UK Holdco, Ltd. 2017 Repriced Term Loan 5.652% (1 Month LIBOR + 3.25%), due 10/3/23		819,020		820,043
Cologix, Inc. 2017 1st Lien Term Loan 5.403% (1 Month LIBOR + 3.00%), due 3/20/24		1,945,126		1,858,407
Colorado Buyer, Inc.
Term Loan B 5.42% (1 Month LIBOR + 3.00%), due 5/1/24		980,000		908,337
2nd Lien Term Loan 9.67% (1 Month LIBOR + 7.25%), due 5/1/25		800,000		692,000
CommScope, Inc. 2019 Term Loan B 5.652% (1 Month LIBOR + 3.25%), due 4/6/26		4,812,500		4,800,469
Compuware Corp. 2018 Term Loan B 6.402% (1 Month LIBOR + 4.00%), due 8/22/25		698,999		698,417
Cortes NP Acquisition Corp. 2017 Term Loan B 6.33% (3 Month LIBOR + 4.00%), due 11/30/23		1,079,783		1,023,769
Dell International LLC 2017 Term Loan B 4.41% (1 Month LIBOR + 2.00%), due 9/7/23		4,421,386		4,395,596
Diebold, Inc. 2017 Term Loan B 5.188% (1 Month LIBOR + 2.75%), due 11/6/23		1,206,603		1,122,141
DigiCert, Inc. 2017 Term Loan B1 6.402% (1 Month LIBOR + 4.00%), due 10/31/24		2,481,250		2,470,084

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Floating Rate Loans (continued)
Electronics (continued)
Dynatrace LLC 2018 1st Lien Term Loan 5.402% (1 Month LIBOR + 3.00%), due 8/22/25	$	733,125	$	730,742
EIG Investors Corp. 2018 1st Lien Term Loan 6.271% (3 Month LIBOR + 3.75%), due 2/9/23		4,022,049		3,987,692
Epicor Software Corp. 1st Lien Term Loan 5.66% (1 Month LIBOR + 3.25%), due 6/1/22		6,146,626		6,099,247
Exact Merger Sub LLC 1st Lien Term Loan 6.58% (3 Month LIBOR + 4.25%), due 9/27/24		2,219,953		2,211,628
Financial & Risk US Holdings, Inc. 2018 USD Term Loan 6.152% (1 Month LIBOR + 3.75%), due 10/1/25		4,479,994		4,340,796
Flexential Intermediate Corp. 2017 1st Lien Term Loan 5.83% (3 Month LIBOR + 3.50%), due 8/1/24		1,179,000		1,076,820
Flexera Software LLC 2018 1st Lien Term Loan 5.91% (1 Month LIBOR + 3.50%), due 2/26/25		2,439,324		2,428,145
GTCR Valor Cos., Inc. 2017 Term Loan B1 5.08% (3 Month LIBOR + 2.75%), due 6/16/23		1,765,621		1,750,908
Hyland Software, Inc.
2018 Term Loan 3 5.652% (1 Month LIBOR + 3.25%), due 7/1/24		4,648,923		4,622,191
2017 2nd Lien Term Loan 9.402% (1 Month LIBOR + 7.00%), due 7/7/25		208,333		208,854
Infor (U.S.), Inc. Term Loan B6 5.08% (3 Month LIBOR + 2.75%), due 2/1/22		2,689,199		2,677,434
Informatica Corp. 2018 Term Loan 5.652% (1 Month LIBOR + 3.25%), due 8/5/22		1,469,663		1,470,030
MA FinanceCo. LLC Term Loan B3 4.902% (1 Month LIBOR + 2.50%), due 6/21/24		352,345		344,857

	Principal Amount		Value
Electronics (continued)
McAfee LLC
2018 USD Term Loan B 6.152% (1 Month LIBOR + 3.75%), due 9/30/24	$	5,643,385	$	5,631,038
2017 2nd Lien Term Loan 10.902% (1 Month LIBOR + 8.50%), due 9/29/25		1,312,500		1,325,625
MH Sub I LLC 2017 1st Lien Term Loan 6.152% (1 Month LIBOR + 3.75%), due 9/13/24		4,094,981		4,020,760
Project Alpha Intermediate Holding, Inc.
2017 Term Loan B 6.37% (6 Month LIBOR + 3.50%), due 4/26/24		1,960,000		1,912,225
2019 Incremental Term Loan B 6.78% (3 Month LIBOR + 4.25%), due 4/26/24		600,000		595,500
Project Leopard Holdings, Inc.
2019 Term Loan 6.45% (1 Month LIBOR + 4.25%), due 7/7/23		497,500		495,945
2018 Term Loan 6.70% (6 Month LIBOR + 4.50%), due 7/7/23		604,516		603,005
Rocket Software, Inc. 2018 Term Loan 6.652% (1 Month LIBOR + 4.25%), due 11/28/25		897,750		876,990
RP Crown Parent LLC 2016 Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 10/12/23		2,340,000		2,324,399
Seattle Spinco, Inc. Term Loan B3 4.902% (1 Month LIBOR + 2.50%), due 6/21/24		2,379,469		2,328,906
Sirius Computer Solutions, Inc. 2016 Term Loan 6.652% (1 Month LIBOR + 4.25%), due 10/30/22 (f)		585,244		587,439
Solera LLC Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 3/3/23		2,685,654		2,667,375
SonicWALL, Inc. 1st Lien Term Loan 6.02% (3 Month LIBOR + 3.50%), due 5/16/25		398,000		370,637

18 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Floating Rate Loans (continued)
Electronics (continued)
SS&C Technologies, Inc.
2018 Term Loan B3 4.652% (1 Month LIBOR + 2.25%), due 4/16/25	$	2,883,923	$	2,870,706
2018 Term Loan B5 4.652% (1 Month LIBOR + 2.25%), due 4/16/25		1,984,808		1,975,987
Tempo Acquisition LLC Term Loan 5.402% (1 Month LIBOR + 3.00%), due 5/1/24		4,427,455		4,405,318
Tibco Software, Inc. Repriced Term Loan B 5.91% (1 Month LIBOR + 3.50%), due 12/4/20		2,606,119		2,603,948
Ultimate Software Group, Inc. Term Loan B 6.08% (3 Month LIBOR + 3.75%), due 5/4/26		1,750,000		1,751,750
Veritas Bermuda, Ltd.
Repriced Term Loan B 6.83% (1 Month LIBOR + 4.50%), due 1/27/23		367,428		332,522
Repriced Term Loan B 6.90% (1 Month LIBOR + 4.50%), due 1/27/23		1,851,120		1,675,264
Vertafore, Inc. 2018 1st Lien Term Loan 5.652% (1 Month LIBOR + 3.25%), due 7/2/25		398,000		381,867
Web.com Group, Inc.
2018 Term Loan B 6.161% (1 Month LIBOR + 3.75%), due 10/10/25		1,453,881		1,435,708
2018 2nd Lien Term Loan 10.161% (1 Month LIBOR + 7.75%), due 10/9/26		969,724		951,137
Western Digital Corp. 2018 Term Loan B4 4.152% (1 Month LIBOR + 1.75%), due 4/29/23		1,777,978		1,737,085
Xerox Business Services LLC Term Loan B 4.902% (1 Month LIBOR + 2.50%), due 12/7/23		1,464,875		1,429,718
Zebra Technologies Corp. 2018 Term Loan B 4.181% (1 Month LIBOR + 1.75%), due 10/27/21		735,120		735,732
				109,929,367

	Principal Amount		Value
Finance 1.4%
Alliant Holdings I, Inc. 2018 Term Loan B 5.404% (1 Month LIBOR + 3.00%), due 5/9/25	$	1,797,220	$	1,743,865
Brand Energy & Infrastructure Services, Inc. 2017 Term Loan 6.788% (2 Month LIBOR + 4.25%), due 6/21/24		3,204,584		3,102,838
Deerfield Dakota Holding, LLC 2018 Term Loan B 5.652% (1 Month LIBOR + 3.25%), due 2/13/25		3,908,854		3,789,146
iStar, Inc.
2016 Term Loan B 5.13% (1 Month LIBOR + 2.75%), due 6/28/23		416,651		415,609
2016 Term Loan B 5.17% (1 Month LIBOR + 2.75%), due 6/28/23		408,318		407,297
Transplace Holdings, Inc. 1st Lien Term Loan 6.154% (1 Month LIBOR + 3.75%), due 10/7/24		1,182,038		1,176,127
USS Ultimate Holdings, Inc.
1st Lien Term Loan 5.95% (6 Month LIBOR + 3.75%), due 8/25/24		1,568,000		1,562,512
1st Lien Term Loan 6.08% (3 Month LIBOR + 3.75%), due 8/25/24		4,000		3,986
				12,201,380
Healthcare, Education & Childcare 7.3%
Acadia Healthcare Company, Inc. 2018 Term Loan B4 4.902% (1 Month LIBOR + 2.50%), due 2/16/23		739,819		735,565
Agiliti Health, Inc. Term Loan 5.50% (1 Month LIBOR + 3.00%), due 1/4/26		900,000		898,875
AHP Health Partners, Inc. 2018 Term Loan 6.902% (1 Month LIBOR + 4.50%), due 6/30/25		1,320,000		1,317,250
Akorn, Inc. Term Loan B 9.438% (1 Month LIBOR + 7.00%), due 4/16/21		172,516		161,302
Alliance Healthcare Services, Inc. 2017 Term Loan B 6.902% (1 Month LIBOR + 4.50%), due 10/24/23 (e)		866,250		827,269

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Floating Rate Loans (continued)
Healthcare, Education & Childcare (continued)
Alvogen Pharma US, Inc. 2018 Term Loan B 7.15% (1 Month LIBOR + 4.75%), due 4/2/22	$	2,845,256	$	2,606,966
Amneal Pharmaceuticals LLC 2018 Term Loan B 5.938% (1 Month LIBOR + 3.50%), due 5/4/25		2,226,980		2,209,349
Athenahealth, Inc. 2019 Term Loan B 7.045% (3 Month LIBOR + 4.50%), due 2/11/26		997,500		995,006
Avantor, Inc. 2017 1st Lien Term Loan 5.402% (1 Month LIBOR + 3.00%), due 11/21/24		819,771		820,283
Carestream Dental Equipment, Inc. 2017 1st Lien Term Loan 5.652% (1 Month LIBOR + 3.25%), due 9/1/24		982,500		964,488
Carestream Health, Inc. (f)
1st Lien Term Loan 8.152% (1 Month LIBOR + 5.75%), due 2/28/21		2,348,325		2,266,133
2nd Lien Term Loan 11.902% (1 Month LIBOR + 9.50%), due 6/7/21 (e)		1,347,599		1,273,481
Concentra, Inc. 2018 1st Lien Term Loan 5.21% (3 Month LIBOR + 2.75%), due 6/1/22		3,323,907		3,319,752
DaVita, Inc. Term Loan B 5.135% (1 Week LIBOR + 2.75%), due 6/24/21		2,744,593		2,740,306
Envision Healthcare Corp. 2018 1st Lien Term Loan 6.152% (1 Month LIBOR + 3.75%), due 10/10/25		1,865,625		1,614,543
Equian LLC Add on Term Loan B 5.652% (1 Month LIBOR + 3.25%), due 5/20/24		3,296,546		3,292,425
ExamWorks Group, Inc. 2017 Term Loan 5.652% (1 Month LIBOR + 3.25%), due 7/27/23		2,936,855		2,933,184
Explorer Holdings, Inc. 2016 Term Loan B 6.08% (3 Month LIBOR + 3.75%), due 5/2/23		1,028,788		1,024,501

	Principal Amount		Value
Healthcare, Education & Childcare (continued)
Gentiva Health Services, Inc. 2018 1st Lien Term Loan 6.188% (1 Month LIBOR + 3.75%), due 7/2/25	$	1,293,394	$	1,293,394
HCA, Inc. 2018 Term Loan B10 4.33% (3 Month LIBOR + 2.00%), due 3/13/25		2,493,687		2,494,727
Jaguar Holding Co. II 2018 Term Loan 4.902% (1 Month LIBOR + 2.50%), due 8/18/22		4,673,594		4,644,384
Kinetic Concepts, Inc. 2017 Term Loan B 5.58% (3 Month LIBOR + 3.25%), due 2/2/24		3,920,000		3,920,000
Ortho-Clinical Diagnostics S.A. 2018 Term Loan B 5.68% (1 Month LIBOR + 3.25%), due 6/30/25		2,947,518		2,830,847
Parexel International Corp. Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 9/27/24		1,634,629		1,563,624
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B 6.904% (1 Month LIBOR + 4.50%), due 11/17/25		2,157,080		2,144,138
RPI Finance Trust Term Loan B6 4.402% (1 Month LIBOR + 2.00%), due 3/27/23		3,870,228		3,872,303
Select Medical Corp. 2017 Term Loan B 4.85% (3 Month LIBOR + 2.50%), due 3/6/25		3,135,875		3,124,115
Sound Inpatient Physicians 2018 1st Lien Term Loan 5.152% (1 Month LIBOR + 2.75%), due 6/27/25		495,000		494,072
Team Health Holdings, Inc. 1st Lien Term Loan 5.152% (1 Month LIBOR + 2.75%), due 2/6/24		3,902,613		3,414,787
U.S. Anesthesia Partners, Inc. 2017 Term Loan 5.402% (1 Month LIBOR + 3.00%), due 6/23/24		2,848,946		2,797,309
				62,594,378

20 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Floating Rate Loans (continued)
Home and Office Furnishings, Housewares & Durable Consumer Products 0.5%
Comfort Holding LLC 1st Lien Term Loan 7.152% (1 Month LIBOR + 4.75%), due 2/5/24	$	1,173,000	$	1,170,801
Resideo Funding, Inc. Term Loan B 4.33% (3 Month LIBOR + 2.00%), due 10/24/25		895,500		894,007
Serta Simmons Bedding LLC
1st Lien Term Loan 5.89% (1 Month LIBOR + 3.50%), due 11/8/23		762,257		485,939
1st Lien Term Loan 5.91% (1 Month LIBOR + 3.50%), due 11/8/23		2,696,134		1,718,785
				4,269,532
Hotels, Motels, Inns & Gaming 5.1%
Affinity Gaming LLC Initial Term Loan 5.652% (1 Month LIBOR + 3.25%), due 7/1/23		2,489,737		2,390,147
AP Gaming I LLC 2018 Incremental Term Loan 5.902% (1 Month LIBOR + 3.50%), due 2/15/24		1,862,913		1,860,003
Caesars Entertainment Operating Co. Exit Term Loan 4.402% (1 Month LIBOR + 2.00%), due 10/6/24		1,641,667		1,629,765
Caesars Resort Collection LLC 2017 1st Lien Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 12/22/24		3,940,000		3,863,312
Churchill Downs, Inc. 2017 Term Loan B 4.41% (1 Month LIBOR + 2.00%), due 12/27/24		1,977,443		1,974,972
CityCenter Holdings LLC 2017 Term Loan B 4.652% (1 Month LIBOR + 2.25%), due 4/18/24		2,842,000		2,830,834
Everi Payments, Inc. Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 5/9/24		3,174,085		3,168,793
Golden Entertainment, Inc. 2017 1st Lien Term Loan 5.41% (1 Month LIBOR + 3.00%), due 10/21/24		1,000,000		995,000

	Principal Amount		Value
Hotels, Motels, Inns & Gaming (continued)
Hilton Worldwide Finance LLC 2019 Term Loan B2 4.154% (1 Month LIBOR + 1.75%), due 6/22/26	$	2,235,804	$	2,235,804
MGM Growth Properties Operating Partnership, L.P. 2016 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 4/25/23		2,995,104		2,975,315
PCI Gaming Authority Term Loan 5.402% (1 Month LIBOR + 3.00%), due 5/29/26		750,000		750,469
Penn National Gaming, Inc. 2018 1st Lien Term Loan B 4.652% (1 Month LIBOR + 2.25%), due 10/15/25		331,667		330,174
Scientific Games International, Inc.
2018 Term Loan B5 5.15% (2 Month LIBOR + 2.75%), due 8/14/24		1,237,782		1,218,332
2018 Term Loan B5 5.23% (2 Month LIBOR + 2.75%), due 8/14/24		5,140,484		5,059,707
Station Casinos LLC 2016 Term Loan B 4.91% (1 Month LIBOR + 2.50%), due 6/8/23		3,142,849		3,124,187
UFC Holdings LLC 2019 Term Loan 5.66% (1 Month LIBOR + 3.25%), due 4/29/26		3,591,944		3,585,529
Wyndham Destinations, Inc. 2018 1st Lien Term Loan 4.652% (1 Month LIBOR + 2.25%), due 5/30/25		992,500		988,778
Wyndham Hotels & Resorts, Inc. Term Loan B 4.152% (1 Month LIBOR + 1.75%), due 5/30/25		1,488,750		1,484,330
Wynn Resorts, Ltd. Term Loan B 4.69% (1 Month LIBOR + 2.25%), due 10/30/24		3,491,250		3,458,519
				43,923,970
Insurance 3.2%
Acrisure LLC 2017 Term Loan B 6.772% (3 Month LIBOR + 4.25%), due 11/22/23		997,462		991,228

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Floating Rate Loans (continued)
Insurance (continued)
AmWINS Group, Inc.
2017 Term Loan B 5.15% (1 Month LIBOR + 2.75%), due 1/25/24	$	1,879,637	$	1,862,929
2017 Term Loan B 5.17% (1 Month LIBOR + 2.75%), due 1/25/24		557,863		552,904
AssuredPartners, Inc. 2017 1st Lien Add-On Term Loan 5.902% (1 Month LIBOR + 3.50%), due 10/22/24		2,243,131		2,217,896
Asurion LLC
2017 Term Loan B4 5.402% (1 Month LIBOR + 3.00%), due 8/4/22		3,689,249		3,679,104
2018 Term Loan B6 5.402% (1 Month LIBOR + 3.00%), due 11/3/23		2,651,777		2,645,147
2018 Term Loan B7 5.402% (1 Month LIBOR + 3.00%), due 11/3/24		464,062		462,902
2017 2nd Lien Term Loan 8.902% (1 Month LIBOR + 6.50%), due 8/4/25		1,466,667		1,485,612
Hub International, Ltd. 2018 Term Loan B 5.586% (3 Month LIBOR + 3.00%), due 4/25/25		2,445,882		2,382,825
IAA Spinco, Inc. Term Loan B TBD, due 5/22/26		2,500,000		2,506,250
MPH Acquisition Holdings LLC 2016 Term Loan B 5.08% (3 Month LIBOR + 2.75%), due 6/7/23		1,842,940		1,759,239
NFP Corp. Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 1/8/24		1,467,400		1,423,640
Sedgwick Claims Management Services, Inc. 2018 Term Loan B 5.652% (1 Month LIBOR + 3.25%), due 12/31/25		2,985,000		2,941,718
USI, Inc. 2017 Repriced Term Loan 5.33% (3 Month LIBOR + 3.00%), due 5/16/24		2,947,500		2,870,865
				27,782,259

	Principal Amount		Value
Leisure, Amusement, Motion Pictures & Entertainment 2.5%
Alterra Mountain Co. Term Loan B1 5.402% (1 Month LIBOR + 3.00%), due 7/31/24	$	3,477,311	$	3,457,751
Boyd Gaming Corp. Term Loan B3 4.622% (1 Week LIBOR + 2.25%), due 9/15/23		2,016,093		2,004,249
Creative Artists Agency LLC 2018 Term Loan B 5.404% (3 Month LIBOR + 3.00%), due 2/15/24		1,912,059		1,904,411
Fitness International LLC
2018 Term Loan A 5.152% (1 Month LIBOR + 2.75%), due 4/18/23		1,274,706		1,264,349
2018 Term Loan B 5.652% (1 Month LIBOR + 3.25%), due 4/18/25		532,324		527,999
Life Time Fitness, Inc. 2017 Term Loan B 5.272% (3 Month LIBOR + 2.75%), due 6/10/22		2,798,958		2,785,464
Lions Gate Capital Holdings LLC 2018 Term Loan B 4.652% (1 Month LIBOR + 2.25%), due 3/24/25		662,625		658,069
Marriott Ownership Resorts, Inc. 2018 Term Loan B 4.652% (1 Month LIBOR + 2.25%), due 8/29/25		2,686,500		2,684,262
TKC Holdings, Inc. 2017 1st Lien Term Loan 6.16% (1 Month LIBOR + 3.75%), due 2/1/23		2,037,589		1,990,046
Travel Leaders Group LLC 2018 Term Loan B 6.383% (1 Month LIBOR + 4.00%), due 1/25/24		1,683,000		1,683,000
William Morris Endeavor Entertainment LLC 2018 1st Lien Term Loan 5.16% (1 Month LIBOR + 2.75%), due 5/18/25		2,688,730		2,594,625
				21,554,225
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 1.3%
Altra Industrial Motion Corp. 2018 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 10/1/25		3,368,002		3,302,747

22 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Floating Rate Loans (continued)
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) (continued)
Columbus McKinnon Corp. 2018 Term Loan B 4.83% (3 Month LIBOR + 2.50%), due 1/31/24	$	1,032,309	$	1,029,729
CPM Holdings, Inc.
2018 1st Lien Term Loan 6.152% (1 Month LIBOR + 3.75%), due 11/15/25		1,492,500		1,472,600
2018 2nd Lien Term Loan 10.652% (1 Month LIBOR + 8.25%), due 11/15/26 (e)		1,000,000		980,000
Rexnord LLC 2017 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 8/21/24		1,192,155		1,190,293
Terex Corp. 2019 Term Loan B1 5.095% (2 Month LIBOR + 2.75%), due 1/31/24		748,125		747,377
Welbilt, Inc. 2018 Term Loan B 4.902% (1 Month LIBOR + 2.50%), due 10/23/25		2,284,178		2,249,916
				10,972,662
Manufacturing 0.3%
EWT Holdings III Corp. 2017 Repriced Term Loan 5.402% (1 Month LIBOR + 3.00%), due 12/20/24		2,241,133		2,229,927
Mining, Steel, Iron & Non-Precious Metals 1.5%
American Rock Salt Co. LLC 2018 1st Lien Term Loan 6.152% (1 Month LIBOR + 3.75%), due 3/21/25		1,647,117		1,645,058
Covia Holdings Corp. Term Loan 6.598% (3 Month LIBOR + 3.75%), due 6/1/25		1,414,286		1,137,322
Gates Global LLC 2017 USD Repriced Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 4/1/24		2,418,979		2,402,515
GrafTech Finance, Inc. 2018 Term Loan B 5.902% (1 Month LIBOR + 3.50%), due 2/12/25		2,758,333		2,704,891

	Principal Amount		Value
Mining, Steel, Iron & Non-Precious Metals (continued)
HFOTCO LLC 2018 Term Loan B 5.16% (1 Month LIBOR + 2.75%), due 6/26/25	$	792,000	$	788,040
Keane Group Holdings LLC 2018 1st Lien Term Loan 6.188% (1 Month LIBOR + 3.75%), due 5/25/25		990,000		980,100
MRC Global (US) Inc. 2018 1st Lien Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 9/20/24		1,477,500		1,470,112
U.S. Silica Co. 2018 Term Loan B 6.438% (1 Month LIBOR + 4.00%), due 5/1/25		1,481,250		1,385,763
				12,513,801
Oil & Gas 1.8%
Apergy Corp. 2018 1st Lien Term Loan 4.938% (1 Month LIBOR + 2.50%), due 5/9/25		462,651		460,723
Edgewater Generation LLC Term Loan 6.152% (1 Month LIBOR + 3.75%), due 12/13/25		3,987,494		3,976,528
GIP III Stetson I, L.P. 2018 Term Loan B 6.633% (1 Month LIBOR + 4.25%), due 7/18/25		1,705,139		1,700,450
HGIM Corp. 2018 Exit Term Loan 8.743% (3 Month LIBOR + 6.00%), due 7/2/23		110,172		104,847
Lucid Energy Group II LLC 2018 1st Lien Term Loan 5.402% (1 Month LIBOR + 3.00%), due 2/17/25		1,382,500		1,316,831
McDermott Technology Americas, Inc. 2018 1st Lien Term Loan 7.402% (1 Month LIBOR + 5.00%), due 5/9/25		1,476,263		1,450,121
Medallion Midland Acquisition LLC 1st Lien Term Loan 5.652% (1 Month LIBOR + 3.25%), due 10/30/24		591,000		573,454
PES Holdings LLC
2018 Term Loan C 6.99% (PIK + 3.00%), due 12/31/22 (c)		1,046,797		690,886
2018 Term Loan A 8.58% (3 Month LIBOR + 6.25%), due 12/31/22 (e)		733,559		704,217

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Floating Rate Loans (continued)
Oil & Gas (continued)
Prairie ECI Acquiror L.P. Term Loan B 7.08% (3 Month LIBOR + 4.75%), due 3/11/26	$	1,246,875	$	1,246,875
Seadrill Partners Finco LLC Term Loan B 8.33% (3 Month LIBOR + 6.00%), due 2/21/21 (f)		1,883,018		1,341,650
Summit Midstream Partners Holdings LLC Term Loan B 8.402% (1 Month LIBOR + 6.00%), due 5/13/22		632,792		622,246
Traverse Midstream Partners LLC 2017 Term Loan 6.59% (3 Month LIBOR + 4.00%), due 9/27/24		1,323,333		1,305,138
				15,493,966
Personal & Nondurable Consumer Products (Manufacturing Only) 1.1%
American Builders & Contractors Supply Co., Inc. 2018 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 10/31/23		2,104,069		2,071,851
Prestige Brands, Inc. Term Loan B4 4.402% (1 Month LIBOR + 2.00%), due 1/26/24		542,879		539,487
Revlon Consumer Products Corp. 2016 Term Loan B 6.022% (3 Month LIBOR + 3.50%), due 9/7/23		2,512,292		2,096,716
SRAM LLC
2018 Term Loan B 5.10% (2 Month LIBOR + 2.75%), due 3/15/24		1,371,092		1,367,664
2018 Term Loan B 5.23% (2 Month LIBOR + 2.75%), due 3/15/24		1,319,768		1,316,469
2018 Term Loan B 7.25% (PRIME + 1.75%), due 3/15/24		95,317		95,078
Varsity Brands, Inc. 2017 Term Loan B 5.902% (1 Month LIBOR + 3.50%), due 12/15/24		1,970,020		1,927,664
				9,414,929
Personal Transportation 0.2%
Uber Technologies 2018 Incremental Term Loan 5.904% (1 Month LIBOR + 3.50%), due 7/13/23		2,083,451		2,079,544

	Principal Amount		Value
Personal, Food & Miscellaneous Services 1.7%
Aramark Services, Inc. 2018 Term Loan B3 4.08% (3 Month LIBOR + 1.75%), due 3/11/25	$	3,932,663	$	3,917,097
Golden Nugget, Inc.
2017 Incremental Term Loan 5.14% (1 Month LIBOR + 2.75%), due 10/4/23		1,327,744		1,315,712
2017 Incremental Term Loan 5.15% (1 Month LIBOR + 2.75%), due 10/4/23		1,656,188		1,641,180
IRB Holding Corp. 1st Lien Term Loan 5.644% (1 Month LIBOR + 3.25%), due 2/5/25		2,478,725		2,448,256
KFC Holding Co. 2018 Term Loan B 4.132% (1 Month LIBOR + 1.75%), due 4/3/25		2,918,211		2,907,722
Weight Watchers International, Inc. 2017 Term Loan B 7.35% (3 Month LIBOR + 4.75%), due 11/29/24		2,650,135		2,599,340
				14,829,307
Printing & Publishing 1.1%
Getty Images, Inc. 2019 1st Lien Term Loan 6.938% (1 Month LIBOR + 4.50%), due 2/19/26		3,527,727		3,507,884
McGraw-Hill Global Education Holdings LLC 2016 Term Loan B 6.402% (1 Month LIBOR + 4.00%), due 5/4/22		2,164,080		2,060,836
Prometric Holdings, Inc. 1st Lien Term Loan 5.41% (1 Month LIBOR + 3.00%), due 1/29/25		1,508,451		1,493,366
Severin Acquisition, LLC 2018 Term Loan B 5.815% (3 Month LIBOR + 3.25%), due 8/1/25		1,990,000		1,963,259
Shutterfly, Inc. Term Loan B2 4.91% (1 Month LIBOR + 2.50%), due 8/17/24		673,941		673,380
				9,698,725
Radio and TV Broadcasting 0.5%
Nexstar Broadcasting, Inc. 2019 Term Loan B4 TBD, due 6/20/26		4,375,000		4,358,594

24 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Floating Rate Loans (continued)
Retail Store 2.9%
Alphabet Holding Co., Inc. 2017 1st Lien Term Loan 5.902% (1 Month LIBOR + 3.50%), due 9/26/24	$	2,063,250	$	1,944,613
Bass Pro Group LLC Term Loan B 7.402% (1 Month LIBOR + 5.00%), due 9/25/24		2,947,500		2,810,259
Belk, Inc. Term Loan 7.285% (3 Month LIBOR + 4.75%), due 12/12/22		1,419,279		1,141,252
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan 5.161% (1 Month LIBOR + 2.75%), due 2/3/24		3,370,193		3,370,614
CNT Holdings III Corp. 2017 Term Loan 5.45% (6 Month LIBOR + 3.25%), due 1/22/23		1,247,728		1,232,521
EG Finco, Ltd. 2018 USD Term Loan 6.33% (3 Month LIBOR + 4.00%), due 2/7/25		1,481,257		1,454,409
Harbor Freight Tools USA, Inc. 2018 Term Loan B 4.902% (1 Month LIBOR + 2.50%), due 8/18/23		1,420,712		1,381,347
Leslie’s Poolmart, Inc. 2016 Term Loan 5.981% (2 Month LIBOR + 3.50%), due 8/16/23		1,828,671		1,730,380
Michaels Stores, Inc.
2018 Term Loan B 4.90% (1 Month LIBOR + 2.50%), due 1/30/23		790,602		762,140
2018 Term Loan B 4.90% (1 Month LIBOR + 2.50%), due 1/30/23		2,209,902		2,130,346
Party City Holdings, Inc. 2018 Term Loan B 4.91% (1 Month LIBOR + 2.50%), due 8/19/22		1,992,395		1,978,282
Petco Animal Supplies, Inc. 2017 Term Loan B 5.833% (3 Month LIBOR + 3.25%), due 1/26/23		2,580,000		1,999,500
PetSmart, Inc. Term Loan B2 6.67% (1 Month LIBOR + 4.00%), due 3/11/22		1,898,904		1,840,038

	Principal Amount			Value
Retail Store (continued)
Sally Holdings LLC Term Loan B2 4.50%, due 7/5/24 (e)	$	1,166,667	��	$	1,102,500
					24,878,201
Telecommunications 3.2%
Avaya, Inc. 2018 Term Loan B 6.651% (1 Month LIBOR + 4.25%), due 12/15/24		1,477,500			1,411,751
CenturyLink, Inc. 2017 Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 1/31/25		2,967,468			2,894,207
CSC Holdings LLC
2018 Term Loan B 4.894% (1 Month LIBOR + 2.50%), due 1/25/26		3,712,500			3,665,166
2019 Term Loan B 5.394% (1 Month LIBOR + 3.00%), due 4/15/27		1,000,000			985,000
Frontier Communications Corp. 2017 Term Loan B1 6.16% (1 Month LIBOR + 3.75%), due 6/15/24		1,470,000			1,440,600
Microchip Technology, Inc. 2018 Term Loan B 4.41% (1 Month LIBOR + 2.00%), due 5/29/25		1,149,783			1,142,597
Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan 5.576% (3 Month LIBOR + 3.00%), due 11/3/23		884,211			813,474
Radiate Holdco LLC 1st Lien Term Loan 5.402% (1 Month LIBOR + 3.00%), due 2/1/24		3,612,760			3,525,953
SBA Senior Finance II LLC 2018 Term Loan B 4.41% (1 Month LIBOR + 2.00%), due 4/11/25		1,817,300			1,792,029
Sprint Communications, Inc.
1st Lien Term Loan B 4.938% (1 Month LIBOR + 2.50%), due 2/2/24		1,955,000			1,923,231
2018 Term Loan B 5.438% (1 Month LIBOR + 3.00%), due 2/2/24		3,980,000			3,938,540
Syniverse Holdings, Inc.
2018 1st Lien Term Loan 7.401% (1 Month LIBOR + 5.00%), due 3/9/23		1,666,406			1,537,260

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Floating Rate Loans (continued)
Telecommunications (continued)
Syniverse Holdings, Inc. (continued)
2018 2nd Lien Term Loan 11.401% (1 Month LIBOR + 9.00%), due 3/11/24	$	500,000	$	370,000
West Corp. 2017 Term Loan 6.522% (3 Month LIBOR + 4.00%), due 10/10/24		1,737,310		1,617,146
				27,056,954
Utilities 3.6%
Astoria Energy LLC Term Loan B 6.41% (1 Month LIBOR + 4.00%), due 12/24/21		2,296,506		2,292,200
Brookfield WEC Holdings, Inc. 2018 1st Lien Term Loan 5.902% (1 Month LIBOR + 3.50%), due 8/1/25		2,987,500		2,983,766
Calpine Corp.
Term Loan B5 4.83% (3 Month LIBOR + 2.50%), due 1/15/24		1,693,708		1,683,758
Term Loan B9 5.08% (3 Month LIBOR + 2.75%), due 4/5/26		3,150,000		3,142,125
Compass Power Generation LLC 2018 Term Loan B 5.902% (1 Month LIBOR + 3.50%), due 12/20/24		673,056		673,477
EIF Channelview Cogeneration LLC 2018 Term Loan B 6.66% (1 Month LIBOR + 4.25%), due 5/3/25		1,362,776		1,366,183
ExGen Renewables IV LLC Term Loan B 5.53% (3 Month LIBOR + 3.00%), due 11/28/24		938,999		892,636
Granite Acquisition, Inc.
Term Loan C 5.83% (3 Month LIBOR + 3.50%), due 12/19/21		195,342		195,098
Term Loan B 6.092% (3 Month LIBOR + 3.50%), due 12/19/21		2,920,862		2,917,211
2nd Lien Term Loan B 9.58% (3 Month LIBOR + 7.25%), due 12/19/22		696,328		695,457

	Principal Amount		Value
Utilities (continued)
Helix Gen Funding LLC Term Loan B 6.152% (1 Month LIBOR + 3.75%), due 6/2/24	$	3,853,252	$	3,619,649
Oregon Clean Energy LLC Term Loan 6.152% (1 Month LIBOR + 3.75%), due 3/1/26		2,743,125		2,743,125
PG&E Corp. DIP Term Loan 4.69% (1 Month LIBOR + 2.25%), due 12/31/20		2,812,500		2,808,984
Southeast PowerGen LLC Term Loan B 5.91% (1 Month LIBOR + 3.50%), due 12/2/21		433,088		415,764
TEX Operations Co. LLC Exit Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 8/4/23		2,167,571		2,163,169
Vistra Energy Corp.
1st Lien Term Loan B3 4.33% (3 Month LIBOR + 2.00%), due 12/31/25		59,756		59,644	��
1st Lien Term Loan B3 4.39% (1 Month LIBOR + 2.00%), due 12/31/25		748,049		746,646
1st Lien Term Loan B3 4.40% (1 Month LIBOR + 2.00%), due 12/31/25		1,047,195		1,045,232
				30,444,124
Total Floating Rate Loans (Cost $706,440,009)				691,132,352
Foreign Floating Rate Loans 10.4% (d)
Aerospace & Defense 0.0%‡
1199169 B.C. Unlimited Liability Co. 2019 Term Loan B2 6.33% (3 Month LIBOR + 4.00%), due 4/6/26		310,800		311,869
Auto Manufacturers 0.4%
Panther BF Aggregator 2, L.P. Term Loan B 5.902% (1 Month LIBOR + 3.50%), due 4/30/26		3,750,000		3,713,438

26 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Foreign Floating Rate Loans (continued)
Beverage, Food & Tobacco 0.7%
JBS USA Lux S.A. 2019 Term Loan B 4.902% (1 Month LIBOR + 2.50%), due 5/1/26	$	3,653,843	$	3,644,200
Refresco Group B.V. USD Term Loan B3 TBD, due 3/28/25		2,000,000		1,990,000
				5,634,200
Broadcasting & Entertainment 0.6%
Altice France S.A. 2018 Term Loan B13 6.394% (1 Month LIBOR + 4.00%), due 8/14/26		1,243,750		1,216,932
Numericable Group S.A.
Term Loan B11 5.152% (1 Month LIBOR + 2.75%), due 7/31/25		2,935,088		2,790,778
Term Loan B12 6.082% (1 Month LIBOR + 3.687%), due 1/31/26		984,975		954,195
				4,961,905
Chemicals, Plastics & Rubber 1.1%
Allnex (Luxembourg) & Cy S.C.A. 2016 Term Loan B2 5.771% (3 Month LIBOR + 3.25%), due 9/13/23		1,264,593		1,236,930
Alpha 3 B.V. 2017 Term Loan B1 5.33% (3 Month LIBOR + 3.00%), due 1/31/24		1,754,827		1,714,247
Diamond (BC) B.V. Term Loan 5.583% (3 Month LIBOR + 3.00%), due 9/6/24		1,641,667		1,440,562
Flint Group GmbH Term Loan C 5.581% (3 Month LIBOR + 3.00%), due 9/7/21		292,768		242,266
Oxea Holding Drei GmbH 2017 Term Loan B2 6.125% (3 Month LIBOR + 3.50%), due 10/14/24		2,287,500		2,280,352
Starfruit Finco B.V. 2018 Term Loan B 5.669% (1 Month LIBOR + 3.25%), due 10/1/25		2,244,375		2,205,565
				9,119,922

	Principal Amount		Value
Diversified/Conglomerate Manufacturing 0.6%
AI Ladder (Luxembourg) Subco S.A R.L. 2018 Term Loan 6.83% (3 Month LIBOR + 4.50%), due 7/9/25	$	814,568	$	790,131
Bright Bidco B.V.
2018 Term Loan B 5.83% (3 Month LIBOR + 3.50%), due 6/30/24		1,321,836		925,286
2018 Term Loan B 5.90% (3 Month LIBOR + 3.50%), due 6/30/24		638,197		446,738
Garda World Security Corp.
2017 Term Loan 6.02% (3 Month LIBOR + 3.50%), due 5/24/24		3,158,047		3,130,414
2017 Term Loan 8.00% (PRIME + 2.50%), due 5/24/24		8,077		8,006
				5,300,575
Ecological 0.2%
GFL Environmental, Inc. 2018 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 5/30/25		1,584,439		1,556,315
Electronics 0.8%
Avast Software B.V. 2018 Term Loan B 4.58% (3 Month LIBOR + 2.25%), due 9/30/23		744,082		742,128
ION Trading Technologies S.A R.L. USD Incremental Term Loan B 6.651% (3 Month LIBOR + 4.00%), due 11/21/24		1,975,912		1,916,634
Oberthur Technologies S.A. 2016 Term Loan B1 6.08% (3 Month LIBOR + 3.75%), due 1/10/24		1,100,869		1,051,330
SS&C Technologies Holdings Europe S.A R.L. 2018 Term Loan B4 4.652% (1 Month LIBOR + 2.25%), due 4/16/25		1,977,767		1,968,703
Trader Corp. 2017 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 9/28/23		1,283,127		1,276,711
				6,955,506

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 27

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Foreign Floating Rate Loans (continued)
Healthcare, Education & Childcare 1.4%
Auris Luxembourg III S.A.R.L. 2019 Term Loan B2 6.152% (1 Month LIBOR + 3.75%), due 2/27/26	$	1,683,281	$	1,684,860
Endo Luxembourg Finance Co. I S.A R.L. 2017 Term Loan B 6.688% (1 Month LIBOR + 4.25%), due 4/29/24		3,798,737		3,554,194
Mallinckrodt International Finance S.A. Term Loan B 5.08% (3 Month LIBOR + 2.75%), due 9/24/24		1,053,167		944,889
Valeant Pharmaceuticals International, Inc. 2018 Term Loan B 5.412% (1 Month LIBOR + 3.00%), due 6/2/25		5,856,160		5,850,930
				12,034,873
Hotels, Motels, Inns & Gaming 1.1%
Four Seasons Hotels, Ltd. New 1st Lien Term Loan 4.402% (1 Month LIBOR + 2.00%), due 11/30/23		2,472,233		2,466,438
Gateway Casinos & Entertainment, Ltd. 2018 Term Loan B 5.33% (3 Month LIBOR + 3.00%), due 3/13/25		1,588,975		1,590,298
GVC Holdings PLC 2018 Term Loan 4.652% (1 Month LIBOR + 2.25%), due 3/29/24		1,486,212		1,480,019
Stars Group Holdings B.V. 2018 Incremental Term Loan 5.83% (3 Month LIBOR + 3.50%), due 7/10/25		4,059,045		4,056,509
				9,593,264
Leisure, Amusement, Motion Pictures & Entertainment 0.9%
Bombardier Recreational Products, Inc.
2019 Incremental Term Loan B2 TBD, due 5/23/25		1,666,667		1,646,875
2016 Term Loan B 4.40% (1 Month LIBOR + 2.00%), due 5/23/25		1,694,943		1,668,107
Delta 2 (LUX) S.A.R.L. 2018 USD Term Loan 4.902% (1 Month LIBOR + 2.50%), due 2/1/24		3,568,089		3,475,915

	Principal Amount		Value
Leisure, Amusement, Motion Pictures & Entertainment (continued)
DHX Media, Ltd. Term Loan B 6.152% (1 Month LIBOR + 3.75%), due 12/29/23	$	808,136	$	785,912
				7,576,809
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.2%
Titan Acquisition, Ltd. 2018 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 3/28/25		1,851,563		1,764,076
Oil & Gas 0.2%
MEG Energy Corp. 2017 Term Loan B 5.91% (1 Month LIBOR + 3.50%), due 12/31/23		133,125		132,792
NorthRiver Midstream Finance L.P. 2018 Term Loan B 5.85% (3 Month LIBOR + 3.25%), due 10/1/25		1,191,000		1,188,661
				1,321,453
Personal & Nondurable Consumer Products (Manufacturing Only) 0.2%
Array Canada, Inc. Term Loan B 7.33% (3 Month LIBOR + 5.00%), due 2/10/23		370,583		352,981
KIK Custom Products, Inc. 2015 Term Loan B 6.402% (1 Month LIBOR + 4.00%), due 5/15/23		1,350,000		1,271,362
				1,624,343
Personal, Food & Miscellaneous Services 0.7%
1011778 B.C. Unlimited Liability Co. Term Loan B3 4.652% (1 Month LIBOR + 2.25%), due 2/16/24		3,484,302		3,458,170
Jacobs Douwe Egberts International B.V. 2018 USD Term Loan B 4.50% (1 Month LIBOR + 2.00%), due 11/1/25		2,629,751		2,623,176
				6,081,346
Printing & Publishing 0.3%
Springer Science & Business Media Deutschland GmbH Term Loan B13 5.902% (1 Month LIBOR + 3.50%), due 8/15/22		2,908,936		2,908,936

28 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Foreign Floating Rate Loans (continued)
Retail Store 0.1%
EG Group, Ltd. 2018 USD Term Loan B 6.33% (3 Month LIBOR + 4.00%), due 2/7/25	$	1,185,000	$	1,163,522
Telecommunications 0.9%
Digicel International Finance, Ltd. 2017 Term Loan B 5.78% (3 Month LIBOR + 3.25%), due 5/28/24		515,814		445,663
Intelsat Jackson Holdings S.A. 2017 Term Loan B3 6.154% (1 Month LIBOR + 3.75%), due 11/27/23		4,139,180		4,088,732
Telesat Canada Term Loan B4 4.83% (3 Month LIBOR + 2.50%), due 11/17/23		3,280,747		3,241,106
				7,775,501
Total Foreign Floating Rate Loans (Cost $91,434,160)				89,397,853
TotalLong-Term Bonds (Cost $828,889,249)				811,827,861
	Shares
Affiliated Investment Company 0.3%
Fixed Income Fund 0.3%
MainStay MacKay High Yield Corporate Bond Fund Class I		492,059		2,770,294
Total Affiliated Investment Company (Cost $2,792,371)				2,770,294
Common Stocks 0.5%
Communications Equipment 0.0%‡
Energy Future Holdings Corp. (e)(f)(h)(i)		94,456		0
Millennium Corporate Trust (e)(f)(h)(i)		1,243		0
Millennium Lender Trust (e)(f)(h)(i)		1,324		0
				0
Energy Equipment & Services 0.1%
Pacific Drilling S.A. (i)		49,911		628,879
Transocean, Ltd. (i)		52,291		335,185
				964,064
Hotels, Restaurants & Leisure 0.0%‡
Caesars Entertainment Corp. (i)		19,323		228,398

	Shares		Value
Media 0.1%
Clear Channel Outdoor Holdings, Inc. (i)		43,745	$	206,477
iHeartMedia, Inc. Class A (e)(f)(h)(i)		18,603		292,997
				499,474
Metals & Mining 0.3%
AFGlobal Corp. (e)(f)(h)(i)		45,694		2,483,926
Oil & Gas 0.0%‡
HGIM Corp. (e)(f)(h)(i)		527		7,905
Templar Energy Corp., Class B (e)(f)(h)(i)		36,393		0
Templar Energy LLC, Class A (e)(f)(h)(i)		36,029		0
				7,905
Oil, Gas & Consumable Fuels 0.0%‡
Ascent Resources (e)(f)(h)(i)		122,031		320,331
Philadelphia Energy Solutions, Inc., Class A (e)(f)(h)(i)		52,608		16,440
				336,771
Total Common Stocks (Cost $5,063,551)				4,520,538
Preferred Stocks 0.0%
Oil & Gas 0.0%
Templar Energy Corp. (8.00% PIK) (c)(e)(f)(h)(i)		54,340		0
Total Preferred Stocks (Cost $227,580)				0
	Number of Rights
Rights 0.0%‡
Independent Power & Renewable Electricity Producers 0.0%‡
Vistra Energy Corp. (e)(h)(i)		57,684		56,530
Total Rights (Cost $47,301)				56,530
	Number of Warrants
Warrants 0.0%‡
Oil & Gas 0.0%‡
HGIM Corp. Expires 7/2/43 (e)(f)(h)(i)		2,358		35,370
Oil, Gas & Consumable Fuels 0.0%‡
Ascent Resources (e)(f)(h)(i)
1st Lien Warrants Expires 3/30/23		11,684		934
2nd Lien Tranche A Expires 3/30/23		15,022		1,878

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 29

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Number of Warrants			Value
Warrants (continued)
Oil, Gas & Consumable Fuels (continued)
Ascent Resources (continued)
2nd Lien Tranche B Expires 3/30/23		31,000		$	930
					3,742
Total Warrants (Cost $100,718)					39,112
	Principal Amount
Short-Term Investments 7.1%
Repurchase Agreement 0.5%
Fixed Income Clearing Corp. 0.50%, dated 6/28/19 due 7/1/19 Proceeds at Maturity $3,882,991 (Collateralized by a United States Treasury Note with a rate of 2.25% and a maturity date of 3/31/21, with a Principal Amount of $3,910,000 and a Market Value of $3,961,440)	$	3,882,830			3,882,830
Total Repurchase Agreement (Cost $3,882,830)					3,882,830
U.S. Government & Federal Agencies 6.4% (j)
2.12%, due 7/23/19		7,841,000			7,830,997
2.17%, due 7/9/19		6,350,000			6,346,984
2.171%, due 7/9/19		1,450,000			1,449,311
2.182%, due 8/6/19		35,675,000			35,598,477
2.339%, due 7/2/19		3,454,000			3,453,779
Total U.S. Government & Federal Agencies (Cost $54,679,548)					54,679,548
Unaffiliated Investment Company 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (k)(l)		1,881,488			1,881,488
Total Unaffiliated Investment Company (Cost $1,881,488)					1,881,488
TotalShort-Term Investments (Cost $60,443,866)					60,443,866
Total Investments (Cost $897,564,636)		102.7	%		879,658,201
Other Assets, Less Liabilities		(2.7	)		(22,935,911	)
Net Assets		100.0	%	$	856,722,290

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $2,556,251; the total market value of collateral held by the Portfolio was $2,629,087. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $747,599 (See Note 2(J)).

(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 June 30, 2019.

(e) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(f) Illiquid security—As of June 30, 2019, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $10,806,231, which represented 1.3% of the Portfolio’s net assets.

(g) Issue in default.

(h) Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, the total market value of fair valued securities was $3,217,241, which represented 0.4% of the Portfolio’s net assets.

(i) Non-income producing security.

(j) Interest rate shown represents yield to maturity.

(k) Current yield as of June 30, 2019.

(l) Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

LIBOR—London Interbank Offered Rate

TBD—To Be Determined

30 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	—	$	31,297,656	$	—	$	31,297,656
Floating Rate Loans (b)		—		682,412,446		8,719,906		691,132,352
Foreign Floating Rate Loans		—		89,397,853		—		89,397,853
TotalLong-Term Bonds		—		803,107,955		8,719,906		811,827,861
Affiliated Investment Company
Fixed Income Funds		2,770,294		—		—		2,770,294
Common Stocks (c)		1,398,939		—		3,121,599		4,520,538
Preferred Stocks (d)		—		—		0		0
Rights (e)		—		—		56,530		56,530
Warrants (f)		—		—		39,112		39,112
Short-Term Investments
Repurchase Agreements		—		3,882,830		—		3,882,830
U.S. Government & Federal Agencies		—		54,679,548		—		54,679,548
Unaffiliated Investment Company		1,881,488		—		—		1,881,488
TotalShort-Term Investments		1,881,488		58,562,378		—		60,443,866
Total Investments in Securities	$	6,050,721	$	861,670,333	$	11,937,147	$	879,658,201

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 securities valued at $8,719,906 are held within the Floating Rate Loans section of the Portfolio of Investments were valued by a pricing service without adjustment.

(c) The Level 3 securities valued at $0, $292,997, $2,483,926, $7,905 and $336,771 are held in Communications Equipment, Media, Metals & Mining, Oil & Gas and Oil, Gas & Consumable Fuels, respectively, within the Common Stocks section of the Portfolio of Investments.

(d) The Level 3 security valued at $0 is held in Oil & Gas within the Preferred Stocks section of the Portfolio of Investments.

(e) The Level 3 security valued at $56,530 is held in Independent Power & Renewable Electricity Producers within the Rights section of the Portfolio of Investments.

(f) The Level 3 securities valued at $35.370 and $3,742 are held in Oil & Gas and Oil, Gas & Consumable Fuels, respectively within the Warrants section of the Portfolio of Investments.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 31

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases			Sales (a)			Transfers in to Level 3		Transfers out of Level 3			Balance as of June 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Held at June 30, 2019 (b)
Long-Term Bonds
Floating Rate Loans	$	48,225,782	$	8,282	$	9,928	$	154,807		$	(856,360	)	$	(12,928,334	)	$	3,570,906	$	(29,465,105	)	$	8,719,906	$	154,807
Foreign Floating Rate Loans		7,547,427		—		—		—			—			—			—		(7,547,427	)		—		—
Common Stocks		3,235,335		—		—		(448,590	)		334,854			—			—		—			3,121,599		(448,590	)
Preferred Stocks		66,963		—		—		(66,963	)		—			—			—		—			—		—
Rights		54,223		—		—		2,307			—			—			—		—			56,530		2,307
Warrants		101,766		—		—		(62,654	)		—			—			—		—			39,112		(62,654	)
Total	$	59,231,496	$	8,282	$	9,928	$	(421,093	)	$	(521,506	)	$	(12,928,334	)	$	3,570,906	$	(37,012,532	)	$	11,937,147	$	(354,130	)

(a) Sales include principal reductions.

(b) Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statement of Operations

As of June 30, 2019, securities with a market value of $3,570,906 transferred from Level 2 to Level 3 as the fair value obtained from an independent pricing service, utilized significant unobservable inputs. As of December 31, 2018, the fair value obtained for these securities, as determined by an independent pricing service, utilized significant other observable inputs.

As of June 30, 2019, securities with a market value of $37,012,532 transferred from Level 3 to Level 2 as the fair value obtained from an independent pricing service, utilized significant other observable inputs. As of December 31, 2018, the fair value obtained for these securities, as determined by an independent pricing service, utilized significant unobservable inputs.

32 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $894,772,265) including securities on loan of $2,556,251	$	876,887,907
Investment in affiliated investment company, at value (identified cost $2,792,371)		2,770,294
Receivables:
Dividends and interest		3,644,161
Investment securities sold		2,745,827
Portfolio shares sold		243,851
Securities lending		3,529
Other assets		4,032
Total assets		886,299,601
Liabilities
Cash collateral received for securities on loan		1,881,488
Unrealized depreciation on unfunded commitments (See Note 5)		5,132
Payables:
Investment securities purchased		26,796,717
Manager (See Note 3)		420,623
Portfolio shares redeemed		223,279
NYLIFE Distributors (See Note 3)		124,254
Professional fees		55,861
Shareholder communication		44,339
Custodian		16,831
Trustees		1,056
Accrued expenses		7,731
Total liabilities		29,577,311
Net assets	$	856,722,290
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	96,321
Additional paid-in capital		894,297,537
		894,393,858
Total distributable earnings (loss)		(37,671,568	)
Net assets	$	856,722,290

Initial Class
Net assets applicable to outstanding shares	$	252,516,901
Shares of beneficial interest outstanding		28,406,243
Net asset value per share outstanding	$	8.89
Service Class
Net assets applicable to outstanding shares	$	604,205,389
Shares of beneficial interest outstanding		67,914,944
Net asset value per share outstanding	$	8.90

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 33

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest	$	24,138,417
Dividends-affiliated		81,780
Securities lending		14,229
Dividends-unaffiliated		2,220
Total income		24,236,646
Expenses
Manager (See Note 3)		2,507,379
Distribution/Service—Service Class (See Note 3)		764,736
Professional fees		70,096
Shareholder communication		45,706
Custodian		18,295
Trustees		10,210
Miscellaneous		31,327
Total expenses		3,447,749
Net investment income (loss)		20,788,897
Realized and Unrealized Gain (Loss) on Investments and Unfunded Commitments
Net realized gain (loss) on unaffiliated investments		(1,217,947	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		22,137,550
Affiliated investments		142,698
Unfunded commitments		1,547
Net change in unrealized appreciation (depreciation) on investments and unfunded commitments		22,281,795
Net realized and unrealized gain (loss) on investments and unfunded commitments and unfunded commitments		21,063,848
Net increase (decrease) in net assets resulting from operations	$	41,852,745

34 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	20,788,897		$	37,131,108
Net realized gain (loss) on investments and unfunded commitments		(1,217,947	)		(2,392,134	)
Net change in unrealized appreciation (depreciation) on investments and unfunded commitments		22,281,795			(36,711,595	)
Net increase (decrease) in net assets resulting from operations		41,852,745			(1,972,621	)
Distributions to shareholders:
Initial Class		(5,757,017	)		(10,493,538	)
Service Class		(15,017,574	)		(26,650,153	)
Total distributions to shareholders		(20,774,591	)		(37,143,691	)
Capital share transactions:
Net proceeds from sale of shares		114,744,285			172,373,554
Net asset value of shares issued to shareholders in reinvestment of dividends		20,769,865			37,143,691
Cost of shares redeemed		(98,646,741	)		(212,274,463	)
Increase (decrease) in net assets derived from capital share transactions		36,867,409			(2,757,218	)
Net increase (decrease) in net assets		57,945,563			(41,873,530	)
Net Assets
Beginning of period		798,776,727			840,650,257
End of period	$	856,722,290		$	798,776,727

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 35

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	8.66		$	9.08		$	9.11		$	8.74		$	9.05		$	9.33
Net investment income (loss) (a)		0.23			0.43			0.39			0.35			0.35			0.36
Net realized and unrealized gain (loss) on investments		0.23			(0.42	)		(0.03	)		0.37			(0.31	)		(0.28	)
Total from investment operations		0.46			0.01			0.36			0.72			0.04			0.08
Less dividends:
From net investment income		(0.23	)		(0.43	)		(0.39	)		(0.35	)		(0.35	)		(0.36	)
Net asset value at end of period	$	8.89		$	8.66		$	9.08		$	9.11		$	8.74		$	9.05
Total investment return (b)		5.43	%		(0.00	%)‡,(c)		3.98	%		8.45	%		0.39	%		0.86	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		5.16	%††		4.75	%		4.21	%		3.94	%(d)		3.88	%		3.89	%
Net expenses (e)		0.64	%††		0.65	%		0.64	%		0.64	%(f)		0.64	%		0.64	%
Portfolio turnover rate		12	%		29	%		52	%		36	%		35	%		48	%
Net assets at end of period (in 000’s)	$	252,517		$	187,285		$	259,054		$	287,373		$	226,083		$	205,057

* Unaudited.

†† Annualized.

‡ Less than one-tenth percent.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 3.93%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 0.65%.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	8.67		$	9.09		$	9.12		$	8.75		$	9.06		$	9.34
Net investment income (loss) (a)		0.22			0.41			0.36			0.33			0.33			0.34
Net realized and unrealized gain (loss) on investments		0.23			(0.42	)		(0.03	)		0.37			(0.31	)		(0.28	)
Total from investment operations		0.45			(0.01	)		0.33			0.70			0.02			0.06
Less dividends:
From net investment income		(0.22	)		(0.41	)		(0.36	)		(0.33	)		(0.33	)		(0.34	)
Net asset value at end of period	$	8.90		$	8.67		$	9.09		$	9.12		$	8.75		$	9.06
Total investment return (b)		5.30	%		(0.25	%)(c)		3.71	%		8.18	%		0.14	%		0.61	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		4.91	%††		4.52	%		3.96	%		3.68	%(d)		3.63	%		3.65	%
Net expenses (e)		0.89	%††		0.90	%		0.89	%		0.89	%(f)		0.89	%		0.89	%
Portfolio turnover rate		12	%		29	%		52	%		36	%		35	%		48	%
Net assets at end of period (in 000’s)	$	604,205		$	611,492		$	581,596		$	582,341		$	565,278		$	581,456

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 3.67%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 0.90%.

36 MainStay VP Floating Rate Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Floating Rate Portfolio (the “Portfolio”), a “non-diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time. Since the Portfolio has historically operated as a “diversified” portfolio, it will not operate as “non-diversified” without first obtaining shareholder approval.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on May 2, 2005. Shares of the Portfolio are sold and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek high current income.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

37

Notes to Financial Statements(Unaudited) (continued)

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During thesix-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, securities that were fair valued in such a manner are shown in the Portfolio of Investments.

Equity securities, rights and warrants are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, securities that were fair valued in such a manner are shown in the Portfolio of Investments.

38 MainStay VP Floating Rate Portfolio

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio security or other asset may be determined to be illiquid under procedures approved by the Board. Illiquidity of a security might prevent the sale of such security at a time when the Manager or the Subadvisor might wish to sell, and these securities could have the effect of decreasing the overall level of the Portfolio’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, requiring the Portfolio to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Portfolio could realize upon disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to the Portfolio. Under the supervision of the Board, the Manager or the Subadvisor determine the liquidity of the Portfolio’s investments; in doing so, the Manager or the Subadvisor may consider various factors, including (i) the frequency of trades and quotations; (ii) the number of dealers and prospective purchasers; (iii) dealer undertakings to make a market; and (iv) the nature of the security and the market in which it trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). Illiquid securities are often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of the Portfolio’s investments, as shown in the Portfolio of Investments, was determined as of June 30, 2019 and can change at any time in response to, among other relevant factors, market conditions or events or developments with respect to an individual issuer or instrument. As of June 30, 2019, securities deemed to be illiquid under procedures approved by the Board are shown in the Portfolio of Investments.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the

Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare dividends from net investment income, if any, daily and intends to pay them at least monthly and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the

39

Notes to Financial Statements(Unaudited) (continued)

date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in exchange-traded funds (“ETFs”) and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, repurchase agreements are shown in the Portfolio of Investments.

(H)  Rights and Warrants.  Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Portfolio could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Portfolio is exposed to risk until the sale or exercise of each right or warrant is completed. As

of June 30, 2019, rights and warrants are shown in the Portfolio of Investments.

(I)  Loan Assignments, Participations and Commitments.  The Portfolio primarily invests in loan assignments and participations (“loans”). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Portfolio records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the London Interbank Offered Rate (“LIBOR”).

The loans in which the Portfolio invests are generally readily marketable, but may be subject to some restrictions on resale. For example, the Portfolio may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Portfolio purchases an assignment from a lender, the Portfolio will generally have direct contractual rights against the borrower in favor of the lender. If the Portfolio purchases a participation interest either from a lender or a participant, the Portfolio typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Portfolio is subject to the credit risk of the lender or participant who sold the participation interest to the Portfolio, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Portfolio may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Portfolio to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities. As of June 30, 2019, the Portfolio held unfunded commitments. (See Note 5)

(J)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of

40 MainStay VP Floating Rate Portfolio

cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $2,556,251; the total market value of collateral held by the Portfolio was $2,629,087. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $747,599 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $1,881,488.

(K)  Debt Securities and Loan Risk.  The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

The Portfolio’s principal investments include floating rate loans which are usually rated below investment grade and are generally considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These investments pay investors a higher interest rate than investment grade debt securities because of the increased risk of loss. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In a recession or serious credit event, the value of these investments could decline significantly. As a result, the Portfolio’s NAVs could decrease and you could lose money.

In addition, floating rate loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Portfolio may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities. In certain circumstances, floating rate loans may not be deemed to be securities. As a result, the Portfolio may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the Portfolio generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

(L)  Foreign Securities Risk.  The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Portfolio to meet their obligations may be

affected by, among other things, economic or political developments in a specific country, industry or region.

(M)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. NYL Investors LLC (“NYL Investors” or the “Subadvisor”), a registered investment adviser and a direct,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and NYL Investors, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of average daily net assets as follows: 0.60% up to $1 billion; 0.575% from $1 billion to $3 billion; and 0.565% in excess of $3 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.60%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $2,507,379, and paid the Subadvisor in the amount of $1,252,801.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations.

41

Notes to Financial Statements(Unaudited) (continued)

For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE

Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay MacKay High Yield Corporate Bond Fund Class I	$	2,628	$	—	$	—	$	—	$	142	$	2,770	$	82	$	—		492

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	897,597,187	$	2,538,321	$	(20,477,307	)	$	(17,938,986	)

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $19,154,910, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$66	$19,089

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$37,143,691	$        —

Note 5–Commitments and Contingencies

As of June 30, 2019, the Portfolio held unfunded commitments pursuant to the following loan agreements:

Borrower	Unfunded Commitments		Unrealized Appreciation/ (Depreciation)
Mavis Tire Express Services Corp. Delayed Draw Term Loan 5.652%, due 3/20/25	$	181,043	$	(3,960	)
Pacific Gas & Electric Co. Delayed Draw Term Loan 4.826%, due 12/31/20		937,500		(1,172	)
Total			$	(5,132	)

Commitments are available until maturity date.

Note 6–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 7–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments

42 MainStay VP Floating Rate Portfolio

based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During thesix-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 8–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 9–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $161,524 and $95,750, respectively.

Note 10–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		7,286,156		$	64,844,787
Shares issued to shareholders in reinvestment of dividends and distributions		646,598			5,757,223
Shares redeemed		(1,154,182	)		(10,284,168	)
Net increase (decrease)		6,778,572		$	60,317,842
Year ended December 31, 2018:
Shares sold		1,195,603		$	10,838,825
Shares issued to shareholders in reinvestment of dividends and distributions		1,167,257			10,493,538
Shares redeemed		(9,251,777	)		(83,588,619	)
Net increase (decrease)		(6,888,917	)	$	(62,256,256	)

Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		5,594,169		$	49,899,498
Shares issued to shareholders in reinvestment of dividends and distributions		1,685,049			15,012,642
Shares redeemed		(9,921,820	)		(88,362,573	)
Net increase (decrease)		(2,642,602	)	$	(23,450,433	)
Year ended December 31, 2018:
Shares sold		17,862,616		$	161,534,729
Shares issued to shareholders in reinvestment of dividends and distributions		2,977,486			26,650,153
Shares redeemed		(14,253,759	)		(128,685,844	)
Net increase (decrease)		6,586,343		$	59,499,038

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

43

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

44 MainStay VP Floating Rate Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781620 MSVPFR10-08/19 (NYLIAC) NI518     

MainStay VP MacKay Government Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	14
Notes to Financial Statements	18
Proxy Voting Policies and Procedures and Proxy Voting Record	25
Shareholder Reports and Quarterly Portfolio Disclosure	25

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	1/29/1993		3.95	%		5.30	%		1.79	%		2.70	%		0.57	%
Service Class Shares	6/4/2003		3.82			5.04			1.53			2.45			0.82

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
Bloomberg Barclays U.S. Government Bond Index3		5.15	%		7.21	%		2.48	%		2.97	%
Morningstar Intermediate Government Category Average4		4.35			6.08			1.96			2.79

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Bloomberg Barclays U.S. Government Bond Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays U.S. Government Bond Index 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.

4. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay Government Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,039.50	$	2.88	$	1,021.97	$	2.86	0.57%
Service Class Shares	$	1,000.00	$	1,038.20	$	4.14	$	1,020.73	$	4.11	0.82%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP MacKay Government Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings as of June 30, 2019 (excluding short-term investments) (Unaudited)

1. United States Treasury Notes, 2.375%, due 4/30/20

2. United States Treasury Notes, 2.625%, due 7/31/20

3. United States Treasury Notes, 2.25%, due 4/30/24

4. United States Treasury Notes, 3.00%, due 10/31/25

5. United States Treasury Notes, 2.875%, due 10/31/20

  6. Federal National Mortgage Association (Mortgage Pass-Through Securities), 4.50%, due 4/1/41

  7. United States Treasury Notes, 2.75%, due 4/30/23

  8. Tennessee Valley Authority, 4.65%, due 6/15/35

  9. Federal National Mortgage Association (Mortgage Pass-Through Securities), 5.50%, due 7/1/41

10. Federal National Mortgage Association (Mortgage Pass-Through Securities), 4.00%, due 8/1/38

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Dan Roberts, PhD, Steven H. Rich, Stephen R. Cianci, CFA, and Neil Moriarty, III, of MacKay Shields LLC, the Portfolio’s Subadvisor.

How did MainStay VP MacKay Government Portfolio perform relative to its benchmark and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay Government Portfolio returned 3.95% for Initial Class shares and 3.82% for Service Class shares. Over the same period, both share classes underperformed the 5.15% return of the Bloomberg Barclays U.S. Government Bond Index, which is the Portfolio’s benchmark, and the 4.35% return of the Morningstar Intermediate Government Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

Four principal factors determined the Portfolio’s performance relative to the Bloomberg Barclays U.S. Government Bond Index during the reporting period: duration,² yield-curve³ posture, sector weighting and issue selection. Issue selection and yield advantage were the Portfolio’s principal performance tailwinds during the reporting period, while duration posture proved a headwind.

During the reporting period, U.S. Treasury yields fell across the yield curve. Yields fell most steeply in shorter maturities of 1 to 5 years because bond market participants, noting the inconsistency between tepid U.S. economic growth prospects and the prevailing 2.5% federal funds rate set by the Federal Reserve (Fed), anticipated a Fed rate cut over the medium term. More modest declines in longer-maturity yields reflected restrained inflation and aggregate demand failing to pressure resource capacity. Against this backdrop, the Portfolio’s shorter duration made it less sensitive to changes in U.S. Treasury yields than the benchmark and longer-duration peers. The Portfolio’s relatively short duration posture disadvantaged it for most of the reporting period and was the primary source of the Portfolio’s underperformance.

Regarding the Portfolio’s yield-curve posture, the steepening of the yield curve aligned better with comparable-duration peers whose cash flows were more concentrated in the short end of the yield curve. In contrast, a portion of the Portfolio’s cash flows were distributed in the intermediate- and longer-duration segments of the curve.

Regarding sector weightings, agency mortgage pass-throughs were the largest class of securities in the Portfolio. The Portfolio’s commitment to agency mortgage pass-throughs imparted a yield advantage over lower-yielding U.S. Treasury securities and agency debentures. This benefit was partially offset by the underperformance of agency mortgage-backed securities rela-

tive to comparable-duration U.S. Treasury securities as mortgage rates fell alongside Treasury yields. The Portfolio’s diversity of assets, with sizeable exposures to both U.S. Treasury securities and mortgage-backed securities, worked to the Portfolio’s benefit as interest-rate volatility weighed on mortgage returns, but had limited impact on returns from U.S. Treasury holdings.

Regarding issue selection, the Portfolio’s willingness to emphasize30-year loan terms over shorter(15- and20-year) loan terms, produced mixed results. The30-year loan terms tend to outperform because they are more sensitive to a flatter U.S. Treasury yield curve (due to their wider cashflow windows as the long loan term expands the window over which borrowers may prepay). That said, the Portfolio’s distribution of agency mortgage pass-through securities across the coupon stack favored higher coupons, which often had durations equivalent to the shorter U.S. Treasury securities associated with the reporting period’s sharpest yield declines.

The Portfolio also favored seasoned loans (i.e., loans originated in prior years) andlow-balance loans. Mortgage pass-through securities backed by loans with these characteristics often have more stable cash-flow profiles. As lower mortgage rates prompted borrowers to refinance, the return impact of prepayments was more extreme than in recent prior reporting periods. This dynamic led the market to recalibrate the worth of cash-flow stability, undermining the advantages of seasoning and loan balance. On the positive side, the Portfolio’s holdings in this market segment appreciated in price faster than comparable-duration U.S. Treasury securities. The Portfolio also benefited from the stability of its collateralized mortgage obligations, which are structured to dampen cash-flow variability.

What was the Portfolio’s duration strategy during the reporting period?

As U.S. Treasury yields and mortgage rates fell during the reporting period, the Portfolio’s duration contracted from 3.9 to 3.5 years while the duration of the Bloomberg Barclays U.S. Government Bond Index lengthened from 6.0 years to 6.3 years. The Portfolio declined to lengthen its duration because, with Treasury yields compressed in a narrow range between the 1.75% yield of thetwo-year maturity and the 2.5% yield of the30-year maturity, thetrade-off to pick up additional yield by extending out the curve was not compelling. In our view, moving out the curve would present the risk of negative price return should Treasury yields rise, and this effect could readily erode yield advantage.

1. See page 5 for more information on benchmark and peer group returns.

2. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

3. The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.

8 MainStay VP MacKay Government Portfolio

Which sectors were the strongest contributors to the Portfolio’s performance and which sectors were particularly weak?

As described earlier, the Portfolio’s holdings among agency mortgage pass-throughs contributed positively to performance, imparting a yield advantage over lower-yielding U.S. Treasury securities and agency debentures. (Contributions take weightings and total returns into account.) This benefit was partially offset by the underperformance of agency mortgage-backed securities relative to comparable-duration U.S. Treasury securities as mortgage rates fell alongside Treasury yields. The Portfolio’s diversity of assets, with sizeable exposures to both U.S. Treasury securities and mortgage-backed securities, worked to the Portfolio’s benefit as interest-rate volatility weighed on mortgage returns, but had limited impact on Treasury returns.

What were some of the Portfolio’s largest purchases and sales during the reporting period?

The Portfolio exited its positions in pass-through mortgage-backed securities issued by Ginnie Mae during the reporting period, shifting those assets into collateralized mortgage obligations, for incremental yield pickup.

How did the Portfolio’s sector weightings change during the reporting period?

During the period, the Portfolio’s exposure to agency mortgage-backed securities fell by 4% and the Portfolio’s exposure to U.S. Treasury securities rose by an equivalent amount. This sector rotation improved the Portfolio’s convexity.⁴

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held underweight exposure to U.S. Treasury securities, roughly equal weight exposure to agency debentures and overweight exposure to agency mortgage pass-throughs relative to the Bloomberg Barclays U.S. Government Bond Index. As of the same date, the Portfolio also held modestly overweight positions in asset-backed securities, commercial mortgage-backed securities and corporate bonds, withnon-government exposure totaling roughly 8% of Portfolio assets. The Portfolio ended the reporting period with 7% of its assets in agency discount notes.

4. Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 91.9%† Asset-Backed Securities 2.5%
Other Asset-Backed Securities 2.2%
PSNH Funding LLC Series 2018-1, Class A1 3.094%, due 2/1/26	$	434,873	$	443,077
Small Business Administration Participation Certificates
Series 2012-20L, Class 1 1.93%, due 12/1/32		526,458		521,799
Series 2014-20H, Class 1 2.88%, due 8/1/34		621,924		636,795
Series 2015-20G, Class 1 2.88%, due 7/1/35		1,521,012		1,566,761
Series 2014-20I, Class 1 2.92%, due 9/1/34		645,687		662,959
Series 2014-20C, Class 1 3.21%, due 3/1/34		1,131,666		1,178,787
				5,010,178
Utilities 0.3%
Atlantic City Electric Transition Funding LLC Series 2002-1, Class A4 5.55%, due 10/20/23		677,767		705,152
Total Asset-Backed Securities (Cost $5,608,124)				5,715,330
Corporate Bonds 3.9%
Agriculture 0.5%
Altria Group, Inc. 2.85%, due 8/9/22		1,170,000		1,182,359
Electric 1.8%
Consolidated Edison Co. of New York, Inc. 2.749% (3 Month LIBOR + 0.40%), due 6/25/21 (a)		1,550,000		1,553,880
Duke Energy Florida Project Finance LLC 2.538%, due 9/1/31		1,900,000		1,895,825
PECO Energy Co. 1.70%, due 9/15/21 (b)		670,000		663,592
				4,113,297
Pipelines 0.5%
Plains All American Pipeline, L.P. / PAA Finance Corp. 5.00%, due 2/1/21		1,200,000		1,236,039
Real Estate Investment Trusts 1.1%
Host Hotels & Resorts, L.P. 3.75%, due 10/15/23		2,350,000		2,407,390
Total Corporate Bonds (Cost $8,839,330)				8,939,085

	Principal Amount		Value
Mortgage-Backed Securities 7.3%
Agency (Collateralized Mortgage Obligations) 5.5%
Federal Home Loan Mortgage Corporation
REMIC Series 4691, Class HA 2.50%, due 6/15/40	$	617,661	$	614,961
Series 2019-1, Class A1 3.50%, due 5/25/29		484,600		504,027
REMIC Series 4818, Class BD 3.50%, due 3/15/45		632,790		655,984
REMIC Series 4884, Class BA 3.50%, due 6/15/48		549,967		572,243
REMIC Series 4888, Class BA 3.50%, due 9/15/48		440,429		458,524
REMIC Series 4877, Class AT 3.50%, due 11/15/48		566,907		594,825
REMIC Series 4877, Class BE 3.50%, due 11/15/48		829,807		869,926
Federal National Mortgage Association
Series 2019-25, Class PA 3.00%, due 5/25/48		527,310		538,578
Series 2019-13, Class PE 3.00%, due 3/25/49		664,912		680,105
Government National Mortgage Association
Series 2014-91, Class MA 3.00%, due 1/16/40		621,206		637,159
Series 2018-127, Class PB 3.00%, due 9/20/47		1,387,668		1,416,260
Series 2019-29, Class CB 3.00%, due 10/20/48		499,083		508,765
Series 2019-52, Class JL 3.00%, due 11/20/48		529,578		541,002
Series 2019-59, Class KA 3.00%, due 12/20/48		917,863		940,197
Series 2019-43, Class PL 3.00%, due 4/20/49		501,453		511,190
Series 2019-74, Class AT 3.00%, due 6/20/49		748,000		765,909
Series 2013-149, Class BA 3.25%, due 8/16/41		1,718,506		1,779,337
				12,588,992
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.4%
BXP Trust  Series 2017-GM, Class A 3.379%, due 6/13/39 (c)		1,750,000		1,832,527
Four Times Square Trust  Series 2006-4TS, Class A 5.401%, due 12/13/28 (c)		498,262		516,490
Wells Fargo Commercial Mortgage Trust  Series 2018-1745, Class A 3.874%, due 6/15/36 (c)(d)		900,000		964,191
				3,313,208

10 MainStay VP MacKay Government Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Mortgage-Backed Securities (continued)
Residential Mortgage (Collateralized Mortgage Obligation) 0.1%
Citigroup Mortgage Loan Trust, Inc. Series 2006-AR6, Class 1A1 4.397%, due 8/25/36 (d)	$	143,554	$	135,006
Whole Loan Collateral (Collateralized Mortgage Obligation) 0.3%
Chase Home Lending Mortgage Trust  Series 2019-ATR1, Class A4 4.00%, due 4/25/49 (c)(e)		696,099		708,217
Total Mortgage-Backed Securities (Cost $16,421,081)				16,745,423
U.S. Government & Federal Agencies 78.2%
Fannie Mae Strip (Collateralized Mortgage Obligations) 0.0% (f)‡
Series 360, Class 2, IO 5.00%, due 8/25/35		91,813		16,620
Series 361, Class 2 6.00%, due 10/25/35		19,541		4,730
				21,350
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 11.1%
2.50%, due 8/1/46		1,676,644		1,665,838
3.00%, due 2/1/46		3,375,177		3,426,677
3.00%, due 4/1/47		3,430,732		3,476,402
3.00%, due 12/1/47		958,117		968,192
3.50%, due 8/1/38		933,439		961,315
3.50%, due 1/1/43		751,164		785,110
3.50%, due 1/1/44		432,019		448,738
3.50%, due 11/1/46		826,970		853,031
3.50%, due 2/1/48		949,953		978,693
4.00%, due 12/1/41		335,117		356,220
4.00%, due 7/1/44		401,073		422,944
4.00%, due 2/1/45		1,367,373		1,456,359
4.00%, due 3/1/45		372,632		392,861
4.00%, due 1/1/46		277,528		293,665
4.00%, due 12/1/46		1,332,936		1,395,451
4.00%, due 2/1/48		828,289		863,627
4.00%, due 10/1/48		516,923		548,548
4.00%, due 3/1/49		1,513,918		1,571,266
4.50%, due 3/1/41		397,219		425,920
4.50%, due 8/1/44		248,228		269,900
4.50%, due 12/1/44		1,091,979		1,171,900
4.50%, due 7/1/45		713,818		766,046
4.50%, due 4/1/46		112,150		120,440
4.50%, due 8/1/47		238,741		257,661
5.00%, due 11/1/41		1,350,859		1,470,812
6.50%, due 4/1/37		38,768		44,333
				25,391,949

	Principal Amount		Value
Federal National Mortgage Association (Mortgage Pass-Through Securities) 25.7%
2.50%, due 12/1/37	$	1,915,421	$	1,919,066
2.50%, due 1/1/57		895,969		881,589
3.00%, due 10/1/32		783,910		798,344
3.00%, due 9/1/46		2,390,355		2,392,380
3.00%, due 10/1/46		2,095,314		2,097,099
3.00%, due 10/1/48		1,682,275		1,700,330
3.00%, due 2/1/57		837,253		844,439
3.00%, due 6/1/57		952,663		960,821
3.50%, due 3/1/37		497,485		517,195
3.50%, due 2/1/43		1,807,630		1,884,338
3.50%, due 5/1/43		649,401		673,899
3.50%, due 7/1/43		614,563		640,299
3.50%, due 11/1/44		1,017,744		1,056,346
3.50%, due 3/1/45		1,065,470		1,109,512
3.50%, due 8/1/46		911,577		946,478
3.50%, due 10/1/47		901,960		928,587
3.50%, due 2/1/48		535,150		550,621
4.00%, due 8/1/38		3,639,189		3,828,578
4.00%, due 11/1/43		1,798,615		1,925,231
4.00%, due 12/1/43		1,186,873		1,262,100
4.00%, due 1/1/46		1,100,069		1,159,228
4.00%, due 9/1/47		819,145		853,541
4.00%, due 8/1/48		1,270,354		1,320,338
4.00%, due 9/1/48		2,185,646		2,286,258
4.00%, due 4/1/49		665,288		688,990
4.50%, due 2/1/41		2,992,439		3,234,954
4.50%, due 4/1/41		7,096,518		7,716,750
4.50%, due 8/1/42		1,335,491		1,433,279
4.50%, due 12/1/43		351,226		376,420
4.50%, due 8/1/44		1,558,203		1,672,297
5.00%, due 9/1/41		2,562,254		2,782,189
5.00%, due 10/1/41		2,244,815		2,453,510
5.50%, due 7/1/41		3,958,537		4,395,588
6.00%, due 4/1/37		12,663		13,521
6.00%, due 7/1/39		920,953		1,044,359
6.50%, due 10/1/39		164,404		187,872
6.50%, due 8/1/47		14,861		15,910
				58,552,256
Overseas Private Investment Corporation 0.6%
5.142%, due 12/15/23		1,287,036		1,381,507
Tennessee Valley Authority 2.3%
4.65%, due 6/15/35		4,395,000		5,308,887
United States Treasury Bonds 1.7%
3.75%, due 11/15/43		1,740,000		2,141,967
4.375%, due 11/15/39		1,200,000		1,595,531
				3,737,498

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
United States Treasury Notes 36.8%
1.625%, due 8/15/22	$	2,170,000	$	2,163,388
1.625%, due 5/15/26		380,000		374,003
1.75%, due 9/30/22		3,070,000		3,072,159
1.75%, due 5/15/23		500,000		500,273
2.00%, due 8/31/21		3,295,000		3,312,505
2.25%, due 4/30/24		10,100,000		10,329,223
2.375%, due 4/30/20		18,700,000		18,754,785
2.375%, due 8/15/24		2,375,000		2,444,580
2.375%, due 5/15/29 (b)		2,670,000		2,759,174
2.625%, due 7/31/20		12,150,000		12,239,227
2.625%, due 1/31/26		1,700,000		1,780,816
2.75%, due 4/30/23		7,105,000		7,371,437
2.75%, due 7/31/23		845,000		878,470
2.75%, due 8/31/23		1,325,000		1,378,518
2.875%, due 10/31/20		8,030,000		8,134,453
3.00%, due 10/31/25		7,805,000		8,343,118
				83,836,129
Total U.S. Government & Federal Agencies (Cost $172,785,984)				178,229,576
TotalLong-Term Bonds (Cost $203,654,519)				209,629,414
	Shares
Short-Term Investments 10.7%
Affiliated Investment Company 2.8%
MainStay U.S. Government Liquidity Fund, 2.03% (g)		6,479,855		6,479,855
Total Affiliated Investment Company (Cost $6,479,855)				6,479,855
Unaffiliated Investment Company 1.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (g)(h)		2,839,765		2,839,765
Total Unaffiliated Investment Company (Cost $2,839,765)				2,839,765

	Principal Amount			Value
U.S. Government & Federal Agencies 6.6% (i)
Federal Home Loan Bank, Discount Notes
2.099%, due 11/12/19	$	4,500,000		$	4,464,825
2.103%, due 8/14/19		6,000,000			5,983,793
2.127%, due 9/25/19		4,500,000			4,476,780
Total U.S. Government & Federal Agencies (Cost $14,923,893)					14,925,398
TotalShort-Term Investments (Cost $24,243,513)					24,245,018
Total Investments (Cost $227,898,032)		102.6	%		233,874,432
Other Assets, Less Liabilities		(2.6	)		(5,890,673	)
Net Assets		100.0	%	$	227,983,759

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) Floating rate—Rate shown was the rate in effect as of June 30, 2019.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $2,783,382 and the Portfolio received cash collateral with a value of $2,839,765 (See Note 2(J)).

(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) Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2019.

(e) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

(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) Current yield as of June 30, 2019.

(h) Represents security purchased with cash collateral received for securities on loan.

(i) Interest rate shown represents yield to maturity.

The following abbreviations are used in the preceding pages:

IO—Interest Only

LIBOR—London Interbank Offered Rate

REMIC—Real Estate Mortgage Investment Conduit

12 MainStay VP MacKay Government Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	—	$	5,715,330	$	—	$	5,715,330
Corporate Bonds		—		8,939,085		—		8,939,085
Mortgage-Backed Securities		—		16,745,423		—		16,745,423
U.S. Government & Federal Agencies		—		178,229,576		—		178,229,576
TotalLong-Term Bonds		—		209,629,414		—		209,629,414
Short-Term Investments
Affiliated Investment Company		6,479,855		—		—		6,479,855
Unaffiliated Investment Company		2,839,765		—		—		2,839,765
U.S. Government & Federal Agencies		—		14,925,398		—		14,925,398
TotalShort-Term Investments		9,319,620		14,925,398		—		24,245,018
Total Investments in Securities	$	9,319,620	$	224,554,812	$	—	$	233,874,432

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales (a)			Transfers into Level 3		Transfers out of Level 3		Balance as of June 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019 (b)
Long-Term Bonds
Mortgage-Backed Securities
Residential Mortgages (Collateralized Mortgage Obligations)	$	727,931	$	429	$	(60,825	)	$	27,389	$	—	$	(694,924	)	$	—	$	—	$	—	$	—

(a) Sales include principal reductions.

(b) Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statement of Operations.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $221,418,177) including securities on loan of $2,783,382	$	227,394,577
Investment in affiliated investment company, at value (identified cost $6,479,855)		6,479,855
Receivables:
Dividends and interest		970,216
Investment securities sold		564,894
Portfolio shares sold		189,235
Securities lending		2,088
Other assets		1,086
Total assets		235,601,951
Liabilities
Due to custodian		4,467,120
Cash collateral received for securities on loan		2,839,765
Payables:
Portfolio shares redeemed		121,742
Manager (See Note 3)		92,797
NYLIFE Distributors (See Note 3)		35,669
Professional fees		30,918
Shareholder communication		14,238
Custodian		12,804
Trustees		250
Accrued expenses		2,889
Total liabilities		7,618,192
Net assets	$	227,983,759
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	21,061
Additional paid-in capital		220,892,455
		220,913,516
Total distributable earnings (loss)		7,070,243
Net assets	$	227,983,759

Initial Class
Net assets applicable to outstanding shares	$	52,098,940
Shares of beneficial interest outstanding		4,778,889
Net asset value per share outstanding	$	10.90
Service Class
Net assets applicable to outstanding shares	$	175,884,819
Shares of beneficial interest outstanding		16,282,304
Net asset value per share outstanding	$	10.80

14 MainStay VP MacKay Government Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest	$	3,268,614
Dividends-affiliated		48,872
Securities lending		3,907
Total income		3,321,393
Expenses
Manager (See Note 3)		536,889
Distribution/Service—Service Class (See Note 3)		204,028
Professional fees		34,442
Shareholder communication		16,065
Custodian		14,763
Trustees		2,528
Miscellaneous		5,126
Total expenses		813,841
Net investment income (loss)		2,507,552
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on unaffiliated investments		374,015
Net change in unrealized appreciation (depreciation) on unaffiliated investments		5,373,355
Net realized and unrealized gain (loss) on investments		5,747,370
Net increase (decrease) in net assets resulting from operations	$	8,254,922

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	2,507,552		$	4,516,993
Net realized gain (loss) on investments and futures contracts		374,015			(3,282,025	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		5,373,355			(1,778,737	)
Net increase (decrease) in net assets resulting from operations		8,254,922			(543,769	)
Distributions to shareholders:
Initial Class		—			(1,328,914	)
Service Class		—			(3,504,349	)
Total distributions to shareholders		—			(4,833,263	)
Capital share transactions:
Net proceeds from sale of shares		34,511,309			51,139,306
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			4,833,263
Cost of shares redeemed		(26,910,427	)		(50,505,924	)
Increase (decrease) in net assets derived from capital share transactions		7,600,882			5,466,645
Net increase (decrease) in net assets		15,855,804			89,613
Net Assets
Beginning of period		212,127,955			212,038,342
End of period	$	227,983,759		$	212,127,955

16 MainStay VP MacKay Government Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.49		$	10.78		$	10.85		$	10.99		$	11.25		$	11.13
Net investment income (loss) (a)		0.13			0.26			0.25			0.24			0.29			0.31
Net realized and unrealized gain (loss) on investments		0.28			(0.27	)		(0.02	)		(0.11	)		(0.23	)		0.21
Total from investment operations		0.41			(0.01	)		0.23			0.13			0.06			0.52
Less dividends and distributions:
From net investment income		—			(0.28	)		(0.30	)		(0.27	)		(0.32	)		(0.36	)
From net realized gain on investments		—			—			—			—			—			(0.04	)
Total dividends and distributions		—			(0.28	)		(0.30	)		(0.27	)		(0.32	)		(0.40	)
Net asset value at end of period	$	10.90		$	10.49		$	10.78		$	10.85		$	10.99		$	11.25
Total investment return (b)		3.91	%(c)		(0.06	%)		2.11	%		1.07	%		0.53	%		4.61	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.53	%††		2.44	%		2.29	%		2.14	%(d)		2.54	%		2.70	%
Net expenses (e)		0.57	%††		0.57	%		0.56	%		0.55	%(f)		0.55	%		0.55	%
Expenses (before waiver/reimbursement) (e)		0.57	%††		0.57	%		0.56	%		0.56	%		0.55	%		0.55	%
Portfolio turnover rate		18	%		92	% (g)		17	%(g)		64	%(g)		12	%(g)		7	%
Net assets at end of period (in 000’s)	$	52,099		$	52,552		$	56,561		$	64,930		$	72,924		$	83,172

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 2.13%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 0.56%.

(g) The portfolio turnover rates not including mortgage dollar rolls were 80%, 5%, 19% and 11% for the years ended December 31, 2018, 2017, 2016 and 2015, respectively.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	10.41		$	10.69		$	10.76		$	10.90		$	11.16		$	11.04
Net investment income (loss) (a)		0.12			0.23			0.22			0.21			0.26			0.27
Net realized and unrealized gain (loss) on investments		0.27			(0.26	)		(0.03	)		(0.11	)		(0.23	)		0.21
Total from investment operations		0.39			(0.03	)		0.19			0.10			0.03			0.48
Less dividends and distributions:
From net investment income		—			(0.25	)		(0.26	)		(0.24	)		(0.29	)		(0.32	)
From net realized gain on investments		—			—			—			—			—			(0.04	)
Total dividends and distributions		—			(0.25	)		(0.26	)		(0.24	)		(0.29	)		(0.36	)
Net asset value at end of period	$	10.80		$	10.41		$	10.69		$	10.76		$	10.90		$	11.16
Total investment return (b)		3.75	%(c)		(0.31	%)		1.86	%		0.82	%		0.28	%		4.35	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.27	%††		2.19	%		2.04	%		1.89	%(d)		2.29	%		2.45	%
Net expenses (e)		0.82	%††		0.82	%		0.81	%		0.80	%(f)		0.80	%		0.80	%
Expenses (before waiver/reimbursement) (e)		0.82	%††		0.82	%		0.81	%		0.81	%		0.80	%		0.80	%
Portfolio turnover rate		18	%		92	% (g)		17	%(g)		64	%(g)		12	%(g)		7	%
Net assets at end of period (in 000’s)	$	175,885		$	159,575		$	155,477		$	186,207		$	178,259		$	185,243

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 1.88%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 0.81%.

(g) The portfolio turnover rates not including mortgage dollar rolls were 80%, 5%, 19% and 11% for the years ended December 31, 2018, 2017, 2016 and 2015, respectively.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay Government Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on January 29, 1993. Service Class shares commenced operations on June 4, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3 (B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek current income.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determi-

nations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

18 MainStay VP MacKay Government Portfolio

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted

from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the

19

Notes to Financial Statements(Unaudited) (continued)

market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Interest income is accrued as earned using the effective interest rate method and includes any realized gains and losses from repayments of principal on mortgage-backed securities. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(H)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security, or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures

20 MainStay VP MacKay Government Portfolio

contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any futures contracts.

(I)  Dollar Rolls.  The Portfolio may enter into dollar roll transactions in which it sells mortgage-backed securities (“MBS”) from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. The Portfolio generally transfers MBS where the MBS are “to be announced,” therefore, the Portfolio accounts for these transactions as purchases and sales.

