UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act File Number 811-03833
MAINSTAY VP FUNDS TRUST
(Exact name of Registrant as specified in charter)
51 Madison Avenue, New York, NY 10010
(Address of principal executive offices) (Zip code)
J. Kevin Gao, Esq.
30 Hudson Street
Jersey City, New Jersey 07302
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 576-7000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2022
FORM N-CSR
Item 1. Reports to Stockholders.
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 1/23/1984 | -20.68% | 7.00% | 11.41% | 0.58% |
Service Class Shares | 6/5/2003 | -20.87 | 6.73 | 11.13 | 0.83 |
1. | Effective January 1, 2018, due to an organizational restructuring, all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. |
2. | Effective May 1, 2021, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisors and principal investment strategies. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | -18.11% | 9.42% | 12.56% |
Morningstar Large Blend Category Average2 | -16.92 | 7.65 | 10.63 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Portfolio's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,010.70 | $2.94 | $1,022.28 | $2.96 | 0.58% |
Service Class Shares | $1,000.00 | $1,009.50 | $4.20 | $1,021.02 | $4.23 | 0.83% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington U.S. Equity Portfolio |
Software | 8.5% |
Semiconductors & Semiconductor Equipment | 5.2 |
Technology Hardware, Storage & Peripherals | 5.2 |
Interactive Media & Services | 4.7 |
Pharmaceuticals | 4.2 |
Banks | 4.1 |
Oil, Gas & Consumable Fuels | 4.1 |
Machinery | 3.9 |
Household Products | 3.7 |
Biotechnology | 3.5 |
Health Care Equipment & Supplies | 3.4 |
IT Services | 3.3 |
Health Care Providers & Services | 3.2 |
Internet & Direct Marketing Retail | 3.1 |
Electric Utilities | 3.1 |
Beverages | 3.0 |
Life Sciences Tools & Services | 2.9 |
Hotels, Restaurants & Leisure | 2.9 |
Capital Markets | 2.9 |
Insurance | 2.8% |
Chemicals | 2.5 |
Building Products | 2.3 |
Specialty Retail | 2.0 |
Equity Real Estate Investment Trusts | 1.9 |
Electronic Equipment, Instruments & Components | 1.8 |
Aerospace & Defense | 1.7 |
Consumer Finance | 1.7 |
Textiles, Apparel & Luxury Goods | 1.6 |
Electrical Equipment | 1.4 |
Entertainment | 1.2 |
Automobiles | 1.0 |
Professional Services | 0.9 |
Communications Equipment | 0.8 |
Short–Term Investment | 2.6 |
Other Assets, Less Liabilities | –1.1 |
100.0% |
1. | Microsoft Corp. |
2. | Alphabet, Inc. |
3. | Apple, Inc. |
4. | UnitedHealth Group, Inc. |
5. | Amazon.com, Inc. |
6. | JPMorgan Chase & Co. |
7. | Procter & Gamble Co. (The) |
8. | Eli Lilly and Co. |
9. | Pfizer, Inc. |
10. | TJX Cos., Inc. (The) |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington U.S. Equity Portfolio |
Shares | Value | |
Common Stocks 98.5% | ||
Aerospace & Defense 1.7% | ||
Raytheon Technologies Corp. | 140,278 | $ 14,156,856 |
Automobiles 1.0% | ||
Ford Motor Co. | 565,603 | 6,577,963 |
Tesla, Inc. (a) | 12,981 | 1,598,999 |
8,176,962 | ||
Banks 4.1% | ||
Bank of America Corp. | 430,035 | 14,242,759 |
JPMorgan Chase & Co. | 149,122 | 19,997,260 |
34,240,019 | ||
Beverages 3.0% | ||
Constellation Brands, Inc., Class A | 50,980 | 11,814,615 |
Monster Beverage Corp. (a) | 133,095 | 13,513,135 |
25,327,750 | ||
Biotechnology 3.5% | ||
Regeneron Pharmaceuticals, Inc. (a) | 16,610 | 11,983,949 |
Seagen, Inc. (a) | 45,782 | 5,883,445 |
Vertex Pharmaceuticals, Inc. (a) | 39,601 | 11,435,977 |
29,303,371 | ||
Building Products 2.3% | ||
Fortune Brands Innovations, Inc. | 115,568 | 6,600,088 |
Johnson Controls International plc | 197,257 | 12,624,448 |
19,224,536 | ||
Capital Markets 2.9% | ||
Charles Schwab Corp. (The) | 118,914 | 9,900,780 |
Morgan Stanley | 167,523 | 14,242,805 |
24,143,585 | ||
Chemicals 2.5% | ||
PPG Industries, Inc. | 78,871 | 9,917,240 |
Sherwin-Williams Co. (The) | 45,256 | 10,740,606 |
20,657,846 | ||
Communications Equipment 0.8% | ||
F5, Inc. (a) | 44,589 | 6,398,967 |
Consumer Finance 1.7% | ||
American Express Co. | 95,480 | 14,107,170 |
Electric Utilities 3.1% | ||
American Electric Power Co., Inc. | 80,040 | 7,599,798 |
Duke Energy Corp. | 108,932 | 11,218,907 |
Shares | Value | |
Electric Utilities (continued) | ||
Eversource Energy | 83,892 | $ 7,033,505 |
25,852,210 | ||
Electrical Equipment 1.4% | ||
AMETEK, Inc. | 82,465 | 11,522,010 |
Electronic Equipment, Instruments & Components 1.8% | ||
CDW Corp. | 52,629 | 9,398,487 |
Corning, Inc. | 186,960 | 5,971,502 |
15,369,989 | ||
Entertainment 1.2% | ||
Walt Disney Co. (The) (a) | 113,237 | 9,838,031 |
Equity Real Estate Investment Trusts 1.9% | ||
AvalonBay Communities, Inc. | 36,903 | 5,960,573 |
Prologis, Inc. | 89,743 | 10,116,728 |
16,077,301 | ||
Health Care Equipment & Supplies 3.4% | ||
Abbott Laboratories | 93,103 | 10,221,779 |
Becton Dickinson and Co. | 39,880 | 10,141,484 |
Hologic, Inc. (a) | 109,783 | 8,212,866 |
28,576,129 | ||
Health Care Providers & Services 3.2% | ||
UnitedHealth Group, Inc. | 50,578 | 26,815,444 |
Hotels, Restaurants & Leisure 2.9% | ||
Airbnb, Inc., Class A (a) | 57,819 | 4,943,524 |
Booking Holdings, Inc. (a) | 3,431 | 6,914,426 |
McDonald's Corp. | 46,685 | 12,302,898 |
24,160,848 | ||
Household Products 3.7% | ||
Colgate-Palmolive Co. | 145,260 | 11,445,036 |
Procter & Gamble Co. (The) | 128,752 | 19,513,653 |
30,958,689 | ||
Insurance 2.8% | ||
Chubb Ltd. | 53,898 | 11,889,899 |
Progressive Corp. (The) | 88,166 | 11,436,012 |
23,325,911 | ||
Interactive Media & Services 4.7% | ||
Alphabet, Inc. (a) | ||
Class A | 336,748 | 29,711,276 |
Class C | 101,506 | 9,006,627 |
38,717,903 |
10 | MainStay VP Wellington U.S. Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Internet & Direct Marketing Retail 3.1% | ||
Amazon.com, Inc. (a) | 308,284 | $ 25,895,856 |
IT Services 3.3% | ||
Global Payments, Inc. | 53,136 | 5,277,468 |
GoDaddy, Inc., Class A (a) | 103,528 | 7,745,965 |
Mastercard, Inc., Class A | 42,550 | 14,795,911 |
27,819,344 | ||
Life Sciences Tools & Services 2.9% | ||
Danaher Corp. | 42,341 | 11,238,148 |
Thermo Fisher Scientific, Inc. | 24,076 | 13,258,413 |
24,496,561 | ||
Machinery 3.9% | ||
Deere & Co. | 31,699 | 13,591,263 |
Illinois Tool Works, Inc. | 45,047 | 9,923,854 |
Nordson Corp. | 36,337 | 8,638,032 |
32,153,149 | ||
Oil, Gas & Consumable Fuels 4.1% | ||
ConocoPhillips | 61,823 | 7,295,114 |
EOG Resources, Inc. | 104,742 | 13,566,184 |
Pioneer Natural Resources Co. | 56,433 | 12,888,733 |
33,750,031 | ||
Pharmaceuticals 4.2% | ||
Eli Lilly and Co. | 48,249 | 17,651,414 |
Pfizer, Inc. | 335,604 | 17,196,349 |
34,847,763 | ||
Professional Services 0.9% | ||
Leidos Holdings, Inc. | 68,948 | 7,252,640 |
Semiconductors & Semiconductor Equipment 5.2% | ||
Advanced Micro Devices, Inc. (a) | 103,371 | 6,695,340 |
KLA Corp. | 19,119 | 7,208,437 |
Marvell Technology, Inc. | 141,407 | 5,237,715 |
NVIDIA Corp. | 19,446 | 2,841,838 |
QUALCOMM, Inc. | 76,235 | 8,381,276 |
Shares | Value | ||
Semiconductors & Semiconductor Equipment (continued) | |||
Texas Instruments, Inc. | 79,897 | $ 13,200,582 | |
43,565,188 | |||
Software 8.5% | |||
Microsoft Corp. | 213,384 | 51,173,751 | |
Palo Alto Networks, Inc. (a) | 45,657 | 6,370,978 | |
Salesforce, Inc. (a) | 56,026 | 7,428,487 | |
Workday, Inc., Class A (a) | 36,213 | 6,059,521 | |
71,032,737 | |||
Specialty Retail 2.0% | |||
TJX Cos., Inc. (The) | 205,576 | 16,363,850 | |
Technology Hardware, Storage & Peripherals 5.2% | |||
Apple, Inc. | 285,337 | 37,073,836 | |
NetApp, Inc. | 106,675 | 6,406,901 | |
43,480,737 | |||
Textiles, Apparel & Luxury Goods 1.6% | |||
NIKE, Inc., Class B | 116,663 | 13,650,738 | |
Total Common Stocks (Cost $800,579,186) | 821,260,121 | ||
Short-Term Investment 2.6% | |||
Affiliated Investment Company 2.6% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (b) | 21,509,049 | 21,509,049 | |
Total Short-Term Investment (Cost $21,509,049) | 21,509,049 | ||
Total Investments (Cost $822,088,235) | 101.1% | 842,769,170 | |
Other Assets, Less Liabilities | (1.1) | (9,041,395) | |
Net Assets | 100.0% | $ 833,727,775 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | Current yield as of December 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 8,211 | $ 165,228 | $ (151,930) | $ — | $ — | $ 21,509 | $ 208 | $ — | 21,509 |
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 | $ 821,260,121 | $ — | $ — | $ 821,260,121 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 21,509,049 | — | — | 21,509,049 | |||
Total Investments in Securities | $ 842,769,170 | $ — | $ — | $ 842,769,170 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Wellington U.S. Equity Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $800,579,186) | $821,260,121 |
Investment in affiliated investment companies, at value (identified cost $21,509,049) | 21,509,049 |
Receivables: | |
Dividends | 426,876 |
Portfolio shares sold | 175,776 |
Other assets | 4,258 |
Total assets | 843,376,080 |
Liabilities | |
Payables: | |
Investment securities purchased | 8,838,178 |
Manager (See Note 3) | 389,265 |
Portfolio shares redeemed | 250,316 |
Shareholder communication | 84,351 |
NYLIFE Distributors (See Note 3) | 49,050 |
Professional fees | 30,530 |
Custodian | 3,756 |
Accrued expenses | 2,859 |
Total liabilities | 9,648,305 |
Net assets | $833,727,775 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 39,315 |
Additional paid-in-capital | 830,188,187 |
830,227,502 | |
Total distributable earnings (loss) | 3,500,273 |
Net assets | $833,727,775 |
Initial Class | |
Net assets applicable to outstanding shares | $607,322,970 |
Shares of beneficial interest outstanding | 28,487,674 |
Net asset value per share outstanding | $ 21.32 |
Service Class | |
Net assets applicable to outstanding shares | $226,404,805 |
Shares of beneficial interest outstanding | 10,827,770 |
Net asset value per share outstanding | $ 20.91 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 13,037,700 |
Dividends-affiliated | 208,076 |
Securities lending, net | 82 |
Total income | 13,245,858 |
Expenses | |
Manager (See Note 3) | 4,849,373 |
Distribution/Service—Service Class (See Note 3) | 631,078 |
Shareholder communication | 119,650 |
Professional fees | 99,742 |
Custodian | 22,626 |
Trustees | 19,702 |
Miscellaneous | 23,493 |
Total expenses | 5,765,664 |
Net investment income (loss) | 7,480,194 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (24,077,250) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (202,149,971) |
Net realized and unrealized gain (loss) | (226,227,221) |
Net increase (decrease) in net assets resulting from operations | $(218,747,027) |
14 | MainStay VP Wellington U.S. Equity Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 7,480,194 | $ 5,115,122 |
Net realized gain (loss) | (24,077,250) | 172,354,933 |
Net change in unrealized appreciation (depreciation) | (202,149,971) | 46,742,537 |
Net increase (decrease) in net assets resulting from operations | (218,747,027) | 224,212,592 |
Distributions to shareholders: | ||
Initial Class | (127,232,665) | (35,636,214) |
Service Class | (48,423,993) | (15,848,167) |
Total distributions to shareholders | (175,656,658) | (51,484,381) |
Capital share transactions: | ||
Net proceeds from sales of shares | 139,698,289 | 193,654,667 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 175,656,658 | 51,484,381 |
Cost of shares redeemed | (125,658,917) | (147,245,808) |
Increase (decrease) in net assets derived from capital share transactions | 189,696,030 | 97,893,240 |
Net increase (decrease) in net assets | (204,707,655) | 270,621,451 |
Net Assets | ||
Beginning of year | 1,038,435,430 | 767,813,979 |
End of year | $ 833,727,775 | $1,038,435,430 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 34.39 | $ 28.28 | $ 26.83 | $ 25.23 | $ 29.75 | ||||
Net investment income (loss) (a) | 0.25 | 0.21 | 0.28 | 0.38 | 0.42 | ||||
Net realized and unrealized gain (loss) | (7.58) | 7.77 | 3.68 | 5.74 | (1.69) | ||||
Total from investment operations | (7.33) | 7.98 | 3.96 | 6.12 | (1.27) | ||||
Less distributions: | |||||||||
From net investment income | (0.19) | (0.29) | (0.43) | (0.43) | (0.49) | ||||
From net realized gain on investments | (5.55) | (1.58) | (2.08) | (4.09) | (2.76) | ||||
Total distributions | (5.74) | (1.87) | (2.51) | (4.52) | (3.25) | ||||
Net asset value at end of year | $ 21.32 | $ 34.39 | $ 28.28 | $ 26.83 | $ 25.23 | ||||
Total investment return (b) | (20.68)% | 28.78% | 15.55% | 26.21% | (5.84)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.90% | 0.65% | 1.09% | 1.37% | 1.40% | ||||
Net expenses (c) | 0.57% | 0.58% | 0.58% | 0.58% | 0.57% | ||||
Portfolio turnover rate | 21% | 26% | 143% | 119% | 125% | ||||
Net assets at end of year (in 000's) | $ 607,323 | $ 732,245 | $ 497,644 | $ 543,355 | $ 454,804 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 33.85 | $ 27.87 | $ 26.47 | $ 24.94 | $ 29.45 | ||||
Net investment income (loss) (a) | 0.18 | 0.13 | 0.21 | 0.31 | 0.35 | ||||
Net realized and unrealized gain (loss) | (7.46) | 7.65 | 3.62 | 5.67 | (1.68) | ||||
Total from investment operations | (7.28) | 7.78 | 3.83 | 5.98 | (1.33) | ||||
Less distributions: | |||||||||
From net investment income | (0.11) | (0.22) | (0.35) | (0.36) | (0.42) | ||||
From net realized gain on investments | (5.55) | (1.58) | (2.08) | (4.09) | (2.76) | ||||
Total distributions | (5.66) | (1.80) | (2.43) | (4.45) | (3.18) | ||||
Net asset value at end of year | $ 20.91 | $ 33.85 | $ 27.87 | $ 26.47 | $ 24.94 | ||||
Total investment return (b) | (20.87)% | 28.46% | 15.26% | 25.89% | (6.08)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.65% | 0.40% | 0.83% | 1.12% | 1.17% | ||||
Net expenses (c) | 0.82% | 0.83% | 0.83% | 0.83% | 0.82% | ||||
Portfolio turnover rate | 21% | 26% | 143% | 119% | 125% | ||||
Net assets at end of year (in 000's) | $ 226,405 | $ 306,191 | $ 270,170 | $ 268,992 | $ 237,094 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Wellington U.S. Equity Portfolio |
Class | Commenced Operations |
Initial Class | January 23, 1984 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Wellington U.S. Equity Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $823,845,093 | $95,846,533 | $(76,922,456) | $18,924,077 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$7,701,555 | $(23,125,359) | $— | $18,924,077 | $3,500,273 |
20 | MainStay VP Wellington U.S. Equity Portfolio |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $15,284 | $7,841 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $100,243,996 | $ 7,424,661 |
Long-Term Capital Gains | 75,412,662 | 44,059,720 |
Total | $175,656,658 | $51,484,381 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 4,126,421 | $120,131,397 |
Shares issued to shareholders in reinvestment of distributions | 6,200,906 | 127,232,665 |
Shares redeemed | (3,129,082) | (89,333,654) |
Net increase (decrease) | 7,198,245 | $158,030,408 |
Year ended December 31, 2021: | ||
Shares sold | 5,417,196 | $173,672,097 |
Shares issued to shareholders in reinvestment of distributions | 1,118,933 | 35,636,214 |
Shares redeemed | (2,843,866) | (90,895,781) |
Net increase (decrease) | 3,692,263 | $118,412,530 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 709,385 | $ 19,566,892 |
Shares issued to shareholders in reinvestment of distributions | 2,404,906 | 48,423,993 |
Shares redeemed | (1,332,405) | (36,325,263) |
Net increase (decrease) | 1,781,886 | $ 31,665,622 |
Year ended December 31, 2021: | ||
Shares sold | 633,617 | $ 19,982,570 |
Shares issued to shareholders in reinvestment of distributions | 505,346 | 15,848,167 |
Shares redeemed | (1,788,728) | (56,350,027) |
Net increase (decrease) | (649,765) | $ (20,519,290) |
22 | MainStay VP Wellington U.S. Equity Portfolio |
MainStay VP Wellington U.S. Equity Portfolio
New York, New York
February 24, 2023
24 | MainStay VP Wellington U.S. Equity Portfolio |
26 | MainStay VP Wellington U.S. Equity Portfolio |
28 | MainStay VP Wellington U.S. Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
30 | MainStay VP Wellington U.S. Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
32 | MainStay VP Wellington U.S. Equity Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015874 | MSVPCS11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | -26.49% | 5.45% | 8.88% | 0.84% |
Service Class Shares | 2/17/2012 | -26.67 | 5.18 | 8.61 | 1.09 |
1. | The Portfolio replaced its subadvisor and modified its principal investment strategies as of May 1, 2020. Therefore, the performance information shown in this report prior to May 1, 2020 reflects the Portfolio’s prior subadvisor and its principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 2000® Growth Index1 | -26.36% | 3.51% | 9.20% |
Morningstar Small Growth Category Average2 | -28.14 | 5.59 | 9.59 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Russell 2000® Growth Index is the Portfolio’s primary benchmark. The Russell 2000® Growth Index is a broad-based benchmark that measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
2. | The Morningstar Small Growth Category Average is representative of funds that focus on faster-growing companies whose shares are at the lower end of the market-capitalization range. These funds tend to favor companies in up-and-coming industries or young firms in their early growth stages. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,018.20 | $4.27 | $1,020.97 | $4.28 | 0.84% |
Service Class Shares | $1,000.00 | $1,016.90 | $5.54 | $1,019.71 | $5.55 | 1.09% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Small Cap Growth Portfolio |
Software | 8.6% |
Health Care Equipment & Supplies | 7.1 |
IT Services | 7.1 |
Health Care Providers & Services | 6.6 |
Commercial Services & Supplies | 6.2 |
Semiconductors & Semiconductor Equipment | 5.1 |
Biotechnology | 4.5 |
Hotels, Restaurants & Leisure | 3.9 |
Chemicals | 3.7 |
Life Sciences Tools & Services | 3.5 |
Aerospace & Defense | 2.3 |
Equity Real Estate Investment Trusts | 2.3 |
Capital Markets | 2.2 |
Energy Equipment & Services | 2.2 |
Diversified Consumer Services | 2.1 |
Oil, Gas & Consumable Fuels | 1.9 |
Construction & Engineering | 1.9 |
Building Products | 1.8 |
Professional Services | 1.6 |
Electronic Equipment, Instruments & Components | 1.6 |
Insurance | 1.6 |
Banks | 1.4 |
Food Products | 1.4 |
Machinery | 1.4% |
Exchange–Traded Fund | 1.4 |
Food & Staples Retailing | 1.2 |
Specialty Retail | 1.2 |
Road & Rail | 1.0 |
Interactive Media & Services | 1.0 |
Leisure Products | 0.8 |
Health Care Technology | 0.8 |
Auto Components | 0.7 |
Trading Companies & Distributors | 0.7 |
Media | 0.6 |
Communications Equipment | 0.6 |
Diversified Telecommunication Services | 0.6 |
Household Durables | 0.5 |
Pharmaceuticals | 0.4 |
Internet & Direct Marketing Retail | 0.3 |
Entertainment | 0.3 |
Real Estate Management & Development | 0.2 |
Short–Term Investments | 7.6 |
Other Assets, Less Liabilities | –1.9 |
100.0% |
1. | Workiva, Inc. |
2. | Envestnet, Inc. |
3. | Genpact Ltd. |
4. | Waste Connections, Inc. |
5. | Churchill Downs, Inc. |
6. | Blackline, Inc. |
7. | Bright Horizons Family Solutions, Inc. |
8. | Power Integrations, Inc. |
9. | Prosperity Bancshares, Inc. |
10. | SPDR S&P Biotech ETF |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | The downside capture ratio is a statistical measure of an investment manager's overall performance in down-markets. The ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. |
8 | MainStay VP Small Cap Growth Portfolio |
10 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks 92.9% | ||
Aerospace & Defense 2.3% | ||
Hexcel Corp. | 64,720 | $ 3,808,772 |
Kratos Defense & Security Solutions, Inc. (a) | 192,655 | 1,988,199 |
Mercury Systems, Inc. (a) | 34,631 | 1,549,391 |
Woodward, Inc. | 28,442 | 2,747,782 |
10,094,144 | ||
Auto Components 0.7% | ||
Fox Factory Holding Corp. (a) | 30,102 | 2,746,206 |
XPEL, Inc. (a) | 6,906 | 414,774 |
3,160,980 | ||
Banks 1.4% | ||
Prosperity Bancshares, Inc. (b) | 86,273 | 6,270,322 |
Biotechnology 4.5% | ||
Abcam plc, Sponsored ADR (a) | 199,288 | 3,100,921 |
Ascendis Pharma A/S, ADR (a) | 14,341 | 1,751,466 |
Avid Bioservices, Inc. (a) | 143,575 | 1,977,028 |
Biohaven Ltd. (a)(b) | 12,277 | 170,405 |
Blueprint Medicines Corp. (a) | 54,892 | 2,404,819 |
Fate Therapeutics, Inc. (a) | 60,844 | 613,916 |
Karuna Therapeutics, Inc. (a) | 8,736 | 1,716,624 |
Natera, Inc. (a) | 52,102 | 2,092,937 |
Neurocrine Biosciences, Inc. (a) | 35,493 | 4,239,284 |
Xencor, Inc. (a) | 57,006 | 1,484,436 |
19,551,836 | ||
Building Products 1.8% | ||
AZEK Co., Inc. (The) (a) | 171,673 | 3,488,395 |
Simpson Manufacturing Co., Inc. | 24,528 | 2,174,653 |
Zurn Elkay Water Solutions Corp. | 108,233 | 2,289,128 |
7,952,176 | ||
Capital Markets 2.2% | ||
Hamilton Lane, Inc., Class A | 50,987 | 3,257,049 |
Houlihan Lokey, Inc. | 44,723 | 3,898,057 |
StepStone Group, Inc., Class A | 102,615 | 2,583,846 |
9,738,952 | ||
Chemicals 3.7% | ||
Avient Corp. | 65,406 | 2,208,107 |
HB Fuller Co. | 61,739 | 4,421,747 |
Innospec, Inc. | 31,573 | 3,247,599 |
Livent Corp. (a) | 130,330 | 2,589,657 |
Quaker Chemical Corp. | 21,537 | 3,594,525 |
16,061,635 |
Shares | Value | |
Commercial Services & Supplies 6.2% | ||
Casella Waste Systems, Inc., Class A (a) | 13,439 | $ 1,065,847 |
IAA, Inc. (a) | 42,329 | 1,693,160 |
Montrose Environmental Group, Inc. (a) | 48,415 | 2,149,142 |
MSA Safety, Inc. | 23,531 | 3,392,935 |
Rentokil Initial plc, Sponsored ADR | 75,147 | 2,315,279 |
Ritchie Bros Auctioneers, Inc. | 56,657 | 3,276,474 |
Tetra Tech, Inc. | 38,521 | 5,592,864 |
Waste Connections, Inc. | 56,066 | 7,432,109 |
26,917,810 | ||
Communications Equipment 0.6% | ||
Infinera Corp. (a)(b) | 398,000 | 2,682,520 |
Construction & Engineering 1.9% | ||
Ameresco, Inc., Class A (a) | 33,790 | 1,930,760 |
Comfort Systems USA, Inc. | 27,986 | 3,220,629 |
Valmont Industries, Inc. | 9,549 | 3,157,568 |
8,308,957 | ||
Diversified Consumer Services 2.1% | ||
Bright Horizons Family Solutions, Inc. (a) | 105,277 | 6,642,979 |
Mister Car Wash, Inc. (a)(b) | 290,405 | 2,680,438 |
9,323,417 | ||
Diversified Telecommunication Services 0.6% | ||
Cogent Communications Holdings, Inc. | 42,328 | 2,416,082 |
Electronic Equipment, Instruments & Components 1.6% | ||
Littelfuse, Inc. | 10,262 | 2,259,693 |
Novanta, Inc. (a) | 35,891 | 4,876,510 |
7,136,203 | ||
Energy Equipment & Services 2.2% | ||
Cactus, Inc., Class A | 95,235 | 4,786,511 |
ChampionX Corp. | 158,227 | 4,587,001 |
9,373,512 | ||
Entertainment 0.3% | ||
Take-Two Interactive Software, Inc. (a) | 14,357 | 1,494,994 |
Equity Real Estate Investment Trusts 2.3% | ||
Americold Realty Trust, Inc. | 99,534 | 2,817,808 |
EastGroup Properties, Inc. | 22,183 | 3,284,415 |
Terreno Realty Corp. | 70,137 | 3,988,691 |
10,090,914 | ||
Food & Staples Retailing 1.2% | ||
Casey's General Stores, Inc. | 23,548 | 5,282,994 |
Shares | Value | |
Common Stocks (continued) | ||
Food Products 1.4% | ||
Simply Good Foods Co. (The) (a) | 162,053 | $ 6,162,876 |
Health Care Equipment & Supplies 7.1% | ||
CONMED Corp. | 46,943 | 4,161,028 |
Establishment Labs Holdings, Inc. (a)(b) | 51,455 | 3,378,021 |
Globus Medical, Inc., Class A (a) | 40,182 | 2,984,317 |
Inari Medical, Inc. (a) | 82,828 | 5,264,548 |
Inspire Medical Systems, Inc. (a) | 14,055 | 3,540,173 |
Integra LifeSciences Holdings Corp. (a) | 74,816 | 4,194,933 |
Nevro Corp. (a) | 15,803 | 625,799 |
OrthoPediatrics Corp. (a) | 52,493 | 2,085,547 |
SI-BONE, Inc. (a) | 131,917 | 1,794,071 |
Silk Road Medical, Inc. (a) | 43,460 | 2,296,861 |
Teleflex, Inc. | 3,167 | 790,578 |
31,115,876 | ||
Health Care Providers & Services 6.6% | ||
Accolade, Inc. (a) | 173,647 | 1,352,710 |
Addus HomeCare Corp. (a) | 38,146 | 3,795,145 |
agilon health, Inc. (a) | 134,770 | 2,175,188 |
Alignment Healthcare, Inc. (a) | 116,860 | 1,374,274 |
Amedisys, Inc. (a) | 24,688 | 2,062,435 |
Encompass Health Corp. | 53,918 | 3,224,835 |
Ensign Group, Inc. (The) | 47,787 | 4,521,128 |
HealthEquity, Inc. (a) | 64,087 | 3,950,323 |
Option Care Health, Inc. (a) | 152,741 | 4,595,977 |
Surgery Partners, Inc. (a) | 71,294 | 1,986,251 |
29,038,266 | ||
Health Care Technology 0.8% | ||
Phreesia, Inc. (a) | 104,125 | 3,369,485 |
Hotels, Restaurants & Leisure 3.9% | ||
Choice Hotels International, Inc. | 21,368 | 2,406,891 |
Churchill Downs, Inc. | 34,167 | 7,223,929 |
First Watch Restaurant Group, Inc. (a) | 38,169 | 516,427 |
MakeMyTrip Ltd. (a) | 107,086 | 2,952,361 |
Shake Shack, Inc., Class A (a) | 47,351 | 1,966,487 |
Wingstop, Inc. | 13,377 | 1,840,943 |
16,907,038 | ||
Household Durables 0.5% | ||
TopBuild Corp. (a) | 8,090 | 1,266,004 |
Vizio Holding Corp., Class A (a)(b) | 130,650 | 968,117 |
2,234,121 |
Shares | Value | |
Insurance 1.6% | ||
Goosehead Insurance, Inc., Class A (a) | 61,987 | $ 2,128,634 |
Kinsale Capital Group, Inc. | 11,640 | 3,044,093 |
Palomar Holdings, Inc. (a) | 36,058 | 1,628,379 |
6,801,106 | ||
Interactive Media & Services 1.0% | ||
Angi, Inc. (a) | 330,225 | 776,029 |
Pinterest, Inc., Class A (a) | 140,074 | 3,400,996 |
4,177,025 | ||
Internet & Direct Marketing Retail 0.3% | ||
Revolve Group, Inc. (a)(b) | 67,354 | 1,499,300 |
IT Services 7.1% | ||
Endava plc, Sponsored ADR (a) | 53,922 | 4,125,033 |
Evo Payments, Inc., Class A (a) | 147,428 | 4,988,964 |
Genpact Ltd. | 162,991 | 7,549,743 |
Globant SA (a) | 20,369 | 3,425,251 |
Maximus, Inc. | 65,016 | 4,767,623 |
WEX, Inc. (a) | 19,492 | 3,189,866 |
WNS Holdings Ltd., ADR (a) | 35,062 | 2,804,609 |
30,851,089 | ||
Leisure Products 0.8% | ||
Clarus Corp. (b) | 151,928 | 1,191,115 |
YETI Holdings, Inc. (a) | 56,200 | 2,321,622 |
3,512,737 | ||
Life Sciences Tools & Services 3.5% | ||
Azenta, Inc. (a) | 97,763 | 5,691,762 |
Bruker Corp. | 52,583 | 3,594,048 |
Charles River Laboratories International, Inc. (a) | 4,710 | 1,026,309 |
Medpace Holdings, Inc. (a) | 14,174 | 3,010,699 |
NeoGenomics, Inc. (a) | 210,330 | 1,943,449 |
15,266,267 | ||
Machinery 1.4% | ||
IDEX Corp. | 5,828 | 1,330,707 |
John Bean Technologies Corp. | 51,454 | 4,699,294 |
6,030,001 | ||
Media 0.6% | ||
New York Times Co. (The), Class A | 84,546 | 2,744,363 |
Oil, Gas & Consumable Fuels 1.9% | ||
Denbury, Inc. (a) | 69,277 | 6,028,485 |
Matador Resources Co. | 39,926 | 2,285,364 |
8,313,849 |
12 | MainStay VP Small Cap Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals 0.4% | ||
Arvinas, Inc. (a) | 14,274 | $ 488,313 |
Pacira BioSciences, Inc. (a) | 34,631 | 1,337,103 |
1,825,416 | ||
Professional Services 1.6% | ||
ASGN, Inc. (a) | 31,460 | 2,563,361 |
CBIZ, Inc. (a) | 46,351 | 2,171,544 |
FTI Consulting, Inc. (a) | 15,172 | 2,409,314 |
7,144,219 | ||
Real Estate Management & Development 0.2% | ||
DigitalBridge Group, Inc. | 76,031 | 831,779 |
Road & Rail 1.0% | ||
Knight-Swift Transportation Holdings, Inc. | 22,140 | 1,160,357 |
Saia, Inc. (a) | 16,036 | 3,362,429 |
4,522,786 | ||
Semiconductors & Semiconductor Equipment 5.1% | ||
Allegro MicroSystems, Inc. (a) | 55,005 | 1,651,250 |
Credo Technology Group Holding Ltd. (a) | 104,865 | 1,395,753 |
Entegris, Inc. | 40,697 | 2,669,316 |
Lattice Semiconductor Corp. (a) | 22,356 | 1,450,457 |
Onto Innovation, Inc. (a) | 54,968 | 3,742,771 |
Power Integrations, Inc. | 90,199 | 6,469,072 |
Silicon Laboratories, Inc. (a) | 25,562 | 3,467,997 |
SiTime Corp. (a) | 12,378 | 1,257,853 |
22,104,469 | ||
Software 8.6% | ||
Bentley Systems, Inc., Class B | 47,716 | 1,763,583 |
Blackline, Inc. (a) | 99,847 | 6,716,708 |
Box, Inc., Class A (a) | 80,440 | 2,504,097 |
Dynatrace, Inc. (a) | 87,505 | 3,351,442 |
Envestnet, Inc. (a) | 124,619 | 7,688,992 |
Everbridge, Inc. (a) | 72,280 | 2,138,042 |
PROS Holdings, Inc. (a) | 74,948 | 1,818,239 |
Sprout Social, Inc., Class A (a) | 26,303 | 1,485,067 |
Sumo Logic, Inc. (a) | 58,514 | 473,963 |
Workiva, Inc. (a) | 106,682 | 8,958,088 |
Zuora, Inc., Class A (a) | 81,541 | 518,601 |
37,416,822 | ||
Specialty Retail 1.2% | ||
Boot Barn Holdings, Inc. (a) | 41,102 | 2,569,697 |
Shares | Value | ||
Specialty Retail (continued) | |||
Leslie's, Inc. (a) | 85,079 | $ 1,038,815 | |
Warby Parker, Inc., Class A (a)(b) | 113,846 | 1,535,782 | |
5,144,294 | |||
Trading Companies & Distributors 0.7% | |||
SiteOne Landscape Supply, Inc. (a) | 25,112 | 2,946,140 | |
Total Common Stocks (Cost $415,260,498) | 405,816,772 | ||
Exchange-Traded Fund 1.4% | |||
SPDR S&P Biotech ETF (a)(b) | 74,965 | 6,222,095 | |
Total Exchange-Traded Fund (Cost $6,054,004) | 6,222,095 | ||
Short-Term Investments 7.6% | |||
Affiliated Investment Company 5.4% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (c) | 23,455,506 | 23,455,506 | |
Unaffiliated Investment Company 2.2% | |||
Invesco Government and Agency Portfolio, 4.301% (c)(d) | 9,878,293 | 9,878,293 | |
Total Short-Term Investments (Cost $33,333,799) | 33,333,799 | ||
Total Investments (Cost $454,648,301) | 101.9% | 445,372,666 | |
Other Assets, Less Liabilities | (1.9) | (8,206,640) | |
Net Assets | 100.0% | $ 437,166,026 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $12,739,374; the total market value of collateral held by the Portfolio was $12,996,840. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $3,118,547. The Portfolio received cash collateral with a value of $9,878,293. (See Note 2(G)) |
(c) | Current yield as of December 31, 2022. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 22,772 | $ 148,777 | $ (148,093) | $ — | $ — | $ 23,456 | $ 412 | $ — | 23,456 |
Abbreviation(s): |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
SPDR—Standard & Poor’s Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 405,816,772 | $ — | $ — | $ 405,816,772 | |||
Exchange-Traded Fund | 6,222,095 | — | — | 6,222,095 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 23,455,506 | — | — | 23,455,506 | |||
Unaffiliated Investment Company | 9,878,293 | — | — | 9,878,293 | |||
Total Short-Term Investments | 33,333,799 | — | — | 33,333,799 | |||
Total Investments in Securities | $ 445,372,666 | $ — | $ — | $ 445,372,666 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay VP Small Cap Growth Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $431,192,795) including securities on loan of $12,739,374 | $421,917,160 |
Investment in affiliated investment companies, at value (identified cost $23,455,506) | 23,455,506 |
Receivables: | |
Investment securities sold | 1,886,849 |
Dividends | 313,868 |
Portfolio shares sold | 13,111 |
Securities lending | 5,652 |
Other assets | 2,551 |
Total assets | 447,594,697 |
Liabilities | |
Cash collateral received for securities on loan | 9,878,293 |
Due to custodian | 63 |
Payables: | |
Manager (See Note 3) | 308,489 |
Portfolio shares redeemed | 118,605 |
Investment securities purchased | 32,123 |
Professional fees | 29,482 |
NYLIFE Distributors (See Note 3) | 25,529 |
Shareholder communication | 22,548 |
Custodian | 4,250 |
Accrued expenses | 9,289 |
Total liabilities | 10,428,671 |
Net assets | $437,166,026 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 47,349 |
Additional paid-in-capital | 446,120,116 |
446,167,465 | |
Total distributable earnings (loss) | (9,001,439) |
Net assets | $437,166,026 |
Initial Class | |
Net assets applicable to outstanding shares | $320,090,561 |
Shares of beneficial interest outstanding | 34,170,102 |
Net asset value per share outstanding | $ 9.37 |
Service Class | |
Net assets applicable to outstanding shares | $117,075,465 |
Shares of beneficial interest outstanding | 13,178,537 |
Net asset value per share outstanding | $ 8.88 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $24,978) | $ 1,717,221 |
Dividends-affiliated | 412,102 |
Securities lending, net | 76,233 |
Total income | 2,205,556 |
Expenses | |
Manager (See Note 3) | 3,754,107 |
Distribution/Service—Service Class (See Note 3) | 329,848 |
Professional fees | 83,705 |
Custodian | 27,259 |
Shareholder communication | 26,587 |
Trustees | 9,953 |
Miscellaneous | 16,219 |
Total expenses | 4,247,678 |
Net investment income (loss) | (2,042,122) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 964,390 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (151,607,563) |
Net realized and unrealized gain (loss) | (150,643,173) |
Net increase (decrease) in net assets resulting from operations | $(152,685,295) |
16 | MainStay VP Small Cap Growth Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (2,042,122) | $ (3,692,220) |
Net realized gain (loss) | 964,390 | 118,790,132 |
Net change in unrealized appreciation (depreciation) | (151,607,563) | (56,483,974) |
Net increase (decrease) in net assets resulting from operations | (152,685,295) | 58,613,938 |
Distributions to shareholders: | ||
Initial Class | (82,864,939) | (51,525,334) |
Service Class | (32,444,804) | (22,332,907) |
Total distributions to shareholders | (115,309,743) | (73,858,241) |
Capital share transactions: | ||
Net proceeds from sales of shares | 85,439,744 | 105,037,004 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 115,309,743 | 73,858,241 |
Cost of shares redeemed | (64,467,524) | (171,515,217) |
Increase (decrease) in net assets derived from capital share transactions | 136,281,963 | 7,380,028 |
Net increase (decrease) in net assets | (131,713,075) | (7,864,275) |
Net Assets | ||
Beginning of year | 568,879,101 | 576,743,376 |
End of year | $ 437,166,026 | $ 568,879,101 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 17.53 | $ 18.16 | $ 13.31 | $ 12.20 | $ 14.09 | ||||
Net investment income (loss) (a) | (0.05) | (0.11) | (0.06) | (0.06) | (0.06) | ||||
Net realized and unrealized gain (loss) | (4.74) | 1.98 | 5.36 | 2.96 | (1.04) | ||||
Total from investment operations | (4.79) | 1.87 | 5.30 | 2.90 | (1.10) | ||||
Less distributions: | |||||||||
From net realized gain on investments | (3.37) | (2.50) | (0.45) | (1.79) | (0.79) | ||||
Net asset value at end of year | $ 9.37 | $ 17.53 | $ 18.16 | $ 13.31 | $ 12.20 | ||||
Total investment return (b) | (26.49)% | 10.31% | 40.48% | 25.59% | (8.88)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.37)% | (0.56)% | (0.41)% | (0.41)% | (0.40)% | ||||
Net expenses (c) | 0.85% | 0.84%(d) | 0.85%(d) | 0.85% | 0.85% | ||||
Portfolio turnover rate | 39% | 32% | 101% | 46% | 41% | ||||
Net assets at end of year (in 000's) | $ 320,091 | $ 395,321 | $ 422,200 | $ 332,474 | $ 251,547 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 16.91 | $ 17.64 | $ 12.97 | $ 11.96 | $ 13.87 | ||||
Net investment income (loss) (a) | (0.08) | (0.15) | (0.09) | (0.09) | (0.09) | ||||
Net realized and unrealized gain (loss) | (4.58) | 1.92 | 5.21 | 2.89 | (1.03) | ||||
Total from investment operations | (4.66) | 1.77 | 5.12 | 2.80 | (1.12) | ||||
Less distributions: | |||||||||
From net realized gain on investments | (3.37) | (2.50) | (0.45) | (1.79) | (0.79) | ||||
Net asset value at end of year | $ 8.88 | $ 16.91 | $ 17.64 | $ 12.97 | $ 11.96 | ||||
Total investment return (b) | (26.67)% | 10.03% | 40.13% | 25.28% | (9.11)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.63)% | (0.81)% | (0.66)% | (0.65)% | (0.64)% | ||||
Net expenses (c) | 1.10% | 1.09%(d) | 1.10%(d) | 1.10% | 1.10% | ||||
Portfolio turnover rate | 39% | 32% | 101% | 46% | 41% | ||||
Net assets at end of year (in 000's) | $ 117,075 | $ 173,558 | $ 154,543 | $ 125,306 | $ 96,497 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
18 | MainStay VP Small Cap Growth Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay VP Small Cap Growth Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $455,812,830 | $51,224,797 | $(61,664,961) | $(10,440,164) |
22 | MainStay VP Small Cap Growth Portfolio |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $1,388,343 | $50,382 | $(10,440,164) | $(9,001,439) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$1,642,656 | $(1,642,656) |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 42,583,224 | $34,188,405 |
Long-Term Capital Gains | 72,726,519 | 39,669,836 |
Total | $115,309,743 | $73,858,241 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 5,141,939 | $ 68,272,969 |
Shares issued to shareholders in reinvestment of distributions | 9,244,708 | 82,864,939 |
Shares redeemed | (2,767,030) | (36,485,974) |
Net increase (decrease) | 11,619,617 | $ 114,651,934 |
Year ended December 31, 2021: | ||
Shares sold | 3,788,555 | $ 71,083,995 |
Shares issued to shareholders in reinvestment of distributions | 2,935,314 | 51,525,334 |
Shares redeemed | (7,426,075) | (140,856,224) |
Net increase (decrease) | (702,206) | $ (18,246,895) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,328,818 | $ 17,166,775 |
Shares issued to shareholders in reinvestment of distributions | 3,814,702 | 32,444,804 |
Shares redeemed | (2,227,095) | (27,981,550) |
Net increase (decrease) | 2,916,425 | $ 21,630,029 |
Year ended December 31, 2021: | ||
Shares sold | 1,843,221 | $ 33,953,009 |
Shares issued to shareholders in reinvestment of distributions | 1,317,996 | 22,332,907 |
Shares redeemed | (1,660,340) | (30,658,993) |
Net increase (decrease) | 1,500,877 | $ 25,626,923 |
24 | MainStay VP Small Cap Growth Portfolio |
MainStay VP Small Cap Growth Portfolio
New York, New York
February 24, 2023
26 | MainStay VP Small Cap Growth Portfolio |
28 | MainStay VP Small Cap Growth Portfolio |
30 | MainStay VP Small Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
32 | MainStay VP Small Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
34 | MainStay VP Small Cap Growth Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015523 | MSVPESCG11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1995 | -26.45% | 1.95% | 5.15% | 0.93% |
Service Class Shares | 6/5/2003 | -26.63 | 1.69 | 4.89 | 1.18 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI ACWI® ex USA Index (Net)1 | -16.00% | 0.88% | 3.80% |
MSCI EAFE® Index (Net)2 | -14.45 | 1.54 | 4.67 |
Morningstar Foreign Large Growth Category Average3 | -25.61 | 1.63 | 4.73 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Portfolio has selected the MSCI ACWI® (All Country World Index) ex USA Index (Net) as its primary benchmark. The MSCI ACWI® ex USA Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Morningstar Foreign Large Growth Category Average is representative of funds that focus on high-priced growth stocks, mainly outside of the United States. Most of these funds divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These funds primarily invest in stocks that have market caps in the top 70% of each economically integrated market and will have less than 20% of assets invested in U.S. stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,013.30 | $4.77 | $1,020.47 | $4.79 | 0.94% |
Service Class Shares | $1,000.00 | $1,012.00 | $6.03 | $1,019.21 | $6.06 | 1.19% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay International Equity Portfolio |
United States | 14.6% |
United Kingdom | 11.5 |
Germany | 10.4 |
France | 9.8 |
Switzerland | 9.6 |
Netherlands | 8.6 |
Japan | 7.8 |
India | 6.1 |
China | 5.3 |
Israel | 4.2% |
Hong Kong | 3.9 |
Denmark | 2.5 |
Sweden | 1.6 |
Italy | 1.1 |
Other Assets, Less Liabilities | 3.0 |
100.0% |
1. | Tencent Holdings Ltd. |
2. | Lonza Group AG (Registered) |
3. | ICON plc |
4. | NICE Ltd., Sponsored ADR |
5. | Teleperformance |
6. | AIA Group Ltd. |
7. | Diageo plc |
8. | HDFC Bank Ltd. |
9. | Symrise AG |
10. | Adyen NV |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP MacKay International Equity Portfolio |
Shares | Value | |
Common Stocks 96.8% | ||
China 5.3% | ||
Tencent Holdings Ltd. (Interactive Media & Services) | 544,955 | $ 23,161,790 |
Denmark 2.5% | ||
Chr Hansen Holding A/S (Chemicals) | 150,509 | 10,850,606 |
France 9.8% | ||
BioMerieux (Health Care Equipment & Supplies) | 39,069 | 4,108,544 |
Dassault Systemes SE (Software) | 106,747 | 3,850,054 |
Edenred (IT Services) | 239,978 | 13,058,204 |
Sartorius Stedim Biotech (Life Sciences Tools & Services) | 13,513 | 4,402,460 |
Teleperformance (Professional Services) | 75,253 | 17,957,246 |
43,376,508 | ||
Germany 10.4% | ||
Carl Zeiss Meditec AG (Health Care Equipment & Supplies) | 41,644 | 5,256,061 |
Deutsche Boerse AG (Capital Markets) | 68,260 | 11,777,638 |
Nemetschek SE (Software) | 115,844 | 5,916,854 |
Scout24 SE (Interactive Media & Services) (a) | 166,532 | 8,367,051 |
Symrise AG (Chemicals) | 135,680 | 14,760,970 |
46,078,574 | ||
Hong Kong 3.9% | ||
AIA Group Ltd. (Insurance) | 1,576,600 | 17,369,408 |
India 6.1% | ||
HDFC Bank Ltd. (Banks) | 794,639 | 15,642,726 |
Housing Development Finance Corp. Ltd. (Diversified Financial Services) | 345,970 | 11,015,984 |
26,658,710 | ||
Israel 4.2% | ||
NICE Ltd., Sponsored ADR (Software) (b) | 97,218 | 18,695,021 |