When accounted for as purchase and sales, the securities sold in connection with the dollar rolls are removed from the portfolio and a realized gain or loss is recognized. The securities the Portfolio has agreed to acquire are included at market value in the Portfolio of Investments and liabilities for such purchase commitments are included as payables for investments purchased. During the roll period, the Portfolio foregoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the forward price for the future as well as by the earnings on the cash proceeds of the initial sale. Dollar rolls may be renewed without physical delivery of the securities subject to the contract. The

Portfolio maintains liquid assets from its portfolio having a value not less than the repurchase price, including accrued interest. Dollar roll transactions involve certain risks, including the risk that the securities returned to the Portfolio at the end of the roll period, while substantially similar, could be inferior to what was initially sold to the counterparty.

The Portfolio accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss).

(J)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $2,783,382 and received cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $2,839,765.

(K)  Government Risk.  Investments in the Portfolio are not guaranteed, even though some of the Portfolio’s underlying investments are guaranteed by the U.S. government or its agencies or instrumentalities. The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Portfolio’s investment. If interest rates rise, less of the debt may be prepaid and the Portfolio may lose money because the Portfolio may be unable to invest in higher yielding assets. The Portfolio is subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

(L)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that

may arise out of performance of their duties to the Fund. Additionally, in

21

Notes to Financial Statements(Unaudited) (continued)

the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and facilities furnished at an annual rate of the Portfolio’s

average daily net assets as follows: 0.50% up to $500 million; 0.475% from $500 million to $1 billion; and 0.45% in excess of $1 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.50%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $536,889, and paid the Subadvisor in the amount of $268,445.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/ (Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	5,194	$	59,878	$	(58,592	)	$	—	$	—	$	6,480	$	49	$	—		6,480

22 MainStay VP MacKay Government Portfolio

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	227,909,434	$	6,222,148	$	(257,150	)	$	5,964,998

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $6,316,708 were available as shown in the table below, to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders. No capital gain distributions shall be made until any capital loss carryforwards have been fully utilized.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$1,624	$4,693

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income		Tax-Based Distributions from Long-Term Gains
$	4,833,263	$	—

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any

revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of U.S. government securities were $42,693 and $34,465, respectively. Purchases and sales of securities, other than U.S. government securities andshort-term securities, were $1,332 and $3,550, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		131,725		$	1,401,791
Shares redeemed		(363,535	)		(3,867,415	)
Net increase (decrease)		(231,810	)	$	(2,465,624	)
Year ended December 31, 2018:
Shares sold		489,359		$	5,134,054
Shares issued to shareholders in reinvestment of dividends and distributions		129,327			1,328,914
Shares redeemed		(855,191	)		(9,044,015	)
Net increase (decrease)		(236,505	)	$	(2,581,047	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		3,138,023		$	33,109,518
Shares redeemed		(2,192,084	)		(23,043,012	)
Net increase (decrease)		945,939		$	10,066,506
Year ended December 31, 2018:
Shares sold		4,424,274		$	46,005,252
Shares issued to shareholders in reinvestment of dividends and distributions		343,551			3,504,349
Shares redeemed		(3,972,245	)		(41,461,909	)
Net increase (decrease)		795,580		$	8,047,692

23

Notes to Financial Statements(Unaudited) (continued)

Note 10–Recent Accounting Pronouncements

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this

time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

24 MainStay VP MacKay Government Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

25

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781622 MSVPG10-08/19 (NYLIAC) NI519   

MainStay VP MacKay High Yield Corporate Bond Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	22
Notes to Financial Statements	26
Proxy Voting Policies and Procedures and Proxy Voting Record	33
Shareholder Reports and Quarterly Portfolio Disclosure	33

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	5/1/1995		8.81	%		7.29	%		4.91	%		8.46	%		0.58	%
Service Class Shares	6/4/2003		8.68			7.02			4.65			8.19			0.83

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
ICE BofAML U.S. High Yield Constrained Index3		10.16	%		7.58	%		4.70	%		9.20	%
Morningstar High Yield Bond Category Average4		8.79			6.19			3.47			7.95

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The ICE BofAML U.S. High Yield Constrained Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred

interest bonds and payment-in-kind securities. Issuers included in the Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the Index. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay High Yield Corporate Bond Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the six-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,088.10	$	3.00	$	1,021.92	$	2.91	0.58%
Service Class Shares	$	1,000.00	$	1,086.80	$	4.29	$	1,020.68	$	4.16	0.83%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP MacKay High Yield Corporate Bond Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

Top Ten Holdings or Issuers Held as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. T-Mobile USA, Inc., 4.50%–6.50%, due 1/15/24–2/1/28

2. Equinix, Inc., 5.375%–5.875%, due 1/1/22–5/15/27

3. HCA, Inc., 5.00%–8.36%, due 2/15/22–11/6/33

4. CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%–5.875%, due 2/15/23–6/1/29

5. Exide Technologies

  6. Netflix, Inc., 4.875%–5.875%, due 2/15/22–11/15/29

  7. Carlson Travel, Inc., 6.75%–9.50%, due 12/15/23–12/15/24

  8. MSCI, Inc., 4.75%–5.75%, due 11/15/24–5/15/27

  9. Sprint Capital Corp., 6.875%, due 11/15/28

10. MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc., 4.50%–5.75%, due 5/1/24–2/1/27

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio manager Andrew Susser of MacKay Shields LLC, the Portfolio’s Subadvisor.

How did MainStay VP MacKay High Yield Corporate Bond Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay High Yield Corporate Bond Portfolio returned 8.81% for Initial Class shares and 8.68% for Service Class shares. Over the same period, both share classes underperformed the 10.16% return of the ICE BofAML U.S. High Yield Constrained Index, which is the Portfolio’s primary benchmark. For the six months ended June 30, 2019, the Portfolio’s Initial Class shares outperformed, and its Service Class shares underperformed, the 8.79% return of the Morningstar High Yield Bond Category Average.¹

What factors affected the Portfolio’s performance relative to its primary benchmark during the reporting period?

During the reporting period, the Portfolio underperformed the ICE BofAML U.S. High Yield Constrained Index largely due to the relatively weak performance of holdings in the consumer discretionary sector, particularly bonds issued by automotive and industrial battery maker Exide Technologies. Holdings in the retailing industry group, specifically specialty retail, also detracted from the Portfolio’s relative performance, as did credit selection in the financials sector. Conversely, relative performance benefited from the Portfolio’s credit selection in the energy sector, particularly in the oil & gas exploration & production industry.

What was the Portfolio’s duration² strategy during the reporting period?

The Portfolio is not managed to a duration strategy. Rather, the Portfolio’s duration positioning is the result of ourbottom-up investment process. As of June 30, 2019, the duration of the Portfolio was 3.0 years, compared to a duration of 3.4 years for the ICE BofAML U.S. High Yield Constrained Index.

What specific factors, risks or market forces prompted significant decisions for the Portfolio during the reporting period?

Spreads³ compressed rather dramatically during the reporting period; however, there were no significant changes to the Portfolio as a result. The market’s recovery during the reporting period afforded the Portfolio an opportunity to exit some positions, including bonds issued by Tenet Healthcare and Avis Budget Group, at more attractive prices. The Portfolio also took

advantage of the improved new issue market to purchase a bond floated by aerospace contractor TransDigm.

During the reporting period, which market segments were the strongest positive contributors to the Portfolio’s absolute performance and which market segments were particularly weak?

During the reporting period, the energy sector generated the Portfolio’s strongest absolute performance, led by positive security selection in the oil & gas exploration & production industry. Other market segments making notably strong contributions to the Portfolio’s absolute performance included utilities, where electric utility GenOn Energy performed particularly well, and health care, where security selection bolstered returns. (Contributions take weightings and total returns into account.)

Detractors from the Portfolio’s absolute performance included the consumer discretionary sector, where holdings in automotive and industrial battery maker Exide Technologies contributed negatively to performance. The Portfolio’s focus on higher quality securities in the cable & satellite industry also detracted from absolute performance.

Did the Portfolio make any significant purchases or sales during the reporting period?

During the reporting period, the Portfolio bought a new issue from aerospace contractor TransDigm, which we found attractive in light of the financial flexibility afforded by the company’s $23 billion equity market capitalization and its diverse aerospace assets. The Portfolio also purchased notes issued by Mattel, one of the largest toy manufacturers in the world with iconic brands such as Barbie, Hot Wheels and Fisher Price that we believe provide sufficient asset coverage.

During the same period, the Portfolio sold bonds from Tenet Healthcare as the price of the securities rose in the first quarter of 2019 on positive financial results. The Portfolio also sold bonds issued by Avis Budget Group as they increased in price after the company reported better-than-expected earnings due to an improved pricing environment and reduced costs.

How did the Portfolio’s sector/industry weightings change during the reporting period?

There were no material changes to the Portfolio’s sector/industry weightings during the reporting period. The Portfolio’s positions in industrials, automotive and consumer goods

1. See page 5 for more information on benchmark and peer group returns.

2. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

3. The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

8 MainStay VP MacKay High Yield Corporate Bond Portfolio

saw moderate increases, while positions in health care, banking and technology were reduced.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio remained defensively positioned with underweight exposure to issuers rated CCC⁴ and below. In terms of sector/industry weightings, as of the same date, the Portfolio held overweight exposure to industrials, automotive and consumer goods, and underweight exposure to health care/pharmaceuticals, information technology and financials/banks.

4. 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.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 94.7%† Convertible Bonds 0.6%
Auto Parts & Equipment 0.3%
Exide Technologies 7.25% (7.25% PIK), due 4/30/27 (a)(b)(c)(d)(e)	$	20,533,523	$	8,439,277
Internet 0.0%‡
At Home Corp. (b)(c)(d)(f)(g)(h)
0.525%, due 12/28/18		2,000,000		26,000
4.75%, due 3/15/06		10,210,000		132,730
				158,730
Real Estate Investment Trusts 0.3%
VEREIT, Inc. 3.75%, due 12/15/20		10,135,000		10,216,749
Total Convertible Bonds (Cost $19,449,500)				18,814,756
Corporate Bonds 92.5%
Advertising 1.3%
Lamar Media Corp.
5.375%, due 1/15/24		5,447,000		5,603,601
5.75%, due 2/1/26		8,465,000		8,898,831
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.00%, due 8/15/27 (a)		8,000,000		8,189,600
5.25%, due 2/15/22		3,495,000		3,541,833
5.625%, due 2/15/24		12,030,000		12,375,863
				38,609,728
Aerospace & Defense 1.3%
TransDigm UK Holdings PLC 6.875%, due 5/15/26		5,637,000		5,703,939
TransDigm, Inc.
6.00%, due 7/15/22		2,760,000		2,787,600
6.25%, due 3/15/26 (a)		19,950,000		20,997,375
6.50%, due 7/15/24		3,050,000		3,084,313
Triumph Group, Inc. 7.75%, due 8/15/25		6,430,000		6,221,025
				38,794,252
Auto Manufacturers 1.5%
BCD Acquisition, Inc. 9.625%, due 9/15/23 (a)		6,410,000		6,722,488
Ford Holdings LLC 9.30%, due 3/1/30		6,970,000		9,016,742
J.B. Poindexter & Company, Inc. 7.125%, due 4/15/26 (a)		8,055,000		8,216,100
McLaren Finance PLC 5.75%, due 8/1/22 (a)		8,170,000		7,854,801

	Principal Amount		Value
Auto Manufacturers (continued)
Navistar International Corp. 6.625%, due 11/1/25 (a)	$	5,832,000	$	6,109,020
Wabash National Corp. 5.50%, due 10/1/25 (a)		7,282,000		6,899,695
				44,818,846
Auto Parts & Equipment 3.4%
Adient Global Holdings, Ltd. 4.875%, due 8/15/26 (a)		6,000,000		4,770,000
Adient U.S. LLC 7.00%, due 5/15/26 (a)		4,000,000		4,110,000
American Axle & Manufacturing, Inc.
6.25%, due 4/1/25		3,500,000		3,482,500
6.25%, due 3/15/26		3,715,000		3,668,562
6.50%, due 4/1/27 (i)		3,315,000		3,306,713
Dana Financing Luxembourg S.A.R.L. 5.75%, due 4/15/25 (a)		4,265,000		4,376,956
Exide International Holdings, L.P. 10.75% (6.25% Cash and 4.50% PIK), due 10/31/21 (b)(c)(d)(e)		9,481,532		9,206,568
Exide Technologies 11.00% (3.00% Cash and 8.00% PIK), due 10/31/24 (a)(b)(c)(d)(e)		23,703,830		20,124,552
11.00% (3.00% Cash and 8.00% PIK), due 10/31/24 (a)(b)(c)(d)(e)		9,847,744		7,671,393
IHO Verwaltungs GmbH (a)(e)
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26		7,143,000		6,955,496
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27		5,631,000		5,659,155
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29		7,585,000		7,585,000
Meritor, Inc. 6.25%, due 2/15/24		2,000,000		2,057,500
Nexteer Automotive Group, Ltd. 5.875%, due 11/15/21 (a)		6,640,000		6,755,848
Tenneco, Inc. 5.00%, due 7/15/26		6,982,000		5,620,510
Titan International, Inc. 6.50%, due 11/30/23		4,320,000		3,747,600
				99,098,353
Building Materials 1.1%
BMC East LLC 5.50%, due 10/1/24 (a)		2,897,000		2,936,834
James Hardie International Finance DAC (a)
4.75%, due 1/15/25		3,300,000		3,366,000
5.00%, due 1/15/28		6,430,000		6,397,850
Summit Materials LLC / Summit Materials Finance Corp.
5.125%, due 6/1/25 (a)		3,270,000		3,278,175
6.125%, due 7/15/23		12,080,000		12,231,000
6.50%, due 3/15/27 (a)		5,135,000		5,340,400
				33,550,259

10 MainStay VP MacKay High Yield Corporate Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Chemicals 1.6%
Blue Cube Spinco LLC
9.75%, due 10/15/23	$	12,370,000	$	13,668,850
10.00%, due 10/15/25		7,575,000		8,569,219
Kissner Holdings, L.P. / Kissner Milling Co., Ltd. / BSC Holding, Inc. / Kissner USA 8.375%, due 12/1/22 (a)		6,635,000		6,900,400
Neon Holdings, Inc. 10.125%, due 4/1/26 (a)		3,000,000		2,955,000
NOVA Chemicals Corp. 4.875%, due 6/1/24 (a)		2,635,000		2,727,225
Olin Corp. 5.50%, due 8/15/22		3,261,000		3,415,897
PolyOne Corp. 5.25%, due 3/15/23		8,976,000		9,469,680
				47,706,271
Coal 0.1%
Natural Resource Partners LP / NRP Finance Corp. 9.125%, due 6/30/25 (a)		2,800,000		2,884,000
Commercial Services 4.8%
Ashtead Capital, Inc. (a)
4.375%, due 8/15/27		2,500,000		2,503,125
5.25%, due 8/1/26		1,500,000		1,563,750
5.625%, due 10/1/24		5,645,000		5,842,575
Cimpress N.V. 7.00%, due 6/15/26 (a)		6,692,000		6,825,773
Flexi-Van Leasing, Inc. 10.00%, due 2/15/23 (a)		8,085,000		7,498,837
Gartner, Inc. 5.125%, due 4/1/25 (a)		14,007,000		14,399,196
Graham Holdings Co. 5.75%, due 6/1/26 (a)		10,288,000		10,879,560
Harsco Corp. 5.75%, due 7/31/27 (a)		4,970,000		5,175,559
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		2,760,000		2,777,250
IHS Markit, Ltd. (a)
4.75%, due 2/15/25		4,580,000		4,912,508
5.00%, due 11/1/22		20,705,000		21,936,947
Jaguar Holding Co. II / Pharmaceutical Product Development LLC 6.375%, due 8/1/23 (a)		4,615,000		4,776,525
Matthews International Corp. 5.25%, due 12/1/25 (a)		3,865,000		3,802,194
Nielsen Co. Luxembourg S.A.R.L. (a)
5.00%, due 2/1/25		5,835,000		5,732,888
5.50%, due 10/1/21		1,340,000		1,345,025

	Principal Amount		Value
Commercial Services (continued)
Nielsen Finance LLC / Nielsen Finance Co.
4.50%, due 10/1/20	$	2,000,000	$	2,004,750
5.00%, due 4/15/22 (a)		20,569,000		20,517,577
Ritchie Bros. Auctioneers, Inc. 5.375%, due 1/15/25 (a)		2,800,000		2,901,500
Service Corp. International 5.125%, due 6/1/29		701,000		737,803
United Rentals North America, Inc.
4.875%, due 1/15/28		4,560,000		4,651,200
5.25%, due 1/15/30		5,152,000		5,293,680
5.50%, due 5/15/27		2,239,000		2,356,548
6.50%, due 12/15/26		3,420,000		3,702,150
				142,136,920
Computers 0.2%
NCR Corp. 6.375%, due 12/15/23		6,300,000		6,496,875
Consumer Services 0.2%
Allied Universal Holdco. LLC 9.75%, due 7/15/27 (a)		4,830,000		4,811,888
Cosmetics & Personal Care 0.5%
Edgewell Personal Care Co.
4.70%, due 5/19/21		6,235,000		6,344,113
4.70%, due 5/24/22		8,070,000		8,150,700
				14,494,813
Distribution & Wholesale 0.1%
H&E Equipment Services, Inc. 5.625%, due 9/1/25		2,750,000		2,828,375
Diversified Financial Services 2.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.625%, due 10/30/20		1,740,000		1,784,206
5.00%, due 10/1/21		3,415,000		3,581,777
Credit Acceptance Corp.
6.125%, due 2/15/21		3,700,000		3,700,000
6.625%, due 3/15/26 (a)		6,990,000		7,348,238
7.375%, due 3/15/23		6,530,000		6,783,038
Jefferies Finance LLC / JFINCo-Issuer Corp. (a)
6.25%, due 6/3/26		5,000,000		5,043,750
7.25%, due 8/15/24		3,955,000		3,884,482
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (a)
5.25%, due 3/15/22		6,685,000		6,818,700
5.875%, due 8/1/21		8,560,000		8,688,400

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Diversified Financial Services (continued)
LPL Holdings, Inc. 5.75%, due 9/15/25 (a)	$	8,510,000	$	8,712,112
Ocwen Loan Servicing LLC 8.375%, due 11/15/22 (a)		3,210,000		2,680,350
Oxford Finance LLC / Oxford FinanceCo-Issuer II, Inc. 6.375%, due 12/15/22 (a)		5,480,000		5,630,700
VFH Parent LLC / Orchestra Co-Issuer, Inc. 6.75%, due 6/15/22 (a)		6,980,000		7,232,467
Werner FinCo, L.P. / Werner FinCo, Inc. 8.75%, due 7/15/25 (a)		3,380,000		2,864,550
				74,752,770
Electric 1.5%
AES Corp. 5.50%, due 4/15/25		2,000,000		2,077,500
Calpine Corp. (a)
5.875%, due 1/15/24		6,485,000		6,630,912
6.00%, due 1/15/22		8,255,000		8,296,275
GenOn Energy, Inc. / NRG Americas, Inc. 9.044% (1 Month LIBOR + 6.5%), due 12/1/23 (j)		10,266,086		10,176,258
Keystone Power Pass-Through Holders LLC / Conemaugh Power Pass-Through Holders 13.00% (13.00% PIK), due 6/1/24 (a)(b)(e)		2,706,312		2,760,438
NRG Energy, Inc. 6.625%, due 1/15/27		7,000,000		7,603,750
Talen Energy Supply LLC 6.625%, due 1/15/28 (a)		2,000,000		1,987,500
Vistra Operations Co. LLC 5.00%, due 7/31/27 (a)		3,300,000		3,419,625
				42,952,258
Electrical Components & Equipment 0.4%
Energizer Holdings, Inc. 7.75%, due 1/15/27 (a)		4,555,000		4,930,013
WESCO Distribution, Inc. 5.375%, due 12/15/21		7,160,000		7,213,700
				12,143,713
Electrical Equipment 0.2%
Resideo Funding, Inc. 6.125%, due 11/1/26 (a)		6,569,000		6,831,760
Electronics 0.2%
Itron, Inc. 5.00%, due 1/15/26 (a)		6,365,000		6,508,213

	Principal Amount		Value
Engineering & Construction 0.4%
Weekley Homes LLC / Weekley Finance Corp.
6.00%, due 2/1/23	$	7,219,000	$	7,128,762
6.625%, due 8/15/25		4,095,000		4,043,813
				11,172,575
Entertainment 1.8%
Boyne USA, Inc. 7.25%, due 5/1/25 (a)		3,950,000		4,275,875
Churchill Downs, Inc. (a)
4.75%, due 1/15/28		4,565,000		4,586,684
5.50%, due 4/1/27		7,890,000		8,259,844
International Game Technology PLC 6.25%, due 1/15/27 (a)		7,105,000		7,771,094
Jacobs Entertainment, Inc. 7.875%, due 2/1/24 (a)		2,193,000		2,341,027
Merlin Entertainments PLC 5.75%, due 6/15/26 (a)		9,050,000		9,525,125
Rivers Pittsburgh Borrower, L.P. / Rivers Pittsburgh Finance Corp. 6.125%, due 8/15/21 (a)		7,923,000		8,041,845
Twin River Worldwide Holdings, Inc. 6.75%, due 6/1/27 (a)		7,850,000		8,183,625
				52,985,119
Food 1.9%
B&G Foods, Inc.
4.625%, due 6/1/21		2,190,000		2,192,738
5.25%, due 4/1/25		5,767,000		5,824,670
C&S Group Enterprises LLC 5.375%, due 7/15/22 (a)		17,633,000		17,633,000
KeHE Distributors LLC / KeHE Finance Corp. 7.625%, due 8/15/21 (a)		4,175,000		4,143,687
Land O’Lakes Capital Trust I 7.45%, due 3/15/28 (a)		5,130,000		5,681,475
Land O’Lakes, Inc. 6.00%, due 11/15/22 (a)		7,880,000		8,239,504
Post Holdings, Inc. 5.50%, due 12/15/29 (a)		2,795,000		2,801,987
Simmons Foods, Inc. 7.75%, due 1/15/24 (a)		1,400,000		1,508,500
TreeHouse Foods, Inc. 6.00%, due 2/15/24 (a)		9,045,000		9,406,800
				57,432,361
Forest Products & Paper 1.2%
Mercer International, Inc.
5.50%, due 1/15/26		1,250,000		1,243,750
6.50%, due 2/1/24		6,005,000		6,215,175
7.375%, due 1/15/25 (a)		4,000,000		4,250,000
7.75%, due 12/1/22		104,000		107,900

12 MainStay VP MacKay High Yield Corporate Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Forest Products & Paper (continued)
Schweitzer-Mauduit International, Inc. 6.875%, due 10/1/26 (a)	$	5,900,000	$	6,032,750
Smurfit Kappa Treasury Funding DAC 7.50%, due 11/20/25		15,843,000		18,417,487
				36,267,062
Gas 1.0%
AmeriGas Partners, L.P. / AmeriGas Finance Corp.
5.50%, due 5/20/25		2,050,000		2,157,625
5.625%, due 5/20/24		7,385,000		7,865,025
5.75%, due 5/20/27		5,930,000		6,226,500
5.875%, due 8/20/26		8,995,000		9,534,700
Rockpoint Gas Storage Canada, Ltd. 7.00%, due 3/31/23 (a)		5,100,000		5,170,125
				30,953,975
Health Care—Products 0.5%
Hill-Rom Holdings, Inc. 5.75%, due 9/1/23 (a)		4,705,000		4,862,853
Hologic, Inc. (a)
4.375%, due 10/15/25		4,080,000		4,136,100
4.625%, due 2/1/28		3,000,000		3,045,000
Teleflex, Inc. 4.625%, due 11/15/27		2,275,000		2,340,406
				14,384,359
Health Care—Services 4.5%
Acadia Healthcare Co., Inc.
5.625%, due 2/15/23		7,812,000		7,938,945
6.50%, due 3/1/24		2,500,000		2,606,250
AHP Health Partners, Inc. 9.75%, due 7/15/26 (a)		3,210,000		3,458,775
Catalent Pharma Solutions, Inc. (a)
4.875%, due 1/15/26		4,890,000		4,957,238
5.00%, due 7/15/27		220,000		223,850
Centene Corp.
4.75%, due 1/15/25		4,605,000		4,753,327
5.375%, due 6/1/26 (a)		3,885,000		4,084,106
5.625%, due 2/15/21		5,305,000		5,404,469
6.125%, due 2/15/24		6,315,000		6,614,962	��
Charles River Laboratories International, Inc. 5.50%, due 4/1/26 (a)		6,680,000		7,029,364
Eagle Holding Co. II LLC 7.625% (7.625% Cash or 8.375% PIK), due 5/15/22 (a)(e)		3,000,000		3,015,000
Encompass Health Corp. 5.75%, due 11/1/24		6,398,000		6,515,083

	Principal Amount		Value
Health Care—Services (continued)
HCA, Inc.
5.00%, due 3/15/24	$	1,536,000	$	1,673,377
5.25%, due 4/15/25		4,220,000		4,675,581
5.25%, due 6/15/26		1,675,000		1,854,574
5.375%, due 2/1/25		2,320,000		2,504,150
5.625%, due 9/1/28		1,060,000		1,147,450
5.875%, due 3/15/22		5,130,000		5,606,877
5.875%, due 5/1/23		4,800,000		5,219,424
5.875%, due 2/15/26		9,015,000		9,961,575
7.50%, due 2/15/22		1,570,000		1,730,925
7.50%, due 11/6/33		6,000,000		6,900,000
7.58%, due 9/15/25		1,770,000		2,035,500
7.69%, due 6/15/25		9,195,000		10,804,125
8.36%, due 4/15/24		1,020,000		1,178,100
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. 9.75%, due 12/1/26 (a)		9,555,000		10,008,862
Tenet Healthcare Corp. 8.125%, due 4/1/22		3,380,000		3,544,775
WellCare Health Plans, Inc.
5.25%, due 4/1/25		4,455,000		4,644,338
5.375%, due 8/15/26 (a)		2,380,000		2,522,800
				132,613,802
Home Builders 2.2%
Ashton Woods USA LLC / Ashton Woods Finance Co. (a)
6.75%, due 8/1/25		2,237,000		2,158,705
9.875%, due 4/1/27		3,230,000		3,403,612
Brookfield Residential Properties, Inc. (a)
6.375%, due 5/15/25		3,520,000		3,555,200
6.50%, due 12/15/20		12,995,000		13,011,244
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 6.125%, due 7/1/22 (a)		4,100,000		4,171,750
Century Communities, Inc.
5.875%, due 7/15/25		3,100,000		3,115,500
6.75%, due 6/1/27 (a)		6,775,000		6,868,156
M/I Homes, Inc. 5.625%, due 8/1/25		1,600,000		1,624,000
Mattamy Group Corp. 6.50%, due 10/1/25 (a)		3,225,000		3,398,344
New Home Co., Inc. 7.25%, due 4/1/22		5,400,000		5,089,500
Shea Homes, L.P. / Shea Homes Funding Corp. (a)
5.875%, due 4/1/23		2,445,000		2,493,900
6.125%, due 4/1/25		11,175,000		11,281,051
Williams Scotsman International, Inc. 7.875%, due 12/15/22 (a)		4,935,000		5,181,750
				65,352,712

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Household Products & Wares 0.8%
Prestige Brands, Inc. 6.375%, due 3/1/24 (a)(i)	$	12,915,000	$	13,512,319
Spectrum Brands, Inc.
5.75%, due 7/15/25		5,540,000		5,754,675
6.625%, due 11/15/22		3,295,000		3,374,080
				22,641,074
Insurance 1.3%
American Equity Investment Life Holding Co. 5.00%, due 6/15/27		8,145,000		8,354,322
Fairfax Financial Holdings, Ltd. 8.30%, due 4/15/26		4,645,000		5,655,126
Fidelity & Guaranty Life Holdings, Inc. 5.50%, due 5/1/25 (a)		5,000,000		5,187,500
HUB International, Ltd. 7.00%, due 5/1/26 (a)		3,000,000		3,041,250
MGIC Investment Corp. 5.75%, due 8/15/23		9,545,000		10,356,325
USI, Inc. 6.875%, due 5/1/25 (a)		5,815,000		5,756,850
				38,351,373
Internet 1.9%
Cogent Communications Group, Inc. 5.375%, due 3/1/22 (a)		2,870,000		2,970,450
Netflix, Inc.
4.875%, due 4/15/28		1,692,000		1,744,875
5.375%, due 11/15/29 (a)		2,500,000		2,655,475
5.50%, due 2/15/22		7,455,000		7,837,069
5.75%, due 3/1/24		10,899,000		11,798,167
5.875%, due 2/15/25		3,320,000		3,660,300
5.875%, due 11/15/28		8,800,000		9,742,656
Symantec Corp. 5.00%, due 4/15/25 (a)		1,214,000		1,244,536
VeriSign, Inc.
4.75%, due 7/15/27		4,900,000		5,102,125
5.25%, due 4/1/25		9,025,000		9,634,188
				56,389,841
Investment Companies 1.0%
Compass Group Diversified Holdings LLC 8.00%, due 5/1/26 (a)		2,560,000		2,668,800
FS Energy & Power Fund  7.50%, due 8/15/23 (a)		17,875,000		18,143,125
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp. 6.25%, due 5/15/26 (a)		7,290,000		7,390,237
				28,202,162

	Principal Amount		Value
Iron & Steel 1.3%
Allegheny Ludlum LLC 6.95%, due 12/15/25	$	7,400,000	$	7,682,125
Allegheny Technologies, Inc. 7.875%, due 8/15/23		2,428,000		2,601,723
Big River Steel LLC / BRS Finance Corp. 7.25%, due 9/1/25 (a)		19,084,000		20,048,696
Mineral Resources, Ltd. 8.125%, due 5/1/27 (a)		8,630,000		8,985,988
				39,318,532
Leisure Time 1.6%
Brunswick Corp. 4.625%, due 5/15/21 (a)		2,475,000		2,479,532
Carlson Travel, Inc. (a)
6.75%, due 12/15/23 (i)		21,868,000		22,141,350
9.50%, due 12/15/24		15,253,000		15,214,867
Vista Outdoor, Inc. 5.875%, due 10/1/23		8,369,000		8,163,290
				47,999,039
Lodging 2.4%
Boyd Gaming Corp.
6.00%, due 8/15/26		9,000,000		9,461,250
6.375%, due 4/1/26		1,935,000		2,046,998
Choice Hotels International, Inc. 5.75%, due 7/1/22		8,283,000		8,904,391
Hilton Domestic Operating Co., Inc.
4.875%, due 1/15/30 (a)		8,000,000		8,240,000
5.125%, due 5/1/26		10,940,000		11,418,625
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp. 6.75%, due 11/15/21 (a)		6,500,000		6,676,800
Marriott Ownership Resorts, Inc. / ILG LLC 6.50%, due 9/15/26		7,481,000		8,023,372
MGM Resorts International
5.50%, due 4/15/27		6,405,000		6,717,244
5.75%, due 6/15/25		7,680,000		8,354,304
				69,842,984
Machinery—Diversified 0.9%
Briggs & Stratton Corp. 6.875%, due 12/15/20		5,030,000		5,231,200
Colfax Corp. (a)
6.00%, due 2/15/24		4,540,000		4,801,050
6.375%, due 2/15/26		4,600,000		4,933,500
Stevens Holding Co., Inc. 6.125%, due 10/1/26 (a)		4,200,000		4,425,750
Tennant Co. 5.625%, due 5/1/25		6,770,000		6,990,025
				26,381,525

14 MainStay VP MacKay High Yield Corporate Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Media 7.3%
Altice Financing S.A. 7.50%, due 5/15/26 (a)	$	4,965,000	$	4,990,322
Altice France S.A. (a)
6.25%, due 5/15/24		1,459,000		1,502,770
7.375%, due 5/1/26		7,000,000		7,175,000
Block Communications, Inc. 6.875%, due 2/15/25 (a)		12,680,000		13,218,900
CCO Holdings LLC / CCO Holdings Capital Corp.
5.00%, due 2/1/28 (a)		8,550,000		8,731,260
5.125%, due 2/15/23		5,130,000		5,211,054
5.125%, due 5/1/27 (a)		12,000,000		12,424,320
5.375%, due 5/1/25 (a)		1,961,000		2,027,184
5.375%, due 6/1/29 (a)		4,780,000		4,935,350
5.75%, due 1/15/24		4,118,000		4,210,140
5.75%, due 2/15/26 (a)		5,090,000		5,338,138
5.875%, due 4/1/24 (a)		8,005,000		8,365,225
5.875%, due 5/1/27 (a)		2,850,000		3,006,750
CSC Holdings LLC (a)
5.375%, due 7/15/23		6,840,000		7,028,100
6.50%, due 2/1/29		2,660,000		2,902,725
DISH DBS Corp.
5.00%, due 3/15/23		1,600,000		1,546,000
5.875%, due 7/15/22		7,655,000		7,769,825
5.875%, due 11/15/24		9,150,000		8,658,187
6.75%, due 6/1/21		5,500,000		5,768,125
7.75%, due 7/1/26		6,045,000		5,863,650
Meredith Corp. 6.875%, due 2/1/26		14,550,000		15,439,441
Midcontinent Communications / Midcontinent Finance Corp. 6.875%, due 8/15/23 (a)		5,505,000		5,711,438
Quebecor Media, Inc. 5.75%, due 1/15/23		15,647,000		16,742,290
Sirius XM Radio, Inc. 4.625%, due 7/15/24 (a)		1,615,000		1,652,597
Sterling Entertainment Enterprises LLC 10.25%, due 1/15/25 (b)(c)(d)(g)		7,000,000		7,367,500
Videotron, Ltd.
5.00%, due 7/15/22		4,865,000		5,096,088
5.125%, due 4/15/27 (a)		5,890,000		6,147,687
5.375%, due 6/15/24 (a)		11,450,000		12,251,500
Virgin Media Secured Finance PLC 5.25%, due 1/15/21		22,552,000		23,516,098
				214,597,664
Metal Fabricate & Hardware 1.9%
Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd. 7.375%, due 12/15/23 (a)		20,235,000		19,375,012

	Principal Amount		Value
Metal Fabricate & Hardware (continued)
Novelis Corp. (a)
5.875%, due 9/30/26	$	20,200,000	$	20,452,500
6.25%, due 8/15/24		8,760,000		9,184,510
Optimas OE Solutions Holding LLC / Optimas OE Solutions, Inc. 8.625%, due 6/1/21 (a)		3,250,000		2,990,000
Park-Ohio Industries, Inc. 6.625%, due 4/15/27		5,325,000		5,325,000
				57,327,022
Mining 1.9%
Alcoa Nederland Holding B.V. (a)
6.75%, due 9/30/24		2,765,000		2,920,531
7.00%, due 9/30/26		5,745,000		6,147,150
Constellium N.V. (a)
5.875%, due 2/15/26		3,350,000		3,442,125
6.625%, due 3/1/25		1,650,000		1,716,000
First Quantum Minerals, Ltd. (a)
7.25%, due 4/1/23		7,480,000		7,283,650
7.50%, due 4/1/25		2,600,000		2,476,500
Freeport McMoRan, Inc. 6.875%, due 2/15/23		19,835,000		20,876,338
Hecla Mining Co. 6.875%, due 5/1/21		8,516,000		8,128,505
Joseph T. Ryerson & Son, Inc. 11.00%, due 5/15/22 (a)		2,450,000		2,590,875
				55,581,674
Miscellaneous—Manufacturing 0.9%
Amsted Industries, Inc. (a)
5.375%, due 9/15/24		900,000		921,375
5.625%, due 7/1/27		7,240,000		7,547,700
EnPro Industries, Inc. 5.75%, due 10/15/26		2,160,000		2,208,600
FXI Holdings, Inc. 7.875%, due 11/1/24 (a)		1,750,000		1,631,875
Gates Global LLC / Gates Global Co. 6.00%, due 7/15/22 (a)		5,355,000		5,358,347
Koppers, Inc. 6.00%, due 2/15/25 (a)		8,265,000		7,748,437
				25,416,334
Oil & Gas 6.8%
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (a)
7.00%, due 11/1/26		4,500,000		4,106,250
10.00%, due 4/1/22		4,206,000		4,452,682
California Resources Corp.
5.00%, due 1/15/20		6,330,000		6,045,150
8.00%, due 12/15/22 (a)		16,905,000		12,742,144
Callon Petroleum Co. 6.125%, due 10/1/24		8,080,000		8,160,800

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Oil & Gas (continued)
Calumet Specialty Products Partners, L.P. / Calumet Finance Corp. 7.625%, due 1/15/22	$	2,815,000	$	2,723,513
CNX Resources Corp. 5.875%, due 4/15/22		4,493,000		4,358,210
Comstock Resources, Inc. 9.75%, due 8/15/26		20,370,000		15,633,975
Continental Resources, Inc. 5.00%, due 9/15/22		4,799,000		4,838,380
Energy Ventures Gom LLC / EnVen Finance Corp. 11.00%, due 2/15/23 (a)		4,020,000		4,401,900
Gulfport Energy Corp.
6.00%, due 10/15/24		13,395,000		10,347,637
6.375%, due 5/15/25		8,000,000		6,190,000
6.375%, due 1/15/26		3,070,000		2,325,525
Hess Infrastructure Partners L.P. / Hess Infrastructure Partners Finance Corp. 5.625%, due 2/15/26 (a)		3,300,000		3,394,875
Indigo Natural Resources LLC 6.875%, due 2/15/26 (a)		4,505,000		4,043,237
Matador Resources Co. 5.875%, due 9/15/26		7,410,000		7,484,100
Moss Creek Resources Holdings, Inc. 7.50%, due 1/15/26 (a)		4,065,000		3,465,413
Murphy Oil Corp. 6.875%, due 8/15/24		3,315,000		3,480,750
Murphy Oil USA, Inc.
5.625%, due 5/1/27		2,994,000		3,113,760
6.00%, due 8/15/23		7,150,000		7,346,625
Oasis Petroleum, Inc. 6.875%, due 3/15/22		1,401,000		1,397,498
Parkland Fuel Corp. 5.875%, due 7/15/27 (a)		2,780,000		2,824,341
Parsley Energy LLC / Parsley Finance Corp. (a)
5.25%, due 8/15/25		3,210,000		3,258,150
5.625%, due 10/15/27		3,000,000		3,135,000
PDC Energy, Inc. 6.125%, due 9/15/24		7,883,000		7,883,000
PetroQuest Energy, Inc. 10.00% (10.00% PIK), due 2/15/24 (c)(d)(e)		5,740,774		4,362,988
QEP Resources, Inc. 5.625%, due 3/1/26		3,000,000		2,820,000
Range Resources Corp.
5.75%, due 6/1/21		6,610,000		6,676,100
5.875%, due 7/1/22		7,720,000		7,642,800
Rex Energy Corp. (Escrow Claim) 8.00%, due 10/1/20 (b)(g)(h)		40,580,000		557,975

	Principal Amount		Value
Oil & Gas (continued)
Southwestern Energy Co. 7.50%, due 4/1/26	$	7,525,000	$	7,129,034
SRC Energy, Inc. 6.25%, due 12/1/25		8,490,000		7,725,900
Sunoco, L.P. / Sunoco Finance Corp. 6.00%, due 4/15/27 (a)		4,000,000		4,200,000
Talos Production LLC / Talos Production Finance, Inc. 11.00%, due 4/3/22		8,123,857		8,580,824
Transocean Pontus, Ltd. 6.125%, due 8/1/25 (a)		1,890,000		1,946,700
Transocean Poseidon, Ltd. 6.875%, due 2/1/27 (a)		1,500,000		1,585,313
Transocean Sentry, Ltd. 5.375%, due 5/15/23 (a)		3,000,000		3,003,750
Ultra Resources, Inc. 6.875%, due 4/15/22 (a)		9,675,000		1,161,000
Whiting Petroleum Corp. 6.625%, due 1/15/26 (i)		4,000,000		3,857,500
WPX Energy, Inc. 6.00%, due 1/15/22		2,184,000		2,276,820
				200,679,619
Oil & Gas Services 0.5%
Forum Energy Technologies, Inc. 6.25%, due 10/1/21		13,290,000		12,027,450
Nine Energy Service, Inc. 8.75%, due 11/1/23 (a)		1,787,000		1,742,325
				13,769,775
Pharmaceuticals 0.5%
Bausch Health Americas, Inc. 9.25%, due 4/1/26 (a)		1,435,000		1,605,478
Endo Dac / Endo Finance LLC / Endo Finco, Inc. (a)
6.00%, due 7/15/23		3,034,000		2,184,480
6.00%, due 2/1/25		6,060,000		4,060,200
Par Pharmaceutical, Inc. 7.50%, due 4/1/27 (a)		5,210,000		5,118,825
Vizient, Inc. 6.25%, due 5/15/27 (a)		2,325,000		2,455,898
				15,424,881
Pipelines 4.6%
Andeavor Logistics, L.P. / Tesoro Logistics Finance Corp.
6.25%, due 10/15/22		524,000		537,100
6.375%, due 5/1/24		2,440,000		2,555,900
ANR Pipeline Co.
7.375%, due 2/15/24		395,000		455,015
9.625%, due 11/1/21		5,950,000		6,867,837

16 MainStay VP MacKay High Yield Corporate Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Pipelines (continued)
Antero Midstream Partners, L.P. / Antero Midstream Finance Corp.
5.375%, due 9/15/24	$	3,810,000	$	3,786,188
5.75%, due 1/15/28 (a)		3,425,000		3,390,750
Cheniere Corpus Christi Holdings LLC 5.875%, due 3/31/25		4,000,000		4,455,000
Cheniere Energy Partners, L.P.
5.25%, due 10/1/25		4,630,000		4,786,263
5.625%, due 10/1/26 (a)		4,600,000		4,853,000
CNX Midstream Partners, L.P. / CNX Midstream Finance Corp. 6.50%, due 3/15/26 (a)		6,022,000		5,720,900
Delek Logistics Partners, L.P. / Delek Logistics Finance Corp. 6.75%, due 5/15/25		2,575,000		2,549,250
Genesis Energy, L.P. / Genesis Energy Finance Corp. 6.75%, due 8/1/22		11,065,000		11,161,819
Holly Energy Partners, L.P. / Holly Energy Finance Corp. 6.00%, due 8/1/24 (a)		6,340,000		6,593,600
MPLX, L.P.
4.875%, due 12/1/24		5,790,000		6,298,556
4.875%, due 6/1/25		9,383,000		10,197,649
NGPL PipeCo LLC (a)
4.375%, due 8/15/22		2,500,000		2,575,000
4.875%, due 8/15/27		5,280,000		5,590,200
Northwest Pipeline LLC 7.125%, due 12/1/25		2,195,000		2,658,172
NuStar Logistics, L.P. 6.75%, due 2/1/21		6,125,000		6,400,625
Plains All American Pipeline, L.P. 6.125%, due 11/15/22 (k)(l)		7,265,000		6,919,912
Ruby Pipeline LLC 6.00%, due 4/1/22 (a)		1,808,182		1,845,701
Sabine Pass Liquefaction LLC 5.875%, due 6/30/26		5,985,000		6,839,270
SemGroup Corp.
6.375%, due 3/15/25		3,001,000		2,910,970
7.25%, due 3/15/26		885,000		862,875
SemGroup Corp. / Rose Rock Finance Corp. 5.625%, due 7/15/22		1,359,000		1,339,648
Tallgrass Energy Partners, L.P. / Tallgrass Energy Finance Corp. 5.50%, due 9/15/24 (a)		9,560,000		9,870,700
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp. 5.875%, due 4/15/26		5,915,000		6,269,900

	Principal Amount		Value
Pipelines (continued)
TransMontaigne Partners, L.P. / TLP Finance Corp. 6.125%, due 2/15/26	$	6,055,000	$	5,827,937
				134,119,737
Real Estate 1.4%
CBRE Services, Inc. 5.25%, due 3/15/25		2,295,000		2,533,405
Howard Hughes Corp. 5.375%, due 3/15/25 (a)		9,580,000		9,898,056
Kennedy-Wilson, Inc. 5.875%, due 4/1/24		7,505,000		7,655,100
Newmark Group, Inc. 6.125%, due 11/15/23		8,105,000		8,576,033
Realogy Group LLC / Realogy Co-Issuer Corp. (a)
4.875%, due 6/1/23 (i)		5,181,000		4,662,900
9.375%, due 4/1/27		7,599,000		6,658,624
				39,984,118
Real Estate Investment Trusts 4.4%
Crown Castle International Corp. 5.25%, due 1/15/23		24,840,000		27,010,323
CTR Partnership, L.P. / CareTrust Capital Corp. 5.25%, due 6/1/25		3,500,000		3,631,250
Equinix, Inc.
5.375%, due 1/1/22		5,715,000		5,865,019
5.375%, due 4/1/23		10,555,000		10,766,100
5.375%, due 5/15/27		16,710,000		17,912,618
5.75%, due 1/1/25		8,740,000		9,098,340
5.875%, due 1/15/26		14,253,000		15,090,364
MGM Growth Properties Operating Partnership, L.P. / MGP FinanceCo-Issuer, Inc.
4.50%, due 9/1/26		2,000,000		2,052,500
5.625%, due 5/1/24		19,120,000		20,601,800
5.75%, due 2/1/27 (a)		6,655,000		7,170,762
MPT Operating Partnership, L.P. / MPT Finance Corp. 5.00%, due 10/15/27		6,070,000		6,252,100
Starwood Property Trust, Inc. 5.00%, due 12/15/21		2,962,000		3,043,455
				128,494,631
Retail 3.5%
Asbury Automotive Group, Inc. 6.00%, due 12/15/24		16,060,000		16,622,100
Beacon Roofing Supply, Inc. 4.875%, due 11/1/25 (a)		9,070,000		8,979,300
Cumberland Farms, Inc. 6.75%, due 5/1/25 (a)		6,962,000		7,379,720

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Retail (continued)
DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp. 8.00%, due 6/1/21 (a)	$	10,520,000	$	10,651,500
Group 1 Automotive, Inc.
5.00%, due 6/1/22		6,735,000		6,819,188
5.25%, due 12/15/23 (a)		3,595,000		3,680,381
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (a)
4.75%, due 6/1/27		5,275,000		5,406,875
5.00%, due 6/1/24		10,600,000		10,957,750
5.25%, due 6/1/26		7,500,000		7,865,550
KGA Escrow, LLC 7.50%, due 8/15/23 (a)		3,460,000		3,589,750
L Brands, Inc.
5.625%, due 2/15/22		2,908,000		3,039,180
6.694%, due 1/15/27		4,399,000		4,311,020
Penske Automotive Group, Inc. 5.75%, due 10/1/22		6,670,000		6,761,713
Rite Aid Corp. 6.125%, due 4/1/23 (a)		10,050,000		8,479,687
				104,543,714
Semiconductors 0.3%
Micron Technology, Inc. 5.50%, due 2/1/25		7,643,000		7,862,736
Software 4.0%
ACI Worldwide, Inc. 5.75%, due 8/15/26 (a)		4,405,000		4,593,534
Ascend Learning LLC 6.875%, due 8/1/25 (a)		8,215,000		8,358,762
CDK Global, Inc.
5.25%, due 5/15/29 (a)		3,920,000		4,062,100
5.875%, due 6/15/26		10,900,000		11,526,750
Donnelley Financial Solutions, Inc. 8.25%, due 10/15/24		5,365,000		5,552,775
Fair Isaac Corp. 5.25%, due 5/15/26 (a)		3,590,000		3,769,500
First Data Corp. 5.00%, due 1/15/24 (a)		2,045,000		2,095,103
IQVIA, Inc. 5.00%, due 10/15/26 (a)		9,792,000		10,110,240
MSCI, Inc. (a)
4.75%, due 8/1/26		3,570,000		3,703,875
5.25%, due 11/15/24		7,312,000		7,549,640
5.375%, due 5/15/27		5,730,000		6,131,100
5.75%, due 8/15/25		15,590,000		16,369,500
Open Text Corp. 5.875%, due 6/1/26 (a)		5,085,000		5,378,913
PTC, Inc. 6.00%, due 5/15/24		14,350,000		15,031,625

	Principal Amount		Value
Software (continued)
RP Crown Parent LLC 7.375%, due 10/15/24 (a)	$	7,110,000	$	7,412,175
SS&C Technologies, Inc. 5.50%, due 9/30/27 (a)		5,750,000		5,965,625
				117,611,217
Telecommunications 7.5%
Anixter, Inc. 5.125%, due 10/1/21		2,425,000		2,512,906
CenturyLink, Inc. 5.80%, due 3/15/22		9,925,000		10,346,813
Cogent Communications Group, Inc. 5.625%, due 4/15/21 (a)		11,910,000		12,073,762
CommScope, Inc. 8.25%, due 3/1/27 (a)		8,924,000		9,101,141
Frontier Communications Corp.
10.50%, due 9/15/22		9,050,000		6,131,375
11.00%, due 9/15/25		10,700,000		6,634,000
Hughes Satellite Systems Corp.
5.25%, due 8/1/26		7,035,000		7,228,463
6.625%, due 8/1/26		6,460,000		6,791,075
7.625%, due 6/15/21		10,195,000		10,908,650
Inmarsat Finance PLC 4.875%, due 5/15/22 (a)		6,750,000		6,792,188
Level 3 Financing, Inc.
5.375%, due 5/1/25		6,300,000		6,504,750
5.625%, due 2/1/23		4,000,000		4,049,840
Level 3 Parent LLC 5.75%, due 12/1/22		1,920,000		1,936,800
QualityTech, L.P. / QTS Finance Corp. 4.75%, due 11/15/25 (a)		6,650,000		6,583,500
Sprint Capital Corp. 6.875%, due 11/15/28		29,930,000		30,762,054
Sprint Communications, Inc. 7.00%, due 3/1/20 (a)		12,085,000		12,387,125
Sprint Corp. 7.875%, due 9/15/23		12,930,000		14,045,212
T-Mobile USA, Inc.
4.50%, due 2/1/26		3,345,000		3,424,444
4.75%, due 2/1/28		9,585,000		9,861,527
5.125%, due 4/15/25		7,520,000		7,826,666
5.375%, due 4/15/27		9,500,000		10,165,000
6.00%, due 4/15/24		6,840,000		7,130,700
6.375%, due 3/1/25		9,700,000		10,073,450
6.50%, due 1/15/24		7,505,000		7,767,675
6.50%, due 1/15/26		10,150,000		10,972,759
				222,011,875
Textiles 0.4%
Eagle Intermediate Global Holding B.V. / Ruyi U.S. Finance LLC 7.50%, due 5/1/25 (a)		12,445,000		11,822,750

18 MainStay VP MacKay High Yield Corporate Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Toys, Games & Hobbies 0.6%
Mattel, Inc. 6.75%, due 12/31/25 (a)	$	16,965,000	$	17,452,744
Transportation 0.1%
Teekay Corp. 9.25%, due 11/15/22 (a)		1,500,000		1,518,750
Trucking & Leasing 0.3%
Fortress Transportation & Infrastructure Investors LLC 6.75%, due 3/15/22 (a)		8,000,000		8,310,000
Total Corporate Bonds (Cost $2,684,660,010)				2,726,237,030
Loan Assignments 1.6%
Auto Parts & Equipment 0.1%
Dealer Tire LLC (j)  2018 Term Loan B 7.83% (3 Month LIBOR + 5.50%), due 12/12/25		1,388,607		1,385,135
2018 Term Loan B 7.902% (1 Month LIBOR + 5.50%), due 12/12/25		1,469,231		1,465,558
				2,850,693
Banks 0.3%
Jane Street Group LLC 2018 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 8/25/22 (j)		10,244,844		10,172,280
Media 0.1%
Charter Communications Operating LLC 2017 Term Loan B 4.33% (3 Month LIBOR + 2.00%), due 4/30/25 (j)		2,462,500		2,458,053
Mining 0.1%
Aleris International, Inc. 2018 Term Loan 7.152% (1 Month LIBOR + 4.75%), due 2/27/23 (j)		2,970,000		2,970,000
Oil & Gas 0.2%
PetroQuest Energy, Inc. Term Loan Note  10.013%, due 3/2/20 (d)		4,893,078		4,893,078
Retail Stores 0.7%
Bass Pro Group LLC Term Loan B 7.402% (1 Month LIBOR + 5.00%), due 9/25/24 (j)		20,025,149		19,092,738

	Principal Amount		Value
Software 0.0%‡
RP Crown Parent LLC 2016 Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 10/12/23 (j)	$	396,947	$	394,300
Transportation 0.1%
Commercial Barge Line Co. 2015 1st Lien Term Loan 11.152% (1 Month LIBOR + 8.75%), due 11/12/20 (j)		5,610,219		3,843,000
Total Loan Assignments (Cost $47,891,851)				46,674,142
TotalLong-Term Bonds (Cost $2,752,001,361)				2,791,725,928
	Shares
Common Stocks 1.6%
Auto Parts & Equipment 0.1%
American Tire Distributors, Inc. (b)(d)(m)		44,740		1,364,570
Exide Technologies (b)(c)(d)(g)(m)		2,173,379		2,738,458
				4,103,028
Electric Utilities 0.1%
Keycon Power Holdings LLC (b)(m)		11,280		3,271,200
Independent Power & Renewable Electricity Producers 0.8%
GenOn Energy, Inc. (d)(m)		115,826		21,022,419
PetroQuest Energy, Inc. (b)(c)(d)(m)		668,661		936,125
				21,958,544
Media 0.0%‡
ION Media Networks, Inc. (b)(c)(d)(g)		725		489,100
Metals & Mining 0.1%
Neenah Enterprises, Inc. (b)(c)(d)(m)		230,859		3,169,694
Oil, Gas & Consumable Fuels 0.5%
Talos Energy, Inc. (m)		637,880		15,341,014
Titan Energy LLC (m)		25,911		724
				15,341,738
Software 0.0%‡
ASG Corp. (b)(c)(d)(m)		3,368		0
Total Common Stocks (Cost $62,822,541)				48,333,304
Short-Term Investments 3.7%
Unaffiliated Investment Companies 3.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.31% (n)		81,021,164		81,021,164

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares			Value
Short-Term Investments (continued)
Unaffiliated Investment Companies (continued)
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (n)(o)		24,871,673		$	24,871,673
TotalShort-Term Investments (Cost $105,892,837)					105,892,837
Total Investments (Cost $2,920,716,739)		100.0	%		2,945,952,069
Other Assets, Less Liabilities		0.0	‡		1,072,543
Net Assets		100.0	%	$	2,947,024,612

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) Illiquid security—As of June 30, 2019, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $68,255,580, which represented 2.3% of the Portfolio’s net assets.

(c) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(d) Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30,

2019, the total market value of fair valued securities was $91,944,452, which represented 3.1% of the Portfolio’s net assets.

(e) PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash.

(f) Issue in default.

(g) Restricted security (See Note 5).

(h) Issue in non-accrual status.

(i) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $24,321,241 and the Portfolio received cash collateral with a value of $24,871,673 (See Note 2(H)).

(j) Floating rate—Rate shown was the rate in effect as of June 30, 2019.

(k) Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2019.

(l) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(m) Non-income producing security.

(n) Current yield as of June 30, 2019.

(o) Represents security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:

LIBOR—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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 (b)	$	—	$	10,216,749	$	8,598,007	$	18,814,756
Corporate Bonds (c)		—		2,677,504,029		48,733,001		2,726,237,030
Loan Assignments		—		46,674,142		—		46,674,142
TotalLong-Term Bonds		—		2,734,394,920		57,331,008		2,791,725,928
Common Stocks (d)		18,612,938		22,386,989		7,333,377		48,333,304
Short-Term Investments
Unaffiliated Investment Companies		105,892,837		—		—		105,892,837
Total Investments in Securities	$	124,505,775	$	2,756,781,909	$	64,664,385	$	2,945,952,069

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 securities valued at $8,439,277 and $158,730 are held in Auto Parts & Equipment and Internet, respectively, within the Convertible Bonds section of the Portfolio of Investments.

(c) The Level 3 securities valued at $37,002,513, $7,367,500, and $4,362,988 are held in Auto Parts & Equipment, Media, and Oil & Gas, respectively, within the Corporate Bonds section of the Portfolio of Investments.

(d) The Level 3 securities valued at $2,738,458, $936,125, $489,100, $3,169,694 and $0 are held in Auto Parts & Equipment, Independent Power & Renewable Electricity Producers, Media, Metals & Mining and Software, respectively, within the Common Stocks section of the Portfolio of Investments.

20 MainStay VP MacKay High Yield Corporate Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases			Sales			Transfers in to Level 3		Transfers out of Level 3			Balance as of June 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019 (a)
Long-Term Bonds
Convertible Bonds
Auto Parts & Equipment	$	15,211,523	$	173,904		$	(20,435,825	)	$	14,190,659		$	9,704,586	(b)	$	(10,405,570	)	$	—	$	—		$	8,439,277	$	14,190,659
Internet		—		—			—			158,730			—			—			—		—			158,730		158,730
Corporate Bonds
Auto Parts & Equipment		28,559,359		331,907			(3,532,148	)		1,975,422			37,463,917	(b)		(27,795,944	)		—		—			37,002,513		1,975,422
Electric		21,385,875		—			338			(2,955,073	)		—			(18,431,140	)		—		—			—		—
Media		7,367,500		5,767			—			(5,767	)		—			—			—		—			7,367,500		(5,767	)
Oil & Gas		—		(648,206	)		—			(7,633,271	)		12,644,465	(b)		—			—		—			4,362,988		(7,633,271	)
Loan Assignments
Banks		7,095,644		—			—			—			—			—			—		(7,095,644	)		—		—
Common Stocks
Auto Parts & Equipment		2,194,197		—			—			(716,923	)		2,002,973			—			—		(741,789	)		2,738,458		(716,923	)
Independent Power & Renewable Electricity Producers		—		—						(2,526,581	)		3,462,706			—			—		—			936,125		(2,526,581	)
Media		448,985		—			—			40,115			—			—			—		—			489,100		40,115
Metals & Mining		3,169,694		—			—			—			—			—			—		—			3,169,694		—
Software		—		—			—			—			—			—			—		—			—		—
Total	$	85,432,777	$	(136,628	)	$	(23,967,635	)	$	2,527,311		$	65,278,647		$	(56,632,654	)	$	—	$	(7,837,433	)	$	64,664,385	$	5,482,384

(a) Included in "Net change in unrealized appreciation (depreciation) on investments" in the Statement of Operations.

(b) Purchases include PIK securities.

As of June 30, 2019, securities with a market value of $7,837,433 transferred from Level 3 to Level 2. The transfer occurred as a result of utilizing significant observable inputs. As of December 31, 2018, the fair value obtained for these securities, utilized significant unobservable inputs.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $2,920,716,739) including securities on loan of $24,321,241	$	2,945,952,069
Due from custodian		143,150
Cash		21,145
Receivables:
Interest		43,698,116
Investment securities sold		41,147,460
Portfolio shares sold		1,110,154
Securities lending		20,526
Other assets		13,908
Total assets		3,032,106,528
Liabilities
Cash collateral received for securities on loan		24,871,673
Payables:
Investment securities purchased		56,962,456
Manager (See Note 3)		1,339,736
Portfolio shares redeemed		1,146,064
NYLIFE Distributors (See Note 3)		502,384
Shareholder communication		131,269
Professional fees		83,576
Custodian		17,013
Trustees		3,896
Accrued expenses		23,849
Total liabilities		85,081,916
Net assets	$	2,947,024,612
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	294,461
Additional paid-in capital		2,763,309,107
		2,763,603,568
Total distributable earnings (loss)		183,421,044
Net assets	$	2,947,024,612

Initial Class
Net assets applicable to outstanding shares	$	484,173,581
Shares of beneficial interest outstanding		47,751,421
Net asset value per share outstanding	$	10.14
Service Class
Net assets applicable to outstanding shares	$	2,462,851,031
Shares of beneficial interest outstanding		246,710,035
Net asset value per share outstanding	$	9.98

22 MainStay VP MacKay High Yield Corporate Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest (a)	$	89,452,701
Dividends		64,500
Securities lending		54,210
Total income		89,571,411
Expenses
Manager (See Note 3)		7,967,794
Distribution/Service—Service Class (See Note 3)		2,983,062
Shareholder communication		147,132
Professional fees		133,465
Trustees		35,454
Custodian		20,347
Miscellaneous		55,395
Total expenses		11,342,649
Net investment income (loss)		78,228,762
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments		(21,920,639	)
Net change in unrealized appreciation (depreciation) on investments		181,519,439
Net realized and unrealized gain (loss) on investments		159,598,800
Net increase (decrease) in net assets resulting from operations	$	237,827,562

(a) Interest recorded net of foreign withholding taxes in the amount of $13,245.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	78,228,762		$	159,287,040
Net realized gain (loss) on investments		(21,920,639	)		16,336,818
Net change in unrealized appreciation (depreciation) on investments		181,519,439			(221,852,321	)
Net increase (decrease) in net assets resulting from operations		237,827,562			(46,228,463	)
Distributions to shareholders:
Initial Class		—			(28,718,735	)
Service Class		—			(140,488,793	)
Total distributions to shareholders		—			(169,207,528	)
Capital share transactions:
Net proceeds from sale of shares		129,430,566			202,195,336
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			169,207,528
Cost of shares redeemed		(176,505,881	)		(502,639,813	)
Increase (decrease) in net assets derived from capital share transactions		(47,075,315	)		(131,236,949	)
Net increase (decrease) in net assets		190,752,247			(346,672,940	)
Net Assets
Beginning of period		2,756,272,365			3,102,945,305
End of period	$	2,947,024,612		$	2,756,272,365

24 MainStay VP MacKay High Yield Corporate Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended  June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.32		$	10.05		$	9.99		$	9.10		$	9.84		$	10.26
Net investment income (loss) (a)		0.28			0.55			0.58			0.62			0.59			0.61
Net realized and unrealized gain (loss) on investments		0.54			(0.68	)		0.10			0.85			(0.73	)		(0.42	)
Total from investment operations		0.82			(0.13	)		0.68			1.47			(0.14	)		0.19
Less dividends:
From net investment income		—			(0.60	)		(0.62	)		(0.58	)		(0.60	)		(0.61	)
Net asset value at end of period	$	10.14		$	9.32		$	10.05		$	9.99		$	9.10		$	9.84
Total investment return (b)		8.80	%(c)		(1.46	%)		6.86	%		16.23	%		(1.57	%)		1.78	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		5.68	%††		5.58	%		5.69	%		6.41	%		5.99	%		5.85	%
Net expenses (d)		0.58	%††		0.58	%		0.58	%		0.59	%		0.58	%		0.59	%
Portfolio turnover rate		15	%		28	%		40	%		39	%		37	%		42	%
Net assets at end of period (in 000’s)	$	484,174		$	458,129		$	574,162		$	665,881		$	642,186		$	641,024

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.19		$	9.91		$	9.86		$	8.99		$	9.73		$	10.16
Net investment income (loss) (a)		0.26			0.52			0.55			0.59			0.56			0.58
Net realized and unrealized gain (loss) on investments		0.53			(0.66	)		0.10			0.83			(0.72	)		(0.42	)
Total from investment operations		0.79			(0.14	)		0.65			1.42			(0.16	)		0.16
Less dividends:
From net investment income		—			(0.58	)		(0.60	)		(0.55	)		(0.58	)		(0.59	)
Net asset value at end of period	$	9.98		$	9.19		$	9.91		$	9.86		$	8.99		$	9.73
Total investment return (b)		8.60	%(c)		(1.71	%)		6.59	%		15.94	%		(1.82	%)		1.53	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		5.43	%††		5.33	%		5.43	%		6.15	%		5.74	%		5.60	%
Net expenses (d)		0.83	%††		0.83	%		0.83	%		0.84	%		0.83	%		0.84	%
Portfolio turnover rate		15	%		28	%		40	%		39	%		37	%		42	%
Net assets at end of period (in 000’s)	$	2,462,851		$	2,298,144		$	2,528,783		$	2,315,441		$	2,035,855		$	2,147,611

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay High Yield Corporate Bond Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on May 1, 1995. Service Class shares commenced operations on June 4, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan, adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek maximum current income through investment in a diversified portfolio of high-yield debt securities. Capital appreciation is a secondary objective.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities

and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

26 MainStay VP MacKay High Yield Corporate Bond Portfolio

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted

from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, securities that were fair valued in such a manner are shown in the Portfolio of Investments.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term

27

Notes to Financial Statements(Unaudited) (continued)

Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The

valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

The valuation techniques and significant amounts of unobservable inputs used in the fair valuation measurement of the Portfolio’s Level 3 securities are outlined in the table below. A significant increase or decrease in any of those inputs in isolation would result in a significantly higher or lower fair value measurement at period end.

Asset Class	Fair Value at 6/30/19*		Valuation Technique	Unobservable Inputs	Inputs/Range
Convertible Bonds	$	8,439,277	Income Approach	Spread Adjustment		12.00	%
		158,730	Market Approach	Discount Rate		2.00	%
Corporate Bonds		37,002,513	Income Approach	Spread Adjustment		1.43%–5.78%
		4,362,988	Market Approach	Asset Coverage at $50 Crude, $2.80 Natural Gas		$0.99
				PIK Discount Spread		3.00	%
Common Stocks		2,738,458	Market Approach	Estimated Enterprise Value		$1,002.6m–$1,130.3m
				Estimated Volatility		20.00	%
		936,125	Market Approach	Asset Coverage at $50 Crude, $2.80 Natural Gas, Implied Equity Value		$19.00M
				PIK Discount Spread		3.00	%
		489,100	Income Approach	Free Cash Flow Yield		15.00	%
		3,169,694	Market Approach	EBITDA Multiple		5.75x
				Discount Rate		10.00	%
	$	57,296,885

* The table above does not include a Level 3 investment that was valued by a broker without adjustment. As of June 30, 2019, the value of this investment was $7,367,500. The input for this investment was not readily available or cannot be reasonably estimated.

A portfolio security or other asset may be determined to be illiquid under procedures approved by the Board. Illiquidity of a security might prevent the sale of such security at a time when the Manager or the Subadvisor might wish to sell, and these securities could have the effect of decreasing the overall level of the Portfolio’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, requiring the Portfolio to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Portfolio could realize upon disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to the Portfolio. Under the supervision of the Board, the Manager or the Subadvisor determine the liquidity of the Portfolio’s investments; in doing so, the Manager or the Subadvisor may consider various factors, including (i) the frequency of trades and quotations; (ii) the number of dealers and prospective purchasers; (iii) dealer undertakings to make a market; and (iv) the nature of the security and the market in which it trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). Illiquid securities are often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of the Portfolio’s investments, as shown in the Portfolio of Investments, was determined as of June 30, 2019 and can change at any time in response to, among other relevant factors, market conditions or events or developments with respect to an individual issuer or instrument. As of June 30, 2019, securities deemed to be

illiquid under procedures approved by the Board are shown in the Portfolio of Investments.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

28 MainStay VP MacKay High Yield Corporate Bond Portfolio

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities. Income frompayment-in-kind securities is accreted daily based on the effective interest method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate

classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Loan Assignments, Participations and Commitments.  The Portfolio may invest in loan assignments and participations (“loans”). Commitments are agreements to make money

available to a borrower in a specified amount, at a specified rate and within a specified time. The Portfolio records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the London Interbank Offered Rate (“LIBOR”).

The loans in which the Portfolio may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Portfolio may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Portfolio purchases an assignment from a lender, the Portfolio will generally have direct contractual rights against the borrower in favor of the lender. If the Portfolio purchases a participation interest either from a lender or a participant, the Portfolio typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Portfolio is subject to the credit risk of the lender or participant who sold the participation interest to the Portfolio, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Portfolio may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Portfolio to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities. As of June 30, 2019, the Portfolio did not hold any unfunded commitments.

(H)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during

29

Notes to Financial Statements(Unaudited) (continued)

the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $24,321,241 and received cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $24,871,673.

(I)  Debt Securities and Loan Risk.  The Portfolio primarily invests in high-yield debt securities (commonly referred to as “junk bonds”), which are considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These securities pay investors a premium—a higher interest rate or yield than investment grade debt securities—because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

The loans in which the Portfolio invests are usually rated below investment grade, or if unrated, determined by the Subadvisor to be of comparable quality (commonly referred to as “junk bonds”) and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. Moreover, such securities may, under certain circumstances, be particularly susceptible to liquidity and valuation risks. Although certain loans are collateralized, there is no guarantee that the value of the collateral will be sufficient or available to satisfy the borrower’s obligation. In times of unusual or adverse market, economic or political conditions, loans may experience higher than normal default rates. In the event of a recession or serious credit event, among other eventualities, the value of the Portfolio’s investments in loans are more likely to decline. The secondary market for loans is limited and, thus, the Portfolio’s ability to sell or realize the full value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may be impaired. In addition, loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Portfolio may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities.

In certain circumstances, loans may not be deemed to be securities. As a result, the Portfolio may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the Portfolio generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

(J)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assur-

ance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the average daily net assets as follows: 0.57% up to $1 billion; 0.55% from $1 billion up to $5 billion; and 0.525% in excess of $5 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.56%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $7,967,794, and paid the Subadvisor in the amount of $3,983,897.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act.

30 MainStay VP MacKay High Yield Corporate Bond Portfolio

Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	2,920,814,993	$	99,144,679	$	(74,007,603	)	$	25,137,076

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $56,672,069, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. Accordingly, no

capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$10,194	$46,478

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$169,207,528	$	—

Note 5–Restricted Securities

Restricted securities, are securities which have been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended. Disposal of these securities may involve time-consuming negotiations and expenses, and it may be difficult to obtain a prompt sale at an acceptable price.

As of June 30, 2019, the Portfolio held the following restricted securities:

Security	Date(s) of Acquisition		Principal Amount/ Shares		Cost		6/30/19 Value		Percent of Net Assets
At Home Corp. Convertible Bonds 0.525%, due 12/28/18		8/31/01	$	2,000,000	$	—	$	26,000		0.0	%‡
4.75%, due 3/15/06		8/27/01	$	10,210,000		—		132,730		0.0	‡
Exide Technologies Common Stock		4/30/15–5/24/17		2,173,379		18,585,631		2,738,458		0.1
ION Media Networks, Inc. Common Stock		3/12/10-12/20/10		725		—		489,100		0.0	‡
Rex Energy Corp. (Escrow Claim) Corporate Bond 8.00%, due 10/1/20		10/3/18	$	40,580,000		—		557,975		0.0	‡
Sterling Entertainment Enterprises LLC Corporate Bond 10.25%, due 1/15/25		12/28/17	$	7,000,000		6,911,591		7,367,500		0.2
Total		—		—	$	25,497,222	$	11,311,763		0.3	%

‡ Less than one-tenth of a percent.

Note 6–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 7–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with

31

Notes to Financial Statements(Unaudited) (continued)

an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 8–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 9–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $456,399 and $407,058, respectively.

Note 10–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,927,253		$	18,987,255
Shares redeemed		(3,340,881	)		(32,930,079	)
Net increase (decrease)		(1,413,628	)	$	(13,942,824	)
Year ended December 31, 2018:
Shares sold		2,307,070		$	22,998,759
Shares issued to shareholders in reinvestment of dividends and distributions		2,979,088			28,718,735
Shares redeemed		(13,270,838	)		(132,356,065	)
Net increase (decrease)		(7,984,680	)	$	(80,638,571	)

Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		11,352,280		$	110,443,311
Shares redeemed		(14,831,321	)		(143,575,802	)
Net increase (decrease)		(3,479,041	)	$	(33,132,491	)
Year ended December 31, 2018:
Shares sold		18,221,708		$	179,196,577
Shares issued to shareholders in reinvestment of dividends and distributions		14,774,767			140,488,793
Shares redeemed		(37,932,514	)		(370,283,748	)
Net increase (decrease)		(4,936,039	)	$	(50,598,378	)

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

32 MainStay VP MacKay High Yield Corporate Bond Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

33

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781623 MSVPHYCB10-08/19 (NYLIAC) NI520         

MainStay VP Income Builder Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	11
Financial Statements	25
Notes to Financial Statements	30
Proxy Voting Policies and Procedures and Proxy Voting Record	40
Shareholder Reports and Quarterly Portfolio Disclosure	40

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date		Six Months	One Year	Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares		1/29/1993	11.23%	8.50%		4.60	%		9.86	%		0.62	%
Service Class Shares		6/4/2003	11.09	8.23		4.34			9.59			0.87

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
MSCI World Index3		16.98	%		6.33	%		6.60	%		10.72	%
Bloomberg Barclays U.S. Aggregate Bond Index4		6.11			7.87			2.95			3.90
Blended Benchmark Index5		11.62			7.50			4.95			7.51
Morningstar World Allocation Category Average6		10.40			3.05			2.72			7.13

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The MSCI World Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The MSCI World Index is a free float-adjustedmarket-capitalization-weighted index that is designed to measure the equity market performance of developed markets. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. The Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities,

mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. The Portfolio has selected the Blended Benchmark Index as an additional benchmark. The Blended Benchmark Index consists of the MSCI World Index and the Bloomberg Barclays U.S. Aggregate Bond Index, each weighted 50%. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Income Builder Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,112.30	$	3.30	$	1,021.67	$	3.16	0.63%
Service Class Shares	$	1,000.00	$	1,110.90	$	4.61	$	1,020.43	$	4.41	0.88%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Income Builder Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 11 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings or Issuers Held as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. Federal National Mortgage Association (Mortgage Pass-Through Securities), 2.50%–6.00%, due 9/1/33–4/1/49

2. Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities), 3.00%–5.00%, due 12/1/44–3/1/49

3. United States Treasury Bonds, 3.00%–5.00%, due 5/15/37–2/15/49

4. Government National Mortgage Association, 2.50%–3.25%, due 1/16/40–6/20/49

5. Bank of America Corp., 2.738%–6.30%, due 1/23/22–4/23/40

  6. Morgan Stanley, 3.125%–7.25%, due 11/1/22–4/1/32

  7. Federal Home Loan Mortgage Corporation, 2.50%–3.50%, due 5/25/29–11/15/48

  8. AT&T, Inc.

  9. United States Treasury Inflation—Indexed Notes, 0.75%–0.875%, due 7/15/28–1/15/29

10. Verizon Communications, Inc.

7

Portfolio Management Discussion and Analysis(Unaudited)

Questions answered by portfolio managers Jae S. Yoon and Jonathan Swaney of New York Life Investment Management LLC, the Portfolio’s Manager; Dan Roberts, PhD, Stephen R. Cianci, CFA, and Neil Moriarty, III, of MacKay Shields LLC (“MacKay Shields”), the Subadvisor for the fixed-income portion of the Portfolio; and William W. Priest, CFA, Michael A. Welhoelter, CFA, John Tobin, PhD, CFA, and Kera Van Valen, CFA, of Epoch Investment Partners, Inc. (“Epoch”), the Subadvisor for the equity portion of the Portfolio.

How did MainStay VP Income Builder Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Income Builder Portfolio returned 11.23% for Initial Class shares and 11.09% for Service Class shares. Over the same period, both share classes underperformed the 16.98% return of the MSCI World Index, which is the Portfolio’s primary benchmark; outperformed the 6.11% return of the Bloomberg Barclays U.S. Aggregate Bond Index, which is the Portfolio’s secondary benchmark; and underperformed the 11.62% return of the Blended Benchmark Index, which is an additional benchmark of the Portfolio. For the six months ended June 30, 2019, both share classes outperformed the 10.40% return of the Morningstar World Allocation Category Average.¹

During the reporting period, how was the Portfolio’s performance materially affected by investments in derivatives?

During the reporting period, the fixed-income portion of the Portfolio used equity futures to increase the Portfolio’s equity beta² and Treasury futures, which both enhanced the Portfolio’s performance. During the same period, the equity portion of the Portfolio did not invest in derivatives.

What factors affected the relative performance of the equity portion of the Portfolio during the reporting period?

The equity portion of the Portfolio delivered positive returns during the reporting period but underperformed the MSCI World Index, largely because many of the industries and sectors that exhibit the shareholder yield characteristics that the Portfolio favors lagged the broader market. Specifically, underweight exposure to information technology, the best performing sector in the benchmark during the reporting period, detracted from relative returns, as did the Portfolio’s individual stock selections within the sector. Stock selection in communication services and consumer staples further detracted from relative results, largely due to the Portfolio’s overweight exposure to the telecommunications and tobacco industries, respectively.

Which market segments were the strongest positive contributors to relative performance in the equity portion of the Portfolio, and which market segments detracted the most?

During the reporting period, the sectors that made the strongest positive contributions to the performance of the equity portion of the Portfolio relative to the MSCI World Index included financials and consumer discretionary. (Contributions take weightings and total returns into account.) Among financials, stock selection largely drove the Portfolio’s relatively strong returns. Among consumer discretionary holdings, stock selection also bolstered returns compared to the benchmark, but underweight exposure to the sector detracted slightly from relative returns. Underweight exposure to the health care sector also contributed positively to the relative performance of the equity portion of the Portfolio.

The weakest-contributing sectors in the equity portion of the Portfolio during the reporting period included information technology, communication services and consumer staples. Information technology was the best performing sector in the benchmark during the reporting period. The relative performance of the equity portion of the Portfolio suffered from underweight exposure to the sector as well as weak stock selection. Within the communication services and consumer staples sectors, stock selection further detracted from relative performance due to a preponderance of holdings in the telecommunications and tobacco industries.

During the reporting period, which individual stocks made the strongest positive contributions to absolute performance in the equity portion of the Portfolio and which stocks detracted the most?

The top three positive contributors to the absolute performance of the equity portion of the Portfolio included Paris-based insurer AXA, German insurance company Allianz and U.S. Internet and communications hardware maker Cisco Systems. Shares of AXA and Allianz traded higher with the rest of the insurance industry as insurers benefited from the surge in equity markets and the steepening of government bond yield curves,³ conditions that boosted investment income and improved investment yield. Cisco Systems shares gained ground based on the inclusion of subscription services in its refreshed product lineup.

1. See page 5 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.

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 Income Builder Portfolio

The weakest contributors to the absolute performance of the equity portion of the Portfolio included global tobacco manufacturer Imperial Brands, British-based telecommunications provider Vodafone and U.S.-domiciled pharmaceutical company AbbVie. Imperial Brands, along with its tobacco peers, faced concerns from investors regarding growth prospects in the United States. Shares of Vodafone were pressured during the reporting period due to a change in the company’s capital allocation priorities, which prompted the Portfolio to exit its position. Shares of AbbVie traded lower due to weaker-than-expected sales of key drug Humira as well as the company’s announced acquisition of Allergan.

Did the equity portion of the Portfolio make any significant purchases or sales during the reporting period?

During the reporting period, the equity portion of the Portfolio initiated new positions in several stocks, including merchandise retailer Target and software systems provider International Business Machines (IBM). Target has a track record of generating robust and sustainable cash flows and consistently returning a substantial portion of these cash flows to shareholders via an attractive and growing dividend, regular share repurchases and debt reduction, in our view. IBM’s strategic imperatives, which include cloud computing, big data, security and more, should, in our opinion, help cash flow grow, and the company has regularly paid a well-covered, growing dividend.

Positions that the equity portion of the Portfolio closed during the reporting period includedU.K-based utility company SSE and Spanish regulated utility Red Eléctrica. Both sales were used as sources of cash to fund the purchase of new shareholder yield opportunities.

How did sector weightings in the equity portion of the Portfolio change during the reporting period?

During the reporting period, the most substantial sector weighting increases in the equity portion of the Portfolio were in industrials and energy. Over the same period, the most substantial sector weighting reductions in the equity portion of the Portfolio were in communication services and utilities. Sector allocations in the equity portion of the Portfolio are a result of ourbottom-up fundamental investment process and reflect the companies and securities that we confidently believe can collect and distribute sustainable, growing shareholder yield. Relative

performance of sectors during the reporting period may impact changes in sector weightings.

How was the equity portion of the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the utilities sector was the most substantially overweight position in the equity portion of the Portfolio relative to the MSCI World Index. As a defensive area that includes a high percentage of dividend-yielding companies, the utilities sector is typically more heavily represented in the equity portion of the Portfolio than in the benchmark. Within the utilities sector, the Portfolio remained focused on regulated utilities where an aging infrastructure, the emergence of renewables, the shale revolution and digitization have driven growth in rate bases, earnings and cash flows. As of the same date, other overweight positions included energy and consumer staples.

As of June 30, 2019, the most substantially underweight sector position relative to the benchmark in the equity portion of the Portfolio was information technology, reflecting the fact that many companies in the sector are outside the Portfolio’s investible universe. As of the same date, the equity portion of the Portfolio also held underweight exposure to the consumer discretionary sector relative to the benchmark.

What factors affected the relative performance of the fixed-income portion of the Portfolio during the reporting period?

During the six months ended June 30, 2019, the fixed-income portion of the Portfolio outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. The primary driver of this outperformance was the Portfolio’s overweight exposure to spread product,⁴ such as investment-grade corporate bonds and, to a lesser degree, high-yield bonds and bank loans. Spreads compressed during the reporting period in correlation with a strong equity market, a more dovish U.S. Federal Reserve posture toward interest rates and hopes of a resolution to the trade dispute between the United States and China.

What was the duration⁵ strategy of the fixed-income portion of the Portfolio during the reporting period?

Throughout the reporting period, the fixed-income portion of the Portfolio sought to keep its duration in line with that of the Bloomberg Barclays U.S. Aggregate Bond Index as a buffer to

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. The term “spread product” refers to asset classes that typically trade at a spread to comparable U.S. Treasury securities.

5. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

9

the equity exposure of the Portfolio as a whole. As of June 30, 2019, the duration of the fixed-income portion of the Portfolio was 5.7 years, which was in line with the duration of the Bloomberg Barclays U.S. Aggregate Bond Index.

What specific factors, risks or market forces prompted significant decisions for the fixed-income portion of the Portfolio during the reporting period?

There were no specific factors or risks that prompted changes to the fixed-income portion of the Portfolio during the reporting period. That said, throughout the same period credit spreads continued to tighten after having widened by over 150 basis points in the fourth quarter of 2018. (A basis point is oneone-hundredth of a percentage point.) Based on spreads tightening we reduced the Portfolio’s exposure to bank loans and investment-grade credit. In their place, we methodically added securitized assets, such as commercial mortgage-backed securities and asset-backed securities, to the fixed-income portion of the Portfolio to reduce volatility and increase diversification. Additionally, we reduced the fixed-income portion of the Portfolio’s position in U.S. Treasury securities in favor of agency mortgages to pick up some incremental yield.

During the reporting period, which market segments were the strongest positive contributors to the absolute performance of the fixed-income portion of the Portfolio and which market segments were particularly weak?

The strongest positive contributor to the absolute performance of the fixed-income portion of the Portfolio was spread product, specifically investment-grade credit, high-yield corporate bonds, bank loans and emerging-market debt. Emerging markets benefited from renewed risk appetites sparked by dovish central banks.

Securitized assets, including residential mortgage-backed securities and consumer-related asset-backed securities, provided the fixed-income portion of the Portfolio with positive returns

during the reporting period. However, returns from those securities, which generally feature relatively high credit ratings and short durations, lagged the Bloomberg Barclays U.S. Aggregate Bond Index.

Did the fixed-income portion of the Portfolio make any significant purchases or sales during the reporting period?

Among agency mortgages, the fixed-income portion of the Portfolio increased its holdings of bonds that offered an incremental yield pick up compared to U.S. Treasury securities and very short investment-grade credits (those with maturities within one year). While we reduced the fixed-income portion of the Portfolio’s position in U.S. Treasury securities, the effect of duration remained roughly consistent as we sold shorter-term Treasury bonds and shifted the Portfolio’s positions toward the longer end of the yield curve.

How did sector weightings change in the fixed-income portion of the Portfolio during the reporting period?

During the reporting period, we trimmed the fixed-income portion of the Portfolio’s exposure to U.S. Treasury securities,high-yield bonds and bank loans. We increased exposure to agency mortgages and, to a lesser degree, securitized assets such as asset-backed securities and commercial mortgage-backed securities.

How was the fixed-income portion of the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the fixed-income portion of the Portfolio held overweight positions relative to the Bloomberg Barclays U.S. Aggregate Bond Index in investment-grade corporate bonds, high-yield bonds and bank loans. As of the same date, the fixed-income portion of the Portfolio held underweight exposure relative to the Index in U.S. Treasury securities.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

10 MainStay VP Income Builder Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 54.5%†
Asset-Backed Securities 1.3%
Auto Floor Plan Asset-Backed Securities 0.4%
Ford Credit Floorplan Master Owner Trust  Series 2018-4, Class A 4.06%, due 11/15/30	$	930,000	$	997,368
Navistar Financial Dealer Note Master Owner Trust II Series 2018-1, Class A 3.06% (1 Month LIBOR + 0.63%), due 9/25/23 (a)(b)		1,090,000		1,092,149
				2,089,517
Automobile Asset-Backed Securities 0.4%
Toyota Auto Loan Extended Note Trust  Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		755,000		763,848
Volkswagen Auto Loan Enhanced Trust  Series 2018-1, Class A4 3.15%, due 7/22/24		945,000		966,365
World Omni Auto Receivables Trust  Series 2019-A, Class A3 3.04%, due 5/15/24		665,000		680,068
				2,410,281
Credit Cards 0.1%
Discover Card Execution Note Trust  Series 2019-A1, Class A1 3.04%, due 7/15/24		685,000		701,625
Home Equity 0.0%‡
JPMorgan Mortgage Acquisition Trust  Series 2007-HE1, Class AF1 2.53% (1 Month LIBOR + 0.10%), due 3/25/47 (b)		162,532		116,821
MASTR Asset-Backed Securities Trust  Series 2006-HE4, Class A1 2.48% (1 Month LIBOR + 0.05%), due 11/25/36 (b)		234,155		108,699
				225,520
Other Asset-Backed Securities 0.4%
Daimler Trucks Retail Trust  Series 2019-1, Class A3 2.77%, due 8/15/22 (a)		850,000		857,720
Verizon Owner Trust
Series 2018-1A, Class A1A 2.82%, due 9/20/22 (a)		685,000		689,767
Series 2019-A, Class A1A 2.93%, due 9/20/23		735,000		747,942
				2,295,429

	Principal Amount		Value
Student Loans 0.0%‡
KeyCorp Student Loan Trust  Series 2000-A, Class A2 2.971% (3 Month LIBOR + 0.32%), due 5/25/29 (b)	$	60,830	$	60,571
Total Asset-Backed Securities (Cost $7,686,689)				7,782,943
Corporate Bonds 30.6%
Aerospace & Defense 0.1%
Harris Corp. 4.40%, due 6/15/28		810,000		885,049
Agriculture 0.3%
Altria Group, Inc. 3.80%, due 2/14/24		1,300,000		1,355,145
JBS Investments II GmbH 7.00%, due 1/15/26 (Austria) (a)		460,000		498,180
				1,853,325
Airlines 0.9%
American Airlines Group, Inc. 4.625%, due 3/1/20 (a)		1,400,000		1,408,750
Continental Airlines, Inc. Series 2009-2, Class 2, Pass Through Trust  7.25%, due 5/10/21		255,494		259,174
Delta Air Lines, Inc. Series 2019-1, Class AA 3.204%, due 10/25/25		920,000		952,787
Northwest Airlines, Inc. Series 2007-1, Class A 7.027%, due 5/1/21		931,505		944,266
U.S. Airways Group, Inc.
Series 2012-1, Class A 5.90%, due 4/1/26		669,154		737,475
Series 2010-1, Class A 6.25%, due 10/22/24		362,645		394,703
United Airlines, Inc.
Series 2014-2, Class B 4.625%, due 3/3/24		336,268		346,054
Series 2007-1, Pass Through Trust  6.636%, due 1/2/24		441,383		468,837
				5,512,046
Auto Manufacturers 0.8%
Daimler Finance North America LLC 3.115% (3 Month LIBOR + 0.55%), due 5/4/21 (Germany) (a)(b)		685,000		685,113
Ford Motor Credit Co. LLC
4.25%, due 9/20/22		305,000		312,815
5.875%, due 8/2/21		150,000		158,169

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Auto Manufacturers (continued)
General Motors Financial Co., Inc.
3.15%, due 6/30/22	$	320,000	$	321,955
3.45%, due 4/10/22		1,500,000		1,521,256
Toyota Motor Credit Corp. 2.572% (3 Month LIBOR + 0.17%), due 9/18/20 (b)		1,765,000		1,766,540
				4,765,848
Banks 8.7%
Bank of America Corp.
2.738%, due 1/23/22 (c)		1,150,000		1,155,160
3.004%, due 12/20/23 (c)		734,000		747,466
3.458%, due 3/15/25 (c)		615,000		638,406
3.499%, due 5/17/22 (c)		1,635,000		1,666,509
3.50%, due 4/19/26		150,000		157,077
3.705%, due 4/24/28 (c)		555,000		583,140
4.078%, due 4/23/40 (c)		785,000		837,122
4.20%, due 8/26/24		325,000		345,475
6.30%, due 3/10/26 (c)(d)		735,000		820,480
BB&T Corp.
3.05%, due 6/20/22		615,000		628,201
5.25%, due 11/1/19		930,000		938,423
Citibank N.A.
2.125%, due 10/20/20		1,615,000		1,612,222
3.40%, due 7/23/21		1,340,000		1,368,519
Citigroup, Inc.
3.352%, due 4/24/25 (c)		780,000		805,724
3.40%, due 5/1/26		255,000		263,938
3.668%, due 7/24/28 (c)		430,000		448,753
3.70%, due 1/12/26		545,000		573,721
3.98%, due 3/20/30 (c)		930,000		993,312
4.05%, due 7/30/22		105,000		109,561
5.30%, due 5/6/44		436,000		518,807
6.625%, due 6/15/32		190,000		245,509
Citizens Financial Group, Inc. 4.30%, due 12/3/25		1,190,000		1,259,067
Discover Bank 8.70%, due 11/18/19		795,000		812,622
Goldman Sachs Group, Inc.
2.905%, due 7/24/23 (c)		310,000		312,998
2.908%, due 6/5/23 (c)		285,000		288,065
3.625%, due 1/22/23		1,330,000		1,379,813
3.688% (3 Month LIBOR + 1.17%), due 5/15/26 (b)		815,000		803,594
5.25%, due 7/27/21		1,295,000		1,368,755
6.75%, due 10/1/37		159,000		207,964
HSBC Holdings PLC 3.973%, due 5/22/30 (United Kingdom) (c)		465,000		485,719

	Principal Amount		Value
Banks (continued)
Huntington Bancshares, Inc. 3.15%, due 3/14/21	$	1,295,000	$	1,311,049
JPMorgan Chase & Co. (c)
3.207%, due 4/1/23		1,540,000		1,571,706
3.54%, due 5/1/28		800,000		832,720
Lloyds Banking Group PLC (United Kingdom)
4.582%, due 12/10/25		508,000		530,082
4.65%, due 3/24/26		1,075,000		1,122,394
Morgan Stanley
3.125%, due 1/23/23		1,560,000		1,595,204
4.875%, due 11/1/22		495,000		529,733
5.00%, due 11/24/25		1,150,000		1,273,138
5.45%, due 10/15/29 (c)(d)		645,000		643,388
6.25%, due 8/9/26		881,000		1,057,174
7.25%, due 4/1/32		1,300,000		1,831,483
PNC Bank N.A. 2.55%, due 12/9/21 (e)		815,000		821,772
PNC Financial Services Group, Inc. 3.45%, due 4/23/29		1,200,000		1,262,503
Royal Bank of Scotland Group PLC (United Kingdom)
4.892%, due 5/18/29 (c)		605,000		646,050
6.00%, due 12/19/23		70,000		76,233
Santander UK Group Holdings PLC (United Kingdom)
3.571%, due 1/10/23		790,000		803,741
3.823%, due 11/3/28 (c)		475,000		479,755
State Street Corp. 2.55%, due 8/18/20		915,000		919,066
Toronto-Dominion Bank (Canada)
1.80%, due 7/13/21		1,535,000		1,523,784
3.15%, due 9/17/20		1,620,000		1,639,160
U.S. Bank N.A. 2.812% (3 Month LIBOR + 0.29%), due 5/21/21 (b)		1,300,000		1,300,787
Wells Fargo Bank N.A.
2.40%, due 1/15/20		1,610,000		1,610,484
2.60%, due 1/15/21		985,000		989,016
3.55%, due 8/14/23		1,015,000		1,059,399
Westpac Banking Corp. (Australia)
2.798% (3 Month LIBOR + 0.28%), due 5/15/20 (b)		700,000		701,320
4.875%, due 11/19/19 (e)		1,935,000		1,954,162
				50,461,425
Beverages 0.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.15%, due 1/23/25		250,000		270,806
4.75%, due 1/23/29		495,000		561,927

12 MainStay VP Income Builder Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Beverages (continued)
Constellation Brands, Inc. 2.00%, due 11/7/19	$	680,000	$	678,493
Diageo Capital PLC 2.76% (3 Month LIBOR + 0.24%), due 5/18/20 (United Kingdom) (b)		950,000		950,556
				2,461,782
Biotechnology 0.5%
Biogen, Inc. 3.625%, due 9/15/22		1,240,000		1,279,905
Celgene Corp. 3.625%, due 5/15/24		1,400,000		1,469,694
				2,749,599
Building Materials 0.5%
Cemex S.A.B. de C.V. 3.125%, due 3/19/26 (Mexico) (a)		EUR 1,515,000		1,762,450
Standard Industries, Inc. 5.375%, due 11/15/24 (a)	$	1,000,000		1,035,000
				2,797,450
Chemicals 0.6%
Air Liquide Finance S.A. 1.75%, due 9/27/21 (France) (a)		610,000		602,596
Braskem Netherlands Finance B.V. 4.50%, due 1/10/28 (Netherlands) (a)		1,490,000		1,507,135
Huntsman International LLC 4.50%, due 5/1/29		731,000		754,471
Mexichem S.A.B. de C.V. 4.00%, due 10/4/27 (Mexico) (a)		625,000		621,881
				3,486,083
Commercial Services 0.2%
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		710,000		714,438
Herc Rentals, Inc. 7.75%, due 6/1/24 (a)(e)		542,000		574,086
				1,288,524
Computers 0.5%
Apple, Inc.
1.55%, due 8/4/21		545,000		539,726
2.75%, due 1/13/25		715,000		730,958
Dell International LLC / EMC Corp. 5.30%, due 10/1/29 (a)		838,000		883,085
Hewlett Packard Enterprise Co. 2.10%, due 10/4/19 (a)		750,000		748,948
				2,902,717
Consumer Services 0.1%
Allied Universal Holdco. LLC 6.625%, due 7/15/26 (a)		395,000		400,925

	Principal Amount		Value
Cosmetics & Personal Care 0.2%
Unilever Capital Corp. 1.80%, due 5/5/20 (United Kingdom)	$	1,100,000	$	1,095,861
Diversified Financial Services 1.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
4.45%, due 12/16/21		285,000		295,922
4.625%, due 10/30/20		1,600,000		1,640,650
Air Lease Corp.
2.125%, due 1/15/20		730,000		728,248
2.75%, due 1/15/23		500,000		499,854
3.50%, due 1/15/22		340,000		348,174
4.25%, due 9/15/24		420,000		444,133
Ally Financial, Inc.
3.875%, due 5/21/24		310,000		317,362
8.00%, due 11/1/31		530,000		700,506
Capital One Bank USA N.A. 8.80%, due 7/15/19		775,000		776,689
Capital One Financial Corp. 4.20%, due 10/29/25		165,000		173,284
Caterpillar Financial Services Corp.
2.698% (3 Month LIBOR + 0.18%), due 5/15/20 (b)		830,000		830,905
2.90%, due 3/15/21		1,735,000		1,754,990
Peachtree Corners Funding Trust  3.976%, due 2/15/25 (a)		425,000		442,417
Synchrony Financial 4.50%, due 7/23/25		825,000		866,110
				9,819,244
Electric 1.4%
AEP Transmission Co. LLC 3.10%, due 12/1/26		850,000		863,666
CMS Energy Corp.
3.875%, due 3/1/24		550,000		576,092
5.05%, due 3/15/22		430,000		457,537
Connecticut Light & Power Co. 4.00%, due 4/1/48		450,000		491,970
Consolidated Edison, Inc. 2.00%, due 3/15/20		435,000		433,550
Duquesne Light Holdings, Inc. (a)
3.616%, due 8/1/27		865,000		869,848
6.40%, due 9/15/20		925,000		964,834
Entergy Louisiana LLC 4.00%, due 3/15/33		790,000		871,607
Evergy, Inc. 5.292%, due 6/15/22 (f)		500,000		534,131
Public Service Electric & Gas Co. 3.00%, due 5/15/27		800,000		814,359
Puget Energy, Inc. 5.625%, due 7/15/22		350,000		375,490

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Electric (continued)
Southern California Edison Co. 3.70%, due 8/1/25	$	330,000	$	341,222
WEC Energy Group, Inc. 4.631% (3 Month LIBOR + 2.113%), due 5/15/67 (b)		480,000		396,000
				7,990,306
Environmental Controls 0.2%
Republic Services, Inc. 4.75%, due 5/15/23		580,000		626,072
Waste Management, Inc. 2.40%, due 5/15/23		810,000		812,746
				1,438,818
Food 1.1%
Kerry Group Financial Services Unlimited Co. 3.20%, due 4/9/23 (Ireland) (a)		1,290,000		1,301,686
Mondelez International Holdings Netherlands B.V. 2.00%, due 10/28/21 (Netherlands) (a)		1,110,000		1,099,791
Nestle Holdings, Inc. 3.10%, due 9/24/21 (a)		1,615,000		1,648,581
Smithfield Foods, Inc. (a)
2.70%, due 1/31/20		605,000		603,743
3.35%, due 2/1/22		565,000		563,593
Tyson Foods, Inc. 3.95%, due 8/15/24		965,000		1,023,219
				6,240,613
Gas 0.1%
Southern California Gas Co. 4.30%, due 1/15/49		325,000		358,496
Health Care—Products 0.5%
Abbott Laboratories 3.40%, due 11/30/23		535,000		557,799
Becton Dickinson & Co.
4.669%, due 6/6/47		335,000		375,314
3.70%, due 6/6/27		551,000		575,342
Stryker Corp. 2.625%, due 3/15/21		1,220,000		1,225,255
				2,733,710
Health Care—Services 0.0%‡
Cigna Holding Co. 4.375%, due 12/15/20		135,000		137,996
Holding Company—Diversified 0.1%
CK Hutchison International (17) II, Ltd. 3.25%, due 9/29/27 (Hong Kong) (a)		925,000		937,081

	Principal Amount		Value
Home Builders 0.2%
Lennar Corp. 4.50%, due 11/15/19	$	200,000	$	200,750
MDC Holdings, Inc. 5.625%, due 2/1/20		1,100,000		1,108,250
				1,309,000
Insurance 2.0%
Alterra Finance LLC 6.25%, due 9/30/20		75,000		78,221
AXA Equitable Holdings, Inc. 5.00%, due 4/20/48		830,000		856,436
Jackson National Life Global Funding (a)
2.20%, due 1/30/20		1,295,000		1,294,012
2.931% (3 Month LIBOR + 0.48%), due 6/11/21 (b)		1,895,000		1,899,573
Liberty Mutual Group, Inc. 4.25%, due 6/15/23 (a)		295,000		311,861
MassMutual Global Funding II (a)
2.50%, due 10/17/22		1,270,000		1,279,961
2.95%, due 1/11/25		365,000		372,965
Metropolitan Life Global Funding I 1.75%, due 9/19/19 (a)		735,000		733,868
Oil Insurance, Ltd. 5.301% (3 Month LIBOR + 2.982%), due 9/30/19 (Bermuda) (a)(b)(d)		580,000		559,616
Pricoa Global Funding I 2.55%, due 11/24/20 (a)		765,000		767,972
Principal Life Global Funding II 2.375%, due 11/21/21 (a)		1,470,000		1,470,708
Protective Life Corp. 8.45%, due 10/15/39		725,000		1,080,104
Prudential Financial, Inc. 5.625%, due 6/15/43 (c)		560,000		592,178
Voya Financial, Inc. 3.65%, due 6/15/26		310,000		317,650
				11,615,125
Internet 0.4%
Expedia Group, Inc.
3.80%, due 2/15/28		157,000		159,809
5.00%, due 2/15/26		22,000		23,963
GrubHub Holdings, Inc. 5.50%, due 7/1/27 (a)		375,000		384,889
Tencent Holdings, Ltd. (China) (a)
3.595%, due 1/19/28		440,000		449,241
3.925%, due 1/19/38		675,000		680,143
Weibo Corp. 3.50%, due 7/5/24		465,000		466,929
				2,164,974

14 MainStay VP Income Builder Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Iron & Steel 0.3%
ArcelorMittal 4.55%, due 3/11/26 (Luxembourg)	$	800,000	$	845,600
Vale Overseas, Ltd. (Brazil)
6.25%, due 8/10/26		435,000		494,138
6.875%, due 11/21/36		305,000		366,381
				1,706,119
Lodging 0.5%
Marriott International, Inc.
2.30%, due 1/15/22		890,000		887,063
3.60%, due 4/15/24		920,000		958,900
7.15%, due 12/1/19		125,000		127,214
Sands China, Ltd. (Macao)
4.60%, due 8/8/23		355,000		373,118
5.125%, due 8/8/25		460,000		493,083
				2,839,378
Machinery—Diversified 0.4%
CNH Industrial Capital LLC
4.20%, due 1/15/24		545,000		567,154
4.875%, due 4/1/21		1,445,000		1,494,910
John Deere Capital Corp. 3.65%, due 10/12/23		135,000		142,750
				2,204,814
Media 0.9%
Comcast Corp.
3.45%, due 10/1/21		1,945,000		2,001,246
4.70%, due 10/15/48		555,000		650,023
Grupo Televisa S.A.B. 5.25%, due 5/24/49 (Mexico)		480,000		498,003
Sky, Ltd. 3.75%, due 9/16/24 (United Kingdom) (a)		340,000		361,283
Time Warner Entertainment Co., L.P. 8.375%, due 3/15/23		355,000		420,673
UPCB Finance IV, Ltd. 5.375%, due 1/15/25 (Netherlands) (a)		765,000		786,275
Virgin Media Secured Finance PLC 5.25%, due 1/15/26 (United Kingdom) (a)		750,000		768,532
				5,486,035
Metal Fabricate & Hardware 0.3%
Precision Castparts Corp. 3.25%, due 6/15/25		1,455,000		1,520,704
Mining 0.1%
Anglo American Capital PLC 4.875%, due 5/14/25 (United Kingdom) (a)		455,000		490,283

	Principal Amount		Value
Miscellaneous—Manufacturing 0.3%
Siemens Financieringsmaatschappij N.V. 2.70%, due 3/16/22 (Germany) (a)	$	760,000	$	767,977
Textron Financial Corp. 4.253% (3 Month LIBOR + 1.735%), due 2/15/67 (a)(b)		1,295,000		1,010,100
				1,778,077
Oil & Gas 0.6%
Gazprom Via Gaz Capital S.A. 7.288%, due 8/16/37 (Luxembourg) (a)		640,000		807,439
Marathon Petroleum Corp. 5.125%, due 12/15/26		450,000		491,627
Petrobras Global Finance B.V. 7.375%, due 1/17/27 (Brazil)		680,000		777,920
Valero Energy Corp.
3.65%, due 3/15/25		1,000,000		1,037,462
6.625%, due 6/15/37		415,000		525,770
				3,640,218
Packaging & Containers 0.3%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC (New Zealand)
5.125%, due 7/15/23 (a)		1,060,000		1,079,875
5.75%, due 10/15/20		823,742		825,801
				1,905,676
Pharmaceuticals 0.7%
Allergan Funding SCS 3.45%, due 3/15/22		1,005,000		1,026,120
Bausch Health Cos., Inc. 5.75%, due 8/15/27 (a)		465,000		488,706
Bristol-Myers Squibb Co. 3.40%, due 7/26/29 (a)		690,000		722,389
GlaxoSmithKline Capital PLC 2.878% (3 Month LIBOR + 0.35%), due 5/14/21 (United Kingdom) (b)		1,260,000		1,262,621
Takeda Pharmaceutical Co., Ltd. 3.80%, due 11/26/20 (Japan) (a)		400,000		407,257
				3,907,093
Pipelines 0.5%
Enterprise Products Operating LLC
3.125%, due 7/31/29		630,000		631,361
4.20%, due 1/31/50		160,000		163,605
Southern Natural Gas Co. LLC 4.80%, due 3/15/47 (a)		315,000		329,871
Spectra Energy Partners, L.P. 4.75%, due 3/15/24		795,000		861,062
Transcontinental Gas Pipe Line Co. LLC 4.60%, due 3/15/48		840,000		891,342
				2,877,241
Real Estate Investment Trusts 1.0%
American Tower Corp. 3.375%, due 10/15/26		1,080,000		1,098,634

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Real Estate Investment Trusts (continued)
Crown Castle International Corp.
3.40%, due 2/15/21	$	920,000	$	932,567
5.25%, due 1/15/23		1,290,000		1,402,710
Digital Realty Trust, L.P.
2.75%, due 2/1/23		45,000		44,955
3.70%, due 8/15/27		170,000		174,720
GLP Capital, L.P. / GLP Financing II, Inc. 4.875%, due 11/1/20		1,045,000		1,063,141
Kilroy Realty, L.P. 3.45%, due 12/15/24		720,000		740,792
Welltower, Inc. 4.00%, due 6/1/25		310,000		326,619
				5,784,138
Retail 1.0%
Alimentation Couche-Tard, Inc. 3.55%, due 7/26/27 (Canada) (a)		1,035,000		1,055,937
CVS Health Corp.
4.00%, due 12/5/23		1,355,000		1,418,166
4.78%, due 3/25/38		400,000		417,270
CVS Pass-Through Trust  5.789%, due 1/10/26 (a)(g)		31,801		34,902
McDonald’s Corp. 3.35%, due 4/1/23		1,085,000		1,126,140
O’Reilly Automotive, Inc. 3.55%, due 3/15/26		1,000,000		1,031,087
Starbucks Corp. 4.45%, due 8/15/49		475,000		520,137
				5,603,639
Semiconductors 0.3%
Broadcom, Inc. 3.125%, due 10/15/22 (a)		945,000		950,950
NXP B.V. / NXP Funding LLC 4.625%, due 6/15/22 (Netherlands) (a)		590,000		618,025
				1,568,975
Software 0.3%
Fiserv, Inc.
2.75%, due 7/1/24		325,000		327,896
3.20%, due 7/1/26		205,000		209,240
salesforce.com, Inc.
3.25%, due 4/11/23		510,000		529,320
3.70%, due 4/11/28		690,000		743,914
				1,810,370
Telecommunications 1.4%
AT&T, Inc.
3.616% (3 Month LIBOR + 1.18%), due 6/12/24 (b)		755,000		764,493
4.35%, due 3/1/29		320,000		344,666
4.90%, due 8/15/37		670,000		722,150

	Principal Amount		Value
Telecommunications (continued)
CommScope Technologies LLC 6.00%, due 6/15/25 (a)	$	475,000	$	445,175
CommScope, Inc. 5.00%, due 6/15/21 (a)		985,000		982,538
Crown Castle Towers LLC 4.241%, due 7/15/48 (a)		990,000		1,064,347
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, due 9/20/29 (a)		1,545,000		1,602,937
Telefonica Emisiones SAU (Spain)
5.134%, due 4/27/20		800,000		816,350
5.462%, due 2/16/21		175,000		183,373
Verizon Communications, Inc. 3.618% (3 Month LIBOR + 1.10%), due 5/15/25 (b)		985,000		997,657
				7,923,686
Textiles 0.2%
Cintas Corp. No 2 3.70%, due 4/1/27		1,065,000		1,133,982
Transportation 0.0%‡
XPO Logistics, Inc. 6.50%, due 6/15/22 (a)		277,000		282,540
Total Corporate Bonds (Cost $173,350,742)				177,868,965
Foreign Bonds 0.1%
Banks 0.1%
Barclays Bank PLC Series Reg S 10.00%, due 5/21/21 (United Kingdom)		GBP 525,000		766,073
Total Foreign Bonds (Cost $845,752)				766,073
Loan Assignments 1.7% (b)
Advertising 0.1%
Outfront Media Capital LLC 2017 Term Loan B 4.421% (1 Month LIBOR + 2.00%), due 3/18/24	$	800,000		797,166
Commercial Services 0.1%
Global Payments Inc. 2018 Term Loan B3 4.152% (1 Month LIBOR + 1.75%), due 4/21/23		469,200		468,446

16 MainStay VP Income Builder Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Loan Assignments (continued)
Electronics 0.1%
Worldpay, LLC 2018 1st Lien Term Loan B4 4.132% (1 Week LIBOR + 1.75%), due 8/9/24	$	273,504	$	273,224
2018 1st Lien Term Loan B4 4.151% (1 Month LIBOR + 1.75%), due 8/9/24		516,496		515,968
				789,192
Environmental Controls 0.3%
Advanced Disposal Services, Inc. Term Loan B3 4.635% (1 Week LIBOR + 2.25%), due 11/10/23		1,645,603		1,642,404
Hotels, Motels, Inns & Gaming 0.2%
Las Vegas Sands LLC 2018 Term Loan B 4.152% (1 Month LIBOR + 1.75%), due 3/27/25		1,372,625		1,361,862
Household Products & Wares 0.1%
Prestige Brands, Inc. Term Loan B4 4.402% (1 Month LIBOR + 2.00%), due 1/26/24		550,091		546,652
Insurance 0.2%
MPH Acquisition Holdings LLC 2016 Term Loan B 5.08% (3 Month LIBOR + 2.75%), due 6/7/23		1,171,470		1,118,265
Media 0.1%
Virgin Media Bristol LLC Term Loan K 4.894% (1 Month LIBOR + 2.50%), due 1/15/26		390,000		388,429
Software 0.2%
First Data Corp. 2024 Term Loan 4.404% (1 Month LIBOR + 2.00%), due 4/26/24		922,931		921,905
Telecommunications 0.2%
Level 3 Financing, Inc. 2017 Term Loan B 4.652% (1 Month LIBOR + 2.25%), due 2/22/24		1,065,000		1,055,460

	Principal Amount		Value
Transportation 0.1%
XPO Logistics, Inc. 2018 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 2/24/25	$	565,000	$	559,928
Total Loan Assignments (Cost $9,733,525)				9,649,709
Mortgage-Backed Securities 6.4%
Agency Collateral (Collateralized Mortgage Obligations) 4.1%
Federal Home Loan Mortgage Corporation
REMIC Series 4691, Class HA 2.50%, due 6/15/40		945,518		941,386
Series 2019-1, Class A1 3.50%, due 5/25/29		699,535		727,579
REMIC Series 4818, Class BD 3.50%, due 3/15/45		922,827		956,652
REMIC Series 4884, Class BA 3.50%, due 6/15/48		802,655		835,166
REMIC Series 4888, Class BA 3.50%, due 9/15/48		634,736		660,814
REMIC Series 4877, Class BE 3.50%, due 11/15/48		1,232,799		1,292,403
REMIC Series 4877, Class AT 3.50%, due 11/15/48		845,388		887,020
Federal National Mortgage Association
REMICSeries 2013-77, Class CY 3.00%, due 7/25/43		746,000		764,242
Series 2019-25, Class PA 3.00%, due 5/25/48		776,041		792,624
Series 2019-13, Class PE 3.00%, due 3/25/49		988,995		1,011,592
REMICSeries 2019-13, Class CA 3.50%, due 4/25/49		1,489,303		1,557,394
Government National Mortgage Association
Series 2017-123, Class AB 2.50%, due 1/20/47		786,431		785,786
REMICSeries 2014-91, Class MA 3.00%, due 1/16/40		889,060		911,892
Series 2018-127, Class PB 3.00%, due 9/20/47		2,062,750		2,105,251
Series 2019-29, Class CB 3.00%, due 10/20/48		719,793		733,757
REMICSeries 2019-29, Class AP 3.00%, due 10/20/48		1,349,112		1,363,720
Series 2019-52, Class JL 3.00%, due 11/20/48		786,404		803,367
Series 2019-59, Class KA 3.00%, due 12/20/48		1,346,864		1,379,637
Series 2019-43, Class PL 3.00%, due 4/20/49		1,576,991		1,607,611

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Mortgage-Backed Securities (continued)
Agency Collateral (Collateralized Mortgage Obligations) (continued)
Government National Mortgage Association (continued)
Series 2019-74, Class AT 3.00%, due 6/20/49	$	1,081,000	$	1,106,882
Series 2013-149, Class BA 3.25%, due 8/16/41		2,447,569		2,534,206
				23,758,981
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.6%
Bayview Commercial Asset Trust  Series 2006-4A, Class A1 2.66% (1 Month LIBOR + 0.23%), due 12/25/36 (a)(b)		52,438		50,990
BX Commercial Mortgage Trust  Series 2018-IND, Class A 3.144% (1 Month LIBOR + 0.75%), due 11/15/35 (a)(b)		791,821		792,471
Four Times Square Trust  Series 2006-4TS, Class A 5.401%, due 12/13/28 (a)		451,256		467,764
FREMF Mortgage Trust (a)(h)
Series 2013-K33, Class B 3.615%, due 8/25/46		1,094,000		1,136,708
Series 2013-K35, Class B 4.074%, due 8/25/23		660,000		698,566
GS Mortgage Securities Trust  Series 2019-GC40, Class A4 3.16%, due 7/10/52 (g)		788,000		812,585
Hawaii Hotel Trust  Series 2019-MAUI, Class A 3.544%, due 5/15/38 (a)(b)		640,000		640,605
Hudson Yards Mortgage Trust  Series 2019-30HY, Class A 3.228%, due 7/10/39 (a)(g)		760,000		782,116
JP Morgan Chase Commercial Mortgage Securities Trust  Series 2013-C16, Class A4 4.166%, due 12/15/46		655,000		702,122
JPMBB Commercial Mortgage Securities Trust  Series 2015-C28, Class A4 3.227%, due 10/15/48		900,000		933,815
Wells Fargo Commercial Mortgage Trust (a)(h)
Series 2018-1745, Class A 3.874%, due 6/15/36		1,150,000		1,232,021
Series 2018-AUS, Class A 4.194%, due 8/17/36		1,150,000		1,257,567
				9,507,330

	Principal Amount		Value
Whole Loan (Collateralized Mortgage Obligations) 0.7%
American Tower Trust I Series 2013, Class 2A 3.07%, due 3/15/48 (a)	$	825,000	$	838,408
Chase Home Lending Mortgage Trust  Series 2019-ATR1, Class A4 4.00%, due 4/25/49 (a)(i)		1,016,671		1,034,370
JP Morgan Mortgage Trust (a)(i)
Series 2019-2, Class A4 4.00%, due 8/25/49		723,298		735,419
Series 2019-3, Class A3 4.00%, due 9/25/49		689,740		704,928
Series 2019-5, Class A4 4.00%, due 11/25/49		560,000		570,603
				3,883,728
Total Mortgage-Backed Securities (Cost $36,416,548)				37,150,039
U.S. Government & Federal Agencies 14.4%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.4%
3.00%, due 12/1/47		2,452,779		2,478,572
3.50%, due 1/1/48		4,699,248		4,840,773
3.50%, due 9/1/48		635,737		652,011
4.00%, due 2/1/49		699,990		726,454
4.00%, due 3/1/49		2,283,886		2,370,401
4.50%, due 11/1/48		3,731,678		3,948,668
5.00%, due 12/1/44		1,661,609		1,803,859
5.00%, due 12/1/48		2,542,391		2,695,160
				19,515,898
Federal National Mortgage Association (Mortgage Pass-Through Securities) 7.3%
2.50%, due 12/1/37		1,245,024		1,247,393
3.00%, due 10/1/48		932,461		942,469
3.50%, due 3/1/37		2,037,320		2,118,035
3.50%, due 2/1/42		1,698,899		1,761,608
3.50%, due 8/1/46		2,982,681		3,096,876
3.50%, due 1/29/48 TBA (j)		5,306,000		5,424,763
4.00%, due 4/1/48		4,068,980		4,230,503
4.00%, due 5/1/48		1,900,195		1,974,566
4.00%, due 9/1/48		2,820,314		2,953,103
4.00%, due 1/1/49		714,180		751,953
4.00%, due 2/1/49		998,323		1,035,402
4.00%, due 2/1/49		555,390		576,093
4.00%, due 4/1/49		5,899,541		6,109,716
4.50%, due 7/1/48		3,326,947		3,498,313
4.50%, due 1/1/49		4,578,893		4,808,487
5.00%, due 9/1/33		1,974,515		2,143,853
6.00%, due 4/1/37		11,356		12,126
				42,685,259

18 MainStay VP Income Builder Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
United States Treasury Bonds 2.3%
3.00%, due 2/15/49	$	4,250,000	$	4,667,695
4.375%, due 11/15/39		6,085,000		8,090,673
5.00%, due 5/15/37		490,000		690,862
				13,449,230
United States Treasury Notes 0.5%
2.375%, due 5/15/29 (e)		2,595,000		2,681,669
United States Treasury Inflation—Indexed Notes 0.9% (k)
0.75%, due 7/15/28		1,654,039		1,723,263
0.875%, due 1/15/29		3,435,333		3,615,897
				5,339,160
Total U.S. Government & Federal Agencies (Cost $81,146,036)				83,671,216
TotalLong-Term Bonds (Cost $309,179,292)				316,888,945
	Shares
Common Stocks 42.3%
Aerospace & Defense 0.9%
BAE Systems PLC (United Kingdom)		441,007		2,774,520
Lockheed Martin Corp.		6,148		2,235,044
				5,009,564
Air Freight & Logistics 0.7%
Deutsche Post A.G., Registered (Germany)		73,631		2,419,676
United Parcel Service, Inc., Class B		15,245		1,574,351
				3,994,027
Auto Components 0.4%
Cie Generale des Etablissements Michelin SCA (France)		19,204		2,435,903
Banks 2.3%
BB&T Corp.		36,348		1,785,777
Commonwealth Bank of Australia (Australia)		26,448		1,537,044
Lloyds Banking Group PLC (United Kingdom)		2,620,690		1,883,397
People’s United Financial, Inc.		85,494		1,434,589
Royal Bank of Canada (Canada)		23,181		1,842,195
Svenska Handelsbanken A.B., Class A (Sweden)		140,919		1,394,296
Wells Fargo & Co.		32,427		1,534,446
Westpac Banking Corp. (Australia)		99,982		1,990,655
				13,402,399
Beverages 0.7%
Coca-Cola Co.		35,461		1,805,674
PepsiCo., Inc.		16,088		2,109,620
				3,915,294

	Shares		Value
Biotechnology 0.3%
AbbVie, Inc.		26,805	$	1,949,260
Capital Markets 0.8%
BlackRock, Inc.		3,369		1,581,072
CME Group, Inc.		7,917		1,536,769
Macquarie Group, Ltd. (Australia)		16,172		1,423,622
				4,541,463
Chemicals 1.4%
BASF S.E. (Germany)		31,361		2,279,425
Dow, Inc.		38,577		1,902,232
LyondellBasell Industries N.V., Class A		19,541		1,683,066
Nutrien, Ltd. (Canada)		39,336		2,102,903
				7,967,626
Commercial Services & Supplies 0.0%‡
Quad/Graphics, Inc. (e)		6		47
Communications Equipment 0.5%
Cisco Systems, Inc.		49,380		2,702,567
Construction & Engineering 0.4%
Vinci S.A. (France)		21,394		2,190,901
Diversified Telecommunication Services 2.8%
AT&T, Inc.		113,796		3,813,304
BCE, Inc. (Canada)		98,669		4,489,099
Singapore Telecommunications, Ltd. (Singapore)		627,096		1,622,200
TELUS Corp. (Canada)		68,325		2,525,763
Verizon Communications, Inc.		73,449		4,196,141
				16,646,507
Electric Utilities 3.5%
American Electric Power Co., Inc.		26,280		2,312,903
Duke Energy Corp.		48,517		4,281,140
Entergy Corp.		40,515		4,170,209
FirstEnergy Corp.		92,233		3,948,495
PPL Corp.		85,747		2,659,014
Terna Rete Elettrica Nazionale S.p.A. (Italy)		485,846		3,093,751
				20,465,512
Electrical Equipment 0.9%
Eaton Corp. PLC		37,904		3,156,645
Emerson Electric Co.		31,081		2,073,724
				5,230,369
Equity Real Estate Investment Trusts 1.9%
Iron Mountain, Inc.		78,840		2,467,692
Public Storage		7,075		1,685,053
Unibail-Rodamco-Westfield (France)		15,498		2,321,801
Welltower, Inc.		53,823		4,388,189
				10,862,735

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Food Products 0.7%
Nestle S.A., Registered (Switzerland)		20,552	$	2,127,623
Orkla ASA (Norway)		251,514		2,231,369
				4,358,992
Gas Utilities 0.9%
Naturgy Energy Group S.A. (Spain)		59,804		1,647,716
Snam S.p.A. (Italy)		706,279		3,510,394
				5,158,110
Hotels, Restaurants & Leisure 0.8%
Las Vegas Sands Corp.		43,126		2,548,316
McDonald’s Corp.		10,276		2,133,914
				4,682,230
Household Durables 0.3%
Leggett & Platt, Inc.		42,536		1,632,106
Household Products 0.8%
Kimberly-Clark Corp.		18,109		2,413,567
Procter & Gamble Co.		18,783		2,059,556
				4,473,123
Industrial Conglomerates 0.5%
3M Co.		8,023		1,390,707
Siemens A.G., Registered (Germany)		12,971		1,542,779
				2,933,486
Insurance 4.1%
Allianz S.E., Registered (Germany)		19,304		4,653,523
Arthur J. Gallagher & Co.		17,098		1,497,614
Assicurazioni Generali S.p.A. (Italy)		136,875		2,577,408
AXA S.A. (France)		176,802		4,644,061
MetLife, Inc.		54,497		2,706,866
Muenchener Rueckversicherungs-Gesellschaft A.G., Registered (Germany)		18,867		4,734,825
SCOR S.E. (France)		34,366		1,506,832
Tokio Marine Holdings, Inc. (Japan)		32,600		1,632,494
				23,953,623
IT Services 0.3%
International Business Machines Corp.		12,634		1,742,229
Media 0.0%‡
ION Media Networks, Inc. (g)(l)(m)(n)(o)		8		5,397
Multi-Utilities 1.7%
Ameren Corp.		26,027		1,954,888
Dominion Energy, Inc.		39,925		3,087,001
National Grid PLC (United Kingdom)		297,842		3,161,365
WEC Energy Group, Inc.		22,585		1,882,912
				10,086,166

	Shares		Value
Multiline Retail 0.3%
Target Corp.		21,851	$	1,892,515
Oil, Gas & Consumable Fuels 4.3%
Chevron Corp.		18,289		2,275,883
Enterprise Products Partners, L.P.		109,584		3,163,690
Exxon Mobil Corp.		36,303		2,781,899
Magellan Midstream Partners, L.P.		33,018		2,113,152
Occidental Petroleum Corp.		41,947		2,109,095
Pembina Pipeline Corp. (Canada)		73,529		2,737,229
Phillips 66		24,540		2,295,472
Royal Dutch Shell PLC, Class A, Sponsored ADR (Netherlands)		60,730		3,951,701
TOTAL S.A. (France)		69,912		3,917,212
				25,345,333
Personal Products 0.5%
Unilever PLC (United Kingdom)		50,707		3,151,829
Pharmaceuticals 4.3%
AstraZeneca PLC, Sponsored ADR (United Kingdom)		72,860		3,007,661
GlaxoSmithKline PLC (United Kingdom)		155,445		3,112,323
Johnson & Johnson		12,887		1,794,901
Merck & Co., Inc.		26,859		2,252,127
Novartis A.G., Registered (Switzerland)		36,135		3,301,826
Pfizer, Inc.		80,104		3,470,105
Roche Holding A.G. (Switzerland)		9,608		2,703,173
Sanofi (France)		35,377		3,053,646
Takeda Pharmaceutical Co., Ltd. (Japan)		60,100		2,131,079
				24,826,841
Semiconductors & Semiconductor Equipment 1.2%
Broadcom, Inc.		4,801		1,382,016
Intel Corp.		30,239		1,447,541
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Taiwan)		34,534		1,352,697
Texas Instruments, Inc.		22,489		2,580,837
				6,763,091
Software 0.7%
Micro Focus International PLC (United Kingdom)		76,482		2,004,727
Microsoft Corp.		15,852		2,123,534
				4,128,261
Technology Hardware, Storage & Peripherals 0.3%
Samsung Electronics Co., Ltd., GDR (Republic of Korea) (a)		1,860		1,891,620
Textiles, Apparel & Luxury Goods 0.3%
Hanesbrands, Inc.		89,959		1,549,094

20 MainStay VP Income Builder Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares			Value
Common Stocks (continued)
Tobacco 2.1%
Altria Group, Inc.		70,080		$	3,318,288
British American Tobacco PLC (United Kingdom)		68,395			2,387,731
British American Tobacco PLC, Sponsored ADR (United Kingdom)		24,511			854,699
Imperial Brands PLC (United Kingdom)		118,345			2,775,595
Philip Morris International, Inc.		39,167			3,075,785
					12,412,098
Trading Companies & Distributors 0.3%
Watsco, Inc.		10,107			1,652,798
Wireless Telecommunication Services 0.4%
Rogers Communications, Inc., Class B (Canada)		44,880			2,402,419
Total Common Stocks (Cost $225,756,772)					246,355,535
Short-Term Investments 4.4%
Affiliated Investment Company 3.9%
MainStay U.S. Government Liquidity Fund, 2.03% (p)		22,815,158			22,815,158
Unaffiliated Investment Company 0.5%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (p)(q)		2,708,289			2,708,289
TotalShort-Term Investments (Cost $25,523,447)					25,523,447
Total Investments (Cost $560,459,511)		101.2	%		588,767,927
Other Assets, Less Liabilities		(1.2	)		(6,849,402	)
Net Assets		100.0	%	$	581,918,525

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) Floating rate—Rate shown was the rate in effect as of June 30, 2019.

(c) Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2019.

(d) Securities are perpetual and, thus, do 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 June 30, 2019, the aggregate market value of securities on loan was $2,653,818 and the Portfolio received cash collateral with a value of $2,708,289 (See Note 2(M)).

(f) Step coupon—Rate shown was the rate in effect as of June 30, 2019.

(g) Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, the total market value of fair valued securities was $1,635,000, which represented 0.3% of the Portfolio’s net assets.

(h) Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2019.

(i) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

(j) TBA—Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2019, the total net market value of these securities was $5,424,763, which represented 0.9% of the Portfolio’s net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.

(k) Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers.

(l) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(m) Illiquid security—As of June 30, 2019, the total market value of the security deemed illiquid under procedures approved by the Board of Trustees was $5,397, which represented less than one-tenth of a percent of the Portfolio’s net assets.

(n) Restricted security.

(o) Non-income producing security.

(p) Current yield as of June 30, 2019.

(q) Represents security purchased with cash collateral received for securities on loan.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

Foreign Currency Forward Contracts

As of June 30, 2019, the Portfolio held the following foreign currency forward contracts¹:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
JPY	2,059,000,000	USD	18,550,887	JPMorgan Chase Bank N.A.	8/1/19	$	591,033
USD	16,976,603	GBP	13,060,000	JPMorgan Chase Bank N.A.	8/1/19		366,034
Total unrealized appreciation							957,067
USD	6,711,059	CAD	9,000,000	JPMorgan Chase Bank N.A.	8/1/19		(166,413	)
USD	24,800,710	EUR	22,000,000	JPMorgan Chase Bank N.A.	8/1/19		(277,677	)
Total unrealized depreciation							(444,090	)
Net unrealized appreciation						$	512,977

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.

Futures Contracts

As of June 30, 2019, the Portfolio held the following futures contracts¹:

Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
10-Year United States Treasury Note		153			September 2019	$	19,063,191		$	19,579,219		$	516,028
Nikkei 225		210			September 2019		20,428,050			20,748,736			320,686
S&P 500 Index Mini		415			September 2019		60,143,742			61,092,150			948,408
United States Treasury Bond		11			September 2019		1,651,869			1,711,531			59,662
United States Treasury Ultra Bond		126			September 2019		21,238,101			22,372,875			1,134,774
Total Long Contracts													2,979,558
Short Contracts
2-Year United States Treasury Note		(11	)		September 2019		(2,347,961	)		(2,366,977	)		(19,016	)
10-Year United States Treasury Ultra Note		(33	)		September 2019		(4,399,969	)		(4,558,125	)		(158,156	)
Total Short Contracts													(177,172	)
Net Unrealized Appreciation												$	2,802,386

1. As of June 30, 2019, cash in the amount of $4,190,786 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2019.

The following abbreviations are used in the preceding pages:

ADR—American Depositary Receipt

CAD—Canadian Dollar

EUR—Euro

GBP—British Pound Sterling

GDR—Global Depositary Receipt

JPY—Japanese Yen

LIBOR—London Interbank Offered Rate

REMIC—Real Estate Mortgage Investment Conduit

USD—United States Dollar

22 MainStay VP Income Builder Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	7,782,943		$	—	$	7,782,943
Corporate Bonds		—			177,868,965			—		177,868,965
Foreign Bonds		—			766,073			—		766,073
Loan Assignments		—			9,649,709			—		9,649,709
Mortgage-Backed Securities		—			37,150,039			—		37,150,039
U.S. Government & Federal Agencies		—			83,671,216			—		83,671,216
TotalLong-Term Bonds		—			316,888,945			—		316,888,945
Common Stocks (b)		246,350,138			—			5,397		246,355,535
Short-Term Investments
Affiliated Investment Company		22,815,158			—			—		22,815,158
Unaffiliated Investment Company		2,708,289			—			—		2,708,289
TotalShort-Term Investments		25,523,447			—			—		25,523,447
Total Investments in Securities		271,873,585			316,888,945			5,397		588,767,927
Other Financial Instruments
Foreign Currency Forward Contracts (c)		—			957,067			—		957,067
Futures Contracts (c)		2,979,558			—			—		2,979,558
Total Other Financial Instruments		2,979,558			957,067			—		3,936,625
Total Investments in Securities and Other Financial Instruments	$	274,853,143		$	317,846,012		$	5,397	$	592,704,552
Liability Valuation Inputs
Other Financial Instruments
Foreign Currency Forward Contracts (c)	$	—		$	(444,090	)	$	—	$	(444,090	)
Futures Contracts (c)		(177,172	)		—			—		(177,172	)
Total Other Financial Instruments	$	(177,172	)	$	(444,090	)	$	—	$	(621,262	)

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

(b) The Level 3 security valued at $5,397 is held in Media within the Common Stocks section of the Portfolio of Investments.

(c) The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales (a)			Transfers in to Level 3		Transfers out of Level 3		Balance as of June 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019 (b)
Long-Term Bonds
Loan Assignments
Packaging & Containers	$	776,408	$	11	$	(32,053	)	$	46,458	$	—	$	(790,824	)	$	—	$	—	$	—	$	—
Mortgage-Backed Securities
Residential Mortgage (Collateralized Mortgage Obligation)		229,645		—		(27,226	)		16,813		—		(219,232	)		—		—		—		—
Common Stocks
Media		4,954		—		—			443		—		—			—		—		5,397		443
Total	$	1,011,007	$	11	$	(59,279	)	$	63,714	$	—	$	(1,010,056	)	$	—	$	—	$	5,397	$	443

(a) Sales include principal reductions.

(b) Included in “Net change in unrealized appreciation (depreciation) on investments” in the Statement of Operations.

24 MainStay VP Income Builder Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $537,644,353) including securities on loan of $2,653,818	$	565,952,769
Investment in affiliated investment company, at value (identified cost $22,815,158)		22,815,158
Cash collateral on deposit at broker for futures contracts		4,190,786
Cash denominated in foreign currencies (identified cost $147,319)		147,302
Receivables:
Dividends and interest		3,372,451
Investment securities sold		2,391,684
Variation margin on futures contracts		341,880
Portfolio shares sold		182,400
Securities lending		6,296
Unrealized appreciation on foreign currency forward contracts		957,067
Other assets		2,729
Total assets		600,360,522
Liabilities
Due to custodian		301,159
Cash collateral received for securities on loan		2,708,289
Payables:
Investment securities purchased		14,357,049
Manager (See Note 3)		269,587
Portfolio shares redeemed		156,353
NYLIFE Distributors (See Note 3)		79,995
Professional fees		42,220
Shareholder communication		39,843
Custodian		30,437
Trustees		714
Accrued expenses		12,261
Unrealized depreciation on foreign currency forward contracts		444,090
Total liabilities		18,441,997
Net assets	$	581,918,525
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	35,566
Additional paid-in capital		542,892,789
		542,928,355
Total distributable earnings (loss)		38,990,170
Net assets	$	581,918,525

Initial Class
Net assets applicable to outstanding shares	$	187,584,040
Shares of beneficial interest outstanding		11,402,190
Net asset value per share outstanding	$	16.45
Service Class
Net assets applicable to outstanding shares	$	394,334,485
Shares of beneficial interest outstanding		24,164,082
Net asset value per share outstanding	$	16.32

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated (a)	$	6,321,621
Interest (b)		5,428,386
Dividends-affiliated		264,774
Securities lending		48,042
Total income		12,062,823
Expenses
Manager (See Note 3)		1,596,428
Distribution/Service—Service Class (See Note 3)		470,622
Professional fees		57,187
Shareholder communication		39,695
Custodian		36,742
Trustees		6,957
Miscellaneous		17,394
Total expenses		2,225,025
Net investment income (loss)		9,837,798
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		(155,934	)
Futures transactions		8,488,826
Foreign currency forward transactions		702,418
Foreign currency transactions		(23,840	)
Net realized gain (loss) on investments, futures transactions and foreign currency transactions		9,011,470
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		35,591,619
Futures contracts		4,931,837
Foreign currency forward contracts		(245,058	)
Translation of other assets and liabilities in foreign currencies		60,842
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		40,339,240
Net realized and unrealized gain (loss) on investments, futures transactions and foreign currency transactions		49,350,710
Net increase (decrease) in net assets resulting from operations	$	59,188,508

(a) Dividends recorded net of foreign withholding taxes in the amount of $410,892.

(b) Interest recorded net of foreign withholding taxes in the amount of $591.

26 MainStay VP Income Builder Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	9,837,798		$	17,953,134
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		9,011,470			2,062,684
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency transactions		40,339,240			(52,058,869	)
Net increase (decrease) in net assets resulting from operations		59,188,508			(32,043,051	)
Distributions to shareholders:
Initial Class		(5,406,835	)		(13,810,543	)
Service Class		(10,809,322	)		(27,695,573	)
Total distributions to shareholders		(16,216,157	)		(41,506,116	)
Capital share transactions:
Net proceeds from sale of shares		23,433,319			44,187,935
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		16,216,157			41,506,116
Cost of shares redeemed		(40,185,478	)		(105,059,494	)
Increase (decrease) in net assets derived from capital share transactions		(536,002	)		(19,365,443	)
Net increase (decrease) in net assets		42,436,349			(92,914,610	)
Net Assets
Beginning of period		539,482,176			632,396,786
End of period	$	581,918,525		$	539,482,176

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 27

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Initial Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	15.23			$	17.29			$	15.94			$	15.31			$	17.30			$	17.70
Net investment income (loss) (a)			0.29				0.53				0.49				0.54				0.64				0.80
Net realized and unrealized gain (loss) on investments			1.40				(1.49	)			1.62				0.72				(1.36	)			0.36
Net realized and unrealized gain (loss) on foreign currency transactions			0.01				0.11				(0.14	)			0.14				0.14				0.23
Total from investment operations			1.70				(0.85	)			1.97				1.40				(0.58	)			1.39
Less dividends and distributions:
From net investment income			(0.48	)			(0.46	)			(0.54	)			(0.68	)			(0.80	)			(1.04	)
From net realized gain on investments			—				(0.75	)			(0.08	)			(0.09	)			(0.61	)			(0.75	)
Total dividends and distributions			(0.48	)			(1.21	)			(0.62	)			(0.77	)			(1.41	)			(1.79	)
Net asset value at end of period		$	16.45			$	15.23			$	17.29			$	15.94			$	15.31			$	17.30
Total investment return (b)			11.23	%			(5.21	%)			12.53	%			9.30	%			(3.50	%)			8.10	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			3.68	%††			3.18	%			2.91	%			3.47	%			3.79	%			4.44	%
Net expenses (c)			0.63	%††			0.62	%			0.62	%			0.63	%			0.63	%			0.63	%
Interest expense and fees			—				0.00	% (d)			0.01	%			—				—				—
Portfolio turnover rate			33	% (e)			50	% (e)			26	%			28	%			35	%			13	%
Net assets at end of period (in 000’s)		$	187,584			$	178,608			$	207,056			$	202,450			$	206,198			$	234,670

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d) Less than 0.01%.

(e) The portfolio turnover rates not including mortgage dollar rolls were 30% and 39% for the six months ended June 30, 2019 and for the year ended December 31, 2018, respectively.

28 MainStay VP Income Builder Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,					Year ended December 31,
Service Class	2019*					2018				2017				2016				2015				2014
Net asset value at beginning of period		$	15.11				$	17.17			$	15.83			$	15.21			$	17.20			$	17.57
Net investment income (loss) (a)			0.27					0.48				0.44				0.50				0.59				0.74
Net realized and unrealized gain (loss) on investments			1.39					(1.48	)			1.62				0.72				(1.35	)			0.38
Net realized and unrealized gain (loss) on foreign currency transactions			0.01					0.11				(0.14	)			0.14				0.14				0.23
Total from investment operations			1.67					(0.89	)			1.92				1.36				(0.62	)			1.35
Less dividends and distributions:					��
From net investment income			(0.46	)				(0.42	)			(0.50	)			(0.65	)			(0.76	)			(0.97	)
From net realized gain on investments			—					(0.75	)			(0.08	)			(0.09	)			(0.61	)			(0.75	)
Total dividends and distributions			(0.46	)				(1.17	)			(0.58	)			(0.74	)			(1.37	)			(1.72	)
Net asset value at end of period		$	16.32				$	15.11			$	17.17			$	15.83			$	15.21			$	17.20
Total investment return (b)			11.09	%				(5.45	%)			12.25	%			9.03	%			(3.74	%)			7.83	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			3.43	%††				2.93	%			2.65	%			3.20	%			3.54	%			4.12	%
Net expenses (including interest expense and fees) (c)			0.88	%††				0.87	%			0.87	%			0.88	%			0.88	%			0.88	%
Interest expense and fees			—					0.00	% (d)			0.01	%			—				—				—
Portfolio turnover rate			33	% (e)				50	% (e)			26	%			28	%			35	%			13	%
Net assets at end of period (in 000’s)		$	394,334				$	360,874			$	425,340			$	361,357			$	309,350			$	284,391

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d) Less than 0.01%.

(e) The portfolio turnover rates not including mortgage dollar rolls were 30% and 39% for the six months ended June 30, 2019 and for the year ended December 31, 2018, respectively.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 29

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Income Builder Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on January 29, 1993. Service Class shares commenced operations on June 4, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan, adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek current income consistent with reasonable opportunity for future growth of capital and income.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities

and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisors (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisors or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

30 MainStay VP Income Builder Portfolio

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted

from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisors, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, securities that were fair valued in such a manner are shown in the Portfolio of Investments.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or Subadvisors conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of June 30, 2019, no foreign equity securities held by the Portfolio were fair valued in such a manner.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisors. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisors to be

31

Notes to Financial Statements(Unaudited) (continued)

representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Foreign currency forward contracts are valued at their fair market values measured on the basis of the mean between the last current bid and ask prices based on dealer or exchange quotations and are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio security or other asset may be determined to be illiquid under procedures approved by the Board. Illiquidity of a security might prevent the sale of such security at a time when the Manager or the Subadvisors might wish to sell, and these securities could have the effect of decreasing the overall level of the Portfolio’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, requiring the Portfolio to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Portfolio could realize upon disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to the Portfolio. Under the supervision of the Board, the Manager or the Subadvisors determine the liquidity of the Portfolio’s investments; in

doing so, the Manager or the Subadvisors may consider various factors, including: (i) the frequency of trades and quotations; (ii) the number of dealers and prospective purchasers; (iii) dealer undertakings to make a market; and (iv) the nature of the security and the market in which it trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). Illiquid securities are often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of the Portfolio’s investments, as shown in the Portfolio of Investments, was determined as of June 30, 2019 and can change at any time in response to, among other relevant factors, market conditions or events or developments with respect to an individual issuer or instrument. As of June 30, 2019, securities deemed to be illiquid under procedures approved by the Board are shown in the Portfolio of Investments.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on

32 MainStay VP Income Builder Portfolio

investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income, if any, at least quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method and includes any realized gains and losses from repayments of principal on mortgage-backed securities. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisors to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisors will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(I)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain

33

Notes to Financial Statements(Unaudited) (continued)

obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio may invest in futures contracts in order to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of the Portfolio’s securities. The Portfolio may also use equity index futures contracts to increase the equity sensitivity to the Portfolio. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, open futures contracts are shown in the Portfolio of Investments.

(J)  Foreign Currency Forward Contracts.  The Portfolio may enter into foreign currency forward contracts, which are agreements to buy or sell foreign currencies on a specified future date at a specified rate. The Portfolio is subject to foreign currency exchange rate risk in the normal course of investing in these transactions. During the period the forward contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. Cash movement occurs on settlement date. When the forward contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract. The Portfolio may purchase and sell foreign currency forward contracts for purposes of seeking to enhance portfolio returns and manage portfolio risk more efficiently. Foreign currency forward contracts may also be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Foreign currency forward contracts to purchase or sell a foreign currency may also be used in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected.

The use of foreign currency forward contracts involves, to varying degrees, elements of risk in excess of the amount recognized in the Statement of Assets and Liabilities, including counterparty risk, market risk and illiquidity risk. Counterparty risk is heightened for these instruments because foreign currency forward contracts are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations under such contracts. Thus, the Portfolio faces the risk that its counterparties under such contracts may not perform their obligations. Market risk is the risk that the value of a foreign currency forward contract will depreciate due to unfavorable changes in exchange rates. Illiquidity risk arises because the secondary market for foreign currency forward contracts may have less liquidity relative to markets for other securities and financial instruments. Risks also arise from the possible movements in the foreign exchange rates underlying these instruments. While the Portfolio may enter into forward contracts

to reduce currency exchange risks, changes in currency exchange rates may result in poorer overall performance for the Portfolio than if it had not engaged in such transactions. Exchange rate movements can be large, depending on the currency, and can last for extended periods of time, affecting the value of the Portfolio’s assets. Moreover, there may be an imperfect correlation between the Portfolio’s holdings of securities denominated in a particular currency and forward contracts entered into by the Portfolio. Such imperfect correlation may prevent the Portfolio from achieving the intended hedge or expose the Portfolio to the risk of currency exchange loss. The unrealized appreciation (depreciation) on forward contracts also reflects the Portfolio’s exposure at the valuation date to credit loss in the event of a counterparty’s failure to perform its obligations. As of June 30, 2019, all open forward currency contracts are shown in the Portfolio of Investments.

(K)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(L)  Loan Assignments, Participations and Commitments.  The Portfolio may invest in loan assignments and participations (“loans”). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Portfolio records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the London Interbank Offered Rate (“LIBOR”).

The loans in which the Portfolio may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Portfolio may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Portfolio purchases an assignment from a lender, the Portfolio will generally have direct contractual rights against the borrower in favor of

34 MainStay VP Income Builder Portfolio

the lender. If the Portfolio purchases a participation interest either from a lender or a participant, the Portfolio typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Portfolio is subject to the credit risk of the lender or participant who sold the participation interest to the Portfolio, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Portfolio may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Portfolio to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities. As of June 30, 2019, the Portfolio did not hold any unfunded commitments.

(M)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $2,653,818 and received cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $2,708,289.

(N)  Dollar Rolls.  The Portfolio may enter into dollar roll transactions in which it sells mortgage-backed securities (“MBS”) from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. The Portfolio generally transfers MBS where the MBS are “to be announced,” therefore, the Portfolio accounts for these transactions as purchases and sales.

When accounted for as purchase and sales, the securities sold in connection with the dollar rolls are removed from the portfolio and a realized gain or loss is recognized. The securities the Portfolio has agreed to acquire are included at market value in the Portfolio of Investments and liabilities for such purchase commitments are included as payables for investments purchased. During the roll period, the Portfolio foregoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the forward price for the future as well as by the earnings on the cash proceeds of the initial sale. Dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolio maintains liquid assets from its portfolio having a value not less than the repurchase price, including accrued interest. Dollar roll transactions involve certain risks, including the risk that the securities returned to the Portfolio at the end of the roll period, while substantially similar, could be inferior to what was initially sold to the counterparty.

The Portfolio accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss).

(O)  Debt and Foreign Securities Risk.  The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

The Portfolio may invest in high-yield debt securities (sometimes called “junk bonds”), which are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. These securities pay investors a premium—a higher interest rate or yield than investment grade debt securities—because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

The Portfolio may invest in loans which are usually rated below investment grade and are generally considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These investments pay investors a higher interest rate than investment grade debt securities because of the increased risk of loss. Although certain loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In a recession or serious credit event, the value of these investments could decline significantly. As a result, the Portfolio’s NAVs could go down and you could lose money.

In addition, loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Portfolio may be

35

Notes to Financial Statements(Unaudited) (continued)

adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities.

In certain circumstances, loans may not be deemed to be securities. As a result, the Portfolio may not have the protection of anti-fraud provisions of the federal securities laws. In such cases, the Portfolio generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

(P)  Counterparty Credit Risk.  In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains collateral posting terms and netting provisions. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels or if the Portfolio fails to meet the terms of its ISDA Master Agreements. The result would cause the Portfolio to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

(Q)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(R) Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. The Portfolio entered into Treasury futures contracts in order to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of the Portfolio’s securities. The Portfolio also entered into domestic and foreign equity index futures contracts to increase the equity sensitivity to the Portfolio. Foreign currency forward contracts were used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of June 30, 2019:

Asset Derivatives

	Statement of Assets and Liabilities Location	Foreign Exchange Contracts Risk		Equity Contracts Risk		Interest Rate Contracts Risk		Total
Futures Contracts	Net Assets—Net unrealized appreciation on investments and futures contracts (a)	$	—	$	1,269,094	$	1,710,464	$	2,979,558
Forward Contracts	Unrealized appreciation on foreign currency forward contracts		957,067		—		—		957,067
Total Fair Value		$	957,067	$	1,269,094	$	1,710,464	$	3,936,625

Liability Derivatives

	Statement of Assets and Liabilities Location	Foreign Exchange Contracts Risk			Equity Contracts Risk		Interest Rate Contracts Risk			Total
Futures Contracts	Net Assets—Net unrealized depreciation on investments and futures contracts (a)	$	—		$	—	$	(177,172	)	$	(177,172	)
Forward Contracts	Unrealized depreciation on foreign currency forward contracts		(444,090	)		—		—			(444,090	)
Total Fair Value		$	(444,090	)	$	—	$	(177,172	)	$	(621,262	)

(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.

36 MainStay VP Income Builder Portfolio

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Realized Gain (Loss)

	Statement of Operations Location	Foreign Exchange Contracts Risk		Equity Contracts Risk		Interest Rate Contracts Risk		Total
Futures Contracts	Net realized gain (loss) on futures transactions	$	—	$	5,115,561	$	3,373,265	$	8,488,826
Forward Contracts	Net realized gain (loss) on foreign currency forward transactions		702,418		—		—		702,418
Total Realized Gain (Loss)		$	702,418	$	5,115,561	$	3,373,265	$	9,191,244

Change in Unrealized Appreciation (Depreciation)

	Statement of Operations Location	Foreign Exchange Contracts Risk			Equity Contracts Risk		Interest Rate Contracts Risk			Total
Futures Contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$	—		$	5,460,608	$	(528,771	)	$	4,931,837
Forward Contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		(245,058	)		—		—			(245,058	)
Total Change in Unrealized Appreciation (Depreciation)		$	(245,058	)	$	5,460,608	$	(528,771	)	$	4,686,779

Average Notional Amount

	Foreign Exchange Contracts Risk	Equity Contracts Risk		Interest Rate Contracts Risk			Total
Futures Contracts Long	$               —	$	79,041,815	$	61,318,029		$	140,359,844
Futures Contracts Short	$               —	$	—	$	(8,646,814	)	$	(8,646,814	)
Forward Contracts Long	$ 41,200,992	$	—	$	—		$	41,200,992
Forward Contracts Short	$(67,883,912)	$	—	$	—		$	(67,883,912	)

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisors.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement with New York Life Investments, MacKay Shields LLC (“MacKay Shields” or “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as a Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the fixed-income portion of the Portfolio. Pursuant to the terms of an

Amended and Restated Subadvisory Agreement with New York Life Investments, Epoch Investment Partners, Inc. (“Epoch” or “Subadvisor” and, together with MacKay Shields, the “Subadvisors”), a registered investment adviser, also serves as a Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the equity portion of the Portfolio. Asset allocation decisions for the Portfolio are made by a committee chaired by MacKay Shields in collaboration with New York Life Investments. New York Life Investments pays for the services of the Subadvisors.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.57% up to $1 billion and 0.55% in excess of $1 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.57%.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $1,596,428, and paid MacKay Shields and Epoch in the amounts of $449,729 and $348,485, respectively.

37

Notes to Financial Statements(Unaudited) (continued)

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	20,625	$	115,639	$	(113,449	)	$	—	$	—	$	22,815	$	265	$	—		22,815

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	561,136,283	$	43,020,268	$	(15,388,624	)	$	27,631,644

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $2317,694, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$2,318	$    —

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$19,896,282	$21,609,834

Note 5–Restricted Securities

Restricted securities are securities which have been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933, as amended. Disposal of these securities may involve time-consuming negotiations and expenses, and it may be difficult to obtain a prompt sale at an acceptable price.

As of June 30, 2019, the Portfolio held the following restricted securities:

Security	Date of Acquisition		Shares		Cost		6/30/19 Value		Percent of Net Assets
ION Media Networks, Inc. Common Stock		3/11/14		8	$	13	$	5,397		0.0	%‡

‡ Less than one-tenth of a percent.

38 MainStay VP Income Builder Portfolio

Note 6–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 7–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 8–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 9–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of U.S. government securities were $120,864 and $80,773, respectively. Purchases and sales of securities, other than U.S. government securities andshort-term securities, were $77,096 and $92,765, respectively.

Note 10–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		94,761		$	1,530,020
Shares issued to shareholders in reinvestment of dividends and distributions		332,696			5,406,835
Shares redeemed		(755,358	)		(12,179,115	)
Net increase (decrease)		(327,901	)	$	(5,242,260	)
Year ended December 31, 2018:
Shares sold		300,882		$	5,010,909
Shares issued to shareholders in reinvestment of dividends and distributions		858,893			13,810,543
Shares redeemed		(1,402,756	)		(23,271,546	)
Net increase (decrease)		(242,981	)	$	(4,450,094	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		1,363,888		$	21,903,299
Shares issued to shareholders in reinvestment of dividends and distributions		670,507			10,809,322
Shares redeemed		(1,756,947	)		(28,006,363	)
Net increase (decrease)		277,448		$	4,706,258
Year ended December 31, 2018:
Shares sold		2,355,913		$	39,177,026
Shares issued to shareholders in reinvestment of dividends and distributions		1,735,492			27,695,573
Shares redeemed		(4,981,260	)		(81,787,948	)
Net increase (decrease)		(889,855	)	$	(14,915,349	)

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

39

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

40 MainStay VP Income Builder Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781626 MSVPIB10-08/19 (NYLIAC) NI522   

MainStay VP Indexed Bond Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	9
Financial Statements	22
Notes to Financial Statements	27
Proxy Voting Policies and Procedures and Proxy Voting Record	34
Shareholder Reports and Quarterly Portfolio Disclosure	34

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period Ended June 30, 2019

Class	Inception Date		Six Months			One Year			Since Inception			Gross Expense Ratio2
Initial Class Shares		5/1/2017		6.00	%		7.34	%		3.07	%		0.31	%
Service Class Shares		5/1/2017		5.87			7.07			2.82			0.56

Benchmark Performance	Six Months			One Year			Since Inception
Bloomberg Barclays U.S. Aggregate Bond Index3		6.11	%		7.87	%		3.69	%
Morningstar Intermediate-Term Bond Category Average4		5.77			7.24			3.39

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Bloomberg Barclays U.S. Aggregate Bond Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar

denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. The Morningstar Intermediate-Term Bond Category Average is representative of funds that invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Indexed Bond Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,060.00	$	1.53	$	1,023.31	$	1.51	0.30%
Service Class Shares	$	1,000.00	$	1,058.70	$	2.81	$	1,022.07	$	2.76	0.55%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Indexed Bond Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 9 for specific holdings within these categories. The Portfolio’s holdings are suject to change.

Top Ten Issuers Held as of June 30, 2019(excluding short-term investments) (Unaudited)

1. United States Treasury Notes, 1.375%–3.125%, due 9/30/19–5/15/29

2. Federal National Mortgage Association (Mortgage Pass-Through Securities), 2.50%–5.50%, due 8/1/19–2/1/49

3. United States Treasury Bonds, 2.75%–4.625%, due 2/15/36–2/15/49

4. Government National Mortgage Association (Mortgage Pass-Through Securities), 2.50%–5.00%, due 9/29/40–3/20/49

5. Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities), 2.50%–5.50%, due 12/1/25–1/1/49

  6. KfW, 1.50%–2.125%, due 4/20/20–3/7/22

  7. Goldman Sachs Group, Inc., 2.60%–4.80%, due 12/27/20–7/8/44

  8. Federal National Mortgage Association, 1.875%–2.875%, due 10/30/20–9/24/26

  9. International Bank for Reconstruction & Development, 2.00%–3.00%, due 1/26/22–9/27/23

10. Bank of America Corp., 3.248%–5.625%, due 7/1/20–1/21/44

7

Portfolio Management Discussion and Analysis (Unaudited)

Answers to the questions reflect the views of Kenneth Sommer and AJ Rzad, CFA, of NYL Investors LLC, the Portfolio’s Subadvisor.

How did MainStay VP Indexed Bond Portfolio perform relative to its benchmark and peers during the six months ended June 30, 2019?

During the six months ended June 30, 2019, MainStay VP Indexed Bond Portfolio returned 6.00% for Initial Class shares and 5.87% for Service Class shares. Over the same period, both share classes underperformed the 6.11% return of the Bloomberg Barclays U.S. Aggregate Bond Index,¹ which is the Portfolio’s broad-based securities-market index. Although the Portfolio seeks investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the Portfolio’s broad-based securities-market index, the Portfolio’s performance will typically lag that of the Index because the Portfolio incurs fees and expenses that the Index does not. During the six months ended June 30, 2019, both share classes outperformed the 5.77% return of the Morningstar Intermediate-Term Bond Category Average.¹

During the reporting period, how was the Portfolio’s performance materially affected by investments in derivatives?

The Portfolio used U.S. Treasury futures to reduce variations between the Portfolio and its benchmark. These trades reduced tracking error between the Portfolio and its benchmark.

During the reporting period, which credit-rating categories were strong performers and which credit-rating categories were weak?

During the reporting period, we saw the lowest-quality securities outperform the benchmark. Credits rated BBB² had the highest excess returns³ followed by credits rated A.⁴ Credits rated AA slightly outperformed credits rated AAA.⁵ All credit rating categories produced positive excess returns, outperforming Treasury securities with comparable durations.⁶

What was the Portfolio’s duration strategy during the reporting period?

The Portfolio uses a passive strategy that seeks to replicate the duration of its benchmark. The Portfolio’s duration strategy had a neutral impact on performance during the reporting period. As of June 30, 2019, the Portfolio’s duration was approximately 5.53 years, which was equivalent to the duration of 5.53 years for the Bloomberg Barclays U.S. Aggregate Bond Index

Which market segments made the strongest contributions to the Portfolio’s performance, and which market segments detracted the most?

During the reporting period, all broad sectors in the Barclays Aggregate Bond Index produced positive total returns. The strongest-contributing sector in the Portfolio was the corporate sector. (Contributions take weightings and total returns into account.) Within the corporate sector, the industrial subcomponent was the best performer. Industrials, utilities and financials all outperformed thenon-corporate sector. Within thenon-corporate sector, the sovereign subsector was the Portfolio’s best performer. Among securitized products, commercial mortgage-backed securities outperformed both mortgage-backed securities and asset-backed securities. U.S. government agencies outperformed U.S. Treasury bonds during the reporting period.

Were there any significant changes to the Portfolio’s benchmark during the reporting period?

No changes to the Bloomberg Barclays U.S. Aggregate Bond Index were material enough to lead us to change our investment strategy.

1. See page 5 for more information on benchmark and peer group returns.

2. An obligation rated ‘BBB’ by Standard & Poor’s (“S&P”) is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. 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. The expression “excess return” may refer to the return that a security or portfolio provides above (or below) an investment with the lowest perceived risk, such as comparable U.S. Treasury securities. The expression may also refer to the return that a security or portfolio provides above (or below) an index or other benchmark.

4. An obligation rated ‘A’ by S&P is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor’s capacity to meet its financial commitment on the obligation is still strong.

5. 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.

6. 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.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

8 MainStay VP Indexed Bond Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 99.0%† Asset-Backed Securities 0.6%
Automobile 0.6%
Ally Auto Receivables Trust  Series 2018-3, Class A3 3.00%, due 1/17/23	$	99,000	$	99,931
BMW Vehicle Lease Trust  Series 2018-1, Class A4 3.26%, due 7/20/21		200,000		202,614
Ford Credit Floorplan Master Owner Trust  Series 2017-2, Class A1 2.16%, due 9/15/22		300,000		299,630
GM Financial Securitized Term Auto Receivables Trust  Series 2018-3, Class A3 3.02%, due 5/16/23		700,000		710,767
Honda Auto Receivables Owner Trust  Series 2018-3, Class A3 2.95%, due 8/22/22		800,000		810,004
Hyundai Auto Lease Securitization Trust  Series 2018-B, Class A3 3.04%, due 10/15/21 (a)		100,000		100,714
Hyundai Auto Receivables Trust  Series 2016-A, Class A3 1.56%, due 9/15/20		5,740		5,737
Mercedes Benz Auto Lease Trust  Series 2017-A, Class A3 1.79%, due 4/15/20		8,874		8,871
Total Asset-Backed Securities (Cost $2,213,328)				2,238,268
Corporate Bonds 28.7%
Aerospace & Defense 0.5%
Boeing Co. 3.25%, due 3/1/28		210,000		217,849
General Dynamics Corp. 3.00%, due 5/11/21		255,000		259,129
Lockheed Martin Corp. 4.07%, due 12/15/42		255,000		282,116
Northrop Grumman Corp. 7.75%, due 2/15/31		210,000		300,067
Raytheon Co. 3.15%, due 12/15/24		255,000		265,967
Rockwell Collins, Inc. 3.50%, due 3/15/27		210,000		218,526
United Technologies Corp.
2.65%, due 11/1/26		610,000		610,013
3.65%, due 8/16/23		50,000		52,365
				2,206,032

	Principal Amount		Value
Apparel 0.0%‡
Nike, Inc. 3.625%, due 5/1/43	$	65,000	$	66,530
Auto Manufacturers 0.6%
Ford Motor Credit Co. LLC 3.219%, due 1/9/22		1,300,000		1,300,487
General Motors Financial Co., Inc. 4.35%, due 1/17/27		665,000		677,390
Toyota Motor Credit Corp. 2.25%, due 10/18/23		290,000		289,062
				2,266,939
Banks 7.7%
Bank of America Corp.
3.248%, due 10/21/27		405,000		414,960
3.30%, due 1/11/23		835,000		860,699
3.419%, due 12/20/28 (b)		510,000		524,788
5.00%, due 1/21/44		320,000		390,050
5.625%, due 7/1/20		375,000		387,143
Bank of New York Mellon Corp.
2.05%, due 5/3/21		95,000		94,808
2.50%, due 4/15/21		610,000		613,353
3.00%, due 2/24/25		410,000		421,640
Bank of Nova Scotia 2.70%, due 3/7/22		720,000		729,669
Barclays PLC 5.25%, due 8/17/45		270,000		293,109
BB&T Corp.
2.05%, due 5/10/21		705,000		701,257
2.75%, due 4/1/22		255,000		258,087
BNP Paribas S.A. 3.25%, due 3/3/23		445,000		460,249
Capital One Financial Co. 3.05%, due 3/9/22		565,000		573,792
Citigroup, Inc.
2.65%, due 10/26/20		610,000		612,147
3.375%, due 3/1/23		915,000		943,303
4.45%, due 9/29/27		735,000		791,892
4.65%, due 7/30/45		170,000		195,814
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. 5.25%, due 5/24/41		405,000		519,417
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 6/9/23		335,000		347,419
Fifth Third Bank 2.25%, due 6/14/21		470,000		469,877
Goldman Sachs Group, Inc.
2.60%, due 12/27/20		525,000		525,504
2.905%, due 7/24/23 (b)		1,420,000		1,433,732
3.85%, due 1/26/27		520,000		543,502
4.80%, due 7/8/44		220,000		253,264

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 9

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Banks (continued)
HSBC Holdings PLC
2.65%, due 1/5/22	$	1,060,000	$	1,064,116
3.90%, due 5/25/26		250,000		261,138
JPMorgan Chase & Co.
4.25%, due 10/1/27		1,340,000		1,451,295
4.26%, due 2/22/48 (b)		500,000		551,042
Keybank N.A. 2.40%, due 6/9/22		335,000		336,223
KfW
1.50%, due 4/20/20		830,000		825,835
2.125%, due 3/7/22		2,730,000		2,753,466
Lloyds Banking Group PLC 3.75%, due 1/11/27		270,000		274,902
Mitsubishi UFJ Financial Group, Inc. 3.455%, due 3/2/23		510,000		524,329
Morgan Stanley
2.50%, due 4/21/21		450,000		450,843
3.625%, due 1/20/27		750,000		787,152
4.10%, due 5/22/23		555,000		584,229
National Australia Bank, Ltd. 2.50%, due 5/22/22		335,000		336,994
PNC Bank N.A. 2.625%, due 2/17/22		335,000		337,866
Royal Bank of Canada 2.75%, due 2/1/22		330,000		335,226
Royal Bank of Scotland Group PLC 3.875%, due 9/12/23		270,000		277,034
Santander UK PLC 2.375%, due 3/16/20		610,000		609,920
State Street Corp. 4.375%, due 3/7/21		350,000		362,705
Sumitomo Mitsui Banking Corp. 2.65%, due 7/23/20		1,355,000		1,360,080
Toronto-Dominion Bank 2.50%, due 12/14/20		445,000		447,557
U.S. Bank N.A. 2.00%, due 1/24/20		1,420,000		1,418,263
Wells Fargo & Co.
2.55%, due 12/7/20		300,000		300,841
3.00%, due 4/22/26		600,000		606,566
3.50%, due 3/8/22		355,000		365,259
4.75%, due 12/7/46		500,000		569,939
Westpac Banking Corp. 2.80%, due 1/11/22		445,000		450,537
				31,002,832
Beverages 0.8%
Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc. 4.90%, due 2/1/46		1,265,000		1,408,491

	Principal Amount		Value
Beverages (continued)
Anheuser-Busch InBev Worldwide, Inc. 2.50%, due 7/15/22	$	365,000	$	367,945
Coca Cola Co. 2.25%, due 9/1/26		290,000		288,035
Constellation Brands, Inc. 3.60%, due 2/15/28		100,000		103,274
Diageo Capital PLC 5.875%, due 9/30/36		218,000		288,063
Keurig Dr Pepper, Inc. 4.985%, due 5/25/38		65,000		71,276
Molson Coors Brewing Co. 4.20%, due 7/15/46		65,000		62,052
PepsiCo, Inc.
2.75%, due 3/1/23		330,000		337,081
2.85%, due 2/24/26		210,000		215,821
4.45%, due 4/14/46		105,000		125,627
				3,267,665
Biotechnology 0.5%
Amgen, Inc.
2.70%, due 5/1/22		180,000		181,803
3.125%, due 5/1/25		255,000		261,120
4.40%, due 5/1/45		180,000		191,218
Baxalta, Inc. 3.60%, due 6/23/22		39,000		40,021
Celgene Corp.
2.75%, due 2/15/23		25,000		25,222
3.55%, due 8/15/22		155,000		160,505
3.625%, due 5/15/24		510,000		535,388
Gilead Sciences, Inc.
3.65%, due 3/1/26		440,000		464,528
4.60%, due 9/1/35		180,000		202,604
				2,062,409
Building Materials 0.0%‡
Johnson Controls International PLC 6.00%, due 1/15/36		50,000		58,997
Chemicals 0.4%
Dow Chemical Co. 3.00%, due 11/15/22		445,000		451,130
DuPont de Nemours, Inc. 4.493%, due 11/15/25		375,000		414,960
Mosaic Co. 4.05%, due 11/15/27		405,000		418,591
Nutrien, Ltd. 5.875%, due 12/1/36		210,000		243,853
Sherwin-Williams Co. 3.95%, due 1/15/26		255,000		267,461
				1,795,995

10 MainStay VP Indexed Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Commercial Services 0.1%
Ecolab, Inc. 2.70%, due 11/1/26	$	210,000	$	211,955
Computers 0.7%
Apple, Inc.
2.15%, due 2/9/22 (c)		180,000		180,707
2.90%, due 9/12/27		250,000		255,936
3.35%, due 2/9/27		16,000		16,801
4.25%, due 2/9/47		180,000		202,351
4.50%, due 2/23/36		245,000		287,217
Dell International LLC / EMC Corp. (a)
5.45%, due 6/15/23		445,000		479,617
6.02%, due 6/15/26		300,000		330,955
Hewlett Packard Enterprise Co. 4.40%, due 10/15/22		180,000		189,870
IBM Corp.
1.875%, due 8/1/22		200,000		197,997
3.45%, due 2/19/26		175,000		182,934
3.50%, due 5/15/29		290,000		303,508
				2,627,893
Cosmetics & Personal Care 0.1%
Procter & Gamble Co. 2.70%, due 2/2/26		210,000		213,909
Unilever Capital Corp. 3.10%, due 7/30/25		100,000		103,653
				317,562
Diversified Financial Services 0.5%
American Express Co.
2.20%, due 10/30/20		300,000		299,641
3.40%, due 2/27/23		365,000		377,857
GE Capital International Funding Co. 3.373%, due 11/15/25		925,000		936,380
National Rural Utilities Cooperative Finance Corp. 2.70%, due 2/15/23		90,000		91,260
Visa, Inc. 2.80%, due 12/14/22		405,000		414,705
				2,119,843
Electric 1.8%
American Electric Power Co., Inc. 2.15%, due 11/13/20		525,000		523,834
CenterPoint Energy Houston Electric LLC 4.25%, due 2/1/49		250,000		283,351
Commonwealth Edison Co. 3.65%, due 6/15/46		390,000		396,252
Consolidated Edison Co. of New York, Inc. 5.85%, due 3/15/36		565,000		707,496

	Principal Amount		Value
Electric (continued)
DTE Electric Co. 3.375%, due 3/1/25	$	180,000	$	187,565
Duke Energy Carolinas LLC
3.875%, due 3/15/46		690,000		724,368
4.00%, due 9/30/42		210,000		224,068
Edison International 2.95%, due 3/15/23 (c)		180,000		172,460
Emera U.S. Finance, L.P. 2.70%, due 6/15/21		180,000		180,615
Exelon Corp. 2.85%, due 6/15/20		375,000		376,188
Florida Power & Light Co.
2.75%, due 6/1/23		120,000		122,253
3.80%, due 12/15/42		165,000		175,244
Kentucky Utilities Co. 3.25%, due 11/1/20		260,000		262,227
MidAmerican Energy Co. 3.95%, due 8/1/47		330,000		356,282
Ohio Power Co. Series G 6.60%, due 2/15/33		165,000		224,074
PPL Electric Utilities Corp. 3.95%, due 6/1/47		100,000		106,486
San Diego Gas & Electric Co. 4.15%, due 5/15/48		210,000		218,816
Sempra Energy 3.80%, due 2/1/38		210,000		203,092
Southern California Edison Co. 4.125%, due 3/1/48		210,000		211,721
Southern Co.
2.95%, due 7/1/23		180,000		182,696
4.40%, due 7/1/46		250,000		263,895
Virginia Electric & Power Co. 4.00%, due 1/15/43		365,000		385,625
Xcel Energy, Inc. 3.30%, due 6/1/25		730,000		753,477
				7,242,085
Environmental Controls 0.1%
Republic Services, Inc. 3.20%, due 3/15/25		255,000		263,485
Waste Management, Inc. 3.15%, due 11/15/27		255,000		263,310
				526,795
Finance—Credit Card 0.1%
Visa, Inc. 4.30%, due 12/14/45		175,000		207,292
Food 0.3%
General Mills, Inc.
3.15%, due 12/15/21		180,000		183,030
4.20%, due 4/17/28		65,000		70,175

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Food (continued)
Kraft Heinz Foods Co. 3.00%, due 6/1/26	$	555,000	$	540,063
Sysco Corp. 3.25%, due 7/15/27		255,000		260,054
Tyson Foods, Inc. 5.10%, due 9/28/48		250,000		282,379
				1,335,701
Forest Products & Paper 0.2%
Fibria Overseas Finance, Ltd. 5.50%, due 1/17/27		405,000		433,962
International Paper Co. 3.80%, due 1/15/26		260,000		271,309
				705,271
Gas 0.1%
NiSource, Inc. 3.49%, due 5/15/27		210,000		217,220
Health Care—Products 0.4%
Abbott Laboratories
3.75%, due 11/30/26		150,000		162,180
4.90%, due 11/30/46		100,000		123,576
Becton Dickinson & Co. 3.70%, due 6/6/27		131,000		136,787
Boston Scientific Corp. 4.70%, due 3/1/49		200,000		229,533
Medtronic, Inc. 4.625%, due 3/15/45		430,000		520,888
Stryker Corp. 3.65%, due 3/7/28		210,000		222,828
Thermo Fisher Scientific, Inc.
2.95%, due 9/19/26		290,000		291,653
3.60%, due 8/15/21		100,000		102,317
				1,789,762
Health Care—Services 0.4%
Aetna, Inc. 6.625%, due 6/15/36		210,000		258,364
Anthem, Inc. 4.375%, due 12/1/47		255,000		272,286
Laboratory Corporation of America Holdings 3.60%, due 2/1/25		255,000		263,743
UnitedHealth Group, Inc.
3.10%, due 3/15/26		500,000		514,953
4.45%, due 12/15/48		250,000		287,881
				1,597,227
Household Products & Wares 0.1%
Clorox Co. 3.90%, due 5/15/28		210,000		226,907

	Principal Amount		Value
Household Products & Wares (continued)
Kimberly-Clark Corp. 2.75%, due 2/15/26	$	210,000	$	213,849
				440,756
Housewares 0.1%
Newell Brands, Inc. 3.85%, due 4/1/23		265,000		268,891
Insurance 0.7%
Allstate Corp. 5.35%, due 6/1/33		210,000		261,437
American International Group, Inc. 6.25%, due 5/1/36		350,000		437,035
Berkshire Hathaway Finance Corp. 4.30%, due 5/15/43		355,000		395,979
Chubb INA Holdings, Inc. 3.35%, due 5/3/26		180,000		188,778
Marsh & McLennan Cos., Inc. 2.75%, due 1/30/22		390,000		393,653
Metlife, Inc. 3.00%, due 3/1/25		330,000		340,443
Progressive Corp. 3.75%, due 8/23/21		300,000		309,976
Prudential Financial, Inc.
4.418%, due 3/27/48		125,000		141,345
4.50%, due 11/15/20		330,000		340,079
				2,808,725
Internet 0.3%
Alphabet, Inc. 3.375%, due 2/25/24		300,000		316,875
Amazon.com, Inc. 3.875%, due 8/22/37		810,000		893,123
				1,209,998
Machinery—Construction & Mining 0.1%
Caterpillar, Inc. 5.30%, due 9/15/35		260,000		317,178
Machinery—Diversified 0.0%‡
Deere & Co. 3.90%, due 6/9/42		145,000		158,043
Media 1.2%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.908%, due 7/23/25		750,000		814,233
5.75%, due 4/1/48		250,000		276,505
Comcast Corp.
1.625%, due 1/15/22		615,000		607,356
3.40%, due 7/15/46		555,000		532,172
4.15%, due 10/15/28		555,000		611,693

12 MainStay VP Indexed Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Media (continued)
Discovery Communications LLC 3.95%, due 3/20/28	$	350,000	$	360,309
TWDC Enterprises 18 Corp. 2.35%, due 12/1/22		510,000		513,553
Walt Disney Co. (a)
3.00%, due 9/15/22		615,000		629,881
6.40%, due 12/15/35		410,000		559,058
				4,904,760
Mining 0.3%
Barrick North America Finance LLC 5.70%, due 5/30/41		100,000		119,611
BHP Billiton Finance USA, Ltd. 3.85%, due 9/30/23		430,000		458,485
Rio Tinto Finance USA, Ltd. 3.75%, due 6/15/25		405,000		435,192
				1,013,288
Miscellaneous—Manufacturing 0.4%
3m Co. 4.00%, due 9/14/48		250,000		270,425
Eaton Corp. 4.00%, due 11/2/32		210,000		232,362
General Electric Co. 4.125%, due 10/9/42		555,000		511,177
Ingersoll-Rand Luxembourg Finance S.A. 2.625%, due 5/1/20		375,000		375,201
Parker-Hannifin Corp.
3.50%, due 9/15/22		240,000		247,642
4.20%, due 11/21/34		65,000		71,030
				1,707,837
Multi-National 1.8%
Asian Development Bank 2.75%, due 3/17/23		1,000,000		1,033,760
European Investment Bank
2.25%, due 8/15/22		1,525,000		1,545,291
2.375%, due 5/24/27		570,000		586,738
Inter-American Development Bank 1.75%, due 4/14/22		915,000		913,524
International Bank for Reconstruction & Development
2.00%, due 1/26/22		1,525,000		1,533,105
3.00%, due 9/27/23		1,000,000		1,048,140
Japan Bank for International Cooperation 2.875%, due 6/1/27		576,000		597,460
				7,258,018
Oil & Gas 1.4%
Anadarko Petroleum Corp. 5.55%, due 3/15/26		320,000		359,641

	Principal Amount		Value
Oil & Gas (continued)
BP Capital Markets America, Inc. 3.588%, due 4/14/27	$	250,000	$	262,409
Canadian Natural Resources, Ltd. 6.25%, due 3/15/38		100,000		123,471
Cenovus Energy, Inc. 5.25%, due 6/15/37		300,000		313,774
Chevron Corp. 3.191%, due 6/24/23		410,000		425,529
ConocoPhillips Co. 5.95%, due 3/15/46		95,000		131,122
Devon Energy Corp. 4.75%, due 5/15/42		210,000		229,962
Enterprise Products Operating LLC 4.80%, due 2/1/49		350,000		388,394
EOG Resources, Inc. 3.90%, due 4/1/35		180,000		189,170
Equinor ASA 5.10%, due 8/17/40		360,000		448,778
Exxon Mobil Corp. 4.114%, due 3/1/46		390,000		448,750
Hess Corp. 7.125%, due 3/15/33		100,000		122,567
Marathon Petroleum Corp. 5.125%, due 3/1/21		1,020,000		1,065,786
Nabors Industries, Inc. 5.00%, due 9/15/20		35,000		35,088
Occidental Petroleum Corp. 3.00%, due 2/15/27		180,000		177,935
Petroleos Mexicanos 6.50%, due 6/2/41		250,000		221,750
Shell International Finance B.V.
2.375%, due 8/21/22		290,000		291,475
3.75%, due 9/12/46		510,000		539,953
				5,775,554
Oil & Gas Services 0.1%
Halliburton Co. 3.80%, due 11/15/25		450,000		471,839
Pharmaceuticals 1.4%
AbbVie, Inc.
3.20%, due 11/6/22		440,000		446,510
3.75%, due 11/14/23		70,000		72,879
4.70%, due 5/14/45		180,000		183,243
Allergan Funding SCS
3.80%, due 3/15/25		200,000		207,555
4.75%, due 3/15/45		100,000		102,718
AstraZeneca PLC 6.45%, due 9/15/37		440,000		601,060
Bristol-Myers Squibb Co. 3.40%, due 7/26/29 (a)		530,000		554,879

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Pharmaceuticals (continued)
Cigna Corp. (a)
4.125%, due 11/15/25	$	225,000	$	239,612
4.90%, due 12/15/48		250,000		271,836
Eli Lilly & Co. 3.95%, due 3/15/49		250,000		270,635
Express Scripts Holding Co. 3.90%, due 2/15/22		405,000		418,493
GlaxoSmithKline Capital, Inc. 3.875%, due 5/15/28		255,000		279,110
Johnson & Johnson
3.55%, due 3/1/36		40,000		42,315
4.95%, due 5/15/33		250,000		309,933
Merck & Co., Inc. 3.70%, due 2/10/45		210,000		222,120
Mylan, Inc.
4.20%, due 11/29/23 (c)		50,000		50,230
5.20%, due 4/15/48		65,000		60,021
Novartis Capital Corp. 4.00%, due 11/20/45		260,000		286,387
Pfizer, Inc.
3.00%, due 6/15/23		155,000		159,377
3.20%, due 9/15/23		25,000		25,987
4.00%, due 12/15/36		440,000		479,669
4.10%, due 9/15/38		70,000		77,204
Teva Pharmaceutical Finance Netherlands III B.V. 3.15%, due 10/1/26		150,000		116,250
				5,478,023
Pipelines 1.0%
Enbridge, Inc. 4.50%, due 6/10/44		210,000		222,785
Energy Transfer Operating, L.P. 4.05%, due 3/15/25		830,000		863,986
Enterprise Products Operating LLC 3.70%, due 2/15/26		400,000		423,349
Kinder Morgan Energy Partners, L.P. 5.80%, due 3/15/35		255,000		294,057
Kinder Morgan, Inc. 4.30%, due 6/1/25		515,000		550,151
MPLX, L.P. 4.125%, due 3/1/27		255,000		266,923
Phillips 66 Partners, L.P. 4.68%, due 2/15/45		412,000		426,447
Plains All American Pipeline, L.P. / PAA Finance Corp. 3.65%, due 6/1/22		180,000		184,365
TransCanada PipeLines, Ltd.
4.875%, due 1/15/26		260,000		286,957
4.875%, due 5/15/48		100,000		111,722

	Principal Amount		Value
Pipelines (continued)					��
Williams Cos., Inc. 3.35%, due 8/15/22	$	250,000	$	254,800
				3,885,542
Real Estate 0.0%‡
Prologis, L.P. 3.75%, due 11/1/25		180,000		192,418
Real Estate Investment Trusts 0.3%
American Tower Corp. 5.00%, due 2/15/24		170,000		187,159
AvalonBay Communities, Inc. 2.90%, due 10/15/26		180,000		182,056
ERP Operating, L.P.
3.25%, due 8/1/27		210,000		217,595
4.625%, due 12/15/21		225,000		236,690
Realty Income Corp. 4.65%, due 3/15/47		125,000		144,856
Simon Property Group, L.P. 4.25%, due 11/30/46		368,000		407,872
				1,376,228
Retail 0.9%
CVS Health Corp.
2.75%, due 12/1/22		330,000		331,077
2.80%, due 7/20/20		300,000		300,767
4.30%, due 3/25/28		210,000		221,440
5.05%, due 3/25/48		405,000		431,373
Home Depot, Inc. 4.25%, due 4/1/46		355,000		400,542
Lowe’s Cos., Inc. 4.05%, due 5/3/47		360,000		357,209
McDonald’s Corp. 3.375%, due 5/26/25		560,000		585,944
Target Corp. 3.50%, due 7/1/24		250,000		265,810
Walmart, Inc.
2.85%, due 7/8/24		225,000		232,459
3.30%, due 4/22/24		65,000		68,333
4.30%, due 4/22/44		300,000		340,844
				3,535,798
Semiconductors 0.5%
Applied Materials, Inc. 5.10%, due 10/1/35		210,000		254,485
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
2.20%, due 1/15/21		300,000		297,395
3.00%, due 1/15/22		180,000		180,468
Intel Corp. 3.70%, due 7/29/25		510,000		546,815

14 MainStay VP Indexed Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Semiconductors (continued)
QUALCOMM, Inc. 4.65%, due 5/20/35	$	210,000	$	234,493
Texas Instruments, Inc. 2.625%, due 5/15/24		300,000		305,512
				1,819,168
Software 0.7%
Fidelity National Information Services, Inc.
2.25%, due 8/15/21		353,000		352,277
3.50%, due 4/15/23		63,000		65,121
Fiserv, Inc. 4.20%, due 10/1/28		50,000		54,129
Microsoft Corp.
2.40%, due 2/6/22		410,000		414,305
3.30%, due 2/6/27		365,000		387,841
4.25%, due 2/6/47		495,000		583,308
Oracle Corp.
2.95%, due 5/15/25		405,000		416,763
4.00%, due 7/15/46		180,000		192,982
5.375%, due 7/15/40		300,000		380,127
				2,846,853
Sovereign 0.1%
Svensk Exportkredit A.B. 2.375%, due 3/9/22		400,000		405,082
Telecommunications 1.3%
AT&T, Inc.
3.60%, due 7/15/25		260,000		269,681
4.25%, due 3/1/27		750,000		803,838
5.15%, due 11/15/46		620,000		685,563
Cisco Systems, Inc. 2.95%, due 2/28/26		410,000		422,682
Deutsche Telekom International Finance B.V. 8.75%, due 6/15/30		210,000		302,395
Orange S.A. 5.375%, due 7/8/19		410,000		410,193
Telefonica Emisiones SAU 7.045%, due 6/20/36		300,000		392,759
Verizon Communications, Inc.
4.016%, due 12/3/29 (a)		515,000		557,612
5.50%, due 3/16/47		850,000		1,067,227
Vodafone Group PLC 4.375%, due 5/30/28		405,000		437,800
				5,349,750
Transportation 0.7%
Burlington Northern Santa Fe LLC 3.25%, due 6/15/27 (c)		180,000		189,323
Canadian National Railway Co. 6.25%, due 8/1/34		210,000		288,265

	Principal Amount		Value
Transportation (continued)
CSX Corp. 3.70%, due 11/1/23	$	615,000	$	647,242
FedEx Corp.
2.625%, due 8/1/22		260,000		261,805
3.20%, due 2/1/25		255,000		263,121
Norfolk Southern Corp.
3.942%, due 11/1/47		66,000		68,690
4.80%, due 8/15/43		40,000		44,996
Union Pacific Corp. 2.75%, due 3/1/26		705,000		708,280
United Parcel Service, Inc. 3.40%, due 11/15/46		405,000		386,521
				2,858,243
Total Corporate Bonds (Cost $110,145,673)				115,707,997
Foreign Government Bonds 2.1%
Canada 0.4%
Province of Ontario Canada 2.50%, due 4/27/26		970,000		986,437
Province of Quebec Canada 2.50%, due 4/20/26		650,000		663,484
				1,649,921
Colombia 0.2%
Republic of Colombia 6.125%, due 1/18/41		545,000		674,443
Mexico 0.6%
United Mexican States 4.125%, due 1/21/26		2,380,000		2,493,050
Panama 0.2%
Panama Government International Bond 3.75%, due 3/16/25		750,000		790,508
Peru 0.3%
Peruvian Government International Bond 7.35%, due 7/21/25		920,000		1,174,380
Philippines 0.1%
Philippine Government International Bond 5.00%, due 1/13/37		400,000		499,280
Republic of Korea 0.3%
Korea Development Bank
2.25%, due 5/18/20		500,000		499,956
3.25%, due 2/19/24		850,000		882,068
				1,382,024
Total Foreign Government Bonds (Cost $8,260,606)				8,663,606