Italy 1.1% | ||
Reply SpA (IT Services) | 40,432 | 4,650,012 |
Japan 7.8% | ||
Benefit One, Inc. (Professional Services) | 243,700 | 3,573,953 |
Menicon Co. Ltd. (Health Care Equipment & Supplies) | 327,700 | 6,932,669 |
Shares | Value | |
Japan (continued) | ||
MonotaRO Co. Ltd. (Trading Companies & Distributors) | 366,500 | $ 5,182,678 |
Relo Group, Inc. (Real Estate Management & Development) | 473,000 | 7,651,645 |
SMS Co. Ltd. (Professional Services) | 168,500 | 4,304,666 |
TechnoPro Holdings, Inc. (Professional Services) | 251,100 | 6,638,524 |
34,284,135 | ||
Netherlands 8.6% | ||
Adyen NV (IT Services) (a)(b) | 10,517 | 14,553,603 |
IMCD NV (Trading Companies & Distributors) | 87,278 | 12,466,416 |
Koninklijke DSM NV (Chemicals) | 88,840 | 10,891,388 |
37,911,407 | ||
Sweden 1.6% | ||
Hexagon AB, Class B (Electronic Equipment, Instruments & Components) | 363,208 | 3,817,956 |
MIPS AB (Leisure Products) | 82,508 | 3,416,422 |
7,234,378 | ||
Switzerland 9.6% | ||
Belimo Holding AG (Registered) (Building Products) | 8,499 | 4,060,629 |
Lonza Group AG (Registered) (Life Sciences Tools & Services) | 43,688 | 21,502,267 |
Straumann Holding AG (Registered) (Health Care Equipment & Supplies) | 35,135 | 3,978,800 |
TE Connectivity Ltd. (Electronic Equipment, Instruments & Components) | 112,279 | 12,889,629 |
42,431,325 | ||
United Kingdom 11.5% | ||
Diageo plc (Beverages) | 385,478 | 17,022,433 |
Experian plc (Professional Services) | 337,177 | 11,478,710 |
Linde plc (Chemicals) | 35,700 | 11,644,626 |
St James's Place plc (Capital Markets) | 813,159 | 10,767,927 |
50,913,696 | ||
United States 14.4% | ||
Accenture plc, Class A (IT Services) | 15,299 | 4,082,385 |
Aon plc, Class A (Insurance) | 34,621 | 10,391,147 |
Globant SA (IT Services) (b) | 81,255 | 13,663,841 |
ICON plc (Life Sciences Tools & Services) (b) | 110,620 | 21,487,935 |
10 | MainStay VP MacKay International Equity Portfolio |
Shares | Value | ||
Common Stocks (continued) | |||
United States (continued) | |||
STERIS plc (Health Care Equipment & Supplies) | 75,708 | $ 13,982,511 | |
63,607,819 | |||
Total Common Stocks (Cost $454,641,168) | 427,223,389 | ||
Short-Term Investment 0.2% | |||
Affiliated Investment Company 0.2% | |||
United States 0.2% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (c) | 871,894 | 871,894 | |
Total Short-Term Investment (Cost $871,894) | 871,894 | ||
Total Investments (Cost $455,513,062) | 97.0% | 428,095,283 | |
Other Assets, Less Liabilities | 3.0 | 13,315,853 | |
Net Assets | 100.0% | $ 441,411,136 |
† | 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) | Current yield as of December 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 145 | $ 73,659 | $ (72,932) | $ — | $ — | $ 872 | $ 13 | $ — | 872 |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | |||||||
China | $ — | $ 23,161,790 | $ — | $ 23,161,790 | |||
Denmark | — | 10,850,606 | — | 10,850,606 | |||
France | — | 43,376,508 | — | 43,376,508 | |||
Germany | — | 46,078,574 | — | 46,078,574 | |||
Hong Kong | — | 17,369,408 | — | 17,369,408 | |||
India | — | 26,658,710 | — | 26,658,710 | |||
Italy | — | 4,650,012 | — | 4,650,012 | |||
Japan | — | 34,284,135 | — | 34,284,135 | |||
Netherlands | — | 37,911,407 | — | 37,911,407 | |||
Sweden | — | 7,234,378 | — | 7,234,378 | |||
Switzerland | 12,889,629 | 29,541,696 | — | 42,431,325 | |||
United Kingdom | 11,644,626 | 39,269,070 | — | 50,913,696 | |||
All Other Countries | 82,302,840 | — | — | 82,302,840 | |||
Total Common Stocks | 106,837,095 | 320,386,294 | — | 427,223,389 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 871,894 | — | — | 871,894 | |||
Total Investments in Securities | $ 107,708,989 | $ 320,386,294 | $ — | $ 428,095,283 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP MacKay International Equity Portfolio |
Value | Percent † | ||
Banks | $ 15,642,726 | 3.5% | |
Beverages | 17,022,433 | 3.9 | |
Building Products | 4,060,629 | 0.9 | |
Capital Markets | 22,545,565 | 5.1 | |
Chemicals | 48,147,590 | 10.9 | |
Diversified Financial Services | 11,015,984 | 2.5 | |
Electronic Equipment, Instruments & Components | 16,707,585 | 3.8 | |
Health Care Equipment & Supplies | 34,258,585 | 7.8 | |
Insurance | 27,760,555 | 6.3 | |
Interactive Media & Services | 31,528,841 | 7.1 | |
IT Services | 50,008,045 | 11.3 | |
Leisure Products | 3,416,422 | 0.8 | |
Life Sciences Tools & Services | 47,392,662 | 10.7 | |
Professional Services | 43,953,099 | 10.0 | |
Real Estate Management & Development | 7,651,645 | 1.7 | |
Software | 28,461,929 | 6.5 | |
Trading Companies & Distributors | 17,649,094 | 4.0 | |
427,223,389 | 96.8 | ||
Short-Term Investment | 871,894 | 0.2 | |
Other Assets, Less Liabilities | 13,315,853 | 3.0 | |
Net Assets | $441,411,136 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $454,641,168) | $ 427,223,389 |
Investment in affiliated investment companies, at value (identified cost $871,894) | 871,894 |
Cash denominated in foreign currencies (identified cost $14,662,589) | 14,720,918 |
Receivables: | |
Investment securities sold | 1,288,255 |
Dividends | 732,932 |
Portfolio shares sold | 5,722 |
Other assets | 2,633 |
Total assets | 444,845,743 |
Liabilities | |
Payables: | |
Investment securities purchased | 2,593,166 |
Manager (See Note 3) | 340,984 |
Foreign capital gains tax (See Note 2) | 301,599 |
Portfolio shares redeemed | 59,011 |
NYLIFE Distributors (See Note 3) | 51,192 |
Professional fees | 34,173 |
Shareholder communication | 23,783 |
Custodian | 13,758 |
Accrued expenses | 16,941 |
Total liabilities | 3,434,607 |
Net assets | $ 441,411,136 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 43,274 |
Additional paid-in-capital | 543,182,164 |
543,225,438 | |
Total distributable earnings (loss) | (101,814,302) |
Net assets | $ 441,411,136 |
Initial Class | |
Net assets applicable to outstanding shares | $205,665,664 |
Shares of beneficial interest outstanding | 19,989,187 |
Net asset value per share outstanding | $ 10.29 |
Service Class | |
Net assets applicable to outstanding shares | $235,745,472 |
Shares of beneficial interest outstanding | 23,284,982 |
Net asset value per share outstanding | $ 10.12 |
14 | MainStay VP MacKay International Equity Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $478,405) | $ 5,069,633 |
Dividends-affiliated | 13,265 |
Securities lending, net | 10,663 |
Total income | 5,093,561 |
Expenses | |
Manager (See Note 3) | 4,219,774 |
Distribution/Service—Service Class (See Note 3) | 639,617 |
Professional fees | 104,663 |
Custodian | 81,845 |
Shareholder communication | 27,260 |
Trustees | 10,198 |
Miscellaneous | 42,109 |
Total expenses | 5,125,466 |
Net investment income (loss) | (31,905) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(a) | (70,552,638) |
Foreign currency transactions | (1,191,502) |
Net realized gain (loss) | (71,744,140) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(b) | (85,077,148) |
Translation of other assets and liabilities in foreign currencies | (350,998) |
Net change in unrealized appreciation (depreciation) | (85,428,146) |
Net realized and unrealized gain (loss) | (157,172,286) |
Net increase (decrease) in net assets resulting from operations | $(157,204,191) |
(a) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $62,960. |
(b) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $(238,205). |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (31,905) | $ 1,332,779 |
Net realized gain (loss) | (71,744,140) | 95,139,312 |
Net change in unrealized appreciation (depreciation) | (85,428,146) | (30,744,702) |
Net increase (decrease) in net assets resulting from operations | (157,204,191) | 65,727,389 |
Distributions to shareholders: | ||
Initial Class | (42,204,462) | (33,734,818) |
Service Class | (47,989,156) | (41,322,755) |
Total distributions to shareholders | (90,193,618) | (75,057,573) |
Capital share transactions: | ||
Net proceeds from sales of shares | 56,783,387 | 34,068,196 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 90,193,618 | 75,057,573 |
Cost of shares redeemed | (46,049,495) | (72,259,312) |
Increase (decrease) in net assets derived from capital share transactions | 100,927,510 | 36,866,457 |
Net increase (decrease) in net assets | (146,470,299) | 27,536,273 |
Net Assets | ||
Beginning of year | 587,881,435 | 560,345,162 |
End of year | $ 441,411,136 | $587,881,435 |
16 | MainStay VP MacKay International Equity Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 17.98 | $ 18.43 | $ 16.21 | $ 14.99 | $ 17.46 | ||||
Net investment income (loss) (a) | 0.02 | 0.07 | 0.03 | 0.12 | 0.10 | ||||
Net realized and unrealized gain (loss) | (5.06) | 2.12 | 3.24 | 3.31 | (2.04) | ||||
Total from investment operations | (5.04) | 2.19 | 3.27 | 3.43 | (1.94) | ||||
Less distributions: | |||||||||
From net investment income | (0.04) | (0.02) | (0.12) | (0.08) | (0.21) | ||||
From net realized gain on investments | (2.61) | (2.62) | (0.93) | (2.13) | (0.32) | ||||
Total distributions | (2.65) | (2.64) | (1.05) | (2.21) | (0.53) | ||||
Net asset value at end of year | $ 10.29 | $ 17.98 | $ 18.43 | $ 16.21 | $ 14.99 | ||||
Total investment return (b) | (26.45)% | 12.24% | 20.85% | 24.80% | (11.56)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.12% | 0.37% | 0.16% | 0.74% | 0.55% | ||||
Net expenses (c) | 0.95% | 0.93% | 0.96% | 0.96% | �� | 0.96% | |||
Portfolio turnover rate | 102% | 86% | 135% | 66% | 46% | ||||
Net assets at end of year (in 000's) | $ 205,666 | $ 266,747 | $ 245,101 | $ 209,278 | $ 158,215 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 17.75 | $ 18.24 | $ 16.06 | $ 14.86 | $ 17.32 | ||||
Net investment income (loss) (a) | (0.02) | 0.02 | (0.01) | 0.08 | 0.05 | ||||
Net realized and unrealized gain (loss) | (5.00) | 2.11 | 3.20 | 3.28 | (2.03) | ||||
Total from investment operations | (5.02) | 2.13 | 3.19 | 3.36 | (1.98) | ||||
Less distributions: | |||||||||
From net investment income | — | — | (0.08) | (0.03) | (0.16) | ||||
From net realized gain on investments | (2.61) | (2.62) | (0.93) | (2.13) | (0.32) | ||||
Total distributions | (2.61) | (2.62) | (1.01) | (2.16) | (0.48) | ||||
Net asset value at end of year | $ 10.12 | $ 17.75 | $ 18.24 | $ 16.06 | $ 14.86 | ||||
Total investment return (b) | (26.63)% | 11.96% | 20.54% | 24.49% | (11.78)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.12)% | 0.12% | (0.08)% | 0.52% | 0.32% | ||||
Net expenses (c) | 1.20% | 1.18% | 1.21% | 1.21% | 1.21% | ||||
Portfolio turnover rate | 102% | 86% | 135% | 66% | 46% | ||||
Net assets at end of year (in 000's) | $ 235,745 | $ 321,135 | $ 315,244 | $ 303,135 | $ 258,307 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 1, 1995 |
Service Class | June 5, 2003 |
18 | MainStay VP MacKay International Equity Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay VP MacKay International Equity Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $467,944,628 | $14,676,667 | $(54,526,012) | $(39,849,345) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(61,578,793) | $— | $(40,235,509) | $(101,814,302) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$920,495 | $(920,495) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $53,031 | $8,548 |
22 | MainStay VP MacKay International Equity Portfolio |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $46,066,083 | $50,111,243 |
Long-Term Capital Gains | 44,127,535 | 24,946,330 |
Total | $90,193,618 | $75,057,573 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,923,130 | $ 26,627,915 |
Shares issued to shareholders in reinvestment of distributions | 4,555,503 | 42,204,462 |
Shares redeemed | (1,322,741) | (16,804,815) |
Net increase (decrease) | 5,155,892 | $ 52,027,562 |
Year ended December 31, 2021: | ||
Shares sold | 838,988 | $ 16,153,016 |
Shares issued to shareholders in reinvestment of distributions | 1,922,628 | 33,734,818 |
Shares redeemed | (1,225,104) | (23,742,345) |
Net increase (decrease) | 1,536,512 | $ 26,145,489 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 2,224,777 | $ 30,155,472 |
Shares issued to shareholders in reinvestment of distributions | 5,261,219 | 47,989,156 |
Shares redeemed | (2,297,584) | (29,244,680) |
Net increase (decrease) | 5,188,412 | $ 48,899,948 |
Year ended December 31, 2021: | ||
Shares sold | 962,140 | $ 17,915,180 |
Shares issued to shareholders in reinvestment of distributions | 2,385,193 | 41,322,755 |
Shares redeemed | (2,530,506) | (48,516,967) |
Net increase (decrease) | 816,827 | $ 10,720,968 |
24 | MainStay VP MacKay International Equity Portfolio |
MainStay VP MacKay International Equity Portfolio
New York, New York
February 24, 2023
26 | MainStay VP MacKay International Equity Portfolio |
28 | MainStay VP MacKay International Equity Portfolio |
30 | MainStay VP MacKay International Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
32 | MainStay VP MacKay International Equity Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015577 | MSVPIE11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1998 | -31.16% | 10.23% | 12.93% | 0.74% |
Service Class Shares | 6/6/2003 | -31.34 | 9.95 | 12.65 | 0.99 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | -29.14% | 10.96% | 14.10% |
S&P 500® Index2 | -18.11 | 9.42 | 12.56 |
Morningstar Large Growth Category Average3 | -30.20 | 7.88 | 11.39 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Russell 1000® Growth Index is the Portfolio's primary benchmark. The Russell 1000® Growth Index is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
2. | The S&P 500® Index is the Portfolio's secondary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
3. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,014.70 | $3.81 | $1,021.42 | $3.82 | 0.75% |
Service Class Shares | $1,000.00 | $1,013.40 | $5.07 | $1,020.16 | $5.09 | 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 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Winslow Large Cap Growth Portfolio |
Software | 14.1% |
IT Services | 12.9 |
Semiconductors & Semiconductor Equipment | 9.1 |
Life Sciences Tools & Services | 7.1 |
Hotels, Restaurants & Leisure | 7.0 |
Technology Hardware, Storage & Peripherals | 5.5 |
Road & Rail | 4.8 |
Health Care Equipment & Supplies | 4.7 |
Health Care Providers & Services | 3.8 |
Chemicals | 3.5 |
Pharmaceuticals | 3.4 |
Interactive Media & Services | 3.3 |
Capital Markets | 2.8 |
Machinery | 2.7% |
Food & Staples Retailing | 2.6 |
Textiles, Apparel & Luxury Goods | 2.4 |
Energy Equipment & Services | 2.4 |
Multiline Retail | 2.2 |
Health Care Technology | 2.1 |
Personal Products | 1.3 |
Internet & Direct Marketing Retail | 0.9 |
Professional Services | 0.8 |
Short–Term Investment | 0.7 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Visa, Inc., Class A |
4. | Mastercard, Inc., Class A |
5. | UnitedHealth Group, Inc. |
6. | Alphabet, Inc. |
7. | Union Pacific Corp. |
8. | Chipotle Mexican Grill, Inc. |
9. | Analog Devices, Inc. |
10. | ServiceNow, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Winslow Large Cap Growth Portfolio |
Shares | Value | |
Common Stocks 99.4% | ||
Capital Markets 2.8% | ||
Moody's Corp. | 65,640 | $ 18,288,617 |
MSCI, Inc. | 35,800 | 16,653,086 |
34,941,703 | ||
Chemicals 3.5% | ||
Air Products and Chemicals, Inc. | 42,900 | 13,224,354 |
Linde plc | 93,600 | 30,530,448 |
43,754,802 | ||
Energy Equipment & Services 2.4% | ||
Schlumberger Ltd. | 562,300 | 30,060,558 |
Food & Staples Retailing 2.6% | ||
Costco Wholesale Corp. | 73,400 | 33,507,100 |
Health Care Equipment & Supplies 4.7% | ||
IDEXX Laboratories, Inc. (a) | 61,590 | 25,126,256 |
Intuitive Surgical, Inc. (a) | 128,480 | 34,092,168 |
59,218,424 | ||
Health Care Providers & Services 3.8% | ||
UnitedHealth Group, Inc. | 91,680 | 48,606,902 |
Health Care Technology 2.1% | ||
Veeva Systems, Inc., Class A (a) | 166,190 | 26,819,742 |
Hotels, Restaurants & Leisure 7.0% | ||
Chipotle Mexican Grill, Inc. (a) | 27,590 | 38,280,849 |
Hilton Worldwide Holdings, Inc. | 209,920 | 26,525,491 |
Starbucks Corp. | 242,300 | 24,036,160 |
88,842,500 | ||
Interactive Media & Services 3.3% | ||
Alphabet, Inc. (a) | ||
Class A | 252,500 | 22,278,075 |
Class C | 224,760 | 19,942,955 |
42,221,030 | ||
Internet & Direct Marketing Retail 0.9% | ||
Amazon.com, Inc. (a) | 135,300 | 11,365,200 |
IT Services 12.9% | ||
Accenture plc, Class A | 92,100 | 24,575,964 |
Gartner, Inc. (a) | 84,800 | 28,504,672 |
Mastercard, Inc., Class A | 156,940 | 54,572,746 |
Shares | Value | |
IT Services (continued) | ||
Visa, Inc., Class A | 267,500 | $ 55,575,800 |
163,229,182 | ||
Life Sciences Tools & Services 7.1% | ||
Agilent Technologies, Inc. | 170,990 | 25,588,653 |
Bio-Techne Corp. | 228,160 | 18,909,901 |
Danaher Corp. | 103,500 | 27,470,970 |
IQVIA Holdings, Inc. (a) | 85,100 | 17,436,139 |
89,405,663 | ||
Machinery 2.7% | ||
Deere & Co. | 80,700 | 34,600,932 |
Multiline Retail 2.2% | ||
Dollar Tree, Inc. (a) | 194,300 | 27,481,792 |
Personal Products 1.3% | ||
Estee Lauder Cos., Inc. (The), Class A | 65,500 | 16,251,205 |
Pharmaceuticals 3.4% | ||
AstraZeneca plc, Sponsored ADR | 299,200 | 20,285,760 |
Zoetis, Inc. | 157,450 | 23,074,298 |
43,360,058 | ||
Professional Services 0.8% | ||
CoStar Group, Inc. (a) | 139,350 | 10,768,968 |
Road & Rail 4.8% | ||
CSX Corp. | 710,450 | 22,009,741 |
Union Pacific Corp. | 190,284 | 39,402,108 |
61,411,849 | ||
Semiconductors & Semiconductor Equipment 9.1% | ||
Analog Devices, Inc. | 216,550 | 35,520,696 |
ASML Holding NV (Registered) | 60,860 | 33,253,904 |
Lam Research Corp. | 54,000 | 22,696,200 |
NVIDIA Corp. | 167,640 | 24,498,910 |
115,969,710 | ||
Software 14.1% | ||
Adobe, Inc. (a) | 31,350 | 10,550,215 |
Intuit, Inc. | 75,050 | 29,210,961 |
Microsoft Corp. | 335,830 | 80,538,751 |
Palo Alto Networks, Inc. (a) | 168,210 | 23,472,023 |
ServiceNow, Inc. (a) | 90,580 | 35,169,497 |
178,941,447 |
10 | MainStay VP Winslow Large Cap Growth Portfolio |
Shares | Value | ||
Common Stocks (continued) | |||
Technology Hardware, Storage & Peripherals 5.5% | |||
Apple, Inc. | 532,050 | $ 69,129,257 | |
Textiles, Apparel & Luxury Goods 2.4% | |||
Lululemon Athletica, Inc. (a) | 95,000 | 30,436,100 | |
Total Common Stocks (Cost $1,220,092,767) | 1,260,324,124 | ||
Short-Term Investment 0.7% | |||
Affiliated Investment Company 0.7% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (b) | 8,116,681 | 8,116,681 | |
Total Short-Term Investment (Cost $8,116,681) | 8,116,681 | ||
Total Investments (Cost $1,228,209,448) | 100.1% | 1,268,440,805 | |
Other Assets, Less Liabilities | (0.1) | (1,000,080) | |
Net Assets | 100.0% | $ 1,267,440,725 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | Current yield as of December 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 15,463 | $ 332,200 | $ (339,546) | $ — | $ — | $ 8,117 | $ 129 | $ — | 8,117 |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 1,260,324,124 | $ — | $ — | $ 1,260,324,124 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 8,116,681 | — | — | 8,116,681 | |||
Total Investments in Securities | $ 1,268,440,805 | $ — | $ — | $ 1,268,440,805 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Winslow Large Cap Growth Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,220,092,767) | $1,260,324,124 |
Investment in affiliated investment companies, at value (identified cost $8,116,681) | 8,116,681 |
Receivables: | |
Dividends | 447,320 |
Portfolio shares sold | 248,370 |
Other assets | 7,995 |
Total assets | 1,269,144,490 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 810,015 |
Portfolio shares redeemed | 570,707 |
NYLIFE Distributors (See Note 3) | 205,107 |
Shareholder communication | 62,970 |
Professional fees | 40,903 |
Custodian | 4,726 |
Accrued expenses | 9,337 |
Total liabilities | 1,703,765 |
Net assets | $1,267,440,725 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 72,378 |
Additional paid-in-capital | 1,175,709,974 |
1,175,782,352 | |
Total distributable earnings (loss) | 91,658,373 |
Net assets | $1,267,440,725 |
Initial Class | |
Net assets applicable to outstanding shares | $335,309,342 |
Shares of beneficial interest outstanding | 17,690,955 |
Net asset value per share outstanding | $ 18.95 |
Service Class | |
Net assets applicable to outstanding shares | $932,131,383 |
Shares of beneficial interest outstanding | 54,687,259 |
Net asset value per share outstanding | $ 17.04 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $60,006) | $ 9,536,942 |
Dividends-affiliated | 128,784 |
Securities lending, net | 1,051 |
Total income | 9,666,777 |
Expenses | |
Manager (See Note 3) | 10,527,820 |
Distribution/Service—Service Class (See Note 3) | 2,569,706 |
Professional fees | 133,836 |
Shareholder communication | 106,861 |
Trustees | 32,975 |
Custodian | 30,313 |
Miscellaneous | 43,686 |
Total expenses before waiver/reimbursement | 13,445,197 |
Expense waiver/reimbursement from Manager (See Note 3) | (28,848) |
Net expenses | 13,416,349 |
Net investment income (loss) | (3,749,572) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 55,370,337 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (658,798,432) |
Net realized and unrealized gain (loss) | (603,428,095) |
Net increase (decrease) in net assets resulting from operations | $(607,177,667) |
14 | MainStay VP Winslow Large Cap Growth Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (3,749,572) | $ (9,158,082) |
Net realized gain (loss) | 55,370,337 | 361,319,257 |
Net change in unrealized appreciation (depreciation) | (658,798,432) | 42,537,169 |
Net increase (decrease) in net assets resulting from operations | (607,177,667) | 394,698,344 |
Distributions to shareholders: | ||
Initial Class | (88,754,424) | (43,495,671) |
Service Class | (263,426,186) | (95,317,024) |
Total distributions to shareholders | (352,180,610) | (138,812,695) |
Capital share transactions: | ||
Net proceeds from sales of shares | 214,496,273 | 225,933,895 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 352,180,610 | 138,812,695 |
Cost of shares redeemed | (282,463,949) | (306,858,723) |
Increase (decrease) in net assets derived from capital share transactions | 284,212,934 | 57,887,867 |
Net increase (decrease) in net assets | (675,145,343) | 313,773,516 |
Net Assets | ||
Beginning of year | 1,942,586,068 | 1,628,812,552 |
End of year | $1,267,440,725 | $1,942,586,068 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 37.92 | $ 32.76 | $ 25.51 | $ 21.64 | $ 23.92 | ||||
Net investment income (loss) (a) | (0.02) | (0.12) | (0.04) | 0.00‡ | 0.00‡ | ||||
Net realized and unrealized gain (loss) | (12.18) | 8.01 | 9.36 | 6.95 | 1.36 | ||||
Total from investment operations | (12.20) | 7.89 | 9.32 | 6.95 | 1.36 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (6.77) | (2.73) | (2.07) | (3.08) | (3.64) | ||||
Net asset value at end of year | $ 18.95 | $ 37.92 | $ 32.76 | $ 25.51 | $ 21.64 | ||||
Total investment return (b) | (31.16)% | 24.52% | 37.16% | 33.64% | 3.57% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.09)% | (0.34)% | (0.16)% | 0.01% | 0.01% | ||||
Net expenses (c)(d) | 0.75% | 0.74% | 0.75% | 0.76% | 0.76% | ||||
Portfolio turnover rate | 75% | 62% | 54% | 56% | 58% | ||||
Net assets at end of year (in 000's) | $ 335,309 | $ 632,666 | $ 534,965 | $ 438,089 | $ 238,174 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 35.23 | $ 30.68 | $ 24.05 | $ 20.60 | $ 22.96 | ||||
Net investment income (loss) (a) | (0.08) | (0.20) | (0.11) | (0.06) | (0.06) | ||||
Net realized and unrealized gain (loss) | (11.34) | 7.48 | 8.81 | 6.59 | 1.34 | ||||
Total from investment operations | (11.42) | 7.28 | 8.70 | 6.53 | 1.28 | ||||
Less distributions: | |||||||||
From net realized gain on investments | (6.77) | (2.73) | (2.07) | (3.08) | (3.64) | ||||
Net asset value at end of year | $ 17.04 | $ 35.23 | $ 30.68 | $ 24.05 | $ 20.60 | ||||
Total investment return (b) | (31.34)% | 24.20% | 36.81% | 33.30% | 3.31% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.33)% | (0.59)% | (0.41)% | (0.25)% | (0.23)% | ||||
Net expenses (c)(d) | 1.00% | 0.99% | 1.00% | 1.01% | 1.01% | ||||
Portfolio turnover rate | 75% | 62% | 54% | 56% | 58% | ||||
Net assets at end of year (in 000's) | $ 932,131 | $ 1,309,920 | $ 1,093,847 | $ 825,075 | $ 623,836 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
16 | MainStay VP Winslow Large Cap Growth Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 1998 |
Service Class | June 6, 2003 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Winslow Large Cap Growth Portfolio |
20 | MainStay VP Winslow Large Cap Growth Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,231,830,296 | $112,082,464 | $(75,471,955) | $36,610,509 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $55,047,864 | $— | $36,610,509 | $91,658,373 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$146,679 | $(146,679) |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 51,907,115 | $ — |
Long-Term Capital Gains | 300,273,495 | 138,812,695 |
Total | $352,180,610 | $138,812,695 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 2,106,607 | $ 63,629,404 |
Shares issued to shareholders in reinvestment of distributions | 4,944,646 | 88,754,424 |
Shares redeemed | (6,044,937) | (171,066,781) |
Net increase (decrease) | 1,006,316 | $ (18,682,953) |
Year ended December 31, 2021: | ||
Shares sold | 2,316,264 | $ 82,342,909 |
Shares issued to shareholders in reinvestment of distributions | 1,208,858 | 43,495,671 |
Shares redeemed | (3,168,728) | (114,442,169) |
Net increase (decrease) | 356,394 | $ 11,396,411 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 5,856,023 | $ 150,866,869 |
Shares issued to shareholders in reinvestment of distributions | 16,310,714 | 263,426,186 |
Shares redeemed | (4,663,155) | (111,397,168) |
Net increase (decrease) | 17,503,582 | $ 302,895,887 |
Year ended December 31, 2021: | ||
Shares sold | 4,318,772 | $ 143,590,986 |
Shares issued to shareholders in reinvestment of distributions | 2,849,784 | 95,317,024 |
Shares redeemed | (5,641,331) | (192,416,554) |
Net increase (decrease) | 1,527,225 | $ 46,491,456 |
22 | MainStay VP Winslow Large Cap Growth Portfolio |
MainStay VP Winslow Large Cap Growth Portfolio
New York, New York
February 24, 2023
24 | MainStay VP Winslow Large Cap Growth Portfolio |
26 | MainStay VP Winslow Large Cap Growth Portfolio |
28 | MainStay VP Winslow Large Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
30 | MainStay VP Winslow Large Cap Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
32 | MainStay VP Winslow Large Cap Growth Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015530 | MSVPLG11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 7/2/2001 | -20.52% | 2.80% | 9.07% | 0.89% |
Service Class Shares | 6/5/2003 | -20.71 | 2.54 | 8.79 | 1.14 |
1. | Effective January 1, 2018, due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. |
2. | Effective May 1, 2021, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the chart and table prior to that date reflects the Portfolio’s prior subadvisors and principal investment strategies. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell Midcap® Index1 | -17.32% | 7.10% | 10.96% |
S&P MidCap 400® Index2 | -13.06 | 6.71 | 10.78 |
Morningstar Mid-Cap Blend Category Average3 | -14.14 | 5.84 | 9.24 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Russell Midcap® Index is the Portfolio's primary benchmark. The Russell Midcap® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index and it includes approximately 800 of the smallest companies based on a combination of their market cap and current index membership. The Russell Midcap® Index represents approximately 31% of the total market capitalization of the Russell 1000® Index companies. |
2. | The Portfolio has selected the S&P MidCap 400® Index as its secondary benchmark. The S&P MidCap 400® Index is a market capitalization-weighted index of common stocks representing the mid-cap U.S. equity market. |
3. | The Morningstar Mid-Cap Blend Category Average is representative of funds that invest primarily in U.S. stocks of various sizes and styles, giving it a middle-of-the-road profile. The U.S. mid-cap range for market capitalization typically falls between $1 billion and $8 billion and represents 20% of the total capitalization of the U.S. equity market. The blend style is assigned to funds where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,046.90 | $4.44 | $1,020.87 | $4.38 | 0.86% |
Service Class Shares | $1,000.00 | $1,045.60 | $5.72 | $1,019.61 | $5.65 | 1.11% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Mid Cap Portfolio |
Machinery | 8.6% |
Insurance | 6.6 |
Banks | 6.1 |
Oil, Gas & Consumable Fuels | 6.0 |
IT Services | 5.0 |
Biotechnology | 4.9 |
Chemicals | 4.4 |
Health Care Equipment & Supplies | 4.3 |
Software | 3.0 |
Communications Equipment | 3.0 |
Equity Real Estate Investment Trusts | 3.0 |
Building Products | 2.8 |
Electronic Equipment, Instruments & Components | 2.7 |
Road & Rail | 2.6 |
Professional Services | 2.4 |
Household Durables | 2.4 |
Aerospace & Defense | 2.1 |
Life Sciences Tools & Services | 2.1 |
Semiconductors & Semiconductor Equipment | 2.1 |
Hotels, Restaurants & Leisure | 2.0 |
Containers & Packaging | 2.0 |
Health Care Providers & Services | 1.8 |
Internet & Direct Marketing Retail | 1.7 |
Trading Companies & Distributors | 1.5% |
Textiles, Apparel & Luxury Goods | 1.5 |
Pharmaceuticals | 1.5 |
Air Freight & Logistics | 1.4 |
Specialty Retail | 1.3 |
Consumer Finance | 1.3 |
Auto Components | 1.3 |
Food & Staples Retailing | 1.2 |
Commercial Services & Supplies | 1.1 |
Metals & Mining | 1.1 |
Diversified Financial Services | 1.0 |
Multi–Utilities | 1.0 |
Leisure Products | 0.9 |
Media | 0.6 |
Interactive Media & Services | 0.6 |
Gas Utilities | 0.5 |
Capital Markets | 0.3 |
Entertainment | 0.2 |
Short–Term Investments | 0.9 |
Other Assets, Less Liabilities | –0.8 |
100.0% |
1. | Marathon Oil Corp. |
2. | Westinghouse Air Brake Technologies Corp. |
3. | FMC Corp. |
4. | Integra LifeSciences Holdings Corp. |
5. | F5, Inc. |
6. | United Therapeutics Corp. |
7. | Genpact Ltd. |
8. | NVR, Inc. |
9. | Jazz Pharmaceuticals plc |
10. | WEX, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | The Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 years) growth and lower sales per share historical growth (5 years). |
8 | MainStay VP Wellington Mid Cap Portfolio |
10 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks 99.9% | ||
Aerospace & Defense 2.1% | ||
Axon Enterprise, Inc. (a) | 60,473 | $ 10,034,285 |
Spirit AeroSystems Holdings, Inc., Class A | 179,480 | 5,312,608 |
15,346,893 | ||
Air Freight & Logistics 1.4% | ||
CH Robinson Worldwide, Inc. | 52,677 | 4,823,106 |
Expeditors International of Washington, Inc. | 49,826 | 5,177,918 |
10,001,024 | ||
Auto Components 1.3% | ||
Visteon Corp. (a) | 68,713 | 8,989,722 |
Banks 6.1% | ||
Cadence Bank | 248,544 | 6,129,095 |
Cullen | 44,898 | 6,002,863 |
First Citizens BancShares, Inc., Class A | 9,585 | 7,268,881 |
First Republic Bank | 52,016 | 6,340,230 |
M&T Bank Corp. | 45,619 | 6,617,492 |
Prosperity Bancshares, Inc. | 73,072 | 5,310,873 |
Western Alliance Bancorp | 100,079 | 5,960,705 |
43,630,139 | ||
Biotechnology 4.9% | ||
Alnylam Pharmaceuticals, Inc. (a) | 12,802 | 3,042,395 |
Apellis Pharmaceuticals, Inc. (a) | 86,165 | 4,455,592 |
Exact Sciences Corp. (a) | 60,739 | 3,007,188 |
Neurocrine Biosciences, Inc. (a) | 34,356 | 4,103,481 |
PTC Therapeutics, Inc. (a) | 101,229 | 3,863,911 |
Sage Therapeutics, Inc. (a) | 58,998 | 2,250,184 |
Ultragenyx Pharmaceutical, Inc. (a) | 73,316 | 3,396,730 |
United Therapeutics Corp. (a) | 38,954 | 10,832,718 |
34,952,199 | ||
Building Products 2.8% | ||
Builders FirstSource, Inc. (a) | 145,459 | 9,437,380 |
Fortune Brands Innovations, Inc. | 69,555 | 3,972,286 |
Lennox International, Inc. | 28,923 | 6,919,249 |
20,328,915 | ||
Capital Markets 0.3% | ||
Hamilton Lane, Inc., Class A | 37,369 | 2,387,132 |
Chemicals 4.4% | ||
Celanese Corp. | 68,550 | 7,008,552 |
Element Solutions, Inc. | 422,558 | 7,686,330 |
FMC Corp. | 93,871 | 11,715,101 |
Shares | Value | |
Chemicals (continued) | ||
Valvoline, Inc. | 141,611 | $ 4,623,599 |
31,033,582 | ||
Commercial Services & Supplies 1.1% | ||
Clean Harbors, Inc. (a) | 49,270 | 5,622,693 |
GFL Environmental, Inc. | 87,214 | 2,549,265 |
8,171,958 | ||
Communications Equipment 3.0% | ||
CommScope Holding Co., Inc. (a) | 132,420 | 973,287 |
F5, Inc. (a) | 79,948 | 11,473,338 |
Lumentum Holdings, Inc. (a) | 174,507 | 9,104,030 |
21,550,655 | ||
Consumer Finance 1.3% | ||
Credit Acceptance Corp. (a)(b) | 19,145 | 9,082,388 |
Containers & Packaging 2.0% | ||
Ball Corp. | 66,111 | 3,380,917 |
Graphic Packaging Holding Co. | 133,966 | 2,980,743 |
Silgan Holdings, Inc. | 147,169 | 7,629,241 |
13,990,901 | ||
Diversified Financial Services 1.0% | ||
Voya Financial, Inc. | 116,454 | 7,160,756 |
Electronic Equipment, Instruments & Components 2.7% | ||
CDW Corp. | 27,136 | 4,845,947 |
Coherent Corp. (a) | 119,077 | 4,179,603 |
Flex Ltd. (a) | 200,842 | 4,310,069 |
National Instruments Corp. | 153,094 | 5,649,168 |
18,984,787 | ||
Entertainment 0.2% | ||
Roku, Inc. (a) | 33,498 | 1,363,368 |
Equity Real Estate Investment Trusts 3.0% | ||
Gaming and Leisure Properties, Inc. | 125,303 | 6,527,033 |
Host Hotels & Resorts, Inc. | 132,054 | 2,119,467 |
KRC Interim Corp. | 132,019 | 2,796,163 |
Life Storage, Inc. | 30,178 | 2,972,533 |
Rexford Industrial Realty, Inc. | 45,925 | 2,509,342 |
Ryman Hospitality Properties, Inc. | 54,449 | 4,452,839 |
21,377,377 | ||
Food & Staples Retailing 1.2% | ||
BJ's Wholesale Club Holdings, Inc. (a) | 7,423 | 491,106 |
Shares | Value | |
Common Stocks (continued) | ||
Food & Staples Retailing (continued) | ||
U.S. Foods Holding Corp. (a) | 228,176 | $ 7,762,547 |
8,253,653 | ||
Gas Utilities 0.5% | ||
UGI Corp. | 95,060 | 3,523,874 |
Health Care Equipment & Supplies 4.3% | ||
Inari Medical, Inc. (a) | 82,285 | 5,230,035 |
Insulet Corp. (a) | 27,062 | 7,966,782 |
Integra LifeSciences Holdings Corp. (a) | 206,013 | 11,551,149 |
Teleflex, Inc. | 24,165 | 6,032,309 |
30,780,275 | ||
Health Care Providers & Services 1.8% | ||
Encompass Health Corp. | 104,092 | 6,225,743 |
Molina Healthcare, Inc. (a) | 19,515 | 6,444,243 |
12,669,986 | ||
Hotels, Restaurants & Leisure 2.0% | ||
Choice Hotels International, Inc. | 61,307 | 6,905,621 |
Denny's Corp. (a) | 400,833 | 3,691,672 |
Hyatt Hotels Corp., Class A (a) | 39,363 | 3,560,383 |
14,157,676 | ||
Household Durables 2.4% | ||
Lennar Corp., Class A | 51,997 | 4,705,729 |
NVR, Inc. (a) | 2,267 | 10,456,719 |
Vizio Holding Corp., Class A (a)(b) | 219,486 | 1,626,391 |
16,788,839 | ||
Insurance 6.6% | ||
Aegon NV (Registered) | 1,570,189 | 7,913,753 |
Fidelity National Financial, Inc. | 102,468 | 3,854,846 |
Globe Life, Inc. | 42,207 | 5,088,054 |
Hanover Insurance Group, Inc. (The) | 32,475 | 4,388,347 |
Kemper Corp. | 170,156 | 8,371,675 |
Markel Corp. (a) | 7,074 | 9,319,924 |
W R Berkley Corp. | 56,718 | 4,116,025 |
White Mountains Insurance Group Ltd. | 2,958 | 4,183,588 |
47,236,212 | ||
Interactive Media & Services 0.6% | ||
Cargurus, Inc. (a) | 289,940 | 4,062,059 |
Internet & Direct Marketing Retail 1.7% | ||
Chewy, Inc., Class A (a)(b) | 131,191 | 4,864,562 |
Shares | Value | |
Internet & Direct Marketing Retail (continued) | ||
Etsy, Inc. (a) | 60,320 | $ 7,225,130 |
12,089,692 | ||
IT Services 5.0% | ||
Genpact Ltd. | 226,094 | 10,472,674 |
Nuvei Corp. (a)(b) | 85,414 | 2,170,370 |
Shift4 Payments, Inc., Class A (a) | 124,130 | 6,942,591 |
VeriSign, Inc. (a) | 26,869 | 5,519,967 |
WEX, Inc. (a) | 63,832 | 10,446,107 |
35,551,709 | ||
Leisure Products 0.9% | ||
YETI Holdings, Inc. (a) | 151,204 | 6,246,237 |
Life Sciences Tools & Services 2.1% | ||
Bio-Techne Corp. | 60,527 | 5,016,478 |
ICON plc (a) | 23,920 | 4,646,460 |
Syneos Health, Inc. (a) | 149,201 | 5,472,692 |
15,135,630 | ||
Machinery 8.6% | ||
Esab Corp. | 88,086 | 4,132,995 |
Graco, Inc. | 62,722 | 4,218,682 |
IDEX Corp. | 45,364 | 10,357,962 |
Ingersoll Rand, Inc. | 136,214 | 7,117,182 |
John Bean Technologies Corp. | 49,483 | 4,519,282 |
Lincoln Electric Holdings, Inc. | 38,253 | 5,527,176 |
Middleby Corp. (The) (a) | 69,389 | 9,291,187 |
Nordson Corp. | 17,120 | 4,069,766 |
Westinghouse Air Brake Technologies Corp. | 123,199 | 12,296,492 |
61,530,724 | ||
Media 0.6% | ||
Cable One, Inc. | 6,458 | 4,597,192 |
Metals & Mining 1.1% | ||
Steel Dynamics, Inc. | 79,851 | 7,801,443 |
Multi-Utilities 1.0% | ||
Black Hills Corp. | 60,707 | 4,270,130 |
NiSource, Inc. | 97,206 | 2,665,389 |
6,935,519 | ||
Oil, Gas & Consumable Fuels 6.0% | ||
Coterra Energy, Inc. | 208,565 | 5,124,442 |
Diamondback Energy, Inc. | 35,585 | 4,867,316 |
Marathon Oil Corp. | 471,095 | 12,752,542 |
12 | MainStay VP Wellington Mid Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Oil, Gas & Consumable Fuels (continued) | ||
Ovintiv, Inc. | 121,611 | $ 6,166,894 |
PDC Energy, Inc. | 86,502 | 5,491,147 |
Targa Resources Corp. | 114,930 | 8,447,355 |
42,849,696 | ||
Pharmaceuticals 1.5% | ||
Jazz Pharmaceuticals plc (a) | 65,605 | 10,451,532 |
Professional Services 2.4% | ||
Dun & Bradstreet Holdings, Inc. | 191,009 | 2,341,770 |
Leidos Holdings, Inc. | 54,068 | 5,687,413 |
Robert Half International, Inc. | 35,190 | 2,598,078 |
Science Applications International Corp. | 40,258 | 4,465,820 |
TransUnion | 42,023 | 2,384,805 |
17,477,886 | ||
Road & Rail 2.6% | ||
JB Hunt Transport Services, Inc. | 34,852 | 6,076,795 |
Knight-Swift Transportation Holdings, Inc. | 109,281 | 5,727,417 |
U-Haul Holding Co. | 117,214 | 6,444,426 |
18,248,638 | ||
Semiconductors & Semiconductor Equipment 2.1% | ||
First Solar, Inc. (a) | 25,775 | 3,860,837 |
MKS Instruments, Inc. | 83,579 | 7,081,649 |
Synaptics, Inc. (a) | 41,631 | 3,961,606 |
14,904,092 | ||
Software 3.0% | ||
Dynatrace, Inc. (a) | 149,370 | 5,720,871 |
Fair Isaac Corp. (a) | 7,032 | 4,209,214 |
Guidewire Software, Inc. (a) | 48,342 | 3,024,275 |
Informatica, Inc., Class A (a)(b) | 129,137 | 2,103,642 |
LiveRamp Holdings, Inc. (a) | 67,895 | 1,591,459 |
Olo, Inc., Class A (a) | 153,407 | 958,794 |
Q2 Holdings, Inc. (a) | 71,408 | 1,918,733 |
Teradata Corp. (a) | 61,064 | 2,055,414 |
21,582,402 | ||
Specialty Retail 1.3% | ||
CarMax, Inc. (a) | 87,083 | 5,302,484 |
Monro, Inc. | 84,134 | 3,802,857 |
9,105,341 |
Shares | Value | ||
Textiles, Apparel & Luxury Goods 1.5% | |||
Carter's, Inc. | 67,044 | $ 5,002,153 | |
Steven Madden Ltd. | 177,647 | 5,677,598 | |
10,679,751 | |||
Trading Companies & Distributors 1.5% | |||
AerCap Holdings NV (a) | 115,206 | 6,718,814 | |
Watsco, Inc. | 16,293 | 4,063,474 | |
10,782,288 | |||
Total Common Stocks (Cost $772,878,156) | 711,794,142 | ||
Short-Term Investments 0.9% | |||
Affiliated Investment Company 0.2% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (c) | 994,575 | 994,575 | |
Unaffiliated Investment Company 0.7% | |||
Invesco Government and Agency Portfolio, 4.301% (c)(d) | 5,108,161 | 5,108,161 | |
Total Short-Term Investments (Cost $6,102,736) | 6,102,736 | ||
Total Investments (Cost $778,980,892) | 100.8% | 717,896,878 | |
Other Assets, Less Liabilities | (0.8) | (5,400,237) | |
Net Assets | 100.0% | $ 712,496,641 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $13,742,962; the total market value of collateral held by the Portfolio was $14,187,694. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $9,079,533. The Portfolio received cash collateral with a value of $5,108,161. (See Note 2(H)) |
(c) | Current yield as of December 31, 2022. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 4,362 | $ 103,220 | $ (106,587) | $ — | $ — | $ 995 | $ 32 | $ — | 995 |
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 | $ 711,794,142 | $ — | $ — | $ 711,794,142 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 994,575 | — | — | 994,575 | |||
Unaffiliated Investment Company | 5,108,161 | — | — | 5,108,161 | |||
Total Short-Term Investments | 6,102,736 | — | — | 6,102,736 | |||
Total Investments in Securities | $ 717,896,878 | $ — | $ — | $ 717,896,878 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
14 | MainStay VP Wellington Mid Cap Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $777,986,317) including securities on loan of $13,742,962 | $ 716,902,303 |
Investment in affiliated investment companies, at value (identified cost $994,575) | 994,575 |
Receivables: | |
Investment securities sold | 664,604 |
Dividends | 444,277 |
Portfolio shares sold | 207,204 |
Securities lending | 3,557 |
Other assets | 4,209 |
Total assets | 719,220,729 |