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Mortgage-Backed Securities 1.8%
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.8%
Bank Series 2018-BN14, Class A3 3.966%, due 9/15/60	$	800,000	$	878,467
Benchmark Mortgage Trust
Series 2018-B1, Class A2 3.571%, due 1/15/51		100,000		104,111
Series 2018-B1, Class A5 3.666%, due 1/15/51 (d)		800,000		856,107
Series 2018-B6, Class A3 3.995%, due 10/10/51		900,000		990,392
CFCRE Commercial Mortgage Trust
Series 2016-C6, Class A3 3.217%, due 11/10/49 (d)		300,000		309,685
Series 2017-C8, Class A3 3.305%, due 6/15/50		200,000		206,519
Citigroup Commercial Mortgage Trust
Series 2017-P8, Class A4 3.465%, due 9/15/50		300,000		316,297
Series 2015-GC35, Class A4 3.818%, due 11/10/48		300,000		321,926
CSAIL Commercial Mortgage Trust  Series 2017-CX9, Class A5 3.446%, due 9/15/50		300,000		315,070
GS Mortgage Securities Trust
Series 2016-GS3, Class A4 2.85%, due 10/10/49		300,000		305,237
Series 2014-GC22, Class A5 3.862%, due 6/10/47		300,000		319,060
Series 2018-GS9, Class A4 3.992%, due 3/10/51 (d)		800,000		874,396
Morgan Stanley Bank of America Merrill Lynch Trust  Series 2013-C7, Class A4 2.918%, due 2/15/46		300,000		305,906
Morgan Stanley Capital I Trust  Series 2018-H3, Class A4 3.914%, due 7/15/51		500,000		545,792
Wells Fargo Commercial Mortgage Trust  Series 2015-SG1, Class A4 3.789%, due 9/15/48		300,000		319,921
WFRBS Commercial Mortgage Trust  Series 2012-C8, Class A3 3.001%, due 8/15/45		200,000		203,922
Total Mortgage-Backed Securities (Cost $6,810,903)				7,172,808

	Principal Amount		Value
U.S. Government & Federal Agencies 65.8%
Federal Home Loan Bank 0.2%
3.25%, due 11/16/28	$	700,000	$	760,695
Federal Home Loan Mortgage Corporation 0.3%
1.875%, due 11/17/20		400,000		399,874
2.375%, due 1/13/22		500,000		507,387
2.753%, due 1/30/23		225,000		225,121
				1,132,382
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 7.4%
2.50%, due 10/1/31		69,751		70,349
2.50%, due 2/1/32		390,018		393,161
2.50%, due 2/1/33		491,042		494,999
2.50%, due 4/1/33		629,186		634,256
2.50%, due 6/1/33		102,973		103,803
2.50%, due 7/1/33		267,473		269,629
3.00%, due 9/1/27		242,749		248,580
3.00%, due 4/1/32		296,056		302,820
3.00%, due 6/1/32		76,878		78,634
3.00%, due 9/1/32		39,706		40,613
3.00%, due 10/1/32		171,253		175,169
3.00%, due 5/1/33		269,977		275,572
3.00%, due 9/1/33		346,189		353,294
3.00%, due 9/1/36		154,395		157,909
3.00%, due 11/1/37		169,909		173,148
3.00%, due 12/1/37		264,847		269,241
3.00%, due 9/1/46		1,235,010		1,252,033
3.00%, due 12/1/46		82,606		83,628
3.00%, due 2/1/47		87,223		88,302
3.00%, due 3/1/47		390,011		394,736
3.00%, due 4/1/47		114,469		115,864
3.00%, due 1/1/48		1,057,748		1,068,036
3.00%, due 2/1/48		679,878		686,490
3.00%, due 3/1/48		578,169		583,792
3.00%, due 4/1/48		688,830		698,344
3.00%, due 6/1/48		877,086		885,617
3.50%, due 12/1/25		58,713		60,633
3.50%, due 5/1/33		264,026		273,848
3.50%, due 9/1/33		86,230		89,180
3.50%, due 2/1/37		227,482		234,824
3.50%, due 1/1/38		267,444		275,748
3.50%, due 6/1/43		235,335		244,479
3.50%, due 9/1/44		225,374		234,832
3.50%, due 8/1/45		510,726		527,087
3.50%, due 8/1/46		718,369		741,135
3.50%, due 8/1/47		89,125		91,814
3.50%, due 9/1/47		202,874		208,808
3.50%, due 11/1/47		371,217		382,743
3.50%, due 12/1/47		891,113		918,809
3.50%, due 1/1/48		89,459		92,118
3.50%, due 3/1/48		1,045,872		1,076,002

16 MainStay VP Indexed Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued)
3.50%, due 5/1/48	$	371,599	$	382,142
3.50%, due 6/1/48		588,516		604,114
3.50%, due 8/1/48		884,882		907,530
3.50%, due 9/1/48		844,428		865,465
3.50%, due 11/1/48		294,781		302,101
3.50%, due 12/1/48		761,368		780,278
4.00%, due 4/1/46		564,816		591,135
4.00%, due 5/1/46		190,070		198,927
4.00%, due 4/1/47		171,596		179,299
4.00%, due 6/1/47		482,615		503,883
4.00%, due 8/1/47		812,166		847,463
4.00%, due 10/1/47		207,439		216,156
4.00%, due 12/1/47		537,388		559,612
4.00%, due 1/1/48		177,458		184,819
4.00%, due 5/1/48		364,515		379,308
4.00%, due 9/1/48		1,546,257		1,600,190
4.00%, due 12/1/48		915,073		946,419
4.50%, due 5/1/38		161,260		169,872
4.50%, due 9/1/46		113,967		120,236
4.50%, due 10/1/46		268,783		283,638
4.50%, due 2/1/47		64,393		67,844
4.50%, due 11/1/47		84,654		89,188
4.50%, due 2/1/48		166,284		174,973
4.50%, due 4/1/48		260,353		273,824
4.50%, due 6/1/48		171,824		179,933
4.50%, due 7/1/48		605,319		633,865
4.50%, due 8/1/48		619,690		651,102
5.00%, due 9/1/38		80,588		87,544
5.00%, due 11/1/41		141,626		153,892
5.00%, due 3/1/47		278,484		295,530
5.00%, due 9/1/48		431,799		457,774
5.00%, due 1/1/49		293,201		310,948
5.50%, due 1/1/29		104,517		111,452
5.50%, due 7/1/38		130,682		141,843
				29,602,378
Federal National Mortgage Association 0.6%
1.875%, due 4/5/22		300,000		300,538
1.875%, due 9/24/26		1,650,000		1,633,183
2.875%, due 10/30/20		650,000		658,253
				2,591,974
Federal National Mortgage Association (Mortgage Pass-Through Securities) 12.3%
2.50%, due 10/1/27		260,591		262,564
2.50%, due 4/1/30		223,913		226,747
2.50%, due 10/1/31		353,753		356,598
2.50%, due 2/1/32		616,104		620,767
2.50%, due 8/1/32		545,491		549,620
2.50%, due 3/1/33		358,138		361,109

	Principal Amount		Value
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)
2.50%, due 6/1/33	$	362,235	$	364,977
2.50%, due 4/1/46		89,247		88,616
2.50%, due 10/1/46		181,452		180,169
3.00%, due 4/1/25		91,128		92,952
3.00%, due 11/1/31		260,192		265,983
3.00%, due 1/1/32		383,346		391,895
3.00%, due 6/1/32		221,536		226,461
3.00%, due 1/1/33		187,328		191,100
3.00%, due 2/1/33		268,897		274,846
3.00%, due 4/1/33		478,744		488,373
3.00%, due 5/1/33		461,947		471,260
3.00%, due 9/1/33		223,482		227,955
3.00%, due 2/1/37		235,254		240,317
3.00%, due 1/1/38		790,281		803,733
3.00%, due 9/1/42		1,425,696		1,450,258
3.00%, due 12/1/43		1,050,018		1,066,322
3.00%, due 10/1/44		915,652		931,390
3.00%, due 10/1/46		204,389		207,026
3.00%, due 12/1/46		1,889,384		1,913,762
3.00%, due 2/1/47		286,567		290,073
3.00%, due 8/1/47		1,067,808		1,088,807
3.00%, due 10/1/47		919,175		937,250
3.00%, due 11/1/47		245,842		248,991
3.00%, due 6/1/48		189,194		190,930
3.50%, due 7/1/21		36,366		37,537
3.50%, due 3/1/22		72,044		74,364
3.50%, due 5/1/26		63,463		65,506
3.50%, due 11/1/31		71,345		73,893
3.50%, due 5/1/33		141,705		146,457
3.50%, due 6/1/33		354,606		366,487
3.50%, due 7/1/33		172,527		178,304
3.50%, due 9/1/33		272,701		281,778
3.50%, due 5/1/45		1,006,109		1,048,861
3.50%, due 9/1/45		178,119		183,711
3.50%, due 12/1/45		959,352		992,981
3.50%, due 1/1/46		684,201		710,359
3.50%, due 4/1/46		174,224		179,558
3.50%, due 9/1/46		613,328		638,214
3.50%, due 10/1/46		532,805		548,600
3.50%, due 1/1/47		326,956		336,614
3.50%, due 7/1/47		422,166		437,093
3.50%, due 10/1/47		345,120		355,309
3.50%, due 11/1/47		2,602,176		2,679,798
3.50%, due 12/1/47		89,589		92,288
3.50%, due 8/1/48		839,989		861,691
3.50%, due 9/1/48		1,058,432		1,085,318
3.50%, due 2/1/49		2,200,000		2,249,535
4.00%, due 8/1/19		843		875
4.00%, due 5/1/24		108,876		113,043
4.00%, due 11/1/29		244,588		254,395

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)
4.00%, due 2/1/37	$	63,246	$	66,103
4.00%, due 8/1/38		719,263		748,361
4.00%, due 8/1/44		306,255		322,488
4.00%, due 2/1/45		390,707		409,015
4.00%, due 9/1/45		74,680		78,110
4.00%, due 5/1/46		381,444		398,965
4.00%, due 9/1/46		293,164		306,581
4.00%, due 2/1/47		64,345		67,296
4.00%, due 4/1/47		38,341		40,036
4.00%, due 5/1/47		582,611		608,254
4.00%, due 6/1/47		891,845		930,921
4.00%, due 10/1/47		96,992		101,304
4.00%, due 11/1/47		89,142		92,793
4.00%, due 12/1/47		256,579		265,798
4.00%, due 1/1/48		1,301,573		1,351,813
4.00%, due 2/1/48		265,095		275,673
4.00%, due 6/1/48		998,623		1,036,823
4.00%, due 7/1/48		2,901,749		3,007,225
4.00%, due 8/1/48		273,780		282,902
4.00%, due 9/1/48		1,210,437		1,254,302
4.00%, due 10/1/48		187,140		193,375
4.00%, due 11/1/48		488,572		505,518
4.00%, due 1/1/49		371,790		384,453
4.50%, due 7/1/46		78,537		82,880
4.50%, due 12/1/46		74,323		78,319
4.50%, due 4/1/47		486,304		512,012
4.50%, due 5/1/47		37,940		39,945
4.50%, due 7/1/47		645,957		680,104
4.50%, due 8/1/47		55,477		58,752
4.50%, due 2/1/48		507,003		533,123
4.50%, due 4/1/48		481,871		504,487
4.50%, due 5/1/48		417,816		439,359
4.50%, due 6/1/48		252,282		263,905
4.50%, due 6/29/48 TBA (e)		1,125,000		1,175,570
4.50%, due 8/1/48		522,562		545,927
4.50%, due 10/1/48		180,219		188,268
5.00%, due 8/1/31		238,248		251,816
5.00%, due 6/1/39		202,445		219,482
5.00%, due 6/1/40		44,838		48,726
5.00%, due 7/1/47		170,678		181,002
5.00%, due 1/1/48		364,485		392,345
5.00%, due 4/1/48		216,380		232,108
5.00%, due 5/1/48		258,325		273,952
5.00%, due 9/1/48		240,859		258,185
5.50%, due 8/1/27		79,720		84,988
5.50%, due 6/1/36		102,367		113,447
5.50%, due 5/1/44		122,200		135,718
5.50%, due 9/1/48		572,799		612,266
				49,638,215

	Principal Amount		Value
Government National Mortgage Association (Mortgage Pass-Through Securities) 7.8%
2.50%, due 4/20/47	$	86,362	$	86,867
3.00%, due 6/15/45		68,839		70,317
3.00%, due 10/15/45		31,061		31,727
3.00%, due 11/20/45		937,853		960,105
3.00%, due 8/20/46		361,113		369,678
3.00%, due 9/20/46		189,760		194,376
3.00%, due 10/20/46		1,182,914		1,210,982
3.00%, due 1/20/47		1,326,074		1,357,508
3.00%, due 5/20/47		227,795		233,076
3.00%, due 12/20/47		782,855		801,002
3.00%, due 2/20/48		888,735		909,336
3.00%, due 3/20/48		1,048,821		1,073,133
3.00%, due 5/15/48		182,468		186,384
3.50%, due 11/20/42		307,588		318,143
3.50%, due 9/20/44		500,585		520,115
3.50%, due 3/15/45		46,249		47,809
3.50%, due 4/15/45		65,880		68,103
3.50%, due 7/20/45		1,351,486		1,400,402
3.50%, due 11/20/45		612,738		635,043
3.50%, due 7/20/46		71,041		73,522
3.50%, due 10/20/46		70,992		73,471
3.50%, due 11/20/46		878,161		908,823
3.50%, due 1/20/47		1,022,063		1,057,645
3.50%, due 5/20/47		867,915		897,775
3.50%, due 9/20/47		933,753		965,393
3.50%, due 10/20/47		1,658,318		1,714,331
3.50%, due 12/20/47		815,120		842,530
3.50%, due 5/15/48		152,884		158,043
3.50%, due 7/20/48		461,065		476,481
3.50%, due 9/20/48		554,138		572,666
3.50%, due 10/20/48		575,918		595,174
4.00%, due 9/29/40 TBA (e)		500,000		521,321
4.00%, due 8/15/46		121,034		127,353
4.00%, due 12/20/46		58,870		61,620
4.00%, due 1/20/47		487,472		508,918
4.00%, due 2/20/47		131,066		136,808
4.00%, due 3/20/47		104,097		108,875
4.00%, due 4/20/47		229,507		239,760
4.00%, due 5/20/47		194,259		202,658
4.00%, due 7/20/47		78,768		82,188
4.00%, due 11/15/47		196,832		205,336
4.00%, due 11/20/47		965,555		1,006,348
4.00%, due 12/20/47		218,811		227,958
4.00%, due 4/20/48		1,050,170		1,091,622
4.00%, due 5/20/48		443,013		460,128
4.00%, due 6/20/48		178,517		185,326
4.00%, due 8/20/48		1,176,675		1,220,558
4.00%, due 9/20/48		638,745		662,136
4.00%, due 3/20/49		198,322		205,707
4.50%, due 8/15/46		72,589		76,931

18 MainStay VP Indexed Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued)
4.50%, due 8/20/46	$	174,490	$	184,172
4.50%, due 2/15/47		36,392		38,605
4.50%, due 4/15/47		65,568		70,638
4.50%, due 4/20/47		198,673		208,692
4.50%, due 8/15/47		883,967		943,960
4.50%, due 11/20/47		208,328		218,637
4.50%, due 1/20/48		530,755		556,795
4.50%, due 3/20/48		236,889		248,268
4.50%, due 5/20/48		242,641		252,969
4.50%, due 6/20/48		421,805		441,143
4.50%, due 8/20/48		768,782		803,129
5.00%, due 8/20/45		182,543		196,041
5.00%, due 11/20/46		113,751		124,995
5.00%, due 4/15/47		77,629		82,405
5.00%, due 11/20/47		163,259		173,906
5.00%, due 12/15/47		134,445		141,089
5.00%, due 3/20/48		139,191		147,049
5.00%, due 6/20/48		321,594		336,411
				31,310,415
United States Treasury Bonds 8.0%
2.75%, due 8/15/47		1,035,000		1,080,200
2.75%, due 11/15/47		300,000		313,137
2.875%, due 5/15/43		1,950,000		2,085,586
2.875%, due 11/15/46		140,000		149,827
3.00%, due 2/15/47		815,000		893,794
3.00%, due 5/15/47		1,175,000		1,286,855
3.00%, due 2/15/48		5,950,000		6,518,271
3.00%, due 8/15/48		2,790,000		3,059,845
3.00%, due 2/15/49		1,775,000		1,949,449
3.125%, due 5/15/48		7,900,000		8,864,664
3.375%, due 11/15/48		2,000,000		2,354,297
3.625%, due 2/15/44		150,000		181,254
4.50%, due 2/15/36		1,900,000		2,506,887
4.625%, due 2/15/40		750,000		1,029,756
				32,273,822
United States Treasury Notes 29.2%
1.375%, due 9/30/19		6,000,000		5,987,578
1.375%, due 9/15/20		775,000		770,308
1.50%, due 6/15/20		1,225,000		1,219,593
1.50%, due 7/15/20		460,000		457,880
1.50%, due 8/15/20		325,000		323,502
1.625%, due 10/15/20		2,450,000		2,442,152
1.625%, due 8/31/22		700,000		697,758
1.75%, due 11/15/20		3,950,000		3,944,137
1.75%, due 5/31/22		600,000		600,398
1.75%, due 6/15/22		1,800,000		1,802,531
1.75%, due 6/30/22		925,000		926,156
1.875%, due 12/15/20		3,375,000		3,376,582

	Principal Amount		Value
United States Treasury Notes (continued)
1.875%, due 9/30/22	$	950,000	$	954,676
1.875%, due 8/31/24		325,000		326,625
2.00%, due 10/31/22		900,000		907,875
2.00%, due 4/30/24		5,885,000		5,949,137
2.00%, due 5/31/24		2,800,000		2,832,922
2.125%, due 5/31/21		9,000,000		9,061,172
2.125%, due 7/31/24		150,000		152,555
2.125%, due 5/31/26		925,000		940,465
2.25%, due 2/15/21		1,525,000		1,535,365
2.375%, due 3/15/21		150,000		151,447
2.375%, due 4/15/21		2,000,000		2,020,313
2.375%, due 4/30/26		200,000		206,531
2.375%, due 5/15/29 (c)		2,025,000		2,092,632
2.50%, due 6/30/20		7,925,000		7,966,482
2.50%, due 2/15/22		350,000		356,877
2.50%, due 3/31/23		100,000		102,789
2.625%, due 7/31/20		55,000		55,404
2.625%, due 8/31/20		1,350,000		1,361,074
2.625%, due 5/15/21		2,150,000		2,183,174
2.625%, due 6/15/21		925,000		940,429
2.625%, due 7/15/21		4,965,000		5,050,918
2.625%, due 6/30/23		1,900,000		1,965,238
2.625%, due 12/31/23		150,000		155,648
2.625%, due 2/15/29		975,000		1,028,168
2.75%, due 9/30/20		3,775,000		3,814,520
2.75%, due 8/15/21		3,700,000		3,776,457
2.75%, due 9/15/21		1,000,000		1,022,188
2.75%, due 4/30/23		5,425,000		5,628,437
2.75%, due 5/31/23		1,700,000		1,765,012
2.75%, due 7/31/23		4,675,000		4,860,174
2.75%, due 8/31/23		4,000,000		4,161,562
2.75%, due 6/30/25		275,000		289,405
2.75%, due 2/15/28		2,400,000		2,551,875
2.875%, due 10/31/20		5,700,000		5,774,145
2.875%, due 11/15/21		375,000		384,873
2.875%, due 9/30/23		2,875,000		3,007,632
2.875%, due 10/31/23		5,300,000		5,548,645
2.875%, due 11/30/23		600,000		628,734
2.875%, due 4/30/25		950,000		1,005,441
2.875%, due 5/31/25		300,000		317,660
2.875%, due 7/31/25		1,425,000		1,510,389
2.875%, due 8/15/28		600,000		644,766
3.125%, due 11/15/28		150,000		164,525
				117,702,931
Total U.S. Government & Federal Agencies (Cost $256,876,068)				265,012,812
TotalLong-Term Bonds (Cost $384,306,578)				398,795,491

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount			Value
Short-Term Investments 1.4%
Repurchase Agreement 0.4%
RBC Capital Markets 2.46%, dated 6/28/19 due 7/1/19 Proceeds at Maturity $1,471,302 (Collateralized by a United States Treasury Note with a rate of 1.25%% and a maturity date between 3/31/21 , with a Principal Amount of $1,510,700 and a Market Value of $1,500,809)	$	1,471,000		$	1,471,000
Total Repurchase Agreement (Cost $1,471,000)					1,471,000
U.S. Government & Federal Agencies 0.7%
Federal Home Loan Bank Discount Notes  2.028%, due 7/1/19 (f)(g)		3,000,000			3,000,000
Total U.S. Government & Federal Agencies (Cost $3,000,000)					3,000,000
	Shares
Unaffiliated Investment Company 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (g)(h)		1,282,790			1,282,790
Total Unaffiliated Investment Company (Cost $1,282,790)					1,282,790
TotalShort-Term Investments (Cost $5,753,790)					5,753,790
Total Investments (Cost $390,060,368)		100.4	%		404,549,281
Other Assets, Less Liabilities		(0.4	)		(1,508,585	)
Net Assets		100.0	%	$	403,040,696

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2019.

(c) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $1,257,411 and the Portfolio received cash collateral with a value of $1,282,790 (See Note 2(J)).

(d) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

(e) TBA—Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2019, the total net market value of these securities was $1,696,891, which represented 0.4% of the Portfolio’s net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.

(f) Interest rate shown represents yield to maturity.

(g) Current yield as of June 30, 2019.

(h) Represents security purchased with cash collateral received for securities on loan.

20 MainStay VP Indexed Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

As of June 30, 2019, the Portfolio held the following futures contracts¹:

Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
5-Year United States Treasury Note		120			September 2019	$	14,016,482		$	14,178,750		$	162,268
10-Year United States Treasury Note		60			September 2019		7,533,856			7,678,125			144,269
10-Year United States Treasury Ultra Note		55			September 2019		7,419,082			7,596,875			177,793
Total Long Contracts													484,330
Short Contracts
2-Year United States Treasury Note		(17	)		September 2019		(3,645,761	)		(3,658,055	)		(12,294	)
United States Treasury Long Bond		(4	)		September 2019		(603,930	)		(622,375	)		(18,445	)
United States Treasury Ultra Bond		(18	)		September 2019		(3,084,516	)		(3,196,125	)		(111,609	)
Total Short Contracts													(142,348	)
Net Unrealized Appreciation (or Depreciation)												$	341,982

1. As of June 30, 2019, cash in the amount of $158,728 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2019.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets and liabilities:

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	$	—		$	2,238,268	$	—	$	2,238,268
Corporate Bonds		—			115,707,997		—		115,707,997
Foreign Government Bonds		—			8,663,606		—		8,663,606
Mortgage-Backed Securities		—			7,172,808		—		7,172,808
U.S. Government & Federal Agencies		—			265,012,812		—		265,012,812
TotalLong-Term Bonds		—			398,795,491		—		398,795,491
Short-Term Investments
Repurchase Agreements		—			1,471,000		—		1,471,000
U.S. Government & Federal Agencies		—			3,000,000		—		3,000,000
Unaffiliated Investment Company		1,282,790			—		—		1,282,790
TotalShort-Term Investments		1,282,790			4,471,000		—		5,753,790
Total Investments in Securities		1,282,790			403,266,491		—		404,549,281
Other Financial Instruments
Futures Contracts (b)		484,330			—		—		484,330
Total Investments in Securities and Other Financial Instruments	$	1,767,120		$	403,266,491	$	—	$	405,033,611
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(142,348	)	$	—	$	—	$	(142,348	)

(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.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $390,060,368) including securities on loan of $1,257,411	$	404,549,281
Cash collateral on deposit at broker for futures contracts		158,728
Cash		221
Receivables:
Investment securities sold		3,807,136
Interest		2,477,547
Portfolio shares sold		297,765
Variation margin on futures contracts		8,998
Securities lending		886
Other assets		1,983
Total assets		411,302,545
Liabilities
Cash collateral received for securities on loan		1,282,790
Payables:
Investment securities purchased		6,461,102
Portfolio shares redeemed		352,372
Manager (See Note 3)		82,372
Professional fees		36,482
Custodian		24,952
NYLIFE Distributors (See Note 3)		14,996
Shareholder communication		4,418
Trustees		557
Accrued expenses		1,808
Total liabilities		8,261,849
Net assets	$	403,040,696
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	38,816
Additional paid-in capital		383,404,827
		383,443,643
Total distributable earnings (loss)		19,597,053
Net assets	$	403,040,696

Initial Class
Net assets applicable to outstanding shares	$	325,690,173
Shares of beneficial interest outstanding		31,344,119
Net asset value per share outstanding	$	10.39
Service Class
Net assets applicable to outstanding shares	$	77,350,523
Shares of beneficial interest outstanding		7,471,387
Net asset value per share outstanding	$	10.35

22 MainStay VP Indexed Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest	$	6,176,872
Securities lending		4,636
Other		776
Total income		6,182,284
Expenses
Manager (See Note 3)		492,165
Distribution/Service—Service Class (See Note 3)		68,007
Professional fees		40,271
Custodian		26,636
Shareholder communication		8,883
Trustees		5,010
Miscellaneous		8,014
Total expenses		648,986
Net investment income (loss)		5,533,298
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net realized gain (loss) on:
Investment transactions		1,062,662
Futures transactions		401,772
Net realized gain (loss) on investments and futures transactions		1,464,434
Net change in unrealized appreciation (depreciation) on:
Investments		15,903,868
Futures contracts		222,011
Net change in unrealized appreciation (depreciation) on investments and futures contracts		16,125,879
Net realized and unrealized gain (loss) on investments and futures transactions		17,590,313
Net increase (decrease) in net assets resulting from operations	$	23,123,611

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	5,533,298		$	6,692,786
Net realized gain (loss) on investments and futures contracts		1,464,434			(2,096,233	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		16,125,879			(1,374,360	)
Net increase (decrease) in net assets resulting from operations		23,123,611			3,222,193
Distributions to shareholders:
Initial Class		—			(6,178,249	)
Service Class		—			(573,525	)
Total distributions to shareholders		—			(6,751,774	)
Capital share transactions:
Net proceeds from sale of shares		43,722,290			372,695,629
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			6,751,774
Cost of shares redeemed		(62,909,946	)		(120,996,629	)
Increase (decrease) in net assets derived from capital share transactions		(19,187,656	)		258,450,774
Net increase (decrease) in net assets		3,935,955			254,921,193
Net Assets
Beginning of period		399,104,741			144,183,548
End of period	$	403,040,696		$	399,104,741

24 MainStay VP Indexed Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

Initial Class	Six months ended June 30, 2019*			Year ended December 31, 2018			May 1, 2017** through December 31, 2017
Net asset value at beginning of period	$	9.80		$	10.04		$	10.00
Net investment income (loss) (a)		0.14			0.26			0.13
Net realized and unrealized gain (loss) on investments		0.45			(0.33	)		0.01
Total from investment operations		0.59			(0.07	)		0.14
Less dividends and distributions:
From net investment income		—			(0.17	)		(0.10	)
From net realized gain on investments		—			—			(0.00	)‡
Total dividends and distributions		—			(0.17	)		(0.10	)
Net asset value at end of period	$	10.39		$	9.80		$	10.04
Total investment return (b)		6.02	%(c)		(0.67	%)		1.42	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.85	%††		2.67	%		1.92	%††
Net expenses (d)		0.30	%††		0.31	%		0.37	%††
Portfolio turnover rate (e)		29	%		143	%		104	%(f)
Net assets at end of period (in 000’s)	$	325,690		$	362,545		$	140,759

* Unaudited.

** Inception date.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) The portfolio turnover rate not including mortgage dollar rolls were 24%, 104% and 59% for the six months ended June 30, 2019 and for the year ended December 31, 2018 and for the period ended December 31, 2017, respectively.

(f) Portfolio turnover rate is not annualized.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Financial Highlightsselected per share data and ratios

Service Class	Six months ended June 30, 2019*			Year ended December 31, 2018			May 1, 2017** through December 31, 2017
Net asset value at beginning of period	$	9.78		$	10.03		$	10.00
Net investment income (loss) (a)		0.13			0.24			0.12
Net realized and unrealized gain (loss) on investments		0.44			(0.33	)		0.00	‡
Total from investment operations		0.57			(0.09	)		0.12
Less dividends and distributions:
From net investment income		—			(0.16	)		(0.09	)
From net realized gain on investments		—			—			(0.00	)‡
Total dividends and distributions		—			(0.16	)		(0.09	)
Net asset value at end of period	$	10.35		$	9.78		$	10.03
Total investment return (b)		5.83	%(c)		(0.92	%)		1.26	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.58	%††		2.48	%		1.70	%††
Net expenses (d)		0.55	%††		0.56	%		0.62	%††
Portfolio turnover rate (e)		29	%		143	%		104	%(f)
Net assets at end of period (in 000’s)	$	77,351		$	36,560		$	3,424

* Unaudited.

** Inception date.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) The portfolio turnover rate not including mortgage dollar rolls were 24%, 104% and 59% for the six months ended June 30, 2019 and for the year ended December 31, 2018 and for the period ended December 31, 2017, respectively.

(f) Portfolio turnover rate is not annualized.

26 MainStay VP Indexed Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Indexed Bond Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on May 1, 2017. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek investment results that correspond to the total return performance of fixed-income securities in the aggregate, as represented by the Portfolio’s primary benchmark index.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

27

Notes to Financial Statements(Unaudited) (continued)

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Exchange-traded funds (“ETFs”) are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor to be representative of market values, at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized

28 MainStay VP Indexed Bond Portfolio

cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of

the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased, other thanShort-Term Investments, for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETFs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of

29

Notes to Financial Statements(Unaudited) (continued)

default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, repurchase agreements are shown in the Portfolio of Investments.

(H)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, open futures contracts are shown in the Portfolio of Investments.

(I)  Dollar Rolls.  The Portfolio may enter into dollar roll transactions in which it sells mortgage-backed securities (“MBS”) from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. The Portfolio generally transfers MBS where the MBS are “to be announced,” therefore, the Portfolio accounts for these transactions as purchases and sales.

When accounted for as purchase and sales, the securities sold in connection with the dollar rolls are removed from the portfolio and a realized gain or loss is recognized. The securities the Portfolio has agreed to acquire are included at market value in the Portfolio of Investments and liabilities for such purchase commitments are included as payables for investments purchased. During the roll period, the Portfolio foregoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the forward price for the future as well as by the earnings on the cash proceeds of the initial sale. Dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolio maintains liquid assets from its portfolio having a value not less than the repurchase price, including accrued interest. Dollar roll transactions involve certain risks, including the risk that the securities returned to the Portfolio at the end of the roll period, while substantially similar, could be inferior to what was initially sold to the counterparty.

The Portfolio accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss).

(J)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $1,257,411 and received cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $1,282,790.

(K)  Securities Risk.  The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

30 MainStay VP Indexed Bond Portfolio

Investments in the Portfolio are not guaranteed, even though some of the Portfolio’s underlying investments are guaranteed by the U.S. government or its agencies or instrumentalities. The principal risk of mortgage-related and asset-backed securities is that the underlying debt may be prepaid ahead of schedule, if interest rates fall, thereby reducing the value of the Portfolio’s investment. If interest rates rise, less of the debt may be prepaid and the Portfolio may lose money because the Portfolio may be unable to invest in higher yielding assets. The Portfolio is subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner.

The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(L)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(M)  Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. The Portfolio entered into futures contracts in order to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of the Portfolio’s securities as well as help manage the duration and yield curve of the portfolio. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of June 30, 2019:

Asset Derivatives

	Statement of Assets and Liabilities Location	Interest Rate Contracts Risk		Total
Futures Contracts	Net Assets—Net unrealized appreciation on investments and futures contracts (a)	$	484,330	$	484,330
Total Fair Value		$	484,330	$	484,330

Liability Derivatives

	Statement of Assets and Liabilities Location	Interest Rate Contracts Risk			Total
Futures Contracts	Net Assets—Net unrealized depreciation on investments and futures contracts (a)	$	(142,348	)	$	(142,348	)
Total Fair Value		$	(142,348	)	$	(142,348	)

(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.

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Realized Gain (Loss)

	Statement of Operations Location	Interest Rate Contracts Risk		Total
Futures Contracts	Net realized gain (loss) on futures transactions	$	401,772	$	401,772
Total Realized Gain (Loss)		$	401,772	$	401,772

Change in Unrealized Appreciation (Depreciation)

	Statement of Operations Location	Interest Rate Contracts Risk		Total
Futures Contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$	222,011	$	222,011
Total Change in Unrealized Appreciation (Depreciation)		$	222,011	$	222,011

Average Notional Amount

	Interest Rate Contracts Risk			Total
Futures Contracts Long	$	23,598,521		$	23,598,521
Futures Contracts Short	$	(5,810,932	)	$	(5,810,932	)

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and

31

Notes to Financial Statements(Unaudited) (continued)

accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. NYL Investors LLC (“NYL Investors” or “Subadvisor”), a registered investment adviser and a direct,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and NYL Investors LLC, New York Life Investments pays for the services of the Subadvisor.

Under the Management Agreement, the Portfolio pays the Manager a monthly fee for the services performed and the facilities furnished at an annual rate of the Portfolio’s average daily net assets as follows: 0.25% up to $1 billion and 0.20% in excess of $1 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.25%.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Portfolio Operating Expenses (excludes taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) do not exceed the following percentages of average daily net assets: Initial Class, 0.375%; and Service Class, 0.625%. This agreement expires on May 1, 2020, and may only be amended or terminated prior to that date by action of the Board.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $492,165, and paid the Subadvisor in the amount of $246,083.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class

shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	390,317,378	$	14,657,286	$	(425,383	)	$	14,231,903

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$6,751,774	$—

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the

32 MainStay VP Indexed Bond Portfolio

six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of U.S. government securities were $94,948 and $103,232, respectively. Purchases and sales of securities, other than U.S. government securities andshort-term securities, were $19,183 and $21,254, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		259,549		$	2,638,364
Shares redeemed		(5,902,067	)		(59,259,857	)
Net increase (decrease)		(5,642,518	)	$	(56,621,493	)
Year ended December 31, 2018:
Shares sold		34,397,047		$	337,614,813
Shares issued to shareholders in reinvestment of dividends and distributions		631,924			6,178,249
Shares redeemed		(12,061,248	)		(118,666,105	)
Net increase (decrease)		22,967,723		$	225,126,957
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		4,099,328		$	41,083,926
Shares redeemed		(366,805	)		(3,650,089	)
Net increase (decrease)		3,732,523		$	37,433,837
Year ended December 31, 2018:
Shares sold		3,576,641		$	35,080,816
Shares issued to shareholders in reinvestment of dividends and distributions		58,798			573,525
Shares redeemed		(237,940	)		(2,330,524	)
Net increase (decrease)		3,397,499		$	33,323,817

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

33

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

34 MainStay VP Indexed Bond Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781627 MSVPIN10-08/19 (NYLIAC) NI555

MainStay VP Janus Henderson Balanced Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	12
Financial Statements	23
Notes to Financial Statements	28
Proxy Voting Policies and Procedures and Proxy Voting Record	35
Shareholder Reports and Quarterly Portfolio Disclosure	35

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors. current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Since Inception			Gross Expense Ratio2
Initial Class Shares	2/17/2012		12.99	%		10.02	%		7.93	%		9.49	%		0.58	%
Service Class Shares	2/17/2012		12.85			9.74			7.66			9.22			0.83

Benchmark Performance	Six Months			One Year			Five Years			Since Inception
S&P 500® Index3		18.54	%		10.42	%		10.71	%		13.38	%
Bloomberg Barclays U.S. Aggregate Bond Index4		6.11			7.87			2.95			2.75
Janus Balanced Composite Index5		13.01			9.75			7.36			8.66
Morningstar Allocation—50% to 70% Equity Category Average6		12.21			5.73			5.04			6.90

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The S&P 500^® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. “S&P 500^®” Index is a trademark of The McGraw-Hill Companies, Inc. The S&P 500^® Index is widely regarded as the standard index for measuringlarge-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 Portfolio has selected the Bloomberg Barclays U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market,

including Treasurys, government-related and corporate securities,mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. 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 Barclays U.S. Aggregate Bond Index (45% weighted). Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. The Morningstar Allocation—50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

5

Cost in Dollars of a $1,000 Investment in MainStay VP Janus Henderson Balanced Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,129.90	$	3.06	$	1,021.92	$	2.91	0.58%
Service Class Shares	$	1,000.00	$	1,128.50	$	4.38	$	1,020.68	$	4.16	0.83%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP Janus Henderson Balanced Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 12 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings or Issuers Held as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. Federal National Mortgage Association (Mortgage Pass-Through Securities), 3.00%–6.00%, due 2/1/37–2/1/57

2. United States Treasury Notes, 2.00%–3.125%, due 4/30/20–5/15/29

3. Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities), 3.00%–6.00%, due 5/1/38–1/1/49

4. Microsoft Corp.

5. United States Treasury Bonds, 2.25%–3.375%, due 8/15/46–5/15/49

  6. Mastercard, Inc.

  7. Boeing Co

  8. Alphabet, Inc., Class C

  9. McDonald’s Corp.

10. Apple, Inc.

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Jeremiah Buckley, CFA, E. Marc Pinto, CFA, Mayur Saigal and Darrell Watters of Janus Capital Management LLC (“Janus Capital”), the Portfolio’s Subadvisor.

How did MainStay VP Janus Henderson Balanced Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP Janus Henderson Balanced Portfolio returned 12.99% for Initial Class shares and 12.85% for Service Class shares. Over the same period, both share classes underperformed the 18.54% return of the S&P 500^® Index, which is the Portfolio’s primary benchmark, and outperformed the 6.11% return of the Bloomberg Barclays U.S. Aggregate Bond Index, which is a secondary benchmark of the Portfolio. For the six months ended June 30, 2019, both share classes underperformed the 13.01% return of the Janus Balanced Composite Index, which is an additional benchmark of the Portfolio, and outperformed the 12.21% return of the Morningstar Allocation—50% to 70% Equity Category Average.¹

What factors affected the Portfolio’s relative performance during the reporting period?

Equities outperformed fixed-income securities during the reporting period. The equity portion of the Portfolio modestly underperformed its benchmark, the S&P 500^® Index. Security selection in the health care, industrials and consumer staples sectors detracted from relative results. Security selection in the financials and information technology sectors aided relative results. Positioning in the energy sector also contributed positively to relative performance. (Contributions take weightings and total returns into account.)

The security selection issues mentioned above also undermined the Portfolio performance relative to the Janus Balanced Composite Index, which is a blended benchmark of the S&P 500^® Index (55%) and the Bloomberg Barclays U.S. Aggregate Bond Index (45%). However, the Portfolio’s overweight exposure to equity securities compared to the Janus Balanced Composite Index contributed positively to relative performance. During the reporting period, 59% of the equity portion of the Portfolio was invested in stocks on average (based onmonth-end data), and the equity weighting as of June 30, 2019 stood at approximately 60%. The Portfolio’s equity allocation may vary based on market conditions. The Portfolio’s equity allocation during the reporting period reflected our belief that equities offered greater risk-adjusted opportunities than fixed-income securities throughout the reporting period.

The fixed-income portion of the Portfolio outperformed its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Portfolio’s Treasury positioning was a strong contributor to relative results as a bias to long-dated Treasury bonds performed well during the second half of the reporting period. As

spreads² tightened, an allocation to investment-grade corporate credit and anout-of-index allocation to high-yield bonds further benefited relative performance. A small balance in cash and exposure to floating-rate securities, including commercial mortgage obligations and asset-backed securities, detracted from the Portfolio’s relative performance.

During the reporting period, which sectors were the strongest positive contributors to relative performance in the equity portion of Portfolio and which sectors were particularly weak?

In the equity portion of the Portfolio, strong stock selection and overweight positioning made the information technology sector the top contributor to the Portfolio’s performance relative to the S&P 500^® Index. Stock selection made financials the second-strongest contributing sector. Stock selection and underweight exposure to energy made it the third-strongest contributing sector.

Stock selection detracted from performance in the health care sector, making it the weakest contributor to the relative returns of the equity portion of the Portfolio. Stock selection and overweight exposure to the consumer staples sector made it the second weakest contributor. The industrials sector also detracted from relative performance, largely because of stock selection.

During the reporting period, which individual stocks made the strongest positive contributions to the absolute performance of the equity portion of the Portfolio and which individual stocks detracted the most?

In the equity portion of the Portfolio, multinational technology company Microsoft was the strongest positive contributor to absolute performance. The company’s Azure cloud platform and subscription-based Office 365 suite continued to grow, and the demand outlook for these products remained robust.

Multinational financial services corporation Mastercard was another strong positive contributor to the absolute performance of the equity portion of the Portfolio. Mastercard grew faster than its competition and benefited from smart acquisitions and its fixed-cost business model, which resulted in high incremental margins. It also benefited along with other payments companies as credit cards and electronic payments grew in popularity among consumers and businesses globally.

Membership-only warehouse club Costco also provided a strong positive contribution to the absolute performance of the equity portion of the Portfolio. Costco continued to grow its grocery business and expand its organics line. In our opinion, the

1. See page 5 for more information on benchmark and peer group returns.

2. The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

8 MainStay VP Janus Henderson Balanced Portfolio

retailer is well positioned from a competitive standpoint to take market share.

Biopharmaceuticals company AbbVie was the weakest contributor to absolute performance of the equity portion of the Portfolio during the reporting period, and its stock produced negative returns. Early in the reporting period, the company reported decliningnon-U.S. sales for its blockbuster rheumatoid arthritis drug, Humira, which now faces biosimilar competition in Europe. Further weighing on the name were uncertainties pertaining to changes to the management team and concern about whether the company’s pipeline could help replace some of the lost Humira sales. In the latter half of the reporting period, political rhetoric around pharmaceutical drug prices and Democratic candidate proposals of health care for all pressured health care names across the board. We trimmed the Portfolio’s position in AbbVie during the reporting period, and we arere-evaluating the Portfolio’s overall health care exposure amid the sector’s recent uncertainties.

Supermarket chain Kroger was another weak contributor to absolute performance during the reporting period, and its stock generated negative returns. The company’s three-year “Restock Kroger” plan, designed to improve shareholder value, got off to a slower-than-expected start. Doubts about the eventual costs of Kroger’s investments in its omnichannel shopping initiatives andin-store grocery pickup also raised concerns over the company’s ability to meet its operating targets and return value to shareholders. Given these factors, along with heightened competition from Amazon and Walmart in the grocer arena, we trimmed the Portfolio’s exposure to Kroger during the reporting period and continue to review our position.

Pharmaceutical company Bristol-Myers Squibb was also a weak contributor to absolute performance, and its stock generated negative returns. During the reporting period, the company announced it would acquire Celgene for $74 billion. Investors became concerned about the premium Bristol-Myers Squibb was paying for Celgene given the product-related challenges the latter faced. We added to the Portfolio’s position in the belief that the deal should help expand Bristol-Myers’ pipeline and create cost synergies.

Did the equity portion of the Portfolio make any significant purchases or sales during the reporting period?

The equity portion of the Portfolio initiated a position in media and entertainment company The Walt Disney Company during the reporting period. The company launched Disney+, adirect-to-consumer app and streaming service, which was unveiled with stronger content at a more attractive price point than investors were anticipating. Disney also continued to benefit from reinvestment into its parks, both in and outside the United States, and Disney Studios announced a strong movie

lineup for the coming year. We appreciate the company’s solid core business and, looking ahead, believe Disney+ may present a sizable revenue opportunity.

During the reporting period, the equity portion of the Portfolio also initiated a position in online retailer Amazon.com. In addition to its diverse product offering, Amazon offers personalized shopping services,web-based credit card payment and direct shipping to customers. We believe the company’s competitive advantages of alow-overhead cost structure—allowing for an aggressive pricing structure and faster shipping—should continue to cause consumers to shift an increasing amount of their general merchandise spending toward Amazon. Given that more than 90% of retail sales are still sold offline, we believe Amazon has significant opportunities ahead, particularly as they expand into new business lines and geographies.

During the reporting period, the equity portion of the Portfolio sold its position in pharmaceutical company Allergan. The company had struggled to divest itslow-return assets, negatively affecting management’s credibility. Political rhetoric around pharmaceutical drug prices and Democratic candidate proposals of health care for all further pressured the stock, leading us to exit the position.

The equity portion of the Portfolio also sold its position in energy exploration and production company Anadarko. The stock rose sharply when Chevron bid for the company early in the reporting period, and again when Occidental Petroleum started a bidding war. We exited the position after realizing these gains.

How did sector weightings change in the equity portion of the Portfolio during the reporting period?

During the reporting period, the equity portion of the Portfolio increased its exposure to real estate, information technology and communication services. Over the same period, the equity portion of the Portfolio decreased its exposure to health care, consumer staples and materials.

How was the equity portion of the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the most substantially overweight sector relative to the S&P 500^® Index in the equity portion of the Portfolio was industrials, followed by information technology. As of the same date, the most substantially underweight sector relative to the Index in the equity portion of the Portfolio was energy, followed by health care. As of June 30, 2019, the equity portion of the Portfolio did not hold any utilities stocks.

9

What was the duration³ strategy of the fixed-income portion of the Portfolio during the reporting period?

As of June 30, 2019, the duration of the fixed-income portion of the Portfolio was 6.38 years, as compared with 5.69 years for the Bloomberg Barclays U.S. Aggregate Bond Index. We increased duration during the second half of the reporting period, largely by shifting into longer-dated Treasury securities. This helped to balance the risk from the increases made to the Portfolio’s corporate credit allocation. We expect lower Treasury yields and a relatively flat yield curve⁴ as U.S. yields remain attractive versus their global peers.

Overall, duration positioning was a modest positive contributor to the performance of the fixed-income portion of the Portfolio relative to the Bloomberg Barclays U.S. Aggregate Bond Index. The Portfolio’s increased duration was largely driven by a bias to longer-dated Treasury bonds, which helped the fixed-income portion of the Portfolio to outperform the Index during the rally in rates.

What specific factors, risks or market forces prompted significant decisions for the fixed-income portion of the Portfolio during the reporting period?

Citing global economic uncertainties, the U.S. Federal Reserve (the “Fed”) pivoted during the reporting period to a more accommodative stance toward interest rates. The tailwind we expected from the Fed’s dovish shift and its subsequent pledge to “act as appropriate” to sustain the economic expansion led us to increase the U.S.-based corporate credit allocation of the fixed-income portion of the Portfolio. Our expectation for limited net new issuance coupled with strong demand amid investors’ search for yield also contributed to our decision to raise the Portfolio’s corporate credit allocation off a multi-year low. While we added selectively to what we believed were higher-quality business models in high-yield securities, the increase was primarily in the investment-grade sector. We trimmed the Portfolio’s Treasury exposure during the reporting period but increased longer-dated Treasury exposure to extend duration and help to balance the risk from our corporate credit allocation. We also reduced the Portfolio’s exposure to floating-rate securities, including positions in certain asset-backed securities, commercial mortgage-backed securities and bank loans, because we believed that the Fed’s next move would likely be a rate cut.

During the reporting period, which market segments made the strongest positive contributions to the performance of the fixed-income portion of the Portfolio and which market segments were particularly weak?

Relative to the Bloomberg Barclays U.S. Aggregate Bond Index, the bias maintained by the fixed-income portion of the Portfolio toward longer-dated Treasuries contributed positively to performance as rates rallied. Security selection in investment-grade corporates, the strongest-performing benchmark sector, also bolstered the relative results of the fixed-income portion of the Portfolio. Anout-of-index allocation to high-yield corporate bonds contributed additionally to relative performance during the spread-tightening environment.

A modest cash balance detracted from relative performance of the fixed-income portion of the Portfolio as“risk-on” sentiment rose during the reporting period. Allocations tofront-end and floating-rate collateralized mortgage obligations, asset-backed securities and collateralized loan obligations also detracted from relative performance, largely due to their lack of duration.

Did the fixed-income portion of the Portfolio make any significant purchases or sales during the reporting period?

The fixed-income portion of the Portfolio added materially to its holdings in the food and beverage sector. Specifically, we established positions in The Kraft Heinz Company, Anheuser-Busch, Mars, Keurig Dr Pepper and JBS USA. We maintained an overall positive view of the food and beverage sector on a combination of valuations (which we felt reasonably reflected the challenges posed from a generational shift in consumer habits), improving fundamentals (as the worst of the consolidation activity was likely behind us) and the fact that the majority of companies in the sector were looking to reduce debt levels. Further, we believe that in the event of an economic downturn, the steady cash flow of these consumer staples is not likely to be affected.

As we sought to maintain diversification within the fixed-income portion of the Portfolio, we looked for attractively valued asset-backed (ABS) securities tied to the strength of the consumer and established a position in Jack in the Box. Jack in the Box is the fifth-largest quick service restaurant player in the United States, and the fixed-income portion of the Portfolio participated in its inaugural ABS securitization, which we felt came at an attractive valuation. With the sale of the company’s Qdoba business in the rear-view mirror, Jack in the Box management claims the chain is on a strategic path to growth.

3. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

4. The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting.

10 MainStay VP Janus Henderson Balanced Portfolio

Regarding significant sales, as mentioned earlier, the fixed-income portion of the Portfolio reduced its exposure to floating-rate bank loans, asset-backed securities and commercial mortgage-backed securities throughout the reporting period as it became apparent to us that that the end of the Fed’s rate-hiking cycle was approaching.

During the reporting period, how did sector (or industry) weightings change in the fixed-income portion of the Portfolio?

In terms of industry areas, the fixed-income portion of the Portfolio increased its exposure to banking and food and beverage during the reporting period. The fixed-income portion of the Portfolio decreased its exposure to health insurance and brokerage, asset managers and exchanges during the same period.

How was the fixed-income portion of the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the fixed-income portion of the Portfolio held underweight exposure to Treasury securities, U.S. mortgage-backed securities and commercial mortgage-backed securities relative to the Bloomberg Barclays U.S. Aggregate Bond Index. As of the same date, the fixed-income portion of the Portfolio held overweight exposure to corporate credit and asset-backed securities. As of June 30, 2019, the fixed-income portion of the Portfolio heldout-of-index positions in high-yield corporate credit, collateralized mortgage obligations and cash. The fixed-income portion of the Portfolio ended the period with no exposure to government-related securities.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

11

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 39.6%† Asset-Backed Securities 1.0%
Automobile Asset-Backed Securities 0.5%
Credit Acceptance Auto Loan Series 2018-2A, Class B 3.94%, due 7/15/27 (a)	$	387,000	$	398,495
Drive Auto Receivables Trust
Series 2019-1, Class D 4.09%, due 6/15/26		175,000		181,107
Series 2017-AA, Class D 4.16%, due 5/15/24 (a)		415,000		422,130
Series 2017-1, Class E 5.17%, due 9/16/24		1,590,000		1,652,207
Series 2017-2, Class E 5.27%, due 11/15/24		1,400,000		1,455,273
OneMain Direct Auto Receivables Trust (a)
Series 2018-1A, Class C 3.85%, due 10/14/25		181,000		185,117
Series 2018-1A, Class D 4.40%, due 1/14/28		180,000		185,546
Santander Drive Auto Receivables Trust  Series 2016-3, Class E 4.29%, due 2/15/24		1,868,000		1,903,268
				6,383,143
Other Asset-Backed Securities 0.5%
Applebee’s Funding LLC / IHOP Funding LLC (a)
Series 2019-1A, Class A2I 4.194%, due 6/7/49		798,000		806,399
Series 2019-1A, Class A2II 4.723%, due 6/7/49		358,000		362,851
DB Master Finance LLC (a)
Series 2019-1A, Class A2I 3.787%, due 5/20/49		468,000		477,978
Series 2019-1A, Class A2II 4.021%, due 5/20/49		189,000		194,538
Series 2019-1A, Class A23 4.352%, due 5/20/49		374,000		386,649
Domino’s Pizza Master Issuer LLC (a)
Series 2017-1A, Class A2II 3.082%, due 7/25/47		159,165		159,405
Series 2018-1A, Class A2I 4.116%, due 7/25/48		216,810		223,273
Jack In The Box Funding LLC
3.982%, due 8/25/49		991,000		909,436
4.476%, due 8/25/49		991,000		885,822
4.97%, due 8/25/49		991,000		883,113

	Principal Amount		Value
Other Asset-Backed Securities (continued)
Wendy’s Funding LLC Series 2018-1A, Class A2I 3.573%, due 3/15/48 (a)	$	299,440	$	301,159
				5,590,623
Total Asset-Backed Securities (Cost $12,116,930)				11,973,766
Corporate Bonds 18.2%
Aerospace & Defense 0.2%
Boeing Co.
2.25%, due 6/15/26		144,000		140,223
3.20%, due 3/1/29		1,030,000		1,066,470
3.25%, due 3/1/28		178,000		184,653
3.60%, due 5/1/34		1,195,000		1,246,028
				2,637,374
Auto Manufacturers 0.5%
Ford Motor Credit Co. LLC
3.815%, due 11/2/27 (b)		1,066,000		1,019,147
4.389%, due 1/8/26		1,500,000		1,507,811
5.113%, due 5/3/29		1,243,000		1,269,424
General Motors Co. 5.00%, due 10/1/28		949,000		996,667
General Motors Financial Co., Inc.
4.30%, due 7/13/25		223,000		229,856
4.35%, due 4/9/25		726,000		748,931
4.35%, due 1/17/27		437,000		445,142
				6,216,978
Banks 2.6%
Bank of America Corp. (c)
3.705%, due 4/24/28		3,883,000		4,079,876
3.97%, due 3/5/29		949,000		1,014,301
3.974%, due 2/7/30		1,292,000		1,384,897
Bank of Montreal 3.30%, due 2/5/24		1,275,000		1,322,475
Citigroup, Inc. 3.887%, due 1/10/28 (c)		4,770,000		5,046,503
Citizens Financial Group, Inc.
3.75%, due 7/1/24		264,000		268,223
4.30%, due 12/3/25		684,000		723,699
4.35%, due 8/1/25		203,000		213,091
First Republic Bank 4.625%, due 2/13/47		594,000		639,433
Goldman Sachs Capital I 6.345%, due 2/15/34		1,744,000		2,192,260
JPMorgan Chase & Co. (c)
3.702%, due 5/6/30		1,224,000		1,290,549
3.782%, due 2/1/28		1,422,000		1,507,477
3.96%, due 1/29/27		2,044,000		2,186,462
4.452%, due 12/5/29		3,823,000		4,262,789

12 MainStay VP Janus Henderson Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Banks (continued)
Morgan Stanley
3.95%, due 4/23/27	$	1,909,000	$	1,996,764
4.35%, due 9/8/26		1,128,000		1,209,584
4.431%, due 1/23/30 (c)		2,171,000		2,401,690
				31,740,073
Beverages 0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, due 1/23/25		2,345,000		2,540,159
4.75%, due 1/23/29		1,116,000		1,266,890
Keurig Dr Pepper, Inc.
4.597%, due 5/25/28		1,145,000		1,253,542
5.085%, due 5/25/48		459,000		511,064
				5,571,655
Building Materials 0.0%‡
Masonite International Corp. 5.625%, due 3/15/23 (a)		271,000		279,130
Chemicals 0.2%
CF Industries, Inc. 4.50%, due 12/1/26 (a)		472,000		490,770
Nutrien, Ltd.
4.20%, due 4/1/29		226,000		244,380
5.00%, due 4/1/49		274,000		310,350
Valvoline, Inc.
4.375%, due 8/15/25		835,000		832,913
5.50%, due 7/15/24		371,000		382,130
				2,260,543
Commercial Services 0.6%
IHS Markit, Ltd. (a)
4.75%, due 2/15/25		924,000		991,082
5.00%, due 11/1/22		119,000		126,081
Service Corp. International 5.125%, due 6/1/29		1,226,000		1,290,365
Total System Services, Inc. 4.80%, due 4/1/26		902,000		989,277
UBM PLC 5.75%, due 11/3/20 (a)		1,145,000		1,185,851
Verisk Analytics, Inc.
4.125%, due 9/12/22		204,000		214,294
5.50%, due 6/15/45		526,000		617,082
5.80%, due 5/1/21		1,527,000		1,619,548
				7,033,580
Communications Equipment 0.1%
CommScope, Inc 5.50%, due 3/1/24 (a)		813,000		834,341

	Principal Amount		Value
Computers 0.3%
Dell International LLC 5.30%, due 10/1/29 (a)	$	615,000	$	648,087
Western Digital Corp. 4.75%, due 2/15/26		3,180,000		3,119,739
				3,767,826
Diversified Financial Services 0.6%
CBOE Global Markets, Inc. 3.65%, due 1/12/27		1,030,000		1,081,297
E*TRADE Financial Corp.
3.80%, due 8/24/27		892,000		898,167
4.50%, due 6/20/28		322,000		338,591
GE Capital International Funding Co. 4.418%, due 11/15/35		1,296,000		1,282,725
Raymond James Financial, Inc.
4.95%, due 7/15/46		985,000		1,111,167
5.625%, due 4/1/24		866,000		979,797
Synchrony Financial
3.95%, due 12/1/27		1,044,000		1,042,796
4.375%, due 3/19/24		250,000		261,785
5.15%, due 3/19/29		971,000		1,046,320
				8,042,645
Electric 1.2%
NRG Energy, Inc.
3.75%, due 6/15/24 (a)		1,258,000		1,292,416
4.45%, due 6/15/29 (a)		1,211,000		1,260,026
5.25%, due 6/15/29 (a)		488,000		520,940
5.75%, due 1/15/28		247,000		264,908
6.625%, due 1/15/27		1,343,000		1,458,834
7.25%, due 5/15/26		1,111,000		1,223,489
Oncor Electric Delivery Co. LLC (a)
2.75%, due 6/1/24		994,000		1,012,579
3.70%, due 11/15/28		797,000		858,291
3.80%, due 6/1/49		1,220,000		1,287,616
PPL WEM, Ltd. / Western Power Distribution, Ltd. 5.375%, due 5/1/21 (a)		756,000		782,566
Southern Co. 2.95%, due 7/1/23		579,000		587,671
Vistra Operations Co. LLC (a)
5.00%, due 7/31/27		1,631,000		1,690,124
5.50%, due 9/1/26		464,000		490,100
5.625%, due 2/15/27		2,506,000		2,653,228
				15,382,788
Electronics 0.4%
Trimble, Inc.
4.75%, due 12/1/24		1,896,000		1,993,453
4.90%, due 6/15/28		2,222,000		2,380,662
				4,374,115

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Entertainment 0.0%‡
GLP Capital, L.P. / GLP Financing II, Inc. 5.375%, due 4/15/26	$	420,000	$	454,209
Food 1.0%
Campbell Soup Co.
3.95%, due 3/15/25		594,000		617,907
4.15%, due 3/15/28		896,000		938,403
4.80%, due 3/15/48 (b)		979,000		990,670
General Mills, Inc. 4.20%, due 4/17/28		1,284,000		1,386,229
JBS USA LLC / JBS USA Finance, Inc. 5.875%, due 7/15/24 (a)		287,000		295,251
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc. 6.50%, due 4/15/29 (a)		225,000		244,406
JBS USA LUX S.A. / JBS USA Finance, Inc. (a)
5.75%, due 6/15/25		516,000		536,640
6.75%, due 2/15/28		159,000		172,714
Kraft Heinz Foods Co.
3.00%, due 6/1/26		2,139,000		2,081,433
4.00%, due 6/15/23		324,000		339,466
4.375%, due 6/1/46		906,000		860,808
4.625%, due 1/30/29		403,000		433,630
5.00%, due 6/4/42		339,000		350,054
Mars, Inc. (a)
2.70%, due 4/1/25		468,000		477,520
3.20%, due 4/1/30		570,000		592,267
3.95%, due 4/1/49		764,000		822,020
4.20%, due 4/1/59		488,000		530,452
Sysco Corp. 2.50%, due 7/15/21		203,000		203,877
				11,873,747
Forest Products & Paper 0.2%
Georgia-Pacific LLC (a)
3.163%, due 11/15/21		1,387,000		1,407,036
3.60%, due 3/1/25		742,000		779,184
				2,186,220
Gas 0.1%
AmeriGas Partners, L.P. / AmeriGas Finance Corp.
5.50%, due 5/20/25		1,619,000		1,703,997
5.625%, due 5/20/24		43,000		45,795
				1,749,792
Health Care—Products 0.1%
Boston Scientific Corp.
3.75%, due 3/1/26		560,000		595,617
4.00%, due 3/1/29		291,000		314,798
4.70%, due 3/1/49		467,000		535,960
				1,446,375

	Principal Amount		Value
Health Care—Services 0.7%
Centene Corp.
4.75%, due 5/15/22	$	64,000	$	65,360
5.375%, due 6/1/26 (a)		1,748,000		1,837,585
6.125%, due 2/15/24		697,000		730,107
Cigna Corp. (a)
3.40%, due 9/17/21		186,000		189,627
3.75%, due 7/15/23		758,000		789,179
HCA, Inc.
4.125%, due 6/15/29		2,868,000		2,948,247
4.50%, due 2/15/27		1,183,000		1,262,097
5.125%, due 6/15/39		509,000		529,217
5.25%, due 6/15/49		741,000		770,425
				9,121,844
Home Builders 0.1%
MDC Holdings, Inc. 5.50%, due 1/15/24		708,000		754,020
Housewares 0.2%
Newell Brands, Inc.
4.20%, due 4/1/26		1,301,000		1,292,975
5.375%, due 4/1/36		1,486,000		1,467,761
				2,760,736
Insurance 0.1%
Brown & Brown, Inc. 4.50%, due 3/15/29		574,000		602,976
Iron & Steel 0.2%
Allegheny Technologies, Inc. 5.95%, due 1/15/21		912,000		937,080
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		719,000		754,927
Steel Dynamics, Inc. 5.50%, due 10/1/24		1,166,000		1,208,267
				2,900,274
Lodging 0.1%
MGM Resorts International
6.625%, due 12/15/21		507,000		547,560
7.75%, due 3/15/22		182,000		202,930
				750,490
Machinery—Diversified 0.0%‡
Wabtec Corp. 3.45%, due 11/15/26		273,000		266,766
Media 1.1%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.908%, due 7/23/25		819,000		889,142
5.05%, due 3/30/29		4,155,000		4,589,788

14 MainStay VP Janus Henderson Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Media (continued)
Comcast Corp.
3.15%, due 3/1/26	$	584,000	$	604,430
4.15%, due 10/15/28		660,000		727,419
4.25%, due 10/15/30		749,000		835,897
4.60%, due 10/15/38		609,000		697,334
4.95%, due 10/15/58		627,000		765,341
CSC Holdings LLC 6.50%, due 2/1/29 (a)		1,509,000		1,646,696
Fox Corp. 4.03%, due 1/25/24 (a)		429,000		456,305
Sirius XM Radio, Inc. 5.50%, due 7/1/29 (a)		977,000		1,001,620
Viacom, Inc. 5.85%, due 9/1/43		1,163,000		1,368,742
				13,582,714
Metal Fabricate & Hardware 0.2%
Novelis Corp. 5.875%, due 9/30/26 (a)		2,309,000		2,337,862
Metals & Mining 0.1%
Hudbay Minerals, Inc. 7.25%, due 1/15/23 (a)		1,248,000		1,285,440
Mining 0.3%
Constellium N.V. 5.75%, due 5/15/24 (a)		1,162,000		1,191,050
Freeport-McMoRan, Inc.
3.55%, due 3/1/22		1,456,000		1,461,460
3.875%, due 3/15/23		1,347,000		1,347,000
				3,999,510
Miscellaneous—Manufacturing 0.1%
General Electric Co. 5.00%, due 1/21/21 (c)(d)		1,662,000		1,602,932
Oil & Gas 0.6%
Cenovus Energy, Inc. 4.25%, due 4/15/27		401,000		415,385
Continental Resources, Inc.
4.50%, due 4/15/23		1,219,000		1,280,781
5.00%, due 9/15/22		1,468,000		1,480,047
Hess Corp. 4.30%, due 4/1/27		2,495,000		2,588,012
HollyFrontier Corp. 5.875%, due 4/1/26		996,000		1,090,794
				6,855,019
Packaging & Containers 0.3%
Ball Corp. 4.375%, due 12/15/20		641,000		655,102

	Principal Amount		Value
Packaging & Containers (continued)
WRKCo, Inc.
3.375%, due 9/15/27	$	80,000	$	80,129
3.75%, due 3/15/25		73,000		75,738
4.00%, due 3/15/28		270,000		280,359
4.65%, due 3/15/26		448,000		487,302
4.90%, due 3/15/29		1,885,000		2,060,799
				3,639,429
Pharmaceuticals 0.9%
Allergan Finance LLC 3.25%, due 10/1/22		721,000		729,946
Allergan Funding SCS
3.45%, due 3/15/22		1,331,000		1,358,971
3.80%, due 3/15/25		857,000		889,371
Allergan, Inc. 2.80%, due 3/15/23		57,000		56,843
Bausch Health Cos., Inc. 7.00%, due 3/15/24 (a)		923,000		980,780
Bristol-Myers Squibb Co. (a)
3.40%, due 7/26/29		513,000		537,081
4.125%, due 6/15/39		370,000		399,013
4.25%, due 10/26/49		636,000		703,034
Elanco Animal Health, Inc.
4.272%, due 8/28/23		450,000		472,302
4.90%, due 8/28/28		420,000		469,062
Eli Lilly & Co. 3.375%, due 3/15/29		2,426,000		2,586,859
GlaxoSmithKline Capital PLC 3.375%, due 6/1/29		1,375,000		1,454,328
Teva Pharmaceutical Finance Co. B.V. 3.65%, due 11/10/21		357,000		343,613
				10,981,203
Pipelines 1.0%
Cheniere Energy Partners, L.P. 5.625%, due 10/1/26 (a)		655,000		691,025
Energy Transfer Operating, L.P.
4.25%, due 3/15/23		600,000		626,350
4.95%, due 6/15/28		116,000		126,825
5.50%, due 6/1/27		401,000		448,249
5.875%, due 1/15/24		541,000		602,222
6.00%, due 6/15/48		1,025,000		1,169,959
6.125%, due 12/15/45		307,000		347,835
EnLink Midstream Partners, L.P. 4.15%, due 6/1/25		1,119,000		1,096,620
EQM Midstream Partners, L.P. 5.50%, due 7/15/28		1,197,000		1,260,004
Kinder Morgan Energy Partners, L.P. 5.00%, due 10/1/21		456,000		478,159
Kinder Morgan, Inc.
4.30%, due 3/1/28		280,000		300,108
5.20%, due 3/1/48		178,000		201,076

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Pipelines (continued)
5.55%, due 6/1/45	$	268,000	$	310,110
6.50%, due 9/15/20 (b)		59,000		61,758
NGPL PipeCo LLC (a)
4.375%, due 8/15/22		991,000		1,020,730
4.875%, due 8/15/27		559,000		591,841
Nustar Logistics, L.P. 5.625%, due 4/28/27		571,000		575,283
Plains All American Pipeline, L.P. / PAA Finance Corp. 4.65%, due 10/15/25		1,312,000		1,399,287
Tallgrass Energy Partners, L.P. / Tallgrass Energy Finance Corp. (a)
4.75%, due 10/1/23		986,000		999,577
5.50%, due 9/15/24		369,000		380,993
				12,688,011
Real Estate 0.1%
Jones Lang LaSalle, Inc. 4.40%, due 11/15/22		903,000		938,994
Real Estate Investment Trusts 0.4%
Crown Castle International Corp.
3.65%, due 9/1/27		548,000		564,327
4.30%, due 2/15/29		636,000		687,258
5.20%, due 2/15/49		708,000		814,472
GLP Capital, L.P. / GLP Financing II, Inc. 5.25%, due 6/1/25		361,000		386,775
Reckson Operating Partnership, L.P. 7.75%, due 3/15/20		1,335,000		1,382,300
Ventas Realty, L.P. 3.50%, due 4/15/24		1,150,000		1,192,611
				5,027,743
Retail 0.6%
AutoZone, Inc. 3.75%, due 4/18/29		984,000		1,023,236
CVS Health Corp.
4.10%, due 3/25/25		1,369,000		1,443,871
4.30%, due 3/25/28		722,000		761,333
4.75%, due 12/1/22		388,000		412,040
5.05%, due 3/25/48		751,000		799,905
Lowe’s Cos., Inc. 3.65%, due 4/5/29		772,000		806,069
O’Reilly Automotive, Inc.
3.60%, due 9/1/27		25,000		25,705
3.90%, due 6/1/29		1,129,000		1,183,970
4.35%, due 6/1/28		192,000		207,595
Starbucks Corp. 4.45%, due 8/15/49		740,000		810,319
				7,474,043

	Principal Amount		Value
Road & Rail 0.3%
Wabtec Corp. (e)
4.40%, due 3/15/24	$	1,014,000	$	1,073,538
4.95%, due 9/15/28		3,019,000		3,237,030
				4,310,568
Semiconductors 0.7%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875%, due 1/15/27		552,000		540,905
Broadcom, Inc. (a)
4.25%, due 4/15/26		734,000		744,919
4.75%, due 4/15/29		988,000		1,014,461
Entegris, Inc. 4.625%, due 2/10/26 (a)		713,000		718,347
Lam Research Corp. 4.00%, due 3/15/29		208,000		221,823
Marvell Technology Group, Ltd.
4.20%, due 6/22/23		440,000		458,207
4.875%, due 6/22/28		1,647,000		1,746,013
Micron Technology, Inc.
4.975%, due 2/6/26		471,000		495,005
5.327%, due 2/6/29		1,204,000		1,276,145
5.50%, due 2/1/25		361,000		371,379
Qorvo, Inc. 5.50%, due 7/15/26		799,000		845,582
				8,432,786
Shipbuilding 0.2%
Huntington Ingalls Industries, Inc. 5.00%, due 11/15/25 (a)		1,782,000		1,844,370
Software 0.1%
Fidelity National Information Services, Inc. 3.75%, due 5/21/29		341,000		362,262
IQVIA, Inc. 5.00%, due 5/15/27 (a)		646,000		666,995
Oracle Corp. 3.90%, due 5/15/35		509,000		551,057
				1,580,314
Telecommunications 1.3%
AT&T, Inc.
3.60%, due 7/15/25		687,000		712,579
4.35%, due 3/1/29		2,157,000		2,323,264
4.50%, due 3/9/48		792,000		809,752
4.75%, due 5/15/46		818,000		863,820
4.85%, due 3/1/39		733,000		786,678
5.15%, due 11/15/46		684,000		756,330
5.25%, due 3/1/37		296,000		332,201
CenturyLink, Inc.
5.80%, due 3/15/22		419,000		436,808
6.45%, due 6/15/21		752,000		795,240

16 MainStay VP Janus Henderson Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Telecommunications (continued)
CommScope, Inc. 6.00%, due 3/1/26 (a)	$	1,342,000	$	1,375,550
T-Mobile USA, Inc. 6.375%, due 3/1/25		1,472,000		1,528,672
Verizon Communications, Inc.
2.625%, due 8/15/26		1,108,000		1,100,809
3.875%, due 2/8/29		379,000		406,524
4.329%, due 9/21/28		2,326,000		2,577,665
4.522%, due 9/15/48		281,000		314,839
4.862%, due 8/21/46		381,000		443,594
5.012%, due 8/21/54		571,000		683,485
				16,247,810
Total Corporate Bonds (Cost $215,478,884)				225,837,245
Loan Assignments 0.1%
Utilities 0.1%
TEX Operations Co. LLC Exit Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 8/4/23 (f)		1,346,264		1,343,530
Total Loan Assignments (Cost $1,349,121)				1,343,530
Mortgage-Backed Securities 1.7%
Agency (Collateralized Mortgage Obligations) 0.3%
Fannie Mae (Collateralized Mortgage Obligations) Series 2018-27, Class EA 3.00%, due 5/25/48		1,249,375		1,267,215
Government National Mortgage Association (f)
REMIC,Series 2019-18, Class QF 2.833% (1 Month LIBOR + 0.45%), due 2/20/49		918,928		920,626
REMIC,Series 2019-18, Class FQ 2.891% (1 Month LIBOR + 0.45%), due 2/20/49		1,044,390		1,046,126
				3,233,967
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.4%
Banc of America Merrill Lynch Large Loan, Inc. Series 2018-DSNY, Class A 3.244% (1 Month LIBOR + 0.85%), due 9/15/34 (a)(f)		566,000		566,148

	Principal Amount		Value
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)
Barclays Commercial Mortgage Securities LLC (a)
Series 2018-TALL, Class A 3.116% (1 Month LIBOR + 0.722%), due 3/15/37 (f)	$	1,457,000	$	1,451,520
Series 2015-SRCH, Class A2 4.197%, due 8/10/35		875,000		962,634
BX Commercial Mortgage Trust  Series 2018-IND, Class A 3.144% (1 Month LIBOR + 0.75%), due 11/15/35 (a)(f)		1,388,732		1,389,872
BXP Trust  Series 2017-GM, Class A 3.379%, due 6/13/39 (a)		396,000		414,675
CSMLT TRUST  Series 2015-2, Class A6 3.50%, due 8/25/45 (a)(g)		417,563		422,487
Wachovia Bank Commercial Mortgage Trust  Series 2007-C34, Class AJ 6.308%, due 5/15/46 (g)		69,158		69,573
Wells Fargo Mortgage Backed Securities Trust  Series 2018-1, Class A17 3.50%, due 7/25/47 (a)(h)		202,884		203,375
				5,480,284
Whole Loan (Collateralized Mortgage Obligations) 1.0%
Angel Oak Mortgage Trust  Series 2018-2, Class A1 3.674%, due 7/27/48 (a)(h)		206,562		209,831
Arroyo Mortgage Trust  Series 2018-1, Class A1 3.763%, due 4/25/48 (a)(h)		355,981		364,539
Fannie Mae Connecticut Avenue Securities (Mortgage Pass-Through Securities) (f)
Series 2018-C01, Class 1M1 3.03% (1 Month LIBOR + 0.60%), due 7/25/30		182,222		182,123
Series 2017-C06, Class 1M1 3.18% (1 Month LIBOR + 0.75%), due 2/25/30		82,340		82,340
Series 2017-C06, Class 2M1 3.18% (1 Month LIBOR + 0.75%), due 2/25/30		65,408		65,444
Series 2018-C05, Class 1M1 3.195% (1 Month LIBOR + 0.72%), due 1/25/31		54,738		54,757

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Mortgage-Backed Securities (continued)
Whole Loan (Collateralized Mortgage Obligations) (continued)
Fannie Mae Connecticut Avenue Securities (Mortgage Pass-Through Securities) (continued)
Series 2017-C03, Class 1M1 3.38% (1 Month LIBOR + 0.95%), due 10/25/29	$	78,556	$	78,762
Series 2017-C02, Class 2M1 3.58% (1 Month LIBOR + 1.15%), due 9/25/29		110,342		110,665
Federal National Mortgage Association Series 2014-C03, Class 1M2 5.43% (1 Month LIBOR + 3.00%), due 7/25/24 (f)		1,139,149		1,194,492
JP Morgan Mortgage Trust  Series 2019-5, Class A11 3.304% (1 Month LIBOR + 0.90%), due 11/25/49 (a)(f)		172,000		172,110
Mello Warehouse Securitization Trust  Series 2018-W1, Class A 3.28% (1 Month LIBOR + 0.85%), due 11/25/51 (a)(f)		1,968,000		1,963,609
New Residential Mortgage Loan Trust  Series 2018-2A, Class A1 4.50%, due 2/25/58 (a)(h)		411,106		431,532
Sequoia Mortgage Trust  Series 2018-7, Class A19 4.00%, due 9/25/48 (a)(h)		242,846		245,436
Station Place Securitization Trust (i)
Series 2018-7, Class A 3.28% (1 Month LIBOR + 0.85%), due 9/24/19 (a)(f)		2,081,818		2,081,818
Series 2019-4, Class A 3.381%, due 6/24/20		1,862,000		1,862,000
Towd Point Asset Funding LLC Series 2019-HE1, Class A1 3.341% (1 Month LIBOR + 0.90%), due 4/25/48 (a)(f)		988,000		984,858
Wells Fargo Mortgage Backed Securities Trust (a)(h)
Series 2019-1, Class A3 4.00%, due 11/25/48		401,561		408,290
Series 2019-2, Class A17 4.00%, due 4/25/49		428,507		435,800
Winwater Mortgage Loan Trust  Series 2015-5, Class A5 3.50%, due 8/20/45 (a)(h)		1,310,088		1,316,951
				12,245,357
Total Mortgage-Backed Securities (Cost $20,796,192)				20,959,608

	Principal Amount		Value
U.S. Government & Federal Agencies 18.6%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 4.0%
3.00%, due 1/1/45	$	361,287	$	367,137
3.00%, due 10/1/46		1,348,417		1,369,157
3.00%, due 12/1/46		2,293,007		2,328,277
3.00%, due 8/1/47		6,766,404		6,882,813
3.50%, due 2/1/43		379,063		393,048
3.50%, due 2/1/44		441,725		457,946
3.50%, due 12/1/44		953,405		990,029
3.50%, due 7/1/46		1,467,079		1,527,829
3.50%, due 10/1/46		1,982,825		2,050,959
3.50%, due 2/1/47		1,228,775		1,270,833
3.50%, due 9/1/47		1,993,447		2,053,572
3.50%, due 11/1/47		654,271		677,030
3.50%, due 12/1/47		2,617,734		2,722,196
3.50%, due 2/1/48		1,021,741		1,055,754
3.50%, due 3/1/48		1,637,854		1,699,062
3.50%, due 4/1/48		107,876		111,556
3.50%, due 8/1/48		1,177,257		1,217,422
3.50%, due 11/1/48		1,520,382		1,572,227
4.00%, due 5/1/46		248,678		260,703
4.00%, due 3/1/47		77,669		81,377
4.00%, due 3/1/48		352,716		369,117
4.00%, due 4/1/48		637,344		665,488
4.00%, due 5/1/48		1,558,465		1,620,893
4.00%, due 6/1/48		404,193		420,171
4.00%, due 8/1/48		9,386,832		9,769,734
4.00%, due 1/1/49		371,638		394,959
4.50%, due 5/1/38		871,134		917,655
4.50%, due 7/1/38		672,914		709,079
4.50%, due 9/1/38		442,890		466,693
4.50%, due 5/1/44		948,704		1,018,071
4.50%, due 3/1/48		837,259		880,292
4.50%, due 8/1/48		399,000		419,445
4.50%, due 9/1/48		1,550,995		1,629,677
4.50%, due 12/1/48		515,498		549,362
5.00%, due 9/1/48		106,579		113,104
6.00%, due 4/1/40		769,718		885,459
				49,918,126
Federal National Mortgage Association (Mortgage Pass-Through Securities) 5.1%
3.00%, due 2/1/43		33,917		34,397
3.00%, due 5/1/43		126,750		128,553
3.00%, due 10/1/45		82,505		83,378
3.00%, due 1/1/46		6,656		6,747
3.00%, due 3/1/46		343,138		347,792
3.00%, due 11/1/46		320,781		326,032
3.00%, due 2/1/47		265,902		271,191
3.00%, due 3/1/47		993,900		1,010,428
3.00%, due 2/1/57		1,107,339		1,116,839

18 MainStay VP Janus Henderson Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)
3.50%, due 10/1/42	$	419,876	$	433,360
3.50%, due 12/1/42		958,840		993,324
3.50%, due 2/1/43		1,404,981		1,455,724
3.50%, due 4/1/43		1,014,017		1,050,503
3.50%, due 11/1/43		482,109		499,478
3.50%, due 4/1/44		602,050		628,537
3.50%, due 2/1/45		1,353,233		1,402,096
3.50%, due 12/1/45		306,169		319,651
3.50%, due 5/1/46		189,367		195,752
3.50%, due 7/1/46		969,206		1,006,998
3.50%, due 8/1/46		3,780,195		3,907,094
3.50%, due 12/1/46		96,196		99,423
3.50%, due 8/1/47		661,718		684,337
3.50%, due 12/1/47		994,371		1,027,891
3.50%, due 1/1/48		902,539		933,176
3.50%, due 3/1/48		292,597		303,215
3.50%, due 4/1/48		1,454,644		1,505,751
3.50%, due 11/1/48		1,154,842		1,204,280
3.50%, due 1/1/49		263,582		272,360
3.50%, due 8/1/56		1,813,022		1,862,660
3.50%, due 2/1/57		1,984,470		2,038,800
4.00%, due 10/1/46		30,979		32,233
4.00%, due 5/1/47		210,024		219,570
4.00%, due 6/1/47		255,265		266,168
4.00%, due 7/1/47		268,764		280,921
4.00%, due 8/1/47		1,611,511		1,683,772
4.00%, due 9/1/47		1,194,922		1,270,901
4.00%, due 10/1/47		903,054		940,823
4.00%, due 11/1/47		1,342,525		1,400,857
4.00%, due 12/1/47		706,297		735,725
4.00%, due 1/1/48		5,530,538		5,774,109
4.00%, due 3/1/48		655,770		687,783
4.00%, due 4/1/48		288,132		305,569
4.00%, due 4/29/48 TBA (j)		10,651,000		11,008,183
4.00%, due 5/1/48		1,374,472		1,428,954
4.00%, due 6/1/48		561,115		582,650
4.00%, due 10/1/48		72,133		75,529
4.00%, due 2/1/49		218,861		226,990
4.50%, due 11/1/38		603,706		635,771
4.50%, due 11/1/42		134,331		144,636
4.50%, due 10/1/44		363,027		394,132
4.50%, due 3/1/45		576,784		626,230
4.50%, due 6/1/45		314,050		336,934
4.50%, due 2/1/46		780,383		837,404
4.50%, due 5/1/47		576,995		616,989
4.50%, due 6/1/47		455,284		484,574
4.50%, due 7/1/47		806,786		856,753
4.50%, due 8/1/47		424,562		449,616
4.50%, due 9/1/47		1,185,905		1,255,892

	Principal Amount		Value
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)
4.50%, due 10/1/47	$	82,823	$	87,677
4.50%, due 11/1/47		266,833		282,580
4.50%, due 3/1/48		980,754		1,035,412
4.50%, due 4/1/48		344,661		366,307
4.50%, due 5/1/48		511,466		542,449
4.50%, due 6/1/48		275,263		291,332
4.50%, due 6/29/48 TBA (j)		1,165,000		1,217,368
4.50%, due 8/1/48		554,372		582,110
5.00%, due 7/1/44		530,195		573,457
6.00%, due 2/1/37		42,811		49,187
				63,737,314
Government National Mortgage Association (Mortgage Pass-Through Securities) 1.2%
3.50%, due 5/20/49		1,271,027		1,299,157
3.50%, due 6/20/49		534,987		546,828
4.00%, due 1/15/45		1,172,796		1,246,363
4.00%, due 7/15/47		1,220,851		1,295,365
4.00%, due 8/15/47		239,422		254,008
4.00%, due 8/20/47		207,574		216,587
4.00%, due 11/15/47		281,380		295,358
4.00%, due 12/15/47		366,574		384,763
4.50%, due 8/15/46		1,204,542		1,297,838
4.50%, due 5/20/48		985,345		1,041,532
4.50%, due 7/29/48 TBA (j)		1,236,000		1,288,325
5.00%, due 7/29/48 TBA (j)		5,079,506		5,309,770
				14,475,894
United States Treasury Bonds 3.2%
2.25%, due 8/15/46		2,564,000		2,422,379
2.75%, due 11/15/47		7,131,000		7,443,260
2.875%, due 5/15/49		17,872,000		19,173,305
3.00%, due 2/15/48		4,495,000		4,924,308
3.00%, due 2/15/49		3,570,000		3,920,864
3.375%, due 11/15/48		1,643,500		1,934,643
				39,818,759
United States Treasury Notes 5.1%
2.00%, due 5/31/24		5,344,000		5,406,834
2.25%, due 4/30/24		1,018,000		1,041,104
2.375%, due 4/30/20		6,635,000		6,654,438
2.375%, due 2/29/24		648,000		666,250
2.375%, due 4/30/26		463,000		478,120
2.375%, due 5/15/29		7,083,000		7,319,561
2.50%, due 1/31/24		554,000		572,178
2.625%, due 12/31/23		8,070,000		8,373,886
2.625%, due 2/15/29		5,424,600		5,720,410
2.75%, due 2/15/28		750,000		797,461
2.875%, due 10/31/23		12,417,300		12,999,846
2.875%, due 11/30/23		841,000		881,276
2.875%, due 11/30/25		9,000		9,559

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
United States Treasury Notes (continued)
2.875%, due 8/15/28	$	3,091,000	$	3,321,618
3.125%, due 11/15/28		8,214,000		9,009,410
				63,251,951
Total U.S. Government & Federal Agencies (Cost $225,137,227)				231,202,044
TotalLong-Term Bonds (Cost $474,878,354)				491,316,193
	Shares
Common Stocks 59.9%
Aerospace & Defense 3.4%
Boeing Co.		70,574		25,689,642
General Dynamics Corp.		94,605		17,201,081
				42,890,723
Air Freight & Logistics 0.5%
United Parcel Service, Inc., Class B		58,408		6,031,794
Airlines 0.6%
Delta Air Lines, Inc.		133,235		7,561,086
Automobiles 0.5%
General Motors Co.		156,518		6,030,639
Banks 2.5%
Bank of America Corp.		291,783		8,461,707
U.S. Bancorp		424,602		22,249,145
				30,710,852
Biotechnology 0.4%
AbbVie, Inc.		72,563		5,276,781
Capital Markets 3.1%
Blackstone Group L.P.		201,915		8,969,064
CME Group, Inc.		59,224		11,495,970
Morgan Stanley		181,733		7,961,723
TD Ameritrade Holding Corp.		206,667		10,316,817
				38,743,574
Chemicals 1.2%
LyondellBasell Industries N.V., Class A		180,329		15,531,737
Consumer Finance 1.6%
American Express Co.		62,760		7,747,094
Synchrony Financial		337,304		11,694,330
				19,441,424

	Shares		Value
Electronic Equipment, Instruments & Components 0.6%
Corning, Inc.		242,844	$	8,069,706
Entertainment 0.9%
Walt Disney Co.		78,052		10,899,181
Equity Real Estate Investment Trusts 1.3%
Crown Castle International Corp.		54,660		7,124,931
MGM Growth Properties LLC, Class A		159,932		4,901,916
OUTFRONT Media, Inc.		147,048		3,792,368
				15,819,215
Food & Staples Retailing 3.1%
Costco Wholesale Corp.		84,449		22,316,493
Kroger Co.		165,590		3,594,959
Sysco Corp.		180,146		12,739,925
				38,651,377
Food Products 0.6%
Hershey Co.		56,554		7,579,933
Health Care Equipment & Supplies 0.9%
Abbott Laboratories		21,456		1,804,449
Medtronic PLC		98,966		9,638,299
				11,442,748
Health Care Providers & Services 1.7%
UnitedHealth Group, Inc.		85,597		20,886,524
Hotels, Restaurants & Leisure 3.3%
Hilton Worldwide Holdings, Inc.		98,892		9,665,704
McDonald’s Corp.		118,313		24,568,878
Norwegian Cruise Line Holdings, Ltd. (k)		71,602		3,840,015
Six Flags Entertainment Corp.		53,978		2,681,627
				40,756,224
Household Products 0.4%
Clorox Co.		35,248		5,396,821
Industrial Conglomerates 0.6%
Honeywell International, Inc.		46,183		8,063,090
Insurance 0.7%
Progressive Corp.		101,187		8,087,877
Interactive Media & Services 2.1%
Alphabet, Inc., Class C (k)		23,833		25,761,328
Internet & Direct Marketing Retail 0.9%
Amazon.com, Inc. (k)		5,681		10,757,712

20 MainStay VP Janus Henderson Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
IT Services 4.2%
Accenture PLC, Class A		87,715	$	16,207,101
Mastercard, Inc.		134,559		35,594,892
				51,801,993
Leisure Products 0.6%
Hasbro, Inc.		69,182		7,311,154
Life Sciences Tools & Services 0.4%
Thermo Fisher Scientific, Inc.		17,152		5,037,199
Machinery 1.4%
Deere & Co.		49,634		8,224,850
Parker-Hannifin Corp.		21,834		3,711,998
Stanley Black & Decker, Inc.		35,814		5,179,063
				17,115,911
Media 1.4%
Comcast Corp., Class A		420,285		17,769,650
Oil, Gas & Consumable Fuels 1.1%
EOG Resources, Inc.		58,994		5,495,881
Suncor Energy, Inc.		280,924		8,758,147
				14,254,028
Personal Products 0.4%
Estee Lauder Cos., Inc., Class A		29,855		5,466,749
Pharmaceuticals 3.2%
Bristol-Myers Squibb Co.		220,042		9,978,905
Eli Lilly & Co.		102,445		11,349,881
Merck & Co., Inc.		223,247		18,719,261
				40,048,047
Real Estate Management & Development 0.5%
CBRE Group, Inc., Class A (k)		114,553		5,876,569
Road & Rail 1.5%
CSX Corp.		234,518		18,144,658
Semiconductors & Semiconductor Equipment 2.9%
Intel Corp.		241,449		11,558,164
Lam Research Corp.		48,041		9,024,021
NVIDIA Corp.		33,660		5,527,982
Texas Instruments, Inc.		85,381		9,798,323
				35,908,490
Software 5.6%
Adobe, Inc. (k)		59,911		17,652,776
Microsoft Corp.		350,225		46,916,141
salesforce.com, Inc. (k)		36,966		5,608,851
				70,177,768

	Shares			Value
Specialty Retail 1.7%
Home Depot, Inc.		99,994		$	20,795,752
Technology Hardware, Storage & Peripherals 1.8%
Apple, Inc.		115,133			22,787,123
Textiles, Apparel & Luxury Goods 0.8%
NIKE, Inc., Class B		120,531			10,118,578
Tobacco 1.5%
Altria Group, Inc.		383,118			18,140,637
Total Common Stocks (Cost $540,165,691)					745,144,652
Short-Term Investments 1.9%
Affiliated Investment Company 1.8%
MainStay U.S. Government Liquidity Fund, 2.03% (l)		22,443,591			22,443,591
Unaffiliated Investment Company 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (l)(m)		1,805,445			1,805,445
TotalShort-Term Investments (Cost $24,249,036)					24,249,036
Total Investments (Cost $1,039,293,081)		101.4	%		1,260,709,881
Other Assets, Less Liabilities		(1.4	)		(17,031,955	)
Net Assets		100.0	%	$	1,243,677,926

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $1,815,828 ; the total market value of collateral held by the Portfolio was $1,859,242. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $53,797 (See Note 2(I)).

(c) Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2019.

(d) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(e) Step coupon—Rate shown was the rate in effect as of June 30, 2019.

(f) Floating rate—Rate shown was the rate in effect as of June 30, 2019.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

(g) Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2019.

(h) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

(i) Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, the total market value of fair valued securities was $3,943,818, which represented 0.3% of the Portfolio’s net assets.

(j) TBA—Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal

amount and maturity date will be determined upon settlement. As of June 30, 2019, the total net market value of these securities was $18,823,646, which represented 1.5% of the Portfolio’s net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.

(k) Non-income producing security.

(l) Current yield as of June 30, 2019.

(m) Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

LIBOR—London Interbank Offered Rate

REMIC—Real Estate Mortgage Investment Conduit

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	—	$	11,973,766	$	—	$	11,973,766
Corporate Bonds		—		225,837,245		—		225,837,245
Loan Assignments		—		1,343,530		—		1,343,530
Mortgage-Backed Securities		—		20,959,608		—		20,959,608
U.S. Government & Federal Agencies		—		231,202,044		—		231,202,044
TotalLong-Term Bonds		—		491,316,193		—		491,316,193
Common Stocks		745,144,652		—		—		745,144,652
Short-Term Investments
Affiliated Investment Company		22,443,591		—		—		22,443,591
Unaffiliated Investment Company		1,805,445		—		—		1,805,445
TotalShort-Term Investments		24,249,036		—		—		24,249,036
Total Investments in Securities	$	769,393,688	$	491,316,193	$	—	$	1,260,709,881

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

22 MainStay VP Janus Henderson Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $1,016,849,490) including securities on loan of $1,815,828	$	1,238,266,290
Investment in affiliated investment company, at value (identified cost $22,443,591)		22,443,591
Cash		55,297
Receivables:
Dividends and interest		4,439,298
Investment securities sold		3,142,957
Portfolio shares sold		610,615
Securities lending		5,044
Other assets		5,680
Total assets		1,268,968,772
Liabilities
Cash collateral received for securities on loan		1,805,445
Payables:
Investment securities purchased		22,016,315
Portfolio shares redeemed		604,550
Manager (See Note 3)		551,642
NYLIFE Distributors (See Note 3)		172,470
Shareholder communication		58,244
Professional fees		48,599
Custodian		19,723
Trustees		1,436
Accrued expenses		12,422
Total liabilities		25,290,846
Net assets	$	1,243,677,926
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	89,891
Additional paid-in capital		912,107,467
		912,197,358
Total distributable earnings (loss)		331,480,568
Net assets	$	1,243,677,926

Initial Class
Net assets applicable to outstanding shares	$	394,155,414
Shares of beneficial interest outstanding		28,351,158
Net asset value per share outstanding	$	13.90
Service Class
Net assets applicable to outstanding shares	$	849,522,512
Shares of beneficial interest outstanding		61,539,495
Net asset value per share outstanding	$	13.80

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest	$	8,457,396
Dividends-unaffiliated (a)		7,692,665
Dividends-affiliated		178,208
Securities lending		78,893
Total income		16,407,162
Expenses
Manager (See Note 3)		3,248,898
Distribution/Service—Service Class (See Note 3)		1,006,733
Professional fees		69,869
Shareholder communication		58,721
Custodian		27,769
Trustees		14,577
Miscellaneous		24,666
Total expenses		4,451,233
Net investment income (loss)		11,955,929
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		14,103,534
Foreign currency transactions		495
Net realized gain (loss) on investments and foreign currency transactions		14,104,029
Net change in unrealized appreciation (depreciation) on unaffiliated investments		117,449,948
Net realized and unrealized gain (loss) on investments and foreign currency transactions		131,553,977
Net increase (decrease) in net assets resulting from operations	$	143,509,906

(a) Dividends recorded net of foreign withholding taxes in the amount of $26,674.

24 MainStay VP Janus Henderson Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	11,955,929		$	20,727,896
Net realized gain (loss) on investments and foreign currency transactions		14,104,029			65,901,744
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		117,449,948			(82,801,060	)
Net increase (decrease) in net assets resulting from operations		143,509,906			3,828,580
Distributions to shareholders:
Initial Class		—			(28,628,702	)
Service Class		—			(54,490,694	)
Total distributions to shareholders		—			(83,119,396	)
Capital share transactions:
Net proceeds from sale of shares		59,754,090			119,357,465
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			83,119,396
Cost of shares redeemed		(79,345,133	)		(151,861,485	)
Increase (decrease) in net assets derived from capital share transactions		(19,591,043	)		50,615,376
Net increase (decrease) in net assets		123,918,863			(28,675,440	)
Net Assets
Beginning of period		1,119,759,063			1,148,434,503
End of period	$	1,243,677,926		$	1,119,759,063

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Initial Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	12.31			$	13.18			$	11.82			$	12.11			$	13.13			$	12.47
Net investment income (loss) (a)			0.14				0.26				0.25				0.22				0.24				0.24
Net realized and unrealized gain (loss) on investments			1.45				(0.14	)			1.89				0.32				(0.17	)			0.84
Net realized and unrealized gain (loss) on foreign currency transactions			0.00	‡			(0.00	)‡			0.00	‡			0.00	‡			(0.00	)‡			(0.00	)‡
Total from investment operations			1.59				0.12				2.14				0.54				0.07				1.08
Less dividends and distributions:
From net investment income			—				(0.25	)			(0.23	)			(0.23	)			(0.25	)			(0.19	)
From net realized gain on investments			—				(0.74	)			(0.55	)			(0.60	)			(0.84	)			(0.23	)
Total dividends and distributions			—				(0.99	)			(0.78	)			(0.83	)			(1.09	)			(0.42	)
Net asset value at end of period		$	13.90			$	12.31			$	13.18			$	11.82			$	12.11			$	13.13
Total investment return (b)			12.92	%(c)			0.42	%			18.35	%			4.70	%			0.70	%			8.68	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			2.18	%††			1.93	%			1.95	%			1.87	%			1.84	%			1.85	%
Net expenses (d)			0.58	%††			0.58	%			0.58	%			0.59	%			0.58	%			0.58	%
Expenses (before waiver/reimbursement) (d)			0.58	%††			0.58	%(e)			0.58	%(e)			0.59	%			0.58	%			0.59	%
Portfolio turnover rate			47	%(f)			132	%(f)			73	%(f)			74	%			76	%			86	%
Net assets at end of period (in 000’s)		$	394,155			$	371,106			$	417,996			$	401,219			$	429,680			$	478,480

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) Expense waiver/reimbursement less than 0.01%.

(f) The portfolio turnover rate not including mortgage dollar rolls were 39%, 103% and 66% for the six months ended June 30, 2019 and for the years ended December 31, 2018 and 2017, respectively.

26 MainStay VP Janus Henderson Balanced Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Service Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	12.24			$	13.11			$	11.77			$	12.06			$	13.08			$	12.44
Net investment income (loss) (a)			0.13				0.22				0.22				0.19				0.21				0.21
Net realized and unrealized gain (loss) on investments			1.43				(0.13	)			1.88				0.32				(0.17	)			0.82
Net realized and unrealized gain (loss) on foreign currency transactions			0.00	‡			(0.00	)‡			0.00	‡			0.00	‡			(0.00	)‡			(0.00	)‡
Total from investment operations			1.56				0.09				2.10				0.51				0.04				1.03
Less dividends and distributions:
From net investment income			—				(0.22	)			(0.21	)			(0.20	)			(0.22	)			(0.16	)
From net realized gain on investments			—				(0.74	)			(0.55	)			(0.60	)			(0.84	)			(0.23	)
Total dividends and distributions			—				(0.96	)			(0.76	)			(0.80	)			(1.06	)			(0.39	)
Net asset value at end of period		$	13.80			$	12.24			$	13.11			$	11.77			$	12.06			$	13.08
Total investment return (b)			12.75	%(c)			0.17	%			18.05	%			4.44	%			0.45	%			8.41	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			1.93	%††			1.69	%			1.70	%			1.62	%			1.60	%			1.61	%
Net expenses (d)			0.83	%††			0.83	%			0.83	%			0.84	%			0.83	%			0.83	%
Expenses (before waiver/reimbursement) (d)			0.83	%††			0.83	%(e)			0.83	%(e)			0.84	%			0.83	%			0.84	%
Portfolio turnover rate			47	%(f)			132	%(f)			73	%(f)			74	%			76	%			86	%
Net assets at end of period (in 000’s)		$	849,523			$	748,653			$	730,439			$	619,849			$	591,626			$	568,868

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) Expense waiver/reimbursement less than 0.01%.

(f) The portfolio turnover rate not including mortgage dollar rolls were 39%, 103% and 66% for the six months ended June 30, 2019 and for the years ended December 31, 2018 and 2017, respectively.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 27

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP Janus Henderson Balanced Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on February 17, 2012. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seeklong-term capital growth, consistent with preservation of capital and balanced by current income.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities

and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

28 MainStay VP Janus Henderson Balanced Portfolio

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted

from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized

29

Notes to Financial Statements(Unaudited) (continued)

cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method and includes any realized gains and losses from repayments of principal on mortgage-backed securities. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on

the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counter-

30 MainStay VP Janus Henderson Balanced Portfolio

party’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(H)  Loan Assignments, Participations and Commitments.  The Portfolio may invest in loan assignments and participations (“loans”). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Portfolio records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the London Interbank Offered Rate (“LIBOR”).

The loans in which the Portfolio may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Portfolio may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Portfolio purchases an assignment from a lender, the Portfolio will generally have direct contractual rights against the borrower in favor of the lender. If the Portfolio purchases a participation interest either from a lender or a participant, the Portfolio typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Portfolio is subject to the credit risk of the lender or participant who sold the participation interest to the Portfolio, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Portfolio may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Portfolio to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities. As of June 30, 2019, the Portfolio did not hold any unfunded commitments.

(I)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in,

the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $1,815,828; the total market value of collateral held by the Portfolio was $1,859,242. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $53,797 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $1,805,445.

(J)  Debt Securities and Loan Risk.  The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

The Portfolio may invest in high-yield debt securities (sometimes called “junk bonds”), which are generally considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These securities pay investors a premium—a higher interest rate or yield than investment grade debt securities—because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

The Portfolio’s investments may include loans which are usually rated below investment grade and are generally considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These investments pay investors a higher interest rate than investment grade debt securities because of the increased risk of loss. Although certain loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In a recession or serious credit event, the value of these investments could decline significantly. As a result, the Portfolio’s NAVs could go down and you could lose money.

In addition, loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Portfolio may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities.

(K)  Foreign Securities Risk.  The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign

31

Notes to Financial Statements(Unaudited) (continued)

governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(L)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. Janus Capital Management LLC (“Janus” or “Subadvisor”), a registered investment adviser and wholly- owned subsidiary of Janus Henderson Group PLC, doing business as Janus Henderson Investors, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and Janus. New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the average daily net assets as follows: 0.55% up to $1 billion; 0.525% from $1 billion to $2 billion; and 0.515% in excess of $2 billion. During the six-month period ended June 30, 2019, the effective management fee rate was 0.55% (exclusive of any applicable waivers/reimbursements).

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $3,248,898, and paid the Subadvisor in the amount of $1,512,854.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	7,540	$	198,937	$	(184,033	)	$	—	$	—	$	22,444	$	178	$	—		22,444

32 MainStay VP Janus Henderson Balanced Portfolio

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	1,044,040,055	$	231,957,083	$	(15,287,257	)	$	216,669,826

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$24,613,607	$58,505,789

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may

participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of U.S. government securities were $310,145 and $383,896, respectively. Purchases and sales of securities, other than U.S. government securities andshort-term securities, were $247,884 and $188,532, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		323,017		$	4,255,504
Shares issued to shareholders in reinvestment of dividends and distributions		—			—
Shares redeemed		(2,126,107	)		(28,248,460	)
Net increase (decrease)		(1,803,090	)	$	(23,992,956	)
Year ended December 31, 2018:
Shares sold		464,139		$	6,111,896
Shares issued to shareholders in reinvestment of dividends and distributions		2,165,990			28,628,702
Shares redeemed		(4,201,707	)		(56,325,618	)
Net increase (decrease)		(1,571,578	)	$	(21,585,020	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		4,210,212		$	55,498,586
Shares issued to shareholders in reinvestment of dividends and distributions		—			—
Shares redeemed		(3,859,045	)		(51,096,673	)
Net increase (decrease)		351,167		$	4,401,913
Year ended December 31, 2018:
Shares sold		8,487,927		$	113,245,569
Shares issued to shareholders in reinvestment of dividends and distributions		4,144,315			54,490,694
Shares redeemed		(7,165,986	)		(95,535,867	)
Net increase (decrease)		5,466,256		$	72,200,396

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after

33

Notes to Financial Statements(Unaudited) (continued)

December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

34 MainStay VP Janus Henderson Balanced Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request, (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

35

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781630 MSVPJB10-08/19 (NYLIAC) NI524    

MainStay VP MacKay S&P 500 Index Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	9
Financial Statements	17
Notes to Financial Statements	21
Proxy Voting Policies and Procedures and Proxy Voting Record	29
Shareholder Reports and Quarterly Portfolio Disclosure	29

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months			One Year			Five Years			Ten Years			Gross Expense Ratio2
Initial Class Shares	1/29/1993		18.44	%		10.26	%		10.44	%		14.40	%		0.16	%
Service Class Shares	6/5/2003		18.29			9.99			10.16			14.11			0.41

Benchmark Performance	Six Months			One Year			Five Years			Ten Years
S&P 500® Index3		18.54	%		10.42	%		10.71	%		14.70	%
Morningstar Large Blend Category Average4		17.21			8.20			8.76	%		13.24

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The S&P 500^® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. “S&P 500^®” Index is a trademark of The McGraw-Hill Companies, Inc. The S&P 500^® Index is widely regarded as the standard index for measuringlarge-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 Morningstar Large Blend Category Average is representative of funds that represent the overall US stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the US 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 US 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay S&P 500 Index Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,184.40	$	0.87	$	1,024.00	$	0.80	0.16%
Service Class Shares	$	1,000.00	$	1,182.90	$	2.22	$	1,022.76	$	2.06	0.41%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP MacKay S&P 500 Index Portfolio

Industry Composition as of June 30, 2019(Unaudited)

Software	6.7	%
Banks	5.4
IT Services	5.2
Interactive Media & Services	4.6
Oil, Gas & Consumable Fuels	4.5
Pharmaceuticals	4.5
Technology Hardware, Storage & Peripherals	3.9
Internet & Direct Marketing Retail	3.7
Semiconductors & Semiconductor Equipment	3.7
Health Care Equipment & Supplies	3.5
Equity Real Estate Investment Trusts	2.9
Capital Markets	2.7
Health Care Providers & Services	2.6
Aerospace & Defense	2.5
Insurance	2.5
Specialty Retail	2.3
Biotechnology	2.1
Chemicals	2.0
Diversified Telecommunication Services	2.0
Electric Utilities	2.0
Entertainment	2.0
Hotels, Restaurants & Leisure	1.9
Beverages	1.8
Diversified Financial Services	1.7
Household Products	1.7
Food & Staples Retailing	1.5
Machinery	1.5
Industrial Conglomerates	1.4
Media	1.4
Communications Equipment	1.2
Food Products	1.1
Life Sciences Tools & Services	1.1
Multi-Utilities	1.1
Road & Rail	1.0

Tobacco	0.8	%
Consumer Finance	0.7
Textiles, Apparel & Luxury Goods	0.7
Air Freight & Logistics	0.5
Electrical Equipment	0.5
Electronic Equipment, Instruments & Components	0.5
Multiline Retail	0.5
Airlines	0.4
Automobiles	0.4
Commercial Services & Supplies	0.4
Containers & Packaging	0.4
Energy Equipment & Services	0.4
Building Products	0.3
Household Durables	0.3
Metals & Mining	0.3
Professional Services	0.3
Personal Products	0.2
Trading Companies & Distributors	0.2
Auto Components	0.1
Construction & Engineering	0.1
Construction Materials	0.1
Distributors	0.1
Health Care Technology	0.1
Independent Power & Renewable Electricity Producers	0.1
Real Estate Management & Development	0.1
Water Utilities	0.1
Diversified Consumer Services	0.0	‡
Gas Utilities	0.0	‡
Leisure Products	0.0	‡
Short-Term Investments	1.7
Other Assets, Less Liabilities	0.0	‡
	100.0	%

See Portfolio of Investments beginning on page 9 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less than one-tenth of a percent.

Top Ten Holdings as of June 30, 2019(excludingshort-term investments) (Unaudited)

1. Microsoft Corp.

2. Apple, Inc.

3. Amazon.com, Inc.

4. Alphabet, Inc.

5. Facebook, Inc., Class A

  6. Berkshire Hathaway, Inc., Class B

  7. Johnson & Johnson

  8. JPMorgan Chase & Co.

  9. Exxon Mobil Corp.

10. Visa, Inc., Class A

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Francis J. Ok and Lee Baker of MacKay Shields LLC, the Portfolio’s Subadvisor.

How did MainStay VP MacKay S&P 500 Index Portfolio perform relative to its benchmark and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay S&P 500 Index Portfolio returned 18.44% for Initial Class shares and 18.29% for Service Class shares. Over the same period, both share classes underperformed the 18.54% return of the S&P 500^® Index, which is the Portfolio’s benchmark. Although the Portfolio seeks investment results that correspond to the total return performance of common stocks in the aggregate as represented by the S&P 500^® Index, the Portfolio’s net performance will typically lag that of the Index because the Portfolio incurs operating expenses that the Index does not. For the six months ended June 30, 2019, both share classes outperformed the 17.21% return of the Morningstar Large Blend Category Average.¹

During the reporting period, how was the Portfolio’s performance materially affected by investments in derivatives?

The Portfolio invests in futures contracts to provide an efficient means of maintaining liquidity while remaining fully invested in the market.

During the reporting period, which S&P 500^® industries had the highest total returns and which industries had the lowest total returns?

The S&P 500^® industries that provided highest total returns during the reporting period included personal products, health care technology and building products. The S&P 500^® industries providing the lowest total returns during the same period included biotechnology, health care providers & services, and independent power & renewable electricity producers.

During the reporting period, which S&P 500^® industries made the strongest positive contributions to the Portfolio’s performance and which industries made the weakest contributions?

The S&P 500^® industries that made the strongest positive contributions to the Portfolio’s performance during the reporting period included software; information technology services; and

technology hardware, storage & peripherals. (Contributions take weightings and total returns into account.) During the same period, the S&P 500^® industries that made the weakest contributions to the Fund’s performance included health care providers & services, biotechnology, and independent power & renewable electricity producers.

During the reporting period, which individual stocks in the S&P 500^® Index had the highest total returns and which individual stocks had the lowest total returns?

During the reporting period, the S&P 500^® stocks that provided the highest total returns included personal products maker Coty, document management systems provider Xerox and restaurant chain operator Chipotle Mexican Grill. During the same period, the S&P 500^® stocks that provided the lowest returns were drug maker Mylan, fashion retailer Nordstrom and apparel retailer The Gap.

During the reporting period, which S&P 500^® stocks made the strongest positive contributions to the Portfolio’s absolute performance and which S&P 500^® stocks made the weakest contributions?

During the reporting period, the strongest positive contributors to the Portfolio’s absolute performance included software company Microsoft, consumer technology maker Apple ande-commerce retailer Amazon.com. During the same period, the weakest contributors to the Portfolio’s absolute performance included biopharmaceutical company AbbVie, pharmaceutical chain CVS Health and health insurance company Cigna.

Were there any changes in the S&P 500^® Index during the reporting period?

During the reporting period, there were 9 additions to and 13 deletions from the S&P 500^® Index. In terms of index weight, significant additions to the S&P 500^® Index included chemicals and consumer products maker Dow and agricultural producer Corteva. Significant deletions included media company Twenty-First Century Fox and communications equipment maker L3 Technologies. The difference between additions and deletions during the reporting period was due to spin offs.

1. See page 5 for more information on benchmark and peer group returns.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

8 MainStay VP MacKay S&P 500 Index Portfolio

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 98.3%†
Aerospace & Defense 2.5%
Arconic, Inc.		35,468	$	915,784
Boeing Co.		46,480		16,919,185
General Dynamics Corp.		24,121		4,385,680
Huntington Ingalls Industries, Inc.		3,691		829,515
L3 Technologies, Inc.		7,057		1,730,165
L3harris Technologies, Inc.		10,494		1,984,730
Lockheed Martin Corp.		21,835		7,937,896
Northrop Grumman Corp.		15,083		4,873,468
Raytheon Co.		24,743		4,302,313
Textron, Inc.		20,676		1,096,655
TransDigm Group, Inc. (a)		4,346		2,102,595
United Technologies Corp.		72,053		9,381,300
				56,459,286	��
Air Freight & Logistics 0.5%
C.H. Robinson Worldwide, Inc.		12,131		1,023,250
Expeditors International of Washington, Inc.		15,278		1,158,989
FedEx Corp.		21,296		3,496,590
United Parcel Service, Inc., Class B		61,961		6,398,713
				12,077,542
Airlines 0.4%
Alaska Air Group, Inc.		10,971		701,157
American Airlines Group, Inc.		35,169		1,146,861
Delta Air Lines, Inc.		52,919		3,003,153
Southwest Airlines Co.		43,416		2,204,664
United Continental Holdings, Inc. (a)		19,634		1,718,957
				8,774,792
Auto Components 0.1%
Aptiv PLC		22,903		1,851,249
BorgWarner, Inc.		18,411		772,894
				2,624,143
Automobiles 0.4%
Ford Motor Co.		348,098		3,561,043
General Motors Co.		117,176		4,514,791
Harley-Davidson, Inc.		14,130		506,278
				8,582,112
Banks 5.4%
Bank of America Corp.		785,494		22,779,326
BB&T Corp.		68,037		3,342,658
Citigroup, Inc.		205,417		14,385,352
Citizens Financial Group, Inc.		40,716		1,439,718
Comerica, Inc.		13,694		994,732
Fifth Third Bancorp		64,593		1,802,145
First Republic Bank		14,637		1,429,303
Huntington Bancshares, Inc.		92,956		1,284,652
JPMorgan Chase & Co.		288,164		32,216,735
KeyCorp		89,567		1,589,814
M&T Bank Corp.		12,136		2,063,970

	Shares		Value
Banks (continued)
People’s United Financial, Inc.		35,032	$	587,837
PNC Financial Services Group, Inc.		40,102		5,505,203
Regions Financial Corp.		90,005		1,344,675
SunTrust Banks, Inc.		39,425		2,477,861
SVB Financial Group (a)		4,648		1,043,894
U.S. Bancorp		132,938		6,965,951
Wells Fargo & Co.		359,311		17,002,596
Zions Bancorp., N.A.		16,217		745,658
				119,002,080
Beverages 1.8%
Brown-Forman Corp., Class B		14,777		819,089
Coca-Cola Co.		341,065		17,367,030
Constellation Brands, Inc., Class A		14,853		2,925,150
Molson Coors Brewing Co., Class B		16,681		934,136
Monster Beverage Corp. (a)		34,766		2,219,114
PepsiCo., Inc.		124,524		16,328,832
				40,593,351
Biotechnology 2.1%
AbbVie, Inc.		131,320		9,549,590
Alexion Pharmaceuticals, Inc. (a)		19,919		2,608,991
Amgen, Inc.		54,181		9,984,475
Biogen, Inc. (a)		17,224		4,028,177
Celgene Corp. (a)		62,649		5,791,273
Gilead Sciences, Inc.		112,952		7,631,037
Incyte Corp. (a)		15,811		1,343,303
Regeneron Pharmaceuticals, Inc. (a)		6,986		2,186,618
Vertex Pharmaceuticals, Inc. (a)		22,751		4,172,078
				47,295,542
Building Products 0.3%
A.O. Smith Corp.		12,537		591,245
Allegion PLC		8,345		922,540
Fortune Brands Home & Security, Inc.		12,425		709,840
Johnson Controls International PLC		70,690		2,920,204
Masco Corp.		26,077		1,023,261
				6,167,090
Capital Markets 2.7%
Affiliated Managers Group, Inc.		4,548		419,053
Ameriprise Financial, Inc.		11,895		1,726,678
Bank of New York Mellon Corp.		78,252		3,454,826
BlackRock, Inc.		10,569		4,960,032
Cboe Global Markets, Inc.		9,923		1,028,320
Charles Schwab Corp.		105,544		4,241,813
CME Group, Inc.		31,799		6,172,504
E*TRADE Financial Corp.		21,735		969,381
Franklin Resources, Inc.		26,150		910,020
Goldman Sachs Group, Inc.		30,223		6,183,626
Intercontinental Exchange, Inc.		50,089		4,304,649
Invesco, Ltd.		35,584		728,049
Marketaxess Holdings, Inc.		3,498		1,124,327

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 9

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Capital Markets (continued)
Moody’s Corp.		14,653	$	2,861,877
Morgan Stanley		113,569		4,975,458
MSCI, Inc.		7,522		1,796,178
Nasdaq, Inc.		10,304		990,936
Northern Trust Corp.		19,336		1,740,240
Raymond James Financial, Inc.		11,224		948,989
S&P Global, Inc.		21,859		4,979,262
State Street Corp.		33,149		1,858,333
T. Rowe Price Group, Inc.		21,006		2,304,568
				58,679,119
Chemicals 2.0%
Air Products & Chemicals, Inc.		19,554		4,426,439
Albemarle Corp.		9,412		662,699
Celanese Corp.		11,247		1,212,427
CF Industries Holdings, Inc.		19,639		917,338
Corteva, Inc. (a)		66,517		1,966,908
Dow, Inc. (a)		66,518		3,280,002
DuPont de Nemours, Inc.		66,516		4,993,356
Eastman Chemical Co.		12,310		958,087
Ecolab, Inc.		22,532		4,448,718
FMC Corp.		11,695		970,100
International Flavors & Fragrances, Inc.		9,004		1,306,390
Linde PLC		48,214		9,681,371
LyondellBasell Industries N.V., Class A		26,975		2,323,357
Mosaic Co.		31,528		789,146
PPG Industries, Inc.		20,973		2,447,759
Sherwin-Williams Co.		7,216		3,307,021
				43,691,118
Commercial Services & Supplies 0.4%
Cintas Corp.		7,524		1,785,370
Copart, Inc. (a)		17,910		1,338,593
Republic Services, Inc.		19,140		1,658,290
Rollins, Inc.		13,092		469,610
Waste Management, Inc.		34,707		4,004,147
				9,256,010
Communications Equipment 1.2%
Arista Networks, Inc. (a)		4,696		1,219,176
Cisco Systems, Inc.		380,259		20,811,575
F5 Networks, Inc. (a)		5,302		772,130
Juniper Networks, Inc.		30,586		814,505
Motorola Solutions, Inc.		14,638		2,440,594
				26,057,980
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		10,193		860,187
Quanta Services, Inc.		12,621		481,996
				1,342,183

	Shares		Value
Construction Materials 0.1%
Martin Marietta Materials, Inc.		5,550	$	1,277,110
Vulcan Materials Co.		11,734		1,611,196
				2,888,306
Consumer Finance 0.7%
American Express Co.		60,828		7,508,608
Capital One Financial Corp.		41,714		3,785,128
Discover Financial Services		28,757		2,231,256
Synchrony Financial		56,334		1,953,100
				15,478,092
Containers & Packaging 0.4%
Amcor PLC (a)		144,179		1,656,617
Avery Dennison Corp.		7,498		867,369
Ball Corp.		29,736		2,081,223
International Paper Co.		35,295		1,528,979
Packaging Corp. of America		8,394		800,116
Sealed Air Corp.		13,831		591,690
WestRock Co.		22,834		832,756
				8,358,750
Distributors 0.1%
Genuine Parts Co.		12,975		1,343,951
LKQ Corp. (a)		27,892		742,206
				2,086,157
Diversified Consumer Services 0.0%‡
H&R Block, Inc.		18,059		529,129
Diversified Financial Services 1.7%
Berkshire Hathaway, Inc., Class B (a)		172,136		36,694,231
Jefferies Financial Group, Inc.		22,508		432,829
				37,127,060
Diversified Telecommunication Services 2.0%
AT&T, Inc.		648,284		21,723,997
CenturyLink, Inc.		85,231		1,002,316
Verizon Communications, Inc.		367,376		20,988,191
				43,714,504
Electric Utilities 2.0%
Alliant Energy Corp.		20,990		1,030,189
American Electric Power Co., Inc.		43,832		3,857,654
Duke Energy Corp.		64,673		5,706,746
Edison International		28,942		1,950,980
Entergy Corp.		16,871		1,736,532
Evergy, Inc.		21,684		1,304,293
Eversource Energy		28,524		2,160,978
Exelon Corp.		86,250		4,134,825
FirstEnergy Corp.		44,848		1,919,943
NextEra Energy, Inc.		42,544		8,715,564
Pinnacle West Capital Corp.		9,973		938,360
PPL Corp.		64,113		1,988,144
Southern Co.		92,458		5,111,078

10 MainStay VP MacKay S&P 500 Index Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Electric Utilities (continued)
Xcel Energy, Inc.		45,718	$	2,719,764
				43,275,050
Electrical Equipment 0.5%
AMETEK, Inc.		20,239		1,838,511
Eaton Corp. PLC		37,584		3,129,995
Emerson Electric Co.		54,596		3,642,645
Rockwell Automation, Inc.		10,514		1,722,509
				10,333,660
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A		26,536		2,545,864
Corning, Inc.		69,710		2,316,463
FLIR Systems, Inc.		12,030		650,823
IPG Photonics Corp. (a)		3,163		487,893
Keysight Technologies, Inc. (a)		16,715		1,501,174
TE Connectivity, Ltd.		29,924		2,866,121
				10,368,338
Energy Equipment & Services 0.4%
Baker Hughes, a GE Co.		45,739		1,126,552
Halliburton Co.		77,635		1,765,420
Helmerich & Payne, Inc.		9,817		496,936
National Oilwell Varco, Inc.		34,282		762,089
Schlumberger, Ltd.		123,041		4,889,649
TechnipFMC PLC		37,414		970,519
				10,011,165
Entertainment 2.0%
Activision Blizzard, Inc.		68,044		3,211,677
Electronic Arts, Inc. (a)		26,351		2,668,302
Netflix, Inc. (a)		38,839		14,266,342
Take-Two Interactive Software, Inc. (a)		9,997		1,134,959
Viacom, Inc., Class B		31,414		938,336
Walt Disney Co.		155,072		21,654,254
				43,873,870
Equity Real Estate Investment Trusts 2.9%
Alexandria Real Estate Equities, Inc.		10,032		1,415,415
American Tower Corp.		39,265		8,027,729
Apartment Investment & Management Co., Class A		13,221		662,637
AvalonBay Communities, Inc.		12,383		2,515,978
Boston Properties, Inc.		13,726		1,770,654
Crown Castle International Corp.		36,931		4,813,956
Digital Realty Trust, Inc.		18,502		2,179,351
Duke Realty Corp.		31,928		1,009,244
Equinix, Inc.		7,468		3,766,038
Equity Residential		32,908		2,498,375
Essex Property Trust, Inc.		5,838		1,704,287
Extra Space Storage, Inc.		11,322		1,201,264
Federal Realty Investment Trust		6,654		856,769

	Shares		Value
Equity Real Estate Investment Trusts (continued)
HCP, Inc.		42,460	$	1,357,871
Host Hotels & Resorts, Inc.		65,814		1,199,131
Iron Mountain, Inc.		25,483		797,618
Kimco Realty Corp.		37,490		692,815
Macerich Co.		9,409		315,107
Mid-America Apartment Communities, Inc.		10,126		1,192,438
Prologis, Inc.		56,033		4,488,243
Public Storage		13,333		3,175,521
Realty Income Corp.		27,965		1,928,746
Regency Centers Corp.		14,844		990,689
SBA Communications Corp. (a)		10,061		2,262,115
Simon Property Group, Inc.		27,448		4,385,093
SL Green Realty Corp.		7,490		601,971
UDR, Inc.		25,032		1,123,686
Ventas, Inc.		32,815		2,242,905
Vornado Realty Trust		15,420		988,422
Welltower, Inc.		35,971		2,932,716
Weyerhaeuser Co.		66,160		1,742,654
				64,839,438
Food & Staples Retailing 1.5%
Costco Wholesale Corp.		39,067		10,323,845
Kroger Co.		71,658		1,555,695
Sysco Corp.		42,004		2,970,523
Walgreens Boots Alliance, Inc.		69,035		3,774,144
Walmart, Inc.		124,257		13,729,156
				32,353,363
Food Products 1.1%
Archer-Daniels-Midland Co.		49,760		2,030,208
Campbell Soup Co.		17,121		686,038
Conagra Brands, Inc.		43,164		1,144,709
General Mills, Inc.		53,191		2,793,591
Hershey Co.		12,373		1,658,353
Hormel Foods Corp.		24,185		980,460
J.M. Smucker Co.		10,104		1,163,880
Kellogg Co.		22,080		1,182,826
Kraft Heinz Co.		55,267		1,715,488
Lamb Weston Holdings, Inc.		12,994		823,300
McCormick & Co., Inc.		10,878		1,686,199
Mondelez International, Inc., Class A		127,955		6,896,775
Tyson Foods, Inc., Class A		26,187		2,114,338
				24,876,165
Gas Utilities 0.0%‡
Atmos Energy Corp.		10,393		1,097,085
Health Care Equipment & Supplies 3.5%
Abbott Laboratories		156,712		13,179,479
ABIOMED, Inc. (a)		4,009		1,044,304
Align Technology, Inc. (a)		6,467		1,770,018
Baxter International, Inc.		42,146		3,451,757

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Health Care Equipment & Supplies (continued)
Becton Dickinson & Co.		23,960	$	6,038,160
Boston Scientific Corp. (a)		123,532		5,309,405
Cooper Cos., Inc.		4,396		1,480,969
Danaher Corp.		55,966		7,998,661
DENTSPLY SIRONA, Inc.		20,784		1,212,954
Edwards Lifesciences Corp. (a)		18,521		3,421,570
Hologic, Inc. (a)		23,811		1,143,404
IDEXX Laboratories, Inc. (a)		7,640		2,103,521
Intuitive Surgical, Inc. (a)		10,255		5,379,260
Medtronic PLC		119,094		11,598,565
ResMed, Inc.		12,738		1,554,418
Stryker Corp.		27,508		5,655,095
Teleflex, Inc.		4,100		1,357,715
Varian Medical Systems, Inc. (a)		8,079		1,099,794
Zimmer Biomet Holdings, Inc.		18,192		2,141,926
				76,940,975
Health Care Providers & Services 2.6%
AmerisourceBergen Corp.		13,816		1,177,952
Anthem, Inc.		22,846		6,447,370
Cardinal Health, Inc.		26,477		1,247,067
Centene Corp. (a)		36,719		1,925,544
Cigna Corp. (a)		33,707		5,310,538
CVS Health Corp.		115,399		6,288,091
DaVita, Inc. (a)		11,234		632,025
HCA Healthcare, Inc.		23,718		3,205,962
Henry Schein, Inc. (a)		13,243		925,686
Humana, Inc.		11,995		3,182,273
Laboratory Corp. of America Holdings (a)		8,749		1,512,702
McKesson Corp.		16,875		2,267,831
Quest Diagnostics, Inc.		11,936		1,215,204
UnitedHealth Group, Inc.		84,420		20,599,324
Universal Health Services, Inc., Class B		7,363		960,062
WellCare Health Plans, Inc. (a)		4,469		1,273,978
				58,171,609
Health Care Technology 0.1%
Cerner Corp.		28,907		2,118,883
Hotels, Restaurants & Leisure 1.9%
Carnival Corp.		35,568		1,655,690
Chipotle Mexican Grill, Inc. (a)		2,166		1,587,418
Darden Restaurants, Inc.		10,924		1,329,779
Hilton Worldwide Holdings, Inc.		25,856		2,527,165
Marriott International, Inc., Class A		24,551		3,444,260
McDonald’s Corp.		67,827		14,084,955
MGM Resorts International		45,333		1,295,164
Norwegian Cruise Line Holdings, Ltd. (a)		19,134		1,026,156
Royal Caribbean Cruises, Ltd.		15,271		1,850,998
Starbucks Corp.		107,591		9,019,354

	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wynn Resorts, Ltd.		8,607	$	1,067,182
Yum! Brands, Inc.		27,179		3,007,900
				41,896,021
Household Durables 0.3%
D.R. Horton, Inc.		30,166		1,301,060
Garmin, Ltd.		10,772		859,606
Leggett & Platt, Inc.		11,660		447,394
Lennar Corp., Class A		25,355		1,228,703
Mohawk Industries, Inc. (a)		5,468		806,366
Newell Brands, Inc.		34,578		533,193
PulteGroup, Inc.		22,649		716,161
Whirlpool Corp.		5,626		800,917
				6,693,400
Household Products 1.7%
Church & Dwight Co., Inc.		21,872		1,597,968
Clorox Co.		11,314		1,732,287
Colgate-Palmolive Co.		76,262		5,465,698
Kimberly-Clark Corp.		30,539		4,070,238
Procter & Gamble Co.		222,816		24,431,774
				37,297,965
Independent Power & Renewable Electricity Producers 0.1%
AES Corp.		58,959		988,153
NRG Energy, Inc.		23,731		833,433
				1,821,586
Industrial Conglomerates 1.4%
3M Co.		51,204		8,875,701
General Electric Co.		774,673		8,134,067
Honeywell International, Inc.		64,645		11,286,371
Roper Technologies, Inc.		9,224		3,378,382
				31,674,521
Insurance 2.5%
Aflac, Inc.		66,221		3,629,573
Allstate Corp.		29,590		3,009,007
American International Group, Inc.		77,260		4,116,413
Aon PLC		21,365		4,123,018
Arthur J. Gallagher & Co.		16,456		1,441,381
Assurant, Inc.		5,460		580,835
Chubb, Ltd.		40,673		5,990,726
Cincinnati Financial Corp.		13,476		1,397,057
Everest Re Group, Ltd.		3,618		894,297
Hartford Financial Services Group, Inc.		32,112		1,789,281
Lincoln National Corp.		17,974		1,158,424
Loews Corp.		23,833		1,302,950
Marsh & McLennan Cos., Inc.		45,423		4,530,944
MetLife, Inc.		84,422		4,193,241
Principal Financial Group, Inc.		23,011		1,332,797
Progressive Corp.		51,876		4,146,449
Prudential Financial, Inc.		36,065		3,642,565

12 MainStay VP MacKay S&P 500 Index Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Insurance (continued)
Torchmark Corp.		8,985	$	803,798
Travelers Cos., Inc.		23,266		3,478,732
Unum Group		18,822		631,478
Willis Towers Watson PLC		11,480		2,198,879
				54,391,845
Interactive Media & Services 4.6%
Alphabet, Inc. (a)
Class A		26,599		28,801,397
Class C		27,224		29,426,694
Facebook, Inc., Class A (a)		213,418		41,189,674
TripAdvisor, Inc. (a)		9,194		425,590
Twitter, Inc. (a)		64,864		2,263,754
				102,107,109
Internet & Direct Marketing Retail 3.7%
Amazon.com, Inc. (a)		36,737		69,566,285
Booking Holdings, Inc. (a)		3,846		7,210,135
eBay, Inc.		72,773		2,874,534
Expedia Group, Inc.		10,511		1,398,278
				81,049,232
IT Services 5.2%
Accenture PLC, Class A		56,659		10,468,883
Akamai Technologies, Inc. (a)		14,577		1,168,201
Alliance Data Systems Corp.		4,002		560,800
Automatic Data Processing, Inc.		38,661		6,391,823
Broadridge Financial Solutions, Inc.		10,317		1,317,275
Cognizant Technology Solutions Corp., Class A		50,570		3,205,632
DXC Technology Co.		23,830		1,314,224
Fidelity National Information Services, Inc.		28,766		3,529,013
Fiserv, Inc. (a)		34,860		3,177,838
FleetCor Technologies, Inc. (a)		7,656		2,150,188
Gartner, Inc. (a)		8,003		1,288,003
Global Payments, Inc.		13,919		2,228,849
International Business Machines Corp.		78,761		10,861,142
Jack Henry & Associates, Inc.		6,858		918,423
Mastercard, Inc., Class A		79,839		21,119,811
Paychex, Inc.		28,413		2,338,106
PayPal Holdings, Inc. (a)		104,370		11,946,190
Total System Services, Inc.		14,462		1,855,041
VeriSign, Inc. (a)		9,317		1,948,744
Visa, Inc., Class A		154,475		26,809,136
Western Union Co.		38,261		761,011
				115,358,333
Leisure Products 0.0%‡
Hasbro, Inc.		10,285		1,086,919

	Shares		Value
Life Sciences Tools & Services 1.1%
Agilent Technologies, Inc.		28,070	$	2,095,987
Illumina, Inc. (a)		13,058		4,807,303
IQVIA Holdings, Inc. (a)		14,016		2,255,174
Mettler-Toledo International, Inc. (a)		2,203		1,850,520
PerkinElmer, Inc.		9,853		949,238
Thermo Fisher Scientific, Inc.		35,530		10,434,450
Waters Corp. (a)		6,171		1,328,246
				23,720,918
Machinery 1.5%
Caterpillar, Inc.		50,800		6,923,532
Cummins, Inc.		12,871		2,205,317
Deere & Co.		28,159		4,666,228
Dover Corp.		12,910		1,293,582
Flowserve Corp.		11,649		613,786
Fortive Corp.		26,195		2,135,416
Illinois Tool Works, Inc.		26,624		4,015,165
Ingersoll-Rand PLC		21,422		2,713,525
PACCAR, Inc.		30,775		2,205,337
Parker-Hannifin Corp.		11,395		1,937,264
Pentair PLC		14,048		522,586
Snap-On, Inc.		4,921		815,114
Stanley Black & Decker, Inc.		13,461		1,946,595
Wabtec Corp. (b)		14,371		1,031,263
Xylem, Inc.		15,984		1,336,902
				34,361,612
Media 1.4%
CBS Corp., Class B		31,264		1,560,074
Charter Communications, Inc., Class A (a)		15,281		6,038,745
Comcast Corp., Class A		402,343		17,011,062
Discovery, Inc. (a)
Class A (b)		14,021		430,445
Class C		32,028		911,197
DISH Network Corp., Class A (a)		20,496		787,251
Fox Corp. (a)
Class A		31,477		1,153,317
Class B		14,423		526,872
Interpublic Group of Cos., Inc.		34,381		776,667
News Corp.
Class A		34,247		461,992
Class B		10,995		153,490
Omnicom Group, Inc.		19,557		1,602,696
				31,413,808
Metals & Mining 0.3%
Freeport-McMoRan, Inc.		128,860		1,496,065
Newmont Goldcorp Corp.		72,808		2,800,924
Nucor Corp.		27,074		1,491,777
				5,788,766

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares		Value
Common Stocks (continued)
Multi-Utilities 1.1%
Ameren Corp.		21,816	$	1,638,600
CenterPoint Energy, Inc.		44,609		1,277,156
CMS Energy Corp.		25,206		1,459,679
Consolidated Edison, Inc.		29,056		2,547,630
Dominion Energy, Inc.		71,274		5,510,906
DTE Energy Co.		16,275		2,081,247
NiSource, Inc.		33,143		954,518
Public Service Enterprise Group, Inc.		44,897		2,640,841
Sempra Energy		24,374		3,349,963
WEC Energy Group, Inc.		28,020		2,336,027
				23,796,567
Multiline Retail 0.5%
Dollar General Corp.		22,947		3,101,516
Dollar Tree, Inc. (a)		21,104		2,266,359
Kohl’s Corp.		14,393		684,387
Macy’s, Inc.		27,438		588,819
Nordstrom, Inc.		9,342		297,636
Target Corp.		45,511		3,941,708
				10,880,425
Oil, Gas & Consumable Fuels 4.5%
Anadarko Petroleum Corp.		44,604		3,147,258
Apache Corp.		33,393		967,395
Cabot Oil & Gas Corp.		37,601		863,319
Chevron Corp.		169,214		21,056,990
Cimarex Energy Co.		9,011		534,623
Concho Resources, Inc.		17,819		1,838,564
ConocoPhillips		100,394		6,124,034
Devon Energy Corp.		36,882		1,051,875
Diamondback Energy, Inc.		13,750		1,498,337
EOG Resources, Inc.		51,550		4,802,398
Exxon Mobil Corp.		375,850		28,801,385
Hess Corp.		22,642		1,439,352
HollyFrontier Corp.		13,956		645,884
Kinder Morgan, Inc.		172,937		3,610,925
Marathon Oil Corp.		72,656		1,032,442
Marathon Petroleum Corp.		58,861		3,289,153
Noble Energy, Inc.		42,481		951,574
Occidental Petroleum Corp.		66,447		3,340,955
ONEOK, Inc.		36,665		2,522,919
Phillips 66		37,102		3,470,521
Pioneer Natural Resources Co.		14,961		2,301,899
Valero Energy Corp.		37,064		3,173,049
Williams Cos., Inc.		107,642		3,018,282
				99,483,133
Personal Products 0.2%
Coty, Inc., Class A		26,699		357,767
Estee Lauder Cos., Inc., Class A		19,478		3,566,616
				3,924,383

	Shares		Value
Pharmaceuticals 4.5%
Allergan PLC		27,372	$	4,582,894
Bristol-Myers Squibb Co.		145,302		6,589,445
Eli Lilly & Co.		76,753		8,503,465
Johnson & Johnson		235,849		32,849,049
Merck & Co., Inc.		228,707		19,177,082
Mylan N.V. (a)		45,789		871,822
Nektar Therapeutics (a)		15,484		550,921
Perrigo Co. PLC		11,113		529,201
Pfizer, Inc.		493,169		21,364,081
Zoetis, Inc.		42,520		4,825,595
				99,843,555
Professional Services 0.3%
Equifax, Inc.		10,733		1,451,531
IHS Markit, Ltd. (a)		32,314		2,059,048
Nielsen Holdings PLC		31,578		713,663
Robert Half International, Inc.		10,524		599,973
Verisk Analytics, Inc.		14,539		2,129,382
				6,953,597
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A (a)		27,780		1,425,114
Road & Rail 1.0%
CSX Corp.		68,285		5,283,210
J.B. Hunt Transport Services, Inc.		7,727		706,325
Kansas City Southern		8,935		1,088,462
Norfolk Southern Corp.		23,626		4,709,371
Union Pacific Corp.		62,877		10,633,129
				22,420,497
Semiconductors & Semiconductor Equipment 3.7%
Advanced Micro Devices, Inc. (a)		78,784		2,392,670
Analog Devices, Inc.		32,846		3,707,328
Applied Materials, Inc.		83,155		3,734,491
Broadcom, Inc.		35,163		10,122,021
Intel Corp.		397,693		19,037,564
KLA-Tencor Corp.		14,357		1,696,998
Lam Research Corp.		13,318		2,501,653
Maxim Integrated Products, Inc.		24,200		1,447,644
Microchip Technology, Inc. (b)		21,136		1,832,491
Micron Technology, Inc. (a)		98,307		3,793,667
NVIDIA Corp.		54,098		8,884,515
Qorvo, Inc. (a)		10,584		705,000
QUALCOMM, Inc.		107,991		8,214,875
Skyworks Solutions, Inc.		15,341		1,185,399
Texas Instruments, Inc.		83,341		9,564,213
Xilinx, Inc.		22,556		2,659,804
				81,480,333
Software 6.7%
Adobe, Inc. (a)		43,345		12,771,604
ANSYS, Inc. (a)		7,455		1,526,933
Autodesk, Inc. (a)		19,509		3,178,016

14 MainStay VP MacKay S&P 500 Index Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Shares		Value
Common Stocks (continued)
Software (continued)
Cadence Design Systems, Inc. (a)		24,964	$	1,767,701
Citrix Systems, Inc.		11,111		1,090,434
Fortinet, Inc. (a)		12,894		990,646
Intuit, Inc.		23,029		6,018,169
Microsoft Corp.		680,691		91,185,366
Oracle Corp.		215,550		12,279,884
Red Hat, Inc. (a)		15,790		2,964,731
salesforce.com, Inc. (a)		68,981		10,466,487
Symantec Corp.		54,915		1,194,950
Synopsys, Inc. (a)		13,315		1,713,507
				147,148,428
Specialty Retail 2.3%
Advance Auto Parts, Inc.		6,373		982,334
AutoZone, Inc. (a)		2,179		2,395,745
Best Buy Co., Inc.		20,638		1,439,088
CarMax, Inc. (a)		14,763		1,281,871
Foot Locker, Inc.		9,977		418,236
Gap, Inc.		18,802		337,872
Home Depot, Inc.		97,739		20,326,780
L Brands, Inc.		20,374		531,761
Lowe’s Cos., Inc.		69,547		7,017,988
O’Reilly Automotive, Inc. (a)		6,953		2,567,882
Ross Stores, Inc.		32,640		3,235,277
Tiffany & Co.		9,598		898,757
TJX Cos., Inc.		107,722		5,696,339
Tractor Supply Co.		10,717		1,166,010
Ulta Beauty, Inc. (a)		4,933		1,711,208
				50,007,148
Technology Hardware, Storage & Peripherals 3.9%
Apple, Inc.		388,280		76,848,378
Hewlett Packard Enterprise Co.		118,957		1,778,407
HP, Inc.		133,804		2,781,785
NetApp, Inc.		21,939		1,353,636
Seagate Technology PLC		22,379		1,054,499
Western Digital Corp.		26,027		1,237,584
Xerox Corp.		17,359		614,682
				85,668,971
Textiles, Apparel & Luxury Goods 0.7%
Capri Holdings, Ltd. (a)		13,408		464,990
Hanesbrands, Inc.		32,109		552,917
NIKE, Inc., Class B		111,635		9,371,758
PVH Corp.		6,655		629,829
Ralph Lauren Corp.		4,636		526,603
Tapestry, Inc.		25,773		817,777
Under Armour, Inc. (a)
Class A		16,701		423,371
Class C		17,256		383,083
VF Corp.		28,929		2,526,948
				15,697,276

	Shares		Value
Tobacco 0.8%
Altria Group, Inc.		166,195	$	7,869,333
Philip Morris International, Inc.		138,203		10,853,082
				18,722,415
Trading Companies & Distributors 0.2%
Fastenal Co.		50,839		1,656,843
United Rentals, Inc. (a)		6,985		926,421
W.W. Grainger, Inc.		3,989		1,069,969
				3,653,233
Water Utilities 0.1%
American Water Works Co., Inc.		16,036		1,860,176
Total Common Stocks (c) (Cost $860,746,039)				2,170,671,233
Short-Term Investments 1.7%
Affiliated Investment Company 0.0%‡
MainStay U.S. Government Liquidity Fund, 2.03% (d)		480,516		480,516
Total Affiliated Investment Company (Cost $480,516)				480,516
	Principal Amount
U.S. Government & Federal Agencies 1.7%
United States Treasury Bills (e)
2.045%, due 7/5/19	$	600,000		599,866
2.054%, due 7/5/19		800,000		799,820
2.072%, due 10/3/19		500,000		497,268
2.094%, due 10/3/19		200,000		198,907
2.099%, due 10/3/19		400,000		397,814
2.146%, due 10/3/19		1,100,000		1,093,990
2.154%, due 10/3/19		100,000		99,454
2.188%, due 7/5/19		400,000		399,904
2.204%, due 7/5/19		5,300,000		5,298,722
2.255%, due 7/5/19		1,600,000		1,599,605
2.26%, due 7/25/19 (f)		300,000		299,556
2.272%, due 7/5/19		300,000		299,925
2.274%, due 7/5/19		700,000		699,826
2.282%, due 7/5/19		1,300,000		1,299,675
2.313%, due 7/5/19		300,000		299,924
2.317%, due 7/5/19		1,100,000		1,099,721
2.318%, due 7/25/19 (f)		200,000		199,696
2.319%, due 7/5/19		400,000		399,899
2.332%, due 7/5/19		1,200,000		1,199,694
2.334%, due 7/5/19		600,000		599,847
2.386%, due 7/5/19		500,000		499,870
2.404%, due 7/5/19		800,000		799,790
2.408%, due 7/5/19		600,000		599,842
2.411%, due 7/5/19		800,000		799,790
2.413%, due 7/5/19		400,000		399,895

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount			Value
U.S. Government & Federal Agencies (continued)
United States Treasury Bills (continued)
2.415%, due 7/5/19	$	2,600,000		$	2,599,315
2.416%, due 7/5/19		700,000			699,815
2.418%, due 7/5/19		100,000			99,974
2.419%, due 7/25/19 (f)		3,000,000			2,995,257
2.42%, due 7/5/19		1,000,000			999,736
2.422%, due 7/5/19		100,000			99,974
2.423%, due 7/5/19		300,000			299,921
2.424%, due 7/5/19		1,600,000			1,599,577
2.425%, due 7/5/19		4,600,000			4,598,785
2.427%, due 7/5/19		1,000,000			999,735
2.429%, due 7/5/19		1,200,000			1,199,682
2.43%, due 7/5/19		200,000			199,947
Total U.S. Government & Federal Agencies (Cost $36,874,116)					36,874,018
TotalShort-Term Investments (Cost $37,354,632)					37,354,534
Total Investments (Cost $898,100,671)		100.0	%		2,208,025,767
Other Assets, Less Liabilities		(0.0	)‡		(453,795	)
Net Assets		100.0	%	$	2,207,571,972

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) Non-income producing security.

(b) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $3,149,230 and the Portfolio received non-cash collateral in the form of U.S. Treasury securities with a value of $3,212,682 (See Note 2(I)).

(c) The combined market value of common stocks and notional amount of Standard & Poor’s 500 Index futures contracts represents 100.0% of net assets.

(d) Current yield as of June 30, 2019.

(e) Interest rate shown represents yield to maturity.

(f) Represents a security, or a portion thereof, which is maintained at a broker as collateral for futures contracts.

As of June 30, 2019, the Portfolio held the following futures contracts:

Type	Number of Contracts		Expiration Date		Value at Trade Date		Current Notional Amount		Unrealized Appreciation (Depreciation)1
Long Contracts
S&P 500 Index Mini		244		September 2019	$	35,747,882	$	35,919,240	$	171,358

1. Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2019.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	2,170,671,233	$	—	$	—	$	2,170,671,233
Short-Term Investments
Affiliated Investment Company		480,516		—		—		480,516
U.S. Government & Federal Agencies		—		36,874,018		—		36,874,018
TotalShort-Term Investments		480,516		36,874,018		—		37,354,534
Total Investments in Securities		2,171,151,749		36,874,018		—		2,208,025,767
Other Financial Instruments
Futures Contracts (b)		171,358		—		—		171,358
Total Investments in Securities and Other Financial Instruments	$	2,171,323,107	$	36,874,018	$	—	$	2,208,197,125

(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 S&P 500 Index Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $897,620,155) including securities on loan of $3,149,230	$	2,207,545,251
Investment in affiliated investment company, at value (identified cost $480,516)		480,516
Receivables:
Dividends		1,765,473
Portfolio shares sold		625,729
Variation margin on futures contracts		167,002
Securities lending		736
Other assets		9,866
Total assets		2,210,594,573
Liabilities
Due to custodian		397,781
Payables:
Investment securities purchased		1,124,362
Portfolio shares redeemed		882,548
Manager (See Note 3)		243,185
NYLIFE Distributors (See Note 3)		232,599
Shareholder communication		64,819
Professional fees		46,812
Custodian		16,974
Trustees		2,503
Accrued expenses		11,018
Total liabilities		3,022,601
Net assets	$	2,207,571,972
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	38,924
Additional paid-in capital		841,240,901
		841,279,825
Total distributable earnings (loss)		1,366,292,147
Net assets	$	2,207,571,972

Initial Class
Net assets applicable to outstanding shares	$	1,049,160,070
Shares of beneficial interest outstanding		18,411,360
Net asset value per share outstanding	$	56.98
Service Class
Net assets applicable to outstanding shares	$	1,158,411,902
Shares of beneficial interest outstanding		20,512,931
Net asset value per share outstanding	$	56.47

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated	$	21,585,296
Interest		655,499
Securities lending		55,260
Dividends-affiliated		15,536
Total income		22,311,591
Expenses
Manager (See Note 3)		1,710,323
Distribution/Service—Service Class (See Note 3)		1,331,586
Professional fees		85,688
Shareholder communication		71,627
Trustees		26,263
Custodian		17,530
Miscellaneous		42,825
Total expenses before waiver/reimbursement		3,285,842
Expense waiver/reimbursement from Manager (See Note 3)		(243,844	)
Net expenses		3,041,998
Net investment income (loss)		19,269,593
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts
Net realized gain (loss) on:
Unaffiliated investment transactions		(273,657	)
Futures transactions		7,097,052
Net realized gain (loss) on investments and futures transactions		6,823,395
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		326,507,596
Futures contracts		1,354,163
Net change in unrealized appreciation (depreciation) on investments and futures contracts		327,861,759
Net realized and unrealized gain (loss) on investments and futures transactions		334,685,154
Net increase (decrease) in net assets resulting from operations	$	353,954,747

18 MainStay VP MacKay S&P 500 Index Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	19,269,593		$	37,758,154
Net realized gain (loss) on investments and futures contracts		6,823,395			12,120,271
Net change in unrealized appreciation (depreciation) on investments and futures contracts		327,861,759			(147,972,517	)
Net increase (decrease) in net assets resulting from operations		353,954,747			(98,094,092	)
Distributions to shareholders:
Initial Class		—			(36,895,690	)
Service Class		—			(30,790,988	)
Total distributions to shareholders		—			(67,686,678	)
Capital share transactions:
Net proceeds from sale of shares		133,092,760			364,267,496
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			67,686,678
Cost of shares redeemed		(201,917,917	)		(397,688,197	)
Increase (decrease) in net assets derived from capital share transactions		(68,825,157	)		34,265,977
Net increase (decrease) in net assets		285,129,590			(131,514,793	)
Net Assets
Beginning of period		1,922,442,382			2,053,957,175
End of period	$	2,207,571,972		$	1,922,442,382

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	48.11		$	52.02		$	44.05		$	41.29		$	41.99		$	37.58
Net investment income (loss) (a)		0.52			1.04			0.80			0.70			0.70			0.66
Net realized and unrealized gain (loss) on investments		8.35			(3.15	)		8.60			4.02			(0.29	)		4.34
Total from investment operations		8.87			(2.11	)		9.40			4.72			0.41			5.00
Less dividends and distributions:
From net investment income		—			(0.78	)		(0.70	)		(0.70	)		(0.60	)		(0.59	)
From net realized gain on investments		—			(1.02	)		(0.73	)		(1.26	)		(0.51	)		—
Total dividends and distributions		—			(1.80	)		(1.43	)		(1.96	)		(1.11	)		(0.59	)
Net asset value at end of period	$	56.98		$	48.11		$	52.02		$	44.05		$	41.29		$	41.99
Total investment return (b)		18.44	%		(4.52	%)		21.49	%		11.62	%		1.10	%		13.35	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.93	%††		1.95	%		1.65	%		1.66	%		1.67	%		1.68	%
Net expenses (c)		0.16	%††		0.16	%		0.22	%		0.28	%		0.27	%		0.28	%
Expenses (before waiver/reimbursement) (c)		0.18	%††		0.19	%		0.23	%		0.28	%		0.27	%		0.28	%
Portfolio turnover rate		6	%		9	%		3	%		3	%		3	%		3	%
Net assets at end of period (in 000’s)	$	1,049,160		$	1,001,911		$	1,156,346		$	899,633		$	1,017,929		$	890,188

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	47.74		$	51.66		$	43.80		$	41.08		$	41.79		$	37.44
Net investment income (loss) (a)		0.45			0.90			0.67			0.59			0.60			0.56
Net realized and unrealized gain (loss) on investments		8.28			(3.13	)		8.54			4.00			(0.28	)		4.30
Total from investment operations		8.73			(2.23	)		9.21			4.59			0.32			4.86
Less dividends and distributions:
From net investment income		—			(0.67	)		(0.62	)		(0.61	)		(0.52	)		(0.51	)
From net realized gain on investments		—			(1.02	)		(0.73	)		(1.26	)		(0.51	)		—
Total dividends and distributions		—			(1.69	)		(1.35	)		(1.87	)		(1.03	)		(0.51	)
Net asset value at end of period	$	56.47		$	47.74		$	51.66		$	43.80		$	41.08		$	41.79
Total investment return (b)		18.29	%		(4.76	%)		21.19	%		11.34	%		0.85	%		13.06	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.68	%††		1.70	%		1.40	%		1.41	%		1.42	%		1.43	%
Net expenses (c)		0.41	%††		0.41	%		0.47	%		0.53	%		0.52	%		0.53	%
Expenses (before waiver/reimbursement) (c)		0.43	%††		0.44	%		0.48	%		0.53	%		0.52	%		0.53	%
Portfolio turnover rate		6	%		9	%		3	%		3	%		3	%		3	%
Net assets at end of period (in 000’s)	$	1,158,412		$	920,531		$	897,611		$	613,011		$	476,730		$	423,009

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

20 MainStay VP MacKay S&P 500 Index Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay S&P 500 Index Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class shares commenced operations on January 29, 1993. Service Class shares commenced operations on June 5, 2003. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek investment results that correspond to the total return performance (reflecting reinvestment of dividends) of common stocks in the aggregate, as represented by the S&P 500^® Index.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks

21

Notes to Financial Statements(Unaudited) (continued)

associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended;

(ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities, including shares of exchange-traded funds (“ETFs”), are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. Investments in mutual funds, including money market funds, are valued at their respective Net Asset Value (“NAV”) as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the

22 MainStay VP MacKay S&P 500 Index Portfolio

Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(D)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

(E)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETFs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETFs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(F)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(G)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(H)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures

23

Notes to Financial Statements(Unaudited) (continued)

contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, open futures contracts are shown in the Portfolio of Investments.

(I)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $3,149,230 and receivednon-cash collateral in the form of U.S. Treasury securities with a value of $3,212,682.

(J)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown,

as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(K)  Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. The Portfolio entered into futures contracts to help manage the duration and yield curve positioning of the portfolio while minimizing the exposure to wider bid/ask spreads in traditional bonds. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of June 30, 2019:

Asset Derivatives

	Statement of Assets and Liabilities Location	Equity Contracts Risk		Total
Futures Contracts	Net Assets— Net unrealized appreciation on investments and futures contracts (a)	$	171,358	$	171,358
Total Fair Value		$	171,358	$	171,358

(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.

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Realized Gain (Loss)

	Statement of Operations Location	Equity Contracts Risk		Total
Futures Contracts	Net realized gain (loss) on futures transactions	$	7,097,052	$	7,097,052
Total Realized Gain (Loss)		$	7,097,052	$	7,097,052

Change in Unrealized Appreciation (Depreciation)

	Statement of Operations Location	Equity Contracts Risk		Total
Futures Contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$	1,354,163	$	1,354,163
Total Change in Unrealized Appreciation (Depreciation)		$	1,354,163	$	1,354,163

24 MainStay VP MacKay S&P 500 Index Portfolio

Average Notional Amount

	Equity Contracts Risk		Total
Futures Contracts Long	$	46,460,545	$	46,460,545

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or the “Subadvisor”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of average daily net assets as follows: 0.16% up to $2.5 billion and 0.15% in excess of $2.5 billion.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Portfolio Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) portfolio/fund fees and expenses) of Initial Class shares do not exceed 0.16% of

average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points to Service Class shares. This agreement will remain in effect until May 1, 2020, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Portfolio. During the six-month period ended June 30, 2019, the effective management fee rate was 0.16% (exclusive of any applicable waivers/reimbursements).

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $1,710,323 and waived fees/reimbursed expenses in the amount of $243,844, and paid the Subadvisor in the amount of $733,239.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	782	$	164,321	$	(164,622	)	$	—	$	—	$	481	$	16	$	—		481

25

Notes to Financial Statements(Unaudited) (continued)

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	917,684,828	$	1,331,891,687	$	(41,550,748	)	$	1,290,340,939

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income		Tax-Based Distributions from Long-Term Gains
	$41,885,167	$	25,801,511

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may

participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $114,884 and $128,035, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		299,389		$	16,221,871
Shares redeemed		(2,711,903	)		(149,678,620	)
Net increase (decrease)		(2,412,514	)	$	(133,456,749	)
Year ended December 31, 2018:
Shares sold		3,258,166		$	174,397,749
Shares issued to shareholders in reinvestment of dividends and distributions		665,728			36,895,690
Shares redeemed		(5,327,906	)		(279,065,069	)
Net increase (decrease)		(1,404,012	)	$	(67,771,630	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		2,197,682		$	116,870,889
Shares redeemed		(966,810	)		(52,239,297	)
Net increase (decrease)		1,230,872		$	64,631,592
Year ended December 31, 2018:
Shares sold		3,592,164		$	189,869,747
Shares issued to shareholders in reinvestment of dividends and distributions		559,584			30,790,988
Shares redeemed		(2,243,764	)		(118,623,128	)
Net increase (decrease)		1,907,984		$	102,037,607

Note 10–Litigation

The Portfolio has been named as a defendant in the case entitledKirschner v. FitzSimons, No.12-2652 (S.D.N.Y.) (the “FitzSimonsaction”) as a result of its ownership of shares in the Tribune Company (“Tribune”) in 2007 when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In its complaint, the plaintiff asserts claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. Separately, the complaint also seeks to obtain from former Tribune shareholders, including the Portfolio, any proceeds they received in connection with the LBO. The sole claim and cause of action brought against the Portfolio is for fraudulent conveyance pursuant to United States Bankruptcy Code Section 548(a)(1)(A).

26 MainStay VP MacKay S&P 500 Index Portfolio

In June 2011, certain Tribune creditors filed numerous additional actions asserting state law constructive fraudulent conveyance claims (the “SLCFC actions”) against specifically-named former Tribune shareholders and, in some cases, putative defendant classes comprised of former Tribune shareholders. One of the SLCFC actions, entitledDeutsche Bank Trust Co. Americas v. Blackrock Institutional Trust Co.,No.11-9319 (S.D.N.Y.) (the “Deutsche Bank action”), named the Portfolio as a defendant.

TheFitzSimonsaction andDeutsche Bankaction have been consolidated with the majority of the other Tribune LBO related lawsuits in a multidistrict litigation proceeding entitledIn re Tribune Co. Fraudulent Conveyance Litig., No. 11-md-2296 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ motion to dismiss the SLCFC actions, including theDeutsche Bankaction, on the basis that the plaintiffs did not have standing to pursue their claims. On September 30, 2013, the plaintiffs in the SLCFC actions filed a notice of appeal to the United States Court of Appeals for the Second Circuit. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order. On March 29, 2016, the United States Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code-the statutory safe harbor for settlement payments. On April 12, 2016 the Plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. Certain shareholder defendants filed a joint brief in opposition to the petition for certiorari on October 24, 2016. The plaintiffs filed a reply in support of the petition on November 4, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a “Statement” related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court’s decision inMerit Management Group LP v. FTI Consulting, Inc. On April 10, 2018, the plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the district court for further proceedings consistent withMerit Management. On April 20, 2018, the shareholder defendants filed a response to the plaintiffs’ motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate “in anticipation of further panel review.”

On August 2, 2013, the plaintiff in theFitzSimonsaction filed a Fifth Amended Complaint. On May 23, 2014, the defendants filed motions to dismiss theFitzSimonsaction, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders, for intentional fraudulent conveyance under U.S. federal law.

On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons

action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. While the District Court’s dismissal of the intentional fraudulent conveyance claim was not immediately appealable, the Trustee asked the District Court to enter judgment immediately so that an appeal could be taken. On February 23, 2017, the Court issued an order stating that it intended to permit an interlocutory appeal of the dismissal order, but would wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request.

On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed the request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling inMerit Management. The shareholder defendants opposed that request. On June 18, 2018, the District Court ordered that the request would be stayed pending further action by the Second Circuit in the still-pending appeal, discussed above. On December 18, 2018, the plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating the plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the court held a case management conference, during which the court stated that it would not lift the stay prior to further action from the Second Circuit. The court stated that it would allow the plaintiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the court ordered the parties still facing pending claims to participate in a mediation. On March 27, 2019, the court held a telephone conference and decided to allow the plaintiff to file a motion for leave to amend. On April 4, 2019, the plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to the plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. The court denied leave to amend the complaint on April 23, 2019. On June 13, 2019, the court entered judgment pursuant to Rule 54(b), which would permit an appeal of the court’s dismissal of the claim against the shareholder defendants.

The value of the proceeds received by the Portfolio in connection with the LBO and the Portfolio’s cost basis in shares of Tribune was as follows:

Portfolio	Proceeds		Cost Basis
MainStay VP MacKay S&P 500 Index Portfolio	$	682,856	$	527,309

At this stage of the proceedings, it would be difficult to assess with any reasonable certainty the probable outcome of the pending litigation or the effect, if any, on the Portfolio’s net asset value.

27

Notes to Financial Statements(Unaudited) (continued)

Note 11–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating to ASU2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this

time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

28 MainStay VP MacKay S&P 500 Index Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

29

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781637 MSVPSP10-08/19 (NYLIAC) NI529     

MainStay VP MacKay Unconstrained

Bond Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	25
Notes to Financial Statements	30
Proxy Voting Policies and Procedures and Proxy Voting Record	41
Shareholder Reports and Quarterly Portfolio Disclosure	41

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months	One Year	Five Years	Since Inception			Gross Expense Ratio2
Initial Class Shares	4/29/2011	4.68%	4.10%	2.17%		3.80	%		0.75	%
Service Class Shares	4/29/2011	4.55	3.84	1.92		3.54			1.00

Benchmark Performance	Six Months			One Year			Five Years			Since Inception
Bloomberg Barclays U.S. Aggregate Bond Index3		6.11	%		7.87	%		2.95	%		3.28	%
ICE BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index4		1.43			2.60			1.12			0.82
Morningstar Nontraditional Bond Category Average5		4.46			3.58			2.14			2.09

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Bloomberg Barclays U.S. Aggregate Bond Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities.

Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. The Portfolio has selected the ICE BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index as a secondary benchmark. The ICE BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index represents the London InterBank Offered Rate (“LIBOR”) with a constant3-month average maturity. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. The Portfolio has selected the Morningstar Nontraditional Bond Category Average as an additional benchmark. The Morningstar Nontraditional Bond Category Average contains funds that pursue strategies divergent in one or more ways from conventional practice in the broader bond-fund universe. Morningstar category averages are equal-weighted returns based on constituents of the category at the end of the period. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested.

5

Cost in Dollars of a $1,000 Investment in MainStay VP MacKay Unconstrained Bond Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during thesix-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service(12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of thesix-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2,3
Initial Class Shares	$	1,000.00	$	1,046.80	$	3.81	$	1,021.08	$	3.76	0.75%
Service Class Shares	$	1,000.00	$	1,045.50	$	5.07	$	1,019.84	$	5.01	1.00%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect thesix-month period). The table above represents the actual expenses incurred during thesix-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 thesix-month period.

3. Expenses are inclusive of dividends and interest on investments sold short.

6 MainStay VP MacKay Unconstrained Bond Portfolio

Portfolio Composition as of June 30, 2019 (Unaudited)

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less thanone-tenth of a percent.

Top Ten Holdings or Issuers as of June 30, 2019(excluding short-term investments) (Unaudited)

1. Federal National Mortgage Association (Mortgage Pass-Through Securities), 3.00%–4.50%, due 8/1/48–2/1/49

2. United States Treasury Inflation—Indexed Notes, 0.75%–0.875%, due 7/15/28–1/15/29

3. Bank of America Corp., 3.004%–8.57%, due 7/29/19–4/24/28

4. Citigroup, Inc., 2.35%–6.30%, due 8/2/21–7/1/26

5. Morgan Stanley, 3.591%–5.45%, due 10/15/19–7/22/28

  6. Goldman Sachs Group, Inc., 2.30%–6.75%, due 12/13/19–10/1/37

  7. Caterpillar Financial Services Corp., 2.10%–2.90%, due 1/10/20–3/15/21

  8. Government National Mortgage Association, 3.00%, due 1/16/40–6/20/49

  9. Wells Fargo & Co., 2.60%–5.90%, due 7/22/20–10/23/26

10. Ford Motor Credit Co. LLC., 2.681%–8.125%, due 1/9/2020–2/15/23

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Dan Roberts, PhD, Joseph Cantwell,Shu-Yang Tan, Matt Jacob, Stephen R. Cianci, CFA, and Neil Moriarty, III, of MacKay Shields LLC, the Portfolio’s Subadvisor.

How did MainStay VP MacKay Unconstrained Bond Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP MacKay Unconstrained Bond Portfolio returned 4.68% for Initial Class shares and 4.55% for Service Class shares. Over the same period, both share classes underperformed the 6.11% return of the Bloomberg Barclays U.S. Aggregate Bond Index, which is the Portfolio’s primary benchmark. For the six months ended June 30, 2019, both share classes outperformed the 1.43% return of the ICE BofAML U.S. Dollar3-Month LIBOR Constant Maturity Index, which is the Portfolio’s secondary benchmark, and the 4.46% return of the Morningstar Nontraditional Bond Category Average, which is an additional benchmark of the Portfolio.¹

What factors affected the Portfolio’s relative performance during the reporting period?

During the reporting period, the Portfolio held overweight exposure to spread product² relative to the Bloomberg Barclays U.S. Aggregate Bond Index, a position that was beneficial to returns on both an absolute and relative basis. However, the Portfolio also maintained a lower duration³ profile than the primary benchmark, which detracted from relative returns as yields on U.S. Treasury securities declined and longer maturity bonds outperformed.

During the reporting period, how was the Portfolio’s performance materially affected by investments in derivatives?

Throughout the reporting period, we used futures and swaps to manage the Portfolio’s duration profile. Although we extended the duration of the Portfolio during the reporting period, it remained below the duration of the primary benchmark, which detracted from relative performance.

What was the Portfolio’s duration strategy during the reporting period?

We extended the Portfolio’s duration from 1 year to 1.4 years during the reporting period. However, the Portfolio’s duration remained below the5.7-year duration of the Bloomberg Barclays U.S. Aggregate Bond Index as of June 30, 2019.

What specific factors, risks or market forces prompted significant decisions for the Portfolio during the reporting period?

There were no specific factors or risks that prompted any changes to the Portfolio during the reporting period. That said, we did continue to reduce the Portfolio’s exposure to bank loans, shifting those assets into additional exposure to agency mortgage securities. This move improved the overall credit quality and liquidity of the Portfolio’s holdings.

During the reporting period, which market segments were the strongest positive contributors to the Portfolio’s absolute performance and which market segments were particularly weak?

The strongest positive contributor to the Portfolio’s absolute performance during the reporting period was spread product, specifically investment-grade credit, high-yield corporate bonds, bank loans and emerging-market debt. (Contributions take weightings and total returns into account.) Emerging markets benefited from renewed risk appetites sparked by dovish central banks.

Securitized assets, including residential mortgage-backed securities and consumer-related asset-backed securities, were the weakest contributors to the Portfolio’s absolute performance during the same period.

Did the Portfolio make any significant purchases or sales during the reporting period?

During the reporting period we took advantage of tighter spreads within the credit markets to trim our positions in investment-grade credit, high-yield as well as bank loans. To diversify the fund as well as decrease volatility, we added to the portfolio’s positions in agency mortgages, and CMBS and ABS.

How did the Portfolio’s sector weightings change during the reporting period?

As mentioned earlier, the Portfolio reduced its exposure to bank loans and increased its exposure to agency mortgage securities during the reporting period. By doing so, the Portfolio improved the liquidity and overall credit quality of its holdings in an environment of tightening spreads.

1. See page 5 for more information on benchmark and peer group returns.

2. The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. The term “spread product” refers to asset classes that typically trade at a spread to comparable U.S. Treasury securities.

3. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

8 MainStay VP MacKay Unconstrained Bond Portfolio

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held overweight exposure relative to the Bloomberg Barclays U.S. Aggregate Bond Index in investment-grade corporate bonds, high-yield bonds and bank loans. As of the same date, the Portfolio held underweight positions in U.S. Treasury securities and agency mortgage securities.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 100.5%† Asset-Backed Securities 4.1%
Auto Floor Plan Asset-Backed Securities 0.8%
Ford Credit Floorplan Master Owner Trust  Series 2018-4, Class A 4.06%, due 11/15/30	$	4,530,000	$	4,858,147
Navistar Financial Dealer Note Master Owner Trust II Series 2018-1, Class A 3.06% (1 Month LIBOR + 0.63%), due 9/25/23 (a)(b)		4,085,000		4,093,055
				8,951,202
Automobile Asset-Backed Securities 0.5%
Volkswagen Auto Loan Enhanced Trust  Series 2018-1, Class A4 3.15%, due 7/22/24		3,290,000		3,364,382
World Omni Auto Receivables Trust  Series 2019-A, Class A3 3.04%, due 5/15/24		2,430,000		2,485,060
				5,849,442
Credit Cards 1.4%
American Express Credit Account Master Trust
Series 2018-9, Class A 2.82% (1 Month LIBOR + 0.38%), due 4/15/26 (b)		1,970,000		1,971,777
Series 2019-1, Class A 2.87%, due 10/15/24		2,135,000		2,182,275
Capital One Multi-Asset Execution Trust  Series 2019-A1, Class A1 2.84%, due 12/15/24		3,445,000		3,511,469
Citibank Credit Card Issuance Trust  Series 2018-A2, Class A2 2.771% (1 Month LIBOR + 0.33%), due 1/20/25 (b)		4,945,000		4,941,508
Discover Card Execution Note Trust  Series 2019-A1, Class A1 3.04%, due 7/15/24		2,505,000		2,565,798
				15,172,827
Home Equity 0.0%‡
First NLC Trust  Series 2007-1, Class A1 2.50% (1 Month LIBOR + 0.07%), due 8/25/37 (a)(b)		71,775		45,207
MASTR Asset-Backed Securities Trust  Series 2006-HE4, Class A1 2.48% (1 Month LIBOR + 0.05%), due 11/25/36 (b)		19,110		8,871

	Principal Amount		Value
Home Equity (continued)
Morgan Stanley ABS Capital I Trust  Series 2007-HE4, Class A2A 2.54% (1 Month LIBOR + 0.11%), due 2/25/37 (b)	$	19,322	$	8,984
				63,062
Other Asset-Backed Securities 1.4%
CNH Equipment Trust  Series 2019-B, Class A4 2.64%, due 5/15/26		4,405,000		4,483,127
Daimler Trucks Retail Trust  Series 2019-1, Class A3 2.77%, due 8/15/22 (a)		3,140,000		3,168,518
Dell Equipment Finance Trust  Series 2018-2, Class A3 3.37%, due 10/22/23 (a)		4,080,000		4,150,690
JPMorgan Mortgage Acquisition Trust  Series 2007-HE1, Class AF1 2.53% (1 Month LIBOR + 0.10%), due 3/25/47 (b)		25,586		18,390
Verizon Owner Trust  Series 2019-A, Class A1A 2.93%, due 9/20/23		2,950,000		3,001,944
				14,822,669
Student Loans 0.0%‡
KeyCorp Student Loan Trust  Series 2000-A, Class A2 2.971% (3 Month LIBOR + 0.32%), due 5/25/29 (b)		58,032		57,784
Total Asset-Backed Securities (Cost $44,064,053)				44,916,986
Convertible Bonds 0.0%‡
Health Care—Products 0.0%‡
Danaher Corp. (zero coupon), due 1/22/21		1,000		5,458
Total Convertible Bonds (Cost $1,571)				5,458
Corporate Bonds 72.4%
Advertising 0.1%
Lamar Media Corp. 5.00%, due 5/1/23		900,000		915,750
Aerospace & Defense 0.3%
Harris Corp. 4.40%, due 6/15/28		3,270,000		3,572,975

10 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Agriculture 0.7%
Altria Group, Inc. 3.80%, due 2/14/24 (c)	$	3,400,000	$	3,544,225
Bunge, Ltd. Finance Corp. 3.50%, due 11/24/20		4,435,000		4,476,338
				8,020,563
Airlines 1.4%
American Airlines Pass-Through Trust
Series 2015-2, Class AA, 3.60%, due 3/22/29		857,922		885,890
Series 2015-2, Class A 4.00%, due 3/22/29		428,963		444,963
Continental Airlines, Inc.
Series 2007-1, Class A 5.983%, due 10/19/23		556,524		590,305
Series 2004-ERJ1 9.558%, due 3/1/21		216		216
Series 2005-ERJ1 9.798%, due 10/1/22		136,870		142,549
Delta Air Lines, Inc. Series 2019-1, Class AA 3.204%, due 10/25/25		3,695,000		3,826,684
Northwest Airlines, Inc. Series 2007-1, Class A 7.027%, due 5/1/21		4,193,840		4,251,296
U.S. Airways Group, Inc.
Series 2012-1, Class A 5.90%, due 4/1/26		1,164,204		1,283,069
Series 2010-1, Class A 6.25%, due 10/22/24		797,819		868,347
United Airlines, Inc.
Series 2014-2, Class B 4.625%, due 3/3/24		1,176,939		1,211,188
Series 2007-1, Pass Through Trust  6.636%, due 1/2/24		1,765,532		1,875,348
				15,379,855
Apparel 0.2%
VF Corp. 3.50%, due 9/1/21		2,185,000		2,240,707
Auto Manufacturers 2.6%
Daimler Finance North America LLC (a)
2.30%, due 1/6/20		5,000,000		4,993,143
3.115% (3 Month LIBOR + 0.55%), due 5/4/21 (b)		2,335,000		2,335,386
Ford Motor Credit Co. LLC
2.681%, due 1/9/20		5,675,000		5,671,536
3.753% (3 Month LIBOR + 1.235%), due 2/15/23 (b)		1,230,000		1,193,746

	Principal Amount		Value
Auto Manufacturers (continued)
Ford Motor Credit Co. LLC (continued)
4.25%, due 9/20/22	$	900,000	$	923,063
8.125%, due 1/15/20		1,584,000		1,628,845
General Motors Financial Co., Inc. 3.45%, due 4/10/22		4,000,000		4,056,682
Toyota Motor Credit Corp. 1.95%, due 4/17/20 (c)		4,300,000		4,291,744
Volkswagen Group of America Finance LLC 3.875%, due 11/13/20 (a)		3,100,000		3,165,870
				28,260,015
Auto Parts & Equipment 0.4%
LKQ European Holdings B.V. 3.625%, due 4/1/26 (a)	EUR	2,835,000		3,399,337
ZF North America Capital, Inc. 4.00%, due 4/29/20 (a)	$	740,000		743,755
				4,143,092
Banks 15.4%
Bank of America Corp.
3.004%, due 12/20/23 (d)		6,566,000		6,686,456
3.499%, due 5/17/22 (d)		6,150,000		6,268,521
3.50%, due 4/19/26		6,165,000		6,455,877
3.705%, due 4/24/28 (d)		1,695,000		1,780,940
5.797%, due 7/29/19 (e)		2,010,000		2,003,890
6.30%, due 3/10/26 (d)(e)		1,810,000		2,020,503
8.57%, due 11/15/24		455,000		573,215
Bank of New York Mellon Corp. 2.661%, due 5/16/23 (d)		3,715,000		3,745,109
Barclays Bank PLC
5.14%, due 10/14/20		4,249,000		4,369,634
Series Reg S 10.00%, due 5/21/21	GBP	401,000		585,134
Barclays PLC 5.20%, due 5/12/26	$	1,725,000		1,808,785
BB&T Corp.
2.75%, due 4/1/22		4,790,000		4,847,981
3.05%, due 6/20/22		1,880,000		1,920,355
Capital One Financial Corp. 5.55%, due 6/1/20 (c)(d)(e)		2,365,000		2,405,371
Citibank N.A. 3.165%, due 2/19/22 (d)		4,200,000		4,252,576
Citigroup, Inc.
2.35%, due 8/2/21		4,801,000		4,797,914
3.569% (3 Month LIBOR + 1.25%), due 7/1/26 (b)		10,035,000		10,106,269
5.50%, due 9/13/25 (c)		2,710,000		3,069,595
6.30%, due 5/15/24 (d)(e)		4,290,000		4,456,237
Citizens Bank N.A. 2.55%, due 5/13/21		1,145,000		1,148,388

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Banks (continued)
Citizens Financial Group, Inc.
4.15%, due 9/28/22 (a)	$	1,450,000	$	1,499,192
4.30%, due 12/3/25 (c)		2,550,000		2,698,000
Discover Bank
7.00%, due 4/15/20		1,005,000		1,039,317
8.70%, due 11/18/19		420,000		429,310
Goldman Sachs Group, Inc.
2.30%, due 12/13/19		2,100,000		2,099,084
2.876%, due 10/31/22 (c)(d)		2,300,000		2,319,029
3.625%, due 1/22/23		2,813,000		2,918,357
3.688% (3 Month LIBOR + 1.17%), due 5/15/26 (b)		3,075,000		3,031,967
5.25%, due 7/27/21		1,900,000		2,008,212
6.75%, due 10/1/37		1,828,000		2,390,932
Huntington Bancshares, Inc. 3.15%, due 3/14/21		3,910,000		3,958,456
Huntington National Bank 3.55%, due 10/6/23		1,445,000		1,512,730
JPMorgan Chase & Co. 3.54%, due 5/1/28 (d)		6,265,000		6,521,235
Lloyds Banking Group PLC
2.907%, due 11/7/23 (d)		1,160,000		1,161,927
4.582%, due 12/10/25		2,500,000		2,608,671
Morgan Stanley
3.591%, due 7/22/28 (d)		1,645,000		1,712,856
3.625%, due 1/20/27		4,350,000		4,565,483
3.875%, due 4/29/24		6,015,000		6,375,028
3.875%, due 1/27/26 (c)		400,000		425,205
4.875%, due 11/1/22		1,931,000		2,066,493
5.00%, due 11/24/25		3,840,000		4,251,173
5.45%, due 10/15/19 (d)(e)		2,125,000		2,119,687
PNC Bank N.A. 2.45%, due 11/5/20		2,740,000		2,746,192
Royal Bank of Canada 2.50%, due 1/19/21		3,860,000		3,876,395
Royal Bank of Scotland Group PLC
5.125%, due 5/28/24		2,239,000		2,376,149
6.00%, due 12/19/23		205,000		223,255
6.125%, due 12/15/22		970,000		1,046,513
Santander Holdings USA, Inc. 3.40%, due 1/18/23		5,055,000		5,129,509
Santander UK Group Holdings PLC 3.571%, due 1/10/23		2,030,000		2,065,310
Santander UK PLC 2.125%, due 11/3/20		3,000,000		2,985,178
U.S. Bank N.A. 2.812% (3 Month LIBOR + 0.29%), due 5/21/21 (b)(c)		5,115,000		5,118,096
Wells Fargo & Co.
2.60%, due 7/22/20		5,215,000		5,232,152

	Principal Amount		Value
Banks (continued)
Wells Fargo & Co. (continued)
3.00%, due 10/23/26	$	1,640,000	$	1,656,961
5.875%, due 6/15/25 (d)(e)		595,000		646,789
5.90%, due 6/15/24 (d)(e)		3,270,000		3,421,237
Westpac Banking Corp. 2.798% (3 Month LIBOR + 0.28%), due 5/15/20 (b)		2,710,000		2,715,111
				170,253,941
Beverages 1.6%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, due 1/23/25		915,000		991,149
4.75%, due 1/23/29		1,833,000		2,080,833
Constellation Brands, Inc. 4.25%, due 5/1/23		2,985,000		3,176,118
Diageo Capital PLC 2.76% (3 Month LIBOR + 0.24%), due 5/18/20 (b)		5,020,000		5,022,937
Molson Coors Brewing Co. 2.10%, due 7/15/21		3,129,000		3,108,148
PepsiCo, Inc. 2.00%, due 4/15/21		3,450,000		3,449,055
				17,828,240
Biotechnology 0.3%
Biogen, Inc. 3.625%, due 9/15/22		3,560,000		3,674,565
Building Materials 0.4%
Masco Corp. 7.125%, due 3/15/20		142,000		146,079
Standard Industries, Inc. (a)
4.75%, due 1/15/28		970,000		962,725
5.375%, due 11/15/24		3,680,000		3,808,800
				4,917,604
Chemicals 1.7%
Air Liquide Finance S.A. (a)
1.375%, due 9/27/19		2,780,000		2,771,959
1.75%, due 9/27/21		1,895,000		1,871,999
Ashland LLC 4.75%, due 8/15/22		2,525,000		2,638,625
Braskem Netherlands Finance B.V. (a)
3.50%, due 1/10/23		2,300,000		2,306,900
4.50%, due 1/10/28		2,025,000		2,048,288
Eastman Chemical Co. 2.70%, due 1/15/20		1,536,000		1,535,498
Mexichem S.A.B. de C.V. 4.00%, due 10/4/27 (a)		2,200,000		2,189,022
W.R. Grace & Co. 5.125%, due 10/1/21 (a)		2,915,000		3,024,312
				18,386,603

12 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Commercial Services 1.1%
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)	$	2,435,000	$	2,450,219
Herc Rentals, Inc. 7.75%, due 6/1/24 (a)(f)		2,888,000		3,058,970
IHS Markit, Ltd.
4.125%, due 8/1/23		2,175,000		2,261,130
4.75%, due 2/15/25 (a)		3,105,000		3,330,423
Service Corp. International 5.375%, due 5/15/24		530,000		545,237
				11,645,979
Computers 1.4%
Apple, Inc. 1.55%, due 8/4/21		3,840,000		3,802,841
Dell International LLC / EMC Corp. (a)
4.90%, due 10/1/26		3,695,000		3,855,195
6.02%, due 6/15/26		625,000		689,489
Hewlett Packard Enterprise Co.
3.60%, due 10/15/20		2,000,000		2,026,316
4.40%, due 10/15/22		1,560,000		1,645,541
International Business Machines Corp. 1.90%, due 1/27/20		3,255,000		3,248,475
				15,267,857
Cosmetics & Personal Care 0.5%
Estee Lauder Cos., Inc. 1.80%, due 2/7/20 (f)		2,050,000		2,042,725
Unilever Capital Corp. 1.80%, due 5/5/20		3,500,000		3,486,830
				5,529,555
Distribution & Wholesale 0.3%
H&E Equipment Services, Inc. 5.625%, due 9/1/25		3,000,000		3,085,500
Diversified Financial Services 2.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.45%, due 12/16/21		2,200,000		2,284,310
4.625%, due 10/30/20		3,585,000		3,676,080
Air Lease Corp.
2.125%, due 1/15/20		2,215,000		2,209,685
2.625%, due 7/1/22		2,155,000		2,155,464
2.75%, due 1/15/23		1,040,000		1,039,696
Ally Financial, Inc.
3.75%, due 11/18/19		1,395,000		1,397,790
5.75%, due 11/20/25		3,570,000		3,948,956
8.00%, due 11/1/31		80,000		105,737
Discover Financial Services 3.85%, due 11/21/22		300,000		312,841

	Principal Amount		Value
Diversified Financial Services (continued)
Protective Life Global Funding (a)
1.555%, due 9/13/19	$	1,200,000	$	1,197,751
2.161%, due 9/25/20		3,420,000		3,413,799
Springleaf Finance Corp. 6.125%, due 3/15/24		880,000		946,000
Synchrony Financial 4.50%, due 7/23/25		1,810,000		1,900,193
				24,588,302
Diversified/Conglomerate Service 0.1%
Vantiv LLC / Vanity Issuer Corp. 4.375%, due 11/15/25 (a)		1,325,000		1,376,344
Electric 3.6%
AEP Transmission Co. LLC 3.10%, due 12/1/26 (c)		3,360,000		3,414,022
Appalachian Power Co. 3.30%, due 6/1/27		1,400,000		1,426,166
Baltimore Gas & Electric Co. 2.40%, due 8/15/26		3,260,000		3,192,764
Berkshire Hathaway Energy Co. 2.375%, due 1/15/21		1,700,000		1,704,654
CMS Energy Corp.
3.875%, due 3/1/24		1,705,000		1,785,886
5.05%, due 3/15/22		1,350,000		1,436,453
Consolidated Edison Co. of New York, Inc. 2.749% (3 Month LIBOR + 0.40%), due 6/25/21 (b)		1,000,000		1,002,503
Consolidated Edison, Inc. 2.00%, due 3/15/20		2,090,000		2,083,034
Duquesne Light Holdings, Inc. (a)
5.90%, due 12/1/21		1,494,000		1,594,500
6.40%, due 9/15/20		3,435,000		3,582,926
Entergy Arkansas LLC 3.50%, due 4/1/26		960,000		1,001,679
Evergy, Inc. 4.85%, due 6/1/21		1,455,000		1,506,979
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		1,675,000		1,797,747
Florida Power & Light Co. 2.75%, due 6/1/23		2,155,000		2,195,467
MidAmerican Energy Co. 3.10%, due 5/1/27		4,500,000		4,622,519
Public Service Electric & Gas Co. 3.00%, due 5/15/27		2,635,000		2,682,295
Puget Energy, Inc. 5.625%, due 7/15/22		585,000		627,605
WEC Energy Group, Inc.
3.10%, due 3/8/22		2,165,000		2,200,667
4.631% (3 Month LIBOR + 2.113%), due 5/15/67 (b)		1,860,340		1,534,781
				39,392,647