Liabilities | |
Cash collateral received for securities on loan | 5,108,161 |
Due to custodian | 1,553 |
Payables: | |
Investment securities purchased | 612,261 |
Manager (See Note 3) | 521,016 |
Portfolio shares redeemed | 239,488 |
Shareholder communication | 97,553 |
NYLIFE Distributors (See Note 3) | 92,432 |
Professional fees | 32,573 |
Custodian | 6,160 |
Accrued expenses | 12,891 |
Total liabilities | 6,724,088 |
Net assets | $ 712,496,641 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 98,382 |
Additional paid-in-capital | 860,397,575 |
860,495,957 | |
Total distributable earnings (loss) | (147,999,316) |
Net assets | $ 712,496,641 |
Initial Class | |
Net assets applicable to outstanding shares | $286,377,538 |
Shares of beneficial interest outstanding | 38,590,774 |
Net asset value per share outstanding | $ 7.42 |
Service Class | |
Net assets applicable to outstanding shares | $426,119,103 |
Shares of beneficial interest outstanding | 59,791,617 |
Net asset value per share outstanding | $ 7.13 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $44,709) | $ 7,467,830 |
Securities lending, net | 76,433 |
Dividends-affiliated | 31,556 |
Total income | 7,575,819 |
Expenses | |
Manager (See Note 3) | 6,541,342 |
Distribution/Service—Service Class (See Note 3) | 1,170,537 |
Shareholder communication | 114,434 |
Professional fees | 92,194 |
Custodian | 40,334 |
Trustees | 16,057 |
Miscellaneous | 24,897 |
Total expenses before waiver/reimbursement | 7,999,795 |
Expense waiver/reimbursement from Manager (See Note 3) | (210,952) |
Net expenses | 7,788,843 |
Net investment income (loss) | (213,024) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (85,034,581) |
Foreign currency transactions | 6 |
Net realized gain (loss) | (85,034,575) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (105,118,253) |
Translation of other assets and liabilities in foreign currencies | 15 |
Net change in unrealized appreciation (depreciation) | (105,118,238) |
Net realized and unrealized gain (loss) | (190,152,813) |
Net increase (decrease) in net assets resulting from operations | $(190,365,837) |
16 | MainStay VP Wellington Mid Cap Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (213,024) | $ (1,891,112) |
Net realized gain (loss) | (85,034,575) | 309,141,181 |
Net change in unrealized appreciation (depreciation) | (105,118,238) | (139,533,923) |
Net increase (decrease) in net assets resulting from operations | (190,365,837) | 167,716,146 |
Distributions to shareholders: | ||
Initial Class | (116,195,297) | (8,656,336) |
Service Class | (181,440,133) | (13,020,163) |
Total distributions to shareholders | (297,635,430) | (21,676,499) |
Capital share transactions: | ||
Net proceeds from sales of shares | 49,449,693 | 35,391,084 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 297,635,430 | 21,676,499 |
Cost of shares redeemed | (78,282,585) | (169,646,736) |
Increase (decrease) in net assets derived from capital share transactions | 268,802,538 | (112,579,153) |
Net increase (decrease) in net assets | (219,198,729) | 33,460,494 |
Net Assets | ||
Beginning of year | 931,695,370 | 898,234,876 |
End of year | $ 712,496,641 | $ 931,695,370 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 16.34 | $ 13.96 | $ 13.56 | $ 11.94 | $ 15.57 | ||||
Net investment income (loss) (a) | 0.02 | (0.02) | 0.08 | 0.11 | 0.16 | ||||
Net realized and unrealized gain (loss) | (3.69) | 2.80 | 1.32 | 2.54 | (1.68) | ||||
Total from investment operations | (3.67) | 2.78 | 1.40 | 2.65 | (1.52) | ||||
Less distributions: | |||||||||
From net investment income | — | (0.10) | (0.12) | (0.16) | (0.15) | ||||
From net realized gain on investments | (5.25) | (0.30) | (0.88) | (0.87) | (1.96) | ||||
Total distributions | (5.25) | (0.40) | (1.00) | (1.03) | (2.11) | ||||
Net asset value at end of year | $ 7.42 | $ 16.34 | $ 13.96 | $ 13.56 | $ 11.94 | ||||
Total investment return (b) | (20.52)% | 20.00% | 11.28% | 22.88% | (11.98)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.13% | (0.12)% | 0.65% | 0.84% | 1.08% | ||||
Net expenses (c) | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% | ||||
Expenses (before waiver/reimbursement) (c) | 0.89% | 0.89% | 0.89% | 0.88% | 0.88% | ||||
Portfolio turnover rate | 49% | 54% | 178% | 174% | �� | 181% | |||
Net assets at end of year (in 000's) | $ 286,378 | $ 360,437 | $ 346,379 | $ 398,240 | $ 453,343 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 16.00 | $ 13.68 | $ 13.32 | $ 11.74 | $ 15.35 | ||||
Net investment income (loss) (a) | (0.01) | (0.04) | 0.05 | 0.08 | 0.12 | ||||
Net realized and unrealized gain (loss) | (3.61) | 2.72 | 1.28 | 2.49 | (1.66) | ||||
Total from investment operations | (3.62) | 2.68 | 1.33 | 2.57 | (1.54) | ||||
Less distributions: | |||||||||
From net investment income | — | (0.06) | (0.09) | (0.12) | (0.11) | ||||
From net realized gain on investments | (5.25) | (0.30) | (0.88) | (0.87) | (1.96) | ||||
Total distributions | (5.25) | (0.36) | (0.97) | (0.99) | (2.07) | ||||
Net asset value at end of year | $ 7.13 | $ 16.00 | $ 13.68 | $ 13.32 | $ 11.74 | ||||
Total investment return (b) | (20.71)% | 19.70% | 11.00% | 22.57% | (12.20)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.13)% | (0.25)% | 0.42% | 0.58% | 0.83% | ||||
Net expenses (c) | 1.11% | 1.11% | 1.11% | 1.11% | 1.11% | ||||
Expenses (before waiver/reimbursement) (c) | 1.14% | 1.14% | 1.14% | 1.13% | 1.13% | ||||
Portfolio turnover rate | 49% | 54% | 178% | 174% | 181% | ||||
Net assets at end of year (in 000's) | $ 426,119 | $ 571,259 | $ 551,856 | $ 516,445 | $ 395,800 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Wellington Mid Cap Portfolio |
Class | Commenced Operations |
Initial Class | July 2, 2001 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay VP Wellington Mid Cap Portfolio |
22 | MainStay VP Wellington Mid Cap Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $799,654,194 | $50,507,202 | $(132,264,518) | $(81,757,316) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$311,456 | $(66,556,681) | $3,210 | $(81,757,301) | $(147,999,316) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $21,985 | $44,572 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $163,719,831 | $ 4,299,927 |
Long-Term Capital Gains | 133,915,599 | 17,376,572 |
Total | $297,635,430 | $21,676,499 |
Purchases (000's) | Sales (000's) | Realized Gain / (Loss) (000's) |
$54 | $53 | $(40) |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,878,622 | $ 23,300,580 |
Shares issued to shareholders in reinvestment of distributions | 16,591,980 | 116,195,297 |
Shares redeemed | (1,943,510) | (23,906,575) |
Net increase (decrease) | 16,527,092 | $ 115,589,302 |
Year ended December 31, 2021: | ||
Shares sold | 670,483 | $ 10,666,624 |
Shares issued to shareholders in reinvestment of distributions | 549,295 | 8,656,336 |
Shares redeemed | (3,970,175) | (61,601,891) |
Net increase (decrease) | (2,750,397) | $ (42,278,931) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 2,130,972 | $ 26,149,113 |
Shares issued to shareholders in reinvestment of distributions | 26,963,106 | 181,440,133 |
Shares redeemed | (5,000,775) | (54,376,010) |
Net increase (decrease) | 24,093,303 | $ 153,213,236 |
Year ended December 31, 2021: | ||
Shares sold | 1,575,723 | $ 24,724,460 |
Shares issued to shareholders in reinvestment of distributions | 842,947 | 13,020,163 |
Shares redeemed | (7,046,320) | (108,044,845) |
Net increase (decrease) | (4,627,650) | $ (70,300,222) |
24 | MainStay VP Wellington Mid Cap Portfolio |
MainStay VP Wellington Mid Cap Portfolio
New York, New York
February 24, 2023
26 | MainStay VP Wellington Mid Cap Portfolio |
28 | MainStay VP Wellington Mid Cap Portfolio |
30 | MainStay VP Wellington Mid Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
32 | MainStay VP Wellington Mid Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
34 | MainStay VP Wellington Mid Cap Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015903 | MSVPMCC11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 1/29/1993 | 1.29% | 0.94% | 0.52% | 0.41% |
7-Day Current Yield = 3.68%; 7-Day Effective Yield = 3.75%.3 |
1. | Effective August 26, 2016 and October 14, 2016, the Portfolio modified its principal investment strategies in connection with commencing operations as a "government money market fund." Consequently the performance information may have been different if the current investment strategies had been in effect during the period prior to the Portfolio commencing operations as a "government money market fund." |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Average Lipper Variable Products U.S. Government Money Market Portfolio1 | 1.19% | 0.88% | 0.48% |
Morningstar Prime Money Market Category Average2 | 1.34 | 1.07 | 0.63 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. |
1. | The Average Lipper VP U.S. Government Money Market Portfolio is an equally weighted performance average consisting of funds that invest 99.5% of their assets in cash, government securities and/or repurchase agreements that are collateralized solely by government securities or cash, and have a weighted average maturity of 60 days or less. These funds intend to keep a constant net asset value. |
2. | The Morningstar Prime Money Market Category Average is representative of funds that invest in short-term money market securities in order to provide a level of current income that is consistent with the preservation of capital. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,012.00 | $1.42 | $1,023.79 | $1.43 | 0.28% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP U.S. Government Money Market Portfolio |
1. | See 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 U.S. Government Money Market Portfolio |
Principal Amount | Value | |
Short-Term Investments 100.0% | ||
Government Agency Debt 58.5% | ||
Federal Agricultural Mortgage Corp. | ||
3.829%, due 1/5/23 | $ 50,000,000 | $ 49,978,778 |
4.122%, due 1/18/23 | 25,000,000 | 24,951,597 |
4.157%, due 2/1/23 | 20,000,000 | 19,928,872 |
Federal Farm Credit Banks | ||
3.975%, due 1/4/23 | 50,000,000 | 49,983,500 |
4.066%, due 2/1/23 | 25,000,000 | 24,912,812 |
Federal Home Loan Banks | ||
4.005%, due 1/3/23 | 30,000,000 | 29,993,347 |
4.047%, due 1/4/23 | 17,000,000 | 16,994,277 |
4.065%, due 1/25/23 | 30,000,000 | 29,919,000 |
4.078%, due 1/9/23 | 20,000,000 | 19,981,956 |
4.106%, due 1/30/23 | 22,000,000 | 21,927,516 |
Federal National Mortgage Association | ||
3.862%, due 1/3/23 | 56,000,000 | 55,988,022 |
3.862%, due 1/5/23 | 50,000,000 | 49,978,611 |
Tennessee Valley Authority | ||
3.828%, due 1/4/23 | 25,000,000 | 24,992,044 |
3.965%, due 1/11/23 | 67,000,000 | 66,926,333 |
4.059%, due 1/18/23 | 15,000,000 | 14,971,313 |
Total Government Agency Debt (Cost $501,427,978) | 501,427,978 | |
Treasury Debt 31.6% | ||
U.S. Treasury Bills (a) | ||
3.69%, due 1/3/23 | 231,000,000 | 230,952,784 |
3.704%, due 1/10/23 | 30,000,000 | 29,972,303 |
3.728%, due 1/17/23 | 10,000,000 | 9,983,480 |
U.S. Treasury Notes | ||
0.125%, due 1/31/23 | 10,000 | 9,984 |
Total Treasury Debt (Cost $270,918,551) | 270,918,551 |
Principal Amount | Value | ||
Treasury Repurchase Agreements 9.9% | |||
RBC Capital Markets LLC 4.25%, dated 12/30/22 due 1/3/23 Proceeds at Maturity $45,215,342 (Collateralized by United States Treasury securities with rates between 2.375% and 2.875% and maturity dates between 06/15/25 and 03/31/29, with a Principal Amount of $48,768,700 and a Market Value of $46,119,670) | 45,194,000 | $ 45,194,000 | |
TD Securities, Inc. 4.27%, dated 12/30/22 due 1/3/23 Proceeds at Maturity $40,018,978 (Collateralized by United States Treasury securities with rates between 0.125% and 2.875% and maturity dates between 02/28/23 and 07/31/26, with a Principal Amount of $41,958,700 and a Market Value of $40,800,087) | 40,000,000 | 40,000,000 | |
Total Treasury Repurchase Agreements (Cost $85,194,000) | 85,194,000 | ||
Total Short-Term Investments (Cost $857,540,529) | 100.0% | 857,540,529 | |
Other Assets, Less Liabilities | (0.0)‡ | (217,322) | |
Net Assets | 100.0% | $ 857,323,207 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Interest rate shown represents yield to maturity. |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Short-Term Investments | |||||||
Government Agency Debt | $ — | $ 501,427,978 | $ — | $ 501,427,978 | |||
Treasury Debt | — | 270,918,551 | — | 270,918,551 | |||
Treasury Repurchase Agreements | — | 85,194,000 | — | 85,194,000 | |||
Total Investments in Securities | $ — | $ 857,540,529 | $ — | $ 857,540,529 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
10 | MainStay VP U.S. Government Money Market Portfolio |
Assets | |
Investment in securities, at value (amortized cost $772,346,529) | $772,346,529 |
Repurchase agreements, at value (amortized cost $85,194,000) | 85,194,000 |
Cash | 786 |
Receivables: | |
Interest | 20,165 |
Other assets | 3,664 |
Total assets | 857,565,144 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 195,697 |
Professional fees | 25,498 |
Shareholder communication | 17,030 |
Custodian | 3,573 |
Accrued expenses | 139 |
Total liabilities | 241,937 |
Net assets | $857,323,207 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 857,249 |
Additional paid-in-capital | 856,465,664 |
857,322,913 | |
Total distributable earnings (loss) | 294 |
Net assets | $857,323,207 |
Initial Class | |
Net assets applicable to outstanding shares | $857,323,207 |
Shares of beneficial interest outstanding | 857,249,373 |
Net asset value per share outstanding | $ 1.00 |
Investment Income (Loss) | |
Income | |
Interest | $13,020,981 |
Expenses | |
Manager (See Note 3) | 3,028,429 |
Professional fees | 82,288 |
Shareholder communication | 32,684 |
Custodian | 18,650 |
Trustees | 15,564 |
Miscellaneous | 14,547 |
Total expenses before waiver/reimbursement | 3,192,162 |
Expense waiver/reimbursement from Manager (See Note 3) | (1,321,749) |
Net expenses | 1,870,413 |
Net investment income (loss) | 11,150,568 |
Realized Gain (Loss) | |
Net realized gain (loss) on investments | (14,591) |
Net increase (decrease) in net assets resulting from operations | $11,135,977 |
12 | MainStay VP U.S. Government Money Market Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 11,150,568 | $ 70,668 |
Net realized gain (loss) | (14,591) | 2,617 |
Net increase (decrease) in net assets resulting from operations | 11,135,977 | 73,285 |
Distributions to shareholders: | ||
Initial Class | (11,150,567) | (70,685) |
Capital share transactions: | ||
Net proceeds from sales of shares | 767,061,320 | 565,120,376 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 11,150,567 | 65,395 |
Cost of shares redeemed | (550,908,451) | (762,204,170) |
Increase (decrease) in net assets derived from capital share transactions | 227,303,436 | (197,018,399) |
Net increase (decrease) in net assets | 227,288,846 | (197,015,799) |
Net Assets | ||
Beginning of year | 630,034,361 | 827,050,160 |
End of year | $ 857,323,207 | $ 630,034,361 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Net investment income (loss) | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Net realized and unrealized gain (loss) on investments | 0.00‡ | 0.00 | 0.00 | 0.00 | 0.00 | ||||
Total from investment operations | 0.01 | 0.00‡ | 0.00‡ | 0.02 | 0.01 | ||||
Less distributions: | |||||||||
From net investment income | (0.01) | (0.00)‡ | 0.00‡ | (0.02) | (0.01) | ||||
Net asset value at end of year | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | ||||
Total investment return (a) | 1.29% | 0.01% | 0.24% | 1.78% | 1.38% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.40% | 0.01% | 0.15% | 1.78% | 1.37% | ||||
Net expenses | 0.24% | 0.04% | 0.16% | 0.44% | 0.44% | ||||
Expenses (before waiver/reimbursement) | 0.40% | 0.41% | 0.42% | 0.44% | 0.44% | ||||
Net assets at end of year (in 000's) | $ 857,323 | $ 630,034 | $ 827,050 | $ 396,254 | $ 512,490 |
‡ | Less than one cent per share. |
(a) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
14 | MainStay VP U.S. Government Money Market Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
16 | MainStay VP U.S. Government Money Market Portfolio |
18 | MainStay VP U.S. Government Money Market Portfolio |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$14,885 | $(14,591) | $— | $— | $294 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $15 | $— |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $11,150,567 | $70,685 |
Initial Class (at $1 per share) | Shares |
Year ended December 31, 2022: | |
Shares sold | 766,984,622 |
Shares issued to shareholders in reinvestment of distributions | 11,149,452 |
Shares redeemed | (550,853,367) |
Net increase (decrease) | 227,280,707 |
Year ended December 31, 2021: | |
Shares sold | 565,063,871 |
Shares issued to shareholders in reinvestment of distributions | 65,388 |
Shares redeemed | (762,127,958) |
Net increase (decrease) | (196,998,699) |
MainStay VP U.S. Government Money Market Portfolio
New York, New York
February 24, 2023
20 | MainStay VP U.S. Government Money Market Portfolio |
22 | MainStay VP U.S. Government Money Market Portfolio |
24 | MainStay VP U.S. Government Money Market Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
26 | MainStay VP U.S. Government Money Market Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
28 | MainStay VP U.S. Government Money Market Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015536 | MSVPUSGMM11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years or Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 10/1/1996 | -12.67% | 9.21% | 10.04% | 0.56% |
Service Class Shares | 6/5/2003 | -12.89 | 8.93 | 9.77 | 0.81 |
Service 2 Class Shares | 4/26/2016 | -12.97 | 8.83 | 9.85 | 0.91 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. Convertible Index1 | -18.71% | 9.29% | 10.01% |
Morningstar Convertibles Category Average2 | -17.45 | 7.05 | 7.78 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The ICE BofA U.S. Convertible Index is the Portfolio’s primary broad–based securities market index for comparison purposes. The ICE BofA U.S. Convertible Index is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in this Index, bonds and preferred stocks must be convertible only to common stock. |
2. | The Morningstar Convertibles Category Average is representative of funds that are designed to offer some of the capital-appreciation potential of stock portfolios while also supplying some of the safety and yield of bond portfolios. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay VP MacKay Convertible Portfolio |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,038.10 | $2.98 | $1,022.28 | $2.96 | 0.58% |
Service Class Shares | $1,000.00 | $1,036.80 | $4.26 | $1,021.02 | $4.23 | 0.83% |
Service 2 Class Shares | $1,000.00 | $1,036.20 | $4.77 | $1,020.52 | $4.74 | 0.93% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
1. | Pioneer Natural Resources Co., 0.25%, due 5/15/25 |
2. | EQT Corp., 1.75%, due 5/1/26 |
3. | Elevance Health, Inc., 2.75%, due 10/15/42 |
4. | Danaher Corp., 5.00%, Series B |
5. | NICE Ltd., (zero coupon), due 9/15/25 |
6. | BioMarin Pharmaceutical, Inc., 1.25%, due 5/15/27 |
7. | Palo Alto Networks, Inc., 0.375%-0.75%, due 7/1/23–6/1/25 |
8. | Microchip Technology, Inc., 0.125%, due 11/15/24 |
9. | Southwest Airlines Co., 1.25%, due 5/1/25 |
10. | Ford Motor Co., (zero coupon), due 3/15/26 |
8 | MainStay VP MacKay Convertible Portfolio |
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 “credit spread” typically refers to the difference in yield between corporate or municipal bonds (or a specific category of these bonds) and comparable U.S. Treasury issues. |
10 | MainStay VP MacKay Convertible Portfolio |
Principal Amount | Value | |
Long-Term Bonds 2.7% | ||
Corporate Bonds 2.7% | ||
Biotechnology 0.2% | ||
Bridgebio Pharma, Inc. | ||
2.50%, due 3/15/27 | $ 6,895,000 | $ 3,102,750 |
Commercial Services 0.6% | ||
Block, Inc. | ||
0.25%, due 11/1/27 | 13,105,000 | 9,877,894 |
Leisure Time 0.2% | ||
NCL Corp. Ltd. | ||
5.375%, due 8/1/25 | 2,860,000 | 2,884,310 |
Oil & Gas 0.0% ‡ | ||
Valaris Ltd. | ||
Series 1145 | ||
8.25% (8.25% Cash or 12.00% PIK), due 4/30/28 (a) | 801,000 | 804,381 |
Oil & Gas Services 0.0% ‡ | ||
Weatherford International Ltd. | ||
11.00%, due 12/1/24 (b) | 56,000 | 57,122 |
Semiconductors 1.4% | ||
Silicon Laboratories, Inc. | ||
0.625%, due 6/15/25 | 18,986,000 | 23,816,038 |
Software 0.3% | ||
Five9, Inc. | ||
0.50%, due 6/1/25 | 4,933,000 | 4,530,961 |
Total Corporate Bonds (Cost $55,236,787) | 45,073,456 | |
Total Long-Term Bonds (Cost $55,236,787) | 45,073,456 | |
Convertible Securities 90.2% | ||
Convertible Bonds 81.8% | ||
Airlines 2.7% | ||
American Airlines Group, Inc. | ||
6.50%, due 7/1/25 | 6,895,000 | 7,301,805 |
JetBlue Airways Corp. | ||
0.50%, due 4/1/26 | 4,623,000 | 3,393,638 |
Southwest Airlines Co. | ||
1.25%, due 5/1/25 (c) | 29,005,000 | 34,943,774 |
45,639,217 |
Principal Amount | Value | |
Auto Manufacturers 1.9% | ||
Ford Motor Co. | ||
(zero coupon), due 3/15/26 | $ 32,843,000 | $ 31,151,585 |
Beverages 1.1% | ||
MGP Ingredients, Inc. | ||
1.875%, due 11/15/41 (c) | 14,482,000 | 18,302,352 |
Biotechnology 5.4% | ||
Alnylam Pharmaceuticals, Inc. | ||
1.00%, due 9/15/27 (b) | 5,744,000 | 6,246,600 |
BioMarin Pharmaceutical, Inc. | ||
1.25%, due 5/15/27 (c) | 37,741,000 | 40,743,705 |
Guardant Health, Inc. | ||
(zero coupon), due 11/15/27 | 7,494,000 | 4,697,989 |
Halozyme Therapeutics, Inc. | ||
1.00%, due 8/15/28 (b) | 9,000,000 | 10,648,125 |
Illumina, Inc. | ||
(zero coupon), due 8/15/23 (c) | 19,199,000 | 18,641,764 |
Ionis Pharmaceuticals, Inc. | ||
(zero coupon), due 4/1/26 | 9,307,000 | 8,638,059 |
89,616,242 | ||
Commercial Services 2.4% | ||
Alarm.com Holdings, Inc. | ||
(zero coupon), due 1/15/26 | 3,250,000 | 2,654,925 |
Block, Inc. | ||
(zero coupon), due 5/1/26 | 14,812,000 | 12,064,374 |
Chegg, Inc. | ||
(zero coupon), due 9/1/26 | 10,000,000 | 7,944,000 |
Euronet Worldwide, Inc. | ||
0.75%, due 3/15/49 | 11,685,000 | 11,166,478 |
Repay Holdings Corp. | ||
(zero coupon), due 2/1/26 (b) | 2,180,000 | 1,602,972 |
Sabre GLBL, Inc. | ||
4.00%, due 4/15/25 | 1,185,000 | 1,276,127 |
Shift4 Payments, Inc. | ||
(zero coupon), due 12/15/25 | 2,300,000 | 2,289,937 |
0.50%, due 8/1/27 | 1,180,000 | 998,870 |
39,997,683 | ||
Computers 2.4% | ||
Lumentum Holdings, Inc. | ||
0.50%, due 12/15/26 | 26,640,000 | 22,977,000 |
Parsons Corp. | ||
0.25%, due 8/15/25 | 2,878,000 | 3,285,237 |
Western Digital Corp. | ||
1.50%, due 2/1/24 (d) | 4,634,000 | 4,437,055 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Computers (continued) | ||
Zscaler, Inc. | ||
0.125%, due 7/1/25 | $ 9,088,000 | $ 9,587,840 |
40,287,132 | ||
Cosmetics & Personal Care 0.5% | ||
Beauty Health Co. (The) | ||
1.25%, due 10/1/26 (b) | 11,004,000 | 8,374,044 |
Electric 1.8% | ||
NRG Energy, Inc. | ||
2.75%, due 6/1/48 | 29,752,000 | 29,558,612 |
Energy-Alternate Sources 1.9% | ||
Enphase Energy, Inc. | ||
(zero coupon), due 3/1/26 | 9,315,000 | 10,539,922 |
NextEra Energy Partners LP | ||
(zero coupon), due 11/15/25 (b) | 10,860,000 | 10,849,140 |
SolarEdge Technologies, Inc. | ||
(zero coupon), due 9/15/25 | 8,449,000 | 10,531,679 |
31,920,741 | ||
Entertainment 2.5% | ||
Live Nation Entertainment, Inc. | ||
2.50%, due 3/15/23 | 9,704,000 | 10,364,390 |
Marriott Vacations Worldwide Corp. | ||
(zero coupon), due 1/15/26 | 3,060,000 | 2,998,800 |
Vail Resorts, Inc. | ||
(zero coupon), due 1/1/26 (c) | 30,094,000 | 28,062,655 |
41,425,845 | ||
Food 1.0% | ||
Chefs' Warehouse, Inc. (The) | ||
2.375%, due 12/15/28 (b) | 11,991,000 | 12,043,760 |
Post Holdings, Inc. | ||
2.50%, due 8/15/27 (b) | 4,844,000 | 5,111,389 |
17,155,149 | ||
Healthcare-Products 4.8% | ||
CONMED Corp. | ||
2.25%, due 6/15/27 (b) | 24,108,000 | 22,082,928 |
Exact Sciences Corp. | ||
0.375%, due 3/1/28 | 21,770,000 | 17,172,176 |
Haemonetics Corp. | ||
(zero coupon), due 3/1/26 | 9,354,000 | 7,775,980 |
Integra LifeSciences Holdings Corp. | ||
0.50%, due 8/15/25 | 8,831,000 | 8,605,810 |
Principal Amount | Value | |
Healthcare-Products (continued) | ||
Lantheus Holdings, Inc. | ||
2.625%, due 12/15/27 (b) | $ 11,991,000 | $ 12,133,693 |
NuVasive, Inc. | ||
0.375%, due 3/15/25 | 12,958,000 | 11,383,603 |
Omnicell, Inc. | ||
0.25%, due 9/15/25 | 1,735,000 | 1,521,595 |
80,675,785 | ||
Healthcare-Services 4.5% | ||
Elevance Health, Inc. | ||
2.75%, due 10/15/42 | 7,264,000 | 53,155,773 |
Teladoc Health, Inc. | ||
1.25%, due 6/1/27 | 28,389,000 | 21,950,227 |
75,106,000 | ||
Internet 9.4% | ||
Booking Holdings, Inc. | ||
0.75%, due 5/1/25 (c) | 11,000,000 | 14,705,944 |
Etsy, Inc. | ||
0.25%, due 6/15/28 | 26,578,000 | 22,891,631 |
Expedia Group, Inc. | ||
(zero coupon), due 2/15/26 (c) | 2,758,000 | 2,415,811 |
Match Group Financeco 2, Inc. | ||
0.875%, due 6/15/26 (b) | 13,160,000 | 11,720,625 |
Okta, Inc. | ||
0.125%, due 9/1/25 | 7,194,000 | 6,355,899 |
Palo Alto Networks, Inc. | ||
0.375%, due 6/1/25 | 11,770,000 | 17,437,255 |
0.75%, due 7/1/23 | 13,152,000 | 20,813,040 |
Q2 Holdings, Inc. | ||
0.75%, due 6/1/26 | 2,800,000 | 2,318,400 |
Snap, Inc. | ||
(zero coupon), due 5/1/27 | 10,555,000 | 7,425,443 |
0.125%, due 3/1/28 (b) | 12,850,000 | 8,641,625 |
Uber Technologies, Inc. | ||
(zero coupon), due 12/15/25 (c) | 14,485,000 | 12,272,509 |
Zendesk, Inc. | ||
0.625%, due 6/15/25 | 9,259,000 | 9,242,334 |
Ziff Davis, Inc. | ||
1.75%, due 11/1/26 (b) | 3,285,000 | 3,291,570 |
Zillow Group, Inc. | ||
2.75%, due 5/15/25 | 17,202,000 | 16,445,112 |
155,977,198 | ||
Leisure Time 0.4% | ||
NCL Corp. Ltd. | ||
6.00%, due 5/15/24 | 1,756,000 | 2,058,532 |
12 | MainStay VP MacKay Convertible Portfolio |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Leisure Time (continued) | ||
Royal Caribbean Cruises Ltd. | ||
6.00%, due 8/15/25 (b) | $ 3,850,000 | $ 4,854,850 |
6,913,382 | ||
Machinery-Diversified 0.9% | ||
Chart Industries, Inc. | ||
1.00%, due 11/15/24 (b) | 7,813,000 | 15,555,683 |
Media 3.4% | ||
Cable One, Inc. | ||
1.125%, due 3/15/28 (c) | 18,790,000 | 14,054,920 |
DISH Network Corp. | ||
(zero coupon), due 12/15/25 | 20,445,000 | 13,146,135 |
Liberty Media Corp. | ||
1.375%, due 10/15/23 | 11,955,000 | 14,782,357 |
Liberty Media Corp.-Liberty Formula One | ||
2.25%, due 8/15/27 (b) | 14,461,000 | 13,889,791 |
55,873,203 | ||
Oil & Gas 8.8% | ||
EQT Corp. | ||
1.75%, due 5/1/26 | 24,479,000 | 56,962,633 |
Permian Resources Operating LLC | ||
3.25%, due 4/1/28 | 14,611,000 | 24,816,783 |
Pioneer Natural Resources Co. | ||
0.25%, due 5/15/25 | 27,292,000 | 63,781,403 |
145,560,819 | ||
Oil & Gas Services 3.6% | ||
Helix Energy Solutions Group, Inc. | ||
6.75%, due 2/15/26 | 22,085,000 | 30,623,455 |
Oil States International, Inc. | ||
4.75%, due 4/1/26 | 26,829,000 | 28,991,417 |
59,614,872 | ||
Pharmaceuticals 1.7% | ||
Dexcom, Inc. | ||
0.25%, due 11/15/25 (c) | 16,942,000 | 18,509,135 |
Pacira BioSciences, Inc. | ||
0.75%, due 8/1/25 | 11,671,000 | 10,569,549 |
29,078,684 | ||
Real Estate Investment Trusts 1.0% | ||
Pebblebrook Hotel Trust | ||
1.75%, due 12/15/26 | 5,863,000 | 4,851,633 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
Summit Hotel Properties, Inc. | ||
1.50%, due 2/15/26 | $ 13,238,000 | $ 11,371,442 |
16,223,075 | ||
Retail 2.8% | ||
Burlington Stores, Inc. | ||
2.25%, due 4/15/25 | 20,948,000 | 24,194,940 |
Cheesecake Factory, Inc. (The) | ||
0.375%, due 6/15/26 | 9,488,000 | 7,821,670 |
Patrick Industries, Inc. | ||
1.75%, due 12/1/28 | 17,313,000 | 14,225,025 |
46,241,635 | ||
Semiconductors 4.9% | ||
Impinj, Inc. | ||
1.125%, due 5/15/27 | 4,870,000 | 5,868,350 |
Microchip Technology, Inc. | ||
0.125%, due 11/15/24 (c) | 35,083,000 | 37,801,932 |
ON Semiconductor Corp. | ||
1.625%, due 10/15/23 | 5,984,000 | 17,990,896 |
Rambus, Inc. | ||
1.375%, due 2/1/23 | 3,527,000 | 6,661,664 |
Wolfspeed, Inc. (b) | ||
0.25%, due 2/15/28 | 9,771,000 | 8,471,457 |
1.875%, due 12/1/29 | 4,785,000 | 4,332,818 |
81,127,117 | ||
Software 7.4% | ||
Akamai Technologies, Inc. | ||
0.375%, due 9/1/27 | 18,297,000 | 17,711,496 |
Bentley Systems, Inc. | ||
0.125%, due 1/15/26 | 3,445,000 | 3,159,065 |
Bill.com Holdings, Inc. | ||
(zero coupon), due 12/1/25 | 5,190,000 | 5,335,320 |
Coupa Software, Inc. | ||
0.375%, due 6/15/26 | 11,250,000 | 10,873,125 |
Datadog, Inc. | ||
0.125%, due 6/15/25 | 10,168,000 | 11,146,670 |
DigitalOcean Holdings, Inc. | ||
(zero coupon), due 12/1/26 | 6,410,000 | 4,823,525 |
Dropbox, Inc. | ||
(zero coupon), due 3/1/28 | 12,063,000 | 10,808,448 |
Envestnet, Inc. | ||
2.625%, due 12/1/27 (b) | 11,969,000 | 12,902,582 |
Everbridge, Inc. | ||
0.125%, due 12/15/24 | 13,318,000 | 12,136,251 |
MongoDB, Inc. | ||
0.25%, due 1/15/26 | 7,540,000 | 8,868,925 |
Principal Amount | Value | |
Convertible Bonds (continued) | ||
Software (continued) | ||
Splunk, Inc. | ||
0.50%, due 9/15/23 | $ 17,072,000 | $ 16,534,232 |
Zynga, Inc. | ||
(zero coupon), due 12/15/26 | 8,495,000 | 8,410,974 |
122,710,613 | ||
Telecommunications 4.1% | ||
Infinera Corp. | ||
2.50%, due 3/1/27 | 4,490,000 | 5,018,408 |
InterDigital, Inc. | ||
2.00%, due 6/1/24 | 2,860,000 | 2,750,963 |
NICE Ltd. | ||
(zero coupon), due 9/15/25 | 48,248,000 | 45,714,980 |
Viavi Solutions, Inc. | ||
1.00%, due 3/1/24 | 14,133,000 | 14,242,531 |
67,726,882 | ||
Trucking & Leasing 0.5% | ||
Greenbrier Cos., Inc. (The) | ||
2.875%, due 4/15/28 | 9,472,000 | 8,396,928 |
Total Convertible Bonds (Cost $1,394,621,894) | 1,360,210,478 | |
Shares | ||
Convertible Preferred Stocks 8.4% | ||
Banks 1.7% | ||
Bank of America Corp. | ||
Series L | ||
7.25% (e) | 11,636 | 13,497,760 |
Wells Fargo & Co. | ||
Series L | ||
7.50% (e) | 12,264 | 14,532,840 |
28,030,600 | ||
Capital Markets 1.0% | ||
KKR Group Co., Inc. | ||
Series C | ||
6.00% | 283,400 | 16,224,650 |
Electric Utilities 1.4% | ||
PG&E Corp. | ||
5.50% | 154,100 | 22,227,384 |
Shares | Value | |
Health Care Equipment & Supplies 0.3% | ||
Becton Dickinson and Co. | ||
Series B | ||
6.00% | 106,750 | $ 5,346,040 |
Independent Power and Renewable Electricity Producers 0.9% | ||
AES Corp. (The) | ||
6.875% | 150,600 | 15,362,706 |
Life Sciences Tools & Services 3.1% | ||
Danaher Corp. | ||
Series B | ||
5.00% (c) | 38,229 | 51,859,550 |
Total Convertible Preferred Stocks (Cost $139,244,982) | 139,050,930 | |
Total Convertible Securities (Cost $1,533,866,876) | 1,499,261,408 | |
Common Stocks 1.6% | ||
Banks 0.5% | ||
Bank of America Corp. | 267,678 | 8,865,495 |
Energy Equipment & Services 0.5% | ||
Weatherford International plc (f) | 157,538 | 8,021,835 |
Oil, Gas & Consumable Fuels 0.6% | ||
Kosmos Energy Ltd. (f) | 653,900 | 4,158,804 |
PDC Energy, Inc. | 79,100 | 5,021,268 |
9,180,072 | ||
Total Common Stocks (Cost $16,003,167) | 26,067,402 | |
Short-Term Investments 12.1% | ||
Affiliated Investment Company 5.3% | ||
MainStay U.S. Government Liquidity Fund, 3.602% (g)(h) | 87,784,336 | 87,784,336 |
Unaffiliated Investment Companies 6.8% | ||
Goldman Sachs Financial Square Government Fund, 4.24% (h)(i) | 5,000,000 | 5,000,000 |
14 | MainStay VP MacKay Convertible Portfolio |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Companies (continued) | |||
Invesco Government and Agency Portfolio, 4.301% (h)(i) | 108,717,583 | $ 108,717,583 | |
113,717,583 | |||
Total Short-Term Investments (Cost $201,501,919) | 201,501,919 | ||
Total Investments (Cost $1,806,608,749) | 106.6% | 1,771,904,185 | |
Other Assets, Less Liabilities | (6.6) | (110,051,568) | |
Net Assets | 100.0% | $ 1,661,852,617 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(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) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $120,698,880; the total market value of collateral held by the Portfolio was $122,744,706. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $9,027,123. The Portfolio received cash collateral with a value of $113,717,583. (See Note 2(G)) |
(d) | Step coupon—Rate shown was the rate in effect as of December 31, 2022. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Non-income producing security. |
(g) | As of December 31, 2022, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(h) | Current yield as of December 31, 2022. |
(i) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 98,790 | $ 238,310 | $ (249,316) | $ — | $ — | $ 87,784 | $ 1,093 | $ — | 87,784 |
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 | $ — | $ 45,073,456 | $ — | $ 45,073,456 | |||
Total Corporate Bonds | — | 45,073,456 | — | 45,073,456 | |||
Convertible Securities | |||||||
Convertible Bonds | — | 1,360,210,478 | — | 1,360,210,478 | |||
Convertible Preferred Stocks | 139,050,930 | — | — | 139,050,930 | |||
Total Convertible Securities | 139,050,930 | 1,360,210,478 | — | 1,499,261,408 | |||
Common Stocks | 26,067,402 | — | — | 26,067,402 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 87,784,336 | — | — | 87,784,336 | |||
Unaffiliated Investment Companies | 113,717,583 | — | — | 113,717,583 | |||
Total Short-Term Investments | 201,501,919 | — | — | 201,501,919 | |||
Total Investments in Securities | $ 366,620,251 | $ 1,405,283,934 | $ — | $ 1,771,904,185 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
16 | MainStay VP MacKay Convertible Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,718,824,413) including securities on loan of $120,698,880 | $1,684,119,849 |
Investment in affiliated investment companies, at value (identified cost $87,784,336) | 87,784,336 |
Receivables: | |
Dividends and interest | 4,228,466 |
Portfolio shares sold | 605,897 |
Securities lending | 283,481 |
Other assets | 9,290 |
Total assets | 1,777,031,319 |
Liabilities | |
Cash collateral received for securities on loan | 113,717,583 |
Due to custodian | 24 |
Payables: | |
Manager (See Note 3) | 781,237 |
Portfolio shares redeemed | 388,158 |
NYLIFE Distributors (See Note 3) | 190,502 |
Professional fees | 50,130 |
Shareholder communication | 32,857 |
Custodian | 11,707 |
Accrued expenses | 6,504 |
Total liabilities | 115,178,702 |
Net assets | $1,661,852,617 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 120,074 |
Additional paid-in-capital | 1,702,291,230 |
1,702,411,304 | |
Total distributable earnings (loss) | (40,558,687) |
Net assets | $1,661,852,617 |
Initial Class | |
Net assets applicable to outstanding shares | $782,969,652 |
Shares of beneficial interest outstanding | 56,205,392 |
Net asset value per share outstanding | $ 13.93 |
Service Class | |
Net assets applicable to outstanding shares | $872,109,222 |
Shares of beneficial interest outstanding | 63,376,613 |
Net asset value per share outstanding | $ 13.76 |
Service 2 Class | |
Net assets applicable to outstanding shares | $ 6,773,743 |
Shares of beneficial interest outstanding | 492,163 |
Net asset value and offering price per share outstanding | $ 13.76 |
Investment Income (Loss) | |
Income | |
Interest | $ 12,982,460 |
Dividends-unaffiliated | 8,806,491 |
Securities lending, net | 2,206,257 |
Dividends-affiliated | 1,092,917 |
Total income | 25,088,125 |
Expenses | |
Manager (See Note 3) | 9,784,332 |
Distribution/Service—Service Class (See Note 3) | 2,413,002 |
Distribution/Service—Service 2 Class (See Note 3) | 18,715 |
Professional fees | 189,859 |
Shareholder communication | 145,004 |
Custodian | 46,280 |
Trustees | 39,756 |
Shareholder service (See Note 3) | 7,486 |
Miscellaneous | 70,952 |
Total expenses | 12,715,386 |
Net investment income (loss) | 12,372,739 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (1,458,820) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (272,476,633) |
Net realized and unrealized gain (loss) | (273,935,453) |
Net increase (decrease) in net assets resulting from operations | $(261,562,714) |
18 | MainStay VP MacKay Convertible Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 12,372,739 | $ 7,292,515 |
Net realized gain (loss) | (1,458,820) | 248,922,270 |
Net change in unrealized appreciation (depreciation) | (272,476,633) | (98,533,563) |
Net increase (decrease) in net assets resulting from operations | (261,562,714) | 157,681,222 |
Distributions to shareholders: | ||
Initial Class | (119,474,150) | (55,054,387) |
Service Class | (135,597,007) | (63,916,632) |
Service 2 Class | (1,046,632) | (497,943) |
Total distributions to shareholders | (256,117,789) | (119,468,962) |
Capital share transactions: | ||
Net proceeds from sales of shares | 113,733,843 | 742,122,288 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 256,117,789 | 119,468,962 |
Cost of shares redeemed | (275,440,951) | (176,472,885) |
Increase (decrease) in net assets derived from capital share transactions | 94,410,681 | 685,118,365 |
Net increase (decrease) in net assets | (423,269,822) | 723,330,625 |
Net Assets | ||
Beginning of year | 2,085,122,439 | 1,361,791,814 |
End of year | $1,661,852,617 | $2,085,122,439 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 18.68 | $ 18.17 | $ 13.60 | $ 12.31 | $ 13.29 | ||||
Net investment income (loss) (a) | 0.13 | 0.10 | 0.10 | 0.13 | 0.17 | ||||
Net realized and unrealized gain (loss) | (2.49) | 1.56 | 4.74 | 2.56 | (0.41) | ||||
Total from investment operations | (2.36) | 1.66 | 4.84 | 2.69 | (0.24) | ||||
Less distributions: | |||||||||
From net investment income | (0.55) | (0.22) | (0.11) | (0.20) | (0.23) | ||||
From net realized gain on investments | (1.84) | (0.93) | (0.16) | (1.20) | (0.51) | ||||
Total distributions | (2.39) | (1.15) | (0.27) | (1.40) | (0.74) | ||||
Net asset value at end of year | $ 13.93 | $ 18.68 | $ 18.17 | $ 13.60 | $ 12.31 | ||||
Total investment return (b) | (12.67)% | 9.25% | 36.04% | 22.46% | (2.27)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.82% | 0.51% | 0.70% | 0.94% | 1.24% | ||||
Net expenses (c) | 0.57% | 0.56% | 0.61% | 0.61% | 0.61% | ||||
Portfolio turnover rate | 14% | 41% | 49% | 26% | 43% | ||||
Net assets at end of year (in 000's) | $ 782,970 | $ 946,696 | $ 370,733 | $ 202,104 | $ 177,136 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 18.48 | $ 17.99 | $ 13.47 | $ 12.21 | $ 13.18 | ||||
Net investment income (loss) (a) | 0.09 | 0.05 | 0.06 | 0.09 | 0.13 | ||||
Net realized and unrealized gain (loss) | (2.46) | 1.54 | 4.69 | 2.53 | (0.40) | ||||
Total from investment operations | (2.37) | 1.59 | 4.75 | 2.62 | (0.27) | ||||
Less distributions: | |||||||||
From net investment income | (0.51) | (0.17) | (0.07) | (0.16) | (0.19) | ||||
From net realized gain on investments | (1.84) | (0.93) | (0.16) | (1.20) | (0.51) | ||||
Total distributions | (2.35) | (1.10) | (0.23) | (1.36) | (0.70) | ||||
Net asset value at end of year | $ 13.76 | $ 18.48 | $ 17.99 | $ 13.47 | $ 12.21 | ||||
Total investment return (b) | (12.89)% | 8.98% | 35.70% | 22.15% | (2.52)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.57% | 0.25% | 0.44% | 0.69% | 0.99% | ||||
Net expenses (c) | 0.82% | 0.81% | 0.86% | 0.86% | 0.86% | ||||
Portfolio turnover rate | 14% | 41% | 49% | 26% | 43% | ||||
Net assets at end of year (in 000's) | $ 872,109 | $ 1,129,151 | $ 982,863 | $ 752,670 | $ 592,673 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
20 | MainStay VP MacKay Convertible Portfolio |
Year Ended December 31, | |||||||||
Service Class 2 | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 18.48 | $ 18.00 | $ 13.47 | $ 12.21 | $ 13.18 | ||||
Net investment income (loss) (a) | 0.08 | 0.03 | 0.05 | 0.08 | 0.12 | ||||
Net realized and unrealized gain (loss) | (2.47) | 1.53 | 4.70 | 2.53 | (0.40) | ||||
Total from investment operations | (2.39) | 1.56 | 4.75 | 2.61 | (0.28) | ||||
Less distributions: | |||||||||
From net investment income | (0.49) | (0.15) | (0.06) | (0.15) | (0.18) | ||||
From net realized gain on investments | (1.84) | (0.93) | (0.16) | (1.20) | (0.51) | ||||
Total distributions | (2.33) | (1.08) | (0.22) | (1.35) | (0.69) | ||||
Net asset value at end of year | $ 13.76 | $ 18.48 | $ 18.00 | $ 13.47 | $ 12.21 | ||||
Total investment return (b) | (12.97)% | 8.87% | 35.57% | 22.03% | (2.59)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.47% | 0.16% | 0.32% | 0.56% | 0.88% | ||||
Net expenses (c) | 0.92% | 0.91% | 0.96% | 0.96% | 0.96% | ||||
Portfolio turnover rate | 14% | 41% | 49% | 26% | 43% | ||||
Net assets at end of year (in 000's) | $ 6,774 | $ 9,275 | $ 8,196 | $ 6,555 | $ 3,016 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | October 1, 1996 |
Service Class | June 5, 2003 |
Service 2 Class | April 26, 2016 |
22 | MainStay VP MacKay Convertible Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