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Electronics 0.1%
Honeywell International, Inc. 1.40%, due 10/30/19	$	990,000	$	987,082
Entertainment 0.8%
Eldorado Resorts, Inc.
6.00%, due 4/1/25		3,417,000		3,592,121
7.00%, due 8/1/23		2,395,000		2,502,775
International Game Technology PLC 6.25%, due 2/15/22 (a)		2,595,000		2,740,969
				8,835,865
Environmental Controls 0.6%
Republic Services, Inc. 4.75%, due 5/15/23		3,665,000		3,956,129
Waste Management, Inc.
2.40%, due 5/15/23		505,000		506,712
4.60%, due 3/1/21		1,800,000		1,859,673
				6,322,514
Food 2.6%
JBS Investments II GmbH 7.00%, due 1/15/26 (a)		1,775,000		1,922,325
Kerry Group Financial Services Unlimited Co. 3.20%, due 4/9/23 (a)		2,151,000		2,170,487
Kroger Co. 1.50%, due 9/30/19		2,805,000		2,797,588
Mondelez International Holdings Netherlands B.V. (a)
1.625%, due 10/28/19		3,060,000		3,049,235
2.00%, due 10/28/21		3,355,000		3,324,143
Nestle Holdings, Inc. 3.10%, due 9/24/21 (a)		4,990,000		5,093,759
Smithfield Foods, Inc. (a)
2.70%, due 1/31/20		4,725,000		4,715,181
3.35%, due 2/1/22		1,805,000		1,800,504
Sysco Corp. 3.30%, due 7/15/26		1,735,000		1,781,019
Tyson Foods, Inc. 2.65%, due 8/15/19		1,660,000		1,660,276
				28,314,517
Forest Products & Paper 0.6%
Georgia-Pacific LLC
5.40%, due 11/1/20 (a)		4,000,000		4,157,409
8.00%, due 1/15/24		2,180,000		2,693,451
				6,850,860
Health Care—Products 1.7%
Abbott Laboratories 3.40%, due 11/30/23 (c)		3,540,000		3,690,855

	Principal Amount		Value
Health Care—Products (continued)
Baxter International, Inc. 2.60%, due 8/15/26	$	6,085,000	$	6,026,100
Becton Dickinson & Co.
2.675%, due 12/15/19		4,575,000		4,576,445
3.363%, due 6/6/24		2,245,000		2,312,198
Stryker Corp. 2.625%, due 3/15/21		1,500,000		1,506,461
Zimmer Biomet Holdings, Inc. 2.70%, due 4/1/20		1,190,000		1,191,482
				19,303,541
Health Care—Services 0.5%
Laboratory Corporation of America Holdings 2.625%, due 2/1/20		6,010,000		6,013,716
Home Builders 0.9%
D.R. Horton, Inc. 4.375%, due 9/15/22		3,350,000		3,488,775
KB Home 8.00%, due 3/15/20		1,925,000		1,987,948
Lennar Corp. 4.50%, due 11/15/19		1,300,000		1,304,875
MDC Holdings, Inc. 5.625%, due 2/1/20		1,072,000		1,080,040
Toll Brothers Finance Corp. 5.875%, due 2/15/22		2,475,000		2,629,687
				10,491,325
Housewares 0.2%
Scotts Miracle-Gro Co. 5.25%, due 12/15/26		1,960,000		1,989,400
Insurance 3.0%
Jackson National Life Global Funding 2.20%, due 1/30/20 (a)		2,055,000		2,053,432
Liberty Mutual Group, Inc. 4.25%, due 6/15/23 (a)		2,695,000		2,849,037
Lincoln National Corp. 4.883% (3 Month LIBOR + 2.358%), due 5/17/66 (b)		7,583,000		6,199,103
MassMutual Global Funding II (a)
2.50%, due 10/17/22		3,670,000		3,698,784
2.95%, due 1/11/25		2,995,000		3,060,355
Metropolitan Life Global Funding I 3.45%, due 10/9/21 (a)		2,610,000		2,671,384
Oil Insurance, Ltd. 5.301% (3 Month LIBOR + 2.982%), due 9/30/19 (a)(b)(e)		1,648,000		1,590,082
Pricoa Global Funding I 2.55%, due 11/24/20 (a)		2,025,000		2,032,867

14 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Insurance (continued)
Principal Life Global Funding II 2.375%, due 11/21/21 (a)	$	5,550,000	$	5,552,674
Protective Life Corp. 8.45%, due 10/15/39		1,564,000		2,330,045
Prudential Financial, Inc. 5.625%, due 6/15/43 (d)		1,245,000		1,316,538
				33,354,301
Internet 2.0%
Booking Holdings, Inc. 3.60%, due 6/1/26		2,875,000		3,031,599
Expedia Group, Inc.
3.80%, due 2/15/28		2,245,000		2,285,162
5.00%, due 2/15/26		315,000		343,109
GrubHub Holdings, Inc. 5.50%, due 7/1/27 (a)		1,350,000		1,385,600
Match Group, Inc. 5.00%, due 12/15/27 (a)		1,775,000		1,859,135
Tencent Holdings, Ltd. 3.80%, due 2/11/25 (a)		5,450,000		5,683,293
VeriSign, Inc. 4.625%, due 5/1/23		3,670,000		3,729,821
Weibo Corp. 3.50%, due 7/5/24		1,625,000		1,631,742
Zayo Group LLC / Zayo Capital, Inc. 5.75%, due 1/15/27 (a)		2,090,000		2,129,459
				22,078,920
Iron & Steel 0.8%
AK Steel Corp. 7.625%, due 10/1/21 (c)		2,860,000		2,817,100
ArcelorMittal 4.55%, due 3/11/26		3,205,000		3,387,683
Vale Overseas, Ltd. 6.25%, due 8/10/26		2,780,000		3,157,941
				9,362,724
Leisure Time 0.3%
NCL Corp., Ltd. 4.75%, due 12/15/21 (a)		807,000		818,096
Royal Caribbean Cruises, Ltd. 2.65%, due 11/28/20		2,630,000		2,636,702
				3,454,798
Lodging 0.8%
Boyd Gaming Corp. 6.375%, due 4/1/26		1,000		1,058
Marriott International, Inc.
3.75%, due 10/1/25		4,205,000		4,376,613
7.15%, due 12/1/19		1,334,000		1,357,625

	Principal Amount		Value
Lodging (continued)
MGM Resorts International
6.00%, due 3/15/23	$	2,300,000	$	2,492,625
6.625%, due 12/15/21		475,000		513,000
				8,740,921
Machinery—Construction & Mining 1.1%
Caterpillar Financial Services Corp.
2.10%, due 1/10/20		5,790,000		5,783,514
2.90%, due 3/15/21		6,385,000		6,458,565
				12,242,079
Machinery—Diversified 0.7%
CNH Industrial Capital LLC
4.375%, due 4/5/22		3,550,000		3,686,994
4.875%, due 4/1/21		4,355,000		4,505,422
				8,192,416
Media 2.6%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.464%, due 7/23/22 (c)		2,770,000		2,910,643
Clear Channel Worldwide Holdings, Inc. Series B 6.50%, due 11/15/22		1,385,000		1,410,969
Comcast Corp.
3.30%, due 10/1/20		3,000,000		3,041,128
5.70%, due 7/1/19		3,000,000		3,000,000
Grupo Televisa S.A.B. 5.25%, due 5/24/49		1,735,000		1,800,072
Sirius XM Radio, Inc. (a)
3.875%, due 8/1/22		2,545,000		2,551,363
5.375%, due 7/15/26		3,000,000		3,108,750
Sky, Ltd. 3.75%, due 9/16/24 (a)		1,105,000		1,174,171
Time Warner Entertainment Co., L.P. 8.375%, due 3/15/23		740,000		876,895
UPCB Finance IV, Ltd. 5.375%, due 1/15/25 (a)		5,335,000		5,483,366
Virgin Media Secured Finance PLC 5.25%, due 1/15/26 (a)		2,785,000		2,853,817
				28,211,174
Mining 0.3%
Anglo American Capital PLC 4.125%, due 4/15/21 (a)		3,300,000		3,375,546
Miscellaneous—Manufacturing 0.6%
Siemens Financieringsmaatschappij N.V. (a)
2.15%, due 5/27/20		1,480,000		1,477,751
2.70%, due 3/16/22		2,485,000		2,511,083

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Miscellaneous—Manufacturing (continued)
Textron Financial Corp. 4.253% (3 Month LIBOR + 1.735%), due 2/15/67 (a)(b)	$	3,720,000	$	2,901,600
				6,890,434
Oil & Gas 2.7%
Anadarko Petroleum Corp. (zero coupon), due 10/10/36		6,555,000		3,096,911
Concho Resources, Inc. 4.30%, due 8/15/28		2,900,000		3,122,625
Gazprom Via Gaz Capital S.A. 7.288%, due 8/16/37 (a)		2,500,000		3,154,060
Marathon Petroleum Corp. 5.125%, due 12/15/26		5,755,000		6,287,359
Murphy Oil USA, Inc. 6.00%, due 8/15/23		4,348,000		4,467,570
Petrobras Global Finance B.V. 7.375%, due 1/17/27		2,538,000		2,903,472
Petroleos Mexicanos 6.75%, due 9/21/47		4,990,000		4,443,595
Valero Energy Corp. 4.00%, due 4/1/29		2,250,000		2,355,664
				29,831,256
Packaging & Containers 1.2%
Ball Corp. 5.00%, due 3/15/22		4,240,000		4,457,300
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, due 7/15/23 (a)		4,215,000		4,294,031
Sealed Air Corp. 4.875%, due 12/1/22 (a)		1,875,000		1,966,406
WestRock RKT Co. 4.00%, due 3/1/23		2,230,000		2,316,612
				13,034,349
Pharmaceuticals 2.2%
Allergan Funding SCS 3.45%, due 3/15/22		4,165,000		4,252,527
Bausch Health Cos., Inc. 5.50%, due 11/1/25 (a)		4,590,000		4,785,075
Bristol-Myers Squibb Co. 3.40%, due 7/26/29 (a)		3,280,000		3,433,968
Eli Lilly & Co. 2.35%, due 5/15/22		1,700,000		1,713,131
Novartis Capital Corp. 1.80%, due 2/14/20		2,850,000		2,841,379
Syneos Health, Inc. / inVentiv Health, Inc. / inVentiv Health Clinical, Inc. 7.50%, due 10/1/24 (a)		3,095,000		3,234,275

	Principal Amount		Value
Pharmaceuticals (continued)
Takeda Pharmaceutical Co., Ltd. 3.80%, due 11/26/20 (a)	$	1,460,000	$	1,486,488
Zoetis, Inc.
2.96% (3 Month LIBOR + 0.44%), due 8/20/21 (b)		1,655,000		1,642,722
3.25%, due 8/20/21		1,045,000		1,061,177
				24,450,742
Pipelines 0.8%
Enterprise Products Operating LLC
3.125%, due 7/31/29		2,345,000		2,350,064
4.20%, due 1/31/50		545,000		557,281
MPLX, L.P.
4.00%, due 3/15/28		2,500,000		2,589,119
4.125%, due 3/1/27		1,780,000		1,863,229
Spectra Energy Partners, L.P. 4.75%, due 3/15/24		818,000		885,973
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp. 5.25%, due 5/1/23		950,000		963,157
				9,208,823
Private Equity 0.6%
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp.
6.00%, due 8/1/20		4,445,000		4,451,668
6.25%, due 5/15/26 (a)		2,440,000		2,473,550
				6,925,218
Real Estate 0.1%
Realogy Group LLC / RealogyCo-Issuer Corp. 5.25%, due 12/1/21 (a)		640,000		614,400
Real Estate Investment Trusts 2.0%
American Tower Corp. 3.00%, due 6/15/23 (c)		5,000,000		5,048,497
Boston Properties, L.P. 3.20%, due 1/15/25		4,800,000		4,899,983
Crown Castle International Corp. 3.40%, due 2/15/21		1,255,000		1,272,143
Equinix, Inc.
5.75%, due 1/1/25		2,000,000		2,082,000
5.875%, due 1/15/26		2,275,000		2,408,656
ESH Hospitality, Inc. 5.25%, due 5/1/25 (a)		5,145,000		5,267,194
Host Hotels & Resorts, L.P. 3.75%, due 10/15/23		329,000		337,035
Iron Mountain, Inc. 6.00%, due 8/15/23		340,000		349,350
				21,664,858

16 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Corporate Bonds (continued)
Retail 1.6%
Alimentation Couche-Tard, Inc. (a)
2.35%, due 12/13/19	$	3,035,000	$	3,031,601
2.70%, due 7/26/22		1,650,000		1,653,252
CVS Health Corp. 3.083% (3 Month LIBOR + 0.63%), due 3/9/20 (b)		3,550,000		3,558,614
Darden Restaurants, Inc. 3.85%, due 5/1/27		2,025,000		2,091,990
Dollar General Corp. 3.25%, due 4/15/23 (c)		4,115,000		4,226,942
QVC, Inc. 4.85%, due 4/1/24		455,000		470,776
Starbucks Corp. 4.45%, due 8/15/49		2,065,000		2,261,228
				17,294,403
Semiconductors 0.5%
Broadcom, Inc. 3.625%, due 10/15/24 (a)		2,470,000		2,482,278
NXP B.V. / NXP Funding LLC (a)
4.625%, due 6/15/22		1,755,000		1,838,362
4.625%, due 6/1/23		1,065,000		1,122,617
				5,443,257
Software 1.6%
First Data Corp. 5.00%, due 1/15/24 (a)		2,103,000		2,154,523
Fiserv, Inc.
2.75%, due 7/1/24		1,135,000		1,145,115
3.20%, due 7/1/26		720,000		734,890
Microsoft Corp.
1.85%, due 2/6/20 (c)		4,520,000		4,510,312
3.30%, due 2/6/27		2,055,000		2,183,600
MSCI, Inc. 5.75%, due 8/15/25 (a)		4,005,000		4,205,250
PTC, Inc. 6.00%, due 5/15/24 (c)		2,569,000		2,691,027
				17,624,717
Special Purpose Entity 0.3%
CK Hutchison International (17) II, Ltd. 3.25%, due 9/29/27 (a)		3,260,000		3,302,578
Telecommunications 3.4%
AT&T, Inc.
3.20%, due 3/1/22		4,275,000		4,365,996
3.616% (3 Month LIBOR + 1.18%), due 6/12/24 (b)(c)		2,890,000		2,926,336
Cisco Systems, Inc. 1.85%, due 9/20/21		1,060,000		1,053,776
CommScope Technologies LLC 5.00%, due 3/15/27 (a)		1,600,000		1,392,000

	Principal Amount		Value
Telecommunications (continued)
CommScope, Inc. 5.00%, due 6/15/21 (a)	$	1,563,000	$	1,559,092
Crown Castle Towers LLC (a)
3.72%, due 7/15/43		1,550,000		1,595,170
4.241%, due 7/15/48		3,755,000		4,036,993
Hughes Satellite Systems Corp. 5.25%, due 8/1/26		540,000		554,850
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, due 9/20/29 (a)		4,750,000		4,928,125
T-Mobile USA, Inc.
4.50%, due 2/1/26		2,245,000		2,298,319
6.00%, due 3/1/23		1,200,000		1,227,000
6.50%, due 1/15/26		1,235,000		1,335,109
Telefonica Emisiones SAU
4.57%, due 4/27/23		1,781,000		1,925,947
5.462%, due 2/16/21		279,000		292,350
5.877%, due 7/15/19 (c)		3,625,000		3,629,218
Verizon Communications, Inc.
3.618% (3 Month LIBOR + 1.10%), due 5/15/25 (b)		2,455,000		2,486,547
5.15%, due 9/15/23		1,722,000		1,922,743
				37,529,571
Textiles 0.4%
Cintas Corp. No 2 2.90%, due 4/1/22		3,805,000		3,869,699
Transportation 0.5%
United Parcel Service, Inc. 2.50%, due 4/1/23		4,965,000		5,018,479
Total Corporate Bonds (Cost $786,333,866)				799,304,577
Loan Assignments 8.8% (b)
Advertising 1.2%
Las Vegas Sands LLC 2018 Term Loan B 4.152% (1 Month LIBOR + 1.75%), due 3/27/25		5,095,500		5,055,546
Outfront Media Capital LLC 2017 Term Loan B 4.421% (1 Month LIBOR + 2.00%), due 3/18/24		5,362,500		5,343,506
Syneos Health, Inc. 2018 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 8/1/24		3,133,674		3,118,658
				13,517,710

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Loan Assignments (continued)
Chemicals, Plastics & Rubber 0.4%
Axalta Coating Systems U.S. Holdings, Inc. Term Loan B3 4.08% (3 Month LIBOR + 1.75%), due 6/1/24	$	4,320,878	$	4,266,867
Commercial Services 0.2%
Global Payments Inc. 2018 Term Loan B3 4.152% (1 Month LIBOR + 1.75%), due 4/21/23		1,837,700		1,834,747
KAR Auction Services, Inc. Term Loan B4 4.625% (3 Month LIBOR + 2.25%), due 3/11/21		412,787		411,755
ServiceMaster Co. 2016 Term Loan B 4.902% (1 Month LIBOR + 2.50%), due 11/8/23		460,299		459,628
				2,706,130
Diversified/Conglomerate Service 0.4%
Worldpay, LLC 2018 1st Lien Term Loan B4 4.132% (1 Week LIBOR + 1.75%), due 8/9/24		1,386,325		1,384,906
2018 1st Lien Term Loan B4 4.151% (1 Month LIBOR + 1.75%), due 8/9/24		2,617,988		2,615,310
				4,000,216
Environmental Controls 0.4%
GFL Environmental, Inc. 2018 Term Loan B 5.402% (1 Month LIBOR + 3.00%), due 5/30/25		3,911,583		3,842,152
Food 0.1%
Post Holdings, Inc. 2017 Series A Incremental Term Loan 4.404% (1 Month LIBOR + 2.00%), due 5/24/24		1,577,352		1,568,620
Food—Wholesale 0.5%
U.S. Foods, Inc. 2016 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 6/27/23		5,116,750		5,079,290

	Principal Amount		Value
Hand & Machine Tools 0.3%
Milacron LLC Amended Term Loan B 4.902% (1 Month LIBOR + 2.50%), due 9/28/23	$	3,142,867	$	3,056,438
Health Care—Services 0.3%
MPH Acquisition Holdings LLC 2016 Term Loan B 5.08% (3 Month LIBOR + 2.75%), due 6/7/23		3,592,507		3,429,346
Health Services 0.4%
ExamWorks Group, Inc. 2017 Term Loan 5.652% (1 Month LIBOR + 3.25%), due 7/27/23		4,498,246		4,492,623
Household Products & Wares 0.2%
Prestige Brands, Inc. Term Loan B4 4.402% (1 Month LIBOR + 2.00%), due 1/26/24		2,385,799		2,370,888
Internet 0.2%
Match Group, Inc. 2017 Term Loan B 4.904% (1 Month LIBOR + 2.50%), due 11/16/22		1,859,375		1,859,375
Leisure Time 0.3%
Bombardier Recreational Products, Inc. 2016 Term Loan B 4.40% (1 Month LIBOR + 2.00%), due 5/23/25		3,051,938		3,003,616
Lodging 0.5%
Boyd Gaming Corp. Term Loan B3 4.622% (1 Week LIBOR + 2.25%), due 9/15/23		450,854		448,205
Hilton Worldwide Finance LLC Term Loan B2 4.154% (1 Month LIBOR + 1.75%), due 10/25/23		4,271,113		4,270,579
MGM Growth Properties Operating Partnership, L.P. 2016 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 3/21/25		967,500		961,108
				5,679,892

18 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Loan Assignments (continued)
Machinery—Diversified 0.1%
Zebra Technologies Corp. 2018 Term Loan B 4.181% (1 Month LIBOR + 1.75%), due 10/27/21	$	1,428,793	$	1,429,983
Media 0.4%
Nielsen Finance LLC Term Loan B4 4.412% (1 Month LIBOR + 2.00%), due 10/4/23		2,940,000		2,909,024
Virgin Media Bristol LLC Term Loan K 4.894% (1 Month LIBOR + 2.50%), due 1/15/26		1,225,000		1,220,066
				4,129,090
Packaging & Containers 0.1%
Berry Global, Inc. 2018 Term Loan S 4.162% (3 Month LIBOR + 1.75%), due 2/8/20		1,478,431		1,476,122
Semiconductors 0.2%
ON Semiconductor Corp. 2018 1st Lien Term Loan B 4.152% (1 Month LIBOR + 1.75%), due 3/31/23		1,886,148		1,858,380
Software 0.6%
First Data Corp. 2024 Term Loan 4.404% (1 Month LIBOR + 2.00%), due 4/26/24		2,315,868		2,313,293
IQVIA, Inc. 2018 USD Term Loan B3 4.152% (1 Month LIBOR + 1.75%), due 6/11/25		3,811,500		3,788,360
				6,101,653
Support Services 1.0%
Advanced Disposal Services, Inc. Term Loan B3 4.635% (1 Week LIBOR + 2.25%), due 11/10/23		5,567,989		5,557,165
Change Healthcare Holdings, Inc. 2017 Term Loan B 5.152% (1 Month LIBOR + 2.75%), due 3/1/24		5,860,370		5,808,277
				11,365,442

	Principal Amount		Value
Telecommunications 0.9%
Level 3 Financing, Inc. 2017 Term Loan B 4.652% (1 Month LIBOR + 2.25%), due 2/22/24	$	5,875,000	$	5,822,372
SBA Senior Finance II LLC 2018 Term Loan B 4.41% (1 Month LIBOR + 2.00%), due 4/11/25		4,234,269		4,175,387
				9,997,759
Transportation 0.2%
XPO Logistics, Inc. 2018 Term Loan B 4.402% (1 Month LIBOR + 2.00%), due 2/24/25		2,477,254		2,455,016
Total Loan Assignments (Cost $97,947,889)				97,686,608
Mortgage-Backed Securities 5.9%
Agency (Collateralized Mortgage Obligations) 1.6%
Federal Home Loan Mortgage Corporation REMIC Series 4888, Class BA 3.50%, due 9/15/48		2,221,077		2,312,331
Federal National Mortgage Association Series 2019-25, Class PA 3.00%, due 5/25/48		2,726,093		2,784,347
Government National Mortgage Association
Series 2014-91, Class MA 3.00%, due 1/16/40		3,191,230		3,273,183
Series 2019-29, Class CB 3.00%, due 10/20/48		2,252,832		2,296,536
Series 2019-43, Class PL 3.00%, due 4/20/49		2,607,757		2,658,390
Series 2019-74, Class AT 3.00%, due 6/20/49		3,709,000		3,797,803
				17,122,590
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.6%
BX Commercial Mortgage Trust  Series 2018-IND, Class A 3.144% (1 Month LIBOR + 0.75%), due 11/15/35 (a)(b)		3,029,221		3,031,708
FREMF Mortgage Trust (a)(g)
Series 2013-K33, Class B 3.615%, due 8/25/46		3,090,000		3,210,628
Series 2013-K35, Class B 4.074%, due 8/25/23		2,375,000		2,513,778

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Mortgage-Backed Securities (continued)
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued)
GS Mortgage Securities Trust
Series 2019-GC40, Class A4 3.16%, due 7/10/52 (h)	$	2,699,000	$	2,783,209
Series 2019-BOCA, Class A 3.65% (1 Month LIBOR + 1.20%), due 6/15/38 (a)(b)		4,660,000		4,663,052
Hawaii Hotel Trust  Series 2019-MAUI, Class A 3.544% (1 Month LIBOR + 1.15%), due 5/15/38 (a)(b)		2,480,000		2,482,344
Hudson Yards Mortgage Trust  Series 2019-30HY, Class A 3.228%, due 7/10/39 (a)(h)		2,600,000		2,675,660
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2018-AON, Class A 4.128%, due 7/5/31 (a)		3,643,000		3,896,589
Series 2013-C16, Class A4 4.166%, due 12/15/46		2,380,000		2,551,220
JPMBB Commercial Mortgage Securities Trust  Series 2015-C28, Class A4 3.227%, due 10/15/48		3,250,000		3,372,109
Wells Fargo Commercial Mortgage Trust (a)(g)
Series 2018-1745, Class A 3.874%, due 6/15/36		3,450,000		3,696,065
Series 2018-AUS, Class A 4.194%, due 8/17/36		4,200,000		4,592,855
Wells Fargo Mortgage Backed Securities Trust  Series 2006-AR10, Class 5A2 4.992%, due 7/25/36 (g)		11,835		12,013
				39,481,230
Whole Loan (Collateralized Mortgage Obligations) 0.7%
Chase Home Lending Mortgage Trust  Series 2019-ATR1, Class A4 4.00%, due 4/25/49 (a)(i)		3,631,623		3,694,842
Federal Home Loan Mortgage Corporation Series 2019-1, Class A1 3.50%, due 5/25/29		2,446,879		2,544,975
JP Morgan Mortgage Trust  Series 2019-1, Class A3 4.00%, due 5/25/49 (a)(i)		1,921,093		1,963,396
				8,203,213
Total Mortgage-Backed Securities (Cost $63,381,061)				64,807,033

	Principal Amount		Value
U.S. Government & Federal Agencies 9.3%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.2%
4.00%, due 2/1/49	$	2,523,908	$	2,619,326
Federal National Mortgage Association (Mortgage Pass-Through Securities) 4.7%
3.00%, due 10/1/48		3,364,549		3,400,661
3.50%, due 1/29/48 TBA (j)		14,396,000		14,718,223
4.00%, due 8/1/48		14,868,052		15,453,060
4.00%, due 2/1/49		5,644,501		5,854,418
4.50%, due 1/1/49		11,254,031		11,818,327
				51,244,689
United States Treasury Inflation—Indexed Notes 4.4% (k)
0.75%, due 7/15/28		12,188,993		12,699,122
0.875%, due 1/15/29		34,054,821		35,844,779
				48,543,901
Total U.S. Government & Federal Agencies (Cost $99,397,957)				102,407,916
TotalLong-Term Bonds (Cost $1,091,126,397)				1,109,128,578
	Shares
Common Stocks 0.0%‡
Software 0.0%‡
salesforce.com, Inc. (l)		1,267		192,242
Total Common Stocks (Cost $146,797)				192,242
Short-Term Investments 2.6%
Affiliated Investment Company 1.3%
MainStay U.S. Government Liquidity Fund, 2.03% (m)		13,654,411		13,654,411
Total Affiliated Investment Company (Cost $13,654,411)				13,654,411
Unaffiliated Investment Company 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (m)(n)		1,400,338		1,400,338
Total Unaffiliated Investment Company (Cost $1,400,338)				1,400,338

20 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount			Value
Short-Term Investments (continued)
U.S. Governments 1.2%
United States Treasury Bills 2.103%, due 7/23/19 (o)	$	13,540,000		$	13,522,868
Total U.S. Governments (Cost $13,522,868)					13,522,868
TotalShort-Term Investments (Cost $28,577,617)					28,577,617
Total Investments, Before Investments Sold Short (Cost $1,119,850,811)		103.1	%		1,137,898,437
Investments Sold Short (1.8%)
Corporate Bonds Sold Short (1.8%)
Health Care Providers & Services (0.5%)
Davita, Inc. 5.00%, due 5/1/25		(3,015,000	)		(2,976,559	)
Mylan N.V. 3.95%, due 6/15/26		(3,175,000	)		(3,070,188	)
					(6,046,747	)
Internet & Direct Marketing Retail (0.8%)
Netflix, Inc. 4.375%, due 11/15/26		(8,495,000	)		(8,688,686	)
Semiconductors & Semiconductor Equipment (0.5%)
Amkor Technology, Inc. 6.625%, due 9/15/27 (a)		(5,050,000	)		(5,018,943	)
Total Investments Sold Short (Proceeds $19,310,069)					(19,754,376	)
Total Investments, Net of Investments Sold Short (Cost $1,100,540,742)		101.3	%		1,118,144,061
Other Assets, Less Liabilities		(1.3	)		(14,478,022	)
Net Assets		100.0	%	$	1,103,666,039

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(b) Floating rate—Rate shown was the rate in effect as of June 30, 2019.

(c) Security, or a portion thereof, was maintained in a segregated account at the Portfolio’s custodian as collateral for securities sold short (See Note 2(O)).

(d) Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2019.

(e) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(f) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $1,371,351 and the Portfolio received cash collateral with a value of $1,400,338 (See Note 2(P)).

(g) Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2019.

(h) Fair valued security—Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of June 30, 2019, the total market value of fair valued securities was $5,458,869, which represented 0.5% of the Portfolio’s net assets.

(i) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

(j) TBA—Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2019, the total net market value of these securities was $14,718,223, which represented 1.3% of the Portfolio’s net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.

(k) Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers.

(l) Non-income producing security.

(m) Current yield as of June 30, 2019.

(n) Represents security purchased with cash collateral received for securities on loan.

(o) Interest rate shown represents yield to maturity.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

Foreign Currency Forward Contracts

As of June 30, 2019, the Portfolio held the following foreign currency forward contracts¹:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	705,842	GBP	543,000	JPMorgan Chase Bank N.A.	8/1/19	$	15,219
Total unrealized appreciation							15,219
USD	3,461,954	EUR	3,071,000	JPMorgan Chase Bank N.A.	8/1/19		(38,761	)
Total unrealized depreciation							(38,761	)
Net unrealized depreciation						$	(23,542	)

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.

Futures Contracts

As of June 30, 2019, the Portfolio held the following futures contracts¹:

Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
Euro Bund		19			September 2019	$	3,651,475		$	3,732,031		$	80,556
United States Treasury Ultra Bond		13			September 2019		2,184,335			2,308,312			123,977
Total Long Contracts													204,533
Short Contracts
2-Year United States Treasury Note		(106	)		September 2019		(22,625,801	)		(22,809,047	)		(183,246	)
5-Year United States Treasury Note		(578	)		September 2019		(67,092,535	)		(68,294,313	)		(1,201,778	)
10-Year United States Treasury Note		(525	)		September 2019		(65,312,101	)		(67,183,594	)		(1,871,493	)
10-Year United States Treasury Ultra Note		(526	)		September 2019		(70,302,561	)		(72,653,750	)		(2,351,189	)
Euro-BTP		(24	)		September 2019		(3,502,412	)		(3,665,101	)		(162,689	)
United States Treasury Long Bond		(5	)		September 2019		(742,617	)		(777,969	)		(35,352	)
Total Short Contracts													(5,805,747	)
Net Unrealized Depreciation												$	(5,601,214	)

1. As of June 30, 2019, cash in the amount of $1,918,170 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2019.

Swap Contracts

As of June 30, 2019, the Portfolio held the following centrally cleared interest rate swap agreements¹:

Notional Amount	Currency		Expiration Date		Payments made by Portfolio		Payments Received by Portfolio	Payment Frequency Paid/Received	Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation / (Depreciation)
$100,000,000		USD		8/8/2019		Fixed 1.621%	3-Month USD-LIBOR	Semi-Annually/Quarterly	$	1,218		$	111,845		$	113,063
330,000,000		USD		11/9/2019		Fixed 1.83%	3-Month USD-LIBOR	Semi-Annually/Quarterly		(5,570	)		628,994			623,424
50,000,000		USD		3/16/2023		Fixed 2.793%	3-Month USD-LIBOR	Semi-Annually/Quarterly		—			(1,904,542	)		(1,904,542	)
50,000,000		USD		3/29/2023		Fixed 2.762%	3-Month USD-LIBOR	Semi-Annually/Quarterly		—			(1,875,171	)		(1,875,171	)
									$	(4,352	)	$	(3,038,874	)	$	(3,043,226	)

1. As of June 30, 2019, cash in the amount of $1,249,705 was on deposit with a broker for centrally cleared swap agreements.

The following abbreviations are used in the preceding pages:

BTP—Buoni del Tesoro Poliennali (Eurex Exchange index)

EUR—Euro

GBP—British Pound Sterling

LIBOR—London Interbank Offered Rate

REMIC—Real Estate Mortgage Investment Conduit

USD—United States Dollar

22 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets and liabilities:

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	44,916,986		$	—	$	44,916,986
Convertible Bonds		—			5,458			—		5,458
Corporate Bonds		—			799,304,577			—		799,304,577
Loan Assignments		—			97,686,608			—		97,686,608
Mortgage-Backed Securities		—			64,807,033			—		64,807,033
U.S. Government & Federal Agencies		—			102,407,916			—		102,407,916
TotalLong-Term Bonds		—			1,109,128,578			—		1,109,128,578
Common Stocks		192,242			—			—		192,242
Short-Term Investments
Affiliated Investment Company		13,654,411			—			—		13,654,411
U.S. Governments		—			13,522,868			—		13,522,868
Unaffiliated Investment Company		1,400,338			—			—		1,400,338
TotalShort-Term Investments		15,054,749			13,522,868			—		28,577,617
Total Investments in Securities		15,246,991			1,122,651,446			—		1,137,898,437
Other Financial Instruments
Foreign Currency Forward Contracts (b)		—			15,219			—		15,219
Futures Contracts (b)		204,533			—			—		204,533
Interest Rate Swap Contracts (b)		—			736,487			—		736,487
Total Other Financial Instruments		204,533			751,706			—		956,239
Total Investments in Securities and Other Financial Instruments	$	15,451,524		$	1,123,403,152		$	—	$	1,138,854,676
Liability Valuation Inputs
Long-Term Bonds Sold Short
Corporate Bonds Sold Short	$	—		$	(19,754,376	)	$	—	$	(19,754,376	)
TotalLong-Term Bonds Sold Short		—			(19,754,376	)		—		(19,754,376	)
Other Financial Instruments
Foreign Currency Forward Contracts (b)		—			(38,761	)		—		(38,761	)
Futures Contracts (b)		(5,805,747	)		—			—		(5,805,747	)
Interest Rate Swap Contracts (b)		—			(3,779,713	)		—		(3,779,713	)
Total Other Financial Instruments		(5,805,747	)		(3,818,474	)		—		(9,624,221	)
Total Investments in Securities Sold Short and Other Financial Instruments	$	(5,805,747	)	$	(23,572,850	)	$	—	$	(29,378,597	)

(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.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales (a)			Transfers into Level 3		Transfers out of Level 3		Balance as of June 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at June 30, 2019
Long-Term Bonds
Loan Assignments Advertising	$	2,937,500	$	687	$	(178,093	)	$	169,593	$	—	$	(2,929,687	)	$	—	$	—	$	—	$	—
Total	$	2,937,500	$	687	$	(178,093	)	$	169,593	$	—	$	(2,929,687	)	$	—	$	—	$	—	$	—

(a) Sales include principal reductions.

24 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities before investments sold short, at value (identified cost $1,106,196,400) including securities on loan of $1,371,351	$	1,124,244,026
Investment in affiliated investment company, at value (identified cost $13,654,411)		13,654,411
Cash collateral on deposit at broker for futures contracts		1,918,170
Cash collateral on deposit at broker for swap contracts		1,249,705
Cash denominated in foreign currencies (identified cost $215,622)		216,402
Receivables:
Dividends and interest		9,119,846
Investment securities sold		2,427,229
Portfolio shares sold		861,320
Securities lending		1,069
Unrealized appreciation on foreign currency forward contracts		15,219
Other assets		5,598
Total assets		1,153,712,995
Liabilities
Investments sold short (proceeds $19,310,069)		19,754,376
Due to custodian		262,196
Cash collateral received for securities on loan		1,400,338
Payables:
Investment securities purchased		27,098,097
Manager (See Note 3)		516,621
Variation margin on centrally cleared swap contracts		313,255
NYLIFE Distributors (See Note 3)		206,511
Interest on investments sold short		176,698
Broker fees and charges on short sales		78,144
Shareholder communication		65,575
Professional fees		45,725
Variation margin on futures contracts		36,237
Portfolio shares redeemed		25,710
Custodian		18,037
Trustees		1,644
Accrued expenses		9,031
Unrealized depreciation on foreign currency forward contracts		38,761
Total liabilities		50,046,956
Net assets	$	1,103,666,039
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	112,450
Additional paid-in capital		1,142,667,870
		1,142,780,320
Total distributable earnings (loss)		(39,114,281	)
Net assets	$	1,103,666,039

Initial Class
Net assets applicable to outstanding shares	$	96,211,225
Shares of beneficial interest outstanding		9,774,967
Net asset value per share outstanding	$	9.84
Service Class
Net assets applicable to outstanding shares	$	1,007,454,814
Shares of beneficial interest outstanding		102,674,983
Net asset value per share outstanding	$	9.81

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest	$	21,141,286
Dividends-affiliated		232,192
Securities lending		9,563
Total income		21,383,041
Expenses
Manager (See Note 3)		3,132,736
Distribution/Service—Service Class (See Note 3)		1,244,325
Interest on investments sold short		537,195
Broker fees and charges on short sales		259,199
Shareholder communication		73,602
Professional fees		65,700
Interest expense		24,484
Custodian		21,706
Trustees		14,131
Miscellaneous		22,739
Total expenses		5,395,817
Net investment income (loss)		15,987,224
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		(1,699,507	)
Investments sold short		(626,247	)
Futures transactions		(11,913,791	)
Swap transactions		1,797,522
Foreign currency forward transactions		103,791
Foreign currency transactions		(19,250	)
Net realized gain (loss) on investments, investments sold short, futures transactions, swap transactions and foreign currency transactions		(12,357,482	)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		51,445,600
Investments sold short		(815,544	)
Futures contracts		805,731
Swap contracts		(5,450,685	)
Foreign currency forward contracts		(19,326	)
Translation of other assets and liabilities in foreign currencies		3,916
Net change in unrealized appreciation (depreciation) on investments, investments sold short, futures contracts, swap contracts and foreign currency transactions		45,969,692
Net realized and unrealized gain (loss) on investments, investments sold short, futures transactions, swap transactions and foreign currency transactions		33,612,210
Net increase (decrease) in net assets resulting from operations	$	49,599,434

26 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	15,987,224		$	34,155,942
Net realized gain (loss) on investments, investments sold short, futures contracts, swap contracts and foreign currency transactions		(12,357,482	)		6,106,337
Net change in unrealized appreciation (depreciation) on investments, investments sold short, futures contracts, swap contracts and foreign currency transactions		45,969,692			(56,748,864	)
Net increase (decrease) in net assets resulting from operations		49,599,434			(16,486,585	)
Distributions to shareholders:
Initial Class		(2,192,533	)		(4,472,392	)
Service Class		(19,920,462	)		(33,201,095	)
Total distributions to shareholders		(22,112,995	)		(37,673,487	)
Capital share transactions:
Net proceeds from sale of shares		22,564,219			141,396,906
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		22,112,995			37,673,487
Cost of shares redeemed		(84,497,899	)		(210,799,083	)
Increase (decrease) in net assets derived from capital share transactions		(39,820,685	)		(31,728,690	)
Net increase (decrease) in net assets		(12,334,246	)		(85,888,762	)
Net Assets
Beginning of period		1,116,000,285			1,201,889,047
End of period	$	1,103,666,039		$	1,116,000,285

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 27

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.60		$	10.06		$	9.90		$	9.54		$	10.12		$	10.32
Net investment income (loss) (a)		0.15			0.30			0.29			0.37			0.40			0.45
Net realized and unrealized gain (loss) on investments		0.30			(0.43	)		0.18			0.33			(0.66	)		(0.28	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.00	‡		0.00	‡		0.00	‡		0.01			0.02			0.03
Total from investment operations		0.45			(0.13	)		0.47			0.71			(0.24	)		0.20
Less dividends:
From net investment income		(0.21	)		(0.33	)		(0.31	)		(0.35	)		(0.34	)		(0.40	)
Net asset value at end of period	$	9.84		$	9.60		$	10.06		$	9.90		$	9.54		$	10.12
Total investment return (b)		4.68	%		(1.21	%)		4.81	%		7.50	%		(2.42	%)		1.92	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		3.12	%††		3.04	%		2.89	%		3.80	%		4.01	%		4.31	%
Net expenses (c)(d)		0.75	%††		0.75	%		0.67	%		0.72	%		0.65	%		0.64	%
Portfolio turnover rate		25	%		33	%		32	%		34	%		26	%		18	%
Net assets at end of period (in 000’s)	$	96,211		$	116,901		$	137,454		$	122,586		$	129,311		$	166,855

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d) The expense ratios presented below exclude short sales expense:

Period Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
June 30, 2019*††		0.61	%		0.14	%
December 31, 2018		0.60	%		0.15	%
December 31, 2017		0.60	%		0.07	%
December 31, 2016		0.62	%		0.10	%
December 31, 2015		0.62	%		0.03	%
December 31, 2014		0.64	%		—

28 MainStay VP MacKay Unconstrained Bond Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	9.57		$	10.03		$	9.87		$	9.51		$	10.09		$	10.29
Net investment income (loss) (a)		0.14			0.28			0.26			0.34			0.38			0.42
Net realized and unrealized gain (loss) on investments		0.30			(0.43	)		0.19			0.33			(0.66	)		(0.28	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.00	‡		0.00	‡		0.00	‡		0.01			0.02			0.03
Total from investment operations		0.44			(0.15	)		0.45			0.68			(0.26	)		0.17
Less dividends:
From net investment income		(0.20	)		(0.31	)		(0.29	)		(0.32	)		(0.32	)		(0.37	)
Net asset value at end of period	$	9.81		$	9.57		$	10.03		$	9.87		$	9.51		$	10.09
Total investment return (b)		4.55	%		(1.46	%)		4.55	%		7.23	%		(2.66	%)		1.67	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.87	%††		2.79	%		2.64	%		3.54	%		3.77	%		4.06	%
Net expenses (c)(d)		1.00	%††		1.00	%		0.92	%		0.97	%		0.90	%		0.89	%
Portfolio turnover rate		25	%		33	%		32	%		34	%		26	%		18	%
Net assets at end of period (in 000’s)	$	1,007,455		$	999,100		$	1,064,435		$	882,928		$	748,317		$	571,281

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(d) The expense ratios presented below exclude short sales expense:

Period Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
June 30, 2019*††		0.86	%		0.14	%
December 31, 2018		0.85	%		0.15	%
December 31, 2017		0.85	%		0.07	%
December 31, 2016		0.87	%		0.10	%
December 31, 2015		0.87	%		0.03	%
December 31, 2014		0.89	%		—

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 29

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Fund is comprised ofthirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP MacKay Unconstrained Bond Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time.

Shares of the Portfolio are currently offered to New York Life Insurance and Annuity Corporation (“NYLIAC”), a wholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as“funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on April 29, 2011. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan, adopted pursuant to Rule18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek total return by investing primarily in domestic and foreign debt securities.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund

(the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on anas-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

30 MainStay VP MacKay Unconstrained Bond Portfolio

• 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)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by theBoard, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During thesix-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that

has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of June 30, 2019, no foreign equity securities held by the Portfolio were fair valued in such a manner.

Equity securities are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are

31

Notes to Financial Statements(Unaudited) (continued)

deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Foreign currency forward contracts are valued at their fair market values measured on the basis of the mean between the last current bid and ask prices based on dealer or exchange quotations and are generally categorized as Level 2 in the hierarchy.

Swaps are marked to market daily based upon quotations from pricing agents, brokers or market makers. These securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on theex-dividend date. The Portfolio intends to declare and pay dividends from net investment income, if any, at least quarterly and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on theex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method and includes any realized gains and losses from repayments of principal on mortgage-backed securities. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on

32 MainStay VP MacKay Unconstrained Bond Portfolio

the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security onnon-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed fromnon-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the

counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(I)  Loan Assignments, Participations and Commitments.  The Portfolio may invest in loan assignments and participations (“loans”). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Portfolio records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the London Interbank Offered Rate (“LIBOR”).

The loans in which the Portfolio may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Portfolio may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Portfolio purchases an assignment from a lender, the Portfolio will generally have direct contractual rights against the borrower in favor of the lender. If the Portfolio purchases a participation interest either from a lender or a participant, the Portfolio typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Portfolio is subject to the credit risk of the lender or participant who sold the participation interest to the Portfolio, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Portfolio may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Portfolio to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities. As of June 30, 2019, the Portfolio did not hold any unfunded commitments.

(J)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily

33

Notes to Financial Statements(Unaudited) (continued)

fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio may invest in futures contracts to help manage the duration and yield curve of the portfolio while minimizing the exposure to wider bid/ask spreads in traditional bonds. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, open futures contracts are shown in the Portfolio of Investments.

(K)  Swap Contracts.  The Portfolio may enter into credit default, interest rate, equity, index and currency exchange rate swap contracts (“swaps”). In a typical swap transaction, two parties agree to exchange the future returns (or differentials in rates of future returns) earned or realized at periodic intervals on a particular investment or instrument based on a notional principal amount. Generally, the Portfolio will enter into a swap on a net basis, which means that the two payment streams under the swap are netted, with the Portfolio receiving or paying (as the case may be) only the net amount of the two payment streams. Therefore, the Portfolio’s current obligation under a swap generally will be equal to the net amount to be paid or received under the swap, based on the relative value of notional positions attributable to each counterparty to the swap. The payments may be adjusted for transaction costs, interest payments, the amount of interest paid on the investment or instrument or other factors. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the terms of the swap. Swap agreements are privately negotiated in the over the counter (“OTC”) market and may be executed in a multilateral or other trade facilities platform, such as a registered commodities exchange (“centrally cleared swaps”).

Certain standardized swaps, including certain credit default and interest rate swaps, are subject to mandatory clearing and exchange-trading, and more types of standardized swaps are expected to be subject to

mandatory clearing and exchange-trading in the future. The counterparty risk for exchange-traded and cleared derivatives is expected to be generally lower than for uncleared derivatives, but cleared contracts are not risk-free. In a cleared derivative transaction, the Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of its original counterparty. The Portfolio will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared transaction. As of June 30, 2019, all swap positions outstanding are shown in the Portfolio of Investments.

Swaps are marked to market daily based upon quotations from pricing agents, brokers or market makers and the change in value, if any, is recorded as unrealized appreciation or depreciation. Any payments made or received upon entering into a swap would be amortized or accreted over the life of the swap and recorded as a realized gain or loss. Early termination of a swap is recorded as a realized gain or loss. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statement of Assets and Liabilities.

The Portfolio bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of the swap counterparty. The Portfolio may be able to eliminate its exposure under a swap either by assignment or other disposition, or by entering into an offsetting swap with the same party or a similar credit-worthy party. Swaps are not actively traded on financial markets. Entering into swaps involves elements of credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibilities that there will be no liquid market for these swaps, that the counterparty to the swaps may default on its obligation to perform or disagree as to the meaning of the contractual terms in the swaps and that there may be unfavorable changes in interest rates, the price of the index or the security underlying these transactions.

Interest Rate Swaps: An interest rate swap is an agreement between two parties where one stream of future interest payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to an interest rate (most often LIBOR). The Portfolio will typically use interest rate swaps to limit, or manage, its exposure to fluctuations in interest rates, or to obtain a marginally lower interest rate than it would have been able to get without the swap.

(L) Foreign Currency Forward Contracts. The Portfolio may enter into foreign currency forward contracts, which are agreements to buy or sell foreign currencies on a specified future date at a specified rate. The Portfolio is subject to foreign currency exchange rate risk in the normal course of investing in these transactions. During the period the forward contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. Cash movement occurs on settlement date. When the forward contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from

34 MainStay VP MacKay Unconstrained Bond Portfolio

(or cost of) the closing transaction and the Portfolio’s basis in the contract. The Portfolio may purchase and sell foreign currency forward contracts for purposes of seeking to enhance portfolio returns and manage portfolio risk more efficiently. Foreign currency forward contracts may also be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Foreign currency forward contracts to purchase or sell a foreign currency may also be used in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected.

The use of foreign currency forward contracts involves, to varying degrees, elements of risk in excess of the amount recognized in the Statement of Assets and Liabilities, including counterparty risk, market risk and illiquidity risk. Counterparty risk is heightened for these instruments because foreign currency forward contracts are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations under such contracts. Thus, the Portfolio faces the risk that its counterparties under such contracts may not perform their obligations. Market risk is the risk that the value of a foreign currency forward contract will depreciate due to unfavorable changes in exchange rates. Illiquidity risk arises because the secondary market for foreign currency forward contracts may have less liquidity relative to markets for other securities and financial instruments. Risks also arise from the possible movements in the foreign exchange rates underlying these instruments. While the Portfolio may enter into forward contracts to reduce currency exchange risks, changes in currency exchange rates may result in poorer overall performance for the Portfolio than if it had not engaged in such transactions. Exchange rate movements can be large, depending on the currency, and can last for extended periods of time, affecting the value of the Portfolio’s assets. Moreover, there may be an imperfect correlation between the Portfolio’s holdings of securities denominated in a particular currency and forward contracts entered into by the Portfolio. Such imperfect correlation may prevent the Portfolio from achieving the intended hedge or expose the Portfolio to the risk of currency exchange loss. The unrealized appreciation (depreciation) on forward contracts also reflects the Portfolio’s exposure at the valuation date to credit loss in the event of a counterparty’s failure to perform its obligations. As of June 30, 2019, all open forward currency contracts are shown in the Portfolio of Investments.

(M)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(N)  Rights and Warrants.  Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Portfolio could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Portfolio is exposed to risk until the sale or exercise of each right or warrant is completed. As of June 30, 2019, the Portfolio did not hold any rights or warrants.

(O)  Securities Sold Short.  The Portfolio may engage in sales of securities it does not own (“short sales”) as part of its investment strategies. When the Portfolio enters into a short sale, it must segregate or maintain with a broker the cash proceeds from the security sold short or other securities as collateral for its obligation to deliver the security upon conclusion of the sale. During the period a short position is open, depending on the nature and type of security, a short position is reflected as a liability and is marked to market in accordance with the valuation methodologies previously detailed (See Note 2(A)). Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the counterparty broker. A gain, limited to the price at which the Portfolio sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon termination of a short sale if the market price on the date the short position is closed out is less or greater, respectively, than the proceeds originally received. Any such gain or loss may be offset, completely or in part, by the change in the value of the hedged investments. Interest on short positions held is accrued daily, while dividends declared on short positions existing on the record date are recorded on theex-dividend date as a dividend expense in the Statement of Operations. Broker fees and other expenses related to securities sold short are disclosed in the Statement of Operations. Short sales involve risk of loss in excess of the related amounts reflected in the Statement of Assets and Liabilities. As of June 30, 2019, securities sold short are shown in the Portfolio of Investments.

(P)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will

35

Notes to Financial Statements(Unaudited) (continued)

manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $1,371,351 and received cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $1,400,338.

(Q)  Debt Securities and Loan Risk.   The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

The Portfolio may invest in high-yield debt securities (sometimes called “junk bonds”), which are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities. These securities pay investors a premium—a higher interest rate or yield than investment grade debt securities—because of the increased risk of loss. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.

The Portfolio may invest in loans which are usually rated below investment grade and are generally considered speculative because they present a greater risk of loss, including default, than higher rated debt securities. These investments pay investors a higher interest rate than investment grade debt securities because of the increased risk of loss. Although certain loans are collateralized, there is no guarantee that the value of the collateral will be sufficient to repay the loan. In a recession or serious credit event, the value of these investments could decline significantly. As a result, the Portfolio’s NAVs could go down and you could lose money.

In addition, loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Portfolio may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities.

In certain circumstances, loans may not be deemed to be securities. As a result, the Portfolio may not have the protection of anti-fraud provisions of the federal securities laws. In such cases, the Portfolio generally must rely on the contractual provisions in the loan agreement andcommon-law fraud protections under applicable state law.

(R)  Foreign Securities Risk.  The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(S)  Counterparty Credit Risk.  In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains collateral posting terms and netting provisions. Under an ISDA Master

Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels or if the Portfolio fails to meet the terms of its ISDA Master Agreements. The result would cause the Portfolio to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

(T)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(U)  Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s

36 MainStay VP MacKay Unconstrained Bond Portfolio

derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. The Portfolio entered into futures contracts to help manage the duration and yield curve of the portfolio while minimizing the exposure to wider bid/ask spreads in traditional bonds. The

Portfolio also entered into interest rate swaps to hedge the potential risk of rising short term interest rates. Foreign currency forward contracts were used to hedge against the risk of loss due to changing currency exchange rates. These derivatives are not accounted for as hedging instruments.

Fair value of derivative instruments as of June 30, 2019:

Asset Derivatives

	Statement of Assets and Liabilities Location	Foreign Exchange Contracts Risk		Interest Rate Contracts Risk		Total
Futures Contracts	Net Assets—Net unrealized appreciation on investments, swap contracts and futures contracts	$	—	$	204,533	$	204,533
Centrally Cleared Swap Contracts	Net Assets—Net unrealized appreciation on investments, swap contracts and futures contracts (b)		—		736,487		736,487
Forward Contracts	Unrealized appreciation on foreign currency forward contracts		15,219		—		15,219
Total Fair Value		$	15,219	$	941,020	$	956,239

Liability Derivatives

	Statement of Assets and Liabilities Location	Foreign Exchange Contracts Risk			Interest Rate Contracts Risk			Total
Futures Contracts	Net Assets—Net unrealized depreciation on investments, swap contracts and futures contracts (a)	$	—		$	(5,805,747	)	$	(5,805,747	)
Centrally Cleared Swap Contracts	Net Assets—Net unrealized depreciation on investments, swap contracts and futures contracts (b)		—			(3,779,713	)		(3,779,713	)
Forward Contracts	Unrealized depreciation on foreign currency forward contracts		(38,761	)		—			(38,761	)
Total Fair Value		$	(38,761	)	$	(9,585,460	)	$	(9,624,221	)

(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.

37

Notes to Financial Statements(Unaudited) (continued)

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Realized Gain (Loss)

	Statement of Operations Location	Foreign Exchange Contracts Risk		Interest Rate Contracts Risk			Total
Futures Contracts	Net realized gain (loss) on futures transactions	$	—	$	(11,913,791	)	$	(11,913,791	)
Swap Contracts	Net realized gain (loss) on swap transactions		—		1,797,522			1,797,522
Forward Contracts	Net realized gain (loss) on foreign currency forward transactions		103,791		—			103,791
Total Realized Gain (Loss)		$	103,791	$	(10,116,269	)	$	(10,012,478	)

Change in Unrealized Appreciation (Depreciation)

	Statement of Operations Location	Foreign Exchange Contracts Risk			Interest Rate Contracts Risk			Total
Futures Contracts	Net change in unrealized appreciation (depreciation) on futures contracts	$	—		$	805,731		$	805,731
Swap Contracts	Net change in unrealized appreciation (depreciation) on swap contracts		—			(5,450,685	)		(5,450,685	)
Forward Contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		(19,326	)		—			(19,326	)
Total Change in Unrealized Appreciation (Depreciation)		$	(19,326	)	$	(4,644,954	)	$	(4,664,280	)

Average Notional Amount

	Foreign Exchange Contracts Risk			Interest Rate Contracts Risk			Total
Futures Contracts Long	$	—		$	29,259,786		$	29,259,786
Futures Contracts Short	$	—		$	(283,154,641	)	$	(283,154,641	)
Swap Contracts Long	$	—		$	530,000,000		$	530,000,000
Forward Contracts Long (a)	$	4,018,452		$	—		$	4,018,452
Forward Contracts Short	$	(5,474,673	)	$	—		$	(5,474,673	)

(a) Positions were open two months during the reporting period

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. MacKay Shields LLC (“MacKay Shields” or “Subadvisor”), a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as

Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of an Amended and Restated Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and MacKay Shields, New York Life Investments pays for the services of the Subadvisor.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services performed and the facilities furnished at an annual rate of the average daily net assets as follows: 0.60% up to $500 million; 0.55% from $500 million to $1 billion; 0.50% from $1 billion to $5 billion; and 0.475% in excess of $5 billion. During thesix-month period ended June 30, 2019, the effective management fee rate was 0.57%.

During thesix-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $3,132,736, and paid the Subadvisor in the amount of $1,566,368.

38 MainStay VP MacKay Unconstrained Bond Portfolio

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect, wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During thesix-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	7,374	$	240,772	$	(234,492	)	$	—	$	—	$	13,654	$	232	$	—		13,654

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	1,100,594,901	$	22,540,312	$	(4,991,152	)	$	17,549,160

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $39,620,447, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$7,760	$31,860

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income		Tax-Based Distributions from Long-Term Gains
$	37,673,487	$        —

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any

39

Notes to Financial Statements(Unaudited) (continued)

revolving credit loan is charged based upon the Federal Funds Rate or theone-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During thesix-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During thesix-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During thesix-month period ended June 30, 2019, purchases and sales of U.S. government securities were $121,026 and $35,401, respectively. Purchases and sales of securities, other than U.S. government securities and short-term securities, were $141,972 and $267,167, respectively.

Note 9–Capital Share Transactions

Transactions in capital shares for thesix-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		137,308		$	1,352,329
Shares issued to shareholders in reinvestment of dividends and distributions		223,523			2,192,533
Shares redeemed		(2,759,022	)		(27,084,383	)
Net increase (decrease)		(2,398,191	)	$	(23,539,521	)
Year ended December 31, 2018:
Shares sold		4,511,420		$	44,611,372
Shares issued to shareholders in reinvestment of dividends and distributions		456,270			4,472,392
Shares redeemed		(6,464,408	)		(63,695,434	)
Net increase (decrease)		(1,496,718	)	$	(14,611,670	)

Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		2,159,195		$	21,211,890
Shares issued to shareholders in reinvestment of dividends and distributions		2,036,817			19,920,462
Shares redeemed		(5,877,432	)		(57,413,516	)
Net increase (decrease)		(1,681,420	)	$	(16,281,164	)
Year ended December 31, 2018:
Shares sold		9,736,875		$	96,785,534
Shares issued to shareholders in reinvestment of dividends and distributions		3,399,126			33,201,095
Shares redeemed		(14,954,626	)		(147,103,649	)
Net increase (decrease)		(1,818,625	)	$	(17,117,020	)

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for thesix-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

40 MainStay VP MacKay Unconstrained Bond Portfolio

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website athttps://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on FormN-PX. The Portfolio’s most recent FormN-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website athttps://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter on FormN-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website athttps://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

41

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781647 MSVPUB10-08/19 (NYLIAC) NI532     

MainStay VP IQ HedgeMulti-Strategy Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	21
Notes to Financial Statements	26
Proxy Voting Policies and Procedures and Proxy Voting Record	38
Shareholder Reports and Quarterly Portfolio Disclosure	38

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date		Six Months			One Year			Five Years			Since Inception2			Gross Expense Ratio3
Initial Class Shares		5/1/2013		5.20	%		2.47	%		–3.87	%		–1.99	%		1.07	%
Service Class Shares		5/1/2013		5.11			2.22			–4.07			–2.18			1.32

Benchmark Performance	Six Months			One Year			Five Years			Since Inception
S&P Balanced Equity and Bond-Conservative Index4		9.57	%		10.28	%		5.26	%		4.92	%
HFRI Fund of Funds Composite Index5		6.27			1.25			2.21			2.88
IQ Hedge Multi-Strategy Index		5.69			2.54			2.06			2.95
Morningstar Multialternative Category Average6		5.39			1.81			1.19			1.04

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to the Financial Statements.

2. 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.

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.

4. The Portfolio has selected the S&P Balanced Equity and Bond-Conservative Index as its primary benchmark. The S&P Balanced Equity and Bond-

Conservative Index consists of a position in the S&P 500 Total Return Index (25%) and a position in the S&P U.S. Treasury Bond 7-10 Year Index (75%). Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

5. The Portfolio has selected the HFRI Fund of Funds Composite Index as its secondary benchmark. The HFRI Fund of Funds Composite Index is an equally weighted hedge fund index including over 650 domestic and off-shore fund of funds. The index is rebalanced monthly with performance updates three times per month. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

6. The Morningstar Multialternative 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP IQ Hedge Multi-Strategy Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the six-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the six-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the six-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2
Initial Class Shares	$	1,000.00	$	1,052.00	$	3.56	$	1,021.32	$	3.51	0.70%
Service Class Shares	$	1,000.00	$	1,051.10	$	4.83	$	1,020.08	$	4.76	0.95%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures.

2. Expenses are equal to the Portfolio’s annualized expense ratio to reflect the six-month period.

6 MainStay VP IQ Hedge Multi-Strategy Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

U.S. Ultra Short Term Treasury Bond Funds	29.9	%
Investment Grade Corporate Bond Funds	10.7
Floating Rate—Investment Grade Funds	8.9
International Small Cap Equity Funds	7.3
Bank Loan Funds	6.3
Short-Term Investments	4.6
BRIC Equity Funds	3.9
Japan Equity Funds	3.1
Europe Equity Funds	2.8
Mortgage-Backed Security Funds	2.7
Euro Fund	2.5
Emerging Small Cap Equity Fund	2.3
Emerging Bonds—Local Currency Funds	2.2
Emerging Bonds—USD Funds	2.1
U.S. Medium Term Treasury Bond Funds	2.1
Asia ex Japan Equity Funds	2.0
High Yield Corporate Bond Funds	1.6
U.S. Large Cap Core Funds	1.6

U.S. Small Cap Growth Funds	1.6	%
Japanese Yen Fund	1.3
International Equity Core Fund	1.0
US Dollar Fund	0.8
Silver Fund	0.7
U.S. Small Cap Core Funds	0.7
Broad Fund	0.4
U.S. Momentum Fund	0.4
International Large Cap Growth Fund	0.2
Municipal Bond Fund	0.2
U.S. Large Cap Growth Funds	0.1
Volatility Notes	0.1
British Pound Fund	0.0	‡
U.S. Preferred	0.0	‡
Other Assets, Less Liabilities	–4.1
	100.0	%

‡ Less than one-tenth of a percent.

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

Top Ten Holdings as of June 30, 2019(excludingshort-term investment) (Unaudited)

1. iShares Short Treasury Bond ETF

2. SPDR Bloomberg Barclays 1-3 Month T-Bill ETF

3. Vanguard Intermediate-Term Corporate Bond ETF

4. iShares Floating Rate Bond ETF

5. Vanguard FTSE All World ex-U.S. Small-Cap ETF

  6. Invesco Senior Loan ETF

  7. Goldman Sachs Access Treasury 0-1 Year ETF

  8. SPDR Bloomberg Barclays Investment Grade Floating Rate ETF

  9. Invesco CurrencyShares Euro Trust

10. Xtrackers MSCI Europe Hedged Equity ETF

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of Greg Barrato and James Harrison of IndexIQ Advisors LLC, the Portfolio’s Subadvisor (“Index IQ Advisors”).

How did MainStay VP IQ Hedge Multi-Strategy Portfolio perform relative to its benchmarks and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP IQ Hedge Multi-Strategy Portfolio returned 5.20% for Initial Class shares and 5.11% for Service Class shares. Over the same period, both share classes underperformed the 9.57% return for the S&P Balanced Equity and Bond Conservative Index, which is the Portfolio’s primary benchmark, and the 6.27% return for the HFRI Fund of Funds Composite Index, which is the Portfolio’s secondary benchmark. For the six months ended June 30, 2019, both share classes also underperformed the 5.69% return of the IQ Hedge Multi-Strategy Index, which is an additional benchmark of the Portfolio, and the 5.39% returns of the Morningstar Multialternative Category Average.¹

What factors affected the Portfolio’s performance relative to its primary benchmark during the reporting period?

The Portfolio outperformed the S&P Balanced Equity and Bond Conservative Index in January and February 2019 but lagged the benchmark in the remaining four months of the reporting period. The Portfolio’s average asset allocation over the reporting period was 77% in fixed-income securities, 18% in equities and the remainder in currencies, commodities, volatility and real estate. Although the Portfolio’s asset allocation mix was similar to the benchmark, which allocates 75% to U.S. Treasury bonds and 25% to U.S. equities, the Portfolio was exposed to additional credit risk in its fixed-income holdings and additional geographic risk in its equity holdings, which included international and emerging-market equities.

During the reporting period, how did the Portfolio’s performance correlate with traditional equity and fixed-income indices?

During the reporting period, the Portfolio maintained a moderate correlation to traditional equity indices and a lower, but positive, correlation to investment-grade fixed-income indices. The Portfolio’s correlation to the S&P 500^® Index² was 18.54%. The Portfolio’s correlation to the Bloomberg Barclays U.S. Aggregate Bond Index³ was 6.11%.

During the reporting period, how did the Portfolio’s volatility compare to that of traditional fixed-income indices?

During the reporting period, the annualized daily volatility of the Portfolio was 3.13%, which compared to a volatility of 2.84% for the Bloomberg Barclays U.S. Aggregate Bond Index.

During the reporting period, how did the Portfolio use derivatives and how was the Portfolio’s performance materially affected by investments in derivatives?

During the reporting period, the Portfolio used derivative positions where necessary to help the Portfolio track its underlying index, the IQ Hedge Multi-Strategy Index, which contains both long and short weights. The Portfolio’s derivatives positions were primarily total return swaps on the component investment vehicles that make up the underlying index at the weights in which those investment vehicles are included in the underlying index. Derivatives are not used to gain additional leverage; rather, they are used exclusively to enable the Portfolio to track the underlying index.

How did you allocate the Portfolio’s assets among each of the hedge fund investment styles during the reporting period and why?

The Portfolio’s allocations are driven by the weightings of the component securities in the IQ Hedge Multi-Strategy Index (“Underlying Index”), which uses quantitative models to determine the weights across the various hedge fund investment styles represented in the Underlying Index, as well as the weights of the assets within these styles. Given the rules-based nature of the process, there is no subjectivity involved in the allocation decision process.

How did the tactical allocation among the hedge fund investment styles affect the Portfolio’s performance during the reporting period?

The Portfolio allocates its assets among six underlying hedge fund investment styles: emerging-markets, long/short, market neutral, event-driven, fixed-income arbitrage, and global macro. During the reporting period, the Portfolio maintained gross exposure ranging from 100% to 115% due to short allocations to the long/short strategy.

The aggregate performance of the weighted strategy index versus an equal-weighted allocation of the same strategy components indicates that the Portfolio experienced a negative

1. See page 5 for more information on benchmark and peer group returns.

2. “S&P 500^®” is a trademark of The McGraw-Hill Companies, Inc. The S&P 500^® Index is widely regarded as the standard index for measuringlarge-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index

3. The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

8 MainStay VP IQ HedgeMulti-Strategy Portfolio

allocation effect attributable to weighting changes during the reporting period.

During the reporting period, how did each investment style either contribute to or detract from the Portfolio’s absolute performance?

For all months during the reporting period, except for May 2019, the investment styles that contributed to the Portfolio’s absolute performance outpaced the investment styles that detracted from the Portfolio’s absolute performance. (Contributions take weightings and total returns into account.) Contributions from the Emerging Markets and Market Neutral strategies generated nearly 60% of the overall performance of the strategy. Fixed Income Arbitrage and Global Macro contributed approximately 34% to the overall strategy’s return. In aggregate, the Directional Strategies contributed about 56% of the overall strategy’s returns.

How did the Portfolio’s investment style weightings change during the reporting period?

During the reporting period, the Portfolio’s allocation to its market-neutral investment style remained relatively constant,

rising from 33.20% in January 2019 to 33.33% in February 2019 and remaining at that level through June 30, 2019. The Portfolio’s allocation to its emerging-market investment style ranged from a low of 24.19% in January 2019 to a high of 27.63% in June 2019. The Portfolio’s allocation to its global macro investment style reached its upper level of 19.48% in January 2019, decreased as low as 7.26% in May 2019 and increased to 17.30% in June 2019. The Portfolio’s allocation to its fixed-income arbitrage investment style fluctuated between a low of 13.38% in January 2019 to a high of 21.90% in March 2019 before decreasing to 17.22% in June 2019. The Portfolio’s allocation to its event-driven investment style stood at 5.39% in January 2019, increased to a high of 12.91% in May 2019 and decreased to –0.50% in June 2019. The Portfolio’s allocation to its long/short investment style stood at 4.36% in January 2019, decreased to a low of –7.20% in April 2019 and increased to a high of 5.02% in June 2019.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Exchange-Traded Funds 93.7%†
Bonds 66.7%
Bank Loan Funds 6.3%
Invesco Senior Loan ETF (a)	$	753,740	$	17,079,748
SPDR Blackstone / GSO Senior Loan ETF (a)		179,068		8,276,523
				25,356,271
Emerging Bonds—Local Currency Funds 2.2%
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF		41,149		1,144,765
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		216,647		7,517,651
WisdomTree Emerging Markets Local Debt Fund		8,259		291,956
				8,954,372
Emerging Bonds—USD Funds 2.1%
iShares JP Morgan USD Emerging Markets Bond ETF		70,543		7,991,816
Vanguard Emerging Markets Government Bond ETF		8,768		705,123
				8,696,939
Floating Rate—Investment Grade Funds 8.9%
iShares Floating Rate Bond ETF		505,496		25,744,911
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		334,475		10,278,417
				36,023,328
High Yield Corporate Bond Funds 1.6%
iShares 0-5 Year High Yield Corporate Bond ETF		68,217		3,185,734
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		126,265		3,438,196
				6,623,930
Investment Grade Corporate Bond Funds 10.7%
iShares Broad USD Investment Grade Corporate Bond ETF (a)		30,751		1,754,960
SPDR Portfolio Short Term Corporate Bond ETF		64,618		1,988,942
Vanguard Intermediate-Term Corporate Bond ETF		342,159		30,742,986
VanguardShort-Term Corporate Bond ETF		108,943		8,789,521
				43,276,409
Mortgage-Backed Security Funds 2.7%
iShares MBS ETF		66,174		7,120,322
Vanguard Mortgage-Backed Securities ETF		72,436		3,826,794
				10,947,116
Municipal Bond Fund 0.2%
VanEck Vectors High-Yield Municipal Index ETF		12,662		807,582

	Principal Amount		Value
U.S. Medium Term Treasury Bond Funds 2.1%
iShares 3-7 Year Treasury Bond ETF (a)	$	31,763	$	3,994,515
Schwab Intermediate-Term U.S. Treasury ETF		41,385		2,274,520
Vanguard Intermediate-Term Treasury ETF		32,433		2,139,605
				8,408,640
U.S. Ultra Short Term Treasury Bond Funds 29.9%
Goldman Sachs Access Treasury0-1 Year ETF		116,011		11,642,864
Invesco Treasury Collateral ETF		19,180		2,025,312
iShares Short Treasury Bond ETF (a)		687,873		76,113,148
SPDR Bloomberg Barclays 1-3 MonthT-Bill ETF		338,890		31,045,713
				120,827,037
Total Bonds (Cost $265,383,441)				269,921,624
Equity 27.0%
Asia ex Japan Equity Funds 2.0%
iShares Core MSCI Pacific ETF		62,205		3,462,952
iShares MSCI All Country Asia ex-Japan ETF		53,862		3,759,029
Vanguard FTSE Pacific ETF		14,099		931,662
				8,153,643
BRIC Equity Funds 3.9%
iShares China Large-Cap ETF		184,923		7,909,157
iShares MSCI China ETF (a)		103,997		6,182,622
SPDR S&P China ETF		19,285		1,843,453
				15,935,232
Emerging Small Cap Equity Fund 2.3%
SPDR S&P Emerging Markets Small Cap ETF		205,696		9,194,611
Europe Equity Funds 2.8%
iShares Core MSCI Europe ETF (a)		5,880		274,008
iShares MSCI Eurozone ETF		13,263		524,618
Vanguard FTSE Europe ETF		20,323		1,115,733
Xtrackers MSCI Europe Hedged Equity ETF (a)		317,880		9,250,308
				11,164,667
International Equity Core Fund 1.0%
Xtrackers MSCI EAFE Hedged Equity ETF (a)		131,016		4,141,416
International Large Cap Growth Fund 0.2%
iShares MSCI EAFE Growth ETF (a)		11,482		927,401
International Small Cap Equity Funds 7.3%
Schwab International Small-Cap Equity ETF		260,560		8,504,678
Vanguard FTSE All World ex-U.S. Small-Cap ETF (a)		198,053		20,847,059
				29,351,737

10 MainStay VP IQ Hedge Multi-Strategy Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Equity (continued)
Japan Equity Funds 3.1%
iShares MSCI Japan ETF	$	113,679	$	6,204,600
Xtrackers MSCI Japan Hedged Equity ETF (a)		169,736		6,461,849
				12,666,449
U.S. Large Cap Core Funds 1.6%
Consumer Discretionary Select Sector SPDR Fund		10,598		1,263,282
Energy Select Sector SPDR Fund		25,453		1,621,611
Financial Select Sector SPDR Fund		46,965		1,296,234
Health Care Select Sector SPDR Fund		10,689		990,229
Invesco KBW Bank ETF		5,262		265,468
SPDR S&P Bank ETF (a)		20,043		869,064
				6,305,888
U.S. Large Cap Growth Funds 0.1%
iShares Core S&P U.S. Growth ETF (a)		617		38,674
Schwab U.S. Large-Cap Growth ETF (a)		574		47,762
SPDR Portfolio S&P 500 Growth ETF		822		31,836
Vanguard Growth ETF (a)		1,488		243,124
				361,396
U.S. Momentum Fund 0.4%
iShares Edge MSCI USA Momentum Factor ETF (a)		14,378		1,705,231
U.S. Preferred 0.0%‡
Invesco Preferred ETF		1,003		14,674
iShares Preferred & Income Securities ETF		1,184		43,630
				58,304
U.S. Small Cap Core Funds 0.7%
iShares Russell 2000 ETF (a)		10,821		1,682,666
Schwab U.S. Small-Cap ETF (a)		4,676		334,240
Vanguard Small-Cap ETF (a)		6,473		1,014,060
				3,030,966
U.S. Small Cap Growth Funds 1.6%
iShares Russell 2000 Growth ETF (a)		12,395		2,489,784
iShares S&P Small-Cap 600 Growth ETF		8,295		1,513,671
Vanguard Small-Cap Growth ETF (a)		13,142		2,447,172
				6,450,627
Total Equity (Cost $108,034,222)				109,447,568
Total Exchange-Traded Funds (Cost $373,417,662)				379,369,192

	Principal Amount			Value
Exchange-Traded Note 0.1% Volatility 0.1%
iPath Series B S&P 500 VIXShort-Term Futures ETN (b)	$	18,110		$	470,860
Total Exchange-Traded Notes (Cost $515,727)					470,860
	Shares
Exchange-Traded Vehicles 5.7% Commodities 1.1%
Broad Fund 0.4%
FlexShares Global Upstream Natural Resources Index Fund		48,194	��		1,590,884
Silver Fund 0.7%
iShares Silver Trust (a)(b)		201,945			2,893,872
Total Commodities (Cost $4,414,569)					4,484,756
Currencies 4.6%
British Pound Fund 0.0%‡
Invesco CurrencyShares British Pound Sterling Trust (b)		498			61,324
Euro Fund 2.5%
Invesco CurrencyShares Euro Trust (b)		93,762			10,151,612
Japanese Yen Fund 1.3%
Invesco CurrencyShares Japanese Yen Trust (b)		56,642			5,003,754
US Dollar Fund 0.8%
Invesco DB U.S. Dollar Index Bullish Fund (a)		120,538			3,130,372
Total Currencies (Cost $18,325,371)					18,347,062
Total Exchange-Traded Vehicles (Cost $22,739,940)					22,831,818
Short-Term Investments 4.6%
Affiliated Investment Company 0.4%
MainStay U.S. Government Liquidity Fund, 2.03% (c)		1,760,328			1,760,328

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Shares			Value
Short-Term Investments (continued)
Unaffiliated Investment Company 4.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.33% (c)(d)		17,038,834		$	17,038,834
TotalShort-Term Investments (Cost $18,799,162)					18,799,162
Total Investments (Cost $415,472,492)		104.1	%		421,471,032
Other Assets, Less Liabilities		(4.1	)		(16,704,005	)
Net Assets		100.0	%	$	404,767,027

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

(a) All or a portion of this security was held on loan. As of June 30, 2019, the aggregate market value of securities on loan was $47,713,845; the total market value of collateral held by the Portfolio was $48,883,210. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $31,844,376 (See Note 2(Q)).

(b) Non-income producing security.

(c) Current yield as of June 30, 2019.

(d) Represents security purchased with cash collateral received for securities on loan.

Swap Contracts

Open OTC total return equity swap contracts as of June 30, 2019 were as follows¹:

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Bank of America Merrill Lynch	Consumer Discretionary Select Sector SPDR Fund	1 month LIBOR plus 0.50%		4/02/2020		Monthly	$	62		$	—
Morgan Stanley & Co.	Consumer Discretionary Select Sector SPDR Fund	Federal Fund Rate plus 0.03%		9/15/2020		Monthly		62			—
Bank of America Merrill Lynch	Energy Select Sector SPDR Fund	1 month LIBOR plus 0.50%		4/02/2020		Monthly		77			—
Morgan Stanley & Co.	Energy Select Sector SPDR Fund	Federal Fund Rate minus 0.24%		9/15/2020		Monthly		77			—
Morgan Stanley & Co.	Financial Select Sector SPDR Fund	Federal Fund Rate minus 0.14%		9/15/2020		Monthly		131			—
Bank of America Merrill Lynch	Flexshares Global Upstream	1 month LIBOR plus 0.50%		4/02/2020		Monthly		77			—
Morgan Stanley & Co.	Flexshares Global Upstream	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		77			—
Bank of America Merrill Lynch	Goldman Sachs Access Treasury 0-1 Year ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		600			—
Morgan Stanley & Co.	Goldman Sachs Access Treasury 0-1 Year ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		600			—
Bank of America Merrill Lynch	Graniteshares Gold Trust	1 month LIBOR		4/02/2020		Monthly		(9	)		—
Morgan Stanley & Co.	Graniteshares Gold Trust	Federal Fund Rate minus 10.03%		9/15/2020		Monthly		(9	)		—
Morgan Stanley & Co.	Health Care Select Sector SPDR Fund	Federal Fund Rate minus 0.09%		9/15/2020		Monthly		99			—
Bank of America Merrill Lynch	Invesco CurrencyShares Australian Dollar Trust	1 month LIBOR		4/02/2020		Monthly		(442	)		—
Morgan Stanley & Co.	Invesco CurrencyShares Australian Dollar Trust	Federal Fund Rate minus 5.68%		9/15/2020		Monthly		(442	)		—
Bank of America Merrill Lynch	Invesco CurrencyShares British Pound Sterling Trust	1 month LIBOR plus 0.50%		4/02/2020		Monthly		3			—
Morgan Stanley & Co.	Invesco CurrencyShares British Pound Sterling Trust	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		3			—
Bank of America Merrill Lynch	Invesco CurrencyShares Euro Currency Trust	1 month LIBOR plus 0.50%		4/02/2020		Monthly		515			—

12 MainStay VP IQ Hedge Multi-Strategy Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Morgan Stanley & Co.	Invesco CurrencyShares Euro Currency Trust	Federal Fund Rate plus 0.50%		9/15/2020		Monthly	$	515		$	—
Bank of America Merrill Lynch	Invesco CurrencyShares Japanese Yen Trust	1 month LIBOR plus 0.50%		4/02/2020		Monthly		257			—
Morgan Stanley & Co.	Invesco CurrencyShares Japanese Yen Trust	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		257			—
Bank of America Merrill Lynch	Invesco DB US Dollar Index Bullish Fund	1 month LIBOR plus 0.50%		4/02/2020		Monthly		163			—
Morgan Stanley & Co.	Invesco DB US Dollar Index Bullish Fund	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		163			—
Bank of America Merrill Lynch	Invesco KBW Bank ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		13			—
Morgan Stanley & Co.	Invesco KBW Bank ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		13			—
Morgan Stanley & Co.	Invesco Preferred ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		1			—
Bank of America Merrill Lynch	Invesco Preferred ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		1			—
Bank of America Merrill Lynch	Invesco S&P 500 Low Volatiility	1 month LIBOR		4/02/2020		Monthly		(948	)		—
Morgan Stanley & Co.	Invesco S&P 500 Low Volatiility	Federal Fund Rate minus 1.38%		9/15/2020		Monthly		(948	)		—
Bank of America Merrill Lynch	Invesco Senior Loan ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		880			—
Morgan Stanley & Co.	Invesco Senior Loan ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		880			—
Bank of America Merrill Lynch	Invesco Treasury Collateral ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		104			—
Morgan Stanley & Co.	Invesco Treasury Collateral ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		104			—
Morgan Stanley & Co.	iPath Series B S&P 500 VIX Short-Term Futures ETN	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		27			—
Bank of America Merrill Lynch	iPath Series B S&P 500 VIX Short-Term Futures ETN	1 month LIBOR plus 0.50%		4/02/2020		Monthly		27			—
Bank of America Merrill Lynch	iShares 0-5 Year High Yield Corporate Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		162			—
Morgan Stanley & Co.	iShares 0-5 Year High Yield Corporate Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		162			—
Bank of America Merrill Lynch	iShares 20+ Year Treasury Bond ETF	1 month LIBOR		4/02/2020		Monthly		(571	)		—
Morgan Stanley & Co.	iShares 20+ Year Treasury Bond ETF	Federal Fund Rate minus 0.73%		9/15/2020		Monthly		(571	)		—
Bank of America Merrill Lynch	iShares 3-7 Year Treasury Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		205			—
Morgan Stanley & Co.	iShares 3-7 Year Treasury Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		205			—
Bank of America Merrill Lynch	iShares Broad USD Investment Grade Corporate Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		89			—
Morgan Stanley & Co.	iShares Broad USD Investment Grade Corporate Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		89			—
Morgan Stanley & Co.	iShares China Large-Cap ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		770			—

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Bank of America Merrill Lynch	iShares Core MSCI EAFE ETF	1 month LIBOR		4/02/2020		Monthly	$	(55	)	$	—
Morgan Stanley & Co.	iShares Core MSCI EAFE ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(55	)		—
Bank of America Merrill Lynch	iShares Core MSCI Emerging Markets ETF	1 month LIBOR		4/02/2020		Monthly		(1,563	)		—
Morgan Stanley & Co.	iShares Core MSCI Emerging Markets ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(1,563	)		—
Bank of America Merrill Lynch	iShares Core MSCI Europe ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		14			—
Morgan Stanley & Co.	iShares Core MSCI Europe ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		14			—
Morgan Stanley & Co.	iShares Core MSCI Pacific ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		174			—
Bank of America Merrill Lynch	iShares Core MSCI Pacific ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		174			—
Bank of America Merrill Lynch	iShares Core S&P U.S. Growth ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		2			—
Morgan Stanley & Co.	iShares Core S&P U.S. Growth ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		2			—
Bank of America Merrill Lynch	iShares Core S&P U.S. Value ETF	1 month LIBOR		4/02/2020		Monthly		(291	)		—
Morgan Stanley & Co.	iShares Core S&P U.S. Value ETF	Federal Fund Rate minus 5.28%		9/15/2020		Monthly		(291	)		—
Bank of America Merrill Lynch	iShares Core US REIT ETF	1 month LIBOR		4/02/2020		Monthly		(9	)		—
Morgan Stanley & Co.	iShares Core US REIT ETF	Federal Fund Rate minus 5.38%		9/15/2020		Monthly		(9	)		—
Bank of America Merrill Lynch	iShares Edge MSCI Min Vol Emerging Markets ETF	1 month LIBOR		4/02/2020		Monthly		(805	)		—
Morgan Stanley & Co.	iShares Edge MSCI Min Vol Emerging Markets ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(805	)		—
Bank of America Merrill Lynch	iShares Edge MSCI Min Vol USA ETF	1 month LIBOR		4/02/2020		Monthly		(2,324	)		—
Morgan Stanley & Co.	iShares Edge MSCI Min Vol USA ETF	Federal Fund Rate minus 0.63%		9/15/2020		Monthly		(2,324	)		—
Bank of America Merrill Lynch	iShares Edge MSCI USA Momentum Factor ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		86			—
Morgan Stanley & Co.	iShares Edge MSCI USA Momentum Factor ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		86			—
Bank of America Merrill Lynch	iShares Floating Rate Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		1,328			—
Morgan Stanley & Co.	iShares Floating Rate Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		1,328			—
Bank of America Merrill Lynch	iShares iBoxx High Yield Corporate Bond ETF	1 month LIBOR		4/02/2020		Monthly		(1,187	)		—
Morgan Stanley & Co.	iShares iBoxx High Yield Corporate Bond ETF	Federal Fund Rate minus 1.88%		9/15/2020		Monthly		(1,187	)		—
Bank of America Merrill Lynch	iShares JP Morgan USD Emerging Markets Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		400			—
Morgan Stanley & Co.	iShares JP Morgan USD Emerging Markets Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		400			—

14 MainStay VP IQ Hedge Multi-Strategy Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Morgan Stanley & Co.	iShares MBS ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly	$	365		$	—
Bank of America Merrill Lynch	iShares MBS ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		365			—
Bank of America Merrill Lynch	iShares MSCI All Country Asia ex Japan ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		183			—
Morgan Stanley & Co.	iShares MSCI All Country Asia ex Japan ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		183			—
Morgan Stanley & Co.	iShares MSCI China ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		594			—
Bank of America Merrill Lynch	iShares MSCI EAFE Growth ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		46			—
Morgan Stanley & Co.	iShares MSCI EAFE Growth ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		46			—
Bank of America Merrill Lynch	iShares MSCI Eurozone ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		26			—
Morgan Stanley & Co.	iShares MSCI Eurozone ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		26			—
Bank of America Merrill Lynch	iShares MSCI Japan ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		313			—
Morgan Stanley & Co.	iShares MSCI Japan ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		313			—
Bank of America Merrill Lynch	iShares Russell 2000 ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		81			—
Morgan Stanley & Co.	iShares Russell 2000 ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		81			—
Bank of America Merrill Lynch	iShares Russell 2000 Growth ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		120			—
Morgan Stanley & Co.	iShares Russell 2000 Growth ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		120			—
Bank of America Merrill Lynch	iShares Russell 2000 Value ETF	1 month LIBOR		4/02/2020		Monthly		(1,025	)		—
Morgan Stanley & Co.	iShares Russell 2000 Value ETF	Federal Fund Rate minus 0.76%		9/15/2020		Monthly		(1,025	)		—
Bank of America Merrill Lynch	iShares S&P Small CAP 600 Value ETF	1 month LIBOR		4/02/2020		Monthly		(708	)		—
Morgan Stanley & Co.	iShares S&P Small CAP 600 Value ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(708	)		—
Bank of America Merrill Lynch	iShares S&P Small-Cap 600 Growth ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		73			—
Morgan Stanley & Co.	iShares S&P Small-Cap 600 Growth ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		73			—
Bank of America Merrill Lynch	iShares Short Treasury Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		3,924			—
Morgan Stanley & Co.	iShares Short Treasury Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		3,924			—
Bank of America Merrill Lynch	iShares Silver Trust	1 month LIBOR plus 0.50%		4/02/2020		Monthly		144			—
Morgan Stanley & Co.	iShares Silver Trust	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		144			—
Morgan Stanley & Co.	iShares U.S. Preferred Stock ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		2			—
Bank of America Merrill Lynch	iShares U.S. Preferred Stock ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		2			—

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Bank of America Merrill Lynch	Schwab Intermediate-Term U.S. Treasury ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly	$	117		$	—
Morgan Stanley & Co.	Schwab Intermediate-Term U.S. Treasury ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		117			—
Bank of America Merrill Lynch	Schwab International Small-Cap Equity ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		422			—
Morgan Stanley & Co.	Schwab International Small-Cap Equity ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		422			—
Bank of America Merrill Lynch	Schwab U.S. Large Cap Growth ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		2			—
Morgan Stanley & Co.	Schwab U.S. Large Cap Growth ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		2			—
Bank of America Merrill Lynch	Schwab U.S. Large Cap Value ETF	1 month LIBOR		4/02/2020		Monthly		(306	)		—
Morgan Stanley & Co.	Schwab U.S. Large Cap Value ETF	Federal Fund Rate minus 4.03%		9/15/2020		Monthly		(306	)		—
Bank of America Merrill Lynch	Schwab U.S. REIT ETF	1 month LIBOR		4/02/2020		Monthly		(37	)		—
Morgan Stanley & Co.	Schwab U.S. REIT ETF	Federal Fund Rate minus 3.38%		9/15/2020		Monthly		(37	)		—
Bank of America Merrill Lynch	Schwab US Small-Cap ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		16			—
Morgan Stanley & Co.	Schwab US Small-Cap ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		16			—
Bank of America Merrill Lynch	SPDR Blackstone / GSO Senior Loan ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		426			—
Morgan Stanley & Co.	SPDR Blackstone / GSO Senior Loan ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		426			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		1,601			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		1,601			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Convertible Securities ETF	1 month LIBOR		4/02/2020		Monthly		(328	)		—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Convertible Securities ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(328	)		—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		57			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		57			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays High Yield Bond ETF	1 month LIBOR		4/02/2020		Monthly		(670	)		—
Morgan Stanley & Co.	SPDR Bloomberg Barclays High Yield Bond ETF	Federal Fund Rate minus 1.13%		9/15/2020		Monthly		(670	)		—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Invest	1 month LIBOR plus 0.50%		4/02/2020		Monthly		530			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Invest	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		530			—

16 MainStay VP IQ Hedge Multi-Strategy Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Short Term High Yield Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly	$	175		$	—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Short Term High Yield Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		175			—
Bank of America Merrill Lynch	SPDR Dow Jones International Real Estate ETF	1 month LIBOR		4/02/2020		Monthly		(1,503	)		—
Morgan Stanley & Co.	SPDR Dow Jones International Real Estate ETF	Federal Fund Rate minus 0.68%		9/15/2020		Monthly		(1,503	)		—
Bank of America Merrill Lynch	SPDR Gold MiniShares Trust	1 month LIBOR		4/02/2020		Monthly		(12	)		—
Morgan Stanley & Co.	SPDR Gold MiniShares Trust	Federal Fund Rate minus 2.78%		9/15/2020		Monthly		(12	)		—
Bank of America Merrill Lynch	SPDR Gold Shares	1 month LIBOR		4/02/2020		Monthly		(543	)		—
Morgan Stanley & Co.	SPDR Gold Shares	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(543	)		—
Bank of America Merrill Lynch	SPDR Portfolio Long Term Treasury ETF	1 month LIBOR		4/02/2020		Monthly		(78	)		—
Morgan Stanley & Co.	SPDR Portfolio Long Term Treasury ETF	Federal Fund Rate minus 3.38%		9/15/2020		Monthly		(78	)		—
Bank of America Merrill Lynch	SPDR Portfolio S&P 500 Growth ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		2			—
Morgan Stanley & Co.	SPDR Portfolio S&P 500 Growth ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		2			—
Bank of America Merrill Lynch	SPDR Portfolio S&P 500 Value ETF	1 month LIBOR		4/02/2020		Monthly		(143	)		—
Morgan Stanley & Co.	SPDR Portfolio S&P 500 Value ETF	Federal Fund Rate minus 9.88%		9/15/2020		Monthly		(143	)		—
Bank of America Merrill Lynch	SPDR Portfolio Short Term Corporate Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		102			—
Morgan Stanley & Co.	SPDR Portfolio Short Term Corporate Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		102			—
Morgan Stanley & Co.	SPDR S&P Bank ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		42			—
Bank of America Merrill Lynch	SPDR S&P Bank ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		42			—
Morgan Stanley & Co.	SPDR S&P China ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		178			—
Bank of America Merrill Lynch	SPDR S&P Emerging Markets Small Cap ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		458			—
Morgan Stanley & Co.	SPDR S&P Emerging Markets Small Cap ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		458			—
Morgan Stanley & Co.	Technology Select Sector SPDR Fund	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(48	)		—
Bank of America Merrill Lynch	VanEck Vectors High-Yield Municipal Index ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		42			—
Morgan Stanley & Co.	VanEck Vectors High-Yield Municipal Index ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		42			—
Bank of America Merrill Lynch	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		369			—

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Morgan Stanley & Co.	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly	$	369		$	—
Bank of America Merrill Lynch	Vanguard Emerging Markets Government Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		35			—
Morgan Stanley & Co.	Vanguard Emerging Markets Government Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		35			—
Bank of America Merrill Lynch	Vanguard FTSE All World ex-U.S. Small-Cap ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		1,036			—
Morgan Stanley & Co.	Vanguard FTSE All World ex-U.S. Small-Cap ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		1,036			—
Bank of America Merrill Lynch	Vanguard FTSE Developed Markets ETF	1 month LIBOR		4/02/2020		Monthly		(61	)		—
Morgan Stanley & Co.	Vanguard FTSE Developed Markets ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(61	)		—
Bank of America Merrill Lynch	Vanguard FTSE Emerging Markets ETF	1 month LIBOR		4/02/2020		Monthly		(1,699	)		—
Morgan Stanley & Co.	Vanguard FTSE Emerging Markets ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(1,699	)		—
Bank of America Merrill Lynch	Vanguard FTSE Europe ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		55			—
Morgan Stanley & Co.	Vanguard FTSE Europe ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		55			—
Bank of America Merrill Lynch	Vanguard FTSE Pacific ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		46			—
Morgan Stanley & Co.	Vanguard FTSE Pacific ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		46			—
Bank of America Merrill Lynch	Vanguard Growth ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		12			—
Morgan Stanley & Co.	Vanguard Growth ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		12			—
Bank of America Merrill Lynch	Vanguard Intermediate-Term Corporate Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		1,555			—
Morgan Stanley & Co.	Vanguard Intermediate-Term Corporate Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		1,555			—
Bank of America Merrill Lynch	Vanguard Intermediate-Term Treasury ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		110			—
Morgan Stanley & Co.	Vanguard Intermediate-Term Treasury ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		110			—
Bank of America Merrill Lynch	Vanguard Long-Term Treasury ETF	1 month LIBOR		4/02/2020		Monthly		(43	)		—
Morgan Stanley & Co.	Vanguard Long-Term Treasury ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(43	)		—
Bank of America Merrill Lynch	Vanguard Mortgage-Backed Securities ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		197			—
Morgan Stanley & Co.	Vanguard Mortgage-Backed Securities ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		197			—
Bank of America Merrill Lynch	Vanguard Real Estate ETF	1 month LIBOR		4/02/2020		Monthly		(231	)		—
Morgan Stanley & Co.	Vanguard Real Estate ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(231	)		—
Bank of America Merrill Lynch	Vanguard Short-Term Corporate Bond ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		450			—

18 MainStay VP IQ Hedge Multi-Strategy Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)		Payment Frequency Paid/ Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Morgan Stanley & Co.	Vanguard Short-Term Corporate Bond ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly	$	450		$	—
Bank of America Merrill Lynch	Vanguard Small-Cap ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		49			—
Morgan Stanley & Co.	Vanguard Small-Cap ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		49			—
Bank of America Merrill Lynch	Vanguard Small-Cap Growth ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		118			—
Morgan Stanley & Co.	Vanguard Small-Cap Growth ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		118			—
Bank of America Merrill Lynch	Vanguard Small-Cap Value ETF	1 month LIBOR		4/02/2020		Monthly		(1,547	)		—
Morgan Stanley & Co.	Vanguard Small-Cap Value ETF	Federal Fund Rate minus 1.38%		9/15/2020		Monthly		(1,547	)		—
Morgan Stanley & Co.	Vanguard Value ETF	Federal Fund Rate minus 0.88%		9/15/2020		Monthly		(2,539	)		—
Bank of America Merrill Lynch	Vanguard Value ETF	1 month LIBOR		4/02/2020		Monthly		(2,539	)		—
Bank of America Merrill Lynch	WisdomTree Emerging Markets Local Debt Fund	1 month LIBOR plus 0.50%		4/02/2020		Monthly		14			—
Morgan Stanley & Co.	WisdomTree Emerging Markets Local Debt Fund	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		14			—
Bank of America Merrill Lynch	Xtrackers MSCI EAFE Hedged Equity ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		211			—
Morgan Stanley & Co.	Xtrackers MSCI EAFE Hedged Equity ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		211			—
Bank of America Merrill Lynch	Xtrackers MSCI Europe Hedged Equity ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		470			—
Morgan Stanley & Co.	Xtrackers MSCI Europe Hedged Equity ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		470			—
Bank of America Merrill Lynch	Xtrackers MSCI Japan Hedged Equity ETF	1 month LIBOR plus 0.50%		4/02/2020		Monthly		333			—
Morgan Stanley & Co.	Xtrackers MSCI Japan Hedged Equity ETF	Federal Fund Rate plus 0.50%		9/15/2020		Monthly		333			—
Morgan Stanley & Co.	Xtrackers USD High Yield Corporate Bond ETF	Federal Fund Rate minus 0.35%		9/15/2020		Monthly		(227	)		—
Bank of America Merrill Lynch	Xtrackers USD High Yield Corporate Bond ETF	1 month LIBOR		4/02/2020		Monthly		(227	)		—
							$	1,048		$	—

1. As of June 30, 2019, cash in the amount of $460,000 was on deposit with brokers for OTC swap contracts.

2. Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.

3. Reflects the value at reset date as of June 30, 2019.

* 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.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following abbreviations are used in the preceding pages:

BRIC—Brazil, Russia, India and China

DB—Deutsche Bank

EAFE—Europe, Australasia and Far East

EM—Emerging Markets

ETF—Exchange-Traded Fund

ETN—Exchange-Traded Note

FTSE—Financial Times Stock Exchange

KBW—Keefe, Bruyette & Woods

LIBOR—London Interbank Offered Rate

MBS—Mortgage-Backed Security

MSCI—Morgan Stanley Capital International

SPDR—Standard & Poor’s Depositary Receipt

USD—United States Dollar

VIX—CBOE Volatility Index

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets:

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	$	379,369,192	$	—	$	—	$	379,369,192
Exchange-Traded Notes		470,860		—		—		470,860
Exchange-Traded Vehicles		22,831,818		—		—		22,831,818
Short-Term Investments
Affiliated Investment Company		1,760,328		—		—		1,760,328
Unaffiliated Investment Company		17,038,834		—		—		17,038,834
TotalShort-Term Investments		18,799,162		—		—		18,799,162
Total Investments in Securities	$	421,471,032	$	—	$	—	$	421,471,032

(a) For a complete listing of investments and their industries, see the Portfolio of Investments.

20 MainStay VP IQ Hedge Multi-Strategy Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities, at value (identified cost $413,712,164) including securities on loan of $47,713,845	$	419,710,704
Investment in affiliated investment company, at value (identified cost $1,760,328)		1,760,328
Cash collateral on deposit at broker for swap contracts		460,000
Cash		294,339
Receivables:
Dividends		703,160
Portfolio shares sold		324,592
Securities lending		72,532
Prepaid offering costs		2,134
Total assets		423,327,789
Liabilities
Due to custodian		42
Cash collateral received for securities on loan		17,038,834
Payables:
Dividends and interest on OTC swaps contracts		1,038,424
Manager (See Note 3)		110,849
Custodian		100,291
Shareholder communication		82,261
NYLIFE Distributors (See Note 3)		80,545
Professional fees		54,857
Portfolio shares redeemed		41,320
Offering costs		5,000
Trustees		570
Accrued expenses		7,769
Total liabilities		18,560,762
Net assets	$	404,767,027
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	47,087
Additional paid-in capital		467,388,655
		467,435,742
Total distributable earnings (loss)		(62,668,715	)
Net assets	$	404,767,027

Initial Class
Net assets applicable to outstanding shares	$	10,159,979
Shares of beneficial interest outstanding		1,176,165
Net asset value per share outstanding	$	8.64
Service Class
Net assets applicable to outstanding shares	$	394,607,048
Shares of beneficial interest outstanding		45,910,476
Net asset value per share outstanding	$	8.60

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Dividends-unaffiliated	$	5,097,876
Securities lending		239,813
Dividends-affiliated		37,423
Total income		5,375,112
Expenses
Manager (See Note 3)		1,499,895
Distribution/Service—Service Class (See Note 3)		487,991
Custodian		174,239
Shareholder communication		77,875
Professional fees		23,662
Trustees		5,099
Offering (See Note 2)		2,637
Miscellaneous		13,152
Total expenses before waiver/reimbursement		2,284,550
Expense waiver/reimbursement from Manager (See Note 3)		(396,659	)
Net expenses		1,887,891
Net investment income (loss)		3,487,221
Realized and Unrealized Gain (Loss) on Investments, Swap Contracts and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		3,583,596
Swap transactions		(3,185,397	)
Foreign currency transactions		(7,479	)
Net realized gain (loss) on investments, swap transactions and foreign currency transactions		390,720
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		15,846,262
Translation of other assets and liabilities in foreign currencies		7,100
Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions		15,853,362
Net realized and unrealized gain (loss) on investments, swap transactions and foreign currency transactions		16,244,082
Net increase (decrease) in net assets resulting from operations	$	19,731,303

22 MainStay VP IQ Hedge Multi-Strategy Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018†
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	3,487,221		$	(352,297	)
Net realized gain (loss) on investments, investments sold short, futures contracts, swap contracts and foreign currency transactions		390,720			(20,979,140	)
Net change in unrealized appreciation (depreciation) on investments, investments sold short, futures contracts, swap contracts and foreign currency transactions		15,853,362			(15,928,954	)
Net increase (decrease) in net assets resulting from operations		19,731,303			(37,260,391	)
Distributions to shareholders:
Initial Class		—			(180,327	)
Service Class		—			(2,734,766	)
Total distributions to shareholders		—			(2,915,093	)
Capital share transactions:
Net proceeds from sale of shares		6,736,917			471,625,822
Net asset value of shares issued in connection with the acquisition of MainStay VP Absolute Return Multi-Strategy Portfolio		—			1,472,556
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			2,915,093
Cost of shares redeemed		(21,854,362	)		(609,037,844	)
Increase (decrease) in net assets derived from capital share transactions		(15,117,445	)		(133,024,373	)
Net increase (decrease) in net assets		4,613,858			(173,199,857	)
Net Assets
Beginning of period		400,153,169			573,353,026
End of period	$	404,767,027		$	400,153,169

† Consolidated Statement of Changes in Net Assets for the period January 1, 2018 to November 30, 2018.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Initial Class	2019*			2018†			2017†			2016†			2015			2014
Net asset value at beginning of period	$	8.22		$	8.92		$	9.04		$	9.03		$	9.82		$	11.15
Net investment income (loss) (a)		0.09			(0.05	)		(0.08	)		(0.10	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss) on investments		0.33			(0.55	)		0.16			0.03			(0.72	)		(1.25	)
Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		0.00	‡		(0.10	)		0.08			(0.01	)		(0.00	)‡
Total from investment operations		0.42			(0.60	)		(0.02	)		0.01			(0.79	)		(1.33	)
Less dividends:
From net investment income		—			(0.10	)		(0.10	)		—			—			—
Net asset value at end of period	$	8.64		$	8.22		$	8.92		$	9.04		$	9.03		$	9.82
Total investment return (b)		5.24	%(c)		(6.88	%)		(0.25	%)		0.11	% (c)		(8.04	%)		(11.93	%)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.02	%††		(0.53	%)		(0.93	%)		(1.11	%)		(0.59	%)		(0.78	%)
Expenses (before waiver/ reimbursement) (d)(e)		0.90	%††		2.96	%		2.63	%		2.63	%		2.00	%		2.21	%
Portfolio turnover rate		80	%		450	%		185	%		267	%		115	%		113	%
Net assets at end of period (in 000’s)	$	10,160		$	9,059		$	149,753		$	201,252		$	3,051		$	100,126

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

† Consolidated Financial Highlights for the periods January 1, 2018 to November 30, 2018, January 1, 2017 to December 31, 2017 and January 9, 2016 to December 31, 2016.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) The expense ratios presented below exclude short sales expense:

Period Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
June 30, 2019		0.70	%*††		—
December 31, 2018		1.43	%		1.28	%
December 31, 2017		1.43	%		1.05	%
December 31, 2016		1.46	%		0.95	%
December 31, 2015		1.47	%		0.53	%
December 31, 2014		1.46	%		0.75	%

24 MainStay VP IQ Hedge Multi-Strategy Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

					��
	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018†			2017†			2016†			2015			2014
Net asset value at beginning of period	$	8.18		$	8.87		$	8.99		$	9.00		$	9.79		$	11.14
Net investment income (loss) (a)		0.07			(0.00	)‡		(0.11	)		(0.12	)		(0.11	)		(0.11	)
Net realized and unrealized gain (loss) on investments		0.35			(0.63	)		0.18			0.03			(0.67	)		(1.24	)
Net realized and unrealized gain (loss) on foreign currency transactions		(0.00	)‡		0.00	‡		(0.11	)		0.08			(0.01	)		(0.00	)‡
Total from investment operations		0.42			(0.63	)		(0.04	)		(0.01	)		(0.79	)		(1.35	)
Less dividends:
From net investment income		—			(0.06	)		(0.08	)		—			—			—
Net asset value at end of period	$	8.60		$	8.18		$	8.87		$	8.99		$	9.00		$	9.79
Total investment return (b)		5.13	%(c)		(7.14	%)		(0.51	%)		(0.11	%)(c)		(8.07	%)(c)		(12.12	%)(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.74	%††		0.03	%		(1.20	%)		(1.36	%)		(1.15	%)		(1.04	%)
Expenses (before waiver/ reimbursement) (d)(e)		1.15	%††		2.84	%		2.88	%		2.80	%		2.51	%		2.48	%
Portfolio turnover rate		80	%		450	%		185	%		267	%		115	%		113	%
Net assets at end of period (in 000’s)	$	394,607		$	391,094		$	423,600		$	366,470		$	330,375		$	344,385

* Unaudited.

†† Annualized.

‡ Less than one cent per share.

† Consolidated Financial Highlights for the periods January 1, 2018 to November 30, 2018, January 1, 2017 to December 31, 2017 and January 9, 2016 to December 31, 2016.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(e) The expense ratios presented below exclude short sales expense:

Period Ended	Net Expenses (excluding short sale expenses)			Short Sale Expenses
June 30, 2019		0.95	%*††		—
December 31, 2018		1.60	%		0.99	%
December 31, 2017		1.68	%		1.05	%
December 31, 2016		1.71	%		0.90	%
December 31, 2015		1.72	%		0.79	%
December 31, 2014		1.71	%		0.77	%

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Fund is comprised of thirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP IQ Hedge Multi-Strategy Portfolio (the “Portfolio”), a “diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time. Effective at the close of business on November 30, 2018, the Portfolio acquired the assets and liabilities of MainStay VP Absolute Return Multi-Strategy Portfolio (the “Reorganization”), which was a separate series of the Fund (the “VP ARMS Portfolio”). The Reorganization was approved by the Fund’s Board of Trustees (the “Board”) and shareholders pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”), see Note 10 for additional information. The VP ARMS Portfolio was the accounting survivor in the Reorganization and as such, the financial statements and the financial highlights reflect the financial information of the VP ARMS Portfolio through November 30, 2018.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), awholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios to, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as “funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on May 1, 2013. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act. Contract owners of variable annuity contracts purchased after June 2, 2003, are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek investment returns that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the IQ Hedge Multi-Strategy Index. The IQ Hedge Multi-Strategy Index seeks to achieve performance similar to the overall hedge fund universe by replicating the “beta” portion of the hedge fund return characteristics (i.e., that portion of the returns that are non-idiosyncratic, or unrelated to manager skill) by using the following hedge fund investment styles: long/short equity; global macro; market neutral; event-driven; fixed-income arbitrage; and emerging

markets. The VP ARMS Portfolio’s investment objective until the November 30, 2018 Reorganization was to seeklong-term growth of capital.

The Portfolio is a “fund of funds” that seeks to achieve its investment objective by investing primarily in exchange-traded funds (“ETFs”), other exchange-traded vehicles issuing equity securities organized in the U.S., such as exchange-traded commodity pools (“ETVs”), and exchange-traded notes (“ETNs”) (such ETFs, ETVs and ETNs are referred to collectively as “exchange-traded products” or “ETPs”), but may also invest in one or more financial instruments, including but not limited to, futures contracts, reverse repurchase agreements, options, and swap agreements (collectively, “Financial Instruments”) in order to seek to achieve exposure to investment strategies and/or asset classes that are similar to those of the IQ Hedge Multi-Strategy Index.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the “Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews

26 MainStay VP IQ Hedge Multi-Strategy Portfolio

and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by the Board, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During the six-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued

27

Notes to Financial Statements(Unaudited) (continued)

whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Equity securities, including ETPs, are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Swaps are marked to market daily based upon quotations from pricing agents, brokers or market makers. These securities are generally categorized as Level 2 in the hierarchy.

Total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, are based on a notional principal amount. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and these securities are generally categorized as Level 2 in the hierarchy.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by

independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net

28 MainStay VP IQ Hedge Multi-Strategy Portfolio

unrealized appreciation (depreciation). Taxes related to capital gains realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on the ex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on the ex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities. Income frompayment-in-kind securities is recorded daily based on the effective interest method of accrual.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security on non-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in ETPs and mutual funds, which are subject to management fees and other fees that may cause the costs of investing in ETPs and mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of ETPs and mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

In addition, the Portfolio bears a pro rata share of the fees and expenses of the ETPs in which it invests. Because the ETPs have varied expense and fee levels and the Portfolio may own different proportions of the ETPs at different times, the amount of fees and expenses incurred indirectly by the Portfolio may vary.

(G)  Offering and Organization Costs.  Offering costs paid in connection with the offering of shares of the Portfolio are amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Portfolio are expensed on the first day of operations.

(H)  Use of Estimates.  In preparing the financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(I)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any repurchase agreements.

(J)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each

29

Notes to Financial Statements(Unaudited) (continued)

day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, the Portfolio did not hold any futures contracts.

(K)  Foreign Currency Forward Contracts.  The Portfolio may enter into foreign currency forward contracts, which are agreements to buy or sell foreign currencies on a specified future date at a specified rate. The Portfolio is subject to foreign currency exchange rate risk in the normal course of investing in these transactions. During the period the forward contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. Cash movement occurs on settlement date. When the forward contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract. The Portfolio may purchase and sell foreign currency forward contracts for purposes of seeking to enhance portfolio returns and manage portfolio risk more efficiently. Foreign currency forward contracts may also be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Foreign currency forward contracts to purchase or sell a foreign currency may also be used in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected.

The use of foreign currency forward contracts involves, to varying degrees, elements of risk in excess of the amount recognized in the Statement of Assets and Liabilities, including counterparty risk, market

risk and illiquidity risk. Counterparty risk is heightened for these instruments because foreign currency forward contracts are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations under such contracts. Thus, the Portfolio faces the risk that its counterparties under such contracts may not perform their obligations. Market risk is the risk that the value of a foreign currency forward contract will depreciate due to unfavorable changes in exchange rates. Illiquidity risk arises because the secondary market for foreign currency forward contracts may have less liquidity relative to markets for other securities and financial instruments. Risks also arise from the possible movements in the foreign exchange rates underlying these instruments. While the Portfolio may enter into forward contracts to reduce currency exchange risks, changes in currency exchange rates may result in poorer overall performance for the Portfolio than if it had not engaged in such transactions. Exchange rate movements can be large, depending on the currency, and can last for extended periods of time, affecting the value of the Portfolio’s assets. Moreover, there may be an imperfect correlation between the Portfolio’s holdings of securities denominated in a particular currency and forward contracts entered into by the Portfolio. Such imperfect correlation may prevent the Portfolio from achieving the intended hedge or expose the Portfolio to the risk of currency exchange loss. The unrealized appreciation (depreciation) on forward contracts also reflects the Portfolio’s exposure at the valuation date to credit loss in the event of a counterparty’s failure to perform its obligations. As of June 30, 2019, the Portfolio did not hold any foreign currency forward contracts.

(L)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(M)  Swap Contracts.  The Portfolio may enter into credit default, interest rate, equity, index and currency exchange rate swap contracts (“swaps”). In a typical swap transaction, two parties agree to exchange the future returns (or differentials in rates of future returns) earned or realized at periodic intervals on a particular investment or instrument

30 MainStay VP IQ Hedge Multi-Strategy Portfolio

based on a notional principal amount. Generally, the Portfolio will enter into a swap on a net basis, which means that the two payment streams under the swap are netted, with the Portfolio receiving or paying (as the case may be) only the net amount of the two payment streams. Therefore, the Portfolio’s current obligation under a swap generally will be equal to the net amount to be paid or received under the swap, based on the relative value of notional positions attributable to each counterparty to the swap. The payments may be adjusted for transaction costs, interest payments, the amount of interest paid on the investment or instrument or other factors. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the terms of the swap. Swap agreements are privately negotiated in the over the counter (“OTC”) market and may be executed in a multilateral or other trade facilities platform, such as a registered commodities exchange (“centrally cleared swaps”).

Certain standardized swaps, including certain credit default and interest rate swaps, are subject to mandatory clearing and exchange-trading, and more types of standardized swaps are expected to be subject to mandatory clearing and exchange-trading in the future. The counterparty risk for exchange-traded and cleared derivatives is expected to be generally lower than for uncleared derivatives, but cleared contracts are not risk-free. In a cleared derivative transaction, the Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of its original counterparty. The Portfolio will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared transaction. As of June 30, 2019, all swap positions outstanding are shown in the Portfolio of Investments.

Swaps are marked to market daily based upon quotations from pricing agents, brokers, or market makers and the change in value, if any, is recorded as unrealized appreciation or depreciation. Any payments made or received upon entering into a swap would be amortized or accreted over the life of the swap and recorded as a realized gain or loss. Early termination of a swap is recorded as a realized gain or loss. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate on the Statement of Assets and Liabilities.

The Portfolio bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of the swap counterparty. The Portfolio may be able to eliminate its exposure under a swap either by assignment or other disposition, or by entering into an offsetting swap with the same party or a similar credit-worthy party. Swaps are not actively traded on financial markets. Entering into swaps involves elements of credit, market, and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibilities that there will be no liquid market for these swaps, that the counterparty to the swaps may default on its obligation to perform or disagree as to the meaning of the contractual terms in the swaps and that there may be unfavorable changes in interest rates, the price of the index or the security underlying these transactions.

Equity Swaps (Total Return Swaps):  Total return swap contracts are agreements between counterparties to exchange cash flow, one based on a market-linked return of an individual asset or group of assets (such as an index), and the other on a fixed or floating rate. As a total return swap, an equity swap may be structured in different ways. For example, when the Portfolio enters into a “long” equity swap, the counterparty may agree to pay the Portfolio the amount, if any, by which the notional amount of the equity swap would have increased in value had it been invested in a particular referenced security or securities, plus the dividends that would have been received on those securities. In return, the Portfolio will generally agree to pay the counterparty interest on the notional amount of the equity swap plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such referenced security or securities, plus, in certain instances, commissions or trading spreads on the notional amounts. Therefore, the Portfolio’s return on the equity swap generally should equal the gain or loss on the notional amount, plus dividends on the referenced security or securities less the interest paid by the Portfolio on the notional amount. Alternatively, when the Portfolio enters into a “short” equity swap, the counterparty will generally agree to pay the Portfolio the amount, if any, by which the notional amount of the equity swap would have decreased in value had the Portfolio sold a particular referenced security or securities short, less the dividend expense that the Portfolio would have incurred on the referenced security or securities, as adjusted for interest payments or other economic factors. In this situation, the Portfolio will generally be obligated to pay the amount, if any, by which the notional amount of the swap would have increased in value had it been invested directly in the referenced security or securities.

Equity swaps generally do not involve the delivery of securities or other referenced assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that the Portfolio is contractually obligated to make. If the other party to an equity swap defaults, the Portfolio’s risk of loss consists of the net amount of payments that the Portfolio is contractually entitled to receive, if any. The Portfolio will segregate cash or liquid assets, enter into offsetting transactions or use other measures permitted by applicable law to “cover” the Portfolio’s current obligations. The Portfolio and New York Life Investments, however, believe these transactions do not constitute senior securities under the 1940 Act and, accordingly, will not treat them as being subject to the Portfolio’s borrowing restrictions.

Equity swaps are derivatives and their value can be very volatile. The Portfolio may engage in total return swaps to gain exposure to emerging markets securities, along with offsetting long total return swap positions to maintain appropriate currency balances and risk exposures across all swap positions. To the extent that the Manager, or the Subadvisor do not accurately analyze and predict future market trends, the values or assets or economic factors, the Portfolio may suffer a loss, which may be substantial.

(N)  Rights and Warrants.  Rights are certificates that permit the holder to purchase a certain number of shares, or a fractional share, of a new stock from the issuer at a specific price. Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. These investments can provide a greater

31

Notes to Financial Statements(Unaudited) (continued)

potential for profit or loss than an equivalent investment in the underlying security. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities.

There is risk involved in the purchase of rights and warrants in that these investments are speculative investments. The Portfolio could also lose the entire value of its investment in warrants if such warrants are not exercised by the date of its expiration. The Portfolio is exposed to risk until the sale or exercise of each right or warrant is completed. As of June 30, 2019, the Portfolio did not hold any rights or warrants.

(O)  Options Contracts.  The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio’s exposure to the underlying instrument. Writing call options tends to decrease the Portfolio’s exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swaps, security or currency transaction to determine the realized gain or loss. Certain options may be written with premiums to be determined on a future date. The Portfolio, as a writer of an option, has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market. Writing call options involves risk of loss in excess of the related amounts reflected in the Statement of Assets and Liabilities.

The Portfolio may also purchase put and call options. Purchasing call options tends to increase the Portfolio’s exposure to the underlying instrument. Alternatively, purchasing put options tends to decrease the Portfolio’s exposure to the underlying instrument. The Portfolio pays a premium which is included on the Portfolio’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is sold.

The Portfolio may purchase or write foreign currency options. Purchasing a foreign currency option gives the Portfolio the right, but not the obligation, to buy or sell a specified amount of the currency at a specified rate of exchange that may be exercised on or before the option’s expiration date. Writing a foreign currency option obligates the Portfolio to buy or sell a specified amount of foreign currency at a specified rate of exchange, and such option may be exercised on or before the option’s expiration date in exchange for an option premium. These

options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies. The risks associated with writing a foreign currency put option include the risk that the Portfolio may incur a loss if the value of the referenced foreign currency decreases and the option is exercised. The risks associated with writing a foreign currency call option include the risk that if the value of the referenced foreign currency increases, and if the option is exercised, the Portfolio must either acquire the referenced foreign currency at the then higher price for delivery or, if the Portfolio already owns the referenced foreign currency, forego the opportunity for profit with respect to such foreign currency. As of June 30, 2019, the Portfolio did not purchase or write any options contracts.

(P)  Securities Sold Short.  The Portfolio may engage in sales of securities it does not own (“short sales”) as part of its investment strategies. When the Portfolio enters into a short sale, it must segregate or maintain with a broker the cash proceeds from the security sold short or other securities as collateral for its obligation to deliver the security upon conclusion of the sale. During the period a short position is open, depending on the nature and type of security, a short position is reflected as a liability and is marked to market in accordance with the valuation methodologies previously detailed (See Note 2(A)). Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the counterparty broker. A gain, limited to the price at which the Portfolio sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon termination of a short sale if the market price on the date the short position is closed out is less or greater, respectively, than the proceeds originally received. Any such gain or loss may be offset, completely or in part, by the change in the value of the hedged investments. Interest on short positions held is accrued daily, while dividends declared on short positions existing on the record date are recorded on the ex-dividend date as a dividend expense in the Statement of Operations. Broker fees and other expenses related to securities sold short are disclosed in the Statement of Operations. Short sales involve risk of loss in excess of the related amounts reflected in the Statement of Assets and Liabilities. As of June 30, 2019, the Portfolio did not enter into any securities sold short.

(Q)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of

32 MainStay VP IQ Hedge Multi-Strategy Portfolio

cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio had securities on loan with an aggregate market value of $47,713,845; the total market value of collateral held by the Portfolio was $48,883,210. The market value of the collateral held includednon-cash collateral in the form of U.S. Treasury securities with a value of $31,844,376 and cash collateral which was invested into the State Street Navigator Securities Lending Government Money Market Portfolio with a value of $17,038,834.

(R)  Foreign Securities Risk.  The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(S)  Counterparty Credit Risk.  In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains collateral posting terms and netting provisions. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/ or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels or if the Portfolio fails to meet the terms of its ISDA Master Agreements. The result would cause the Portfolio to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

(T)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The

Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(U)  Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. The Portfolio entered into futures contracts in order to provide an efficient means of maintaining liquidity while remaining fully invested in the market.

The Portfolio utilizes a range of derivative instruments for a variety of different purposes. Total return swaps (“TRS”) are one form of derivative that is used. In some cases, TRS contracts are entered into so as to affect long and short exposure to individual securities or indices within a particular strategy. In other cases, TRS are used to gain exposure to the strategy itself, which may also use derivatives. For example, a TRS contract is used to generate the return available from a customized index comprised of a diversified basket of exchange-traded futures. Other examples of derivative positions into which the Portfolio may enter include interest rate swaps, credit default swaps and option contracts. These instruments are frequently used to obtain a desired return at a lower cost to the Portfolio than is available when investing directly in the underlying instrument or to hedge against credit and interest rate risks. The Portfolio may also enter into foreign currency forward contracts to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. These derivatives are not accounted for as hedging instruments.

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Realized Gain (Loss)

	Statement of Operations Location	Equity Contracts Risk			Total
Swap Contracts	Net realized gain (loss) on swap transactions	$	(3,185,397	)	$	(3,185,397	)
Total Realized Gain (Loss)		$	(3,185,397	)	$	(3,185,397	)

Average Notional Amount

	Equity Contracts Risk		Total
Swap Contracts Long	$	40,952,321	$	40,952,321
Swap Contracts Short	$	41,519,093	$	41,519,093

33

Notes to Financial Statements(Unaudited) (continued)

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager, pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. IndexIQ Advisors LLC (“IndexIQ Advisors” or “Subadvisor”), a registered investment adviser and an affiliate of New York Life Investments, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and IndexIQ Advisors, New York Life Investments pays for the services of the Subadvisor.

Prior to the Reorganization, the VP ARMS Portfolio had different subadvisors. Candriam France, a registered investment adviser, served as a subadvisor, pursuant to the terms of a subadvisory agreement between New York Life Investments and Candriam France, and was responsible for theday-to-day portfolio management of a portion of the Portfolio and the Cayman Subsidiary. Cushing^® Asset Management, LP (“Cushing”), a registered investment adviser, served as a subadvisor, pursuant to the terms of a subadvisory agreement between New York Life Investments and Cushing, and was responsible for theday-to-day portfolio management of a portion of the VP ARMS Portfolio. MacKay Shields LLC (“MacKay Shields”), a registered investment adviser and an indirect,wholly-owned subsidiary of New York Life, served as a subadvisor, pursuant to the terms of an amended and restated subadvisory agreement between New York Life Investments and MacKay Shields, and was responsible for theday-to-day portfolio management of a portion of the Portfolio. Prior to January 1, 2018, Cornerstone Capital Management Holdings LLC served as a subadvisor to the VP ARMS Portfolio. Effective January 1, 2018, all investment personnel of Cornerstone Capital Management Holdings LLC transitioned to MacKay Shields due to an organizational restructuring. New York Life Investments paid for the services of these subadvisors.

The Cayman Subsidiary had entered into a separate advisory agreement with New York Life Investments for the management of the Cayman Subsidiary’s portfolio pursuant to which the Cayman Subsidiary was obligated to pay New York Life Investments a management fee at the same rate that the VP ARMS Portfolio paid New York Life Investments for services provided to the VP ARMS Portfolio. New York Life Investments was contractually obligated to waive the management fee it received from the VP ARMS Portfolio in an amount equal to the management fee paid to New York Life Investments by the Cayman Subsidiary.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services

performed and the facilities furnished at an annual rate of 0.75% of the Portfolio’s average daily net assets.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the total annual operating expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments and acquired (underlying) portfolio/fund fees and expenses) do not exceed 0.70% and 0.95% for Initial Class shares and Service Class shares, respectively. This agreement will remain in effect until May 1, 2020, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

During the six-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $1,499,895, waived its fees and/or reimbursed expenses in the amount of $396,659, and paid the Subadvisor in the amount of $524,139.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect,wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

34 MainStay VP IQ Hedge Multi-Strategy Portfolio

(C)  Investments in Affiliates (in 000’s).  During the six-month period ended June 30, 2019, purchases and sales transactions, income

earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	—	$	15,734	$	(13,974	)	$	—	$	—	$	1,760	$	37	$	—		1,760

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	415,899,703	$	6,227,686	$	(656,357	)	$	5,571,329

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $72,933,965, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$72,815	$119

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$2,915,093	$—

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or the one-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During the six-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During the six-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During the six-month period ended June 30, 2019, purchases and sales of securities, other thanshort-term securities, were $320,675 and $333,151, respectively.

35

Notes to Financial Statements(Unaudited) (continued)

Note 9–Capital Share Transactions

Transactions in capital shares for the six-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		89,974		$	765,451
Shares redeemed		(16,439	)		(140,313	)
Net increase (decrease)		73,535		$	625,138
Year ended December 31, 2018:
Shares sold		1,208,739		$	10,226,499
Shares issued in connection with the acquisition of MainStay VP Absolute Return Multi-Strategy Portfolio		171,924			1,448,027
Shares issued to shareholders in reinvestment of dividends and distributions		21,468			180,327
Shares redeemed		(17,082,507	)		(146,009,563	)
Net increase (decrease)		(15,680,376	)	$	(134,154,710	)
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		701,895		$	5,971,466
Shares redeemed		(2,591,036	)		(21,714,049	)
Net increase (decrease)		(1,889,141	)	$	(15,742,583	)
Year ended December 31, 2018:
Shares sold		54,944,534		$	461,399,323
Shares issued in connection with the acquisition of MainStay VP Absolute Return Multi-Strategy Portfolio		2,931			24,529
Shares issued to shareholders in reinvestment of dividends and distributions		332,206			2,734,766
Shares redeemed		(55,252,849	)		(463,028,281	)
Net increase (decrease)		26,822		$	1,130,337

Note 10–Fund Acquisitions

At a meeting held on June19-21, 2018, the Board approved the Reorganization Agreement providing for the acquisition of the assets and liabilities of the VP ARMS Portfolio in exchange for shares of the Portfolio, followed by the complete liquidation of the VP ARMS Portfolio. The Reorganization was completed on November 30, 2018. The shareholders of VP ARMS Portfolio received newly-issued Service Class shares in tax-free transactions. The shares were issued at the NAV of the Service Class shares of the VP ARMS Portfolio as of November 30, 2018. Refer to the Statements of Changes in Net Assets and Note 9 for details of the capital transactions in relation to the acquisition. The Reorganization provided shareholders the opportunity to continue to participate in a suitable multi-alternative option of the VP ARMS Portfolio with lower management fees and estimated operating expenses. Additionally, the strategy pursued by the Portfolio provides exposure to sources of return not generally available through traditional equity and fixed-income indices and diversification. The aggregate net assets of the VP ARMS Portfolio immediately before the acquisition and the combined net assets after the acquisition were the same.

The chart below shows a summary of net assets, shares outstanding, net unrealized appreciation/(depreciation), undistributed net investment

income and accumulated net realized gains/(losses), before and after the reorganization:

	Before Reorganization						After Reorganization
	MainStay VP Absolute Return Multi-Strategy Portfolio*			MainStay VP IQ Hedge Multi-Strategy Portfolio			MainStay VP IQ Hedge Multi-Strategy Portfolio
Net Assets:
Initial Class	$	7,886,520		$	1,448,027		$	9,334,547
Service Class		409,673,122			24,529			409,697,651
Shares Outstanding:
Initial Class		936,368			147,500			1,108,292
Service Class		48,946,792			2,500			48,949,723
Net asset value per share outstanding:
Initial Class	$	8.42		$	9.82		$	8.42
Service Class	$	8.37		$	9.81		$	8.37
Net unrealized appreciation/(depreciation)		1,070,738			(24,021	)		1,046,518
Undistributed net investment income		(3,672,195	)		4,328			(3,672,195	)
Accumulated net realized gain/(loss)		(84,540,598	)		(7,951	)		(84,540,598	)

* Represents the accounting survivor.

Assuming the acquisition of VP ARMS Portfolio had been completed on January 1, 2018, the beginning of the annual reporting period of the Portfolio, the Portfolio’s pro forma results of operations for the period ended December 31, 2018, are as follows (Unaudited):

Net investment income (loss)	$	(3,363,799	)
Net realized and unrealized gain (loss)		(58,076,467	)
Net change in net assets resulting from operations	$	(61,440,266	)

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the VP ARMS Portfolio that have been included in the Portfolio’s Statement of Operations since November 30, 2018.

For financial reporting purposes, assets received and shares issued by the Portfolio were recorded at fair value; however, the cost basis of the investments received from VP ARMS Portfolio, in the amount of $198,874,304, was carried forward to align ongoing reporting of the Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Note 11–Recent Accounting Pronouncements

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies

36 MainStay VP IQ Hedge Multi-Strategy Portfolio

certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 12–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for the six-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

37

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on Form N-PX. The Portfolio’s most recent Form N-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website at https://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

38 MainStay VP IQ Hedge Multi-Strategy Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781596 MSVPARM10-08/19 (NYLIAC) NI506        

MainStay VP PIMCO Real Return Portfolio

Message from the President and Semiannual Report

Unaudited  |  June 30, 2019

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the MainStay VP Portfolio annual and semi-annual shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail each time a report is posted and provided with a website link to access the report. Instructions for requesting paper copies will be provided by your insurance company.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and other communications from the insurance company electronically by following the instructions provided by the insurance company.

You may elect to receive all future shareholder reports in paper form free of charge. You can inform the insurance company that you wish to receive paper copies of reports by following the instructions provided by the insurance company. Your election to receive reports in paper form will apply to all portfolio companies available under your contract.

Not FDIC/NCUA Insured Not a Deposit May Lose Value No Bank Guarantee Not Insured by Any Government Agency

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Message from the President

Most equity and fixed-income markets in the United States and around the world advanced in the face of conflicting political and macroeconomic forces during thesix-month period ended June 30, 2019.

The reporting period began on the heels of tumultuous December 2018, during which equities and equity-sensitive bonds spiked sharply lower on concerns regarding the pace of economic growth, a U.S. government shutdown and the potential impact of trade disputes between the United States and other nations, particularly China. Markets recovered quickly in early 2019 as trade tensions eased, the government reopened and the U.S. Federal Reserve Board (Fed) adopted a more patient tone regarding the future direction of interest rates. Markets moved broadly higher from January through April, supported by encouraging economic data and generally strong corporate earnings.

During the first four months of the reporting period, the improving economic environment encouraged investors to favor areas of the market viewed as offering greater return potential along with higher risks. Among U.S. stocks, cyclical, growth-oriented sectors tended to outperform more defensive, value-oriented sectors, whilelarge-cap stocks outperformed theirsmaller-cap counterparts. Within the S&P 500^® Index, the information technology sector led the market’s advance, followed by communication services, consumer discretionary and consumer staples. Industrials, utilities, financials, materials, real estate and energy produced more modest gains. While some international equity markets outperformed or underperformed the U.S. market, on average international stocks mirrored the performance of their U.S. counterparts. Fixed-income securities gained ground as well, albeit along a more gradual trajectory. Among U.S. fixed-income instruments, corporate issues generally outperformed government bonds, with lower credit quality, higher yielding securities leading the sector’s advance. Long-term U.S. Treasury bond yields proved particularly weak, with

10-year yields dipping at times below3-month yields, reflecting investors’ continued concerns about domestic economic growth.

May 2019 saw a return of uncertainty and volatility. Trade discussions between the United States and China faltered, driving global equity prices lower. Government bond prices rose as investors sought safe havens. June brought yet anotherU-turn as equity prices climbed again after comments from the Fed raised hopes of an interest rate cut in response to weak economic data. Stock and bond prices rose, with U.S. equity markets ending the reporting period in record territory.

We are pleased to see renewed signs of strength in broad areas of the financial market. At the same time, we remained sharply focused on providing you, as a MainStay VP investor, with the experienced and disciplined fund management that we believe underpins an effective, long-term investment strategy. Whatever tomorrow’s investment environment brings, you can rely on our portfolio managers to pursue the objectives of their individual Portfolios as outlined in the prospectus with the energy and dedication you have come to expect.

The report that follows contains additional information on the market events, investment decisions and specific securities that shaped your VP Portfolio’s performance during the six months ended June 30, 2019. We encourage you to read the report carefully and use it to evaluate your Portfolio’s performance in light of your long-range financial plan.

Sincerely,

Kirk C. Lehneis

President

The opinions expressed are as of the date of this report and are subject to change. There is no guarantee that any forecast made will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. Past performance is no guarantee of future results.

Not part of the Semiannual Report

Table of Contents

Semiannual Report
Investment and Performance Comparison	5
Portfolio Management Discussion and Analysis	8
Portfolio of Investments	10
Financial Statements	26
Notes to Financial Statements	32
Proxy Voting Policies and Procedures and Proxy Voting Record	46
Shareholder Reports and Quarterly Portfolio Disclosure	46

Investors should refer to the Portfolio’s Summary Prospectus and/or Prospectus and consider the Portfolio’s investment objectives, strategies, risks, charges and expenses carefully before investing. The Summary Prospectus and/or Prospectus contain this and other information about the Portfolio. You may obtain copies of the Portfolio’s Summary Prospectus and/or the Prospectus and the Statement of Additional Information free of charge, upon request, by calling toll-free 800-598-2019, by writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, Room 251, New York, New York 10010 or by sending an email to MainStayShareholdersServices@nylim.com. These documents are also available at nylinvestments.com/vpdocuments. Please read the Summary Prospectus and/or Prospectus carefully before investing. MainStay VP Funds Trust portfolios are separate account options which are purchased through a variable insurance or variable annuity contract.

Investment and Performance Comparison¹(Unaudited)

Performance data quoted represents past performance. Past performance is no guarantee of future results. Because of market volatility and other factors, current performance may be lower or higher than the figures shown. Investment return and principal value will fluctuate, and as a result, when shares are redeemed, they may be worth more or less than their original cost. The performance table and graph do not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. Please refer to the Performance Summary appropriate for your policy. For performance information current to the most recent month-end, please call800-598-2019 or visit www.newyorklife.com.

Average Annual Total Returns for the Period-Ended June 30, 2019

Class	Inception Date	Six Months	One Year	Five Years	Since Inception	Gross Expense Ratio2
Initial Class Shares	2/17/2012	6.62%	4.32%	1.24%	1.16%		1.43	%
Service Class Shares	2/17/2012	6.49	4.06	0.99	0.93		1.68

Benchmark Performance	Six Months			One Year			Five Years			Since Inception
Bloomberg Barclays U.S. TIPS Index3		6.15	%		4.84	%		1.76	%		1.46	%
Morningstar Inflation-Protected Bond Category Average4		5.80			4.11			1.22			0.96

1. Performance figures may reflect certain fee waivers and/or expense limitations, without which total returns may have been different. For information on current fee waivers and/or expense limitations (if any), please refer to the Notes to Financial Statements.

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.

3. The Bloomberg Barclays U.S. TIPS Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Bloomberg Barclays U.S. TIPS Index includes all publicly issued U.S. Treasury

Inflation-Protected Securities (“TIPS”) that have at least one year remaining to maturity and are rated investment grade. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index.

4. 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.

5

Cost in Dollars of a $1,000 Investment in MainStay VP PIMCO Real Return Portfolio (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during thesix-month period from January 1, 2019, to June 30, 2019, and the impact of those costs on your investment.

Example

As a shareholder of the Portfolio you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service(12b-1) fees, and other Portfolio expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of thesix-month period and held for the entire period from January 1, 2019, to June 30, 2019. Shares are only sold in connection with variable life and annuity contracts and the example does not reflect any contract level or transactional fees or expenses. If these costs had been included, your costs would have been higher.

This example illustrates your Portfolio’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the six months ended June 30, 2019. Simply divide your account value by $1,000

(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for thesix-month period shown. You may use this information to compare the ongoing costs of investing in the Portfolio with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 1/1/19		Ending Account Value (Based on Actual Returns and Expenses) 6/30/19		Expenses Paid During Period1		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 6/30/19		Expenses Paid During Period1		Net Expense Ratio During Period2,3
Initial Class Shares	$	1,000.00	$	1,066.20	$	9.07	$	1,016.02	$	8.85	1.77%
Service Class Shares	$	1,000.00	$	1,064.90	$	10.34	$	1,014.78	$	10.09	2.02%

1. Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 181 (to reflect thesix-month period). The table above represents the actual expenses incurred during thesix-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 thesix-month period.

3. Expenses are inclusive of dividends and interest on investments sold short.

6 MainStay VP PIMCO Real Return Portfolio

Portfolio Composition as of June 30, 2019(Unaudited)

See Portfolio of Investments beginning on page 10 for specific holdings within these categories. The Portfolio’s holdings are subject to change.

‡ Less thanone-tenth of a percent.

Top Ten Issuers Held as of June 30, 2019(excluding short-term investments) (Unaudited)

1. United States Treasury Inflation—Indexed Notes, 0.125%–1.375%, due 1/15/20–1/15/29

2. United States Treasury Inflation—Indexed Bonds, 0.375%–3.375%, due 4/15/23–2/15/49

3. Federal National Mortgage Association (Mortgage Pass-Through Securities), 3.50%–4.757%, due 11/1/34–4/29/48

4. United Kingdom Gilt Inflation Linked, 0.125%–1.875%, due 11/22/22–11/22/65

5. French Republic Government Bond OAT, 0.10%–2.25%, due 7/25/20–7/25/27

  6. Nykredit Realkredit A/S, 1.00%–2.50%, due 10/1/47–10/1/50

  7. BRFkredit A/S, 1.00%, due 10/1/50

  8. Japanese Government CPI Linked Bond, 0.10%, due 3/10/28–3/10/29

  9. New Zealand Government Inflation Linked Bond, 2.00%–3.00%, due 9/20/25–9/20/35

10. Paragon Mortgages No.13 PLC, 1.167%, due 1/15/39

7

Portfolio Management Discussion and Analysis(Unaudited)

Answers to the questions reflect the views of portfolio managers Mihir Worah and Stephen A. Rodosky of Pacific Investment Management Company LLC (“PIMCO”), the Portfolio’s Subadvisor.

How did MainStay VP PIMCO Real Return Portfolio perform relative to its benchmark and peers during the six months ended June 30, 2019?

For the six months ended June 30, 2019, MainStay VP PIMCO Real Return Portfolio returned 6.62% for Initial Class shares and 6.49% for Service Class shares. Over the same period, both share classes outperformed the 6.15% return of the Bloomberg Barclays U.S. TIPS Index,¹ which is the Portfolio’s benchmark, and the 5.80% return of the Morningstar Inflation-Protected Bond Category Average.

What factors affected the Portfolio’s performance relative to its primary prospectus benchmark during the reporting period?

Several strategies contributed positively to the Portfolio’s performance relative to the Bloomberg Barclays U.S. TIPS Index during the reporting period. These included:

• Holding overweight exposure to U.S. real duration² (nominal interest rates minus the inflation rate) as U.S. interest rates fell amid the Federal Reserve’s shift to a more dovish stance;

• Maintaining overweight exposure to German nominal duration as German interest rates fell;

• Adopting tactical short exposure to eurozone breakeven inflation (the difference between nominal and real yields) as regional inflation expectations in the region eased;

• Within spread³ sectors, holding positions in residential mortgage-backed securities and investment-grade corporate credit as spreads generally tightened; and

• Holding positions in emerging-market currencies, particularly the Russian ruble, as these appreciated versus the U.S. dollar.

(Contributions take weightings and total returns into account.)

The primary strategy that detracted from the Portfolio’s relative performance during the reporting period was maintaining short nominal duration exposure in the United States, the U.K., France and Italy as interest rates generally fell globally.

During the reporting period, how was the Portfolio’s performance materially affected by investments in derivatives?

The use of long futures and options on the German nominal yield curve⁴ contributed positively to the Portfolio’s performance as yields declined. On the other hand, short exposures to

nominal duration in the United States, U.K., France and Italy, which the Portfolio established in part by use of futures, options and swaps, detracted from performance. Within spread sectors, smallbuy-protection positions on high-yield credit default swaps indices (CDX) modestly detracted from performance as spreads generally narrowed over the reporting period. Currency exposure, established using currency forwards, contributed positively to overall performance.

Derivatives may be used in the Portfolio to gain or decrease exposure to securities, markets or sectors; as a substitute for exposure that may not otherwise be accessible through cash bonds; for purposes of liquidity; or to take advantage of anticipated changes in market volatility.

What was the Portfolio’s duration strategy during the reporting period?

Throughout the reporting period, the Portfolio’s overall duration remained underweight relative to the Bloomberg Barclays U.S. TIPS Index. However, the Portfolio maintained an overweight to real duration in the United States, with a duration concentration to the intermediate andlong-end segments of the real yield curve. The Portfolio reduced the extent of its underweight relative to the benchmark during the reporting period, ending with a duration of 7.49 years as of June 30, 2019, compared to a duration of 7.55 years for the Bloomberg Barclays U.S. TIPS Index as of the same date.

What specific factors, risks or market forces prompted significant decisions for the Portfolio during the reporting period?

The Portfolio’s total duration remained shorter than the duration of the benchmark throughout the reporting period, with the majority of the underweight being sourced primarily from French and Italian nominal rates. The Portfolio also had short exposure to nominal rates in Japan and the U.K.; however, we brought these positions to neutral amid a dovish pivot in global central bank rhetoric and looming Brexit uncertainties. The Portfolio maintained an overweight to real duration and inflation exposure in the U.S., given relatively attractive levels of inflation expectations and the possible reemergence of inflation risk premiums. Within currencies, the Portfolio held varied positions but generally maintained long exposure to a diversified basket of higher-yielding emerging-market currencies.

1. See page 5 for more information on benchmark and peer group returns.

2. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity.

3. The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time.

4. 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

During the reporting period, which market segments were the strongest positive contributors to the Portfolio’s performance and which market segments were particularly weak?

Within real duration, the Portfolio’s long position in U.S. Treasury Inflation-Protected Securities (TIPS) added to performance as rates across the real yield curve declined. On the other hand, underweight nominal duration positions, specifically in the United States, U.K., France and Italy, detracted from performance amid falling global rates, while overweight duration positions in Germany enhanced returns. Falling inflation expectations in the eurozone supported performance given the Portfolio’s short exposure to eurozone breakeven inflation rates.Out-of-benchmark exposures to spread sectors such as investment-grade corporate credit and residential mortgage-backed securities contributed positively amid spread tightening. Lastly, currency strategies, namely a long position in the Russian ruble, bolstered performance over the reporting period.

Did the Portfolio make any significant purchases or sales during the reporting period?

The Portfolio increased overall duration and thus reduced its underweight position relative to the benchmark. In terms of

nominal duration, as mentioned earlier, the Portfolio largely sold its short positions in Japan and the U.K., while increasing short positions in France and Italy. Regarding inflation-linked duration exposure, the Portfolio moderately reduced its long positions in the United States and its short positions in the eurozone. Among currencies, the Portfolio added a long position to the Brazilian real while selling the Colombian peso.

How was the Portfolio positioned at the end of the reporting period?

As of June 30, 2019, the Portfolio held overweight exposure to U.S. TIPS relative to the Bloomberg Barclays U.S. TIPS Index, while maintaining a defensive posture towards nominal yields. As of the same date, the Portfolio maintainedout-of-index exposure to mortgage-backed securities, corporate securities, bonds ofnon-U.S. developed nations and U.S. dollar-denominated emerging-market securities.

The opinions expressed are those of the portfolio managers as of the date of this report and are subject to change. There is no guarantee that any forecasts will come to pass. This material does not constitute investment advice and is not intended as an endorsement of any specific investment.

Not all MainStay VP Portfolios and/or share classes are available under all policies.

9

Portfolio of InvestmentsJune 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 151.8%† Asset-Backed Securities 6.5%
Other Asset-Backed Securities 6.5%
Argent Securities, Inc. Series 2006-W4, Class A2C 2.589% (1 Month LIBOR + 0.16%), due 5/25/36 (a)	$	331,016	$	122,874
Atrium CDO Corp. Series 2012-A, Class AR 3.591% (1 Month LIBOR + 0.83%), due 4/22/27 (a)(b)		300,000		299,027
Black Diamond CLO, Ltd. Series 2015-1A, Class A1R 0.65% (1 Month LIBOR + 0.65%), due 10/3/29 (a)(b)	EUR	260,000		295,692
Catamaran CLO, Ltd. Series 2013-1A, Class AR 3.614% (1 Month LIBOR + 0.85%), due 1/27/28 (a)(b)	$	1,180,000		1,174,767
CIFC Funding, Ltd. Series 2015-2A, Class AR 3.567% (1 Month LIBOR + 0.78%), due 4/15/27 (a)(b)		1,460,000		1,454,515
Colony American Finance Trust  Series 2017-1, Class A 2.968%, due 10/15/49 (b)		75,349		75,768
Countrywide Asset-Backed CertificatesSeries 2007-08, Class 1A1 2.619% (1 Month LIBOR + 0.19%), due 11/25/37 (a)		856,763		821,968
Credit-Based Asset Servicing & Securitization LLC Series 2007-CB6, Class A3 2.649% (1 Month LIBOR + 0.22%), due 7/25/37 (a)(b)		1,216,102		817,610
Halcyon Loan Advisors Funding, Ltd. Series 2015-1A, Class AR 3.681% (1 Month LIBOR + 0.92%), due 4/20/27 (a)(b)		299,820		299,062
Jamestown CLO IV, Ltd. Series 2014-4A, Class A1AR 3.477% (1 Month LIBOR + 0.69%), due 7/15/26 (a)(b)		323,709		322,773
Jamestown CLO VII, Ltd. Series 2015-7A, Class A1R 3.60% (1 Month LIBOR + 0.83%), due 7/25/27 (a)(b)		1,450,000		1,444,836
Jubilee CDO B.V. Series 2015-16A, Class A1R 0.49% (1 Month LIBOR + 0.80%), due 12/15/29 (a)(b)	EUR	1,660,000		1,880,902

	Principal Amount		Value
Other Asset-Backed Securities (continued)
KVK CLO, Ltd. Series 2013-1A, Class AR 3.697%, due 1/14/28 (b)	$	1,660,000	$	1,652,122
Legacy Mortgage Asset Trust  Series 2019-GS3, Class A1 3.75%, due 4/25/59 (b)(c)		196,155		198,308
Long Beach Mortgage Loan Trust  Series 2006-7, Class 2A2 2.549% (1 Month LIBOR + 0.12%), due 8/25/36 (a)		289,278		148,649
Marathon CLO V, Ltd. Series 2013-5A, Class A1R 3.511% (1 Month LIBOR + 0.87%), due 11/21/27 (a)(b)		1,660,000		1,648,402
Marlette Funding Trust  Series 2019-3A, Class A 2.69%, due 9/17/29 (b)		200,000		199,984
Navient Student Loan Trust  Series 2016-7A, Class A 3.579% (1 Month LIBOR + 1.15%), due 3/25/66 (a)(b)		421,183		422,766
New Residential Mortgage Loan Trust  Series 2018-3A, Class A1 4.50%, due 5/25/58 (b)		258,901		272,806
OCP CLO, Ltd. (a)(b)
Series 2015-10A, Class A1R 3.584% (1 Month LIBOR + 0.82%), due 10/26/27		1,660,000		1,655,284
Series 2015-9A, Class A1R 3.587% (1 Month LIBOR + 0.80%), due 7/15/27		300,000		299,944
RASC Trust (a)
Series 2006-KS6, Class A4 2.679% (1 Month LIBOR + 0.25%), due 8/25/36		388,694		387,743
Series 2005-KS8, Class M4 3.314% (1 Month LIBOR + 0.59%), due 8/25/35		600,000		600,939
Residential Asset Securities Corp. Series 2006-EMX4, Class A4 2.889% (1 Month LIBOR + 0.23%), due 6/25/36 (a)		1,000,000		970,641
Saxon Asset Securities Trust  Series 2007-03, Class A1 2.739% (1 Month LIBOR + 0.31%), due 9/25/47 (a)		203,359		197,568
Securitized Asset-Backed Receivables LLC Trust (a)  Series 2006-HE2, Class A2C 2.579% (1 Month LIBOR + 0.15%), due 7/25/36		241,144		131,750

10 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Asset-Backed Securities (continued)
Other Asset-Backed Securities (continued)
Securitized Asset-Backed Receivables LLC Trust (continued)
Series 2006-HE1, Class A2C 2.589% (1 Month LIBOR + 0.16%), due 7/25/36	$	681,492	$	350,188
SLM Student Loan Trust  Series 2003-5, Class A5, Series Reg S (zero coupon) (3 Month EURIBOR + 0.27%), due 6/17/24 (a)	EUR	43,476		49,261
Series 2004-2, Class A5 0.204% (3 Month EURIBOR + 0.18%), due 1/25/24 (a)		163,879		185,933
Series 2013-B, Class A2A 1.85%, due 6/17/30 (b)	$	49,614		49,550
Series 2004-3A, Class A6B 3.32% (3 Month LIBOR + 0.55%), due 10/25/64 (a)(b)		500,000		492,839
Series 2011-B, Class A3 4.689% (1 Month LIBOR + 2.25%), due 6/16/42 (a)(b)		190,000		192,163
Sofi Professional Loan Program LLC Series 2017-F, Class A1FX 2.05%, due 1/25/41 (b)		265,861		265,294
Soundview Home Equity Loan Trust (a)  Series 2007-OPT2, Class 2A3 2.609% (1 Month LIBOR + 0.18%), due 7/25/37		256,580		235,111
Series 2007-OPT1, Class 1A1 2.629% (1 Month LIBOR + 0.20%), due 6/25/37		379,570		281,546
SpringCastle Funding Asset-Backed Notes  Series 2019-AA, Class A 3.20%, due 5/27/36 (b)		968,546		979,655
THL Credit Wind River CLO, Ltd. Series 2012-1A, Class AR2 3.282% (3 Month LIBOR + 0.88%), due 1/15/26 (a)(b)		400,000		400,000
Venture CLO, Ltd. Series 2018-35A, Class AS 3.797% (1 Month LIBOR + 1.15%), due 10/22/31 (a)(b)		200,000		199,786
Venture XX CLO, Ltd. Series 2015-20A, Class AR 3.607% (1 Month LIBOR + 0.82%), due 4/15/27 (a)(b)		970,000		967,072
Venture XXI CLO, Ltd. Series 2015-21A, Class AR 3.667% (1 Month LIBOR + 0.88%), due 7/15/27 (a)(b)		400,000		399,995

	Principal Amount		Value
Other Asset-Backed Securities (continued)
Voya CLO, Ltd. Series 2014-3A, Class A1R 3.49% (1 Month LIBOR + 0.72%), due 7/25/26 (a)(b)	$	462,916	$	461,694
Wachovia Mortgage Loan Trust LLC Series 2005-WMC1, Class M1 3.089% (1 Month LIBOR + 0.66%), due 10/25/35 (a)		27,112		27,064
Z Capital Credit Partners CLO, Ltd. Series 2015-1A, Class A1R 3.728% (1 Month LIBOR + 0.95%), due 7/16/27 (a)(b)		570,000		568,128
Total Asset-Backed Securities (Cost $23,948,880)				23,901,979
Corporate Bonds 13.0%
Agriculture 0.1%
BAT Capital Corp. 3.118% (1 Month LIBOR + 0.59%), due 8/14/20 (a)		500,000		501,205
Auto Manufacturers 0.6%
FCE Bank PLC Series Reg S 0.189% (3 Month EURIBOR + 0.50%), due 8/26/20 (a)	EUR	800,000		904,806
Series Reg S 1.875%, due 6/24/21		900,000		1,045,960
Volkswagen Group of America Finance LLC 4.00%, due 11/12/21 (b)	$	200,000		206,427
				2,157,193
Banks 4.6%
Banco Bilbao Vizcaya Argentaria S.A. Series Reg S 5.875% (3 Month LIBOR + 5.66%), due 9/24/23 (a)(d)	EUR	400,000		470,236
Bank of America Corp. 5.875%, due 3/15/28 (d)(e)	$	190,000		198,322
Barclays Bank PLC 2.98% (3 Month LIBOR + 0.40%), due 10/25/19 (a)(b)		2,000,000		2,001,925
Cooperatieve Rabobank U.A. (a)(d) Series Reg S 5.50% (EUR 5 Year Interest Swap Rate + 5.25%), due 6/29/20	EUR	200,000		236,517
Series Reg S 6.625% (EUR 5 Year Interest Swap Rate + 6.697%), due 6/29/21		200,000		251,556

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 11

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Corporate Bonds (continued)
Banks (continued)
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 9/15/22	$	300,000	$	311,011
Deutsche Bank A.G. 4.25%, due 10/14/21		1,400,000		1,419,287
Goldman Sachs Group, Inc. 3.61% (3 Month LIBOR + 1.20%), due 9/15/20 (a)		1,300,000		1,312,472
ING Bank N.V. 2.625%, due 12/5/22 (b)		400,000		407,800
Intesa Sanpaolo S.p.A. 6.50%, due 2/24/21 (b)		400,000		420,986
Lloyds Banking Group PLC (a)  3.186% (3 Month LIBOR + 0.80%), due 6/21/21		400,000		400,135
Series Reg S 6.375% (EUR 5 Year Interest Swap Rate + 5.29%), due 6/27/20 (d)	EUR	200,000		235,623
Nykredit Realkredit A/S Series Reg S 1.00%, due 10/1/50	DKK	29,000,000		4,351,668
Series Reg S 2.50%, due 10/1/47		12,409		1,979
Realkredit Danmark A/S 2.50%, due 7/1/47		71,133		11,325
Royal Bank of Scotland Group PLC 3.899% (3 Month LIBOR + 0.80%), due 6/25/24 (a)	$	300,000		299,346
4.519%, due 6/25/24 (e)		200,000		208,307
State Bank of India Series Reg S 3.539% (3 Month LIBOR + 0.95%), due 4/6/20 (a)		700,000		701,251
Toronto-Dominion Bank 2.25%, due 3/15/21 (b)		600,000		601,776
UBS A.G. 3.031% (3 Month LIBOR + 0.58%), due 6/8/20 (a)(b)		800,000		803,102
UniCredit S.p.A. 7.83%, due 12/4/23 (b)		1,900,000		2,159,635
				16,804,259
Beverages 0.8%
Keurig Dr Pepper, Inc. 3.551%, due 5/25/21		1,000,000		1,021,551
4.057%, due 5/25/23 (b)		100,000		104,988
Pernod-Ricard S.A. 5.75%, due 4/7/21 (b)		1,600,000		1,689,422
				2,815,961

	Principal Amount		Value
Commercial Services 0.1%
ERAC USA Finance LLC 4.50%, due 8/16/21 (b)	$	400,000	$	416,981
Computers 0.3%
EMC Corp. 2.65%, due 6/1/20		1,100,000		1,093,971
Diversified Financial Services 1.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust  4.625%, due 10/30/20		100,000		102,540
Ally Financial, Inc. 4.125%, due 3/30/20		400,000		403,868
BRFkredit A/S Series Reg S 1.00%, due 10/1/50	DKK	18,400,000		2,760,217
Jyske Realkredit A/S 2.50%, due 10/1/47		43,709		6,972
National Rural Utilities Cooperative Finance Corp. 2.694% (3 Month LIBOR + 0.375%), due 6/30/21 (a)	$	100,000		100,248
Nordea Kredit Realkreditaktieselskab Series Reg S 1.00%, due 10/1/50	DKK	11,800,000		1,770,679
2.50%, due 10/1/47		14,028		2,235
				5,146,759
Electric 0.9%
Chugoku Electric Power Co., Inc. Series Reg S 2.701%, due 3/16/20	$	500,000		500,400
Consolidated Edison Co. of New York, Inc. 2.749% (3 Month LIBOR + 0.40%), due 6/25/21 (a)		100,000		100,250
Duke Energy Corp. 3.028% (3 Month LIBOR + 0.50%), due 5/14/21 (a)(b)(f)		900,000		902,169
IPALCO Enterprises, Inc. 3.45%, due 7/15/20		500,000		503,020
NextEra Energy Capital Holdings, Inc. (a)  2.835% (3 Month LIBOR + 0.315%), due 9/3/19		560,000		560,196
2.921% (3 Month LIBOR + 0.40%), due 8/21/20		600,000		599,660
Southern Power Co. 2.937% (3 Month LIBOR + 0.55%), due 12/20/20 (a)(b)		300,000		300,004
				3,465,699

12 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount			Value
Corporate Bonds (continued)
Gas 0.4%
Sempra Energy 2.86% (3 Month LIBOR + 0.45%), due 3/15/21 (a)	$	100,000		$	99,582
Southern Co. Gas Capital Corp. 3.50%, due 9/15/21		1,400,000			1,431,840
					1,531,422
Home Builders 0.2%
D.R. Horton, Inc. 4.00%, due 2/15/20		900,000			906,366
Machinery—Diversified 0.5%
John Deere Capital Corp. 2.633% (3 Month LIBOR + 0.29%), due 6/22/20 (a)		1,100,000			1,101,800
Wabtec Corp. 3.71% (3 Month LIBOR + 1.30%), due 9/15/21 (a)		600,000			598,282
					1,700,082
Media 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 3.579%, due 7/23/20		800,000			807,172
DISH DBS Corp. 5.125%, due 5/1/20		300,000			301,497
					1,108,669
Miscellaneous—Manufacturing 0.2%
Textron, Inc. 3.095% (3 Month LIBOR + 0.55%), due 11/10/20 (a)		580,000			579,764
Oil & Gas 0.3%
Petrobras Global Finance B.V. 5.999%, due 1/27/28		706,000	��		750,478
6.125%, due 1/17/22		33,000			35,348
6.625%, due 1/16/34	GBP	100,000			141,282
					927,108
Pharmaceuticals 0.2%
Teva Pharmaceutical Finance Netherlands III B.V. 2.80%, due 7/21/23	$	800,000			692,000
Pipelines 0.6%
Enbridge, Inc. (a)  2.984% (3 Month LIBOR + 0.40%), due 1/10/20		600,000			600,136
3.11% (3 Month LIBOR + 0.70%), due 6/15/20		800,000			802,174

	Principal Amount		Value
Pipelines (continued)
Florida Gas Transmission Co LLC 5.45%, due 7/15/20 (b)	$	700,000	$	718,199
Spectra Energy Partners, L.P. 3.179% (3 Month LIBOR + 0.70%), due 6/5/20 (a)		100,000		100,291
				2,220,800
Real Estate Investment Trusts 0.1%
American Tower Corp. 3.30%, due 2/15/21		300,000		303,727
Semiconductors 0.4%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 2.375%, due 1/15/20		1,500,000		1,497,393
Software 0.1%
Fidelity National Information Services, Inc. 2.25%, due 8/15/21		500,000		498,975
Telecommunications 0.7%
AT&T, Inc. 3.27% (3 Month LIBOR + 0.75%), due 6/1/21 (a)		500,000		502,473
3.547% (3 Month LIBOR + 0.95%), due 7/15/21 (a)		800,000		806,981
5.15%, due 2/15/50		300,000		331,232
5.30%, due 8/15/58		100,000		111,375
Sprint Corp. 7.25%, due 9/15/21		300,000		318,750
Telstra Corp., Ltd. 4.80%, due 10/12/21 (b)		300,000		315,612
				2,386,423
Transportation 0.1%
TTX Co. 2.60%, due 6/15/20 (b)		300,000		300,197
Trucking & Leasing 0.0%‡
Park Aerospace Holdings, Ltd. 5.25%, due 8/15/22 (b)		100,000		105,580
Utilities 0.1%
Dominion Energy Gas Holdings LLC 3.01% (3 Month LIBOR + 0.60%), due 6/15/21 (a)		400,000		401,777
Total Corporate Bonds (Cost $47,044,065)				47,562,311

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 13

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
Foreign Government Bonds 11.0%
Argentina 0.1%
Argentina Bocon 40.244% (BADLARPP Index + 0.00%), due 10/4/22 (a)	ARS	100,000	$	3,778
Argentina Bonar Bonds 52.006% (BADLARPP Index + 2.00%), due 4/3/22 (a)		2,854,000		66,917
Argentina POM Politica Monetaria 63.705%, due 6/21/20 (g)		20,103,000		470,640
				541,335
Australia 0.6%
Australia Government Bond Series Reg S 1.25%, due 2/21/22	AUD	980,000		818,710
Series Reg S 3.00%, due 9/20/25		1,450,000		1,500,909
				2,319,619
Canada 0.3%
Canadian Government Real Return Bond 4.25%, due 12/1/26	CAD	928,974		927,435
France 2.8%
French Republic Government Bond OAT Series Reg S 0.10%, due 3/1/25	EUR	1,090,751		1,324,392
Series Reg S 1.10%, due 7/25/22		4,199,167		5,148,288
Series Reg S 1.85%, due 7/25/27		2,214,472		3,150,153
Series Reg S 2.25%, due 7/25/20		638,330		752,556
				10,375,389
Japan 0.7%
Japanese Government CPI Linked Bond 0.10%, due 3/10/28	JPY	189,866,840		1,837,488
0.10%, due 3/10/29		82,242,720		796,377
				2,633,865
New Zealand 0.7%
New Zealand Government Inflation Linked Bond Series Reg S 2.00%, due 9/20/25	NZD	1,800,000		1,429,709
Series Reg S 2.50%, due 9/20/35		800,000		717,294
Series Reg S 3.00%, due 9/20/30		500,000		453,643
				2,600,646

	Principal Amount		Value
Peru 0.4%
Peru Government Bond (b)  5.94%, due 2/12/29	PEN	1,300,000	$	429,859
Series Reg S 6.15%, due 8/12/32		2,600,000		865,640
				1,295,499
Qatar 0.1%
Qatar Government International Bond 3.875%, due 4/23/23 (b)	$	300,000		314,640
Spain 0.2%
Autonomous Community of Catalonia 4.95%, due 2/11/20	EUR	500,000		583,884
United Kingdom 5.1%
United Kingdom Gilt Inflation Linked Series Reg S 0.125%, due 3/22/26	GBP	247,665		375,438
Series Reg S 0.125%, due 8/10/28		2,146,019		3,444,552
Series Reg S 0.125%, due 11/22/65		1		3
Series Reg S 1.25%, due 11/22/27		3,755,836		6,451,858
1.875%, due 11/22/22		5,561,375		8,222,286
				18,494,137
Total Foreign Government Bonds (Cost $40,550,624)				40,086,449
Mortgage-Backed Securities 4.9%
Agency (Collateralized Mortgage Obligations) 1.5%
Federal Home Loan Mortgage Corporation REMIC (Collateralized Mortgage Obligations) Series 4779, Class WF 2.851% (1 Month LIBOR + 0.35%), due 7/15/44 (a)	$	444,079		441,046
Federal Home Loan Mortgage Corporation Strips Series 278, Class F1 2.889% (1 Month LIBOR + 0.45%), due 9/15/42 (a)		585,483		587,555
Federal National Mortgage Association REMIC,Series 2019-5, Class FA 2.829% (1 Month LIBOR + 0.40%), due 3/25/49 (a)		1,706,667		1,701,893
Government National Mortgage Association (a) REMIC,Series 2019-20, Class FE 2.84% (1 Month LIBOR + 0.40%), due 2/20/49		1,677,264		1,675,508

14 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount		Value
Mortgage-Backed Securities (continued)
Agency (Collateralized Mortgage Obligations) (continued)
Government National Mortgage Association (continued)
REMIC,Series 2018-H15, Class FG 3.03% (1 Month LIBOR + 0.15%), due 8/20/68	$	703,224	$	689,604
Government National Mortgage Association (Mortgage Pass-Through Securities) Series 2017-H10, Class FB 3.629% (12 Month LIBOR + 0.75%), due 4/20/67 (a)		372,770		379,473
				5,475,079
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.3%
CGGS Commercial Mortgage Trust  Series 2018-WSS, Class A 3.294% (1 Month LIBOR + 0.90%), due 2/15/37 (a)(b)		1,000,000		998,105
Whole Loan (Collateralized Mortgage Obligations) 3.1%
BCAP LLC Trust  Series 2011-RR5, Class 5A1 5.25%, due 8/26/37 (b)(g)		1,032,443		1,052,222
CHL Mortgage Pass-Through Trust  Series 2007-1, Class A1 6.00%, due 3/25/37		44,375		37,761
Citigroup Mortgage Loan Trust  Series 2007-AR4, Class 1A1A 4.625%, due 3/25/37 (h)		448,035		444,709
Citigroup Mortgage Loan Trust, Inc. Series 2019-B, Class A1 3.258%, due 4/25/66 (b)(g)		300,000		299,745
Series 2004-NCM2, Class 1CB1 5.50%, due 8/25/34		272,435		276,729
Countrywide Alternative Loan Trust  Series 2007-1T1, Class 1A1 6.00%, due 3/25/37		835,106		592,778
Credit Suisse Mortgage Trust  Series 2019-RPL4, Class A1 3.83%, due 8/26/58 (b)		297,068		299,866
Eurosail-UK PLC (a)  Series 2007-3A, Class A3C 1.792% (3 Month LIBOR + 0.95%), due 6/13/45 (b)	GBP	53,716		67,535
Series 2007-3X, Class A3A, Reg S 1.792% (3 Month LIBOR + 0.95%), due 6/13/45		201,460		254,676
Series 2007-3X, Class A3C, Reg S 1.792% (3 Month LIBOR + 0.95%), due 6/13/45		53,716		67,535

	Principal Amount		Value
Whole Loan (Collateralized Mortgage Obligations) (continued)
GreenPoint Mortgage Funding Trust  Series 2006-AR4, Class A6A 2.609% (1 Month LIBOR + 0.18%), due 9/25/46 (a)	$	118,816	$	112,352
IndyMac Index Mortgage Loan Trust  Series 2005-AR14, Class 1A1A 2.989% (1 Month LIBOR + 0.28%), due 7/25/35 (a)		1,214,649		1,097,541
Merrill Lynch Mortgage Investors Trust  Series 2005-A4, Class 1A 4.569%, due 7/25/35 (h)		270,700		216,366
Onslow Bay Financial LLC Series 2018-1, Class A2 3.079% (1 Month LIBOR + 0.65%), due 6/25/57 (a)(b)		101,766		101,215
Paragon Mortgages No. 13 PLC Series 13X, Class A1, Reg S 1.167% (3 Month LIBOR + 0.24%), due 1/15/39 (a)	GBP	2,081,467		2,482,511
Residential Asset Securitization Trust  Series 2006-A10, Class A5 6.50%, due 9/25/36	$	276,796		187,258
Silverstone Master Issuer PLC Series 2019-1A, Class 2A 1.457%, due 1/21/70 (b)	GBP	300,000		381,818
Towd Point Mortgage Funding Series 2019-GR4A, Class A1 1.855%, due 10/20/51 (b)		1,400,000		1,780,283
Trinity Square PLC Series 2015-1A, Class A 2.077% (3 Month LIBOR + 1.15%), due 7/15/51 (a)(b)		646,374		824,957
Washington Mutual Mortgage Pass-Through Certificates Series 2007-HY1, Class A2A 2.589% (1 Month LIBOR + 0.16%), due 2/25/37 (a)	$	765,774		611,363
Series 2006-5, Class 2CB1 6.00%, due 7/25/36		51,912		42,749
				11,231,969
Total Mortgage-Backed Securities (Cost $18,287,709)				17,705,153
U.S. Government & Federal Agencies 116.4%
Federal National Mortgage Association (Mortgage Pass-Through Securities) 13.7%
3.50%, due 1/29/48 TBA (i)		41,700,000		42,611,088
3.50%, due 3/1/48		181,898		186,784
3.704% (12 Month Treasury Average Index + 1.20%), due 6/1/43 (a)(j)		301,170		303,028

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 15

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

	Principal Amount		Value
U.S. Government & Federal Agencies (continued)
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued)
4.00%, due 4/29/48 TBA (i)	$	5,800,000	$	5,992,691
4.236% (11th District Cost of Funds Index + 1.927%), due 12/1/36 (a)(j)		304,696		316,255
4.757% (1 Year Treasury Constant Maturity Rate + 2.36%), due 11/1/34 (a)(j)		366,792		388,552
				49,798,398
United States Treasury Notes 0.4%
2.25%, due 11/15/24 (k)		300,000		306,984
2.50%, due 5/15/24 (j)(k)		1,100,000		1,137,770
				1,444,754
United States Treasury Inflation—Indexed Bonds 39.3%
0.375%, due 7/15/25		13,229,640		13,374,052
0.375%, due 7/15/27		7,666,630		7,737,311
0.625%, due 4/15/23		390,879		395,483
0.625%, due 2/15/43		1,489,155		1,443,592
0.75%, due 2/15/42		3,878,438		3,892,792
0.75%, due 2/15/45		2,929,554		2,897,828
0.875%, due 2/15/47		9,423,469		9,601,005
1.00%, due 2/15/46		5,370,034		5,626,229
1.00%, due 2/15/48		4,235,693		4,455,713
1.00%, due 2/15/49		2,639,962		2,792,273
1.375%, due 2/15/44		15,635,335		17,742,922
1.75%, due 1/15/28		16,625,807		18,635,916
2.00%, due 1/15/26		11,119,870		12,371,720
2.125%, due 2/15/40		2,978,942		3,811,442
2.125%, due 2/15/41		3,196,840		4,117,755
2.375%, due 1/15/25		20,532,463		22,942,037
2.375%, due 1/15/27		988,237		1,141,437
2.50%, due 1/15/29		6,902,202		8,302,702
3.375%, due 4/15/32		1,550,288		2,123,413
				143,405,622
United States Treasury Inflation—Indexed Notes 63.0%
0.125%, due 4/15/20 (j)		7,060,185		6,986,120
0.125%, due 4/15/21 (j)		38,093,062		37,738,919
0.125%, due 1/15/22 (j)		3,668,828		3,645,763
0.125%, due 4/15/22 (j)		41,241,122		40,917,664
0.125%, due 7/15/22 (j)		4,246,471		4,233,629
0.125%, due 1/15/23 (j)		7,940,009		7,895,059
0.125%, due 7/15/26 (j)		10,424,698		10,353,480
0.25%, due 1/15/25 (j)		10,725,912		10,737,662
0.375%, due 7/15/23 (j)		6,293,220		6,343,920
0.375%, due 1/15/27 (j)		5,489,567		5,527,055
0.50%, due 1/15/28		15,556,432		15,809,439
0.625%, due 7/15/21 (j)		2,017,879		2,030,307
0.625%, due 1/15/24 (j)		685,489		697,424
0.625%, due 1/15/26 (j)		38,679,716		39,608,418

	Principal Amount		Value
United States Treasury Inflation—Indexed Notes (continued)
0.75%, due 7/15/28	$	4,478,628	$	4,666,066
0.875%, due 1/15/29		25,032,548		26,348,285
1.25%, due 7/15/20 (j)		5,613,209		5,649,426
1.375%, due 1/15/20 (j)		401,724		400,845
				229,589,481
Total U.S. Government & Federal Agencies (Cost $421,000,620)				424,238,255
TotalLong-Term Bonds (Cost $550,831,898)				553,494,147
	Shares
Short-Term Investments 5.0%
Affiliated Investment Company 0.2%
MainStay U.S. Government Liquidity Fund, 2.03% (l)		803,745		803,745
Total Affiliated Investment Company (Cost $803,745)				803,745
	Principal Amount
Foreign Government Bonds 1.0%
Argentina Treasury Bills (zero coupon), due 7/19/19	ARS	3,734,000		95,198
(zero coupon), due 7/31/19		1,062,000		27,749
Brazil Letras do Tesouro Nacional (zero coupon), due 1/1/20	BRL	13,706,000		3,462,905
Total Foreign Government Bonds (Cost $3,647,925)				3,585,852
Repurchase Agreement 2.7%
Societe Generale S.A. 2.57%, dated 6/28/19 due 7/1/19 Proceeds at Maturity $9,702,077 (Collateralized by a United States Treasury Note with a rate of 2.25% and a maturity date of 8/15/27, with a Principal Amount of $9,594,000 and a Market Value of $9,828,416)	$	9,700,000		9,700,000
Total Repurchase Agreement (Cost $9,700,000)				9,700,000

16 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

	Principal Amount			Value
Short-Term Investments (continued)
Short Term Instruments 1.1%
Bank of Montreal (zero coupon), due 7/19/19	CAD	100,000		$	76,294
(zero coupon), due 7/22/19		100,000			76,284
(zero coupon), due 7/26/19		200,000			152,536
(zero coupon), due 7/31/19		700,000			533,743
Bank of Nova Scotia
(zero coupon), due 7/22/19		400,000			305,136
(zero coupon), due 7/23/19		100,000			76,280
(zero coupon), due 7/25/19		100,000			76,273
Encana Corp. (zero coupon), due 7/8/19 (b)	$	250,000			249,848
HSBC Bank Canada (zero coupon), due 7/11/19	CAD	800,000			610,587
(zero coupon), due 7/24/19		200,000			152,549
(zero coupon), due 7/25/19		100,000			76,270
(zero coupon), due 7/26/19		100,000			76,267
Royal Bank of Canada (zero coupon), due 7/2/19		200,000			152,717
(zero coupon), due 7/22/19		100,000			76,284
(zero coupon), due 7/25/19		100,000			76,273
(zero coupon), due 7/26/19		200,000			152,538
(zero coupon), due 7/31/19		400,000			304,999
Royal Caribbean Cruise (zero coupon), due 7/30/19 (b)	$	250,000			249,426
Toronto Dominion Bank (zero coupon), due 7/2/19	CAD	400,000			305,434
(zero coupon), due 7/19/19		100,000			76,295
(zero coupon), due 7/22/19		100,000			76,284
(zero coupon), due 7/24/19		200,000			152,552
Total Short Term Instruments (Cost $4,063,135)					4,084,869
TotalShort-Term Investments (Cost $18,214,805)					18,174,466
Total Investments Excluding Purchased Options (Cost $569,046,703)		156.8	%		571,668,613
Total Purchased Options (Cost $12,190)		0.0	%‡		7,688
Total Investments (Cost $569,058,893)		156.8	%		571,676,301
Other Assets, Less Liabilities		(56.8	)		(207,075,313	)
Net Assets		100.0	%	$	364,600,988

† Percentages indicated are based on Portfolio net assets.

‡ Less than one—tenth of a percent.

(a) Floating rate—Rate shown was the rate in effect as of June 30, 2019.

(b) May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.

(c) Step coupon—Rate shown was the rate in effect as of June 30, 2019.

(d) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(e) Fixed to floating rate—Rate shown was the rate in effect as of June 30, 2019.

(f) Illiquid security—As of June 30, 2019, the total market value of the security deemed illiquid under procedures approved by the Board of Trustees was $902,169, which represented 0.2% of the Portfolio’s net assets.

(g) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

(h) Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of June 30, 2019.

(i) TBA—Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of June 30, 2019, the total net market value of these securities was $48,603,779, which represented 13.3% of the Portfolio’s net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.

(j) Delayed delivery security.

(k) Security, or a portion thereof, was maintained in a segregated account at the Portfolio’s custodian as collateral for swap contracts. (See Note 2(L)).

(l) Current yield as of June 30, 2019.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 17

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

Foreign Currency Forward Contracts

As of June 30, 2019, the Portfolio held the following foreign currency forward contracts¹:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
AUD	3,273,000	USD	2,285,695	Bank of America, N.A.	7/2/19	$	12,114
CAD	800,000	USD	601,123	Bank of America, N.A.	7/2/19		9,773
COP	5,486,963,856	USD	1,624,660	JPMorgan Chase Bank N.A.*	9/25/19		74,203
EUR	16,802,000	USD	19,093,793	Bank of America, N.A.	7/2/19		11,764
EUR	3,836,000	USD	4,297,229	JPMorgan Chase Bank N.A.	7/2/19		64,687
IDR	23,491,386,400	USD	1,595,340	Bank of America, N.A.*	9/18/19		52,977
IDR	2,596,048,000	USD	182,000	JPMorgan Chase Bank N.A.*	9/18/19		157
MXN	3,903,781	USD	198,277	JPMorgan Chase Bank N.A.	8/14/19		3,681
MXN	1,941,000	USD	99,079	JPMorgan Chase Bank N.A.	10/9/19		403
PEN	2,932,992	USD	888,247	JPMorgan Chase Bank N.A.	7/17/19		1,923
RUB	97,934,908	USD	1,490,751	Bank of America, N.A.*	8/15/19		48,272
RUB	16,339,075	USD	250,505	JPMorgan Chase Bank N.A.*	7/15/19		7,396
USD	3,562,869	BRL	13,706,000	JPMorgan Chase Bank N.A.*	1/3/20		53,230
USD	989,000	COP	3,179,635,000	JPMorgan Chase Bank N.A.*	9/25/19		4,527
USD	1,805,373	DKK	11,755,000	JPMorgan Chase Bank N.A.	10/1/19		869
USD	6,679,673	GBP	5,243,000	Bank of America, N.A.	7/2/19		21,327
USD	946,713	JPY	101,300,000	Bank of America, N.A.	7/2/19		7,140
USD	461,572	PEN	1,524,849	JPMorgan Chase Bank N.A.*	10/28/19		780
USD	182,000	TWD	5,610,150	Credit Suisse International*	9/18/19		582
ZAR	12,348,000	USD	847,932	JPMorgan Chase Bank N.A.	7/8/19		28,084
Total unrealized appreciation							403,889
BRL	3,174,731	USD	826,000	Bank of America, N.A.*	8/2/19		(1,587	)
BRL	3,546,312	USD	924,000	JPMorgan Chase Bank N.A.*	8/2/19		(3,095	)
DKK	8,155,044	USD	1,252,036	JPMorgan Chase Bank N.A.	10/1/19		(158	)
PEN	1,524,850	USD	463,861	JPMorgan Chase Bank N.A.*	7/15/19		(1,023	)
USD	2,268,238	AUD	3,273,000	Bank of America, N.A.	7/2/19		(29,572	)
USD	2,288,086	AUD	3,273,000	Bank of America, N.A.	8/2/19		(12,244	)
USD	1,055,759	CAD	1,399,000	Bank of America, N.A.	7/2/19		(12,547	)
USD	151,821	CAD	200,000	Bank of America, N.A.	7/19/19		(967	)
USD	303,732	CAD	400,000	Bank of America, N.A.	7/22/19		(1,862	)
USD	151,857	CAD	200,000	Bank of America, N.A.	7/25/19		(950	)
USD	76,394	CAD	100,000	Bank of America, N.A.	7/26/19		(12	)
USD	840,435	CAD	1,100,000	Bank of America, N.A.	7/31/19		(125	)
USD	893,336	CAD	1,205,000	JPMorgan Chase Bank N.A.	7/2/19		(26,828	)
USD	600,136	CAD	800,000	JPMorgan Chase Bank N.A.	7/11/19		(10,897	)
USD	379,473	CAD	500,000	JPMorgan Chase Bank N.A.	7/22/19		(2,520	)
USD	75,896	CAD	100,000	JPMorgan Chase Bank N.A.	7/23/19		(504	)
USD	152,575	CAD	200,000	JPMorgan Chase Bank N.A.	7/24/19		(229	)
USD	76,289	CAD	100,000	JPMorgan Chase Bank N.A.	7/25/19		(115	)
USD	305,157	CAD	400,000	JPMorgan Chase Bank N.A.	7/26/19		(466	)
USD	724,000	COP	2,340,692,000	JPMorgan Chase Bank N.A.*	9/25/19		(721	)

18 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	4,211,478	DKK	27,443,538	Bank of America, N.A.	10/1/19	$	(1,370	)
USD	23,061,459	EUR	20,638,000	Bank of America, N.A.	7/2/19		(406,014	)
USD	19,142,451	EUR	16,802,000	Bank of America, N.A.	8/2/19		(12,167	)
USD	14,661,621	GBP	11,604,000	Bank of America, N.A.	7/2/19		(74,871	)
USD	3,732,710	GBP	2,955,000	JPMorgan Chase Bank N.A.	7/2/19		(19,990	)
USD	1,738,623	JPY	189,500,000	JPMorgan Chase Bank N.A.	7/2/19		(19,017	)
USD	1,790,854	KRW	2,107,950,170	JPMorgan Chase Bank N.A.*	9/18/19		(39,114	)
USD	346,899	MXN	6,883,000	JPMorgan Chase Bank N.A.	8/14/19		(9,185	)
USD	2,538,485	NZD	3,866,000	Bank of America, N.A.	7/2/19		(58,694	)
USD	11,231	NZD	17,000	JPMorgan Chase Bank N.A.	7/2/19		(190	)
USD	456,761	PEN	1,524,850	JPMorgan Chase Bank N.A.*	7/15/19		(6,078	)
USD	884,417	PEN	2,932,992	JPMorgan Chase Bank N.A.*	7/17/19		(5,753	)
USD	884,256	PEN	2,932,992	JPMorgan Chase Bank N.A.*	10/28/19		(2,060	)
USD	856,559	SGD	1,172,458	Bank of America, N.A.	9/18/19		(11,021	)
USD	1,625,131	TWD	50,963,895	JPMorgan Chase Bank N.A.*	11/21/19		(28,073	)
Total unrealized depreciation							(800,019	)
Net unrealized depreciation						$	(396,130	)

* 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.

Future Contracts

As of June 30, 2019, the Portfolio held the following futures contracts¹:

Type	Number of Contracts			Expiration Date		Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
5-Year United States Treasury Note		131			September 2019	$	15,423,684		$	15,478,469		$	54,785
Euro Bund		282			September 2019		54,876,798			55,391,197			514,399
Total Long Contracts													569,184
Short Contracts
10-Year Australia Government Bond		(7	)		September 2019		(697,470	)		(705,947	)		(8,477	)
10-Year Japan Government Bond		(1	)		September 2019		(1,428,555	)		(1,426,982	)		1,573
10-Year United States Treasury Note		(66	)		September 2019		(8,317,906	)		(8,445,937	)		(128,031	)
2-Year United States Treasury Note		(23	)		September 2019		(4,920,219	)		(4,949,133	)		(28,914	)
3-Year Australia Government Bond		(13	)		September 2019		(1,047,178	)		(1,049,543	)		(2,365	)
Euro BOBL		(19	)		September 2019		(2,901,952	)		(2,904,563	)		(2,611	)
Euro Schatz		(812	)		September 2019		(103,570,932	)		(103,675,585	)		(104,653	)
Euro-BTP		(56	)		September 2019		(8,231,357	)		(8,551,903	)		(320,546	)
Euro-Buxl 30 Year Bond		(37	)		September 2019		(8,403,814	)		(8,536,552	)		(132,738	)
Euro-OAT		(146	)		September 2019		(26,813,202	)		(27,371,161	)		(557,959	)
Short-TermEuro-BTP		(1	)		September 2019		(125,285	)		(126,787	)		(1,502	)
UK Long Gilt		(74	)		September 2019		(12,181,519	)		(12,245,105	)		(63,586	)
United States Treasury Long Bond		(47	)		September 2019		(7,050,411	)		(7,312,907	)		(262,496	)
United States Treasury Ultra Bond		(19	)		September 2019		(3,362,413	)		(3,373,688	)		(11,275	)
Total Short Contracts													(1,623,580	)
Net Unrealized Depreciation												$	(1,054,396	)

1. As of June 30, 2019, cash in the amount of $2,133,929 was on deposit with a broker or futures commission merchant for futures transactions.