24 | MainStay VP MacKay Convertible Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,820,415,954 | $158,307,822 | $(206,819,591) | $(48,511,769) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$13,517,506 | $(5,201,253) | $(363,171) | $(48,511,769) | $(40,558,687) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $5,201 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 81,124,031 | $ 38,710,804 |
Long-Term Capital Gains | 174,993,758 | 80,758,158 |
Total | $256,117,789 | $119,468,962 |
26 | MainStay VP MacKay Convertible Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 960,462 | $ 15,906,247 |
Shares issued to shareholders in reinvestment of distributions | 8,323,723 | 119,474,150 |
Shares redeemed | (3,767,669) | (61,588,499) |
Net increase (decrease) | 5,516,516 | $ 73,791,898 |
Year ended December 31, 2021: | ||
Shares sold | 28,905,024 | $ 539,730,987 |
Shares issued to shareholders in reinvestment of distributions | 2,990,672 | 55,054,387 |
Shares redeemed | (1,606,291) | (30,266,824) |
Net increase (decrease) | 30,289,405 | $ 564,518,550 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 5,529,322 | $ 89,567,994 |
Shares issued to shareholders in reinvestment of distributions | 9,560,026 | 135,597,007 |
Shares redeemed | (12,812,180) | (204,200,397) |
Net increase (decrease) | 2,277,168 | $ 20,964,604 |
Year ended December 31, 2021: | ||
Shares sold | 10,612,726 | $ 197,997,196 |
Shares issued to shareholders in reinvestment of distributions | 3,510,792 | 63,916,632 |
Shares redeemed | (7,643,368) | (142,139,912) |
Net increase (decrease) | 6,480,150 | $ 119,773,916 |
Service 2 Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 499,962 | $ 8,259,602 |
Shares issued to shareholders in reinvestment of distributions | 73,917 | 1,046,632 |
Shares redeemed | (583,606) | (9,652,055) |
Net increase (decrease) | (9,727) | $ (345,821) |
Year ended December 31, 2021: | ||
Shares sold | 235,940 | $ 4,394,105 |
Shares issued to shareholders in reinvestment of distributions | 27,351 | 497,943 |
Shares redeemed | (216,834) | (4,066,149) |
Net increase (decrease) | 46,457 | $ 825,899 |
28 | MainStay VP MacKay Convertible Portfolio |
MainStay VP MacKay Convertible Portfolio
New York, New York
February 24, 2023
30 | MainStay VP MacKay Convertible Portfolio |
32 | MainStay VP MacKay Convertible Portfolio |
34 | MainStay VP MacKay Convertible Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
36 | MainStay VP MacKay Convertible Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015869 | MSVPC11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1, 2, 3 | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 1/29/1993 | -33.17% | 5.68% | 9.16% | 0.73% |
Service Class Shares | 6/5/2003 | -33.33 | 5.42 | 8.89 | 0.98 |
1. | Effective January 11, 2013 and July 29, 2016, the Portfolio modified its principal investment strategies in connection with changes in the Portfolio’s Subadvisor. The past performance in the graph and table reflect the Subadvisors and strategies in place during their respective time periods. |
2. | Effective January 1, 2018 due to an organizational restructuring, all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. |
3. | Effective May 1, 2021, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisors and principal investment strategies. |
4. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Growth Index1 | -29.14% | 10.96% | 14.10% |
Morningstar Large Growth Category Average2 | -30.20 | 7.88 | 11.39 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Russell 1000® Growth Index is the Portfolio's primary benchmark. The Russell 1000® Growth Index is a broad-based benchmark that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. |
2. | The Morningstar Large Growth Category Average is representative of funds that invest primarily in big U.S. companies that are projected to grow faster than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. Growth is defined based on fast growth and high valuations. Most of these funds focus on companies in rapidly expanding industries. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $992.50 | $3.67 | $1,021.53 | $3.72 | 0.73% |
Service Class Shares | $1,000.00 | $991.20 | $4.92 | $1,020.26 | $4.99 | 0.98% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Growth Portfolio |
Software | 16.4% |
IT Services | 13.8 |
Technology Hardware, Storage & Peripherals | 8.5 |
Interactive Media & Services | 6.5 |
Internet & Direct Marketing Retail | 5.4 |
Semiconductors & Semiconductor Equipment | 5.0 |
Health Care Equipment & Supplies | 4.9 |
Health Care Providers & Services | 4.4 |
Life Sciences Tools & Services | 4.1 |
Capital Markets | 3.8 |
Aerospace & Defense | 2.8 |
Professional Services | 2.6 |
Textiles, Apparel & Luxury Goods | 2.4 |
Hotels, Restaurants & Leisure | 2.1 |
Insurance | 1.9 |
Equity Real Estate Investment Trusts | 1.9% |
Energy Equipment & Services | 1.8 |
Specialty Retail | 1.6 |
Beverages | 1.5 |
Pharmaceuticals | 1.5 |
Consumer Finance | 1.4 |
Road & Rail | 1.1 |
Personal Products | 0.9 |
Automobiles | 0.5 |
Machinery | 0.3 |
Media | 0.0‡ |
Short–Term Investment | 3.0 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Alphabet, Inc., Class C |
4. | Mastercard, Inc., Class A |
5. | Amazon.com, Inc. |
6. | UnitedHealth Group, Inc. |
7. | Boston Scientific Corp. |
8. | Schlumberger Ltd. |
9. | S&P Global, Inc. |
10. | Global Payments, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Wellington Growth Portfolio |
Shares | Value | |
Common Stocks 97.1% | ||
Aerospace & Defense 2.8% | ||
Airbus SE, ADR | 123,321 | $ 3,657,701 |
General Dynamics Corp. | 22,612 | 5,610,263 |
Northrop Grumman Corp. | 10,700 | 5,838,027 |
15,105,991 | ||
Automobiles 0.5% | ||
Tesla, Inc. (a) | 22,038 | 2,714,641 |
Beverages 1.5% | ||
Constellation Brands, Inc., Class A | 35,868 | 8,312,409 |
Capital Markets 3.8% | ||
Blackstone, Inc. | 46,235 | 3,430,175 |
Charles Schwab Corp. (The) | 100,146 | 8,338,156 |
S&P Global, Inc. | 27,473 | 9,201,806 |
20,970,137 | ||
Consumer Finance 1.4% | ||
American Express Co. | 50,789 | 7,504,075 |
Energy Equipment & Services 1.8% | ||
Schlumberger Ltd. | 178,855 | 9,561,588 |
Equity Real Estate Investment Trusts 1.9% | ||
American Tower Corp. | 34,990 | 7,412,981 |
Equinix, Inc. | 4,181 | 2,738,681 |
10,151,662 | ||
Health Care Equipment & Supplies 4.9% | ||
Align Technology, Inc. (a) | 13,209 | 2,785,778 |
Boston Scientific Corp. (a) | 231,224 | 10,698,735 |
Insulet Corp. (a) | 19,972 | 5,879,557 |
Stryker Corp. | 29,747 | 7,272,844 |
26,636,914 | ||
Health Care Providers & Services 4.4% | ||
Elevance Health, Inc. | 11,442 | 5,869,403 |
UnitedHealth Group, Inc. | 33,696 | 17,864,945 |
23,734,348 | ||
Hotels, Restaurants & Leisure 2.1% | ||
Airbnb, Inc., Class A (a) | 61,297 | 5,240,893 |
Hilton Worldwide Holdings, Inc. | 48,705 | 6,154,364 |
11,395,257 | ||
Insurance 1.9% | ||
Marsh & McLennan Cos., Inc. | 33,611 | 5,561,948 |
Shares | Value | |
Insurance (continued) | ||
Progressive Corp. (The) | 38,566 | $ 5,002,396 |
10,564,344 | ||
Interactive Media & Services 6.5% | ||
Alphabet, Inc., Class C (a) | 324,189 | 28,765,290 |
ZoomInfo Technologies, Inc., Class A (a) | 213,381 | 6,424,902 |
35,190,192 | ||
Internet & Direct Marketing Retail 5.4% | ||
Amazon.com, Inc. (a) | 289,580 | 24,324,720 |
Etsy, Inc. (a) | 44,634 | 5,346,261 |
29,670,981 | ||
IT Services 13.8% | ||
Block, Inc., Class A (a) | 97,835 | 6,147,951 |
Fidelity National Information Services, Inc. | 73,238 | 4,969,198 |
FleetCor Technologies, Inc. (a) | 48,342 | 8,879,459 |
Global Payments, Inc. | 92,052 | 9,142,605 |
Mastercard, Inc., Class A | 77,157 | 26,829,804 |
MongoDB, Inc. (a) | 31,678 | 6,235,498 |
Okta, Inc. (a) | 49,222 | 3,363,339 |
Snowflake, Inc., Class A (a) | 8,809 | 1,264,444 |
Visa, Inc., Class A | 40,519 | 8,418,227 |
75,250,525 | ||
Life Sciences Tools & Services 4.1% | ||
Agilent Technologies, Inc. | 49,955 | 7,475,766 |
Danaher Corp. | 22,359 | 5,934,526 |
Illumina, Inc. (a) | 26,356 | 5,329,183 |
Mettler-Toledo International, Inc. (a) | 2,530 | 3,656,988 |
22,396,463 | ||
Machinery 0.3% | ||
IDEX Corp. | 8,071 | 1,842,851 |
Media 0.0% ‡ | ||
Interpublic Group of Cos., Inc. (The) (b) | 7,626 | 254,022 |
Personal Products 0.9% | ||
Estee Lauder Cos., Inc. (The), Class A | 18,991 | 4,711,857 |
Pharmaceuticals 1.5% | ||
Zoetis, Inc. | 55,292 | 8,103,043 |
Professional Services 2.6% | ||
Equifax, Inc. | 37,502 | 7,288,889 |
TransUnion | 125,537 | 7,124,225 |
14,413,114 |
10 | MainStay VP Wellington Growth Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Road & Rail 1.1% | ||
Uber Technologies, Inc. (a) | 237,551 | $ 5,874,636 |
Semiconductors & Semiconductor Equipment 5.0% | ||
Advanced Micro Devices, Inc. (a) | 54,975 | 3,560,731 |
ASML Holding NV (Registered) | 5,771 | 3,153,274 |
Marvell Technology, Inc. | 98,037 | 3,631,291 |
Microchip Technology, Inc. | 89,330 | 6,275,433 |
Monolithic Power Systems, Inc. | 5,981 | 2,114,941 |
NVIDIA Corp. | 57,180 | 8,356,285 |
27,091,955 | ||
Software 16.4% | ||
Atlassian Corp., Class A (a) | 28,263 | 3,636,883 |
Autodesk, Inc. (a) | 27,676 | 5,171,814 |
Ceridian HCM Holding, Inc. (a) | 77,556 | 4,975,217 |
Intuit, Inc. | 11,884 | 4,625,491 |
Microsoft Corp. | 235,096 | 56,380,723 |
nCino, Inc. (a) | 64,872 | 1,715,216 |
Salesforce, Inc. (a) | 57,616 | 7,639,305 |
ServiceNow, Inc. (a) | 12,572 | 4,881,330 |
89,025,979 | ||
Specialty Retail 1.6% | ||
TJX Cos., Inc. (The) | 108,299 | 8,620,600 |
Technology Hardware, Storage & Peripherals 8.5% | ||
Apple, Inc. | 355,210 | 46,152,435 |
Shares | Value | ||
Textiles, Apparel & Luxury Goods 2.4% | |||
Lululemon Athletica, Inc. (a) | 21,388 | $ 6,852,287 | |
NIKE, Inc., Class B | 54,172 | 6,338,666 | |
13,190,953 | |||
Total Common Stocks (Cost $584,821,208) | 528,440,972 | ||
Short-Term Investment 3.0% | |||
Affiliated Investment Company 3.0% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (c) | 16,085,333 | 16,085,333 | |
Total Short-Term Investment (Cost $16,085,333) | 16,085,333 | ||
Total Investments (Cost $600,906,541) | 100.1% | 544,526,305 | |
Other Assets, Less Liabilities | (0.1) | (368,323) | |
Net Assets | 100.0% | $ 544,157,982 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | Illiquid security—As of December 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $254,022, which represented less than one-tenth of a percent of the Portfolio’s net assets. (Unaudited) |
(c) | Current yield as of December 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 6,654 | $ 210,732 | $ (201,301) | $ — | $ — | $ 16,085 | $ 327 | $ — | 16,085 |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 528,440,972 | $ — | $ — | $ 528,440,972 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 16,085,333 | — | — | 16,085,333 | |||
Total Investments in Securities | $ 544,526,305 | $ — | $ — | $ 544,526,305 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
12 | MainStay VP Wellington Growth Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $584,821,208) | $ 528,440,972 |
Investment in affiliated investment companies, at value (identified cost $16,085,333) | 16,085,333 |
Receivables: | |
Dividends | 192,812 |
Portfolio shares sold | 3,218 |
Other assets | 3,226 |
Total assets | 544,725,561 |
Liabilities | |
Payables: | |
Manager (See Note 3) | 330,755 |
Portfolio shares redeemed | 116,665 |
Shareholder communication | 73,733 |
Professional fees | 29,621 |
NYLIFE Distributors (See Note 3) | 7,699 |
Custodian | 4,036 |
Securities lending | 143 |
Accrued expenses | 4,927 |
Total liabilities | 567,579 |
Net assets | $ 544,157,982 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 30,917 |
Additional paid-in-capital | 660,219,899 |
660,250,816 | |
Total distributable earnings (loss) | (116,092,834) |
Net assets | $ 544,157,982 |
Initial Class | |
Net assets applicable to outstanding shares | $509,029,971 |
Shares of beneficial interest outstanding | 28,863,549 |
Net asset value per share outstanding | $ 17.64 |
Service Class | |
Net assets applicable to outstanding shares | $ 35,128,011 |
Shares of beneficial interest outstanding | 2,053,646 |
Net asset value per share outstanding | $ 17.11 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $10,292) | $ 3,449,205 |
Dividends-affiliated | 326,882 |
Securities lending, net | 5,239 |
Total income | 3,781,326 |
Expenses | |
Manager (See Note 3) | 4,278,824 |
Distribution/Service—Service Class (See Note 3) | 105,504 |
Professional fees | 88,653 |
Shareholder communication | 77,598 |
Custodian | 23,285 |
Trustees | 13,970 |
Miscellaneous | 20,619 |
Total expenses | 4,608,453 |
Net investment income (loss) | (827,127) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (58,896,810) |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (205,606,983) |
Net realized and unrealized gain (loss) | (264,503,793) |
Net increase (decrease) in net assets resulting from operations | $(265,330,920) |
14 | MainStay VP Wellington Growth Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ (827,127) | $ (2,140,928) |
Net realized gain (loss) | (58,896,810) | 187,628,438 |
Net change in unrealized appreciation (depreciation) | (205,606,983) | (60,913,826) |
Net increase (decrease) in net assets resulting from operations | (265,330,920) | 124,573,684 |
Distributions to shareholders: | ||
Initial Class | (171,459,297) | (97,692,566) |
Service Class | (12,259,342) | (8,338,204) |
Total distributions to shareholders | (183,718,639) | (106,030,770) |
Capital share transactions: | ||
Net proceeds from sales of shares | 94,150,878 | 81,855,689 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 183,718,639 | 106,030,770 |
Cost of shares redeemed | (58,166,556) | (81,116,553) |
Increase (decrease) in net assets derived from capital share transactions | 219,702,961 | 106,769,906 |
Net increase (decrease) in net assets | (229,346,598) | 125,312,820 |
Net Assets | ||
Beginning of year | 773,504,580 | 648,191,760 |
End of year | $ 544,157,982 | $ 773,504,580 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 40.09 | $ 39.15 | $ 32.64 | $ 27.74 | $ 30.87 | ||||
Net investment income (loss) (a) | (0.03) | (0.12) | 0.12 | 0.18 | 0.19 | ||||
Net realized and unrealized gain (loss) | (13.45) | 7.70 | 10.08 | 7.77 | (1.10) | ||||
Total from investment operations | (13.48) | 7.58 | 10.20 | 7.95 | (0.91) | ||||
Less distributions: | |||||||||
From net investment income | — | (0.15) | (0.21) | (0.19) | (0.21) | ||||
From net realized gain on investments | (8.97) | (6.49) | (3.48) | (2.86) | (2.01) | ||||
Total distributions | (8.97) | (6.64) | (3.69) | (3.05) | (2.22) | ||||
Net asset value at end of year | $ 17.64 | $ 40.09 | $ 39.15 | $ 32.64 | $ 27.74 | ||||
Total investment return (b) | (33.17)% | 19.75% | 32.30% | 30.01% | (4.24)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.12)% | (0.28)% | 0.35% | 0.56% | 0.60% | ||||
Net expenses (c) | 0.73% | 0.72% | 0.73% | 0.72% | 0.73% | ||||
Expenses (before waiver/reimbursement) (c) | 0.73% | 0.73% | 0.73% | 0.72% | 0.73% | ||||
Portfolio turnover rate | 42% | 48% | 144% | 156% | 127% | ||||
Net assets at end of year (in 000's) | $ 509,030 | $ 716,521 | $ 590,841 | $ 652,081 | $ 461,537 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 39.39 | $ 38.57 | $ 32.19 | $ 27.38 | $ 30.50 | ||||
Net investment income (loss) (a) | (0.10) | (0.22) | 0.04 | 0.10 | 0.11 | ||||
Net realized and unrealized gain (loss) | (13.21) | 7.57 | 9.93 | 7.66 | (1.10) | ||||
Total from investment operations | (13.31) | 7.35 | 9.97 | 7.76 | (0.99) | ||||
Less distributions: | |||||||||
From net investment income | — | (0.04) | (0.11) | (0.09) | (0.12) | ||||
From net realized gain on investments | (8.97) | (6.49) | (3.48) | (2.86) | (2.01) | ||||
Total distributions | (8.97) | (6.53) | (3.59) | (2.95) | (2.13) | ||||
Net asset value at end of year | $ 17.11 | $ 39.39 | $ 38.57 | $ 32.19 | $ 27.38 | ||||
Total investment return (b) | (33.33)% | 19.45% | 31.97% | 29.69% | (4.48)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | (0.37)% | (0.53)% | 0.11% | 0.32% | 0.35% | ||||
Net expenses (c) | 0.98% | 0.97% | 0.98% | 0.97% | 0.98% | ||||
Expenses (before waiver/reimbursement) (c) | 0.98% | 0.98% | 0.98% | 0.97% | 0.98% | ||||
Portfolio turnover rate | 42% | 48% | 144% | 156% | 127% | ||||
Net assets at end of year (in 000's) | $ 35,128 | $ 56,983 | $ 57,351 | $ 56,122 | $ 51,674 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Wellington Growth Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 5, 2003 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Wellington Growth Portfolio |
20 | MainStay VP Wellington Growth Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $604,973,533 | $51,327,219 | $(111,774,447) | $(60,447,228) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(55,645,606) | $— | $(60,447,228) | $(116,092,834) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$663,121 | $(663,121) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $39,989 | $15,657 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 50,614,417 | $ 16,747,990 |
Long-Term Capital Gains | 133,104,222 | 89,282,780 |
Total | $183,718,639 | $106,030,770 |
Sales (000's) | Realized Gain / (Loss) (000's) |
$1,484 | $(636) |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 2,942,593 | $ 91,387,732 |
Shares issued to shareholders in reinvestment of distributions | 9,922,872 | 171,459,297 |
Shares redeemed | (1,875,302) | (52,233,565) |
Net increase (decrease) | 10,990,163 | $210,613,464 |
Year ended December 31, 2021: | ||
Shares sold | 1,949,803 | $ 81,230,189 |
Shares issued to shareholders in reinvestment of distributions | 2,496,099 | 97,692,566 |
Shares redeemed | (1,662,755) | (69,745,620) |
Net increase (decrease) | 2,783,147 | $109,177,135 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 98,484 | $ 2,763,146 |
Shares issued to shareholders in reinvestment of distributions | 731,094 | 12,259,342 |
Shares redeemed | (222,717) | (5,932,991) |
Net increase (decrease) | 606,861 | $ 9,089,497 |
Year ended December 31, 2021: | ||
Shares sold | 15,229 | $ 625,500 |
Shares issued to shareholders in reinvestment of distributions | 216,720 | 8,338,204 |
Shares redeemed | (272,037) | (11,370,933) |
Net increase (decrease) | (40,088) | $ (2,407,229) |
22 | MainStay VP Wellington Growth Portfolio |
MainStay VP Wellington Growth Portfolio
New York, New York
February 24, 2023
24 | MainStay VP Wellington Growth Portfolio |
26 | MainStay VP Wellington Growth Portfolio |
28 | MainStay VP Wellington Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
30 | MainStay VP Wellington Growth Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
32 | MainStay VP Wellington Growth Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015881 | MSVPCG11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 5/1/1998 | -2.50% | 7.12% | 9.13% | 0.72% |
Service Class Shares | 6/5/2003 | -2.74 | 6.85 | 8.86 | 0.97 |
1. | Effective January 9, 2017, the Portfolio replaced its subadvisor and modified its principal investment as of March 13, 2017. The past performance in the graph and table prior to those dates reflects the Portfolio’s prior subadvisor and principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | -7.54% | 6.67% | 10.29% |
U.S. Equity Yield Composite Index2 | -6.61 | 7.03 | 10.73 |
Morningstar Large Value Category Average3 | -6.02 | 6.81 | 9.86 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Portfolio has selected the Russell 1000® Value Index as its primary benchmark. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
2. | The Portfolio has selected the U.S. Equity Yield Composite Index as its secondary benchmark. The U.S. Equity Yield Composite Index consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large and mid-cap stocks. The MSCI USA High Dividend Yield Index is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large and mid-cap 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). |
3. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,064.30 | $3.54 | $1,021.78 | $3.47 | 0.68% |
Service Class Shares | $1,000.00 | $1,062.90 | $4.84 | $1,020.52 | $4.74 | 0.93% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Banks | 9.7% |
Electric Utilities | 6.8 |
Pharmaceuticals | 6.5 |
Semiconductors & Semiconductor Equipment | 5.8 |
Insurance | 5.8 |
Oil, Gas & Consumable Fuels | 5.8 |
Chemicals | 5.0 |
Equity Real Estate Investment Trusts | 4.0 |
Electrical Equipment | 3.9 |
Health Care Providers & Services | 3.4 |
Biotechnology | 3.2 |
Aerospace & Defense | 3.1 |
IT Services | 2.4 |
Beverages | 2.4 |
Capital Markets | 2.4 |
Multi–Utilities | 2.2 |
Household Products | 2.2 |
Media | 2.1 |
Hotels, Restaurants & Leisure | 2.0 |
Tobacco | 1.9 |
Machinery | 1.8% |
Health Care Equipment & Supplies | 1.6 |
Food & Staples Retailing | 1.6 |
Software | 1.6 |
Diversified Telecommunication Services | 1.5 |
Specialty Retail | 1.3 |
Communications Equipment | 1.3 |
Leisure Products | 1.2 |
Air Freight & Logistics | 1.2 |
Technology Hardware, Storage & Peripherals | 1.1 |
Industrial Conglomerates | 1.1 |
Commercial Services & Supplies | 1.0 |
Trading Companies & Distributors | 0.9 |
Containers & Packaging | 0.7 |
Household Durables | 0.6 |
Short–Term Investment | 0.8 |
Other Assets, Less Liabilities | 0.1 |
100.0% |
1. | AbbVie, Inc. |
2. | Chevron Corp. |
3. | MetLife, Inc. |
4. | UnitedHealth Group, Inc. |
5. | Broadcom, Inc. |
6. | JPMorgan Chase & Co. |
7. | Merck & Co., Inc. |
8. | Johnson & Johnson |
9. | U.S. Bancorp |
10. | Cummins, Inc. |
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. |
8 | MainStay VP Epoch U.S. Equity Yield Portfolio |
3. | A bolt-on acquisition is the acquisition of a smaller company, usually in the same line of business, that presents strategic value to the acquiring entity. The smaller company is generally merged into a division of the acquiring entity. |
10 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Shares | Value | |
Common Stocks 99.1% | ||
Aerospace & Defense 3.1% | ||
General Dynamics Corp. | 32,103 | $ 7,965,075 |
Lockheed Martin Corp. | 18,706 | 9,100,282 |
Raytheon Technologies Corp. | 122,988 | 12,411,949 |
29,477,306 | ||
Air Freight & Logistics 1.2% | ||
United Parcel Service, Inc., Class B | 63,731 | 11,078,997 |
Banks 9.7% | ||
Bank of America Corp. | 478,383 | 15,844,045 |
Columbia Banking System, Inc. | 250,953 | 7,561,214 |
JPMorgan Chase & Co. | 143,632 | 19,261,051 |
KeyCorp | 778,646 | 13,564,013 |
PNC Financial Services Group, Inc. (The) | 58,839 | 9,293,032 |
Truist Financial Corp. | 219,141 | 9,429,637 |
U.S. Bancorp | 391,863 | 17,089,146 |
92,042,138 | ||
Beverages 2.4% | ||
Coca-Cola Co. (The) | 119,688 | 7,613,354 |
Coca-Cola Europacific Partners plc | 156,655 | 8,666,155 |
PepsiCo, Inc. | 36,464 | 6,587,586 |
22,867,095 | ||
Biotechnology 3.2% | ||
AbbVie, Inc. | 146,406 | 23,660,674 |
Amgen, Inc. | 25,917 | 6,806,841 |
30,467,515 | ||
Capital Markets 2.4% | ||
BlackRock, Inc. | 11,567 | 8,196,723 |
CME Group, Inc. | 25,618 | 4,307,923 |
Lazard Ltd., Class A | 144,159 | 4,997,992 |
T. Rowe Price Group, Inc. | 43,963 | 4,794,605 |
22,297,243 | ||
Chemicals 5.0% | ||
Air Products and Chemicals, Inc. | 28,509 | 8,788,184 |
Dow, Inc. | 143,372 | 7,224,515 |
Linde plc | 36,919 | 12,042,240 |
LyondellBasell Industries NV, Class A | 77,668 | 6,448,774 |
Nutrien Ltd. (a) | 67,486 | 4,928,503 |
PPG Industries, Inc. | 67,107 | 8,438,034 |
47,870,250 | ||
Commercial Services & Supplies 1.0% | ||
Republic Services, Inc. | 35,601 | 4,592,173 |
Shares | Value | |
Commercial Services & Supplies (continued) | ||
Waste Management, Inc. | 30,235 | $ 4,743,267 |
9,335,440 | ||
Communications Equipment 1.3% | ||
Cisco Systems, Inc. | 248,858 | 11,855,595 |
Containers & Packaging 0.7% | ||
Amcor plc | 552,032 | 6,574,701 |
Diversified Telecommunication Services 1.5% | ||
AT&T, Inc. | 323,663 | 5,958,636 |
Verizon Communications, Inc. | 201,073 | 7,922,276 |
13,880,912 | ||
Electric Utilities 6.8% | ||
Alliant Energy Corp. | 94,137 | 5,197,304 |
American Electric Power Co., Inc. | 163,064 | 15,482,927 |
Duke Energy Corp. | 49,538 | 5,101,919 |
Entergy Corp. | 93,161 | 10,480,612 |
Evergy, Inc. | 138,394 | 8,709,134 |
Eversource Energy | 75,431 | 6,324,135 |
NextEra Energy, Inc. | 157,072 | 13,131,219 |
64,427,250 | ||
Electrical Equipment 3.9% | ||
Eaton Corp. plc | 92,061 | 14,448,974 |
Emerson Electric Co. | 167,330 | 16,073,720 |
Hubbell, Inc. | 26,907 | 6,314,535 |
36,837,229 | ||
Equity Real Estate Investment Trusts 4.0% | ||
American Tower Corp. | 25,836 | 5,473,615 |
Iron Mountain, Inc. | 254,205 | 12,672,119 |
Realty Income Corp. | 89,984 | 5,707,685 |
Welltower, Inc. | 83,268 | 5,458,217 |
WP Carey, Inc. | 112,796 | 8,815,008 |
38,126,644 | ||
Food & Staples Retailing 1.6% | ||
Walmart, Inc. | 105,429 | 14,948,778 |
Health Care Equipment & Supplies 1.6% | ||
Medtronic plc | 200,334 | 15,569,959 |
Health Care Providers & Services 3.4% | ||
CVS Health Corp. | 133,113 | 12,404,800 |
UnitedHealth Group, Inc. | 38,009 | 20,151,612 |
32,556,412 |
Shares | Value | |
Common Stocks (continued) | ||
Hotels, Restaurants & Leisure 2.0% | ||
McDonald's Corp. | 39,801 | $ 10,488,758 |
Vail Resorts, Inc. | 37,147 | 8,853,987 |
19,342,745 | ||
Household Durables 0.6% | ||
Leggett & Platt, Inc. | 186,615 | 6,014,601 |
Household Products 2.2% | ||
Colgate-Palmolive Co. | 61,475 | 4,843,615 |
Kimberly-Clark Corp. | 41,157 | 5,587,063 |
Procter & Gamble Co. (The) | 67,940 | 10,296,986 |
20,727,664 | ||
Industrial Conglomerates 1.1% | ||
Honeywell International, Inc. | 48,116 | 10,311,259 |
Insurance 5.8% | ||
Arthur J. Gallagher & Co. | 73,307 | 13,821,302 |
Marsh & McLennan Cos., Inc. | 44,845 | 7,420,950 |
MetLife, Inc. | 279,860 | 20,253,468 |
Travelers Cos., Inc. (The) | 69,922 | 13,109,676 |
54,605,396 | ||
IT Services 2.4% | ||
Automatic Data Processing, Inc. | 25,238 | 6,028,349 |
International Business Machines Corp. | 81,575 | 11,493,102 |
Paychex, Inc. | 48,410 | 5,594,259 |
23,115,710 | ||
Leisure Products 1.2% | ||
Hasbro, Inc. | 193,802 | 11,823,860 |
Machinery 1.8% | ||
Cummins, Inc. | 70,178 | 17,003,428 |
Media 2.1% | ||
Comcast Corp., Class A | 297,865 | 10,416,339 |
Omnicom Group, Inc. | 117,906 | 9,617,592 |
20,033,931 | ||
Multi-Utilities 2.2% | ||
Ameren Corp. | 68,131 | 6,058,208 |
CMS Energy Corp. | 76,616 | 4,852,091 |
NiSource, Inc. | 197,195 | 5,407,087 |
WEC Energy Group, Inc. | 53,160 | 4,984,282 |
21,301,668 |
Shares | Value | |
Oil, Gas & Consumable Fuels 5.8% | ||
Chevron Corp. | 118,949 | $ 21,350,156 |
Enterprise Products Partners LP | 523,155 | 12,618,498 |
Magellan Midstream Partners LP | 141,656 | 7,112,548 |
MPLX LP | 219,640 | 7,212,978 |
TotalEnergies SE, Sponsored ADR | 113,222 | 7,028,822 |
55,323,002 | ||
Pharmaceuticals 6.5% | ||
Eli Lilly and Co. | 39,299 | 14,377,146 |
Johnson & Johnson | 103,940 | 18,361,001 |
Merck & Co., Inc. | 167,653 | 18,601,100 |
Pfizer, Inc. | 199,869 | 10,241,288 |
61,580,535 | ||
Semiconductors & Semiconductor Equipment 5.8% | ||
Analog Devices, Inc. | 92,355 | 15,148,991 |
Broadcom, Inc. | 34,738 | 19,423,058 |
KLA Corp. | 33,885 | 12,775,661 |
Texas Instruments, Inc. | 47,519 | 7,851,089 |
55,198,799 | ||
Software 1.6% | ||
Microsoft Corp. | 61,683 | 14,792,817 |
Specialty Retail 1.3% | ||
Home Depot, Inc. (The) | 39,801 | 12,571,544 |
Technology Hardware, Storage & Peripherals 1.1% | ||
Apple, Inc. | 45,442 | 5,904,279 |
NetApp, Inc. | 82,832 | 4,974,890 |
10,879,169 | ||
Tobacco 1.9% | ||
British American Tobacco plc, Sponsored ADR | 123,357 | 4,931,813 |
Philip Morris International, Inc. | 132,158 | 13,375,711 |
18,307,524 | ||
Trading Companies & Distributors 0.9% | ||
MSC Industrial Direct Co., Inc., Class A | 98,593 | 8,055,048 |
Total Common Stocks (Cost $770,625,189) | 941,202,164 |
12 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Shares | Value | ||
Short-Term Investment 0.8% | |||
Affiliated Investment Company 0.8% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (b) | 7,380,137 | $ 7,380,137 | |
Total Short-Term Investment (Cost $7,380,137) | 7,380,137 | ||
Total Investments (Cost $778,005,326) | 99.9% | 948,582,301 | |
Other Assets, Less Liabilities | 0.1 | 1,264,486 | |
Net Assets | 100.0% | $ 949,846,787 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $4,928,430. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $5,049,934. (See Note 2(H)) |
(b) | Current yield as of December 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 9,626 | $ 146,844 | $ (149,090) | $ — | $ — | $ 7,380 | $ 176 | $ — | 7,380 |
Abbreviation(s): |
ADR—American Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | $ 941,202,164 | $ — | $ — | $ 941,202,164 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 7,380,137 | — | — | 7,380,137 | |||
Total Investments in Securities | $ 948,582,301 | $ — | $ — | $ 948,582,301 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $770,625,189) including securities on loan of $4,928,430 | $941,202,164 |
Investment in affiliated investment companies, at value (identified cost $7,380,137) | 7,380,137 |
Receivables: | |
Dividends | 1,956,215 |
Portfolio shares sold | 152,231 |
Securities lending | 811 |
Other assets | 4,787 |
Total assets | 950,696,345 |
Liabilities | |
Due to custodian | 9,964 |
Payables: | |
Manager (See Note 3) | 544,718 |
Portfolio shares redeemed | 122,531 |
NYLIFE Distributors (See Note 3) | 88,631 |
Professional fees | 36,583 |
Shareholder communication | 34,275 |
Custodian | 5,433 |
Accrued expenses | 7,423 |
Total liabilities | 849,558 |
Net assets | $949,846,787 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 56,785 |
Additional paid-in-capital | 704,485,405 |
704,542,190 | |
Total distributable earnings (loss) | 245,304,597 |
Net assets | $949,846,787 |
Initial Class | |
Net assets applicable to outstanding shares | $539,761,863 |
Shares of beneficial interest outstanding | 32,042,351 |
Net asset value per share outstanding | $ 16.85 |
Service Class | |
Net assets applicable to outstanding shares | $410,084,924 |
Shares of beneficial interest outstanding | 24,742,407 |
Net asset value per share outstanding | $ 16.57 |
14 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $235,182) | $ 27,596,899 |
Dividends-affiliated | 175,797 |
Securities lending, net | 21,081 |
Other | 315 |
Total income | 27,794,092 |
Expenses | |
Manager (See Note 3) | 6,819,259 |
Distribution/Service—Service Class (See Note 3) | 1,052,815 |
Professional fees | 116,335 |
Shareholder communication | 49,984 |
Custodian | 29,272 |
Trustees | 21,057 |
Miscellaneous | 27,336 |
Total expenses before waiver/reimbursement | 8,116,058 |
Expense waiver/reimbursement from Manager (See Note 3) | (339,333) |
Net expenses | 7,776,725 |
Net investment income (loss) | 20,017,367 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 59,958,026 |
Foreign currency transactions | 1,174 |
Net realized gain (loss) | 59,959,200 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (109,365,957) |
Net realized and unrealized gain (loss) | (49,406,757) |
Net increase (decrease) in net assets resulting from operations | $ (29,389,390) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 20,017,367 | $ 19,274,214 |
Net realized gain (loss) | 59,959,200 | 55,301,596 |
Net change in unrealized appreciation (depreciation) | (109,365,957) | 129,641,555 |
Net increase (decrease) in net assets resulting from operations | (29,389,390) | 204,217,365 |
Distributions to shareholders: | ||
Initial Class | (24,054,585) | (14,032,271) |
Service Class | (17,626,723) | (9,739,276) |
Total distributions to shareholders | (41,681,308) | (23,771,547) |
Capital share transactions: | ||
Net proceeds from sales of shares | 75,116,545 | 119,905,528 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 41,681,308 | 23,771,547 |
Cost of shares redeemed | (198,345,383) | (138,903,490) |
Increase (decrease) in net assets derived from capital share transactions | (81,547,530) | 4,773,585 |
Net increase (decrease) in net assets | (152,618,228) | 185,219,403 |
Net Assets | ||
Beginning of year | 1,102,465,015 | 917,245,612 |
End of year | $ 949,846,787 | $1,102,465,015 |
16 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 18.15 | $ 15.13 | $ 16.12 | $ 14.01 | $ 16.15 | ||||
Net investment income (loss) (a) | 0.37 | 0.34 | 0.35 | 0.38 | 0.39 | ||||
Net realized and unrealized gain (loss) | (0.90) | 3.09 | (0.41) | 2.92 | (1.12) | ||||
Total from investment operations | (0.53) | 3.43 | (0.06) | 3.30 | (0.73) | ||||
Less distributions: | |||||||||
From net investment income | (0.37) | (0.41) | (0.41) | (0.52) | (0.35) | ||||
From net realized gain on investments | (0.40) | — | (0.52) | (0.67) | (1.06) | ||||
Total distributions | (0.77) | (0.41) | (0.93) | (1.19) | (1.41) | ||||
Net asset value at end of year | $ 16.85 | $ 18.15 | $ 15.13 | $ 16.12 | $ 14.01 | ||||
Total investment return (b) | (2.50)% | 22.89% | 0.03% | 24.18% | (5.23)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.13% | 2.02% | 2.47% | 2.43% | 2.49% | ||||
Net expenses (c) | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% | ||||
Expenses (before waiver/reimbursement) (c) | 0.71% | 0.72% | 0.73% | 0.72% | 0.71% | ||||
Portfolio turnover rate | 19% | 20% | 26% | 22% | 25% | ||||
Net assets at end of year (in 000's) | $ 539,762 | $ 640,585 | $ 495,193 | $ 591,185 | $ 548,881 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 17.86 | $ 14.90 | $ 15.89 | $ 13.81 | $ 15.94 | ||||
Net investment income (loss) (a) | 0.32 | 0.29 | 0.31 | 0.34 | 0.35 | ||||
Net realized and unrealized gain (loss) | (0.88) | 3.05 | (0.42) | 2.88 | (1.12) | ||||
Total from investment operations | (0.56) | 3.34 | (0.11) | 3.22 | (0.77) | ||||
Less distributions: | |||||||||
From net investment income | (0.33) | (0.38) | (0.36) | (0.47) | (0.30) | ||||
From net realized gain on investments | (0.40) | — | (0.52) | (0.67) | (1.06) | ||||
Total distributions | (0.73) | (0.38) | (0.88) | (1.14) | (1.36) | ||||
Net asset value at end of year | $ 16.57 | $ 17.86 | $ 14.90 | $ 15.89 | $ 13.81 | ||||
Total investment return (b) | (2.74)% | 22.58% | (0.22)% | 23.87% | (5.46)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.89% | 1.77% | 2.21% | 2.18% | 2.23% | ||||
Net expenses (c) | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% | ||||
Expenses (before waiver/reimbursement) (c) | 0.96% | 0.97% | 0.98% | 0.97% | 0.96% | ||||
Portfolio turnover rate | 19% | 20% | 26% | 22% | 25% | ||||
Net assets at end of year (in 000's) | $ 410,085 | $ 461,880 | $ 422,053 | $ 460,793 | $ 431,635 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 1, 1998 |
Service Class | June 5, 2003 |
18 | MainStay VP Epoch U.S. Equity Yield Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $783,821,245 | $196,270,393 | $(31,509,337) | $164,761,056 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$22,567,053 | $57,685,823 | $290,665 | $164,761,056 | $245,304,597 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $19,553,373 | $23,771,547 |
Long-Term Capital Gains | 22,127,935 | — |
Total | $41,681,308 | $23,771,547 |
22 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,806,350 | $ 31,122,708 |
Shares issued to shareholders in reinvestment of distributions | 1,580,024 | 24,054,585 |
Shares redeemed | (6,640,134) | (115,275,069) |
Net increase (decrease) | (3,253,760) | $ (60,097,776) |
Year ended December 31, 2021: | ||
Shares sold | 5,530,435 | $ 94,089,547 |
Shares issued to shareholders in reinvestment of distributions | 822,245 | 14,032,271 |
Shares redeemed | (3,793,315) | (62,560,476) |
Net increase (decrease) | 2,559,365 | $ 45,561,342 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 2,619,444 | $ 43,993,837 |
Shares issued to shareholders in reinvestment of distributions | 1,176,110 | 17,626,723 |
Shares redeemed | (4,908,892) | (83,070,314) |
Net increase (decrease) | (1,113,338) | $ (21,449,754) |
Year ended December 31, 2021: | ||
Shares sold | 1,557,270 | $ 25,815,981 |
Shares issued to shareholders in reinvestment of distributions | 579,460 | 9,739,276 |
Shares redeemed | (4,609,938) | (76,343,014) |
Net increase (decrease) | (2,473,208) | $ (40,787,757) |
MainStay VP Epoch U.S. Equity Yield Portfolio
New York, New York
February 24, 2023
24 | MainStay VP Epoch U.S. Equity Yield Portfolio |
26 | MainStay VP Epoch U.S. Equity Yield Portfolio |
28 | MainStay VP Epoch U.S. Equity Yield Portfolio |
30 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
32 | MainStay VP Epoch U.S. Equity Yield Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015520 | MSVPEUE11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | -7.70% | 6.01% | 9.24% | 0.67% |
Service Class Shares | 2/17/2012 | -7.93 | 5.75 | 8.97 | 0.92 |
1. | Effective May 1, 2022, the Portfolio replaced its subadvisor, changed its investment objective and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisor and principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | -18.11% | 9.42% | 12.56% |
Russell 1000® Value Index2 | -7.54 | 6.67 | 10.29 |
Morningstar Large Value Category Average3 | -6.02 | 6.81 | 9.86 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Portfolio has selected the S&P 500® Index as a replacement for the Russell 1000® Value Index as its primary benchmark because it believes that the S&P 500® Index is more reflective of its principal investment strategies. The S&P 500® Index is the Portfolio's primary benchmark. “S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | Prior to May 1, 2022, the Russell 1000® Value Index was the Portfolio's primary benchmark. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
3. | The Morningstar Large Value Category Average is representative of funds that invest primarily in big U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,041.60 | $3.45 | $1,021.83 | $3.41 | 0.67% |
Service Class Shares | $1,000.00 | $1,040.30 | $4.73 | $1,020.57 | $4.69 | 0.92% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP American Century Sustainable Equity Portfolio |
Software | 9.0% |
Health Care Providers & Services | 5.7 |
Capital Markets | 5.2 |
Semiconductors & Semiconductor Equipment | 5.1 |
Pharmaceuticals | 4.6 |
IT Services | 4.2 |
Technology Hardware, Storage & Peripherals | 4.1 |
Interactive Media & Services | 3.8 |
Specialty Retail | 3.4 |
Banks | 3.3 |
Equity Real Estate Investment Trusts | 2.7 |
Biotechnology | 2.6 |
Oil, Gas & Consumable Fuels | 2.5 |
Chemicals | 2.5 |
Food & Staples Retailing | 2.5 |
Energy Equipment & Services | 2.5 |
Insurance | 2.4 |
Machinery | 2.3 |
Life Sciences Tools & Services | 2.3 |
Electronic Equipment, Instruments & Components | 2.2 |
Electric Utilities | 2.2 |
Internet & Direct Marketing Retail | 2.2 |
Communications Equipment | 2.0 |
Beverages | 1.9 |
Household Products | 1.8% |
Building Products | 1.7 |
Entertainment | 1.4 |
Aerospace & Defense | 1.4 |
Road & Rail | 1.2 |
Textiles, Apparel & Luxury Goods | 1.2 |
Health Care Equipment & Supplies | 1.1 |
Diversified Telecommunication Services | 1.1 |
Industrial Conglomerates | 1.0 |
Food Products | 1.0 |
Electrical Equipment | 0.9 |
Hotels, Restaurants & Leisure | 0.9 |
Automobiles | 0.8 |
Auto Components | 0.7 |
Air Freight & Logistics | 0.7 |
Consumer Finance | 0.5 |
Containers & Packaging | 0.5 |
Multiline Retail | 0.4 |
Personal Products | 0.3 |
Short–Term Investments | 0.3 |
Other Assets, Less Liabilities | –0.1 |
100.0% |
1. | Microsoft Corp. |
2. | Apple, Inc. |
3. | Alphabet, Inc., Class A |
4. | ConocoPhillips |
5. | Schlumberger Ltd. |
6. | NextEra Energy, Inc. |
7. | Amazon.com, Inc. |
8. | Prologis, Inc. |
9. | UnitedHealth Group, Inc. |
10. | Cisco Systems, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP American Century Sustainable Equity Portfolio |
10 | MainStay VP American Century Sustainable Equity Portfolio |
Shares | Value | |
Common Stocks 99.2% | ||
Aerospace & Defense 1.4% | ||
Lockheed Martin Corp. | 12,603 | $ 6,131,234 |
Air Freight & Logistics 0.7% | ||
United Parcel Service, Inc., Class B | 18,023 | 3,133,118 |
Auto Components 0.7% | ||
Aptiv plc (a) | 34,978 | 3,257,501 |
Automobiles 0.8% | ||
Tesla, Inc. (a) | 28,812 | 3,549,062 |
Banks 3.3% | ||
Bank of America Corp. | 46,759 | 1,548,658 |
JPMorgan Chase & Co. | 53,597 | 7,187,358 |
Regions Financial Corp. | 296,697 | 6,396,787 |
15,132,803 | ||
Beverages 1.9% | ||
PepsiCo, Inc. | 46,507 | 8,401,955 |
Biotechnology 2.6% | ||
AbbVie, Inc. | 38,065 | 6,151,685 |
Amgen, Inc. | 11,518 | 3,025,087 |
Vertex Pharmaceuticals, Inc. (a) | 8,564 | 2,473,112 |
11,649,884 | ||
Building Products 1.7% | ||
Johnson Controls International plc | 89,795 | 5,746,880 |
Masco Corp. | 46,065 | 2,149,854 |
7,896,734 | ||
Capital Markets 4.6% | ||
Ameriprise Financial, Inc. | 11,819 | 3,680,082 |
BlackRock, Inc. | 6,656 | 4,716,641 |
Intercontinental Exchange, Inc. | 23,718 | 2,433,230 |
Morgan Stanley | 87,052 | 7,401,161 |
S&P Global, Inc. | 8,360 | 2,800,098 |
21,031,212 | ||
Chemicals 2.5% | ||
Air Products and Chemicals, Inc. | 9,746 | 3,004,302 |
Ecolab, Inc. | 13,650 | 1,986,894 |
Linde plc | 19,807 | 6,460,647 |
11,451,843 |
Shares | Value | |
Communications Equipment 2.0% | ||
Cisco Systems, Inc. | 187,272 | $ 8,921,638 |
Consumer Finance 0.5% | ||
American Express Co. | 16,281 | 2,405,518 |
Containers & Packaging 0.5% | ||
Ball Corp. | 46,817 | 2,394,221 |
Diversified Telecommunication Services 1.1% | ||
Verizon Communications, Inc. | 122,378 | 4,821,693 |
Electric Utilities 2.2% | ||
NextEra Energy, Inc. | 118,199 | 9,881,436 |
Electrical Equipment 0.9% | ||
Eaton Corp. plc | 23,466 | 3,682,989 |
Generac Holdings, Inc. (a) | 5,964 | 600,336 |
4,283,325 | ||
Electronic Equipment, Instruments & Components 2.2% | ||
CDW Corp. | 25,474 | 4,549,147 |
Cognex Corp. | 20,227 | 952,894 |
Keysight Technologies, Inc. (a) | 27,020 | 4,622,311 |
10,124,352 | ||
Energy Equipment & Services 2.5% | ||
Schlumberger Ltd. | 209,927 | 11,222,697 |
Entertainment 1.4% | ||
Electronic Arts, Inc. | 15,565 | 1,901,732 |
Liberty Media Corp.-Liberty Formula One, Class C (a) | 18,271 | 1,092,240 |
Walt Disney Co. (The) (a) | 36,626 | 3,182,067 |
6,176,039 | ||
Equity Real Estate Investment Trusts 2.7% | ||
Prologis, Inc. | 85,084 | 9,591,519 |
SBA Communications Corp. | 9,399 | 2,634,634 |
12,226,153 | ||
Food & Staples Retailing 2.5% | ||
Costco Wholesale Corp. | 6,329 | 2,889,189 |
Kroger Co. (The) | 69,814 | 3,112,308 |
Sysco Corp. | 71,067 | 5,433,072 |
11,434,569 |
Shares | Value | |
Common Stocks (continued) | ||
Food Products 1.0% | ||
Mondelez International, Inc., Class A | 62,945 | $ 4,195,284 |
Vital Farms, Inc. (a) | 19,093 | 284,868 |
4,480,152 | ||
Health Care Equipment & Supplies 1.1% | ||
Edwards Lifesciences Corp. (a) | 47,358 | 3,533,381 |
Medtronic plc | 8,557 | 665,050 |
ResMed, Inc. | 4,533 | 943,453 |
5,141,884 | ||
Health Care Providers & Services 5.7% | ||
Cigna Corp. | 25,347 | 8,398,475 |
CVS Health Corp. | 55,956 | 5,214,539 |
Humana, Inc. | 5,226 | 2,676,705 |
UnitedHealth Group, Inc. | 18,032 | 9,560,206 |
25,849,925 | ||
Hotels, Restaurants & Leisure 0.9% | ||
Airbnb, Inc., Class A (a) | 11,467 | 980,429 |
Booking Holdings, Inc. (a) | 1,050 | 2,116,044 |
Chipotle Mexican Grill, Inc. (a) | 755 | 1,047,555 |
4,144,028 | ||
Household Products 1.8% | ||
Colgate-Palmolive Co. | 28,045 | 2,209,666 |
Procter & Gamble Co. (The) | 38,436 | 5,825,360 |
8,035,026 | ||
Industrial Conglomerates 1.0% | ||
Honeywell International, Inc. | 22,204 | 4,758,317 |
Insurance 2.4% | ||
Marsh & McLennan Cos., Inc. | 23,486 | 3,886,463 |
Prudential Financial, Inc. | 35,014 | 3,482,493 |
Travelers Cos., Inc. (The) | 19,559 | 3,667,117 |
11,036,073 | ||
Interactive Media & Services 3.8% | ||
Alphabet, Inc., Class A (a) | 194,179 | 17,132,413 |
Internet & Direct Marketing Retail 2.2% | ||
Amazon.com, Inc. (a) | 116,497 | 9,785,748 |
IT Services 4.2% | ||
Accenture plc, Class A | 18,879 | 5,037,672 |
Mastercard, Inc., Class A | 16,623 | 5,780,316 |
Shares | Value | |
IT Services (continued) | ||
Visa, Inc., Class A | 40,722 | $ 8,460,403 |
19,278,391 | ||
Life Sciences Tools & Services 2.3% | ||
Agilent Technologies, Inc. | 36,026 | 5,391,291 |
Thermo Fisher Scientific, Inc. | 9,293 | 5,117,562 |
10,508,853 | ||
Machinery 2.3% | ||
Cummins, Inc. | 17,066 | 4,134,921 |
Deere & Co. | 5,104 | 2,188,391 |
Parker-Hannifin Corp. | 5,972 | 1,737,852 |
Xylem, Inc. | 22,645 | 2,503,858 |
10,565,022 | ||
Multiline Retail 0.4% | ||
Target Corp. | 11,903 | 1,774,023 |
Oil, Gas & Consumable Fuels 2.5% | ||
ConocoPhillips | 97,591 | 11,515,738 |
Personal Products 0.3% | ||
Estee Lauder Cos., Inc. (The), Class A | 5,276 | 1,309,028 |
Pharmaceuticals 4.6% | ||
Bristol-Myers Squibb Co. | 89,070 | 6,408,586 |
Eli Lilly and Co. | 5,570 | 2,037,729 |
Merck & Co., Inc. | 45,726 | 5,073,300 |
Novo Nordisk A/S, Class B | 27,477 | 3,720,384 |
Zoetis, Inc. | 24,078 | 3,528,631 |
20,768,630 | ||
Road & Rail 1.2% | ||
Norfolk Southern Corp. | 12,011 | 2,959,751 |
Uber Technologies, Inc. (a) | 37,026 | 915,653 |
Union Pacific Corp. | 7,760 | 1,606,863 |
5,482,267 | ||
Semiconductors & Semiconductor Equipment 5.1% | ||
Advanced Micro Devices, Inc. (a) | 46,212 | 2,993,151 |
Analog Devices, Inc. | 32,095 | 5,264,543 |
Applied Materials, Inc. | 49,864 | 4,855,756 |
ASML Holding NV | 5,455 | 2,952,809 |
GlobalFoundries, Inc. (a)(b) | 19,980 | 1,076,722 |
NVIDIA Corp. | 42,346 | 6,188,445 |
23,331,426 | ||
Software 9.0% | ||
Adobe, Inc. (a) | 3,430 | 1,154,298 |
12 | MainStay VP American Century Sustainable Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Software (continued) | ||
Cadence Design Systems, Inc. (a) | 12,600 | $ 2,024,064 |
Microsoft Corp. | 138,789 | 33,284,378 |
Salesforce, Inc. (a) | 18,359 | 2,434,220 |
ServiceNow, Inc. (a) | 2,939 | 1,141,125 |
Workday, Inc., Class A (a) | 5,981 | 1,000,801 |
41,038,886 | ||
Specialty Retail 3.4% | ||
Home Depot, Inc. (The) | 26,912 | 8,500,424 |
TJX Cos., Inc. (The) | 63,089 | 5,021,885 |
Tractor Supply Co. | 8,141 | 1,831,481 |
15,353,790 | ||
Technology Hardware, Storage & Peripherals 4.1% | ||
Apple, Inc. | 144,269 | 18,744,871 |
Textiles, Apparel & Luxury Goods 1.2% | ||
Deckers Outdoor Corp. (a) | 5,666 | 2,261,641 |
NIKE, Inc., Class B | 25,391 | 2,971,001 |
5,232,642 | ||
Total Common Stocks (Cost $484,206,174) | 450,794,120 | |
Exchange-Traded Fund 0.6% | ||
SPDR S&P 500 ETF Trust | 7,784 | 2,976,835 |
Total Exchange-Traded Fund (Cost $2,958,555) | 2,976,835 |
Shares | Value | ||
Short-Term Investments 0.3% | |||
Affiliated Investment Company 0.1% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (c) | 467,454 | $ 467,454 | |
Unaffiliated Investment Company 0.2% | |||
Invesco Government and Agency Portfolio, 4.301% (c)(d) | 877,728 | 877,728 | |
Total Short-Term Investments (Cost $1,345,182) | 1,345,182 | ||
Total Investments (Cost $488,509,911) | 100.1% | 455,116,137 | |
Other Assets, Less Liabilities | (0.1) | (548,158) | |
Net Assets | 100.0% | $ 454,567,979 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $860,893. The Portfolio received cash collateral with a value of $877,728. (See Note 2(J)) |
(c) | Current yield as of December 31, 2022. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 7,977 | $ 68,577 | $ (76,087) | $ — | $ — | $ 467 | $ 11 | $ — | 467 |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
EUR | 160,326 | USD | 171,429 | JPMorgan Chase Bank N.A. | 3/31/23 | $ 1,218 |
EUR | 103,863 | USD | 111,101 | JPMorgan Chase Bank N.A. | 3/31/23 | 744 |
EUR | 57,959 | USD | 62,024 | JPMorgan Chase Bank N.A. | 3/31/23 | 389 |
Total Unrealized Appreciation | 2,351 | |||||
USD | 2,803,102 | EUR | 2,617,804 | JPMorgan Chase Bank N.A. | 3/31/23 | (15,869) |
USD | 75,082 | EUR | 70,479 | JPMorgan Chase Bank N.A. | 3/31/23 | (813) |
Total Unrealized Depreciation | (16,682) | |||||
Net Unrealized Depreciation | $ (14,331) |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Abbreviation(s): |
ETF—Exchange-Traded Fund |
EUR—Euro |
SPDR—Standard & Poor’s Depositary Receipt |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | |||||||
Pharmaceuticals | $ 17,048,246 | $ 3,720,384 | $ — | $ 20,768,630 | |||
Semiconductors & Semiconductor Equipment | 20,378,617 | 2,952,809 | — | 23,331,426 | |||
All Other Industries | 406,694,064 | — | — | 406,694,064 | |||
Total Common Stocks | 444,120,927 | 6,673,193 | — | 450,794,120 | |||
Exchange-Traded Fund | 2,976,835 | — | — | 2,976,835 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 467,454 | — | — | 467,454 | |||
Unaffiliated Investment Company | 877,728 | — | — | 877,728 | |||
Total Short-Term Investments | 1,345,182 | — | — | 1,345,182 | |||
Total Investments in Securities | 448,442,944 | 6,673,193 | — | 455,116,137 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 2,351 | — | 2,351 | |||
Total Investments in Securities and Other Financial Instruments | $ 448,442,944 | $ 6,675,544 | $ — | $ 455,118,488 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (16,682) | $ — | $ (16,682) |
(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 American Century Sustainable Equity Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $488,042,457) including securities on loan of $860,893 | $454,648,683 |
Investment in affiliated investment companies, at value (identified cost $467,454) | 467,454 |
Receivables: | |
Investment securities sold | 449,559 |
Dividends | 402,341 |
Portfolio shares sold | 12,787 |
Securities lending | 2,153 |
Unrealized appreciation on foreign currency forward contracts | 2,351 |
Other assets | 4,029 |
Total assets | 455,989,357 |
Liabilities | |
Cash collateral received for securities on loan | 877,728 |
Due to custodian | 675 |
Payables: | |
Manager (See Note 3) | 250,515 |
Portfolio shares redeemed | 169,317 |
NYLIFE Distributors (See Note 3) | 37,955 |
Professional fees | 34,668 |
Shareholder communication | 18,256 |
Custodian | 3,651 |
Accrued expenses | 11,931 |
Unrealized depreciation on foreign currency forward contracts | 16,682 |
Total liabilities | 1,421,378 |
Net assets | $454,567,979 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 41,130 |
Additional paid-in-capital | 342,066,088 |
342,107,218 | |
Total distributable earnings (loss) | 112,460,761 |
Net assets | $454,567,979 |
Initial Class | |
Net assets applicable to outstanding shares | $281,471,355 |
Shares of beneficial interest outstanding | 25,432,573 |
Net asset value per share outstanding | $ 11.07 |
Service Class | |
Net assets applicable to outstanding shares | $173,096,624 |
Shares of beneficial interest outstanding | 15,697,227 |
Net asset value per share outstanding | $ 11.03 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $89,785) | $ 8,659,956 |
Securities lending, net | 12,812 |
Dividends-affiliated | 10,968 |
Total income | 8,683,736 |
Expenses | |
Manager (See Note 3) | 3,311,247 |
Distribution/Service—Service Class (See Note 3) | 493,648 |
Professional fees | 103,923 |
Shareholder communication | 41,486 |
Custodian | 22,635 |
Trustees | 10,317 |
Miscellaneous | 27,324 |
Total expenses | 4,010,580 |
Net investment income (loss) | 4,673,156 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 145,810,295 |
Futures transactions | 32,451 |
Foreign currency transactions | (17,332) |
Foreign currency forward transactions | 9,547 |
Net realized gain (loss) | 145,834,961 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (190,229,945) |
Foreign currency forward contracts | (14,331) |
Translation of other assets and liabilities in foreign currencies | (2,499) |
Net change in unrealized appreciation (depreciation) | (190,246,775) |
Net realized and unrealized gain (loss) | (44,411,814) |
Net increase (decrease) in net assets resulting from operations | $ (39,738,658) |
16 | MainStay VP American Century Sustainable Equity Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,673,156 | $ 7,902,908 |
Net realized gain (loss) | 145,834,961 | 58,112,895 |
Net change in unrealized appreciation (depreciation) | (190,246,775) | 56,572,246 |
Net increase (decrease) in net assets resulting from operations | (39,738,658) | 122,588,049 |
Distributions to shareholders: | ||
Initial Class | (38,151,110) | (12,318,709) |
Service Class | (23,305,146) | (8,560,289) |
Total distributions to shareholders | (61,456,256) | (20,878,998) |
Capital share transactions: | ||
Net proceeds from sales of shares | 21,588,692 | 11,605,051 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 61,456,256 | 20,878,998 |
Cost of shares redeemed | (80,669,845) | (110,225,246) |
Increase (decrease) in net assets derived from capital share transactions | 2,375,103 | (77,741,197) |
Net increase (decrease) in net assets | (98,819,811) | 23,967,854 |
Net Assets | ||
Beginning of year | 553,387,790 | 529,419,936 |
End of year | $ 454,567,979 | $ 553,387,790 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 13.93 | $ 11.56 | $ 12.89 | $ 11.39 | $ 14.10 | ||||
Net investment income (loss) (a) | 0.13 | 0.21 | 0.25 | 0.29 | 0.29 | ||||
Net realized and unrealized gain (loss) | (1.30) | 2.71 | (0.33) | 2.58 | (1.40) | ||||
Total from investment operations | (1.17) | 2.92 | (0.08) | 2.87 | (1.11) | ||||
Less distributions: | |||||||||
From net investment income | (0.23) | (0.34) | (0.40) | (0.31) | (0.29) | ||||
From net realized gain on investments | (1.46) | (0.21) | (0.85) | (1.06) | (1.31) | ||||
Total distributions | (1.69) | (0.55) | (1.25) | (1.37) | (1.60) | ||||
Net asset value at end of year | $ 11.07 | $ 13.93 | $ 11.56 | $ 12.89 | $ 11.39 | ||||
Total investment return (b) | (7.70)% | 25.49% | 0.96% | 26.36%(c) | (9.38)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.03% | 1.57% | 2.32% | 2.30% | 2.11% | ||||
Net expenses (d) | 0.70% | 0.76% | 0.76% | 0.75% | 0.77% | ||||
Portfolio turnover rate | 20% | 18% | 28% | 16% | 22% | ||||
Net assets at end of year (in 000's) | $ 281,471 | $ 324,378 | $ 302,584 | $ 464,120 | $ 431,672 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In 2019, the Portfolio’s total investment return includes impact of payments from affiliates due to trade communications error. Excluding these items, total return would have been 26.36%. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 13.87 | $ 11.51 | $ 12.83 | $ 11.34 | $ 14.04 | ||||
Net investment income (loss) (a) | 0.10 | 0.17 | 0.22 | 0.26 | 0.25 | ||||
Net realized and unrealized gain (loss) | (1.29) | 2.71 | (0.33) | 2.56 | (1.39) | ||||
Total from investment operations | (1.19) | 2.88 | (0.11) | 2.82 | (1.14) | ||||
Less distributions: | |||||||||
From net investment income | (0.19) | (0.31) | (0.36) | (0.27) | (0.25) | ||||
From net realized gain on investments | (1.46) | (0.21) | (0.85) | (1.06) | (1.31) | ||||
Total distributions | (1.65) | (0.52) | (1.21) | (1.33) | (1.56) | ||||
Net asset value at end of year | $ 11.03 | $ 13.87 | $ 11.51 | $ 12.83 | $ 11.34 | ||||
Total investment return (b) | (7.93)% | 25.18% | 0.71% | 26.04%(c) | (9.61)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.79% | 1.32% | 2.05% | 2.05% | 1.84% | ||||
Net expenses (d) | 0.95% | 1.01% | 1.01% | 1.00% | 1.02% | ||||
Portfolio turnover rate | 20% | 18% | 28% | 16% | 22% | ||||
Net assets at end of year (in 000's) | $ 173,097 | $ 229,010 | $ 226,836 | $ 262,717 | $ 257,159 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In 2019, the Portfolio’s total investment return includes impact of payments from affiliates due to trade communications error. Excluding these items, total return would have been 26.04%. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP American Century Sustainable Equity Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
20 | MainStay VP American Century Sustainable Equity Portfolio |
22 | MainStay VP American Century Sustainable Equity Portfolio |
Asset Derivatives | Foreign Exchange Contracts Risk | Total |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | $2,351 | $2,351 |
Total Fair Value | $2,351 | $2,351 |
Liability Derivatives | Foreign Exchange Contracts Risk | Total |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | $(16,682) | $(16,682) |
Total Fair Value | $(16,682) | $(16,682) |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Equity Contracts Risk | Total |
Futures Contracts | $ — | $32,451 | $32,451 |
Forward Contracts | 9,547 | — | 9,547 |
Total Net Realized Gain (Loss) | $9,547 | $32,451 | $41,998 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Total |
Forward Contracts | $(14,331) | $(14,331) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(14,331) | $(14,331) |
Average Notional Amount | Total |
Forward Contracts Long (a) | $ 703,733 |
Forward Contracts Short (a) | $(3,272,281) |
(a) | Positions were open for eight months during the reporting period. |
24 | MainStay VP American Century Sustainable Equity Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $489,113,047 | $26,445,770 | $(60,442,680) | $(33,996,910) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$5,018,229 | $141,443,328 | $— | $(34,000,796) | $112,460,761 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $13,654,316 | $14,172,080 |
Long-Term Capital Gains | 47,801,940 | 6,706,918 |
Total | $61,456,256 | $20,878,998 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,253,742 | $ 16,610,052 |
Shares issued to shareholders in reinvestment of distributions | 3,651,418 | 38,151,110 |
Shares redeemed | (2,760,864) | (35,999,613) |
Net increase (decrease) | 2,144,296 | $ 18,761,549 |
Year ended December 31, 2021: | ||
Shares sold | 677,739 | $ 9,236,783 |
Shares issued to shareholders in reinvestment of distributions | 926,930 | 12,318,709 |
Shares redeemed | (4,493,782) | (57,536,915) |
Net increase (decrease) | (2,889,113) | $(35,981,423) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 397,512 | $ 4,978,640 |
Shares issued to shareholders in reinvestment of distributions | 2,237,437 | 23,305,146 |
Shares redeemed | (3,446,787) | (44,670,232) |
Net increase (decrease) | (811,838) | $(16,386,446) |
Year ended December 31, 2021: | ||
Shares sold | 178,175 | $ 2,368,268 |
Shares issued to shareholders in reinvestment of distributions | 646,396 | 8,560,289 |
Shares redeemed | (4,014,733) | (52,688,331) |
Net increase (decrease) | (3,190,162) | $(41,759,774) |
26 | MainStay VP American Century Sustainable Equity Portfolio |
MainStay VP American Century Sustainable Equity Portfolio (formerly known as MainStay VP T. Rowe Price Equity Income Portfolio)
New York, New York
February 24, 2023
28 | MainStay VP American Century Sustainable Equity Portfolio |
30 | MainStay VP American Century Sustainable Equity Portfolio |
32 | MainStay VP American Century Sustainable Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
34 | MainStay VP American Century Sustainable Equity Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015854 | MSVPTRPE11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 20221 | |||||
Class | Inception Date2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 2/17/2012 | 35.84% | 10.78% | 3.67% | 0.85% |
1. | The Portfolio replaced its subadvisor and modified its principal investment strategies as of November 30, 2018. Therefore, the performance information shown in this report prior to November 30, 2018 reflects the Portfolio’s prior subadvisor, investment objective and principal investment strategies. |
2. | Effective September 1, 2021, due to an organizational restructuring, the portfolio managers from Mellon Investments Corporation who managed the day-to-day operations of the Portfolio transitioned to Newton Investment Management North America, LLC. The past performance in the graph and table prior to that date reflects the Portfolio’s prior subadvisor. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P Global Natural Resources Index1 | 10.32% | 7.34% | 4.89% |
Morningstar Natural Resources Category Average2 | -3.39 | 5.80 | 3.18 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Portfolio has selected the S&P Global Natural Resources Index as its primary benchmark. The S&P Global Natural Resources Index includes 90 of the largest publicly-traded companies in natural resources and commodities businesses that meet specific investability requirements, offering investors diversified and investable equity exposure across 3 primary commodity-related sectors: agribusiness, energy, and metals & mining. |
2. | The Morningstar Natural Resources Category Average is representative of funds that invest primarily on commodity-based industries such as energy, chemicals, minerals, and forest products in the United States or outside of the United States. Some funds invest across this spectrum to offer broad natural-resources exposure. Others concentrate heavily or even exclusively in specific industries. Funds that concentrate primarily in energy-related industries are part of the equity energy category. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,156.20 | $4.46 | $1,021.07 | $4.18 | 0.82% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Natural Resources Portfolio |
United States | 78.6% |
Canada | 10.2 |
South Africa | 3.8 |
Norway | 3.0 |
Zambia | 2.1 |
Australia | 2.0 |
Monaco | 1.4 |
Brazil | 1.2% |
Netherlands | 0.4 |
United Kingdom | 0.3 |
Other Assets, Less Liabilities | –3.0 |
100.0% |
1. | Hess Corp. |
2. | Freeport-McMoRan, Inc. |
3. | Schlumberger Ltd. |
4. | Fluor Corp. |
5. | EOG Resources, Inc. |
6. | Occidental Petroleum Corp. |
7. | Marathon Petroleum Corp. |
8. | Anglo American plc |
9. | Alcoa Corp. |
10. | Bunge Ltd. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Natural Resources Portfolio |
Shares | Value | |
Common Stocks 99.5% | ||
Australia 2.0% | ||
BHP Group Ltd., Sponsored ADR (Metals & Mining) (a) | 63,097 | $ 3,915,169 |
Woodside Energy Group Ltd. (Oil, Gas & Consumable Fuels) | 168,481 | 4,076,415 |
7,991,584 | ||
Brazil 1.2% | ||
Adecoagro SA (Food Products) (a) | 585,404 | 4,852,999 |
Canada 10.2% | ||
Cameco Corp. (Oil, Gas & Consumable Fuels) | 532,129 | 12,063,364 |
Ivanhoe Mines Ltd., Class A (Metals & Mining) (a)(b) | 703,447 | 5,558,998 |
Li-Cycle Holdings Corp. (Commercial Services & Supplies) (a)(b) | 89,224 | 424,706 |
NexGen Energy Ltd. (Oil, Gas & Consumable Fuels) (b) | 1,388,288 | 6,141,688 |
Nutrien Ltd. (Chemicals) (a) | 92,488 | 6,754,399 |
Teck Resources Ltd., Class B (Metals & Mining) | 245,059 | 9,268,131 |
40,211,286 | ||
Monaco 1.4% | ||
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | 99,569 | 5,353,825 |
Netherlands 0.4% | ||
OCI NV (Chemicals) | 41,443 | 1,478,874 |
Norway 3.0% | ||
Equinor ASA (Oil, Gas & Consumable Fuels) | 172,603 | 6,190,991 |
Frontline plc (Oil, Gas & Consumable Fuels) (a) | 484,648 | 5,883,627 |
12,074,618 | ||
South Africa 3.8% | ||
Anglo American plc (Metals & Mining) | 360,747 | 14,109,782 |
Sibanye Stillwater Ltd. (Metals & Mining) | 415,398 | 1,102,899 |
15,212,681 | ||
United Kingdom 0.3% | ||
Weir Group plc (The) (Machinery) | 55,708 | 1,118,001 |
Shares | Value | |
United States 75.1% | ||
Alcoa Corp. (Metals & Mining) | 308,230 | $ 14,015,218 |
Archer-Daniels-Midland Co. (Food Products) | 134,540 | 12,492,039 |
Bunge Ltd. (Food Products) | 137,787 | 13,747,009 |
Caterpillar, Inc. (Machinery) | 19,156 | 4,589,011 |
CF Industries Holdings, Inc. (Chemicals) | 157,494 | 13,418,489 |
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) (a) | 75,124 | 7,089,452 |
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | 196,186 | 2,689,710 |
ConocoPhillips (Oil, Gas & Consumable Fuels) | 69,409 | 8,190,262 |
Corteva, Inc. (Chemicals) | 210,840 | 12,393,175 |
Darling Ingredients, Inc. (Food Products) (b) | 87,179 | 5,456,534 |
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 113,328 | 6,970,805 |
Energy Fuels, Inc. (Oil, Gas & Consumable Fuels) (a)(b) | 505,385 | 3,138,441 |
Energy Recovery, Inc. (Machinery) (b) | 80,289 | 1,645,122 |
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 135,215 | 17,513,047 |
EQT Corp. (Oil, Gas & Consumable Fuels) | 207,101 | 7,006,227 |
Flowserve Corp. (Machinery) | 137,843 | 4,229,023 |
Fluor Corp. (Construction & Engineering) (b) | 505,657 | 17,526,072 |
Freeport-McMoRan, Inc. (Metals & Mining) | 502,351 | 19,089,338 |
Halliburton Co. (Energy Equipment & Services) | 226,666 | 8,919,307 |
Hess Corp. (Oil, Gas & Consumable Fuels) | 137,003 | 19,429,765 |
Kirby Corp. (Marine) (b) | 45,796 | 2,946,973 |
Liberty Energy, Inc., Class A (Energy Equipment & Services) | 254,724 | 4,078,131 |
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 136,377 | 15,872,919 |
Mosaic Co. (The) (Chemicals) | 42,173 | 1,850,129 |
MP Materials Corp. (Metals & Mining) (b) | 32,485 | 788,736 |
NexTier Oilfield Solutions, Inc. (Energy Equipment & Services) (b) | 414,503 | 3,830,008 |
NOV, Inc. (Energy Equipment & Services) | 148,514 | 3,102,457 |
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 256,157 | 16,135,329 |
Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 383,702 | 6,461,542 |
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 54,011 | 1,351,355 |
Shares | Value | |
Common Stocks (continued) | ||
United States (continued) | ||
Schlumberger Ltd. (Energy Equipment & Services) | 328,581 | $ 17,565,940 |
Stem, Inc. (Electrical Equipment) (b) | 51,989 | 464,782 |
Terex Corp. (Machinery) | 117,315 | 5,011,697 |
Transocean Ltd. (Energy Equipment & Services) (b) | 1,866,753 | 8,512,394 |
Weatherford International plc (Energy Equipment & Services) (b) | 197,437 | 10,053,492 |
297,573,930 | ||
Zambia 2.1% | ||
First Quantum Minerals Ltd. (Metals & Mining) | 394,916 | 8,251,236 |
Total Common Stocks (Cost $328,019,898) | 394,119,034 | |
Short-Term Investments 3.5% | ||
Affiliated Investment Company 0.5% | ||
United States 0.5% | ||
MainStay U.S. Government Liquidity Fund, 3.602% (c) | 1,916,973 | 1,916,973 |
Shares | Value | ||
Unaffiliated Investment Company 3.0% | |||
United States 3.0% | |||
Invesco Government and Agency Portfolio, 4.301% (c)(d) | 11,796,043 | $ 11,796,043 | |
Total Short-Term Investments (Cost $13,713,016) | 13,713,016 | ||
Total Investments (Cost $341,732,914) | 103.0% | 407,832,050 | |
Other Assets, Less Liabilities | (3.0) | (11,694,914) | |
Net Assets | 100.0% | $ 396,137,136 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $18,833,963; the total market value of collateral held by the Portfolio was $19,364,717. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $7,568,674. The Portfolio received cash collateral with a value of $11,796,043. (See Note 2(I)) |
(b) | Non-income producing security. |
(c) | Current yield as of December 31, 2022. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 2,646 | $ 133,635 | $ (134,364) | $ — | $ — | $ 1,917 | $ 64 | $ — | 1,917 |
Abbreviation(s): |
ADR—American Depositary Receipt |
10 | MainStay VP Natural Resources Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | |||||||
Australia | $ 3,915,169 | $ 4,076,415 | $ — | $ 7,991,584 | |||
Netherlands | — | 1,478,874 | — | 1,478,874 | |||
Norway | 5,883,627 | 6,190,991 | — | 12,074,618 | |||
South Africa | — | 15,212,681 | — | 15,212,681 | |||
United Kingdom | — | 1,118,001 | — | 1,118,001 | |||
All Other Countries | 356,243,276 | — | — | 356,243,276 | |||
Total Common Stocks | 366,042,072 | 28,076,962 | — | 394,119,034 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,916,973 | — | — | 1,916,973 | |||
Unaffiliated Investment Company | 11,796,043 | — | — | 11,796,043 | |||
Total Short-Term Investments | 13,713,016 | — | — | 13,713,016 | |||
Total Investments in Securities | $ 379,755,088 | $ 28,076,962 | $ — | $ 407,832,050 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent † | ||
Chemicals | $ 35,895,066 | 9.1% | |
Commercial Services & Supplies | 424,706 | 0.1 | |
Construction & Engineering | 17,526,072 | 4.4 | |
Electrical Equipment | 464,782 | 0.1 | |
Energy Equipment & Services | 62,523,271 | 15.8 | |
Food Products | 36,548,581 | 9.2 | |
Machinery | 16,592,854 | 4.2 | |
Marine | 2,946,973 | 0.8 | |
Metals & Mining | 76,099,507 | 19.2 | |
Oil, Gas & Consumable Fuels | 145,097,222 | 36.6 | |
394,119,034 | 99.5 | ||
Short-Term Investments | 13,713,016 | 3.5 | |
Other Assets, Less Liabilities | (11,694,914) | (3.0) | |
Net Assets | $396,137,136 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
12 | MainStay VP Natural Resources Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $339,815,941) including securities on loan of $18,833,963 | $405,915,077 |
Investment in affiliated investment companies, at value (identified cost $1,916,973) | 1,916,973 |
Cash denominated in foreign currencies (identified cost $457,268) | 462,395 |
Receivables: | |
Dividends | 226,382 |
Portfolio shares sold | 173,184 |
Securities lending | 10,188 |
Other assets | 1,349 |
Total assets | 408,705,548 |
Liabilities | |
Cash collateral received for securities on loan | 11,796,043 |
Payables: | |
Portfolio shares redeemed | 461,204 |
Manager (See Note 3) | 269,161 |
Professional fees | 26,327 |
Shareholder communication | 6,708 |
Custodian | 3,567 |
Accrued expenses | 5,402 |
Total liabilities | 12,568,412 |
Net assets | $396,137,136 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 33,004 |
Additional paid-in-capital | 402,793,023 |
402,826,027 | |
Total distributable earnings (loss) | (6,688,891) |
Net assets | $396,137,136 |
Initial Class | |
Net assets applicable to outstanding shares | $396,137,136 |
Shares of beneficial interest outstanding | 33,003,943 |
Net asset value per share outstanding | $ 12.00 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $416,550) | $ 10,434,355 |
Securities lending, net | 97,761 |
Dividends-affiliated | 63,979 |
Total income | 10,596,095 |
Expenses | |
Manager (See Note 3) | 3,023,679 |
Professional fees | 82,923 |
Custodian | 25,904 |
Shareholder communication | 16,318 |
Trustees | 8,069 |
Miscellaneous | 25,656 |
Total expenses | 3,182,549 |
Net investment income (loss) | 7,413,546 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 107,549,019 |
Foreign currency transactions | (124,601) |
Net realized gain (loss) | 107,424,418 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (8,350,308) |
Translation of other assets and liabilities in foreign currencies | 1,256 |
Net change in unrealized appreciation (depreciation) | (8,349,052) |
Net realized and unrealized gain (loss) | 99,075,366 |
Net increase (decrease) in net assets resulting from operations | $106,488,912 |
14 | MainStay VP Natural Resources Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 7,413,546 | $ 4,202,003 |
Net realized gain (loss) | 107,424,418 | 39,948,671 |
Net change in unrealized appreciation (depreciation) | (8,349,052) | 41,643,391 |
Net increase (decrease) in net assets resulting from operations | 106,488,912 | 85,794,065 |
Distributions to shareholders: | ||
Initial Class | (4,193,860) | (3,323,461) |
Capital share transactions: | ||
Net proceeds from sales of shares | 117,317,650 | 39,038,894 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 4,193,860 | 3,323,461 |
Cost of shares redeemed | (120,252,694) | (71,157,994) |
Increase (decrease) in net assets derived from capital share transactions | 1,258,816 | (28,795,639) |
Net increase (decrease) in net assets | 103,553,868 | 53,674,965 |
Net Assets | ||
Beginning of year | 292,583,268 | 238,908,303 |
End of year | $ 396,137,136 | $292,583,268 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 8.93 | $ 6.55 | $ 6.29 | $ 5.43 | $ 7.61 | ||||
Net investment income (loss) | 0.22 | 0.12(a) | 0.09(a) | 0.13(a) | 0.04 | ||||
Net realized and unrealized gain (loss) | 2.97 | 2.36 | 0.32 | 0.78 | (2.22) | ||||
Total from investment operations | 3.19 | 2.48 | 0.41 | 0.91 | (2.18) | ||||
Less distributions: | |||||||||
From net investment income | (0.12) | (0.10) | (0.15) | (0.05) | — | ||||
Net asset value at end of year | $ 12.00 | $ 8.93 | $ 6.55 | $ 6.29 | $ 5.43 | ||||
Total investment return (b) | 35.84% | 38.02% | 6.89% | 16.62% | (28.65)%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.94% | 1.56% | 1.68% | 2.17% | 0.59% | ||||
Net expenses (d) | 0.83% | 0.85% | 0.86% | 0.96% | 0.94% | ||||
Portfolio turnover rate | 92% | 72% | 68% | 87% | 78% | ||||
Net assets at end of year (in 000's) | $ 396,137 | $ 292,583 | $ 238,908 | $ 249,276 | $ 240,067 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP Natural Resources Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Natural Resources Portfolio |
20 | MainStay VP Natural Resources Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $342,772,241 | $75,925,640 | $(10,865,831) | $65,059,809 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$7,514,525 | $(79,265,426) | $1 | $65,062,009 | $(6,688,891) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $23,149 | $56,116 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $4,193,860 | $3,323,461 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 10,407,226 | $ 117,317,650 |
Shares issued to shareholders in reinvestment of distributions | 365,214 | 4,193,860 |
Shares redeemed | (10,531,284) | (120,252,694) |
Net increase (decrease) | 241,156 | $ 1,258,816 |
Year ended December 31, 2021: | ||
Shares sold | 4,898,908 | $ 39,038,894 |
Shares issued to shareholders in reinvestment of distributions | 391,318 | 3,323,461 |
Shares redeemed | (9,026,803) | (71,157,994) |
Net increase (decrease) | (3,736,577) | $ (28,795,639) |
22 | MainStay VP Natural Resources Portfolio |
MainStay VP Natural Resources Portfolio
New York, New York
February 24, 2023
24 | MainStay VP Natural Resources Portfolio |
26 | MainStay VP Natural Resources Portfolio |
28 | MainStay VP Natural Resources Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
30 | MainStay VP Natural Resources Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015939 | MSVPVEG11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 1/29/1993 | -18.19% | 9.28% | 12.32% | 0.18% |
Service Class Shares | 6/5/2003 | -18.40 | 9.00 | 12.04 | 0.43 |
1. | Effective June 13, 2022, the Portfolio replaced its subadvisor. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisor. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | -18.11% | 9.42% | 12.56% |
Morningstar Large Blend Category Average2 | -16.92 | 7.65 | 10.63 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Portfolio's primary broad-based securities market index for comparison purposes. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. MainStay S&P 500 Index Portfolio is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s). |
2. | The Morningstar Large Blend Category Average is representative of funds that represent the overall U.S. stock market in size, growth rates and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500® Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,022.40 | $0.61 | $1,024.60 | $0.61 | 0.12% |
Service Class Shares | $1,000.00 | $1,021.20 | $1.88 | $1,023.34 | $1.89 | 0.37% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP S&P 500 Index Portfolio |
Software | 8.3% |
Technology Hardware, Storage & Peripherals | 6.2 |
Semiconductors & Semiconductor Equipment | 5.0 |
Pharmaceuticals | 4.8 |
Oil, Gas & Consumable Fuels | 4.7 |
IT Services | 4.4 |
Interactive Media & Services | 3.9 |
Banks | 3.8 |
Health Care Providers & Services | 3.6 |
Capital Markets | 3.1 |
Health Care Equipment & Supplies | 2.8 |
Equity Real Estate Investment Trusts | 2.6 |
Biotechnology | 2.5 |
Insurance | 2.4 |
Internet & Direct Marketing Retail | 2.4 |
Specialty Retail | 2.4 |
Electric Utilities | 2.1 |
Hotels, Restaurants & Leisure | 2.0 |
Life Sciences Tools & Services | 1.9 |
Beverages | 1.9 |
Aerospace & Defense | 1.9 |
Machinery | 1.9 |
Chemicals | 1.9 |
Diversified Financial Services | 1.7 |
Household Products | 1.6 |
Food & Staples Retailing | 1.5 |
Automobiles | 1.3 |
Entertainment | 1.3 |
Food Products | 1.2 |
Industrial Conglomerates | 0.9 |
Diversified Telecommunication Services | 0.9 |
Road & Rail | 0.9 |
Multi–Utilities | 0.9 |
Communications Equipment | 0.9% |
Media | 0.8 |
Tobacco | 0.7 |
Electronic Equipment, Instruments & Components | 0.6 |
Air Freight & Logistics | 0.6 |
Electrical Equipment | 0.6 |
Textiles, Apparel & Luxury Goods | 0.5 |
Consumer Finance | 0.5 |
Commercial Services & Supplies | 0.5 |
Multiline Retail | 0.5 |
Building Products | 0.4 |
Metals & Mining | 0.4 |
Energy Equipment & Services | 0.4 |
Professional Services | 0.4 |
Household Durables | 0.3 |
Containers & Packaging | 0.3 |
Wireless Telecommunication Services | 0.3 |
Trading Companies & Distributors | 0.2 |
Airlines | 0.2 |
Personal Products | 0.2 |
Distributors | 0.2 |
Construction Materials | 0.1 |
Auto Components | 0.1 |
Water Utilities | 0.1 |
Real Estate Management & Development | 0.1 |
Construction & Engineering | 0.1 |
Independent Power and Renewable Electricity Producers | 0.1 |
Gas Utilities | 0.0‡ |
Leisure Products | 0.0‡ |
Short–Term Investments | 1.1 |
Other Assets, Less Liabilities | 0.1 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Apple, Inc. |
2. | Microsoft Corp. |
3. | Alphabet, Inc. |
4. | Amazon.com, Inc. |
5. | Berkshire Hathaway, Inc., Class B |
6. | UnitedHealth Group, Inc. |
7. | Johnson & Johnson |
8. | Exxon Mobil Corp. |
9. | JPMorgan Chase & Co. |
10. | NVIDIA Corp. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks 98.8% | ||
Aerospace & Defense 1.9% | ||
Boeing Co. (The) (a) | 51,741 | $ 9,856,143 |
General Dynamics Corp. | 20,793 | 5,158,951 |
Howmet Aerospace, Inc. | 34,013 | 1,340,452 |
Huntington Ingalls Industries, Inc. | 3,685 | 850,056 |
L3Harris Technologies, Inc. | 17,585 | 3,661,373 |
Lockheed Martin Corp. | 21,542 | 10,479,968 |
Northrop Grumman Corp. | 13,362 | 7,290,441 |
Raytheon Technologies Corp. | 135,772 | 13,702,110 |
Textron, Inc. | 19,282 | 1,365,166 |
TransDigm Group, Inc. | 4,771 | 3,004,060 |
56,708,720 | ||
Air Freight & Logistics 0.6% | ||
CH Robinson Worldwide, Inc. | 10,871 | 995,349 |
Expeditors International of Washington, Inc. | 14,697 | 1,527,312 |
FedEx Corp. | 22,111 | 3,829,625 |
United Parcel Service, Inc., Class B | 67,405 | 11,717,685 |
18,069,971 | ||
Airlines 0.2% | ||
Alaska Air Group, Inc. (a) | 11,714 | 502,999 |
American Airlines Group, Inc. (a) | 60,023 | 763,493 |
Delta Air Lines, Inc. (a) | 59,219 | 1,945,936 |
Southwest Airlines Co. (a) | 54,838 | 1,846,395 |
United Airlines Holdings, Inc. (a) | 30,194 | 1,138,314 |
6,197,137 | ||
Auto Components 0.1% | ||
Aptiv plc (a) | 25,024 | 2,330,485 |
BorgWarner, Inc. | 21,626 | 870,447 |
3,200,932 | ||
Automobiles 1.3% | ||
Ford Motor Co. | 364,780 | 4,242,391 |
General Motors Co. | 131,212 | 4,413,972 |
Tesla, Inc. (a) | 247,897 | 30,535,952 |
39,192,315 | ||
Banks 3.8% | ||
Bank of America Corp. | 644,613 | 21,349,583 |
Citigroup, Inc. | 178,884 | 8,090,923 |
Citizens Financial Group, Inc. | 45,485 | 1,790,744 |
Comerica, Inc. | 12,094 | 808,484 |
Fifth Third Bancorp | 63,394 | 2,079,957 |
First Republic Bank | 16,895 | 2,059,332 |
Huntington Bancshares, Inc. | 133,248 | 1,878,797 |
JPMorgan Chase & Co. | 270,904 | 36,328,226 |
Shares | Value | |
Banks (continued) | ||
KeyCorp | 86,167 | $ 1,501,029 |
M&T Bank Corp. | 15,942 | 2,312,547 |
PNC Financial Services Group, Inc. (The) | 37,250 | 5,883,265 |
Regions Financial Corp. | 86,303 | 1,860,693 |
Signature Bank | 5,812 | 669,659 |
SVB Financial Group (a) | 5,459 | 1,256,334 |
Truist Financial Corp. | 122,537 | 5,272,767 |
U.S. Bancorp | 124,877 | 5,445,886 |
Wells Fargo & Co. | 351,929 | 14,531,148 |
Zions Bancorp NA | 13,843 | 680,522 |
113,799,896 | ||
Beverages 1.9% | ||
Brown-Forman Corp., Class B | 16,888 | 1,109,204 |
Coca-Cola Co. (The) | 359,462 | 22,865,378 |
Constellation Brands, Inc., Class A | 14,992 | 3,474,396 |
Keurig Dr Pepper, Inc. | 78,481 | 2,798,632 |
Molson Coors Beverage Co., Class B | 17,363 | 894,542 |
Monster Beverage Corp. (a) | 35,177 | 3,571,521 |
PepsiCo, Inc. | 127,242 | 22,987,539 |
57,701,212 | ||
Biotechnology 2.5% | ||
AbbVie, Inc. | 163,333 | 26,396,246 |
Amgen, Inc. | 49,280 | 12,942,899 |
Biogen, Inc. (a) | 13,300 | 3,683,036 |
Gilead Sciences, Inc. | 115,839 | 9,944,778 |
Incyte Corp. (a) | 17,054 | 1,369,777 |
Moderna, Inc. (a) | 30,515 | 5,481,105 |
Regeneron Pharmaceuticals, Inc. (a) | 9,890 | 7,135,536 |
Vertex Pharmaceuticals, Inc. (a) | 23,707 | 6,846,108 |
73,799,485 | ||
Building Products 0.4% | ||
Allegion plc | 8,113 | 853,974 |
AO Smith Corp. | 11,717 | 670,681 |
Carrier Global Corp. | 77,235 | 3,185,944 |
Johnson Controls International plc | 63,607 | 4,070,848 |
Masco Corp. | 20,829 | 972,090 |
Trane Technologies plc | 21,271 | 3,575,442 |
13,328,979 | ||
Capital Markets 3.1% | ||
Ameriprise Financial, Inc. | 9,828 | 3,060,144 |
Bank of New York Mellon Corp. (The) | 67,932 | 3,092,265 |
BlackRock, Inc. | 13,871 | 9,829,407 |
Cboe Global Markets, Inc. | 9,798 | 1,229,355 |
Charles Schwab Corp. (The) | 140,874 | 11,729,169 |
Shares | Value | |
Common Stocks (continued) | ||
Capital Markets (continued) | ||
CME Group, Inc. | 33,223 | $ 5,586,780 |
FactSet Research Systems, Inc. | 3,519 | 1,411,858 |
Franklin Resources, Inc. | 26,235 | 692,079 |
Goldman Sachs Group, Inc. (The) | 31,276 | 10,739,553 |
Intercontinental Exchange, Inc. | 51,587 | 5,292,310 |
Invesco Ltd. | 42,004 | 755,652 |
MarketAxess Holdings, Inc. | 3,476 | 969,422 |
Moody's Corp. | 14,551 | 4,054,200 |
Morgan Stanley | 121,754 | 10,351,525 |