2. Represents the difference between the value of the contracts at the time they were opened and the value as of June 30, 2019.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 19

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

Purchased Options on Futures Contracts

Description	Counterparty		Strike Price		Expiration Date		Number of Contracts		Notional Amount		Premium Paid (Received)		Market Value
Put-5-Year United States Treasury Note		Morgan Stanley & Co., LLC	$	108.00		08/23/2019		129	$	129,000	$	1,109	$	129
Put-Euro BOBL		Morgan Stanley & Co., LLC		129.75		08/23/2019		43	EUR	4,300,000		287		245
Put-Euro Bund		Morgan Stanley & Co., LLC		155.00		08/23/2019		130		13,000,000		1,605		1,478
Put-Euro Bund		Morgan Stanley & Co., LLC		159.00		08/23/2019		86		8,600,000		1,062		978
Put-United States Treasury Ultra Bond		Morgan Stanley & Co., LLC		114.00		08/23/2019		2	$	2,000		17		2
Put-United States Treasury Ultra Bond		Morgan Stanley & Co., LLC		112.00		08/23/2019		13		13,000		112		13
											$	4,192	$	2,845

Description	Counterparty		Strike Price		Expiration Date		Number of Contracts		Notional Amount		Premium Paid (Received)		Market Value
Call-10-Year United States Treasury Note		Morgan Stanley & Co., LLC	$	147.00		08/23/2019		4	$	4,000	$	34	$	4
Call-10-Year United States Treasury Note		Morgan Stanley & Co., LLC		146.00		08/23/2019		23		23,000		198		23
Call-10-Year United States Treasury Note		Morgan Stanley & Co., LLC		145.50		08/23/2019		153		153,000		1,316		153
Call-2-Year United States Treasury Note		Morgan Stanley & Co., LLC		110.00		08/23/2019		3		6,000		26		3
Call-2-Year United States Treasury Note		Morgan Stanley & Co., LLC		109.75		08/23/2019		20		40,000		172		20
Call-5-Year United States Treasury Note		Morgan Stanley & Co., LLC		128.25		08/23/2019		57		57,000		490		57
Call-Euro Schatz		Morgan Stanley & Co., LLC		113.80		08/23/2019		516		EUR 51,600,000		3,379		2,934
Call-Euro-BTP		Morgan Stanley & Co., LLC		153.00		08/23/2019		58		5,800,000		716		659
Call-Euro-OAT		Morgan Stanley & Co., LLC		178.00		08/23/2019		80		8,000,000		988		910
Call-United States Treasury Long Bond		Morgan Stanley & Co., LLC		200.00		08/23/2019		2	$	2,000		17		2
Call-United States Treasury Long Bond		Morgan Stanley & Co., LLC		195.00		08/23/2019		15		15,000		129		15
Call-United States Treasury Long Bond		Morgan Stanley & Co., LLC		193.00		08/23/2019		30		30,000		258		30
Call-United States Treasury Ultra Bond		Morgan Stanley & Co., LLC		220.00		08/23/2019		11		11,000		95		11
											$	7,818	$	4,821

Purchased Swaptions

Description	Counterparty		Strike Price		Expiration Date		Number of Contracts		Notional Amount		Premium Paid (Received)		Market Value
Put-Markit CDX N.A. I.G. Series 32 5 Year		Bank of America N.A.	$	1.95		09/18/2019		1,800,000	$	1,800,000	$	180	$	22
											$	180	$	22

Written Inflation-Capped Options

Description	Counterparty	Initial Index		Floating Rate	Expiration Date		Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Cap-OTC USANon-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 + 4.000%)10]		05/16/2024		(300,000	)		$ (300,000)		$	(2,085	)	$	(16	)
Floor-OTC USANon-Revised Consumer Price Index-Urban(CPI-U), AmericanStyle-Put	JPMorgan Chase Bank N.A.		234.781	Maximum of [0, Final Index/Initial Index]		10/02/2020		(1,900,000	)		(1,900,000	)		(35,068	)		(954	)
													$	(37,153	)	$	(970	)

20 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Written Options on Futures Contracts

Description	Counterparty		Strike Price		Expiration Date		Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Call-10-Year United States Treasury Note		Morgan Stanley & Co., LLC	$	129.00		07/26/2019		(19	)		$         (19,000)		$	(4,726	)	$	(5,047	)
Call-Euro BOBL		Morgan Stanley & Co., LLC		134.50		08/23/2019		(52	)		EUR (5,200,000)			(19,898	)		(21,287	)
Call-Euro Bund		Morgan Stanley & Co., LLC		170.00		07/26/2019		(21	)		(2,100,000	)		(25,634	)		(68,055	)
Call-Euro Bund		Morgan Stanley & Co., LLC		169.50		07/26/2019		(25	)		(2,500,000	)		(31,780	)		(94,095	)
													$	(82,038	)	$	(188,484	)

Description	Counterparty		Strike Price		Expiration Date		Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Put-Euro Bund		Morgan Stanley & Co., LLC	$	170.00		07/26/2019		(21	)		$ (2,100,000)		$	(23,417	)	$	(2,627	)
Put-Euro Bund		Morgan Stanley & Co., LLC		169.50		07/26/2019		(25	)		(2,500,000	)		(29,893	)		(1,990	)
Put-Euro Schatz		Morgan Stanley & Co., LLC		112.10		08/23/2019		(160	)		(16,000,000	)		(14,263	)		(6,367	)
													$	(67,573	)	$	(10,984	)

Written Swaptions

Description	Counterparty	Strike Price		Expiration Date		Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Put-Markit CDX N.A. I.G. Series 32 5 Year	Bank of America N.A.	$	0.90		08/21/2019		(700,000	)	$	(700,000	)	$	(840	)	$	(129	)
Put-Markit CDX N.A. I.G. Series 32 5 Year	Bank of America N.A.		0.85		07/17/2019		(1,000,000	)		(1,000,000	)		(950	)		(81	)
Put-Markit CDX N.A. I.G. Series 32 5 Year	Bank of America N.A.		0.90		08/21/2019		(800,000	)		(800,000	)		(936	)		(148	)
Put-Markit CDX N.A. I.G. Series 32 5 Year	Bank of America N.A.		1.05		09/18/2019		(300,000	)		(300,000	)		(330	)		(64	)
												$	(3,056	)	$	(422	)

Swap Contracts

As of June 30, 2019, the Portfolio held the following centrally cleared interest rate swap agreements¹:

Notional Amount		Currency		Expiration Date		Payments made by Portfolio	Payments Received by Portfolio	Payment Frequency Paid/ Received	Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
	$4,800,000		USD		12/16/2022	3-MonthUSD-LIBOR	Fixed 2.25%	Quarterly/Semi-Annually	$	(6,428	)	$	82,979		$	76,551
	50,000		USD		12/21/2026	Fixed 1.75%	3-MonthUSD-LIBOR	Semi-Annually/ Quarterly		953			347			1,300
	14,000,000		JPY		9/20/2027	Fixed 0.30%	6-MonthJPY-LIBOR	Semi-Annually/Semi-Annually		209			(3,567	)		(3,358	)
	50,000,000		JPY		3/20/2028	Fixed 0.30%	6-MonthJPY-LIBOR	Semi-Annually/Semi-Annually		771			(12,859	)		(12,088	)
	1,600,000		NZD		3/21/2028	Fixed 3.25%	3-Month NZD Bank Bill	Semi-Annually/ Quarterly		(4,120	)		(136,858	)		(140,978	)
	2,770,000		USD		4/17/2028	Fixed 3.10%	3-MonthUSD-LIBOR	Semi-Annually/ Quarterly		7,234			(129,215	)		(121,981	)
	3,700,000		USD		6/20/2028	Fixed 2.25%	3-MonthUSD-LIBOR	Semi-Annually/ Quarterly		(178,869	)		(104,787	)		(283,656	)
	2,900,000		USD		9/13/2028	Fixed 3.134%	3-MonthUSD-LIBOR	Semi-Annually/ Quarterly		—			(132,590	)		(132,590	)
	106,980,000		JPY		3/20/2029	Fixed 0.45%	6-MonthJPY-LIBOR	Semi-Annually/Semi-Annually		4,765			(42,008	)		(37,243	)
	610,000		USD		6/15/2046	Fixed 2.50%	3-MonthUSD-LIBOR	Semi-Annually/ Quarterly		21,610			(34,608	)		(12,998	)
	2,310,000		USD		12/21/2046	Fixed 2.25%	3-MonthUSD-LIBOR	Semi-Annually/ Quarterly		169,884			(9,143	)		160,741
	1,170,000		USD		12/15/2047	Fixed 2.00%	12-MonthUSD-FFR	Annually/ Annually		(2,141	)		(9,173	)		(11,314	)
	1,490,000		USD		12/20/2047	Fixed 2.75%	3-MonthUSD-LIBOR	Semi-Annually/ Quarterly		(68,219	)		(168,657	)		(236,876	)
	1,290,000		USD		6/20/2048	Fixed 2.50%	3-MonthUSD-LIBOR	Semi-Annually/ Quarterly		(148,472	)		(76,180	)		(224,652	)
	200,000		USD		12/19/2048	Fixed 2.75%	3-MonthUSD-LIBOR	Semi-Annually/ Quarterly		(4,110	)		(23,156	)		(27,266	)
	1,500,000		USD		12/19/2048	Fixed 3.00%	6-MonthGBP-LIBOR	Semi-Annually/Quarterly		(87,386	)		(257,902	)		(345,288	)
									$	(294,319	)	$	(1,057,377	)	$	(1,351,696	)

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 21

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

Open OTC interest rate swap agreements as of June 30, 2019 were as follows:

Notional Amount		Currency		Expiration Date		Counterparty	Payments made by Portfolio	Payments Received by Portfolio		Payment Frequency Paid/ Received		Upfront Premiums Received/ (Paid)		Value			Unrealized Appreciation/ (Depreciation)
$	4,190,000		ILS		2/16/2020	Bank of America N.A.	Fixed 0.285%		3-Month TELBOR		Annually/Quarterly	$	—	$	(815	)	$	(815	)
	880,000		ILS		2/16/2028	Bank of America N.A.	3-Month TELBOR		Fixed 1.963%		Quarterly/Annually		—		14,739			14,739
	2,570,000		ILS		6/20/2020	Bank of America N.A.	Fixed 0.37%		3-Month TELBOR		Annually/Quarterly		—		(429	)		(429	)
	540,000		ILS		6/20/2028	Bank of America N.A.	3-Month TELBOR		Fixed 1.998%		Quarterly/Annually		—		8,217			8,217
												$	—	$	21,712		$	21,712

As of June 30, 2019, the Portfolio held the following open centrally cleared inflation swap agreements¹:

Notional Amount		Currency		Expiration Date		Payments made by Portfolio	Payments Received by Portfolio	Payment Frequency Paid/ Received	Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
	$1,300,000		USD		11/23/2020	Fixed 2.026%	12-Month USD-CPI	At Maturity	$	—		$	(3,457	)	$	(3,457	)
	1,300,000		USD		11/25/2020	Fixed 2.021%	12-MonthUSD-CPI	At Maturity		—			(3,294	)		(3,294	)
	1,100,000		USD		4/27/2023	Fixed 2.264%	12-MonthUSD-CPI	At Maturity		—			(28,621	)		(28,621	)
	510,000		USD		5/9/2023	Fixed 2.262%	12-MonthUSD-CPI	At Maturity		—			(13,070	)		(13,070	)
	780,000		USD		5/10/2023	Fixed 2.281%	12-MonthUSD-CPI	At Maturity		—			(20,685	)		(20,685	)
	4,400,000		EUR		3/15/2024	Fixed 1.03%	12-MonthEUR-CPI	At Maturity		1,053			(43,374	)		(42,321	)
	760,000		EUR		12/15/2026	12-MonthEUR-CPI	Fixed 1.385%	At Maturity		2,193			26,046			28,239
	800,000		EUR		6/15/2027	12-MonthEUR-CPI	Fixed 1.36%	At Maturity		9,937			27,101			37,038
	1,100,000		USD		7/25/2027	12-MonthUSD-CPI	Fixed 2.067%	At Maturity		—			14,899			14,899
	600,000		USD		9/25/2027	12-MonthUSD-CPI	Fixed 2.15%	At Maturity		—			11,893			11,893
	1,200,000		USD		10/17/2027	12-MonthUSD-CPI	Fixed 2.155%	At Maturity		—			25,052			25,052
	3,900,000		EUR		11/15/2027	12-MonthEUR-CPI	Fixed 1.52%	At Maturity		2,993			208,868			211,861
	1,000,000		EUR		3/15/2028	12-MonthEUR-CPI	Fixed 1.535%	At Maturity		(115	)		56,910			56,795
	510,000		USD		5/9/2028	12-MonthUSD-CPI	Fixed 2.352%	At Maturity		—			25,365			25,365
	770,000		USD		5/9/2028	12-MonthUSD-CPI	Fixed 2.36%	At Maturity		—			38,909			38,909
	850,000		EUR		5/15/2028	12-MonthEUR-CPI	Fixed 1.62%	At Maturity		(48	)		56,825			56,777
	3,460,000		GBP		6/15/2030	UK RPI	Fixed 3.40%	At Maturity		(12,065	)		18,813			6,748
	2,070,000		GBP		4/15/2031	UK RPI	Fixed 3.14%	At Maturity		170,890			(205,952	)		(35,062	)
	2,690,000		GBP		10/15/2031	UK RPI	Fixed 3.53%	At Maturity		2,988			(7,744	)		(4,756	)
	200,000		EUR		3/15/2033	Fixed 1.71%	12-Month EUR-CPI	At Maturity		356			(20,853	)		(20,497	)
	310,000		GBP		6/15/2039	UK RPI	Fixed 3.58%	At Maturity		(313	)		1,139			826
	350,000		GBP		6/15/2039	UK RPI	Fixed 3.59%	At Maturity		—			2,714			2,714
	920,000		GBP		6/15/2039	UK RPI	Fixed 3.60%	At Maturity		378			10,896			11,274
									$	178,247		$	178,380		$	356,627

As of June 30, 2019, the Portfolio held the following centrally cleared credit default swap contracts¹:

Reference Entity	Termination Date		Buy/Sell Protection2		Notional Amount (000)3		(Pay)/ Receive Fixed Rate4			Payment Frequency Paid/ Received		Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)5
Daimler AG 0.625%, 03/05/20		12/20/2020		Sell		150		1.00	%		Quarterly	$	(1,379	)	$	2,122		$	743
General Electric Co. 2.70%, 10/09/22		12/20/2020		Sell		100		1.00	%		Quarterly		2,057			1,113			3,170
CDX North American High Yield Series 31		12/20/2023		Buy		5,131		5.00	%		Quarterly		263,668			(419,269	)		(155,601	)
General Electric Co. 2.70%, 10/09/22		12/20/2023		Sell		100		1.00	%		Quarterly		4,323			819			5,142
CDX North American High Yield Series 32		6/20/2024		Buy		2,100		5.00	%		Quarterly		158,854			(157,541	)		1,313
												$	427,523		$	(572,756	)	$	(145,233	)

22 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

As of June 30, 2019, the Portfolio held the following OTC credit default swap contracts:

Reference Entity	Counterparty		Termination Date		Buy/Sell Protection2		Notional Amount (000)3		(Pay)/ Receive Fixed Rate4			Payment Frequency Paid/ Received		Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)5
United Mexican States		Bank of America N.A.		12/20/2023		Buy		3,400		1.00	%		Quarterly	$	(29,241	)	$	(745	)	$	(29,986	)
														$	(29,241	)	$	(745	)	$	(29,986	)

1. As of June 30, 2019, cash in the amount of $1,699,000 was on deposit with a broker for centrally cleared swap agreements.

2. Buy—Portfolio pays premium and buys credit protection. If a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Sell—Portfolio receives premium and sells credit protection. If a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

3. The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap contract.

4. The annual fixed rate represents the interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract.

5. Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at June 30, 2019.

The following abbreviations are used in the preceding pages:

ARS—Argentine Peso

AUD—Australian Dollar

BADLARPP—Average rate on30-day deposits of at least 1 million Argentinian Pesos

BRL—Brazilian Real

BTP—Buoni del Tesoro Poliennali (Eurex Exchange index)

CAD—Canadian Dollar

CNH—Chinese Offshore Yuan

COP—Colombian Peso

DKK—Danish Krone

EUR—Euro

GBP—British Pound Sterling

IDR—Indonesian Rupiah

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

LIBOR—London Interbank Offered Rate

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Sol

REMIC—Real Estate Mortgage Investment Conduit

RUB—New Russian Ruble

SGD—Singapore Dollar

TBA—To Be Announced

TELBOR—Tel Aviv Interbank Offered Rate

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 23

Portfolio of InvestmentsJune 30, 2019 (Unaudited) (continued)

The following is a summary of the fair valuations according to the inputs used as of June 30, 2019, for valuing the Portfolio’s assets and liabilities:

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	$	—		$	23,901,979		$	—	$	23,901,979
Corporate Bonds		—			47,562,311			—		47,562,311
Foreign Government Bonds		—			40,086,449			—		40,086,449
Mortgage-Backed Securities		—			17,705,153			—		17,705,153
U.S. Government & Federal Agencies		—			424,238,255			—		424,238,255
Total Long-Term Bonds		—			553,494,147			—		553,494,147
Purchased Options		7,688			—			—		7,688
Short-Term Investments
Affiliated Investment Company		803,745			—			—		803,745
Foreign Government Bonds		—			3,585,852			—		3,585,852
Repurchase Agreement		—			9,700,000			—		9,700,000
Short Term Instruments		—			4,084,869			—		4,084,869
Total Short-Term Investments		803,745			17,370,721			—		18,174,466
Total Investments in Securities		811,433			570,864,868			—		571,676,301
Other Financial Instruments
Credit Default Swap Contracts (b)		—			10,368			—		10,368
Foreign Currency Forward Contracts (b)		—			403,889			—		403,889
Futures Contracts (b)		570,757			—			—		570,757
Inflation Swap Contracts (b)		—			528,390			—		528,390
Interest Rate Swap Contracts (b)		—			261,548			—		261,548
Total Other Financial Instruments		570,757			1,204,195			—		1,774,952
Total Investments in Securities and Other Financial Instruments	$	1,382,190		$	572,069,063		$	—	$	573,451,253
Liability Valuation Inputs
Other Financial Instruments
Foreign Currency Forward Contracts (b)	$	—		$	(800,019	)	$	—	$	(800,019	)
Futures Contracts (b)		(1,625,153	)		—			—		(1,625,153	)
Credit Default Swap Contracts (b)		—			(185,587	)		—		(185,587	)
Inflation Swap Contracts (b)		—			(171,763	)		—		(171,763	)
Interest Rate Swap Contracts (b)		—			(1,591,532	)		—		(1,591,532	)
Written Options		(199,890	)		(970	)		—		(200,860	)
Total Other Financial Instruments	$	(1,825,043	)	$	(2,749,871	)	$	—	$	(4,574,914	)

(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 The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Sale-Buyback Transactions (a)

Counterparty	Borrowing Rate			Borrowing Date		Maturity Date		Ammount Borrowed		Payable for Sale-Buyback Transcations (b)
Barclays Capital Inc.		2.72	%		6/17/2019		7/1/2019	$	122,356	$	122,356
Barclays Capital Inc.		2.75			6/25/2019		7/2/2019		5,684,215		5,684,360
Barclays Capital Inc.		2.65			6/10/2019		7/10/2019		248,329		248,524
Barclays Capital Inc.		2.60			4/24/2019		7/23/2019		6,393,565		6,402,788
Barclays Capital Inc.		2.61			6/11/2019		7/24/2019		3,759,408		3,764,399
Barclays Capital Inc.		2.57			6/12/2019		7/25/2019		3,122,955		3,126,518
Barclays Capital Inc.		2.61			6/17/2019		7/30/2019		984,021		985,521
Barclays Capital Inc.		2.62			6/17/2019		7/30/2019		25,959,491		25,996,183
Barclays Capital Inc.		2.55			5/6/2019		8/6/2019		22,630,318		22,682,002
Barclays Capital Inc.		2.58			5/6/2019		8/6/2019		16,218,496		16,280,323
Barclays Capital Inc.		2.55			5/6/2019		8/6/2019		27,469,826		27,531,730
Barclays Capital Inc.		2.56			5/6/2019		8/6/2019		38,673,254		38,777,475
Barclays Capital Inc.		2.55			5/6/2019		8/6/2019		29,947,853		30,015,889
								$	181,214,087	$	181,618,068

(a) During the period ended June 30, 2019, the Portfolio’s average amount of borrowing was $150,579,236 at a weighted average interest rate of 2.65%.

(b) Payable for sale-buyback transactions includes $403,981 of deferred price drop.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 25

Statement of Assets and Liabilitiesas of June 30, 2019 (Unaudited)

Assets
Investment in unaffiliated securities before outstanding written options, at value (identified cost $568,255,148)	$	570,872,556
Investment in affiliated investment company, at value (identified cost $803,745)		803,745
Cash collateral on deposit at broker for futures contracts		2,133,929
Cash collateral on deposit at broker for swap contracts		1,699,000
Cash denominated in foreign currencies (identified cost $1,168,464)		1,137,398
Receivables:
Investment securities sold		125,384,332
Dividends and interest		1,496,349
Portfolio shares sold		361,211
Variation margin on centrally cleared swap contracts		278,887
Unrealized appreciation on foreign currency forward contracts		403,889
Other assets		188,868
Premiums paid for OTC swap contracts		29,241
Unrealized appreciation on OTC swap contracts		22,956
Total assets		704,812,361
Liabilities
Cash collateral due to broker for foreign currency forward contracts		2,400,000
Cash collateral due to broker for TBA		330,000
Written options, at value (premiums received $189,820)		200,860
Due to custodian		70,591
Payables:
Sale buyback transaction		181,214,087
Investment securities purchased		153,789,454
Variation margin on futures contracts		880,126
Portfolio shares redeemed		135,455
Manager (See Note 3)		124,119
Custodian		71,471
NYLIFE Distributors (See Note 3)		65,090
Professional fees		52,745
Shareholder communication		35,774
Interest on investments sold short		6,955
Trustees		417
Accrued expenses		2,980
Unrealized depreciation on foreign currency forward contracts		800,019
Unrealized depreciation on OTC swap contracts		31,230
Total liabilities		340,211,373
Net assets	$	364,600,988
Composition of Net Assets
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized	$	41,909
Additionalpaid-in capital		425,141,883
		425,183,792
Total distributable earnings (loss)		(60,582,804	)
Net assets	$	364,600,988

Initial Class
Net assets applicable to outstanding shares	$	45,180,853
Shares of beneficial interest outstanding		5,181,200
Net asset value per share outstanding	$	8.72
Service Class
Net assets applicable to outstanding shares	$	319,420,135
Shares of beneficial interest outstanding		36,727,970
Net asset value per share outstanding	$	8.70

26 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Operationsfor the six months ended June 30, 2019 (Unaudited)

Investment Income (Loss)
Income
Interest	$	7,739,768
Dividends-affiliated		11,480
Securities lending		344
Total income		7,751,592
Expenses
Interest expense		2,021,008
Manager (See Note 3)		853,702
Distribution/Service—Service Class (See Note 3)		370,685
Custodian		76,067
Professional fees		58,561
Shareholder communication		43,959
Trustees		4,087
Miscellaneous		7,524
Total expenses before waiver/reimbursement		3,435,593
Expense waiver/reimbursement from Manager (See Note 3)		(48,645	)
Net expenses		3,386,948
Net investment income (loss)		4,364,644
Realized and Unrealized Gain (Loss) on Investments, Futures Contracts, Swap Contracts, Written Options and Foreign Currency Transactions
Net realized gain (loss) on:
Unaffiliated investment transactions		2,186,178
Futures transactions		(3,301,292	)
Written option transactions		(391,136	)
Swap transactions		276,319
Foreign currency forward transactions		2,865
Foreign currency transactions		1,390,828
Net realized gain (loss) on investments, investments sold short, futures transactions, written options, swap transactions and foreign currency transactions		163,762
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		18,399,710
Futures contracts		365,451
Swap contracts		(1,561,937	)
Written option contracts		(23,369	)
Foreign currency forward contracts		(1,008,884	)
Translation of other assets and liabilities in foreign currencies		27,880
Net change in unrealized appreciation (depreciation) on investments, futures contracts, swap contracts, written options and foreign currency transactions		16,198,851
Net realized and unrealized gain (loss) on investments, investments sold short, futures transactions, written options, swap transactions and foreign currency transactions		16,362,613
Net increase (decrease) in net assets resulting from operations	$	20,727,257

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 27

Statements of Changes in Net Assets

for the six months ended June 30, 2019 (Unaudited) and the year ended December 31, 2018

	2019			2018
Increase (Decrease) in Net Assets
Operations:
Net investment income (loss)	$	4,364,644		$	8,405,382
Net realized gain (loss) on investments, futures contracts, written options, swap contracts, written options and foreign currency transactions		163,762			(3,673,329	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, written options, swap contracts, written options and foreign currency transactions		16,198,851			(13,460,121	)
Net increase (decrease) in net assets resulting from operations		20,727,257			(8,728,068	)
Distributions to shareholders:
Initial Class		—			(740,327	)
Service Class		—			(3,847,156	)
Total distributions to shareholders		—			(4,587,483	)
Capital share transactions:
Net proceeds from sale of shares		38,056,775			46,796,177
Net asset value of shares issued to shareholders in reinvestment of dividends and distributions		—			4,587,483
Cost of shares redeemed		(20,757,820	)		(44,576,278	)
Increase (decrease) in net assets derived from capital share transactions		17,298,955			6,807,382
Net increase (decrease) in net assets		38,026,212			(6,508,169	)
Net Assets
Beginning of period		326,574,776			333,082,945
End of period	$	364,600,988		$	326,574,776

28 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Statement of Cash Flows

for the six months ended June 30, 2019 (Unaudited)

Cash flows from operating activities:
Net increase in net assets resulting from operations	$	20,727,257
Adjustments to reconcile net increase in net assets resulting from operations to net cash from operating activities:
Long term investments purchased		(400,602,346	)
Long term investments sold		362,347,594
Purchase of short term investments, net		3,929,620
Purchase of affiliated investments, net		60,345
Amortization (accretion) of discount and premium, net		(3,694,330	)
Decrease in investment securities sold receivable		8,116,042
Decrease in dividends and interest receivable		53,243
Increase in premiums paid for OTC swap contracts		(29,241	)
Increase in other assets		(188,868	)
Decrease in unrealized appreciation for open forward foreign currency contracts		514,292
Increase in premiums from written options		110,981
Increase in investment securities purchased payable		96,097,564
Increase in interest payable for securities sold short		5
Increase in cash collateral due to broker for foreign currency forward contracts		1,500,000
Decrease in cash collateral due to broker for TBA		60,000
Decrease in professional fees payable		(9,762	)
Increase in variation margin on centrally cleared swap contracts		(134,420	)
Decrease in custodian payable		(4,990	)
Decrease in shareholder communication payable		(3,754	)
Increase in due to Trustees		53
Decrease in due to manager		(14,560	)
Increase in due to NYLIFE Distributors		5,258
Decrease in variation margin on futures contracts		(152,314	)
Increase in unrealized depreciation for open forward foreign currency contracts		494,592
Increase in accrued expenses		1,967
Increase in unrealized appreciation on OTC swap contracts		(19,959	)
Increase in unrealized depreciation on OTC swap contracts		24,813
Net realized loss from unaffiliated investments		(2,186,178	)
Net change in unrealized (appreciation) depreciation on unaffiliated investments		(18,399,710	)
Net change in unrealized (appreciation) depreciation on written options		23,369
Net cash from operating activities*		68,626,563

Cash flows used in financing activities:
Proceeds from shares sold	$	38,116,615
Payment on shares redeemed		(20,840,866	)
Increase in due to custodian		70,591
Proceeds from sale-buyback transactions		1,175,417,518
Payments on sale-buyback transactions		(1,261,641,002	)
Net cash used in financing activities		(68,877,144	)
Effect of exchange rate changes on cash		8,802
Net decrease in cash and restricted cash		(241,779	)
Cash, restricted cash and foreign currency at beginning of period		5,212,106
Cash, restricted cash and foreign currency at end of period	$	4,970,327

* Included in operating expenses is cash of $2,020,912 paid for interest on borrowings.

Supplemental disclosure of cash flow information:

The following tables provide a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of the such amounts shown on the Statement of Cash Flows:

Cash and restricted cash at beginning of period
Cash	$	25,920
Cash denominated in foreign currencies		1,004,149
Cash collateral on deposit at broker for futures contracts		2,316,399
Cash collateral on deposit at broker for swap contracts		1,865,638
Total cash and restricted cash shown in the Statement of Cash Flows	$	5,212,106
Cash and restricted cash at end of period
Cash denominated in foreign currencies	$	1,137,398
Cash collateral on deposit at broker for futures contracts		2,133,929
Cash collateral on deposit at broker for swap contracts		1,699,000
Total cash and restricted cash shown in the Statement of Cash Flows	$	4,970,327

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.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 29

Financial Highlightsselected per share data and ratios

	Six months ended June 30,				Year ended December 31,
Initial Class	2019*				2018				2017				2016				2015				2014
Net asset value at beginning of period		$	8.20			$	8.54			$	8.40			$	8.11			$	8.71			$	9.44
Net investment income (loss) (a)			0.11				0.23				0.23				0.17				0.11				0.26
Net realized and unrealized gain (loss) on investments			0.40				(0.53	)			0.15				0.21				(0.51	)			(0.18	)
Net realized and unrealized gain (loss) on foreign currency transactions			0.01				0.10				(0.09	)			0.05				0.19				0.18
Total from investment operations			0.52				(0.20	)			0.29				0.43				(0.21	)			0.26
Less dividends and distributions:
From net investment income			—				(0.14	)			(0.15	)			(0.14	)			(0.39	)			(0.09	)
From net realized gain on investments			—				—				—				—				—				(0.90	)
Total dividends and distributions			—				(0.14	)			(0.15	)			(0.14	)			(0.39	)			(0.99	)
Net asset value at end of period		$	8.72			$	8.20			$	8.54			$	8.40			$	8.11			$	8.71
Total investment return (b)			6.34	%(c)			(2.38	%)(c)			3.45	%			5.28	%			(2.51	%)			2.50	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)			2.68	%††			2.78	%			2.71	%			2.05	%(d)			1.26	%			2.74	%
Net expenses (e)			1.77	%††			1.43	%			1.03	%			0.91	%(f)			0.72	%			0.64	%
Expenses (before waiver/reimbursement) (e)			1.80	%††			—				—				—				—				—
Interest expense and fees			1.18	%††			0.81	%			0.42	%			0.32	%			0.15	%			0.08	%
Portfolio turnover rate (g)			89	%			157	%			121	%			143	%			84	%			85	%
Net assets at end of period (in 000’s)		$	45,181			$	44,523			$	45,563			$	36,060			$	68,794			$	9,479

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 2.04%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears apro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 0.92%.

(g) The portfolio turnover rates not including mortgage dollar rolls were 21%, 48%, 96%, 91%, 59% and 49% for the six months ended June 30, 2019 and for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively.

30 MainStay VP PIMCO Real Return Portfolio The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements.

Financial Highlightsselected per share data and ratios

	Six months ended June 30,			Year ended December 31,
Service Class	2019*			2018			2017			2016			2015			2014
Net asset value at beginning of period	$	8.19		$	8.53		$	8.39		$	8.10		$	8.70		$	9.42
Net investment income (loss) (a)		0.11			0.21			0.21			0.18			0.05			0.24
Net realized and unrealized gain (loss) on investments		0.39			(0.54	)		0.15			0.19			(0.46	)		(0.18	)
Net realized and unrealized gain (loss) on foreign currency transactions		0.01			0.10			(0.09	)		0.04			0.17			0.18
Total from investment operations		0.51			(0.23	)		0.27			0.41			(0.24	)		0.24
Less dividends and distributions:
From net investment income		—			(0.11	)		(0.13	)		(0.12	)		(0.36	)		(0.06	)
From net realized gain on investments		—			—			—			—			—			(0.90	)
Total dividends and distributions		—			(0.11	)		(0.13	)		(0.12	)		(0.36	)		(0.96	)
Net asset value at end of period	$	8.70		$	8.19		$	8.53		$	8.39		$	8.10		$	8.70
Total investment return (b)		6.23	%(c)		(2.63	%)(c)		3.20	%		5.03	%		(2.76	%)		2.26	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.54	%††		2.53	%		2.46	%		2.15	%(d)		0.56	%		2.52	%
Net expenses (e)		2.02	%††		1.68	%		1.28	%		1.16	%(f)		0.97	%		0.87	%
Expenses (before waiver/reimbursement) (e)		2.05	%††		—			—			—			—			—
Interest expense and fees		1.18	%††		0.81	%		0.42	%		0.32	%		0.15	%		0.08	%
Portfolio turnover rate (g)		89	%		157	%		121	%		143	%		84	%		85	%
Net assets at end of period (in 000’s)	$	319,420		$	282,052		$	287,520		$	282,006		$	283,273		$	331,595

* Unaudited.

†† Annualized.

(a) Per share data based on average shares outstanding during the period.

(b) Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized.

(c) Total investment return may reflect adjustments to conform to generally accepted accounting principles.

(d) Without the custody fee reimbursement, net investment income (loss) would have been 2.14%.

(e) In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears apro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

(f) Without the custody fee reimbursement, net expenses would have been 1.17%.

(g) The portfolio turnover rates not including mortgage dollar rolls were 21%, 48%, 96%, 91%, 59% and 49% for the six months ended June 30, 2019 and for the years ended December 31, 2018, 2017, 2016, 2015 and 2014, respectively.

The notes to the financial statements are an integral part of,
and should be read in conjunction with, the financial statements. 31

Notes to Financial Statements(Unaudited)

Note 1–Organization and Business

MainStay VP Funds Trust (the “Fund”) was organized as a Delaware statutory trust on February 1, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company. The Fund is comprised ofthirty-one separate series (collectively referred to as the “Portfolios”). These financial statements and notes relate to the MainStay VP PIMCO Real Return Portfolio (the “Portfolio”), a“non-diversified” portfolio, as that term is defined in the 1940 Act, as interpreted or modified by regulatory authorities having jurisdiction, from time to time. Since the Portfolio has historically operated as a “diversified” portfolio, it will not operate as“non-diversified” without first obtaining shareholder approval.

Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Annuity Corporation (“NYLIAC”), a wholly-owned subsidiary of New York Life Insurance Company (“New York Life”) and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. NYLIAC allocates shares of the Portfolios, among others, certain NYLIAC separate accounts. Shares of the Portfolio are also offered to the MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Moderate Growth Allocation Portfolio and MainStay VP Growth Allocation Portfolio, which operate as“funds-of-funds.”

The Portfolio currently offers two classes of shares. Initial Class and Service Class shares commenced operations on February 17, 2012. Shares of the Portfolio are offered and are redeemed at a price equal to their respective net asset value (“NAV”) per share. No sales or redemption charge is applicable to the purchase or redemption of the Portfolio’s shares. Under the terms of the Fund’s multiple class plan adopted pursuant to Rule18f-3 under the 1940 Act, the classes differ in that, among other things, Service Class shares of the Portfolio pay a combined distribution and service fee of 0.25% of average daily net assets attributable to Service Class shares of the Portfolio to the Distributor (as defined in Note 3(B)) pursuant to a plan adopted in accordance with Rule12b-1 under the 1940 Act. Contract owners of variable annuity contracts are permitted to invest only in the Service Class shares.

The Portfolio’s investment objective is to seek maximum real return, consistent with preservation of real capital and prudent investment management.

Note 2–Significant Accounting Policies

The Portfolio is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard CodificationTopic 946 Financial Services—Investment Companies. The Portfolio prepares its financial statements in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and follows the significant accounting policies described below.

(A)  Securities Valuation.  Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the

“Exchange”) (usually 4:00 p.m. Eastern time) on each day the Portfolio is open for business (“valuation date”).

The Board of Trustees of the Fund (the “Board”) adopted procedures establishing methodologies for the valuation of the Portfolio’s securities and other assets and delegated the responsibility for valuation determinations under those procedures to the Valuation Committee of the Fund (the “Valuation Committee”). The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to deal in the first instance with establishing the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under these procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on anas-needed basis. Subsequently, the Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. The procedures state that, subject to the oversight of the Board and unless otherwise noted, the responsibility for theday-to-day valuation of portfolio assets (including fair value measurements for the Portfolio’s assets and liabilities) rests with New York Life Investment Management LLC (“New York Life Investments” or the “Manager”), aided to whatever extent necessary by the Subadvisor (as defined in Note 3(A)).

To assess the appropriateness of security valuations, the Manager, the Subadvisor or the Portfolio’s third-party service provider, who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities and the sale prices to the prior and current day prices and challenges prices with changes exceeding certain tolerance levels with third-party pricing services or broker sources. For those securities valued through either a standardized fair valuation methodology or a fair valuation measurement, the Subcommittee deals in the first instance with such valuation and the Valuation Committee reviews and affirms, if appropriate, the reasonableness of the valuation based on such methodologies and measurements on a regular basis after considering information that is reasonably available and deemed relevant by the Valuation Committee. Any action taken by the Subcommittee with respect to the valuation of a portfolio security or other asset is submitted for review and ratification (if appropriate) to the Valuation Committee and the Board at the next regularly scheduled meeting.

“Fair value” is defined as the price the Portfolio would reasonably expect to receive upon selling an asset or liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the asset or liability. Fair value measurements are determined within a framework that establishes a three-tier hierarchy which maximizes the use of observable market data and minimizes the use of unobservable inputs to establish a classification of fair value measurements for disclosure purposes. “Inputs” refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, such as the risk inherent in a particular valuation technique used to measure fair value using a pricing model and/or the risk inherent in the inputs for the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the information available. The inputs or methodology

32 MainStay VP PIMCO Real Return Portfolio

used for valuing assets or liabilities may not be an indication of the risks associated with investing in those assets or liabilities. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for an identical asset or liability

• Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability)

The level of an asset or liability within the fair value hierarchy is based on the lowest level of an input, both individually and in the aggregate, that is significant to the fair value measurement. As of June 30, 2019, the aggregate value by input level of the Portfolio’s assets and liabilities is included at the end of the Portfolio’s Portfolio of Investments.

The Portfolio may use third-party vendor evaluations, whose prices may be derived from one or more of the following standard inputs, among others:

•   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

An asset or liability for which market values cannot be measured using the methodologies described above is valued by methods deemed reasonable in good faith by the Valuation Committee, following the procedures established by theBoard, to represent fair value. Under these procedures, the Portfolio generally uses a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information. The Portfolio may also use an income-based valuation approach in which the anticipated future cash flows of the asset or liability are discounted to calculate fair value. Discounts may also be applied due to the nature and/or duration of any restrictions on the disposition of the asset or liability. Fair value represents a good faith approximation of the value of a security. Fair value determinations involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances and the exercise of judgment. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Portfolio’s valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Portfolio’s valuation procedures are designed to value a security at the price the Portfolio may reasonably expect to receive upon the security’s sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that the Portfolio would actually realize upon the sale of the security or the price at which the security would trade if a reliable market price were readily available. During thesix-month period ended June 30, 2019, there were no material changes to the fair value methodologies.

Securities which may be valued in this manner include, but are not limited to: (i) a security for which trading has been halted or suspended; (ii) a debt security that has recently gone into default and for which there is not a current market quotation; (iii) a security of an issuer that has entered into a restructuring; (iv) a security that has been delisted from a national exchange; (v) a security for which the market price is not readily available from a third-party pricing source or, if so provided, does not, in the opinion of the Manager or the Subadvisor, reflect the security’s market value; (vi) a security subject to trading collars for which no or limited trading takes place; and (vii) a security whose principal market has been temporarily closed at a time when, under normal conditions, it would be open. Securities valued in this manner are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Certain securities held by the Portfolio may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which the Portfolio’s NAVs are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of June 30, 2019, no foreign equity securities were held by the Portfolio.

Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. These securities are generally categorized as Level 1 in the hierarchy.

Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

Options contracts are valued at the last posted settlement price on the market where such options are primarily traded.

Debt securities (other than convertible and municipal bonds) are valued at the evaluated bid prices (evaluated mean prices in the case of convertible and municipal bonds) supplied by a pricing agent or brokers selected by the Manager, in consultation with the Subadvisor. The evaluations are market-based measurements processed through a pricing application and represents the pricing agent’s good faith determination as to what a holder may receive in an orderly transaction under market conditions. The rules based logic utilizes valuation techniques that reflect participants’ assumptions and vary by asset class and per methodology, maximizing the use of relevant observable data

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Notes to Financial Statements(Unaudited) (continued)

including quoted prices for similar assets, benchmark yield curves and market corroborated inputs. The evaluated bid or mean prices are deemed by the Manager, in consultation with the Subadvisor, to be representative of market values at the regular close of trading of the Exchange on each valuation date. Debt securities purchased on a delayed delivery basis are marked to market daily until settlement at the forward settlement date. Debt securities, including corporate bonds, U.S. government and federal agency bonds, municipal bonds, foreign bonds, convertible bonds, asset-backed securities and mortgage-backed securities are generally categorized as Level 2 in the hierarchy.

Foreign currency forward contracts are valued at their fair market values measured on the basis of the mean between the last current bid and ask prices based on dealer or exchange quotations and are generally categorized as Level 2 in the hierarchy.

Swaps are marked to market daily based upon quotations from pricing agents, brokers or market makers. These securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy. As of June 30, 2019, there were no securities held by the Portfolio that were fair valued in such a manner.

Temporary cash investments acquired in excess of 60 days to maturity at the time of purchase are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities and ratings), both as furnished by independent pricing services. Other temporary cash investments which mature in 60 days or less at the time of purchase (“Short-Term Investments”) are valued using the amortized cost method of valuation, unless the use of such method would be inappropriate. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between such cost and the value on maturity date. Amortized cost approximates the current fair value of a security. Securities valued using the amortized cost method are not valued using quoted prices in an active market and are generally categorized as Level 2 in the hierarchy.

The information above is not intended to reflect an exhaustive list of the methodologies that may be used to value portfolio investments. The valuation procedures permit the use of a variety of valuation methodologies in connection with valuing portfolio investments. The methodology used for a specific type of investment may vary based on the market data available or other considerations. The methodologies summarized above may not represent the specific means by which portfolio investments are valued on any particular business day.

A portfolio security or other asset may be determined to be illiquid under procedures approved by the Board. Illiquidity of a security might prevent the sale of such security at a time when the Manager or the Subadvisor might wish to sell, and these securities could have the effect of decreasing the overall level of the Portfolio’s liquidity. Further, the lack of an established secondary market may make it more difficult to value

illiquid securities, requiring the Portfolio to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that the Portfolio could realize upon disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to the Portfolio. Under the supervision of the Board, the Manager or the Subadvisor determine the liquidity of the Portfolio’s investments; in doing so, the Manager or the Subadvisor may consider various factors, including: (i) the frequency of trades and quotations; (ii) the number of dealers and prospective purchasers; (iii) dealer undertakings to make a market; and (iv) the nature of the security and the market in which it trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). Illiquid securities are often valued in accordance with methods deemed by the Board in good faith to be reasonable and appropriate to accurately reflect their fair value. The liquidity of the Portfolio’s investments, as shown in the Portfolio of Investments, was determined as of June 30, 2019 and can change at any time in response to, among other relevant factors, market conditions or events or developments with respect to an individual issuer or instrument.

(B)  Income Taxes.  The Portfolio’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and to distribute all of its taxable income to the shareholders of the Portfolio within the allowable time limits. Therefore, no federal, state and local income tax provisions are required.

Management evaluates the Portfolio’s tax positions to determine if the tax positions taken meet the minimum recognition threshold in connection with accounting for uncertainties in income tax positions taken or expected to be taken for the purposes of measuring and recognizing tax liabilities in the financial statements. Recognition of tax benefits of an uncertain tax position is permitted only to the extent the position is “more likely than not” to be sustained assuming examination by taxing authorities. Management has analyzed the Portfolio’s tax positions taken on federal, state and local income tax returns for all open tax years (for up to three tax years) and has concluded that no provisions for federal, state and local income tax are required in the Portfolio’s financial statements. The Portfolio’s federal, state and local income tax and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state and local departments of revenue.

(C)  Foreign Taxes.  The Portfolio may be subject to foreign taxes on income and other transaction-based taxes imposed by certain countries in which it invests. A portion of the taxes on gains on investments or currency purchases/repatriation may be reclaimable. The Portfolio will accrue such taxes and reclaims as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

The Portfolio may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based taxes imposed by certain countries in which it invests. The Portfolio will accrue such taxes as applicable based upon its current interpretation of tax rules and regulations that exist in the market in which it invests. Capital gains taxes relating to positions still held are reflected as a liability on the Statement of Assets and Liabilities, as well as an adjustment to the Portfolio’s net unrealized appreciation (depreciation). Taxes related to capital gains

34 MainStay VP PIMCO Real Return Portfolio

realized, if any, are reflected as part of net realized gain (loss) in the Statement of Operations. Changes in tax liabilities related to capital gains taxes on unrealized investment gains, if any, are reflected as part of the change in net unrealized appreciation (depreciation) on investments in the Statement of Operations. Transaction-based charges are generally assessed as a percentage of the transaction amount.

(D)  Dividends and Distributions to Shareholders.  Dividends and distributions are recorded on theex-dividend date. The Portfolio intends to declare and pay dividends from net investment income and distributions from net realized capital and currency gains, if any, at least annually. Unless the shareholder elects otherwise, all dividends and distributions are reinvested in the same class of shares of the Portfolio, at NAV. Dividends and distributions to shareholders are determined in accordance with federal income tax regulations and may differ from determinations using GAAP.

(E)  Security Transactions and Investment Income.  The Portfolio records security transactions on the trade date. Realized gains and losses on security transactions are determined using the identified cost method. Dividend income is recognized on theex-dividend date; net of any foreign tax withheld at the source, and interest income is accrued as earned using the effective interest rate method. Discounts and premiums on securities purchased for the Portfolio are accreted and amortized, respectively, on the effective interest rate method over the life of the respective securities.

Investment income and realized and unrealized gains and losses on investments of the Portfolio are allocated pro rata to the separate classes of shares based upon their relative net assets on the date the income is earned or realized and unrealized gains and losses are incurred.

The Portfolio may place a debt security onnon-accrual status and reduce related interest income by ceasing current accruals and writing off all or a portion of any interest receivables when the collection of all or a portion of such interest has become doubtful. A debt security is removed fromnon-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

(F)  Expenses.  Expenses of the Fund are allocated to the individual Portfolios in proportion to the net assets of the respective Portfolios when the expenses are incurred, except where direct allocations of expenses can be made. Expenses (other than fees incurred under the distribution and service plans, further discussed in Note 3(B), which are charged directly to the Service Class shares) are allocated to separate classes of shares pro rata based upon their relative net assets on the date the expenses are incurred. The expenses borne by the Portfolio, including those of related parties to the Portfolio, are shown in the Statement of Operations.

Additionally, the Portfolio may invest in mutual funds, which are subject to management fees and other fees that may cause the costs of investing in mutual funds to be greater than the costs of owning the underlying securities directly. These indirect expenses of mutual funds are not included in the amounts shown as expenses in the Portfolio’s Statement of Operations or in the expense ratios included in the Financial Highlights.

(G)  Use of Estimates.  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(H)  Repurchase Agreements.  The Portfolio may enter into repurchase agreements (i.e., buy a security from another party with the agreement that it be sold back in the future) to earn income. The Portfolio may enter into repurchase agreements only with counterparties, usually financial institutions, that are deemed by the Manager or the Subadvisor to be creditworthy, pursuant to guidelines established by the Board. During the term of any repurchase agreement, the Manager or the Subadvisor will continue to monitor the creditworthiness of the counterparty. Under the 1940 Act, repurchase agreements are considered to be collateralized loans by the Portfolio to the counterparty secured by the securities transferred to the Portfolio.

Repurchase agreements are subject to counterparty risk, meaning the Portfolio could lose money by the counterparty’s failure to perform under the terms of the agreement. The Portfolio mitigates this risk by ensuring the repurchase agreement is collateralized by cash, U.S. government securities, fixed income securities and/or other securities. The collateral is held by the Portfolio’s custodian and valued daily on a mark to market basis to determine if the value, including accrued interest, exceeds the repurchase price. In the event of the counterparty’s default on the obligation to repurchase, the Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. Under certain circumstances, such as in the event of default or bankruptcy by the counterparty, realization and/or retention of the collateral may be limited or subject to delay, to legal proceedings and possible realized loss to the Portfolio. As of June 30, 2019, repurchase agreements are shown in the Portfolio of Investments.

(I)  Futures Contracts.  A futures contract is an agreement to purchase or sell a specified quantity of an underlying instrument at a specified future date and price, or to make or receive a cash payment based on the value of a financial instrument (e.g., foreign currency, interest rate, security or securities index). The Portfolio is subject to risks such as market price risk and/or interest rate risk in the normal course of investing in these transactions. Upon entering into a futures contract, the Portfolio is required to pledge to the broker or futures commission merchant an amount of cash and/or U.S. government securities equal to a certain percentage of the collateral amount, known as the “initial margin.” During the period the futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. The Portfolio agrees to receive from or pay to the broker or futures commission merchant an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as “variation margin.” When the futures contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract.

The use of futures contracts involves, to varying degrees, elements of market risk in excess of the amount recognized in the Statement of Assets and Liabilities. The contract or notional amounts and variation margin reflect the extent of the Portfolio’s involvement in open futures

35

Notes to Financial Statements(Unaudited) (continued)

positions. There are several risks associated with the use of futures contracts as hedging techniques. There can be no assurance that a liquid market will exist at the time when the Portfolio seeks to close out a futures contract. If no liquid market exists, the Portfolio would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Futures may be more volatile than direct investments in the instrument underlying the futures and may not correlate to the underlying instrument, causing a given hedge not to achieve its objectives. The Portfolio’s activities in futures contracts have minimal counterparty risk as they are conducted through regulated exchanges that guarantee the futures against default by the counterparty. In the event of a bankruptcy or insolvency of a futures commission merchant that holds margin on behalf of the Portfolio, the Portfolio may not be entitled to the return of the entire margin owed to the Portfolio, potentially resulting in a loss. The Portfolio’s investment in futures contracts and other derivatives may increase the volatility of the Portfolio’s NAVs and may result in a loss to the Portfolio. As of June 30, 2019, open futures contracts are shown in the Portfolio of Investments.

(J)  Foreign Currency Forward Contracts.  The Portfolio may enter into foreign currency forward contracts, which are agreements to buy or sell foreign currencies on a specified future date at a specified rate. The Portfolio is subject to foreign currency exchange rate risk in the normal course of investing in these transactions. During the period the forward contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking to market such contract on a daily basis to reflect the market value of the contract at the end of each day’s trading. Cash movement occurs on settlement date. When the forward contract is closed, the Portfolio records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio’s basis in the contract. The Portfolio may purchase and sell foreign currency forward contracts for purposes of seeking to enhance portfolio returns and manage portfolio risk more efficiently. Foreign currency forward contracts may also be used to gain exposure to a particular currency or to hedge against the risk of loss due to changing currency exchange rates. Foreign currency forward contracts to purchase or sell a foreign currency may also be used in anticipation of future purchases or sales of securities denominated in foreign currency, even if the specific investments have not yet been selected.

The use of foreign currency forward contracts involves, to varying degrees, elements of risk in excess of the amount recognized in the Statement of Assets and Liabilities, including counterparty risk, market risk and illiquidity risk. Counterparty risk is heightened for these instruments because foreign currency forward contracts are not exchange-traded and therefore no clearinghouse or exchange stands ready to meet the obligations under such contracts. Thus, the Portfolio faces the risk that its counterparties under such contracts may not perform their obligations. Market risk is the risk that the value of a foreign currency forward contract will depreciate due to unfavorable changes in exchange rates. Illiquidity risk arises because the secondary market for foreign currency forward contracts may have less liquidity relative to markets for other securities and financial instruments. Risks also arise from the possible movements in the foreign exchange rates underlying these instruments. While the Portfolio may enter into forward contracts

to reduce currency exchange risks, changes in currency exchange rates may result in poorer overall performance for the Portfolio than if it had not engaged in such transactions. Exchange rate movements can be large, depending on the currency, and can last for extended periods of time, affecting the value of the Portfolio’s assets. Moreover, there may be an imperfect correlation between the Portfolio’s holdings of securities denominated in a particular currency and forward contracts entered into by the Portfolio. Such imperfect correlation may prevent the Portfolio from achieving the intended hedge or expose the Portfolio to the risk of currency exchange loss. The unrealized appreciation (depreciation) on forward contracts also reflects the Portfolio’s exposure at the valuation date to credit loss in the event of a counterparty’s failure to perform its obligations. As of June 30, 2019, all open forward currency contracts are shown in the Portfolio of Investments.

(K)  Foreign Currency Transactions.  The Portfolio’s books and records are maintained in U.S. dollars. Prices of securities denominated in foreign currency amounts are translated into U.S. dollars at the mean between the buying and selling rates last quoted by any major U.S. bank at the following dates:

(i) market value of investment securities, other assets and liabilities—at the valuation date; and

(ii) purchases and sales of investment securities, income and expenses—at the date of such transactions.

The assets and liabilities that are denominated in foreign currency amounts are presented at the exchange rates and market values at the close of the period. The realized and unrealized changes in net assets arising from fluctuations in exchange rates and market prices of securities are not separately presented.

Net realized gain (loss) on foreign currency transactions represents net gains and losses on foreign currency forward contracts, net currency gains or losses realized as a result of differences between the amounts of securities sale proceeds or purchase cost, dividends, interest and withholding taxes as recorded on the Portfolio’s books, and the U.S. dollar equivalent amount actually received or paid. Net currency gains or losses from valuing such foreign currency denominated assets and liabilities, other than investments at valuation date exchange rates, are reflected in unrealized foreign exchange gains or losses.

(L)  Swap Contracts.  The Portfolio may enter into credit default, interest rate, equity, index and currency exchange rate swap contracts (“swaps”). In a typical swap transaction, two parties agree to exchange the future returns (or differentials in rates of future returns) earned or realized at periodic intervals on a particular investment or instrument based on a notional principal amount. Generally, the Portfolio will enter into a swap on a net basis, which means that the two payment streams under the swap are netted, with the Portfolio receiving or paying (as the case may be) only the net amount of the two payment streams. Therefore, the Portfolio’s current obligation under a swap generally will be equal to the net amount to be paid or received under the swap, based on the relative value of notional positions attributable to each counterparty to the swap. The payments may be adjusted for transaction costs, interest payments, the amount of interest paid on the investment or instrument or other factors. Collateral, in the form of cash or securities, may be required to be held in segregated accounts with the custodian bank or broker in accordance with the terms of the swap. Swap

36 MainStay VP PIMCO Real Return Portfolio

agreements are privately negotiated in the over the counter (“OTC”) market and may be executed in a multilateral or other trade facilities platform, such as a registered commodities exchange (“centrally cleared swaps”).

Certain standardized swaps, including certain credit default and interest rate swaps, are subject to mandatory clearing and exchange-trading, and more types of standardized swaps are expected to be subject to mandatory clearing and exchange-trading in the future. The counterparty risk for exchange-traded and cleared derivatives is expected to be generally lower than for uncleared derivatives, but cleared contracts are not risk-free. In a cleared derivative transaction, the Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of its original counterparty. The Portfolio will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared transaction. As of June 30, 2019, all swap positions outstanding are shown in the Portfolio of Investments.

Swaps are marked to market daily based upon quotations from pricing agents, brokers, or market makers and the change in value, if any, is recorded as unrealized appreciation or depreciation. Any payments made or received upon entering into a swap would be amortized or accreted over the life of the swap and recorded as a realized gain or loss. Early termination of a swap is recorded as a realized gain or loss. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statement of Assets and Liabilities.

The Portfolio bears the risk of loss of the amount expected to be received under a swap in the event of the default or bankruptcy of the swap counterparty. The Portfolio may be able to eliminate its exposure under a swap either by assignment or other disposition, or by entering into an offsetting swap with the same party or a similar creditworthy party. Swaps are not actively traded on financial markets. Entering into swaps involves elements of credit, market, and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibilities that there will be no liquid market for these swaps, that the counterparty to the swaps may default on its obligation to perform or disagree as to the meaning of the contractual terms in the swaps and that there may be unfavorable changes in interest rates, the price of the index or the security underlying these transactions.

Interest Rate Swaps: An interest rate swap is an agreement between two parties where one stream of future interest payments is exchanged for another based on a specified principal amount. Interest rate swaps often exchange a fixed payment for a floating payment that is linked to an interest rate (most often the London Interbank Offered Rate (“LIBOR”)). The Portfolio will typically use interest rate swaps to limit, or manage, its exposure to fluctuations in interest rates, or to obtain a marginally lower interest rate than it would have been able to get without the swap.

Credit Default Swaps: The Portfolio may enter into credit default swaps to simulate long and short bond positions or to take an active long or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation. The types of reference obligations underlying the swaps that may be entered into by the Portfolio include debt obligations of a single issuer of corporate or sovereign debt, a basket of obligations of different issuers or a credit index. A credit index is an equally-weighted credit default swap index that is designed to track a representative segment of the credit default swap market (e.g., investment grade, high volatility, below investment grade or emerging markets) and provides an investor with exposure to specific “baskets” of issuers of certain debt instruments. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically. Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default. Selling protection effectively adds leverage to a portfolio up to the notional amount of the swap agreement. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

(M)  Options Contracts.  The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio’s exposure to the underlying instrument. Writing call options tends to decrease the Portfolio’s exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swaps, security or currency transaction to determine the realized gain or loss. Certain options may be written with premiums to be determined on a future date. The Portfolio, as a writer of an option, has no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market. Writing call options involves risk of loss in excess of the related amounts reflected in the Statement of Assets and Liabilities.

The Portfolio may also purchase put and call options. Purchasing call options tends to increase the Portfolio’s exposure to the underlying instrument. Alternatively, purchasing put options tends to decrease the Portfolio’s exposure to the underlying instrument. The Portfolio pays a premium which is included on the Portfolio’s Statement of Assets and

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Notes to Financial Statements(Unaudited) (continued)

Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss when the underlying transaction is sold.

The Portfolio may purchase or write foreign currency options. Purchasing a foreign currency option gives the Portfolio the right, but not the obligation, to buy or sell a specified amount of the currency at a specified rate of exchange that may be exercised on or before the option’s expiration date. Writing a foreign currency option obligates the Portfolio to buy or sell a specified amount of foreign currency at a specified rate of exchange, and such option may be exercised on or before the option’s expiration date in exchange for an option premium. These options may be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies. The risks associated with writing a foreign currency put option include the risk that the Portfolio may incur a loss if the value of the referenced foreign currency decreases and the option is exercised. The risks associated with writing a foreign currency call option include the risk that if the value of the referenced foreign currency increases, and if the option is exercised, the Portfolio must either acquire the referenced foreign currency at the then higher price for delivery or, if the Portfolio already owns the referenced foreign currency, forego the opportunity for profit with respect to such foreign currency.

The Portfolio may purchase or write option on exchanged-traded futures contracts (“Futures Option”) to hedge an existing position or futures investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

The Portfolio may purchase or write inflation-capped options to enhance returns or for hedging opportunities. An inflation-capped option pays out if inflation exceeds a certain level over a specified period of time. The purpose of purchasing inflation-capped options is to protect the Portfolio from inflation erosion above a certain rate on a given notional exposure. When the Portfolio writes an inflation-capped option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. As of June 30, 2019, all open options are shown in the Portfolio of Investments.

(N)  Interest Rate and Credit Default Swaptions.  The Portfolio may enter into interest rate or credit default swaption agreements. A swaption is an option to enter into apre-defined swap agreement at a specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed rate buyer. The credit default swaption agreement will specify whether the buyer of the swaption will be buying protection or selling protection. As of June 30, 2019, swaptions are shown in the Portfolio of Investments.

(O)  Loan Assignments, Participations and Commitments.  The Portfolio may invest in loan assignments and participations (“loans”). Commitments are agreements to make money available to a borrower in a specified amount, at a specified rate and within a specified time. The Portfolio records an investment when the borrower withdraws money on a commitment or when a funded loan is purchased (trade date) and records interest as earned. These loans pay interest at rates that are periodically reset by reference to a base lending rate plus a spread. These base lending rates are generally the prime rate offered by a designated U.S. bank or the LIBOR.

The loans in which the Portfolio may invest are generally readily marketable, but may be subject to some restrictions on resale. For example, the Portfolio may be contractually obligated to receive approval from the agent bank and/or borrower prior to the sale of these investments. If the Portfolio purchases an assignment from a lender, the Portfolio will generally have direct contractual rights against the borrower in favor of the lender. If the Portfolio purchases a participation interest either from a lender or a participant, the Portfolio typically will have established a direct contractual relationship with the seller of the participation interest, but not with the borrower. Consequently, the Portfolio is subject to the credit risk of the lender or participant who sold the participation interest to the Portfolio, in addition to the usual credit risk of the borrower. In the event that the borrower, selling participant or intermediate participants become insolvent or enter into bankruptcy, the Portfolio may incur certain costs and delays in realizing payment, or may suffer a loss of principal and/or interest.

Unfunded commitments represent the remaining obligation of the Portfolio to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of Assets and Liabilities. As of June 30, 2019, the Portfolio did not hold any unfunded commitments.

(P)  Dollar Rolls.  The Portfolio may enter into dollar roll transactions in which it sells mortgage-backed securities (“MBS”) from its portfolios to a counterparty from whom the Portfolio simultaneously agrees to buy a similar security on a delayed delivery basis. The Portfolio generally transfers MBS where the MBS are “to be announced,” therefore, the Portfolio accounts for these transactions as purchases and sales.

When accounted for as purchase and sales, the securities sold in connection with the dollar rolls are removed from a portfolio and a realized gain or loss is recognized. The securities the Portfolio has agreed to acquire are included at market value in the Portfolio of Investments and liabilities for such purchase commitments are included as payables for investments purchased. During the roll period, the Portfolio foregoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the forward price for the future as well as by the earnings on the cash proceeds of the initial sale. Dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Portfolio maintains liquid assets from its portfolio having a value not less than the repurchase price, including accrued interest. Dollar roll transactions involve certain risks, including the risk that the securities returned to the Portfolio at the end of the roll period, while substantially similar, could be inferior to what was initially sold to the counterparty.

38 MainStay VP PIMCO Real Return Portfolio

The Portfolio accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss).

(Q)  Reverse Repurchase Agreements.  The Portfolio may enter into reverse repurchase agreements with banks or broker/dealers, which involve the sale of a security by a Portfolio and its agreement to repurchase the instrument at a specified time and price. Under a reverse repurchase agreement, the Portfolio continues to receive any principal and interest payments on the underlying security during the term of the agreement. These agreements involve the sale of debt securities, or obligations, held by a Portfolio, with an agreement to repurchase the obligations at an agreed-upon price, date and interest payment. The proceeds will be used to purchase other debt securities either maturing, or under an agreement to resell, at a date simultaneous with or prior to the expiration of the reverse repurchase agreement. Reverse repurchase agreements will be utilized, when permitted by law, only when the interest income to be earned from the investment of the proceeds from the transaction is greater than the interest expense of the reverse repurchase transaction.

The Portfolio will limit its investments in reverse repurchase agreements and other borrowing to no more than 33%, or as otherwise limited herein, of its total assets. While a reverse repurchase agreement is outstanding, the Portfolios will maintain liquid assets in an amount at least equal in value to the Portfolios’ commitments to cover their obligations under the agreement. The use of reverse repurchase agreements by the Portfolio creates leverage that increases the Portfolio’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the cost of the agreements, the Portfolio’s earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. If the buyer of the obligation subject to the reverse repurchase agreement becomes bankrupt, realization upon the underlying securities may be delayed and there is a risk of loss due to any decline in their value. As of June 30, 2019, the Portfolio did not hold any reverse repurchase agreements.

(R)  Sale-Buybacks.  The Portfolio may enter into financing transactions referred to as ‘sale-buybacks’. A sale-buyback transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the “price drop”. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms

made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate cash or liquid assets, enter intooff-setting transactions or use other measures permitted by applicable laws to “cover” the Portfolio’s current obligations.

(S)  Securities Sold Short.  The Portfolio may engage in sales of securities it does not own (“short sales”) as part of its investment strategies. When the Portfolio enters into a short sale, it must segregate or maintain with a broker the cash proceeds from the security sold short or other securities as collateral for its obligation to deliver the security upon conclusion of the sale. During the period a short position is open, depending on the nature and type of security, a short position is reflected as a liability and is marked to market in accordance with the valuation methodologies previously detailed (See Note 2(A)). Liabilities for securities sold short are closed out by purchasing the applicable securities for delivery to the counterparty broker. A gain, limited to the price at which the Portfolio sold the security short, or a loss, unlimited as to dollar amount, will be recognized upon termination of a short sale if the market price on the date the short position is closed out is less or greater, respectively, than the proceeds originally received. Any such gain or loss may be offset, completely or in part, by the change in the value of the hedged investments. Interest on short positions held is accrued daily, while dividends declared on short positions existing on the record date are recorded on theex-dividend date as a dividend expense in the Statement of Operations. Broker fees and other expenses related to securities sold short are disclosed in the Statement of Operations. Short sales involve risk of loss in excess of the related amounts reflected in the Statement of Assets and Liabilities. As of June 30, 2019, the Portfolio did not hold any securities sold short.

(T)  Delayed Delivery Transactions.  The Portfolio may purchase or sell securities on a delayed delivery basis. These transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, the Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed delivery transaction after it is entered into, and may sell delayed delivery securities before they are delivered, which may result in a realized gain or loss. When the Portfolio has sold a security it owns on a delayed delivery basis, the Portfolio does not participate in future gains and losses with respect to the security.

(U)  Treasury Inflation-Protected Securities.  The Portfolio invests in Treasury Inflation-Protected Securities (“TIPS”) which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The inflation (deflation) adjustment is applied to the principal of each bond on a monthly basis and is accounted for as interest income on the Statement of Operations. TIPS are subject to interest rate risk.

39

Notes to Financial Statements(Unaudited) (continued)

(V)  Securities Lending.  In order to realize additional income, the Portfolio may engage in securities lending, subject to the limitations set forth in the 1940 Act and relevant guidance by the staff of the Securities and Exchange Commission (“SEC”). In the event the Portfolio does engage in securities lending, the Portfolio will lend through its custodian, State Street Bank and Trust Company (“State Street”), acting as securities lending agent on behalf of the Portfolio. State Street will manage the Portfolio’s collateral in accordance with the securities lending agency agreement between the Portfolio and State Street, and indemnify the Portfolio against counterparty risk. The loans will be collateralized by cash (which may be invested in a money market fund) and/ornon-cash collateral (which may include, U.S. Treasury securities and/or U.S. Government Agency securities issued or guaranteed by the United States government or its agencies or instrumentalities) at least equal at all times to the market value of the securities loaned. The Portfolio may bear the risk of delay in recovery of, or loss of rights in, the securities loaned should the borrower of the securities experience financial difficulty. The Portfolio may also record a realized gain or loss on securities deemed sold due to a borrower’s inability to return securities on loan. The Portfolio bears the risk of any loss on investment of cash collateral. The Portfolio will receive compensation for lending its securities in the form of fees or it will retain a portion of interest on the investment of any cash collateral. The Portfolio will also continue to receive interest and dividends on the securities loaned and any gain or loss in the market price of the securities loaned that may occur during the term of the loan will be for the account of the Portfolio. Income earned from securities lending activities, if any, is reflected in the Statement of Operations. As of June 30, 2019, the Portfolio did not have any portfolio securities on loan.

(W)  Debt and Foreign Securities Risk.  The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region. Debt securities are also subject to the risks associated with changes in interest rates.

The Portfolio may invest in foreign securities, which carry certain risks that are in addition to the usual risks inherent in domestic securities. These risks include those resulting from currency fluctuations, future adverse political or economic developments and possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. These risks are likely to be greater in emerging markets than in developed markets. The ability of issuers of debt securities held by the Portfolio to meet their obligations may be affected by, among other things, economic or political developments in a specific country, industry or region.

(X)  Counterparty Credit Risk.  In order to better define its contractual rights and to secure rights that will help the Portfolio mitigate its counterparty risk, the Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains collateral posting terms and netting provisions. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single

net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio declines below specific levels or if the Portfolio fails to meet the terms of its ISDA Master Agreements. The result would cause the Portfolio to accelerate payment of any net liability owed to the counterparty.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

(Y)  Indemnifications.  Under the Fund’s organizational documents, its officers and trustees are indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Portfolio enters into contracts with third-party service providers that contain a variety of representations and warranties and which may provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. Based on experience, management is of the view that the risk of loss in connection with these potential indemnification obligations is remote. However, there can be no assurance that material liabilities related to such obligations will not arise in the future, which could adversely impact the Portfolio.

(Z)  Quantitative Disclosure of Derivative Holdings.  The following tables show additional disclosures related to the Portfolio’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolio’s financial positions, performance and cash flows. The Portfolio entered into futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The Portfolio wrote or purchased options to enhance returns or to hedge an existing position or future investment. The Portfolio entered into forward foreign currency contracts to hedge the currency exposure associated with some or all of the Portfolio’s securities or as a part of an investment strategy. The Portfolio utilizes credit default, interest rate and inflation swap agreements to manage its exposure to credit, interest rate and inflation risk

40 MainStay VP PIMCO Real Return Portfolio

Fair value of derivative instruments as of June 30, 2019:

Asset Derivatives

	Statement of Assets and Liabilities Location	Foreign Exchange Contracts Risk		Credit Contracts Risk		Interest Rate Contracts Risk		Total
Purchased Options	Investments in securities, at value	$	—	$	—	$	7,688	$	7,688
Futures Contracts	Net Assets—Net unrealized appreciation on investments, swap contracts and futures contracts (a)		—		—		569,184		569,184
OTC Swap Contracts	Unrealized appreciation on OTC swap contracts		—		—		22,956		22,956
Centrally Cleared Swap Contracts	Net Assets—Net unrealized appreciation on investments, swap contracts and futures contracts (b)		—		10,368		766,982		777,350
Forward Contracts	Unrealized appreciation on foreign currency forward contracts		403,889		—		—		403,889
Total Fair Value		$	403,889	$	10,368	$	1,366,810	$	1,781,067

Liability Derivatives

	Statement of Assets and Liabilities Location	Foreign Exchange Contracts Risk			Credit Contracts Risk			Interest Rate Contracts Risk			Total
Written Options	Investments in written options, at value	$	—		$	—		$	(200,860	)	$	(200,860	)
Futures Contracts	Net Assets—Net unrealized depreciation on investments, swap contracts and futures contracts (a)		—			—			(1,623,580	)		(1,623,580	)
OTC Swap Contracts	Unrealized depreciation on OTC swap contracts		—			(29,986	)		(1,244	)		(31,230	)
Centrally Cleared Swap Contracts	Net Assets—Net unrealized depreciation on investments, swap contracts and futures contracts (b)		—			(155,601	)		(1,762,051	)		(1,917,652	)
Forward Contracts	Unrealized depreciation on foreign currency forward contracts		(800,019	)		—			—			(800,019	)
Total Fair Value		$	(800,019	)	$	(185,587	)	$	(3,587,735	)	$	(4,573,341	)

(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.

The effect of derivative instruments on the Statement of Operations for the period ended June 30, 2019:

Realized Gain (Loss)

	Statement of Operations Location	Foreign Exchange Contracts Risk		Credit Contracts Risk			Interest Rate Contracts Risk			Total
Purchased Options	Net realized gain (loss) on investment transactions	$	—	$	—		$	779,901		$	779,901
Written Options	Net realized gain (loss) on written option transactions		—		—			(391,136	)		(391,136	)
Futures Contracts	Net realized gain (loss) on futures transactions		—		—			(3,301,292	)		(3,301,292	)
Swap Contracts	Net realized gain (loss) on swap transactions		—		(99,617	)		375,936			276,319
Forward Contracts	Net realized gain (loss) on foreign currency forward transactions		2,865		—			—			2,865
Total Realized Gain (Loss)		$	2,865	$	(99,617	)	$	(2,536,591	)	$	(2,633,343	)

41

Notes to Financial Statements(Unaudited) (continued)

Change in Unrealized Appreciation (Depreciation)

	Statement of Operations Location	Foreign Exchange Contracts Risk			Credit Contracts Risk			Interest Rate Contracts Risk			Total
Purchased Options	Net change in unrealized appreciation (depreciation) on investments	$	—		$	—		$	(4,396	)	$	(4,396	)
Written Options	Net change in unrealized appreciation (depreciation) on written options		—			—			(23,369	)		(23,369	)
Futures Contracts	Net change in unrealized appreciation (depreciation) on futures contracts		—			—			365,451			365,451
Swap Contracts	Net change in unrealized appreciation (depreciation) on swap contracts		—			(279,594	)		(1,282,343	)		(1,561,937	)
Forward Contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		(1,008,884	)		—			—			(1,008,884	)
Total Change in Unrealized Appreciation (Depreciation)		$	(1,008,884	)	$	(279,594	)	$	(944,657	)	$	(2,233,135	)

Average Notional Amount

	Foreign Exchange Contracts Risk			Credit Contracts Risk		Interest Rate Contracts Risk			Total
Purchased Options	$	—		$	—	$	133,164,679		$	133,179,679
Written Options	$	—		$	—	$	(23,350,210	)	$	(23,350,210	)
Written Swaptions	$	—		$	—	$	(24,850,000	)	$	(24,850,000	)
Written Inflation—Capped Options	$	—		$	—	$	(2,200,000	)	$	(2,200,000	)
Futures Contracts Long	$	—		$	—	$	65,626,285		$	65,626,285
Futures Contracts Short	$	—		$	—	$	(143,412,080	)	$	(143,412,080	)
Swap Contracts Long	$	—		$	9,132,575	$	97,873,900		$	107,006,475
Forward Contracts Long	$	28,550,702		$	—	$	—		$	28,550,702
Forward Contracts Short	$	(90,970,247	)	$	—	$	—		$	(90,970,247	)

Borrowings and other financing transactions summary

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral (received)/pledged as of June 30, 2019:

Counterparty	Payable for Sale-Buyback Transactions			Total Borrowings and Other Financing Transactions			Collateral (Received)/ Pledged		Net Exposure (a)
Master Securities Forward Transaction Agreement Barclays Capital Inc.	$	(181,618,068	)	$	(181,618,068	)	$	183,405,606	$	1,787,538
Total Borrowings and Other Financing Transactions	$	(181,618,068	)

(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.

42 MainStay VP PIMCO Real Return Portfolio

Certain Transfers Accounted for as Secured Borrowings

Remaining Contractual Maturity of the Agreements

	Overnight and Continuous		Up to 30 days		31-90 days		Greater than 90 days		Total
Sale-Buyback Transactions
United States Treasury Obligations	$	—	$	46,274,340	$	134,939,747	$	—	$	181,214,087
Total Borrowings	$	—	$	46,274,340	$	134,939,747	$	—	$	181,214,087
Gross amount of recognized liabilities for reverse repurchase agreements and sale-buyback financing transactions									$	181,214,087

Note 3–Fees and Related Party Transactions

(A)  Manager and Subadvisor.  New York Life Investments, a registered investment adviser and an indirect, wholly-owned subsidiary of New York Life, serves as the Portfolio’s Manager pursuant to an Amended and Restated Management Agreement (“Management Agreement”). The Manager provides offices, conducts clerical, recordkeeping and bookkeeping services, and keeps most of the financial and accounting records required to be maintained by the Portfolio. Except for the portion of salaries and expenses that are the responsibility of the Portfolio, the Manager pays the salaries and expenses of all personnel affiliated with the Portfolio and certain operational expenses of the Portfolio. The Portfolio reimburses New York Life Investments in an amount equal to a portion of the compensation of the Chief Compliance Officer attributable to the Portfolio. Pacific Investment Management Company LLC (“ PIMCO” or the “Subadvisor”), a registered investment adviser, serves as Subadvisor to the Portfolio and is responsible for theday-to-day portfolio management of the Portfolio. Pursuant to the terms of a Subadvisory Agreement (“Subadvisory Agreement”) between New York Life Investments and PIMCO, New York Life Investments pays for the services of the Subadvisor.

Effective, May 1, 2019, New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Portfolio Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) portfolio/fund fees and expenses) do not exceed the following percentages of average daily net assets: Initial Class, 0.53%; and Service Class, 0.78%. This agreement will remain in effect until May 1, 2020, and shall renew automatically forone-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board.

The Fund, on behalf of the Portfolio, pays New York Life Investments in its capacity as the Portfolio’s investment manager and administrator, pursuant to the Management Agreement, a monthly fee for the services

performed and the facilities furnished at an annual percentage of the average daily net assets of 0.50%. During thesix-month period ended June 30, 2019, the effective management fee rate was 0.50%.

During thesix-month period ended June 30, 2019, New York Life Investments earned fees from the Portfolio in the amount of $853,702, waived its fees and/or reimbursed expenses in the amount of $48,645, and paid the Subadvisor in the amount of $426,851.

State Street providessub-administration andsub-accounting services to the Portfolio pursuant to an agreement with New York Life Investments. These services include calculating the daily NAVs of the Portfolio, maintaining the general ledger andsub-ledger accounts for the calculation of the Portfolio’s NAVs and assisting New York Life Investments in conducting various aspects of the Portfolio’s administrative operations. For providing these services to the Portfolio, State Street is compensated by New York Life Investments.

Pursuant to an agreement between the Fund and New York Life Investments, New York Life Investments is responsible for providing or procuring certain regulatory reporting services for the Portfolio. The Portfolio will reimburse New York Life Investments for the actual costs incurred by New York Life Investments in connection with providing or procuring these services for the Portfolio.

(B)  Distribution and Service Fees.  The Fund, on behalf of the Portfolio, has entered into a distribution agreement with NYLIFE Distributors LLC (the “Distributor”), an indirect, wholly-owned subsidiary of New York Life. The Portfolio has adopted a distribution plan (the “Plan”) in accordance with the provisions of Rule12b-1 under the 1940 Act. Under the Plan, the Distributor has agreed to provide, through its affiliates or independent third parties, various distribution-related, shareholder and administrative support services to the Service Class shareholders. For its services, the Distributor is entitled to a combined distribution and service fee accrued daily and paid monthly at an annual rate of 0.25% of the average daily net assets attributable to the Service Class shares of the Portfolio.

(C)  Investments in Affiliates (in 000’s).  During thesix-month period ended June 30, 2019, purchases and sales transactions, income earned from investments and shares held of investment companies managed by New York Life Investments or its affiliates were as follows:

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	864	$	38,764	$	(38,824	)	$	—	$	—	$	804	$	11	$	—		804

43

Notes to Financial Statements(Unaudited) (continued)

Note 4–Federal Income Tax

As of June 30, 2019, the cost and unrealized appreciation (depreciation) of the Portfolio’s investment portfolio, including applicable derivative contracts and other financial instruments, as determined on a federal income tax basis, were as follows:

	Federal Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
Investments in Securities	$	569,287,846	$	4,587,329	$	(2,198,874	)	$	2,388,455

As of December 31, 2018, for federal income tax purposes, capital loss carryforwards of $76,580,670, as shown in the table below, were available to the extent provided by the regulations to offset future realized gains of the Portfolio through the years indicated. Accordingly, no capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such amounts.

Capital Loss Available Through	Short-Term Capital Loss Amounts (000’s)	Long-Term Capital Loss Amounts (000’s)
Unlimited	$26,573	$50,008

During the year ended December 31, 2018, the tax character of distributions paid as reflected in the Statements of Changes in Net Assets was as follows:

2018
Tax-Based Distributions from Ordinary Income	Tax-Based Distributions from Long-Term Gains
$4,587,483	$	—

Note 5–Custodian

State Street is the custodian of cash and securities held by the Portfolio. Custodial fees are charged to the Portfolio based on the Portfolio’s net assets and/or the market value of securities held by the Portfolio and the number of certain transactions incurred by the Portfolio.

Note 6–Line of Credit

The Portfolio and certain other funds managed by New York Life Investments maintain a line of credit with a syndicate of banks in order to secure a source of funds for temporary purposes to meet unanticipated or excessive redemption requests.

Effective July 30, 2019, under the credit agreement (the “Credit Agreement”), the aggregate commitment amount is $600,000,000 with an additional uncommitted amount of $100,000,000. The commitment fee is an annual rate of 0.15% of the average commitment amount payable quarterly, regardless of usage, to State Street, who serves as the agent to the syndicate. The commitment fee is allocated among the Portfolio and certain other funds managed by New York Life Investments based upon their respective net assets and other factors. Interest on any revolving credit loan is charged based upon the Federal Funds Rate or

theone-month London Interbank Offered Rate (“LIBOR”), whichever is higher. The Credit Agreement expires on July 28, 2020, although the Portfolio, certain other funds managed by New York Life Investments and the syndicate of banks may renew the Credit Agreement for an additional year on the same or different terms. Prior to July 30, 2019, the aggregate commitment amount and the commitment fee were the same as those under the current Credit Agreement. During thesix-month period ended June 30, 2019, there were no borrowings made or outstanding with respect to the Portfolio under the Credit Agreement.

Note 7–Interfund Lending Program

Pursuant to an exemptive order issued by the SEC, the Portfolio, along with certain other funds managed by New York Life Investments, may participate in an interfund lending program. The interfund lending program provides an alternative credit facility that permits the Portfolio and certain other funds managed by New York Life Investments to lend or borrow money for temporary purposes directly to or from one another subject to the conditions of the exemptive order. During thesix-month period ended June 30, 2019, there were no interfund loans made or outstanding with respect to the Portfolio.

Note 8–Purchases and Sales of Securities (in 000’s)

During thesix-month period ended June 30, 2019, purchases and sales of U.S. government securities were $469,831 and $427,780, respectively. Purchases and sales of securities, other than U.S. government securities and short-term securities, were $47,393 and $16,447, respectively.

The Portfolio may purchase securities from or sell securities to other portfolios managed by the Subadvisor. These interportfolio transactions are primarily used for cash management purposes and are made pursuant to Rule17a-7 under the 1940 Act. The Rule17a-7 transactions during thesix-month period ended June 30, 2019, were as follows:

Purchases (000’s)	Sales (000’s)	Realized Gain/(Loss) (000’s)
$—	$543	$(17)

44 MainStay VP PIMCO Real Return Portfolio

Note 9–Capital Share Transactions

Transactions in capital shares for thesix-month period ended June 30, 2019 and the year ended December 31, 2018, were as follows:

Initial Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		143,462		$	1,203,337
Shares redeemed		(389,623	)		(3,323,367	)
Net increase (decrease)		(246,161	)	$	(2,120,030	)
Year ended December 31, 2018:
Shares sold		442,236		$	3,714,900
Shares issued to shareholders in reinvestment of dividends and distributions		89,899			740,327
Shares redeemed		(438,397	)		(3,643,210	)
Net increase (decrease)		93,738		$	812,017
Service Class	Shares			Amount
Six-month period ended June 30, 2019:
Shares sold		4,361,963		$	36,853,438
Shares redeemed		(2,069,873	)		(17,434,453	)
Net increase (decrease)		2,292,090		$	19,418,985
Year ended December 31, 2018:
Shares sold		5,154,188		$	43,081,277
Shares issued to shareholders in reinvestment of dividends and distributions		467,591			3,847,156
Shares redeemed		(4,893,856	)		(40,933,068	)
Net increase (decrease)		727,923		$	5,995,365

Note 10–Recent Accounting Pronouncement

To improve the effectiveness of fair value disclosure requirements, the Financial Accounting Standards Board recently issued Accounting Standard Update (ASU)2018-13, Fair Value Measurement Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (ASU2018-13), which adds, removes, and modifies certain aspects relating to fair value disclosure. ASU2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption of the additions relating toASU 2018-13 is not required. Management has evaluated the implications of certain other provisions of the ASU and has determined to early adopt aspects related to the removal and modifications of certain fair value measurement disclosures under the ASU effective immediately. At this time, management is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

Note 11–Subsequent Events

In connection with the preparation of the financial statements of the Portfolio as of and for thesix-month period ended June 30, 2019, events and transactions subsequent to June 30, 2019, through the date the financial statements were issued have been evaluated by the Portfolio’s management for possible adjustment and/or disclosure. No subsequent events requiring financial statement adjustment or disclosure have been identified.

45

Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that New York Life Investments uses to vote proxies related to the Portfolio’s securities is available without charge, upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website athttps://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website at www.sec.gov.

The Portfolio is required to file with the SEC its proxy voting record for the12-month period ending June 30 on FormN-PX. The Portfolio’s most recent FormN-PX or proxy voting record is available free of charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website athttps://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) by visiting the SEC’s website atwww.sec.gov.

Shareholder Reports and Quarterly Portfolio Disclosure

The Portfolio is required to file its complete schedule of portfolio holdings with the SEC 60 days after each fiscal quarter onForm N-PORT. The Portfolio’s holdings report is available without charge upon request (i) by calling800-598-2019; (ii) by visiting New York Life Investments website athttps://www.nylinvestments.com/mainstay/products-and-performance/mainstay-vp-funds-trust; or (iii) on the SEC’s website at www.sec.gov.

46 MainStay VP PIMCO Real Return Portfolio

MainStay VP Portfolios

MainStay VP offers a wide range of Portfolios. The full array of MainStay VP offerings is listed here, with information about the manager, subadvisors, legal counsel, and independent registered public accounting firm.

Equity Portfolios

MainStay VP Eagle Small Cap Growth Portfolio

MainStay VP Emerging Markets Equity Portfolio

MainStay VP Epoch U.S. Equity Yield Portfolio

MainStay VP Fidelity Institutional AM^® Utilities Portfolio†

MainStay VP Large Cap Growth Portfolio

MainStay VP MacKay Common Stock Portfolio

MainStay VP MacKay Growth Portfolio

MainStay VP MacKay International Equity Portfolio

MainStay VP MacKay Mid Cap Core Portfolio

MainStay VP MacKay S&P 500 Index Portfolio

MainStay VP MacKay Small Cap Core Portfolio

MainStay VP Mellon Natural Resources Portfolio

MainStay VP T. Rowe Price Equity Income Portfolio

Mixed Asset Portfolios

MainStay VP Balanced Portfolio

MainStay VP Income Builder Portfolio

MainStay VP Janus Henderson Balanced Portfolio

MainStay VP MacKay Convertible Portfolio

Income Portfolios

MainStay VP Bond Portfolio

MainStay VP Floating Rate Portfolio

MainStay VP Indexed Bond Portfolio

MainStay VP MacKay Government Portfolio

MainStay VP MacKay High Yield Corporate Bond Portfolio

MainStay VP MacKay Unconstrained Bond Portfolio

MainStay VP PIMCO Real Return Portfolio

Money Market

MainStay VP U.S. Government Money Market Portfolio

Alternative

MainStay VP Cushing Renaissance Advantage Portfolio

MainStay VP IQ Hedge Multi-Strategy Portfolio

Asset Allocation Portfolios

MainStay VP Conservative Allocation Portfolio

MainStay VP Growth Allocation Portfolio

MainStay VP Moderate Allocation Portfolio

MainStay VP Moderate Growth Allocation Portfolio

Manager

New York Life Investment Management LLC

New York, New York

Subadvisors

Candriam Belgium*

Brussels, Belgium

Cushing Asset Management, LP

Dallas, Texas

Eagle Asset Management, Inc.

St Petersburg, Florida

Epoch Investment Partners, Inc.

New York, New York

FIAM LLC

Smithfield, Rhode Island

IndexIQ Advisors LLC*

New York, New York

Janus Capital Management LLC

Denver, Colorado

MacKay Shields LLC*

New York, New York

Mellon Investments Corporation

Boston, Massachusetts

NYL Investors LLC*

New York, New York

Pacific Investment Management Company LLC

Newport Beach, California

T. Rowe Price Associates, Inc.

Baltimore, Maryland

Winslow Capital Management, LLC

Minneapolis, Minnesota

Distributor

NYLIFE Distributors LLC*

Jersey City, New Jersey

Custodian

State Street Bank and Trust Company

Boston, Massachusetts

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

New York, New York

Legal Counsel

Dechert LLP

Washington, District of Columbia

Some Portfolios may not be available in all products.

† Fidelity Institutional AM is a registered trade mark of FMR LLC. Used with permission.

* An affiliate of New York Life Investment Management LLC

Not part of the Semiannual Report

2019 Semiannual Report

This report is for the general information of New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products policyowners. It must be preceded or accompanied by the appropriate product(s) and funds prospectuses if it is given to anyone who is not an owner of a New York Life variable annuity policy or a NYLIAC Variable Universal Life Insurance Product. This report does not offer for sale or solicit orders to purchase securities.

The performance data quoted in this report represents past performance. Past performance is no guarantee of future results. Due to market volatility and other factors, current performance may be lower or higher than the figures shown. The most recent month-end performance summary for your variable annuity or variable life policy is available by calling 800-598-2019 and is updated periodically on www.newyorklife.com.

The New York Life Variable Annuities and NYLIAC Variable Universal Life Insurance Products are issued by New York Life Insurance and Annuity Corporation (a Delaware Corporation) and distributed by NYLIFE Distributors LLC (Member FINRA/SIPC).

New York Life Insurance Company

New York Life Insurance and Annuity Corporation (NYLIAC) (A Delaware Corporation)

51 Madison Avenue, Room 551

New York, NY 10010

www.newyorklife.com

Printed on recycled paper

nylinvestments.com

NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302

New York Life Investment Management LLC is the investment manager to the MainStay VP Funds Trust

^©2019 by NYLIFE Distributors LLC. All rights reserved.

You may obtain copies of the Prospectus and the Statement of Additional Information free of charge, upon request, by callingtoll-free 800-598-2019 or writing to New York Life Insurance and Annuity Corporation, 51 Madison Avenue, New York, NY 10010.

Not FDIC Insured No Bank Guarantee May Lose Value

1781636 MSVPPRR10-08/19 (NYLIAC) NI528      

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

The Schedule of Investments is included as part of Item 1 of this report.

Item 7. Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities byClosed-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 Rule30a-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 FormN-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 Rule30a-3(d)) under the Investment Company Act of 1940 that occurred during the second fiscal quarter of 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. Exhibits.

(a) Certifications of principal executive officer and principal financial officer as required by Rule30a-2 under the Investment Company Act of 1940.

(b) Certifications of principal executive officer and principal financial officer as required by Section 906 of the Sarbanes-Oxley Act of 2002.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

MAINSTAY VP FUNDS TRUST

By:	/s/ Kirk C. Lehneis
	Kirk C. Lehneis
	President and Principal Executive Officer
Date:	September 4, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Kirk C. Lehneis
	Kirk C. Lehneis
	President and Principal Executive Officer
Date:	September 4, 2019
By:	/s/ Jack R. Benintende
	Jack R. Benintende
	Treasurer and Principal Financial and Accounting Officer
Date:	September 4, 2019

EXHIBIT INDEX

(a) Certifications of principal executive officer and principal financial officer as required by Rule30a-2 under the Investment Company Act of 1940.

(b) Certification of principal executive officer and principal financial officer as required by Section 906 of the Sarbanes-Oxley Act of 2002.