MSCI, Inc. | 7,385 | 3,435,280 |
Nasdaq, Inc. | 31,308 | 1,920,746 |
Northern Trust Corp. | 19,249 | 1,703,344 |
Raymond James Financial, Inc. | 17,870 | 1,909,410 |
S&P Global, Inc. | 30,755 | 10,301,080 |
State Street Corp. | 33,890 | 2,628,847 |
T. Rowe Price Group, Inc. | 20,639 | 2,250,889 |
92,943,315 | ||
Chemicals 1.9% | ||
Air Products and Chemicals, Inc. | 20,485 | 6,314,706 |
Albemarle Corp. | 10,820 | 2,346,425 |
Celanese Corp. | 9,213 | 941,937 |
CF Industries Holdings, Inc. | 18,120 | 1,543,824 |
Corteva, Inc. | 65,989 | 3,878,834 |
Dow, Inc. | 64,998 | 3,275,249 |
DuPont de Nemours, Inc. | 45,882 | 3,148,882 |
Eastman Chemical Co. | 11,082 | 902,518 |
Ecolab, Inc. | 22,886 | 3,331,286 |
FMC Corp. | 11,634 | 1,451,923 |
International Flavors & Fragrances, Inc. | 23,548 | 2,468,772 |
Linde plc | 45,660 | 14,893,379 |
LyondellBasell Industries NV, Class A | 23,458 | 1,947,718 |
Mosaic Co. (The) | 31,446 | 1,379,536 |
PPG Industries, Inc. | 21,707 | 2,729,438 |
Sherwin-Williams Co. (The) | 21,780 | 5,169,048 |
55,723,475 | ||
Commercial Services & Supplies 0.5% | ||
Cintas Corp. | 7,972 | 3,600,315 |
Copart, Inc. (a) | 39,578 | 2,409,904 |
Republic Services, Inc. | 18,970 | 2,446,940 |
Rollins, Inc. | 21,377 | 781,116 |
Waste Management, Inc. | 34,499 | 5,412,203 |
14,650,478 | ||
Communications Equipment 0.9% | ||
Arista Networks, Inc. (a) | 22,860 | 2,774,061 |
Cisco Systems, Inc. | 379,218 | 18,065,945 |
Shares | Value | |
Communications Equipment (continued) | ||
F5, Inc. (a) | 5,529 | $ 793,467 |
Juniper Networks, Inc. | 29,975 | 958,001 |
Motorola Solutions, Inc. | 15,443 | 3,979,816 |
26,571,290 | ||
Construction & Engineering 0.1% | ||
Quanta Services, Inc. | 13,198 | 1,880,715 |
Construction Materials 0.1% | ||
Martin Marietta Materials, Inc. | 5,738 | 1,939,272 |
Vulcan Materials Co. | 12,275 | 2,149,475 |
4,088,747 | ||
Consumer Finance 0.5% | ||
American Express Co. | 55,210 | 8,157,278 |
Capital One Financial Corp. | 35,253 | 3,277,119 |
Discover Financial Services | 25,235 | 2,468,740 |
Synchrony Financial | 41,611 | 1,367,337 |
15,270,474 | ||
Containers & Packaging 0.3% | ||
Amcor plc | 137,523 | 1,637,899 |
Avery Dennison Corp. | 7,476 | 1,353,156 |
Ball Corp. | 28,993 | 1,482,702 |
International Paper Co. | 32,849 | 1,137,561 |
Packaging Corp. of America | 8,546 | 1,093,119 |
Sealed Air Corp. | 13,361 | 666,446 |
Westrock Co. | 23,486 | 825,768 |
8,196,651 | ||
Distributors 0.2% | ||
Genuine Parts Co. | 13,012 | 2,257,712 |
LKQ Corp. | 23,442 | 1,252,037 |
Pool Corp. | 3,607 | 1,090,505 |
4,600,254 | ||
Diversified Financial Services 1.7% | ||
Berkshire Hathaway, Inc., Class B (a) | 166,403 | 51,401,887 |
Diversified Telecommunication Services 0.9% | ||
AT&T, Inc. | 658,234 | 12,118,088 |
Lumen Technologies, Inc. | 87,632 | 457,439 |
Verizon Communications, Inc. | 387,886 | 15,282,708 |
27,858,235 | ||
Electric Utilities 2.1% | ||
Alliant Energy Corp. | 23,184 | 1,279,989 |
American Electric Power Co., Inc. | 47,459 | 4,506,232 |
Constellation Energy Corp. | 30,203 | 2,603,801 |
10 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Electric Utilities (continued) | ||
Duke Energy Corp. | 71,121 | $ 7,324,752 |
Edison International | 35,269 | 2,243,814 |
Entergy Corp. | 18,793 | 2,114,212 |
Evergy, Inc. | 21,199 | 1,334,053 |
Eversource Energy | 32,169 | 2,697,049 |
Exelon Corp. | 91,780 | 3,967,649 |
FirstEnergy Corp. | 50,166 | 2,103,962 |
NextEra Energy, Inc. | 183,530 | 15,343,108 |
NRG Energy, Inc. | 21,278 | 677,066 |
PG&E Corp. (a) | 148,699 | 2,417,846 |
Pinnacle West Capital Corp. | 10,449 | 794,542 |
PPL Corp. | 68,005 | 1,987,106 |
Southern Co. (The) | 100,547 | 7,180,061 |
Xcel Energy, Inc. | 50,543 | 3,543,570 |
62,118,812 | ||
Electrical Equipment 0.6% | ||
AMETEK, Inc. | 21,210 | 2,963,461 |
Eaton Corp. plc | 36,731 | 5,764,930 |
Emerson Electric Co. | 54,611 | 5,245,933 |
Generac Holdings, Inc. (a) | 5,851 | 588,962 |
Rockwell Automation, Inc. | 10,607 | 2,732,045 |
17,295,331 | ||
Electronic Equipment, Instruments & Components 0.6% | ||
Amphenol Corp., Class A | 54,962 | 4,184,807 |
CDW Corp. | 12,504 | 2,232,964 |
Corning, Inc. | 70,306 | 2,245,574 |
Keysight Technologies, Inc. (a) | 16,513 | 2,824,879 |
TE Connectivity Ltd. | 29,377 | 3,372,479 |
Teledyne Technologies, Inc. (a) | 4,329 | 1,731,210 |
Trimble, Inc. (a) | 22,785 | 1,152,010 |
Zebra Technologies Corp., Class A (a) | 4,765 | 1,221,794 |
18,965,717 | ||
Energy Equipment & Services 0.4% | ||
Baker Hughes Co. | 92,493 | 2,731,318 |
Halliburton Co. | 83,865 | 3,300,088 |
Schlumberger Ltd. | 130,963 | 7,001,282 |
13,032,688 | ||
Entertainment 1.3% | ||
Activision Blizzard, Inc. | 65,776 | 5,035,153 |
Electronic Arts, Inc. | 24,223 | 2,959,566 |
Live Nation Entertainment, Inc. (a) | 13,192 | 920,010 |
Netflix, Inc. (a) | 41,101 | 12,119,863 |
Take-Two Interactive Software, Inc. (a) | 14,569 | 1,517,070 |
Walt Disney Co. (The) (a) | 168,374 | 14,628,333 |
Shares | Value | |
Entertainment (continued) | ||
Warner Bros Discovery, Inc. (a) | 204,096 | $ 1,934,830 |
39,114,825 | ||
Equity Real Estate Investment Trusts 2.6% | ||
Alexandria Real Estate Equities, Inc. | 13,791 | 2,008,935 |
American Tower Corp. | 43,002 | 9,110,404 |
AvalonBay Communities, Inc. | 12,921 | 2,087,000 |
Boston Properties, Inc. | 13,175 | 890,366 |
Camden Property Trust | 9,839 | 1,100,787 |
Crown Castle, Inc. | 39,995 | 5,424,922 |
Digital Realty Trust, Inc. | 26,555 | 2,662,670 |
Equinix, Inc. | 8,547 | 5,598,541 |
Equity Residential | 31,413 | 1,853,367 |
Essex Property Trust, Inc. | 5,981 | 1,267,494 |
Extra Space Storage, Inc. | 12,369 | 1,820,469 |
Federal Realty OP LP | 6,750 | 682,020 |
Healthpeak Properties, Inc. | 49,642 | 1,244,525 |
Host Hotels & Resorts, Inc. | 66,038 | 1,059,910 |
Invitation Homes, Inc. | 53,645 | 1,590,038 |
Iron Mountain, Inc. | 26,850 | 1,338,472 |
KRC Interim Corp. | 57,120 | 1,209,802 |
Mid-America Apartment Communities, Inc. | 10,665 | 1,674,298 |
Prologis, Inc. | 85,253 | 9,610,571 |
Public Storage | 14,599 | 4,090,494 |
Realty Income Corp. | 57,923 | 3,674,056 |
Regency Centers Corp. | 14,224 | 889,000 |
SBA Communications Corp. | 9,972 | 2,795,251 |
Simon Property Group, Inc. | 30,196 | 3,547,426 |
UDR, Inc. | 28,262 | 1,094,587 |
Ventas, Inc. | 36,917 | 1,663,111 |
VICI Properties, Inc. | 88,950 | 2,881,980 |
Vornado Realty Trust | 14,821 | 308,425 |
Welltower, Inc. | 43,641 | 2,860,668 |
Weyerhaeuser Co. | 67,968 | 2,107,008 |
78,146,597 | ||
Food & Staples Retailing 1.5% | ||
Costco Wholesale Corp. | 40,878 | 18,660,807 |
Kroger Co. (The) | 60,160 | 2,681,933 |
Sysco Corp. | 46,804 | 3,578,166 |
Walgreens Boots Alliance, Inc. | 66,294 | 2,476,744 |
Walmart, Inc. | 130,354 | 18,482,893 |
45,880,543 | ||
Food Products 1.2% | ||
Archer-Daniels-Midland Co. | 50,735 | 4,710,745 |
Campbell Soup Co. | 18,528 | 1,051,464 |
Conagra Brands, Inc. | 44,263 | 1,712,978 |
Shares | Value | |
Common Stocks (continued) | ||
Food Products (continued) | ||
General Mills, Inc. | 54,806 | $ 4,595,483 |
Hershey Co. (The) | 13,574 | 3,143,331 |
Hormel Foods Corp. | 26,736 | 1,217,825 |
J M Smucker Co. (The) | 9,841 | 1,559,405 |
Kellogg Co. | 23,640 | 1,684,114 |
Kraft Heinz Co. (The) | 73,536 | 2,993,650 |
Lamb Weston Holdings, Inc. | 13,284 | 1,187,058 |
McCormick & Co., Inc. (Non-Voting) | 23,145 | 1,918,489 |
Mondelez International, Inc., Class A | 126,126 | 8,406,298 |
Tyson Foods, Inc., Class A | 26,748 | 1,665,063 |
35,845,903 | ||
Gas Utilities 0.0% ‡ | ||
Atmos Energy Corp. (b) | 12,920 | 1,447,944 |
Health Care Equipment & Supplies 2.8% | ||
Abbott Laboratories | 161,033 | 17,679,813 |
ABIOMED, Inc. (a) | 4,165 | 4,248 |
Align Technology, Inc. (a) | 6,709 | 1,414,928 |
Baxter International, Inc. | 46,560 | 2,373,163 |
Becton Dickinson and Co. | 26,340 | 6,698,262 |
Boston Scientific Corp. (a) | 132,285 | 6,120,827 |
Cooper Cos., Inc. (The) | 4,557 | 1,506,863 |
Dentsply Sirona, Inc. | 19,822 | 631,132 |
Dexcom, Inc. (a) | 35,674 | 4,039,724 |
Edwards Lifesciences Corp. (a) | 57,101 | 4,260,306 |
Hologic, Inc. (a) | 23,057 | 1,724,894 |
IDEXX Laboratories, Inc. (a) | 7,649 | 3,120,486 |
Intuitive Surgical, Inc. (a) | 32,638 | 8,660,493 |
Medtronic plc | 122,758 | 9,540,752 |
ResMed, Inc. | 13,529 | 2,815,791 |
STERIS plc | 9,219 | 1,702,657 |
Stryker Corp. | 31,106 | 7,605,106 |
Teleflex, Inc. | 4,332 | 1,081,397 |
Zimmer Biomet Holdings, Inc. | 19,381 | 2,471,078 |
83,451,920 | ||
Health Care Providers & Services 3.6% | ||
AmerisourceBergen Corp. | 14,958 | 2,478,690 |
Cardinal Health, Inc. | 24,210 | 1,861,023 |
Centene Corp. (a) | 52,299 | 4,289,041 |
Cigna Corp. | 28,237 | 9,356,048 |
CVS Health Corp. | 121,355 | 11,309,072 |
DaVita, Inc. (a) | 5,076 | 379,025 |
Elevance Health, Inc. | 22,058 | 11,315,092 |
HCA Healthcare, Inc. | 19,583 | 4,699,137 |
Henry Schein, Inc. (a) | 12,523 | 1,000,212 |
Shares | Value | |
Health Care Providers & Services (continued) | ||
Humana, Inc. | 11,692 | $ 5,988,525 |
Laboratory Corp. of America Holdings | 8,183 | 1,926,933 |
McKesson Corp. | 13,096 | 4,912,571 |
Molina Healthcare, Inc. (a) | 5,394 | 1,781,207 |
Quest Diagnostics, Inc. | 10,518 | 1,645,436 |
UnitedHealth Group, Inc. | 86,294 | 45,751,353 |
Universal Health Services, Inc., Class B | 5,925 | 834,773 |
109,528,138 | ||
Hotels, Restaurants & Leisure 2.0% | ||
Booking Holdings, Inc. (a) | 3,582 | 7,218,733 |
Caesars Entertainment, Inc. (a) | 19,817 | 824,387 |
Carnival Corp. (a) | 92,490 | 745,469 |
Chipotle Mexican Grill, Inc. (a) | 2,560 | 3,551,974 |
Darden Restaurants, Inc. | 11,303 | 1,563,544 |
Domino's Pizza, Inc. | 3,269 | 1,132,382 |
Expedia Group, Inc. (a) | 13,906 | 1,218,166 |
Hilton Worldwide Holdings, Inc. | 24,979 | 3,156,346 |
Las Vegas Sands Corp. (a) | 30,348 | 1,458,828 |
Marriott International, Inc., Class A | 24,850 | 3,699,917 |
McDonald's Corp. | 67,645 | 17,826,487 |
MGM Resorts International | 29,438 | 987,056 |
Norwegian Cruise Line Holdings Ltd. (a)(b) | 38,919 | 476,369 |
Royal Caribbean Cruises Ltd. (a) | 20,269 | 1,001,897 |
Starbucks Corp. | 106,018 | 10,516,986 |
Wynn Resorts Ltd. (a) | 9,522 | 785,279 |
Yum! Brands, Inc. | 26,016 | 3,332,129 |
59,495,949 | ||
Household Durables 0.3% | ||
DR Horton, Inc. | 28,908 | 2,576,859 |
Garmin Ltd. | 14,161 | 1,306,919 |
Lennar Corp., Class A | 23,530 | 2,129,465 |
Mohawk Industries, Inc. (a) | 4,870 | 497,811 |
Newell Brands, Inc. | 34,761 | 454,674 |
NVR, Inc. (a) | 277 | 1,277,685 |
PulteGroup, Inc. | 21,041 | 957,997 |
Whirlpool Corp. | 5,031 | 711,685 |
9,913,095 | ||
Household Products 1.6% | ||
Church & Dwight Co., Inc. | 22,523 | 1,815,579 |
Clorox Co. (The) | 11,396 | 1,599,201 |
Colgate-Palmolive Co. | 77,139 | 6,077,782 |
Kimberly-Clark Corp. | 31,170 | 4,231,327 |
Procter & Gamble Co. (The) | 218,860 | 33,170,422 |
46,894,311 |
12 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Independent Power and Renewable Electricity Producers 0.1% | ||
AES Corp. (The) | 61,690 | $ 1,774,204 |
Industrial Conglomerates 0.9% | ||
3M Co. | 51,050 | 6,121,916 |
General Electric Co. | 100,916 | 8,455,752 |
Honeywell International, Inc. | 62,094 | 13,306,744 |
27,884,412 | ||
Insurance 2.4% | ||
Aflac, Inc. | 52,259 | 3,759,512 |
Allstate Corp. (The) | 24,494 | 3,321,386 |
American International Group, Inc. | 68,620 | 4,339,529 |
Aon plc, Class A | 19,104 | 5,733,874 |
Arch Capital Group Ltd. (a) | 34,161 | 2,144,628 |
Arthur J. Gallagher & Co. | 19,473 | 3,671,439 |
Assurant, Inc. | 4,879 | 610,168 |
Brown & Brown, Inc. | 21,711 | 1,236,876 |
Chubb Ltd. | 38,333 | 8,456,260 |
Cincinnati Financial Corp. | 14,517 | 1,486,396 |
Everest Re Group Ltd. | 3,617 | 1,198,204 |
Globe Life, Inc. | 8,355 | 1,007,195 |
Hartford Financial Services Group, Inc. (The) | 29,379 | 2,227,810 |
Lincoln National Corp. | 14,251 | 437,791 |
Loews Corp. | 18,200 | 1,061,606 |
Marsh & McLennan Cos., Inc. | 45,810 | 7,580,639 |
MetLife, Inc. | 60,870 | 4,405,162 |
Principal Financial Group, Inc. | 21,016 | 1,763,663 |
Progressive Corp. (The) | 54,036 | 7,009,009 |
Prudential Financial, Inc. | 33,988 | 3,380,446 |
Travelers Cos., Inc. (The) | 21,644 | 4,058,033 |
W R Berkley Corp. | 18,879 | 1,370,049 |
Willis Towers Watson plc | 9,997 | 2,445,066 |
72,704,741 | ||
Interactive Media & Services 3.9% | ||
Alphabet, Inc. (a) | ||
Class A | 551,637 | 48,670,932 |
Class C | 489,018 | 43,390,567 |
Match Group, Inc. (a) | 25,796 | 1,070,276 |
Meta Platforms, Inc., Class A (a) | 207,682 | 24,992,452 |
118,124,227 | ||
Internet & Direct Marketing Retail 2.4% | ||
Amazon.com, Inc. (a) | 819,716 | 68,856,144 |
eBay, Inc. | 50,119 | 2,078,435 |
Shares | Value | |
Internet & Direct Marketing Retail (continued) | ||
Etsy, Inc. (a) | 11,608 | $ 1,390,406 |
72,324,985 | ||
IT Services 4.4% | ||
Accenture plc, Class A | 58,195 | 15,528,754 |
Akamai Technologies, Inc. (a) | 14,523 | 1,224,289 |
Automatic Data Processing, Inc. | 38,313 | 9,151,443 |
Broadridge Financial Solutions, Inc. | 10,866 | 1,457,457 |
Cognizant Technology Solutions Corp., Class A | 47,465 | 2,714,523 |
DXC Technology Co. (a) | 21,248 | 563,072 |
EPAM Systems, Inc. (a) | 5,312 | 1,740,955 |
Fidelity National Information Services, Inc. | 54,803 | 3,718,383 |
Fiserv, Inc. (a) | 58,650 | 5,927,755 |
FleetCor Technologies, Inc. (a) | 6,812 | 1,251,228 |
Gartner, Inc. (a) | 7,298 | 2,453,150 |
Global Payments, Inc. | 24,974 | 2,480,418 |
International Business Machines Corp. | 83,503 | 11,764,738 |
Jack Henry & Associates, Inc. | 6,737 | 1,182,748 |
Mastercard, Inc., Class A | 78,401 | 27,262,380 |
Paychex, Inc. | 29,624 | 3,423,349 |
PayPal Holdings, Inc. (a) | 105,290 | 7,498,754 |
VeriSign, Inc. (a) | 8,519 | 1,750,143 |
Visa, Inc., Class A | 151,006 | 31,373,007 |
132,466,546 | ||
Leisure Products 0.0% ‡ | ||
Hasbro, Inc. | 11,991 | 731,571 |
Life Sciences Tools & Services 1.9% | ||
Agilent Technologies, Inc. | 27,342 | 4,091,730 |
Bio-Rad Laboratories, Inc., Class A (a) | 1,989 | 836,355 |
Bio-Techne Corp. | 14,497 | 1,201,511 |
Charles River Laboratories International, Inc. (a) | 4,699 | 1,023,912 |
Danaher Corp. | 60,510 | 16,060,564 |
Illumina, Inc. (a) | 14,528 | 2,937,562 |
IQVIA Holdings, Inc. (a) | 17,159 | 3,515,708 |
Mettler-Toledo International, Inc. (a) | 2,059 | 2,976,182 |
PerkinElmer, Inc. | 11,658 | 1,634,685 |
Thermo Fisher Scientific, Inc. | 36,222 | 19,947,093 |
Waters Corp. (a) | 5,487 | 1,879,736 |
West Pharmaceutical Services, Inc. | 6,838 | 1,609,323 |
57,714,361 | ||
Machinery 1.9% | ||
Caterpillar, Inc. | 48,064 | 11,514,212 |
Cummins, Inc. | 13,024 | 3,155,585 |
Shares | Value | |
Common Stocks (continued) | ||
Machinery (continued) | ||
Deere & Co. | 25,367 | $ 10,876,355 |
Dover Corp. | 12,963 | 1,755,320 |
Fortive Corp. | 32,677 | 2,099,497 |
IDEX Corp. | 6,966 | 1,590,547 |
Illinois Tool Works, Inc. | 25,818 | 5,687,705 |
Ingersoll Rand, Inc. | 37,398 | 1,954,046 |
Nordson Corp. | 4,967 | 1,180,755 |
Otis Worldwide Corp. | 38,475 | 3,012,977 |
PACCAR, Inc. | 32,119 | 3,178,817 |
Parker-Hannifin Corp. | 11,859 | 3,450,969 |
Pentair plc | 15,193 | 683,381 |
Snap-on, Inc. | 4,909 | 1,121,657 |
Stanley Black & Decker, Inc. | 13,664 | 1,026,440 |
Westinghouse Air Brake Technologies Corp. | 16,797 | 1,676,509 |
Xylem, Inc. | 16,645 | 1,840,438 |
55,805,210 | ||
Media 0.8% | ||
Charter Communications, Inc., Class A (a) | 9,920 | 3,363,872 |
Comcast Corp., Class A | 398,428 | 13,933,027 |
DISH Network Corp., Class A (a) | 23,214 | 325,924 |
Fox Corp. | ||
Class A | 27,936 | 848,416 |
Class B | 12,868 | 366,095 |
Interpublic Group of Cos., Inc. (The) | 35,883 | 1,195,263 |
News Corp. | ||
Class A | 35,313 | 642,697 |
Class B | 10,889 | 200,793 |
Omnicom Group, Inc. | 18,846 | 1,537,268 |
Paramount Global, Class B (b) | 46,643 | 787,334 |
23,200,689 | ||
Metals & Mining 0.4% | ||
Freeport-McMoRan, Inc. | 132,010 | 5,016,380 |
Newmont Corp. | 73,308 | 3,460,138 |
Nucor Corp. | 23,694 | 3,123,106 |
Steel Dynamics, Inc. | 15,389 | 1,503,505 |
13,103,129 | ||
Multiline Retail 0.5% | ||
Dollar General Corp. | 20,833 | 5,130,126 |
Dollar Tree, Inc. (a) | 19,441 | 2,749,735 |
Target Corp. | 42,509 | 6,335,542 |
14,215,403 |
Shares | Value | |
Multi-Utilities 0.9% | ||
Ameren Corp. | 23,877 | $ 2,123,143 |
CenterPoint Energy, Inc. | 58,143 | 1,743,708 |
CMS Energy Corp. | 26,807 | 1,697,687 |
Consolidated Edison, Inc. | 32,774 | 3,123,690 |
Dominion Energy, Inc. | 76,959 | 4,719,126 |
DTE Energy Co. | 17,894 | 2,103,082 |
NiSource, Inc. | 37,510 | 1,028,524 |
Public Service Enterprise Group, Inc. | 46,082 | 2,823,444 |
Sempra Energy | 29,031 | 4,486,451 |
WEC Energy Group, Inc. | 29,133 | 2,731,510 |
26,580,365 | ||
Oil, Gas & Consumable Fuels 4.7% | ||
APA Corp. | 29,694 | 1,386,116 |
Chevron Corp. | 164,300 | 29,490,207 |
ConocoPhillips | 115,084 | 13,579,912 |
Coterra Energy, Inc. | 72,821 | 1,789,212 |
Devon Energy Corp. | 60,374 | 3,713,605 |
Diamondback Energy, Inc. | 16,255 | 2,223,359 |
EOG Resources, Inc. | 54,250 | 7,026,460 |
EQT Corp. | 33,900 | 1,146,837 |
Exxon Mobil Corp. | 380,357 | 41,953,377 |
Hess Corp. | 25,636 | 3,635,698 |
Kinder Morgan, Inc. | 182,685 | 3,302,945 |
Marathon Oil Corp. | 58,653 | 1,587,737 |
Marathon Petroleum Corp. | 43,285 | 5,037,941 |
Occidental Petroleum Corp. | 67,156 | 4,230,156 |
ONEOK, Inc. | 41,280 | 2,712,096 |
Phillips 66 | 43,651 | 4,543,196 |
Pioneer Natural Resources Co. | 21,944 | 5,011,790 |
Targa Resources Corp. | 20,907 | 1,536,664 |
Valero Energy Corp. | 35,606 | 4,516,977 |
Williams Cos., Inc. (The) | 112,492 | 3,700,987 |
142,125,272 | ||
Personal Products 0.2% | ||
Estee Lauder Cos., Inc. (The), Class A | 21,360 | 5,299,630 |
Pharmaceuticals 4.8% | ||
Bristol-Myers Squibb Co. | 196,367 | 14,128,606 |
Catalent, Inc. (a) | 16,621 | 748,111 |
Eli Lilly and Co. | 72,838 | 26,647,054 |
Johnson & Johnson | 241,468 | 42,655,322 |
Merck & Co., Inc. | 234,164 | 25,980,496 |
Organon & Co. | 23,493 | 656,159 |
Pfizer, Inc. | 518,433 | 26,564,507 |
Viatris, Inc. | 112,001 | 1,246,571 |
14 | MainStay VP S&P 500 Index Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals (continued) | ||
Zoetis, Inc. | 43,045 | $ 6,308,245 |
144,935,071 | ||
Professional Services 0.4% | ||
CoStar Group, Inc. (a) | 37,561 | 2,902,714 |
Equifax, Inc. | 11,309 | 2,198,017 |
Jacobs Solutions, Inc. | 11,785 | 1,415,025 |
Leidos Holdings, Inc. | 12,624 | 1,327,919 |
Robert Half International, Inc. | 10,021 | 739,850 |
Verisk Analytics, Inc. | 14,440 | 2,547,505 |
11,131,030 | ||
Real Estate Management & Development 0.1% | ||
CBRE Group, Inc., Class A (a) | 29,180 | 2,245,693 |
Road & Rail 0.9% | ||
CSX Corp. | 194,174 | 6,015,511 |
JB Hunt Transport Services, Inc. | 7,650 | 1,333,854 |
Norfolk Southern Corp. | 21,382 | 5,268,952 |
Old Dominion Freight Line, Inc. | 8,367 | 2,374,387 |
Union Pacific Corp. | 56,782 | 11,757,849 |
26,750,553 | ||
Semiconductors & Semiconductor Equipment 5.0% | ||
Advanced Micro Devices, Inc. (a) | 148,914 | 9,645,160 |
Analog Devices, Inc. | 47,504 | 7,792,081 |
Applied Materials, Inc. | 79,456 | 7,737,425 |
Broadcom, Inc. | 37,406 | 20,914,817 |
Enphase Energy, Inc. (a) | 12,554 | 3,326,308 |
First Solar, Inc. (a) | 9,157 | 1,371,627 |
Intel Corp. | 381,161 | 10,074,085 |
KLA Corp. | 13,089 | 4,934,946 |
Lam Research Corp. | 12,596 | 5,294,099 |
Microchip Technology, Inc. | 50,798 | 3,568,559 |
Micron Technology, Inc. | 100,409 | 5,018,442 |
Monolithic Power Systems, Inc. | 4,119 | 1,456,519 |
NVIDIA Corp. | 229,971 | 33,607,962 |
NXP Semiconductors NV | 23,933 | 3,782,132 |
ON Semiconductor Corp. (a) | 39,938 | 2,490,933 |
Qorvo, Inc. (a) | 9,364 | 848,753 |
QUALCOMM, Inc. | 103,533 | 11,382,418 |
Skyworks Solutions, Inc. | 14,818 | 1,350,364 |
SolarEdge Technologies, Inc. (a) | 5,162 | 1,462,240 |
Teradyne, Inc. | 14,385 | 1,256,530 |
Texas Instruments, Inc. | 83,821 | 13,848,906 |
151,164,306 |
Shares | Value | |
Software 8.3% | ||
Adobe, Inc. (a) | 42,937 | $ 14,449,589 |
ANSYS, Inc. (a) | 8,045 | 1,943,592 |
Autodesk, Inc. (a) | 19,936 | 3,725,440 |
Cadence Design Systems, Inc. (a) | 25,335 | 4,069,814 |
Ceridian HCM Holding, Inc. (a) | 14,186 | 910,032 |
Fortinet, Inc. (a) | 59,887 | 2,927,875 |
Gen Digital, Inc. | 53,541 | 1,147,384 |
Intuit, Inc. | 26,033 | 10,132,564 |
Microsoft Corp. | 688,479 | 165,111,034 |
Oracle Corp. | 141,937 | 11,601,930 |
Paycom Software, Inc. (a) | 4,489 | 1,392,982 |
PTC, Inc. (a) | 9,764 | 1,172,071 |
Roper Technologies, Inc. | 9,795 | 4,232,321 |
Salesforce, Inc. (a) | 92,358 | 12,245,747 |
ServiceNow, Inc. (a) | 18,656 | 7,243,565 |
Synopsys, Inc. (a) | 14,123 | 4,509,333 |
Tyler Technologies, Inc. (a) | 3,846 | 1,239,989 |
248,055,262 | ||
Specialty Retail 2.4% | ||
Advance Auto Parts, Inc. | 5,552 | 816,311 |
AutoZone, Inc. (a) | 1,753 | 4,323,214 |
Bath & Body Works, Inc. | 21,092 | 888,817 |
Best Buy Co., Inc. | 18,505 | 1,484,286 |
CarMax, Inc. (a) | 14,594 | 888,629 |
Home Depot, Inc. (The) | 94,549 | 29,864,247 |
Lowe's Cos., Inc. | 57,327 | 11,421,831 |
O'Reilly Automotive, Inc. (a) | 5,779 | 4,877,649 |
Ross Stores, Inc. | 32,054 | 3,720,508 |
TJX Cos., Inc. (The) | 107,232 | 8,535,667 |
Tractor Supply Co. | 10,202 | 2,295,144 |
Ulta Beauty, Inc. (a) | 4,731 | 2,219,170 |
71,335,473 | ||
Technology Hardware, Storage & Peripherals 6.2% | ||
Apple, Inc. (c) | 1,381,085 | 179,444,374 |
Hewlett Packard Enterprise Co. | 118,837 | 1,896,639 |
HP, Inc. | 81,758 | 2,196,837 |
NetApp, Inc. | 20,075 | 1,205,705 |
Seagate Technology Holdings plc | 17,733 | 932,933 |
Western Digital Corp. (a) | 29,337 | 925,582 |
186,602,070 | ||
Textiles, Apparel & Luxury Goods 0.5% | ||
NIKE, Inc., Class B | 116,342 | 13,613,177 |
Ralph Lauren Corp. | 3,795 | 401,018 |
Tapestry, Inc. | 22,255 | 847,470 |
VF Corp. | 30,504 | 842,216 |
15,703,881 |
Shares | Value | ||
Common Stocks (continued) | |||
Tobacco 0.7% | |||
Altria Group, Inc. | 165,521 | $ 7,565,965 | |
Philip Morris International, Inc. | 143,173 | 14,490,539 | |
22,056,504 | |||
Trading Companies & Distributors 0.2% | |||
Fastenal Co. | 52,871 | 2,501,856 | |
United Rentals, Inc. (a) | 6,401 | 2,275,043 | |
WW Grainger, Inc. | 4,153 | 2,310,106 | |
7,087,005 | |||
Water Utilities 0.1% | |||
American Water Works Co., Inc. | 16,793 | 2,559,589 | |
Wireless Telecommunication Services 0.3% | |||
T-Mobile US, Inc. (a) | 55,156 | 7,721,840 | |
Total Common Stocks (d) (Cost $999,995,092) | 2,967,718,963 | ||
Short-Term Investments 1.1% | |||
Affiliated Investment Company 0.0% ‡ | |||
MainStay U.S. Government Liquidity Fund, 3.602% (e) | 67 | 67 | |
Unaffiliated Investment Company 0.0% ‡ | |||
Invesco Government and Agency Portfolio, 4.301% (e)(f) | 49,623 | 49,623 | |
Principal Amount | |||
U.S. Treasury Debt 1.1% | |||
U.S. Treasury Bills | |||
4.42%, due 4/20/23 (c)(g) | $ 33,100,000 | 32,668,454 | |
Total Short-Term Investments (Cost $32,713,842) | 32,718,144 | ||
Total Investments (Cost $1,032,708,934) | 99.9% | 3,000,437,107 | |
Other Assets, Less Liabilities | 0.1 | 2,284,068 | |
Net Assets | 100.0% | $ 3,002,721,175 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $1,972,961; the total market value of collateral held by the Portfolio was $2,053,199. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,003,576. The Portfolio received cash collateral with a value of $49,623. (See Note 2(H)) |
(c) | Represents a security, or portion thereof, which was maintained at the broker as collateral for futures contracts. |
(d) | The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 99.9% of the Portfolio’s net assets. |
(e) | Current yield as of December 31, 2022. |
(f) | Represents a security purchased with cash collateral received for securities on loan. |
(g) | Interest rate shown represents yield to maturity. |
16 | MainStay VP S&P 500 Index Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 73 | $ 33,507 | $ (33,580) | $ — | $ — | $ —(a) | $ 4 | $ — | —(b) |
(a) | Less than $500. |
(b) | Less than 500 Shares. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)1 |
Long Contracts | |||||
S&P 500 E-Mini Index | 169 | March 2023 | $ 33,440,175 | $ 32,625,450 | $ (814,725) |
1. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2022. |
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 | $ 2,967,714,715 | $ 4,248 | $ — | $ 2,967,718,963 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 67 | — | — | 67 | |||
Unaffiliated Investment Company | 49,623 | — | — | 49,623 | |||
U.S. Treasury Debt | — | 32,668,454 | — | 32,668,454 | |||
Total Short-Term Investments | 49,690 | 32,668,454 | — | 32,718,144 | |||
Total Investments in Securities | $ 2,967,764,405 | $ 32,672,702 | $ — | $ 3,000,437,107 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (814,725) | $ — | $ — | $ (814,725) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,032,708,867) including securities on loan of $1,972,961 | $3,000,437,040 |
Investment in affiliated investment companies, at value (identified cost $67) | 67 |
Receivables: | |
Dividends | 2,586,634 |
Portfolio shares sold | 1,278,980 |
Securities lending | 621 |
Other assets | 16,727 |
Total assets | 3,004,320,069 |
Liabilities | |
Cash collateral received for securities on loan | 49,623 |
Due to custodian | 53,087 |
Payables: | |
Portfolio shares redeemed | 662,800 |
NYLIFE Distributors (See Note 3) | 375,193 |
Manager (See Note 3) | 227,779 |
Shareholder communication | 95,722 |
Variation margin on futures contracts | 78,623 |
Professional fees | 43,978 |
Custodian | 6,635 |
Accrued expenses | 5,454 |
Total liabilities | 1,598,894 |
Net assets | $3,002,721,175 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 43,332 |
Additional paid-in-capital | 955,131,204 |
955,174,536 | |
Total distributable earnings (loss) | 2,047,546,639 |
Net assets | $3,002,721,175 |
Initial Class | |
Net assets applicable to outstanding shares | $1,271,410,881 |
Shares of beneficial interest outstanding | 18,242,582 |
Net asset value per share outstanding | $ 69.69 |
Service Class | |
Net assets applicable to outstanding shares | $1,731,310,294 |
Shares of beneficial interest outstanding | 25,089,265 |
Net asset value per share outstanding | $ 69.01 |
18 | MainStay VP S&P 500 Index Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $12,299) | $ 50,144,762 |
Interest | 394,072 |
Securities lending, net | 49,236 |
Dividends-affiliated | 3,643 |
Total income | 50,591,713 |
Expenses | |
Manager (See Note 3) | 5,072,882 |
Distribution/Service—Service Class (See Note 3) | 4,526,522 |
Professional fees | 220,462 |
Shareholder communication | 190,144 |
Trustees | 67,881 |
Custodian | 53,297 |
Miscellaneous | 561,140 |
Total expenses before waiver/reimbursement | 10,692,328 |
Expense waiver/reimbursement from Manager (See Note 3) | (2,307,574) |
Net expenses | 8,384,754 |
Net investment income (loss) | 42,206,959 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 58,211,935 |
Futures transactions | (3,263,378) |
Net realized gain (loss) | 54,948,557 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (779,766,357) |
Futures contracts | (909,668) |
Net change in unrealized appreciation (depreciation) | (780,676,025) |
Net realized and unrealized gain (loss) | (725,727,468) |
Net increase (decrease) in net assets resulting from operations | $(683,520,509) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 42,206,959 | $ 41,890,389 |
Net realized gain (loss) | 54,948,557 | 103,780,431 |
Net change in unrealized appreciation (depreciation) | (780,676,025) | 764,502,805 |
Net increase (decrease) in net assets resulting from operations | (683,520,509) | 910,173,625 |
Distributions to shareholders: | ||
Initial Class | (62,047,386) | (37,666,492) |
Service Class | (79,677,136) | (39,080,413) |
Total distributions to shareholders | (141,724,522) | (76,746,905) |
Capital share transactions: | ||
Net proceeds from sales of shares | 291,292,111 | 364,010,795 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 141,724,522 | 76,746,905 |
Cost of shares redeemed | (417,633,674) | (831,676,688) |
Increase (decrease) in net assets derived from capital share transactions | 15,382,959 | (390,918,988) |
Net increase (decrease) in net assets | (809,862,072) | 442,507,732 |
Net Assets | ||
Beginning of year | 3,812,583,247 | 3,370,075,515 |
End of year | $3,002,721,175 | $3,812,583,247 |
20 | MainStay VP S&P 500 Index Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 89.76 | $ 71.41 | $ 61.70 | $ 48.11 | $ 52.02 | ||||
Net investment income (loss) (a) | 1.12 | 1.03 | 1.00 | 1.01 | 1.04 | ||||
Net realized and unrealized gain (loss) | (17.63) | 19.19 | 10.13 | 13.88 | (3.15) | ||||
Total from investment operations | (16.51) | 20.22 | 11.13 | 14.89 | (2.11) | ||||
Less distributions: | |||||||||
From net investment income | (1.12) | (1.01) | (0.91) | (1.00) | (0.78) | ||||
From net realized gain on investments | (2.44) | (0.86) | (0.51) | (0.30) | (1.02) | ||||
Total distributions | (3.56) | (1.87) | (1.42) | (1.30) | (1.80) | ||||
Net asset value at end of year | $ 69.69 | $ 89.76 | $ 71.41 | $ 61.70 | $ 48.11 | ||||
Total investment return (b) | (18.19)% | 28.55% | 18.24% | 31.25% | (4.52)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.45% | 1.28% | 1.61% | 1.80% | 1.95% | ||||
Net expenses (c) | 0.12% | 0.12% | 0.13% | 0.16% | 0.16% | ||||
Expenses (before waiver/reimbursement) (c) | 0.19% | 0.18% | 0.20% | 0.19% | 0.19% | ||||
Portfolio turnover rate | 2% | 3% | 2% | 7% | 9% | ||||
Net assets at end of year (in 000's) | $ 1,271,411 | $ 1,745,640 | $ 1,749,834 | $ 1,123,943 | $ 1,001,911 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 88.87 | $ 70.76 | $ 61.19 | $ 47.74 | $ 51.66 | ||||
Net investment income (loss) (a) | 0.92 | 0.83 | 0.83 | 0.86 | 0.90 | ||||
Net realized and unrealized gain (loss) | (17.43) | 18.99 | 10.03 | 13.77 | (3.13) | ||||
Total from investment operations | (16.51) | 19.82 | 10.86 | 14.63 | (2.23) | ||||
Less distributions: | |||||||||
From net investment income | (0.91) | (0.85) | (0.78) | (0.88) | (0.67) | ||||
From net realized gain on investments | (2.44) | (0.86) | (0.51) | (0.30) | (1.02) | ||||
Total distributions | (3.35) | (1.71) | (1.29) | (1.18) | (1.69) | ||||
Net asset value at end of year | $ 69.01 | $ 88.87 | $ 70.76 | $ 61.19 | $ 47.74 | ||||
Total investment return (b) | (18.40)% | 28.23% | 17.95% | 30.92% | (4.76)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.21% | 1.03% | 1.37% | 1.54% | 1.70% | ||||
Net expenses (c) | 0.37% | 0.37% | 0.38% | 0.41% | 0.41% | ||||
Expenses (before waiver/reimbursement) (c) | 0.44% | 0.43% | 0.45% | 0.44% | 0.44% | ||||
Portfolio turnover rate | 2% | 3% | 2% | 7% | 9% | ||||
Net assets at end of year (in 000's) | $ 1,731,310 | $ 2,066,943 | $ 1,620,242 | $ 1,341,639 | $ 920,531 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 5, 2003 |
22 | MainStay VP S&P 500 Index Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
24 | MainStay VP S&P 500 Index Portfolio |
Liability Derivatives | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(814,725) | $(814,725) |
Total Fair Value | $(814,725) | $(814,725) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Futures Contracts | $(3,263,378) | $(3,263,378) |
Total Net Realized Gain (Loss) | $(3,263,378) | $(3,263,378) |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $(909,668) | $(909,668) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(909,668) | $(909,668) |
Average Notional Amount | Total |
Futures Contracts Long | $22,648,371 |
26 | MainStay VP S&P 500 Index Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,049,186,064 | $2,015,581,668 | $(64,330,625) | $1,951,251,043 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$43,104,254 | $53,015,047 | $176,295 | $1,951,251,043 | $2,047,546,639 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 88,524,568 | $56,145,964 |
Long-Term Capital Gains | 53,199,954 | 20,600,941 |
Total | $141,724,522 | $76,746,905 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 460,168 | $ 34,910,174 |
Shares issued to shareholders in reinvestment of distributions | 934,676 | 62,047,386 |
Shares redeemed | (2,599,133) | (206,953,691) |
Net increase (decrease) | (1,204,289) | $(109,996,131) |
Year ended December 31, 2021: | ||
Shares sold | 1,447,144 | $ 111,542,140 |
Shares issued to shareholders in reinvestment of distributions | 455,821 | 37,666,492 |
Shares redeemed | (6,961,317) | (569,084,066) |
Net increase (decrease) | (5,058,352) | $(419,875,434) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 3,369,175 | $ 256,381,937 |
Shares issued to shareholders in reinvestment of distributions | 1,211,573 | 79,677,136 |
Shares redeemed | (2,748,435) | (210,679,983) |
Net increase (decrease) | 1,832,313 | $ 125,379,090 |
Year ended December 31, 2021: | ||
Shares sold | 3,147,547 | $ 252,468,655 |
Shares issued to shareholders in reinvestment of distributions | 477,391 | 39,080,413 |
Shares redeemed | (3,266,373) | (262,592,622) |
Net increase (decrease) | 358,565 | $ 28,956,446 |
28 | MainStay VP S&P 500 Index Portfolio |
MainStay VP S&P 500 Index Portfolio (formerly known as MainStay VP MacKay S&P 500 Index Portfolio)
New York, New York
February 24, 2023
30 | MainStay VP S&P 500 Index Portfolio |
32 | MainStay VP S&P 500 Index Portfolio |
34 | MainStay VP S&P 500 Index Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
36 | MainStay VP S&P 500 Index Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015886 | MSVPSP11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1 | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 5/1/2015 | -5.99% | -6.36% | -3.44% | 1.35% |
Service Class Shares | 5/1/2015 | -6.22 | -6.60 | -3.68 | 1.60 |
1. | Effective February 28, 2020, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio’s prior subadvisor and principal investment strategies. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
FTSE Global Core Infrastructure 50/50 Index (Net)1 | -4.87% | 4.72% | 5.38% |
Morningstar Infrastructure Category Average2 | -8.91 | 4.12 | 4.05 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The FTSE Global Core Infrastructure 50/50 Index (Net) is the Portfolio’s primary broad-based securities market index for comparison purposes. The FTSE Global Core Infrastructure 50/50 Index (Net) is a market-capitalization-weighted index of worldwide infrastructure and infrastructure-related securities. Constituent weights are adjusted semi-annually according to three broad industry sectors: 50% utilities, 30% transportation, and a 20% mix of other sectors. |
2. | The Morningstar Infrastructure Category Average is representative of funds that invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include: oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $996.30 | $4.78 | $1,020.42 | $4.84 | 0.95% |
Service Class Shares | $1,000.00 | $995.10 | $6.03 | $1,019.16 | $6.11 | 1.20% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP CBRE Global Infrastructure Portfolio |
United States | 56.8% |
Australia | 9.3 |
Spain | 6.6 |
Canada | 6.4 |
France | 5.4 |
United Kingdom | 3.7 |
Italy | 2.8 |
China | 2.4 |
Japan | 2.2% |
Portugal | 1.7 |
Mexico | 1.2 |
Hong Kong | 0.9 |
New Zealand | 0.9 |
Other Assets, Less Liabilities | –0.3 |
100.0% |
1. | NextEra Energy, Inc. |
2. | American Tower Corp. |
3. | Transurban Group |
4. | WEC Energy Group, Inc. |
5. | American Electric Power Co., Inc. |
6. | Cellnex Telecom SA |
7. | Vinci SA |
8. | Ameren Corp. |
9. | Atlas Arteria Ltd. |
10. | Enbridge, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | |
Common Stocks 98.4% | ||
Australia 9.3% | ||
Atlas Arteria Ltd. (Transportation) | 229,924 | $ 1,033,804 |
NEXTDC Ltd. (Communications) (a) | 82,972 | 513,232 |
Transurban Group (Transportation) | 182,152 | 1,608,439 |
3,155,475 | ||
Canada 6.4% | ||
Canadian National Railway Co. (Transportation) | 4,140 | 491,786 |
Enbridge, Inc. (Midstream / Pipelines) | 26,099 | 1,020,058 |
Pembina Pipeline Corp. (Midstream / Pipelines) | 19,036 | 646,155 |
2,157,999 | ||
China 2.4% | ||
China Resources Gas Group Ltd. (Utilities) | 81,777 | 304,559 |
ENN Energy Holdings Ltd. (Utilities) | 14,999 | 209,248 |
Guangdong Investment Ltd. (Utilities) | 292,012 | 298,951 |
812,758 | ||
France 5.4% | ||
Eiffage SA (Transportation) | 7,272 | 717,061 |
Vinci SA (Transportation) | 11,167 | 1,115,305 |
1,832,366 | ||
Hong Kong 0.9% | ||
CK Infrastructure Holdings Ltd. (Utilities) | 58,587 | 306,662 |
Italy 2.8% | ||
Enel SpA (Utilities) | 107,076 | 575,886 |
Infrastrutture Wireless Italiane SpA (Communications) | 38,636 | 390,280 |
966,166 | ||
Japan 2.2% | ||
Central Japan Railway Co. (Transportation) | 4,041 | 497,134 |
West Japan Railway Co. (Transportation) | 6,024 | 262,929 |
760,063 | ||
Mexico 1.2% | ||
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | 29,412 | 421,336 |
New Zealand 0.9% | ||
Infratil Ltd. (Diversified) | 53,660 | 293,856 |
Portugal 1.7% | ||
EDP - Energias de Portugal SA (Utilities) | 115,568 | 575,736 |
Shares | Value | |
Spain 6.6% | ||
Aena SME SA (Transportation) (a) | 6,403 | $ 806,398 |
Cellnex Telecom SA (Communications) | 36,567 | 1,216,058 |
Ferrovial SA (Transportation) | 7,987 | 208,935 |
2,231,391 | ||
United Kingdom 3.7% | ||
National Grid plc (Utilities) | 83,996 | 1,008,908 |
Pennon Group plc (Utilities) | 21,561 | 231,783 |
1,240,691 | ||
United States 54.9% | ||
AES Corp. (The) (Utilities) | 19,486 | 560,417 |
ALLETE, Inc. (Utilities) | 2,604 | 167,984 |
Ameren Corp. (Utilities) | 12,468 | 1,108,655 |
American Electric Power Co., Inc. (Utilities) | 13,567 | 1,288,187 |
American Tower Corp. (Communications) | 8,271 | 1,752,293 |
Cheniere Energy, Inc. (Midstream / Pipelines) | 6,166 | 924,654 |
CMS Energy Corp. (Utilities) | 11,410 | 722,595 |
Constellation Energy Corp. (Utilities) | 3,592 | 309,666 |
Crown Castle, Inc. (Communications) | 6,250 | 847,750 |
Dominion Energy, Inc. (Utilities) | 3,612 | 221,488 |
Equinix, Inc. (Communications) | 1,032 | 675,991 |
FirstEnergy Corp. (Utilities) | 13,722 | 575,501 |
NextEra Energy Partners LP (Utilities) | 3,478 | 243,773 |
NextEra Energy, Inc. (Utilities) | 22,325 | 1,866,370 |
NiSource, Inc. (Utilities) | 14,927 | 409,298 |
OGE Energy Corp. (Utilities) | 12,566 | 496,985 |
PPL Corp. (Utilities) | 28,228 | 824,822 |
Public Service Enterprise Group, Inc. (Utilities) | 12,743 | 780,764 |
Sempra Energy (Utilities) | 5,384 | 832,043 |
Southern Co. (The) (Utilities) | 4,727 | 337,555 |
Targa Resources Corp. (Midstream / Pipelines) | 5,504 | 404,544 |
Union Pacific Corp. (Transportation) | 2,269 | 469,842 |
WEC Energy Group, Inc. (Utilities) | 14,507 | 1,360,176 |
Williams Cos., Inc. (The) (Midstream / Pipelines) | 12,561 | 413,257 |
Xcel Energy, Inc. (Utilities) | 14,325 | 1,004,326 |
18,598,936 | ||
Total Common Stocks (Cost $32,140,327) | 33,353,435 |
10 | MainStay VP CBRE Global Infrastructure Portfolio |
Shares | Value | ||
Short-Term Investment 1.9% | |||
Affiliated Investment Company 1.9% | |||
United States 1.9% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (b) | 631,122 | $ 631,122 | |
Total Short-Term Investment (Cost $631,122) | 631,122 | ||
Total Investments (Cost $32,771,449) | 100.3% | 33,984,557 | |
Other Assets, Less Liabilities | (0.3) | (93,508) | |
Net Assets | 100.0% | $ 33,891,049 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | Current yield as of December 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 302 | $ 13,779 | $ (13,450) | $ — | $ — | $ 631 | $ 7 | $ — | 631 |
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 | |||||||
Australia | $ — | $ 3,155,475 | $ — | $ 3,155,475 | |||
China | — | 812,758 | — | 812,758 | |||
France | — | 1,832,366 | — | 1,832,366 | |||
Hong Kong | — | 306,662 | — | 306,662 | |||
Italy | — | 966,166 | — | 966,166 | |||
Japan | — | 760,063 | — | 760,063 | |||
New Zealand | — | 293,856 | — | 293,856 | |||
Portugal | — | 575,736 | — | 575,736 | |||
Spain | — | 2,231,391 | — | 2,231,391 | |||
United Kingdom | — | 1,240,691 | — | 1,240,691 | |||
All Other Countries | 21,178,271 | — | — | 21,178,271 | |||
Total Common Stocks | 21,178,271 | 12,175,164 | — | 33,353,435 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 631,122 | — | — | 631,122 | |||
Total Investments in Securities | $ 21,809,393 | $ 12,175,164 | $ — | $ 33,984,557 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent | ||
Utilities | $16,622,338 | 49.1% | |
Transportation | 7,632,969 | 22.5 | |
Communications | 5,395,604 | 15.9 | |
Midstream / Pipelines | 3,408,668 | 10.0 | |
Diversified | 293,856 | 0.9 | |
33,353,435 | 98.4 | ||
Short-Term Investment | 631,122 | 1.9 | |
Other Assets, Less Liabilities | (93,508) | (0.3) | |
Net Assets | $33,891,049 | 100.0% |
12 | MainStay VP CBRE Global Infrastructure Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $32,140,327) | $ 33,353,435 |
Investment in affiliated investment companies, at value (identified cost $631,122) | 631,122 |
Cash | 2,593 |
Cash denominated in foreign currencies (identified cost $8) | 8 |
Receivables: | |
Investment securities sold | 161,986 |
Dividends | 93,236 |
Portfolio shares sold | 23,803 |
Securities lending | 56 |
Other assets | 112 |
Total assets | 34,266,351 |
Liabilities | |
Payables: | |
Investment securities purchased | 250,864 |
Portfolio shares redeemed | 32,590 |
Shareholder communication | 29,816 |
Professional fees | 23,349 |
Manager (See Note 3) | 21,203 |
NYLIFE Distributors (See Note 3) | 6,827 |
Custodian | 4,240 |
Accrued expenses | 6,413 |
Total liabilities | 375,302 |
Net assets | $ 33,891,049 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 4,961 |
Additional paid-in-capital | 69,103,968 |
69,108,929 | |
Total distributable earnings (loss) | (35,217,880) |
Net assets | $ 33,891,049 |
Initial Class | |
Net assets applicable to outstanding shares | $ 2,111,021 |
Shares of beneficial interest outstanding | 305,263 |
Net asset value per share outstanding | $ 6.92 |
Service Class | |
Net assets applicable to outstanding shares | $31,780,028 |
Shares of beneficial interest outstanding | 4,655,977 |
Net asset value per share outstanding | $ 6.83 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $49,481) | $ 891,138 |
Dividends-affiliated | 6,562 |
Securities lending, net | 941 |
Total income | 898,641 |
Expenses | |
Manager (See Note 3) | 272,866 |
Distribution/Service—Service Class (See Note 3) | 75,255 |
Professional fees | 56,248 |
Custodian | 28,498 |
Trustees | 687 |
Shareholder communication | 489 |
Miscellaneous | 3,890 |
Total expenses before waiver/reimbursement | 437,933 |
Expense waiver/reimbursement from Manager (See Note 3) | (58,000) |
Net expenses | 379,933 |
Net investment income (loss) | 518,708 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (924,641) |
Foreign currency transactions | (12,492) |
Net realized gain (loss) | (937,133) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (2,042,747) |
Translation of other assets and liabilities in foreign currencies | (2,670) |
Net change in unrealized appreciation (depreciation) | (2,045,417) |
Net realized and unrealized gain (loss) | (2,982,550) |
Net increase (decrease) in net assets resulting from operations | $(2,463,842) |
14 | MainStay VP CBRE Global Infrastructure Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 518,708 | $ 427,682 |
Net realized gain (loss) | (937,133) | 1,106,214 |
Net change in unrealized appreciation (depreciation) | (2,045,417) | 1,769,892 |
Net increase (decrease) in net assets resulting from operations | (2,463,842) | 3,303,788 |
Distributions to shareholders: | ||
Initial Class | (27,062) | — |
Service Class | (387,536) | — |
Total distributions to shareholders | (414,598) | — |
Capital share transactions: | ||
Net proceeds from sales of shares | 20,290,734 | 7,248,924 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 414,598 | — |
Cost of shares redeemed | (10,775,375) | (4,776,219) |
Increase (decrease) in net assets derived from capital share transactions | 9,929,957 | 2,472,705 |
Net increase (decrease) in net assets | 7,051,517 | 5,776,493 |
Net Assets | ||
Beginning of year | 26,839,532 | 21,063,039 |
End of year | $ 33,891,049 | $26,839,532 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 7.47 | $ 6.48 | $ 8.01 | $ 7.61 | $ 10.52 | ||||
Net investment income (loss) (a) | 0.13 | 0.15 | 0.03 | 0.03 | (0.07) | ||||
Net realized and unrealized gain (loss) | (0.58) | 0.84 | (1.08) | 0.37 | (2.84) | ||||
Total from investment operations | (0.45) | 0.99 | (1.05) | 0.40 | (2.91) | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | — | (0.48) | — | — | ||||
Net asset value at end of year | $ 6.92 | $ 7.47 | $ 6.48 | $ 8.01 | $ 7.61 | ||||
Total investment return (b) | (5.99)% | 15.28%(c) | (12.81)% | 5.26%(c) | (27.66)%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.87% | 2.08% | 0.41% | 0.33% | (0.66)% | ||||
Net expenses (d) | 0.95% | 0.95% | 1.05% | 1.21% | 1.21% | ||||
Expenses (before waiver/reimbursement) (d) | 1.13% | 1.32% | 1.44% | 1.21% | 1.21% | ||||
Portfolio turnover rate | 54% | 43% | 163% | 119% | 162% | ||||
Net assets at end of year (in 000's) | $ 2,111 | $ 1,899 | $ 1,022 | $ 1,009 | $ 90,681 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 7.38 | $ 6.42 | $ 7.93 | $ 7.55 | $ 10.47 | ||||
Net investment income (loss) (a) | 0.11 | 0.12 | 0.04 | 0.01 | (0.09) | ||||
Net realized and unrealized gain (loss) | (0.58) | 0.84 | (1.09) | 0.37 | (2.83) | ||||
Total from investment operations | (0.47) | 0.96 | (1.05) | 0.38 | (2.92) | ||||
Less distributions: | |||||||||
From net investment income | (0.08) | — | (0.46) | — | — | ||||
Net asset value at end of year | $ 6.83 | $ 7.38 | $ 6.42 | $ 7.93 | $ 7.55 | ||||
Total investment return (b) | (6.22)% | 14.95%(c) | (13.03)% | 5.03%(c) | (27.89)%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.60% | 1.79% | 0.62% | 0.11% | (0.91)% | ||||
Net expenses (d) | 1.20% | 1.20% | 1.52% | 1.62% | 1.46% | ||||
Expenses (before waiver/reimbursement) (d) | 1.38% | 1.60% | 1.95% | 1.62% | 1.46% | ||||
Portfolio turnover rate | 54% | 43% | 163% | 119% | 162% | ||||
Net assets at end of year (in 000's) | $ 31,780 | $ 24,941 | $ 20,041 | $ 22,798 | $ 22,133 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
16 | MainStay VP CBRE Global Infrastructure Portfolio |
Class | Commenced Operations |
Initial Class | May 1, 2015 |
Service Class | May 1, 2015 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP CBRE Global Infrastructure Portfolio |
20 | MainStay VP CBRE Global Infrastructure Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $33,585,048 | $1,906,566 | $(1,507,047) | $399,519 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$556,700 | $(36,173,359) | $— | $398,779 | $(35,217,880) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $34,190 | $1,983 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $414,598 | $— |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 100,768 | $ 720,250 |
Shares issued to shareholders in reinvestment of distributions | 4,406 | 27,062 |
Shares redeemed | (54,059) | (380,690) |
Net increase (decrease) | 51,115 | $ 366,622 |
Year ended December 31, 2021: | ||
Shares sold | 123,981 | $ 868,975 |
Shares redeemed | (27,600) | (198,987) |
Net increase (decrease) | 96,381 | $ 669,988 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 2,756,775 | $ 19,570,484 |
Shares issued to shareholders in reinvestment of distributions | 63,886 | 387,536 |
Shares redeemed | (1,544,297) | (10,394,685) |
Net increase (decrease) | 1,276,364 | $ 9,563,335 |
Year ended December 31, 2021: | ||
Shares sold | 921,622 | $ 6,379,949 |
Shares redeemed | (665,037) | (4,577,232) |
Net increase (decrease) | 256,585 | $ 1,802,717 |
22 | MainStay VP CBRE Global Infrastructure Portfolio |
MainStay VP CBRE Global Infrastructure Portfolio
New York, New York
February 24, 2023
24 | MainStay VP CBRE Global Infrastructure Portfolio |
26 | MainStay VP CBRE Global Infrastructure Portfolio |
28 | MainStay VP CBRE Global Infrastructure Portfolio |
30 | MainStay VP CBRE Global Infrastructure Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
32 | MainStay VP CBRE Global Infrastructure Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015937 | MSVPCRA11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1 | One Year | Five Years | Ten Years | Gross Expense Ratio2 |
Initial Class Shares | 2/17/2012 | 5.57% | 8.91% | 8.56% | 0.66% |
Service Class Shares | 2/17/2012 | 5.31 | 8.63 | 8.29 | 0.91 |
1. | The Portfolio replaced its subadvisor and modified its principal investment strategies and changed its classification from a diversified fund to a non-diversified fund as of November 30, 2018. Therefore, the performance information shown in this report prior to November 30, 2018 reflects the Portfolio’s prior subadvisor, principal investment strategies and diversification status. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI USA IMI Utilities 25/50 Index (Gross)1 | 1.24% | 9.06% | 11.03% |
Morningstar Utilities Category Average2 | -0.52 | 7.90 | 8.82 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The MSCI USA IMI Utilities 25/50 Index (Gross) is the Portfolio's primary benchmark. The MSCI USA IMI Utilities 25/50 Index (Gross) is a modified market capitalization-weighted index of stocks designed to measure the performance of utilities companies in the MSCI U.S. Investable Market 2500 Index. |
2. | The Morningstar Utilities Category Average is representative of funds that seek capital appreciation by investing primarily in equity securities of U.S. or non-U.S. public utilities including electric, gas, and telephone-service providers. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,066.50 | $3.44 | $1,021.88 | $3.36 | 0.66% |
Service Class Shares | $1,000.00 | $1,065.10 | $4.74 | $1,020.62 | $4.63 | 0.91% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Electric Utilities | 74.2% |
Multi–Utilities | 16.4 |
Independent Power and Renewable Electricity Producers | 7.3 |
Electrical Equipment | 0.1 |
Short–Term Investments | 1.9% |
Other Assets, Less Liabilities | 0.1 |
100.0% |
1. | NextEra Energy, Inc. |
2. | Southern Co. (The) |
3. | Constellation Energy Corp. |
4. | Exelon Corp. |
5. | PG&E Corp. |
6. | FirstEnergy Corp. |
7. | Sempra Energy |
8. | Dominion Energy, Inc. |
9. | Edison International |
10. | PPL Corp. |
1. | Fidelity Institutional AM is a registered trademark of FMR LLC. Used with permission. |
2. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Shares | Value | |
Common Stocks 98.0% | ||
Electric Utilities 74.2% | ||
Avangrid, Inc. | 309,473 | $ 13,301,149 |
Constellation Energy Corp. | 890,219 | 76,745,780 |
Duke Energy Corp. | 297,313 | 30,620,266 |
Edison International | 722,337 | 45,955,080 |
Entergy Corp. | 286,212 | 32,198,850 |
Eversource Energy | 199,906 | 16,760,119 |
Exelon Corp. | 1,576,398 | 68,147,685 |
FirstEnergy Corp. | 1,248,081 | 52,344,517 |
NextEra Energy, Inc. | 1,877,002 | 156,917,367 |
OGE Energy Corp. | 290,300 | 11,481,365 |
PG&E Corp. (a) | 4,163,399 | 67,696,868 |
Pinnacle West Capital Corp. | 100,489 | 7,641,184 |
PPL Corp. | 1,479,917 | 43,243,175 |
Southern Co. (The) | 1,739,064 | 124,186,560 |
Xcel Energy, Inc. | 534,400 | 37,466,784 |
784,706,749 | ||
Electrical Equipment 0.1% | ||
Fluence Energy, Inc. (a)(b) | 39,466 | 676,842 |
Independent Power and Renewable Electricity Producers 7.3% | ||
AES Corp. (The) | 1,193,579 | 34,327,332 |
Clearway Energy, Inc., Class A | 84,500 | 2,528,240 |
Energy Harbor Corp. (a) | 90,800 | 7,173,200 |
NextEra Energy Partners LP (b) | 225,791 | 15,825,691 |
Sunnova Energy International, Inc. (a) | 162,985 | 2,935,360 |
Vistra Corp. | 615,930 | 14,289,576 |
77,079,399 | ||
Multi-Utilities 16.4% | ||
Consolidated Edison, Inc. | 69,000 | 6,576,390 |
Dominion Energy, Inc. | 753,343 | 46,194,993 |
NiSource, Inc. | 1,241,984 | 34,055,201 |
Public Service Enterprise Group, Inc. | 587,324 | 35,985,342 |
Sempra Energy | 328,543 | 50,773,035 |
173,584,961 | ||
Total Common Stocks (Cost $922,087,077) | 1,036,047,951 |
Shares | Value | ||
Short-Term Investments 1.9% | |||
Affiliated Investment Company 1.9% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (c) | 19,414,261 | $ 19,414,261 | |
Unaffiliated Investment Company 0.0% ‡ | |||
Invesco Government and Agency Portfolio, 4.301% (c)(d) | 196,000 | 196,000 | |
Total Short-Term Investments (Cost $19,610,261) | 19,610,261 | ||
Total Investments (Cost $941,697,338) | 99.9% | 1,055,658,212 | |
Other Assets, Less Liabilities | 0.1 | 1,467,740 | |
Net Assets | 100.0% | $ 1,057,125,952 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $3,407,389; the total market value of collateral held by the Portfolio was $3,512,184. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $3,316,184. The Portfolio received cash collateral with a value of $196,000. (See Note 2(H)) |
(c) | Current yield as of December 31, 2022. |
(d) | Represents a security purchased with cash collateral received for securities on loan. |
10 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ — | $ 298,260 | $ (278,846) | $ — | $ — | $ 19,414 | $ 181 | $ — | 19,414 |
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 | $ 1,028,874,751 | $ 7,173,200 | $ — | $ 1,036,047,951 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 19,414,261 | — | — | 19,414,261 | |||
Unaffiliated Investment Company | 196,000 | — | — | 196,000 | |||
Total Short-Term Investments | 19,610,261 | — | — | 19,610,261 | |||
Total Investments in Securities | $ 1,048,485,012 | $ 7,173,200 | $ — | $ 1,055,658,212 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $922,283,077) including securities on loan of $3,407,389 | $1,036,243,951 |
Investment in affiliated investment companies, at value (identified cost $19,414,261) | 19,414,261 |
Receivables: | |
Dividends | 2,024,490 |
Investment securities sold | 1,038,531 |
Portfolio shares sold | 301,386 |
Securities lending | 501 |
Other assets | 5,352 |
Total assets | 1,059,028,472 |
Liabilities | |
Cash collateral received for securities on loan | 196,000 |
Due to custodian | 31,100 |
Payables: | |
Portfolio shares redeemed | 827,453 |
Manager (See Note 3) | 577,424 |
NYLIFE Distributors (See Note 3) | 183,183 |
Shareholder communication | 38,645 |
Professional fees | 34,058 |
Custodian | 3,464 |
Accrued expenses | 11,193 |
Total liabilities | 1,902,520 |
Net assets | $1,057,125,952 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 80,363 |
Additional paid-in-capital | 792,521,052 |
792,601,415 | |
Total distributable earnings (loss) | 264,524,537 |
Net assets | $1,057,125,952 |
Initial Class | |
Net assets applicable to outstanding shares | $202,092,411 |
Shares of beneficial interest outstanding | 15,306,283 |
Net asset value per share outstanding | $ 13.20 |
Service Class | |
Net assets applicable to outstanding shares | $855,033,541 |
Shares of beneficial interest outstanding | 65,056,222 |
Net asset value per share outstanding | $ 13.14 |
12 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated | $ 23,177,270 |
Dividends-affiliated | 181,499 |
Securities lending, net | 16,702 |
Total income | 23,375,471 |
Expenses | |
Manager (See Note 3) | 6,983,551 |
Distribution/Service—Service Class (See Note 3) | 2,234,795 |
Professional fees | 118,814 |
Shareholder communication | 53,452 |
Custodian | 32,507 |
Trustees | 20,522 |
Miscellaneous | 38,726 |
Total expenses | 9,482,367 |
Net investment income (loss) | 13,893,104 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | 143,420,752 |
Foreign currency transactions | (47) |
Net realized gain (loss) | 143,420,705 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (99,732,431) |
Translation of other assets and liabilities in foreign currencies | (17,719) |
Net change in unrealized appreciation (depreciation) | (99,750,150) |
Net realized and unrealized gain (loss) | 43,670,555 |
Net increase (decrease) in net assets resulting from operations | $ 57,563,659 |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 13,893,104 | $ 24,342,977 |
Net realized gain (loss) | 143,420,705 | 72,745,772 |
Net change in unrealized appreciation (depreciation) | (99,750,150) | 81,835,697 |
Net increase (decrease) in net assets resulting from operations | 57,563,659 | 178,924,446 |
Distributions to shareholders: | ||
Initial Class | (13,874,720) | (11,646,224) |
Service Class | (59,581,954) | (54,685,087) |
Total distributions to shareholders | (73,456,674) | (66,331,311) |
Capital share transactions: | ||
Net proceeds from sales of shares | 83,467,996 | 102,621,118 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 73,456,674 | 66,331,311 |
Cost of shares redeemed | (278,193,216) | (176,726,990) |
Increase (decrease) in net assets derived from capital share transactions | (121,268,546) | (7,774,561) |
Net increase (decrease) in net assets | (137,161,561) | 104,818,574 |
Net Assets | ||
Beginning of year | 1,194,287,513 | 1,089,468,939 |
End of year | $1,057,125,952 | $1,194,287,513 |
14 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 13.58 | $ 12.35 | $ 13.49 | $ 11.68 | $ 11.75 | ||||
Net investment income (loss) (a) | 0.20 | 0.31 | 0.25 | 0.31 | 0.28 | ||||
Net realized and unrealized gain (loss) | 0.43 | 1.73 | (0.34) | 2.39 | (0.18) | ||||
Total from investment operations | 0.63 | 2.04 | (0.09) | 2.70 | 0.10 | ||||
Less distributions: | |||||||||
From net investment income | (0.30) | (0.28) | (0.33) | (0.34) | (0.15) | ||||
From net realized gain on investments | (0.71) | (0.53) | (0.72) | (0.55) | (0.02) | ||||
Total distributions | (1.01) | (0.81) | (1.05) | (0.89) | (0.17) | ||||
Net asset value at end of year | $ 13.20 | $ 13.58 | $ 12.35 | $ 13.49 | $ 11.68 | ||||
Total investment return (b) | 5.57% | 17.24% | (0.38)% | 23.26% | 0.80% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.46% | 2.41% | 2.06% | 2.41% | 2.31% | ||||
Net expenses (c) | 0.66% | 0.66% | 0.67% | 0.68% | 0.76% | ||||
Portfolio turnover rate | 53% | 34% | 62% | 47% | 84% | ||||
Net assets at end of year (in 000's) | $ 202,092 | $ 215,594 | $ 135,814 | $ 97,503 | $ 81,716 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 13.51 | $ 12.29 | $ 13.43 | $ 11.63 | $ 11.69 | ||||
Net investment income (loss) (a) | 0.17 | 0.27 | 0.22 | 0.28 | 0.25 | ||||
Net realized and unrealized gain (loss) | 0.43 | 1.72 | (0.35) | 2.37 | (0.18) | ||||
Total from investment operations | 0.60 | 1.99 | (0.13) | 2.65 | 0.07 | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.24) | (0.29) | (0.30) | (0.11) | ||||
From net realized gain on investments | (0.71) | (0.53) | (0.72) | (0.55) | (0.02) | ||||
Total distributions | (0.97) | (0.77) | (1.01) | (0.85) | (0.13) | ||||
Net asset value at end of year | $ 13.14 | $ 13.51 | $ 12.29 | $ 13.43 | $ 11.63 | ||||
Total investment return (b) | 5.31% | 16.95% | (0.63)% | 22.95% | 0.55% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.22% | 2.14% | 1.80% | 2.15% | 2.08% | ||||
Net expenses (c) | 0.91% | 0.91% | 0.92% | 0.93% | 1.01% | ||||
Portfolio turnover rate | 53% | 34% | 62% | 47% | 84% | ||||
Net assets at end of year (in 000's) | $ 855,034 | $ 978,694 | $ 953,655 | $ 1,121,657 | $ 1,066,963 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
16 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
18 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $944,992,092 | $123,923,794 | $(13,257,674) | $110,666,120 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$26,478,200 | $127,401,743 | $— | $110,644,594 | $264,524,537 |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$(409,810) | $409,810 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $23,960,588 | $21,083,694 |
Long-Term Capital Gains | 49,496,086 | 45,247,617 |
Total | $73,456,674 | $66,331,311 |
20 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Purchases (000's) | Sales (000's) | Realized Gain / (Loss) (000's) |
$9,620 | $11,521 | $2,770 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,583,682 | $ 20,686,389 |
Shares issued to shareholders in reinvestment of distributions | 1,176,971 | 13,874,720 |
Shares redeemed | (3,335,783) | (45,895,265) |
Net increase (decrease) | (575,130) | $ (11,334,156) |
Year ended December 31, 2021: | ||
Shares sold | 5,619,410 | $ 71,207,565 |
Shares issued to shareholders in reinvestment of distributions | 956,844 | 11,646,224 |
Shares redeemed | (1,694,431) | (21,841,993) |
Net increase (decrease) | 4,881,823 | $ 61,011,796 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 4,652,743 | $ 62,781,607 |
Shares issued to shareholders in reinvestment of distributions | 5,074,648 | 59,581,954 |
Shares redeemed | (17,109,749) | (232,297,951) |
Net increase (decrease) | (7,382,358) | $(109,934,390) |
Year ended December 31, 2021: | ||
Shares sold | 2,489,554 | $ 31,413,553 |
Shares issued to shareholders in reinvestment of distributions | 4,511,710 | 54,685,087 |
Shares redeemed | (12,158,673) | (154,884,997) |
Net increase (decrease) | (5,157,409) | $ (68,786,357) |
MainStay VP Fidelity Institutional AM® Utilities Portfolio
New York, New York
February 24, 2023
22 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
24 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
26 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
28 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
30 | MainStay VP Fidelity Institutional AM® Utilities Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015526 | MSVPMFS11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Since Inception | Gross Expense Ratio3 |
Initial Class Shares | 5/2/2016 | -20.83% | 0.59% | 5.15% | 0.86% |
Service Class Shares | 5/2/2016 | -21.03 | 0.34 | 4.89 | 1.11 |
1. | Effective January 1, 2018, due to an organizational restructuring, all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. |
2. | Effective May 1, 2021, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisors and principal investment strategies. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
Russell 2000® Index1 | -20.44% | 4.13% | 8.16% |
Morningstar Small Blend Category Average2 | -16.35 | 4.33 | 7.59 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Russell 2000® Index is the Portfolio’s primary broad-based securities market index for comparison purposes. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. |
2. | The Morningstar Small Blend Category Average is representative of funds that favor U.S. firms at the smaller end of the market-capitalization range. Some aim to own an array of value and growth stocks while others employ a discipline that leads to holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization of the U.S. equity market are defined as small cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,033.70 | $3.79 | $1,021.47 | $3.77 | 0.74% |
Service Class Shares | $1,000.00 | $1,032.40 | $5.07 | $1,020.21 | $5.04 | 0.99% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Wellington Small Cap Portfolio |
Banks | 9.6% |
Software | 5.8 |
Biotechnology | 5.3 |
Trading Companies & Distributors | 4.6 |
Energy Equipment & Services | 4.3 |
Health Care Equipment & Supplies | 4.2 |
Thrifts & Mortgage Finance | 3.4 |
Consumer Finance | 3.3 |
Commercial Services & Supplies | 3.1 |
Chemicals | 3.1 |
Insurance | 2.6 |
Equity Real Estate Investment Trusts | 2.5 |
Oil, Gas & Consumable Fuels | 2.4 |
Hotels, Restaurants & Leisure | 2.3 |
Health Care Providers & Services | 2.3 |
Semiconductors & Semiconductor Equipment | 2.2 |
Metals & Mining | 2.2 |
IT Services | 2.1 |
Textiles, Apparel & Luxury Goods | 2.1 |
Personal Products | 2.0 |
Exchange–Traded Funds | 1.9 |
Construction & Engineering | 1.8 |
Auto Components | 1.8 |
Pharmaceuticals | 1.7 |
Household Durables | 1.7 |
Diversified Consumer Services | 1.5 |
Professional Services | 1.5% |
Machinery | 1.4 |
Building Products | 1.4 |
Media | 1.3 |
Electronic Equipment, Instruments & Components | 1.2 |
Specialty Retail | 1.2 |
Electrical Equipment | 1.2 |
Capital Markets | 1.1 |
Real Estate Management & Development | 1.0 |
Gas Utilities | 1.0 |
Marine | 0.9 |
Communications Equipment | 0.8 |
Mortgage Real Estate Investment Trusts | 0.8 |
Road & Rail | 0.6 |
Household Products | 0.6 |
Electric Utilities | 0.6 |
Food Products | 0.6 |
Aerospace & Defense | 0.5 |
Leisure Products | 0.5 |
Health Care Technology | 0.4 |
Interactive Media & Services | 0.4 |
Beverages | 0.4 |
Short–Term Investments | 2.9 |
Other Assets, Less Liabilities | –2.1 |
100.0% |
1. | Monro, Inc. |
2. | Federal Agricultural Mortgage Corp., Class C |
3. | Skyline Champion Corp. |
4. | PRA Group, Inc. |
5. | elf Beauty, Inc. |
6. | Inspire Medical Systems, Inc. |
7. | Kemper Corp. |
8. | iShares Russell 2000 ETF |
9. | New Jersey Resources Corp. |
10. | Livent Corp. |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | To equitize cash, an investment manager purchases stock index futures, forwards or stock options contracts from a cash or liquid asset position, thus producing a return that is linked to equity performance. |
8 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks 97.2% | ||
Aerospace & Defense 0.5% | ||
Spirit AeroSystems Holdings, Inc., Class A | 65,391 | $ 1,935,574 |
Auto Components 1.8% | ||
Dana, Inc. | 182,116 | 2,755,415 |
Gentherm, Inc. (a) | 41,310 | 2,697,130 |
Visteon Corp. (a) | 11,579 | 1,514,881 |
6,967,426 | ||
Banks 9.6% | ||
Ameris Bancorp | 47,320 | 2,230,665 |
Bank OZK | 43,774 | 1,753,586 |
Banner Corp. | 27,210 | 1,719,672 |
Berkshire Hills Bancorp, Inc. | 69,232 | 2,070,037 |
Cadence Bank | 146,425 | 3,610,841 |
First Hawaiian, Inc. | 74,249 | 1,933,444 |
First Interstate BancSystem, Inc., Class A | 61,905 | 2,392,628 |
FNB Corp. | 167,544 | 2,186,449 |
Home BancShares, Inc. | 112,310 | 2,559,545 |
OFG Bancorp | 77,153 | 2,126,337 |
Old National Bancorp | 149,472 | 2,687,507 |
Pacific Premier Bancorp, Inc. | 68,847 | 2,172,811 |
Sandy Spring Bancorp, Inc. | 56,213 | 1,980,384 |
Stellar Bancorp, Inc. (b) | 78,472 | 2,311,785 |
Synovus Financial Corp. | 50,282 | 1,888,089 |
United Community Banks, Inc. | 69,723 | 2,356,637 |
Veritex Holdings, Inc. | 71,811 | 2,016,453 |
37,996,870 | ||
Beverages 0.4% | ||
Celsius Holdings, Inc. (a) | 14,266 | 1,484,235 |
Biotechnology 5.3% | ||
ACADIA Pharmaceuticals, Inc. (a) | 113,727 | 1,810,534 |
Ascendis Pharma A/S, ADR (a) | 4,448 | 543,234 |
Blueprint Medicines Corp. (a) | 16,740 | 733,379 |
Celldex Therapeutics, Inc. (a) | 80,211 | 3,575,004 |
Cytokinetics, Inc. (a)(b) | 62,299 | 2,854,540 |
Immunocore Holdings plc, ADR (a) | 12,501 | 713,432 |
Intellia Therapeutics, Inc. (a) | 15,439 | 538,667 |
Karuna Therapeutics, Inc. (a) | 5,200 | 1,021,800 |
Kymera Therapeutics, Inc. (a) | 70,891 | 1,769,439 |
Merus NV (a) | 132,911 | 2,056,133 |
Prothena Corp. plc (a) | 10,489 | 631,962 |
PTC Therapeutics, Inc. (a) | 22,046 | 841,496 |
REVOLUTION Medicines, Inc. (a) | 22,917 | 545,883 |
Rocket Pharmaceuticals, Inc. (a) | 24,789 | 485,121 |
Sage Therapeutics, Inc. (a) | 44,710 | 1,705,240 |
Shares | Value | |
Biotechnology (continued) | ||
Syndax Pharmaceuticals, Inc. (a) | 24,747 | $ 629,811 |
Vaxcyte, Inc. (a) | 8,685 | 416,446 |
20,872,121 | ||
Building Products 1.4% | ||
Apogee Enterprises, Inc. | 49,459 | 2,198,947 |
AZEK Co., Inc. (The) (a) | 32,641 | 663,265 |
Insteel Industries, Inc. | 50,233 | 1,382,412 |
Zurn Elkay Water Solutions Corp. | 57,493 | 1,215,977 |
5,460,601 | ||
Capital Markets 1.1% | ||
Greenhill & Co., Inc. | 244,896 | 2,510,184 |
Hamilton Lane, Inc., Class A | 29,809 | 1,904,199 |
4,414,383 | ||
Chemicals 3.1% | ||
Cabot Corp. | 34,631 | 2,314,736 |
Livent Corp. (a) | 193,700 | 3,848,819 |
Mativ Holdings, Inc. | 98,007 | 2,048,346 |
Minerals Technologies, Inc. | 27,459 | 1,667,311 |
Quaker Chemical Corp. | 14,941 | 2,493,653 |
12,372,865 | ||
Commercial Services & Supplies 3.1% | ||
BrightView Holdings, Inc. (a) | 166,250 | 1,145,462 |
Casella Waste Systems, Inc., Class A (a) | 23,349 | 1,851,809 |
CoreCivic, Inc. (a) | 143,048 | 1,653,635 |
Deluxe Corp. | 65,113 | 1,105,619 |
Interface, Inc. | 241,708 | 2,385,658 |
Loomis AB | 80,229 | 2,197,695 |
MillerKnoll, Inc. | 96,865 | 2,035,134 |
12,375,012 | ||
Communications Equipment 0.8% | ||
Calix, Inc. (a) | 44,311 | 3,032,202 |
Construction & Engineering 1.8% | ||
Ameresco, Inc., Class A (a) | 22,363 | 1,277,822 |
Badger Infrastructure Solutions Ltd. | 113,073 | 2,226,386 |
Fluor Corp. (a) | 100,081 | 3,468,807 |
6,973,015 | ||
Consumer Finance 3.3% | ||
Bread Financial Holdings, Inc. | 42,726 | 1,609,061 |
Enova International, Inc. (a) | 91,275 | 3,502,222 |
Navient Corp. | 107,542 | 1,769,066 |
PRA Group, Inc. (a) | 124,515 | 4,206,117 |
10 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Consumer Finance (continued) | ||
PROG Holdings, Inc. (a) | 112,341 | $ 1,897,439 |
12,983,905 | ||
Diversified Consumer Services 1.5% | ||
Adtalem Global Education, Inc. (a) | 57,815 | 2,052,433 |
Chegg, Inc. (a) | 91,603 | 2,314,808 |
H&R Block, Inc. | 48,132 | 1,757,299 |
6,124,540 | ||
Electric Utilities 0.6% | ||
Portland General Electric Co. | 45,551 | 2,231,999 |
Electrical Equipment 1.2% | ||
Acuity Brands, Inc. | 15,841 | 2,623,428 |
EnerSys | 30,016 | 2,216,381 |
4,839,809 | ||
Electronic Equipment, Instruments & Components 1.2% | ||
FARO Technologies, Inc. (a) | 89,903 | 2,644,047 |
Novanta, Inc. (a) | 17,121 | 2,326,230 |
4,970,277 | ||
Energy Equipment & Services 4.2% | ||
Cactus, Inc., Class A | 49,423 | 2,484,000 |
ChampionX Corp. | 68,047 | 1,972,682 |
DMC Global, Inc. (a) | 120,442 | 2,341,392 |
Liberty Energy, Inc., Class A | 169,554 | 2,714,560 |
Nabors Industries Ltd. (a) | 17,726 | 2,745,226 |
Patterson-UTI Energy, Inc. | 138,540 | 2,333,014 |
TechnipFMC plc (a) | 177,885 | 2,168,418 |
16,759,292 | ||
Equity Real Estate Investment Trusts 2.5% | ||
CareTrust REIT, Inc. | 127,040 | 2,360,403 |
Pebblebrook Hotel Trust (b) | 133,916 | 1,793,135 |
Piedmont Office Realty Trust, Inc., Class A | 221,993 | 2,035,676 |
Ryman Hospitality Properties, Inc. | 25,636 | 2,096,512 |
Uniti Group, Inc. | 324,636 | 1,795,237 |
10,080,963 | ||
Food Products 0.6% | ||
Calavo Growers, Inc. | 74,739 | 2,197,327 |
Gas Utilities 1.0% | ||
New Jersey Resources Corp. | 80,309 | 3,984,933 |
Shares | Value | |
Health Care Equipment & Supplies 4.2% | ||
Artivion, Inc. (a) | 160,520 | $ 1,945,503 |
Globus Medical, Inc., Class A (a) | 21,503 | 1,597,028 |
Inari Medical, Inc. (a) | 24,706 | 1,570,313 |
Inspire Medical Systems, Inc. (a) | 16,520 | 4,161,058 |
Lantheus Holdings, Inc. (a) | 43,516 | 2,217,575 |
NuVasive, Inc. (a) | 45,335 | 1,869,615 |
Shockwave Medical, Inc. (a) | 7,274 | 1,495,607 |
SI-BONE, Inc. (a) | 135,711 | 1,845,670 |
16,702,369 | ||
Health Care Providers & Services 2.3% | ||
Acadia Healthcare Co., Inc. (a) | 28,685 | 2,361,349 |
AMN Healthcare Services, Inc. (a) | 26,650 | 2,740,153 |
Cross Country Healthcare, Inc. (a) | 67,772 | 1,800,702 |
Premier, Inc., Class A | 63,137 | 2,208,532 |
9,110,736 | ||
Health Care Technology 0.4% | ||
NextGen Healthcare, Inc. (a) | 93,475 | 1,755,461 |
Hotels, Restaurants & Leisure 2.3% | ||
Cracker Barrel Old Country Store, Inc. (b) | 22,033 | 2,087,406 |
Hilton Grand Vacations, Inc. (a) | 72,525 | 2,795,114 |
Texas Roadhouse, Inc. | 23,239 | 2,113,587 |
Wingstop, Inc. | 16,628 | 2,288,345 |
9,284,452 | ||
Household Durables 1.7% | ||
Helen of Troy Ltd. (a) | 20,499 | 2,273,544 |
Skyline Champion Corp. (a) | 88,130 | 4,539,576 |
6,813,120 | ||
Household Products 0.6% | ||
Energizer Holdings, Inc. | 67,362 | 2,259,995 |
Insurance 2.6% | ||
Kemper Corp. | 83,732 | 4,119,615 |
Lancashire Holdings Ltd. | 300,743 | 2,348,922 |
ProAssurance Corp. | 95,728 | 1,672,368 |
SiriusPoint Ltd. (a) | 362,863 | 2,140,892 |
10,281,797 | ||
Interactive Media & Services 0.4% | ||
Ziff Davis, Inc. (a) | 19,582 | 1,548,936 |
IT Services 2.1% | ||
ExlService Holdings, Inc. (a) | 15,088 | 2,556,360 |
I3 Verticals, Inc., Class A (a) | 108,797 | 2,648,119 |
Shares | Value | |
Common Stocks (continued) | ||
IT Services (continued) | ||
Perficient, Inc. (a) | 11,076 | $ 773,437 |
Verra Mobility Corp. (a) | 184,203 | 2,547,527 |
8,525,443 | ||
Leisure Products 0.5% | ||
Sturm Ruger & Co., Inc. | 37,953 | 1,921,181 |
Machinery 1.4% | ||
Kennametal, Inc. | 90,838 | 2,185,562 |
Middleby Corp. (The) (a) | 9,911 | 1,327,083 |
REV Group, Inc. | 155,584 | 1,963,470 |
5,476,115 | ||
Marine 0.9% | ||
Kirby Corp. (a) | 54,255 | 3,491,309 |
Media 1.3% | ||
Criteo SA, Sponsored ADR (a) | 56,726 | 1,478,279 |
Magnite, Inc. (a) | 344,240 | 3,645,502 |
5,123,781 | ||
Metals & Mining 2.2% | ||
Carpenter Technology Corp. | 68,364 | 2,525,366 |
Compass Minerals International, Inc. | 44,596 | 1,828,436 |
Materion Corp. | 28,740 | 2,515,037 |
MP Materials Corp. (a) | 68,963 | 1,674,422 |
8,543,261 | ||
Mortgage Real Estate Investment Trusts 0.8% | ||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (b) | 46,343 | 1,343,020 |
Rithm Capital Corp. | 204,422 | 1,670,128 |
3,013,148 | ||
Oil, Gas & Consumable Fuels 2.4% | ||
Chord Energy Corp. | 21,628 | 2,958,927 |
PBF Energy, Inc., Class A | 58,740 | 2,395,417 |
SM Energy Co. | 51,650 | 1,798,969 |
Viper Energy Partners LP | 72,426 | 2,302,423 |
9,455,736 | ||
Personal Products 2.0% | ||
Edgewell Personal Care Co. (b) | 53,485 | 2,061,312 |
elf Beauty, Inc. (a) | 75,777 | 4,190,468 |
Medifast, Inc. | 14,309 | 1,650,543 |
7,902,323 |
Shares | Value | |
Pharmaceuticals 1.7% | ||
Aclaris Therapeutics, Inc. (a) | 119,798 | $ 1,886,819 |
Arvinas, Inc. (a) | 30,930 | 1,058,115 |
Intra-Cellular Therapies, Inc. (a) | 16,022 | 847,884 |
Pacira BioSciences, Inc. (a) | 67,054 | 2,588,955 |
Revance Therapeutics, Inc. (a) | 21,087 | 389,266 |
Verona Pharma plc, ADR (a) | 2,400 | 62,712 |
6,833,751 | ||
Professional Services 1.5% | ||
Insperity, Inc. | 30,456 | 3,459,802 |
TriNet Group, Inc. (a) | 37,538 | 2,545,076 |
6,004,878 | ||
Real Estate Management & Development 1.0% | ||
Marcus & Millichap, Inc. | 68,723 | 2,367,507 |
Tricon Residential, Inc. | 231,055 | 1,781,434 |
4,148,941 | ||
Road & Rail 0.6% | ||
Heartland Express, Inc. | 165,178 | 2,533,831 |
Semiconductors & Semiconductor Equipment 2.2% | ||
Ichor Holdings Ltd. (a) | 63,913 | 1,714,147 |
MKS Instruments, Inc. | 11,094 | 939,995 |
Silicon Motion Technology Corp., ADR | 27,540 | 1,789,825 |
Synaptics, Inc. (a) | 18,294 | 1,740,857 |
Tower Semiconductor Ltd. (a) | 62,713 | 2,709,201 |
8,894,025 | ||
Software 5.8% | ||
Adeia, Inc. | 224,927 | 2,132,308 |
Agilysys, Inc. (a) | 47,658 | 3,771,654 |
Box, Inc., Class A (a) | 84,398 | 2,627,310 |
Consensus Cloud Solutions, Inc. (a) | 51,227 | 2,753,964 |
Five9, Inc. (a) | 26,756 | 1,815,662 |
InterDigital, Inc. | 43,091 | 2,132,143 |
Jamf Holding Corp. (a) | 86,364 | 1,839,553 |
Manhattan Associates, Inc. (a) | 11,821 | 1,435,069 |
RingCentral, Inc., Class A (a) | 43,425 | 1,537,245 |
SolarWinds Corp. (a) | 136,809 | 1,280,532 |
Xperi, Inc. (a)(c) | 203,976 | 1,756,233 |
23,081,673 | ||
Specialty Retail 1.2% | ||
Monro, Inc. | 107,114 | 4,841,553 |
Textiles, Apparel & Luxury Goods 2.1% | ||
Carter's, Inc. | 23,167 | 1,728,490 |
Crocs, Inc. (a) | 19,902 | 2,157,974 |
12 | MainStay VP Wellington Small Cap Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Textiles, Apparel & Luxury Goods (continued) | ||
Kontoor Brands, Inc. | 53,959 | $ 2,157,820 |
Steven Madden Ltd. | 66,480 | 2,124,701 |
8,168,985 | ||
Thrifts & Mortgage Finance 3.4% | ||
Federal Agricultural Mortgage Corp., Class C | 41,294 | 4,654,247 |
MGIC Investment Corp. | 169,765 | 2,206,945 |
NMI Holdings, Inc., Class A (a) | 114,019 | 2,382,997 |
Radian Group, Inc. | 125,898 | 2,400,875 |
WSFS Financial Corp. | 38,709 | 1,755,066 |
13,400,130 | ||
Trading Companies & Distributors 4.6% | ||
Air Lease Corp. | 52,468 | 2,015,820 |
Applied Industrial Technologies, Inc. | 27,228 | 3,431,545 |
Boise Cascade Co. | 44,982 | 3,088,914 |
McGrath RentCorp | 21,566 | 2,129,427 |
MRC Global, Inc. (a) | 298,777 | 3,459,838 |
Rush Enterprises, Inc., Class A | 25,828 | 1,350,288 |
WESCO International, Inc. (a) | 22,658 | 2,836,781 |
18,312,613 | ||
Total Common Stocks (Cost $429,757,621) | 385,486,892 | |
Exchange-Traded Funds 1.9% | ||
iShares Russell 2000 ETF (b) | 22,867 | 3,987,090 |
iShares Russell 2000 Growth ETF (b) | 6,619 | 1,419,908 |
iShares Russell 2000 Value ETF (b) | 13,453 | 1,865,528 |
Total Exchange-Traded Funds (Cost $7,563,101) | 7,272,526 | |
Number of Warrants | ||
Warrants 0.1% | ||
Energy Equipment & Services 0.1% | ||
Nabors Industries Ltd. | ||
Expires 6/11/26 (a) | 10,100 | 332,290 |
Total Warrants (Cost $0) | 332,290 | |
Shares | Value | ||
Short-Term Investments 2.9% | |||
Affiliated Investment Company 0.9% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (d) | 3,650,718 | $ 3,650,718 | |
Unaffiliated Investment Company 2.0% | |||
Invesco Government and Agency Portfolio, 4.301% (d)(e) | 7,901,883 | 7,901,883 | |
Total Short-Term Investments (Cost $11,552,601) | 11,552,601 | ||
Total Investments (Cost $448,873,323) | 102.1% | 404,644,309 | |
Other Assets, Less Liabilities | (2.1) | (8,149,703) | |
Net Assets | 100.0% | $ 396,494,606 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Non-income producing security. |
(b) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $9,591,490; the total market value of collateral held by the Portfolio was $9,853,947. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,952,064. The Portfolio received cash collateral with a value of $7,901,883. (See Note 2(I)) |
(c) | Illiquid security—As of December 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,756,233, which represented 0.4% of the Portfolio’s net assets. (Unaudited) |
(d) | Current yield as of December 31, 2022. |
(e) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ — | $ 114,254 | $ (110,603) | $ — | $ — | $ 3,651 | $ 101 | $ — | 3,651 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
Russell 2000 E-Mini Index | 25 | March 2023 | $ 2,292,525 | $ 2,213,625 | $ (78,900) |
1. | As of December 31, 2022, cash in the amount of $159,500 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2022. |
Abbreviation(s): |
ADR—American Depositary Receipt |
ETF—Exchange-Traded Fund |
REIT—Real Estate Investment Trust |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | |||||||
Commercial Services & Supplies | $ 10,177,317 | $ 2,197,695 | $ — | $ 12,375,012 | |||
Insurance | 7,932,875 | 2,348,922 | — | 10,281,797 | |||
All Other Industries | 362,830,083 | — | — | 362,830,083 | |||
Total Common Stocks | 380,940,275 | 4,546,617 | — | 385,486,892 | |||
Exchange-Traded Funds | 7,272,526 | — | — | 7,272,526 | |||
Warrants | 332,290 | — | — | 332,290 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 3,650,718 | — | — | 3,650,718 | |||
Unaffiliated Investment Company | 7,901,883 | — | — | 7,901,883 | |||
Total Short-Term Investments | 11,552,601 | — | — | 11,552,601 | |||
Total Investments in Securities | $ 400,097,692 | $ 4,546,617 | $ — | $ 404,644,309 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (78,900) | $ — | $ — | $ (78,900) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
14 | MainStay VP Wellington Small Cap Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $445,222,605) including securities on loan of $9,591,490 | $400,993,591 |
Investment in affiliated investment companies, at value (identified cost $3,650,718) | 3,650,718 |
Cash collateral on deposit at broker for futures contracts | 159,500 |
Receivables: | |
Dividends | 603,501 |
Investment securities sold | 268,809 |
Portfolio shares sold | 28,680 |
Securities lending | 2,281 |
Other assets | 2,388 |
Total assets | 405,709,468 |
Liabilities | |
Cash collateral received for securities on loan | 7,901,883 |
Payables: | |
Investment securities purchased | 822,031 |
Manager (See Note 3) | 244,468 |
Shareholder communication | 87,397 |
Portfolio shares redeemed | 61,227 |
NYLIFE Distributors (See Note 3) | 48,858 |
Professional fees | 27,915 |
Variation margin on futures contracts | 7,708 |
Custodian | 5,552 |
Accrued expenses | 7,823 |
Total liabilities | 9,214,862 |
Net assets | $396,494,606 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 51,948 |
Additional paid-in-capital | 487,238,851 |
487,290,799 | |
Total distributable earnings (loss) | (90,796,193) |
Net assets | $396,494,606 |
Initial Class | |
Net assets applicable to outstanding shares | $172,629,031 |
Shares of beneficial interest outstanding | 22,455,830 |
Net asset value per share outstanding | $ 7.69 |
Service Class | |
Net assets applicable to outstanding shares | $223,865,575 |
Shares of beneficial interest outstanding | 29,491,693 |
Net asset value per share outstanding | $ 7.59 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $31,619) | $ 6,032,079 |
Dividends-affiliated | 101,121 |
Securities lending, net | 78,551 |
Total income | 6,211,751 |
Expenses | |
Manager (See Note 3) | 3,468,340 |
Distribution/Service—Service Class (See Note 3) | 636,465 |
Shareholder communication | 93,640 |
Professional fees | 76,725 |
Custodian | 14,960 |
Trustees | 8,917 |
Miscellaneous | 15,210 |
Total expenses before waiver/reimbursement | 4,314,257 |
Expense waiver/reimbursement from Manager (See Note 3) | (469,574) |
Net expenses | 3,844,683 |
Net investment income (loss) | 2,367,068 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (45,828,599) |
Futures transactions | (1,970,259) |
Foreign currency transactions | 29,980 |
Net realized gain (loss) | (47,768,878) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (61,995,844) |
Futures contracts | (68,431) |
Translation of other assets and liabilities in foreign currencies | (9,335) |
Net change in unrealized appreciation (depreciation) | (62,073,610) |
Net realized and unrealized gain (loss) | (109,842,488) |
Net increase (decrease) in net assets resulting from operations | $(107,475,420) |
16 | MainStay VP Wellington Small Cap Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 2,367,068 | $ 3,974,275 |
Net realized gain (loss) | (47,768,878) | 153,598,829 |
Net change in unrealized appreciation (depreciation) | (62,073,610) | (69,630,017) |
Net increase (decrease) in net assets resulting from operations | (107,475,420) | 87,943,087 |
Distributions to shareholders: | ||
Initial Class | (49,470,351) | (775,143) |
Service Class | (66,408,806) | (592,973) |
Total distributions to shareholders | (115,879,157) | (1,368,116) |
Capital share transactions: | ||
Net proceeds from sales of shares | 42,762,495 | 46,281,087 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 115,879,157 | 1,368,116 |
Cost of shares redeemed | (57,789,013) | (117,292,808) |
Increase (decrease) in net assets derived from capital share transactions | 100,852,639 | (69,643,605) |
Net increase (decrease) in net assets | (122,501,938) | 16,931,366 |
Net Assets | ||
Beginning of year | 518,996,544 | 502,065,178 |
End of year | $ 396,494,606 | $ 518,996,544 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 13.79 | $ 11.73 | $ 10.65 | $ 9.82 | $ 13.16 | ||||
Net investment income (loss) (a) | 0.07 | 0.16 | 0.04 | 0.05 | 0.04 | ||||
Net realized and unrealized gain (loss) | (3.05) | 1.95 | 1.05 | 1.61 | (1.71) | ||||
Total from investment operations | (2.98) | 2.11 | 1.09 | 1.66 | (1.67) | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.05) | (0.01) | (0.02) | — | ||||
From net realized gain on investments | (2.99) | — | — | (0.81) | (1.67) | ||||
Total distributions | (3.12) | (0.05) | (0.01) | (0.83) | (1.67) | ||||
Net asset value at end of year | $ 7.69 | $ 13.79 | $ 11.73 | $ 10.65 | $ 9.82 | ||||
Total investment return (b) | (20.83)% | 18.03% | 10.22% | 17.82% | (15.11)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.70% | 0.93% | 0.42% | 0.48% | 0.33% | ||||
Net expenses (c) | 0.74% | 0.74% | 0.75% | 0.82% | 0.90% | ||||
Expenses (before waiver/reimbursement) (c) | 0.85% | 0.86% | 0.86% | 0.86% | 0.90% | ||||
Portfolio turnover rate | 71% | 83% | 225% | 257% | 161% | ||||
Net assets at end of year (in 000's) | $ 172,629 | $ 206,410 | $ 197,586 | $ 198,292 | $ 123,857 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 13.65 | $ 11.61 | $ 10.56 | $ 9.76 | $ 13.11 | ||||
Net investment income (loss) (a) | 0.05 | 0.12 | 0.02 | 0.02 | 0.01 | ||||
Net realized and unrealized gain (loss) | (3.02) | 1.95 | 1.03 | 1.59 | (1.69) | ||||
Total from investment operations | (2.97) | 2.07 | 1.05 | 1.61 | (1.68) | ||||
Less distributions: | |||||||||
From net investment income | (0.10) | (0.03) | — | (0.00)‡ | — | ||||
From net realized gain on investments | (2.99) | — | — | (0.81) | (1.67) | ||||
Total distributions | (3.09) | (0.03) | — | (0.81) | (1.67) | ||||
Net asset value at end of year | $ 7.59 | $ 13.65 | $ 11.61 | $ 10.56 | $ 9.76 | ||||
Total investment return (b) | (21.03)% | 17.73% | 9.94%(c) | 17.53% | (15.32)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.44% | 0.66% | 0.17% | 0.22% | 0.09% | ||||
Net expenses (d) | 0.99% | 0.99% | 1.00% | 1.07% | 1.15% | ||||
Expenses (before waiver/reimbursement) (d) | 1.10% | 1.11% | 1.11% | 1.12% | 1.15% | ||||
Portfolio turnover rate | 71% | 83% | 225% | 257% | 161% | ||||
Net assets at end of year (in 000's) | $ 223,866 | $ 312,587 | $ 304,479 | $ 317,216 | $ 136,965 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Wellington Small Cap Portfolio |
Class | Commenced Operations |
Initial Class | May 2, 2016 |
Service Class | May 2, 2016 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay VP Wellington Small Cap Portfolio |
22 | MainStay VP Wellington Small Cap Portfolio |
Liability Derivatives | Equity Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(78,900) | $(78,900) |
Total Fair Value | $(78,900) | $(78,900) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Futures Contracts | $(1,970,259) | $(1,970,259) |
Total Net Realized Gain (Loss) | $(1,970,259) | $(1,970,259) |
Net Change in Unrealized Appreciation (Depreciation) | Equity Contracts Risk | Total |
Futures Contracts | $(68,431) | $(68,431) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(68,431) | $(68,431) |
Average Notional Amount | Total |
Futures Contracts Long | $5,172,124 |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $452,876,688 | $23,280,986 | $(71,513,365) | $(48,232,379) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$2,542,653 | $(45,284,168) | $177,700 | $(48,232,378) | $(90,796,193) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $33,618 | $11,666 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 88,089,468 | $1,368,116 |
Long-Term Capital Gains | 27,789,689 | — |
Total | $115,879,157 | $1,368,116 |
24 | MainStay VP Wellington Small Cap Portfolio |
Purchases (000's) | Sales (000's) | Realized Gain / (Loss) (000's) |
$52 | $1,635 | $(237) |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 2,446,048 | $ 27,488,637 |
Shares issued to shareholders in reinvestment of distributions | 6,649,151 | 49,470,351 |
Shares redeemed | (1,607,897) | (17,992,442) |
Net increase (decrease) | 7,487,302 | $ 58,966,546 |
Year ended December 31, 2021: | ||
Shares sold | 1,441,213 | $ 19,527,641 |
Shares issued to shareholders in reinvestment of distributions | 57,939 | 775,143 |
Shares redeemed | (3,382,279) | (45,833,212) |
Net increase (decrease) | (1,883,127) | $(25,530,428) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,368,591 | $ 15,273,858 |
Shares issued to shareholders in reinvestment of distributions | 9,034,597 | 66,408,806 |
Shares redeemed | (3,804,605) | (39,796,571) |
Net increase (decrease) | 6,598,583 | $ 41,886,093 |
Year ended December 31, 2021: | ||
Shares sold | 2,018,860 | $ 26,753,446 |
Shares issued to shareholders in reinvestment of distributions | 44,736 | 592,973 |
Shares redeemed | (5,387,047) | (71,459,596) |
Net increase (decrease) | (3,323,451) | $(44,113,177) |
26 | MainStay VP Wellington Small Cap Portfolio |
MainStay VP Wellington Small Cap Portfolio
New York, New York
February 24, 2023
28 | MainStay VP Wellington Small Cap Portfolio |
30 | MainStay VP Wellington Small Cap Portfolio |
32 | MainStay VP Wellington Small Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
34 | MainStay VP Wellington Small Cap Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
36 | MainStay VP Wellington Small Cap Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015867 | MSVPSCC11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1, 2, 3 | One Year | Five Years | Ten Years | Gross Expense Ratio4 |
Initial Class Shares | 2/17/2012 | -28.72% | -3.48% | -1.17% | 1.14% |
Service Class Shares | 2/17/2012 | -28.89 | -3.72 | -1.42 | 1.39 |
1. | Effective January 13, 2015, the Portfolio changed its subadvisors and revised its principal investment strategies. The performance in the graph and table prior to that date reflects the Portfolio’s prior subadvisors and principal investment strategies. |
2. | Effective January 1, 2018, due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. |
3. | Effective May 1, 2021, the Portfolio replaced one of its subadvisors and modified its principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio's prior subadvisor and principal investment strategies. |
4. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI Emerging Markets Index (Net)1 | -20.09% | -1.40% | 1.44% |
Morningstar Diversified Emerging Markets Category Average2 | -21.03 | -1.52 | 1.14 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The MSCI Emerging Markets Index (Net) is the Portfolio's primary benchmark. The MSCI Emerging Markets Index (Net) is a broad-based benchmark that is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. |
2. | The Morningstar Diversified Emerging Markets Category Average is representative of funds that tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These funds invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $908.00 | $5.67 | $1,019.26 | $6.01 | 1.18% |
Service Class Shares | $1,000.00 | $906.90 | $6.87 | $1,018.00 | $7.27 | 1.43% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Candriam Emerging Markets Equity Portfolio |
China | 34.2% |
India | 15.8 |
Taiwan | 11.5 |
Republic of Korea | 10.8 |
Brazil | 8.1 |
Thailand | 4.4 |
Mexico | 4.0 |
Indonesia | 3.5 |
South Africa | 2.7 |
Poland | 1.1 |
Turkey | 0.7% |
Peru | 0.6 |
Chile | 0.5 |
United States | 0.4 |
Russia | 0.0‡ |
Greece | 0.0‡ |
Hong Kong | 0.0‡ |
Other Assets, Less Liabilities | 1.7 |
100.0% |
‡ | Less than one–tenth of a percent. |
1. | Taiwan Semiconductor Manufacturing Co. Ltd. |
2. | Tencent Holdings Ltd. |
3. | Alibaba Group Holding Ltd. |
4. | Meituan |
5. | Ping An Insurance Group Co. of China Ltd., Class H |
6. | JD.com, Inc., Class A |
7. | Samsung Electronics Co. Ltd. |
8. | Samsung SDI Co. Ltd. |
9. | Reliance Industries Ltd. |
10. | HDFC Bank Ltd. |
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. |
8 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks 97.3% | ||
Brazil 7.1% | ||
Arezzo Industria e Comercio SA (Textiles, Apparel & Luxury Goods) | 64,000 | $ 948,740 |
B3 SA - Brasil Bolsa Balcao (Capital Markets) | 480,000 | 1,200,287 |
BB Seguridade Participacoes SA (Insurance) | 352,000 | 2,235,097 |
Hypera SA (Pharmaceuticals) (a) | 188,000 | 1,610,152 |
Localiza Rent a Car SA (Road & Rail) | 134,000 | 1,349,523 |
MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a) | 3,740 | 3,164,938 |
Petro Rio SA (Oil, Gas & Consumable Fuels) (a) | 374,000 | 2,647,481 |
SLC Agricola SA (Food Products) | 48,000 | 426,352 |
WEG SA (Electrical Equipment) | 378,000 | 2,753,099 |
16,335,669 | ||
Chile 0.5% | ||
Sociedad Quimica y Minera de Chile SA, Sponsored ADR (Chemicals) | 13,800 | 1,101,792 |
China 34.2% | ||
Aier Eye Hospital Group Co. Ltd., Class A (Health Care Providers & Services) | 310,080 | 1,386,421 |
Airtac International Group (Machinery) | 37,000 | 1,119,885 |
Alibaba Group Holding Ltd. (Internet & Direct Marketing Retail) (a) | 744,000 | 8,214,627 |
Asia Cement China Holdings Corp. (Construction Materials) | 15,500 | 7,273 |
Bank of Jiangsu Co. Ltd., Class A (Banks) | 2,700,000 | 2,832,076 |
Beijing United Information Technology Co. Ltd., Class A (Trading Companies & Distributors) | 42,118 | 535,224 |
BYD Co. Ltd., Class H (Automobiles) | 108,000 | 2,655,863 |
BYD Electronic International Co. Ltd. (Communications Equipment) | 570,000 | 1,833,498 |
China Tourism Group Duty Free Corp. Ltd., Class H (Specialty Retail) (a)(b) | 82,000 | 2,416,722 |
Contemporary Amperex Technology Co. Ltd., Class A (Electrical Equipment) | 24,992 | 1,415,084 |
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals) | 840,000 | 882,640 |
Ganfeng Lithium Group Co. Ltd., Class H (Metals & Mining) (b)(c) | 174,000 | 1,299,988 |
Ginlong Technologies Co. Ltd., Class A (Electrical Equipment) (a) | 13,980 | 362,278 |
Jafron Biomedical Co. Ltd., Class A (Health Care Equipment & Supplies) | 92,920 | 413,990 |
Shares | Value | |
China (continued) | ||
JD Health International, Inc. (Internet & Direct Marketing Retail) (a)(b) | 306,000 | $ 2,798,442 |
JD.com, Inc., Class A (Internet & Direct Marketing Retail) | 182,000 | 5,116,083 |
Jiumaojiu International Holdings Ltd. (Hotels, Restaurants & Leisure) (b) | 1,100,000 | 2,901,993 |
Li Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | 92,000 | 789,475 |
LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 91,992 | 559,488 |
Longshine Technology Group Co. Ltd., Class A (Software) | 307,991 | 972,206 |
Meituan (Internet & Direct Marketing Retail) (a)(b) | 282,000 | 6,235,409 |
Ming Yang Smart Energy Group Ltd., Class A (Electrical Equipment) | 443,975 | 1,614,125 |
NARI Technology Co. Ltd., Class A (Electrical Equipment) | 360,997 | 1,262,518 |
NetEase, Inc. (Entertainment) | 90,000 | 1,311,889 |
Ningbo Deye Technology Co. Ltd., Class A (Machinery) | 13,992 | 666,847 |
Ningbo Orient Wires & Cables Co. Ltd., Class A (Electrical Equipment) | 93,993 | 917,488 |
Nongfu Spring Co. Ltd., Class H (Beverages) (b) | 340,000 | 1,921,332 |
Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail) (a) | 16,000 | 1,304,800 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 800,000 | 5,280,153 |
Proya Cosmetics Co. Ltd., Class A (Personal Products) | 68,961 | 1,661,777 |
Shanghai Baosight Software Co. Ltd., Class A (Software) | 166,480 | 1,073,089 |
Shenzhen Inovance Technology Co. Ltd., Class A (Machinery) | 216,000 | 2,160,295 |
Tencent Holdings Ltd. (Interactive Media & Services) | 236,000 | 10,030,521 |
Unigroup Guoxin Microelectronics Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 33,944 | 643,876 |
Yadea Group Holdings Ltd. (Automobiles) (b) | 1,320,000 | 2,198,539 |
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A (Pharmaceuticals) | 181,964 | 1,107,937 |
Zijin Mining Group Co. Ltd., Class H (Metals & Mining) | 380,000 | 511,424 |
78,415,275 |
10 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Greece 0.0% ‡ | ||
FF Group (Textiles, Apparel & Luxury Goods) (a)(d)(e) | 19,000 | $ — |
Hong Kong 0.0% ‡ | ||
China Lumena New Materials Corp. (Chemicals) (a)(d)(e) | 6,500 | — |
India 15.8% | ||
ABB India Ltd. (Electrical Equipment) | 54,000 | 1,751,552 |
Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services) | 22,000 | 1,187,628 |
Asian Paints Ltd. (Chemicals) | 61,000 | 2,277,303 |
Axis Bank Ltd. (Banks) | 314,000 | 3,529,314 |
Bajaj Finance Ltd. (Consumer Finance) | 29,000 | 2,295,262 |
Bharti Airtel Ltd. (Wireless Telecommunication Services) | 380,000 | 3,693,892 |
Eicher Motors Ltd. (Automobiles) | 62,000 | 2,409,898 |
HDFC Bank Ltd. (Banks) | 204,000 | 4,015,806 |
ICICI Bank Ltd. (Banks) | 190,000 | 2,036,515 |
Infosys Ltd. (IT Services) | 184,000 | 3,333,366 |
Jubilant Foodworks Ltd. (Hotels, Restaurants & Leisure) | 152,000 | 935,497 |
Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 132,000 | 4,049,249 |
SBI Cards & Payment Services Ltd. (Consumer Finance) | 148,000 | 1,420,054 |
Torrent Pharmaceuticals Ltd. (Pharmaceuticals) | 58,000 | 1,084,415 |
Varun Beverages Ltd. (Beverages) | 136,000 | 2,165,324 |
36,185,075 | ||
Indonesia 3.5% | ||
Aneka Tambang Tbk. (Metals & Mining) | 8,700,000 | 1,109,574 |
Bank Central Asia Tbk. PT (Banks) | 6,800,000 | 3,728,101 |
Merdeka Copper Gold Tbk. PT (Metals & Mining) (a) | 3,200,000 | 847,067 |
Sumber Alfaria Trijaya Tbk. PT (Food & Staples Retailing) | 8,600,000 | 1,464,010 |
Telkom Indonesia Persero Tbk. PT (Diversified Telecommunication Services) | 3,500,000 | 843,184 |
7,991,936 | ||
Mexico 4.0% | ||
America Movil SAB de CV (Wireless Telecommunication Services) | 2,780,000 | 2,522,279 |
Gruma SAB de CV, Class B (Food Products) | 124,000 | 1,659,188 |
Shares | Value | |
Mexico (continued) | ||
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation Infrastructure) | 136,000 | $ 1,948,241 |
Grupo Financiero Banorte SAB de CV, Class O (Banks) | 420,000 | 3,015,534 |
9,145,242 | ||
Peru 0.6% | ||
Credicorp Ltd. (Banks) | 9,800 | 1,329,468 |
Poland 1.1% | ||
Dino Polska SA (Food & Staples Retailing) (a)(b) | 31,000 | 2,658,158 |
Republic of Korea 10.8% | ||
Coupang, Inc. (Internet & Direct Marketing Retail) (a) | 90,000 | 1,323,900 |
KakaoBank Corp. (Banks) (a) | 45,000 | 876,887 |
KB Financial Group, Inc. (Banks) | 59,000 | 2,247,249 |
L&F Co. Ltd. (Electronic Equipment, Instruments & Components) (a) | 12,400 | 1,720,191 |
LG Chem Ltd. (Chemicals) (a) | 3,900 | 1,865,645 |
Samsung Biologics Co. Ltd. (Life Sciences Tools & Services) (a)(b) | 5,700 | 3,676,568 |
Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 110,000 | 4,850,789 |
Samsung Engineering Co. Ltd. (Construction & Engineering) (a) | 106,000 | 1,877,215 |
Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 9,000 | 4,240,831 |
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 34,000 | 2,046,524 |
24,725,799 | ||
Russia 0.0% ‡ | ||
Magnit PJSC (Food & Staples Retailing) (a)(d)(e) | 22,529 | — |
South Africa 2.7% | ||
Capitec Bank Holdings Ltd. (Banks) | 10,600 | 1,159,481 |
FirstRand Ltd. (Diversified Financial Services) | 490,000 | 1,789,707 |
Gold Fields Ltd. (Metals & Mining) | 107,000 | 1,107,422 |
Shoprite Holdings Ltd. (Food & Staples Retailing) | 160,000 | 2,128,593 |
6,185,203 |
Shares | Value | |
Common Stocks (continued) | ||
Taiwan 11.5% | ||
Accton Technology Corp. (Communications Equipment) | 236,000 | $ 1,798,637 |
Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment) | 39,000 | 998,375 |
Chailease Holding Co. Ltd. (Diversified Financial Services) | 482,200 | 3,401,404 |
Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) | 304,000 | 2,832,004 |
E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 174,000 | 910,552 |
E.Sun Financial Holding Co. Ltd. (Banks) | 140,351 | 109,787 |
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 994,000 | 14,487,200 |
Voltronic Power Technology Corp. (Electrical Equipment) | 35,000 | 1,756,256 |
26,294,215 | ||
Thailand 4.4% | ||
Airports of Thailand PCL, NVDR (Transportation Infrastructure) (a) | 620,000 | 1,342,591 |
Bangkok Dusit Medical Services PCL, NVDR (Health Care Providers & Services) | 2,500,000 | 2,093,658 |
CP ALL PCL, NVDR (Food & Staples Retailing) | 1,080,000 | 2,128,931 |
Energy Absolute PCL, NVDR (Independent Power and Renewable Electricity Producers) | 980,000 | 2,737,618 |
Kasikornbank PCL, NVDR (Banks) | 400,000 | 1,698,783 |
10,001,581 | ||
Turkey 0.7% | ||
BIM Birlesik Magazalar A/S (Food & Staples Retailing) | 220,000 | 1,610,525 |
United States 0.4% | ||
Globant SA (IT Services) (a) | 6,100 | 1,025,776 |
Total Common Stocks (Cost $243,431,269) | 223,005,714 |
Shares | Value | ||
Preferred Stock 1.0% | |||
Brazil 1.0% | |||
Itau Unibanco Holding SA (Banks) (a) | 464,000 | $ 2,203,667 | |
Total Preferred Stock (Cost $2,194,153) | 2,203,667 | ||
Number of Rights | |||
Rights 0.0% ‡ | |||
Brazil 0.0% ‡ | |||
Localiza Rent a Car SA (Road & Rail) | |||
Expires 1/31/23 (a) | 585 | 1,192 | |
Total Rights (Cost $0) | 1,192 | ||
Total Investments (Cost $245,625,422) | 98.3% | 225,210,573 | |
Other Assets, Less Liabilities | 1.7 | 3,890,392 | |
Net Assets | 100.0% | $ 229,100,965 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Non-income producing security. |
(b) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(c) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $40,516. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $45,897. (See Note 2(J)) |
(d) | Illiquid security—As of December 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $0, which represented less than one-tenth of a percent of the Portfolio’s net assets. (Unaudited) |
(e) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
Abbreviation(s): |
ADR—American Depositary Receipt |
NVDR—Non-Voting Depositary Receipt |
PCL—Provision for Credit Losses |
12 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Common Stocks | |||||||
Brazil | $ 3,164,938 | $ 13,170,731 | $ — | $ 16,335,669 | |||
China | 1,304,800 | 77,110,475 | — | 78,415,275 | |||
India | — | 36,185,075 | — | 36,185,075 | |||
Indonesia | — | 7,991,936 | — | 7,991,936 | |||
Poland | — | 2,658,158 | — | 2,658,158 | |||
Republic of Korea | 1,323,900 | 23,401,899 | — | 24,725,799 | |||
South Africa | — | 6,185,203 | — | 6,185,203 | |||
Taiwan | — | 26,294,215 | — | 26,294,215 | |||
Thailand | — | 10,001,581 | — | 10,001,581 | |||
Turkey | — | 1,610,525 | — | 1,610,525 | |||
All Other Countries | 12,602,278 | — | — | 12,602,278 | |||
Total Common Stocks | 18,395,916 | 204,609,798 | — | 223,005,714 | |||
Preferred Stock | — | 2,203,667 | — | 2,203,667 | |||
Rights | — | 1,192 | — | 1,192 | |||
Total Investments in Securities | $ 18,395,916 | $ 206,814,657 | $ — | $ 225,210,573 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Value | Percent † | ||
Automobiles | $ 7,264,300 | 3.2% | |
Banks | 28,782,668 | 12.6 | |
Beverages | 4,086,656 | 1.8 | |
Capital Markets | 1,200,287 | 0.5 | |
Chemicals | 5,244,740 | 2.3 | |
Communications Equipment | 3,632,135 | 1.6 | |
Construction & Engineering | 1,877,215 | 0.8 | |
Construction Materials | 7,273 | 0.0‡ | |
Consumer Finance | 3,715,316 | 1.6 | |
Diversified Financial Services | 5,191,111 | 2.3 | |
Diversified Telecommunication Services | 843,184 | 0.4 | |
Electrical Equipment | 11,832,400 | 5.2 | |
Electronic Equipment, Instruments & Components | 9,703,578 | 4.2 | |
Entertainment | 1,311,889 | 0.6 | |
Food & Staples Retailing | 9,990,217 | 4.4 | |
Food Products | 2,085,540 | 0.9 | |
Health Care Equipment & Supplies | 413,990 | 0.2 | |
Health Care Providers & Services | 4,667,707 | 2.0 | |
Hotels, Restaurants & Leisure | 3,837,490 | 1.7 | |
Independent Power and Renewable Electricity Producers | 2,737,618 | 1.2 | |
Insurance | 7,515,250 | 3.3 | |
Interactive Media & Services | 10,030,521 | 4.4 | |
Internet & Direct Marketing Retail | 28,158,199 | 12.3 | |
IT Services | 4,359,142 | 1.9 | |
Life Sciences Tools & Services | 3,676,568 | 1.6 | |
Machinery | 3,947,027 | 1.7 | |
Metals & Mining | 4,875,475 | 2.1 | |
Oil, Gas & Consumable Fuels | 6,696,730 | 2.9 | |
Personal Products | 1,661,777 | 0.7 | |
Pharmaceuticals | 4,685,144 | 2.0 | |
Road & Rail | 1,350,715 | 0.6 | |
Semiconductors & Semiconductor Equipment | 18,735,463 | 8.2 | |
Software | 2,045,295 | 0.9 | |
Specialty Retail | 2,416,722 | 1.0 | |
Technology Hardware, Storage & Peripherals | 4,850,789 | 2.1 | |
Textiles, Apparel & Luxury Goods | 1,738,215 | 0.8 | |
Trading Companies & Distributors | 535,224 | 0.2 | |
Transportation Infrastructure | 3,290,832 | 1.4 | |
Wireless Telecommunication Services | 6,216,171 | 2.7 |
Value | Percent † | ||
225,210,573 | 98.3 | ||
Other Assets, Less Liabilities | 3,890,392 | 1.7 | |
Net Assets | $229,100,965 | 100.0% |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
14 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Assets | |
Investment in securities, at value (identified cost $245,625,422) including securities on loan of $40,516 | $225,210,573 |
Cash | 4,137,015 |
Cash denominated in foreign currencies (identified cost $212,267) | 212,624 |
Receivables: | |
Dividends | 364,174 |
Portfolio shares sold | 1,821 |
Securities lending | 1 |
Other assets | 1,642 |
Total assets | 229,927,850 |
Liabilities | |
Payables: | |
Foreign capital gains tax (See Note 2) | 449,247 |
Manager (See Note 3) | 198,429 |
Shareholder communication | 41,719 |
Portfolio shares redeemed | 37,124 |
Custodian | 36,837 |
Professional fees | 35,485 |
NYLIFE Distributors (See Note 3) | 15,390 |
Accrued expenses | 12,654 |
Total liabilities | 826,885 |
Net assets | $229,100,965 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 34,659 |
Additional paid-in-capital | 293,345,862 |
293,380,521 | |
Total distributable earnings (loss) | (64,279,556) |
Net assets | $229,100,965 |
Initial Class | |
Net assets applicable to outstanding shares | $158,187,174 |
Shares of beneficial interest outstanding | 23,950,353 |
Net asset value per share outstanding | $ 6.60 |
Service Class | |
Net assets applicable to outstanding shares | $ 70,913,791 |
Shares of beneficial interest outstanding | 10,708,848 |
Net asset value per share outstanding | $ 6.62 |
Investment Income (Loss) | |
Income | |
Dividends (net of foreign tax withholding of $679,152) | $ 6,198,028 |
Securities lending, net | 39,293 |
Other | 10,730 |
Total income | 6,248,051 |
Expenses | |
Manager (See Note 3) | 2,566,987 |
Distribution/Service—Service Class (See Note 3) | 204,757 |
Custodian | 199,464 |
Professional fees | 129,955 |
Shareholder communication | 35,666 |
Trustees | 5,334 |
Miscellaneous | 29,728 |
Total expenses | 3,171,891 |
Net investment income (loss) | 3,076,160 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions(a) | (43,973,663) |
Foreign currency transactions | (799,566) |
Net realized gain (loss) | (44,773,229) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments(b) | (48,292,145) |
Translation of other assets and liabilities in foreign currencies | (5,099) |
Net change in unrealized appreciation (depreciation) | (48,297,244) |
Net realized and unrealized gain (loss) | (93,070,473) |
Net increase (decrease) in net assets resulting from operations | $(89,994,313) |
(a) | Realized gain (loss) on security transactions recorded net of foreign capital gains tax in the amount of $(465,301). |
(b) | Net change in unrealized appreciation (depreciation) on investments recorded net of foreign capital gains tax in the amount of $707,270. |
16 | MainStay VP Candriam Emerging Markets Equity Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 3,076,160 | $ 3,271,214 |
Net realized gain (loss) | (44,773,229) | 64,476,023 |
Net change in unrealized appreciation (depreciation) | (48,297,244) | (69,476,986) |
Net increase (decrease) in net assets resulting from operations | (89,994,313) | (1,729,749) |
Distributions to shareholders: | ||
Initial Class | (25,368,728) | (2,442,858) |
Service Class | (11,240,825) | (918,257) |
Total distributions to shareholders | (36,609,553) | (3,361,115) |
Capital share transactions: | ||
Net proceeds from sales of shares | 25,988,468 | 9,154,592 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 36,609,553 | 3,361,115 |
Cost of shares redeemed | (20,777,407) | (71,923,712) |
Increase (decrease) in net assets derived from capital share transactions | 41,820,614 | (59,408,005) |
Net increase (decrease) in net assets | (84,783,252) | (64,498,869) |
Net Assets | ||
Beginning of year | 313,884,217 | 378,383,086 |
End of year | $229,100,965 | $313,884,217 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 11.16 | $ 11.51 | $ 9.46 | $ 7.99 | $ 10.22 | ||||
Net investment income (loss) | 0.11 | 0.12(a) | 0.07(a) | 0.19(a) | 0.12(a) | ||||
Net realized and unrealized gain (loss) | (3.39) | (0.34) | 2.30 | 1.41 | (2.21) | ||||
Total from investment operations | (3.28) | (0.22) | 2.37 | 1.60 | (2.09) | ||||
Less distributions: | |||||||||
From net investment income | (0.09) | (0.13) | (0.32) | (0.13) | (0.14) | ||||
From net realized gain on investments | (1.19) | — | — | — | — | ||||
Total distributions | (1.28) | (0.13) | (0.32) | (0.13) | (0.14) | ||||
Net asset value at end of year | $ 6.60 | $ 11.16 | $ 11.51 | $ 9.46 | $ 7.99 | ||||
Total investment return (b) | (28.72)% | (2.00)% | 25.71% | 20.08% | (20.55)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.28% | 1.02% | 0.79% | 2.18% | 1.27% | ||||
Net expenses (c) | 1.16% | 1.13% | 1.18% | 1.17% | 1.16% | ||||
Expenses (before waiver/reimbursement) (c) | 1.16% | 1.14% | 1.18% | 1.17% | 1.16% | ||||
Portfolio turnover rate | 115% | 63% | 123% | 121% | 135% | ||||
Net assets at end of year (in 000's) | $ 158,187 | $ 211,647 | $ 257,933 | $ 273,042 | $ 371,834 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 11.16 | $ 11.52 | $ 9.45 | $ 7.98 | $ 10.20 | ||||
Net investment income (loss) | 0.09 | 0.09(a) | 0.05(a) | 0.17(a) | 0.10(a) | ||||
Net realized and unrealized gain (loss) | (3.39) | (0.35) | 2.31 | 1.40 | (2.21) | ||||
Total from investment operations | (3.30) | (0.26) | 2.36 | 1.57 | (2.11) | ||||
Less distributions: | |||||||||
From net investment income | (0.05) | (0.10) | (0.29) | (0.10) | (0.11) | ||||
From net realized gain on investments | (1.19) | — | — | — | — | ||||
Total distributions | (1.24) | (0.10) | (0.29) | (0.10) | (0.11) | ||||
Net asset value at end of year | $ 6.62 | $ 11.16 | $ 11.52 | $ 9.45 | $ 7.98 | ||||
Total investment return (b) | (28.89)% | (2.25)% | 25.40% | 19.78% | (20.74)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.03% | 0.78% | 0.57% | 2.00% | 1.07% | ||||
Net expenses (c) | 1.41% | 1.38% | 1.43% | 1.42% | 1.41% | ||||
Expenses (before waiver/reimbursement) (c) | 1.41% | 1.39% | 1.43% | 1.42% | 1.41% | ||||
Portfolio turnover rate | 115% | 63% | 123% | 121% | 135% | ||||
Net assets at end of year (in 000's) | $ 70,914 | $ 102,237 | $ 120,450 | $ 127,042 | $ 131,498 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
18 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Broker/dealer quotes | • Benchmark securities |
• Two-sided markets | • Reference data (corporate actions or material event notices) |
• Bids/offers | • Monthly payment information |
• Industry and economic events | • Reported trades |
20 | MainStay VP Candriam Emerging Markets Equity Portfolio |
22 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $249,888,413 | $9,950,680 | $(34,628,520) | $(24,677,840) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$3,602,062 | $(42,748,843) | $— | $(25,132,775) | $(64,279,556) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $42,749 | $— |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 2,194,677 | $3,361,115 |
Long-Term Capital Gains | 34,414,876 | — |
Total | $36,609,553 | $3,361,115 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,945,628 | $ 16,657,111 |
Shares issued to shareholders in reinvestment of distributions | 4,039,028 | 25,368,728 |
Shares redeemed | (1,007,338) | (9,209,477) |
Net increase (decrease) | 4,977,318 | $ 32,816,362 |
Year ended December 31, 2021: | ||
Shares sold | 315,010 | $ 3,698,083 |
Shares issued to shareholders in reinvestment of distributions | 214,431 | 2,442,858 |
Shares redeemed | (3,958,545) | (49,469,268) |
Net increase (decrease) | (3,429,104) | $(43,328,327) |
24 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,068,938 | $ 9,331,357 |
Shares issued to shareholders in reinvestment of distributions | 1,784,088 | 11,240,825 |
Shares redeemed | (1,305,553) | (11,567,930) |
Net increase (decrease) | 1,547,473 | $ 9,004,252 |
Year ended December 31, 2021: | ||
Shares sold | 467,105 | $ 5,456,509 |
Shares issued to shareholders in reinvestment of distributions | 80,524 | 918,257 |
Shares redeemed | (1,844,742) | (22,454,444) |
Net increase (decrease) | (1,297,113) | $(16,079,678) |
MainStay VP Candriam Emerging Markets Equity Portfolio
New York, New York
February 24, 2023
26 | MainStay VP Candriam Emerging Markets Equity Portfolio |
28 | MainStay VP Candriam Emerging Markets Equity Portfolio |
30 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
32 | MainStay VP Candriam Emerging Markets Equity Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
34 | MainStay VP Candriam Emerging Markets Equity Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015935 | MSVPEME11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1 | One Year | Five Years | Since Inception | Gross Expense Ratio2 |
Initial Class Shares | 5/1/2013 | -8.48% | -0.64% | -1.39% | 1.07% |
Service Class Shares | 5/1/2013 | -8.70 | -0.88 | -1.60 | 1.32 |
1. | Effective November 30, 2018, the Portfolio’s predecessor fund, MainStay VP Absolute Return Multi-Strategy Portfolio (the “VP ARMS Portfolio”), was reorganized into the Portfolio. The Portfolio assumed the VP ARMS Portfolio’s historical performance and accounting information. Therefore, the performance information prior to November 30, 2018, shown in this report is that of the VP ARMS Portfolio, which had a different investment objective and different principal investment strategies and subadvisors. Past performance may have been different if the Portfolio’s current subadvisor, investment objective or principal investment strategies had been in place during the periods. |
2. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus, as supplemented, and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
S&P Balanced Equity and Bond Conservative Index1 | -15.81% | 2.29% | 3.46% |
Barclay Fund of Funds Index2 | -8.48 | 1.37 | 2.00 |
IQ Hedge Multi-Strategy Index3 | -7.89 | 0.76 | 2.02 |
Morningstar Multistrategy Category Average4 | -3.01 | 1.56 | 2.10 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The 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%). |
2. | The Portfolio has selected the Barclay Fund of Funds Index as its secondary benchmark. The Barclay Fund of Funds Index is a measure of the average return of all reporting funds in the Barclay database. |
3. | The IQ Hedge Multi-Strategy Index seeks to replicate the risk-adjusted return characteristics of the collective hedge funds using various hedge fund investment styles, including long/short equity, global macro, market neutral, event-driven, fixed income arbitrage and emerging markets. |
4. | The Morningstar Multistrategy Category Average is representative of funds that have a majority of their assets exposed to alternative strategies. Funds in this category include both funds with static allocations to alternative strategies and funds tactically allocating among alternative strategies and asset classes. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,011.30 | $3.55 | $1,021.68 | $3.57 | 0.70% |
Service Class Shares | $1,000.00 | $1,010.00 | $4.81 | $1,020.42 | $4.84 | 0.95% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Unaffiliated Investment Company (a) | 22.6% |
Investment Grade Corporate Bond Funds | 18.3 |
Bank Loan Funds | 9.5 |
Convertible Bond Funds | 9.0 |
Emerging Equity Funds | 8.4 |
U.S. Ultra Short Term Bond Funds | 8.3 |
U.S. Medium Term Treasury Bond Funds | 7.2 |
U.S. Large Cap Core Funds | 4.7 |
High Yield Corporate Bond Funds | 4.2 |
Floating Rate—Investment Grade Funds | 4.0 |
International Equity Core Funds | 3.6 |
Affiliated Investment Company | 3.4 |
Gold Funds | 2.8 |
U.S. Large Cap Growth Funds | 2.6 |
Emerging Bonds—Local Currency Funds | 2.5 |
Emerging Small Cap Equity Fund | 2.4% |
U.S. Dollar Fund | 2.4 |
U.S. Small Cap Growth Funds | 2.1 |
Silver Funds | 1.3 |
Europe Equity Funds | 0.9 |
U.S. Momentum Fund | 0.9 |
BRIC Equity Funds | 0.5 |
U.S. REITS Funds | 0.4 |
International Small Cap Equity Funds | 0.2 |
Mortgage–Backed Security Funds | 0.2 |
International Large Cap Growth Fund | 0.1 |
Other Assets, Less Liabilities | –22.5 |
100.0% |
(a) | Represents a security purchased with cash collateral received for securities on loan. |
1. | Vanguard Short-Term Corporate Bond ETF |
2. | SPDR Bloomberg Convertible Securities ETF |
3. | iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF |
4. | SPDR Blackstone Senior Loan ETF |
5. | Invesco Senior Loan ETF |
6. | IQ Ultra Short Duration ETF |
7. | iShares MSCI Emerging Markets Min Vol Factor ETF |
8. | Vanguard Intermediate-Term Treasury ETF |
9. | iShares Floating Rate Bond ETF |
10. | iShares Convertible Bond ETF |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | “S&P 500®” is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
3. | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage passthroughs), asset-backed securities and commercial mortgage-backed securities. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
8 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Shares | Value | |
Exchange-Traded Funds 93.4% | ||
Bonds 66.6% | ||
Affiliated Investment Company 3.4% | ||
IQ Ultra Short Duration ETF (a) | 204,125 | $ 9,689,814 |
Bank Loan Funds 9.5% | ||
Invesco Senior Loan ETF (b) | 512,246 | 10,516,410 |
SPDR Blackstone Senior Loan ETF (b) | 405,971 | 16,604,214 |
27,120,624 | ||
Convertible Bond Funds 9.0% | ||
iShares Convertible Bond ETF (b) | 109,451 | 7,603,561 |
SPDR Bloomberg Convertible Securities ETF (b) | 280,482 | 18,046,213 |
25,649,774 | ||
Emerging Bonds—Local Currency Funds 2.5% | ||
SPDR Bloomberg Emerging Markets Local Bond ETF | 149,528 | 3,074,296 |
VanEck J.P. Morgan EM Local Currency Bond ETF | 167,820 | 4,066,278 |
7,140,574 | ||
Floating Rate—Investment Grade Funds 4.0% | ||
iShares Floating Rate Bond ETF (b) | 166,807 | 8,395,396 |
SPDR Bloomberg Investment Grade Floating Rate ETF | 95,168 | 2,892,156 |
11,287,552 | ||
High Yield Corporate Bond Funds 4.2% | ||
iShares iBoxx High Yield Corporate Bond ETF (b) | 93,587 | 6,890,811 |
SPDR Bloomberg High Yield Bond ETF (b) | 40,612 | 3,655,080 |
Xtrackers USD High Yield Corporate Bond ETF (b) | 45,824 | 1,544,727 |
12,090,618 | ||
Investment Grade Corporate Bond Funds 18.3% | ||
iShares Broad USD Investment Grade Corporate Bond ETF | 4,577 | 224,776 |
iShares iBoxx $ Investment Grade Corporate Bond ETF | 10,676 | 1,125,571 |
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF (b) | 354,261 | 17,649,283 |
Vanguard Intermediate-Term Corporate Bond ETF | 15,897 | 1,232,177 |
Vanguard Short-Term Corporate Bond ETF (c) | 428,791 | 32,240,795 |
52,472,602 |
Shares | Value | |
Mortgage-Backed Security Funds 0.2% | ||
iShares MBS ETF | 4,131 | $ 383,150 |
SPDR Portfolio Mortgage-Backed Bond ETF | 2,947 | 63,950 |
Vanguard Mortgage-Backed Securities ETF | 5,222 | 237,706 |
684,806 | ||
U.S. Medium Term Treasury Bond Funds 7.2% | ||
iShares 3-7 Year Treasury Bond ETF (b) | 64,553 | 7,416,494 |
Schwab Intermediate-Term U.S. Treasury ETF | 98,708 | 4,859,395 |
Vanguard Intermediate-Term Treasury ETF (b) | 144,424 | 8,445,915 |
20,721,804 | ||
U.S. Ultra Short Term Bond Funds 8.3% | ||
Goldman Sachs Access Treasury 0-1 Year ETF | 55,874 | 5,571,197 |
Invesco Treasury Collateral ETF | 65,920 | 6,944,013 |
iShares Short Treasury Bond ETF | 52,121 | 5,729,140 |
SPDR Bloomberg 1-3 Month T-Bill ETF | 59,050 | 5,401,303 |
23,645,653 | ||
Total Bonds (Cost $199,839,764) | 190,503,821 | |
Equities 26.4% | ||
BRIC Equity Funds 0.5% | ||
iShares MSCI China ETF (b) | 28,028 | 1,331,330 |
SPDR S&P China ETF | 2,561 | 200,680 |
1,532,010 | ||
Emerging Equity Funds 8.4% | ||
iShares Core MSCI Emerging Markets ETF | 151,263 | 7,063,982 |
iShares MSCI Emerging Markets Min Vol Factor ETF | 159,456 | 8,459,141 |
Schwab Emerging Markets Equity ETF | 39,268 | 929,474 |
Vanguard FTSE Emerging Markets ETF | 194,773 | 7,592,251 |
24,044,848 | ||
Emerging Small Cap Equity Fund 2.4% | ||
SPDR S&P Emerging Markets SmallCap ETF (b) | 140,744 | 6,888,011 |
Europe Equity Funds 0.9% | ||
iShares Core MSCI Europe ETF (b) | 9,246 | 439,185 |
JPMorgan BetaBuilders Europe ETF | 8,695 | 421,707 |
10 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Shares | Value | |
Equities (continued) | ||
Europe Equity Funds (continued) | ||
Vanguard FTSE Europe ETF (b) | 32,490 | $ 1,801,246 |
2,662,138 | ||
International Equity Core Funds 3.6% | ||
iShares Core MSCI EAFE ETF | 78,117 | 4,815,132 |
Vanguard FTSE Developed Markets ETF | 128,653 | 5,399,566 |
10,214,698 | ||
International Large Cap Growth Fund 0.1% | ||
iShares MSCI EAFE Growth ETF | 2,085 | 174,640 |
International Small Cap Equity Funds 0.2% | ||
Schwab International Small-Cap Equity ETF | 4,161 | 130,947 |
Vanguard FTSE All World ex-US Small-Cap ETF (b) | 2,850 | 293,008 |
423,955 | ||
U.S. Large Cap Core Funds 4.7% | ||
Energy Select Sector SPDR Fund | 28,012 | 2,450,210 |
Financial Select Sector SPDR Fund | 81,880 | 2,800,296 |
Health Care Select Sector SPDR Fund (b) | 20,708 | 2,813,182 |
iShares MSCI USA Quality Factor ETF | 15,330 | 1,747,007 |
Vanguard Energy ETF | 4,227 | 512,650 |
Vanguard Financials ETF | 9,337 | 772,450 |
Vanguard Health Care ETF (b) | 9,342 | 2,317,283 |
13,413,078 | ||
U.S. Large Cap Growth Funds 2.6% | ||
Schwab U.S. Large-Cap Growth ETF (b) | 17,984 | 999,191 |
Vanguard Growth ETF (b) | 23,788 | 5,069,461 |
Vanguard Mega Cap Growth ETF | 4,094 | 704,454 |
Vanguard Russell 1000 Growth ETF | 11,780 | 649,314 |
7,422,420 | ||
U.S. Momentum Fund 0.9% | ||
iShares MSCI USA Momentum Factor ETF | 17,200 | 2,509,996 |
U.S. Small Cap Growth Funds 2.1% | ||
iShares Russell 2000 Growth ETF (b) | 11,165 | 2,395,116 |
SPDR S&P 600 Small Cap Growth ETF (b) | 7,916 | 571,852 |
Vanguard Small-Cap Growth ETF (b) | 15,789 | 3,166,326 |
6,133,294 | ||
Total Equities (Cost $77,139,431) | 75,419,088 |
Shares | Value | |
Real Estate 0.4% | ||
U.S. REITS Funds 0.4% | ||
Fidelity MSCI Real Estate Index ETF (b) | 1,964 | $ 48,727 |
iShares Core U.S. REIT ETF | 1,259 | 62,258 |
Vanguard Real Estate ETF (b) | 13,578 | 1,119,913 |
Toal Real Estate (Cost $1,417,576) | 1,230,898 | |
Total Exchange-Traded Funds (Cost $278,396,771) | 267,153,807 | |
Exchange-Traded Vehicles 6.5% | ||
Commodities 4.1% | ||
Gold Funds 2.8% | ||
abrdn Physical Gold Shares ETF (b)(d) | 31,801 | 555,563 |
Graniteshares Gold Trust (d) | 11,562 | 208,694 |
iShares Gold Trust (d) | 177,766 | 6,148,926 |
SPDR Gold MiniShares Trust (d) | 33,208 | 1,201,798 |
8,114,981 | ||
Silver Funds 1.3% | ||
abrdn Physical Silver Shares ETF (b)(d) | 13,698 | 314,780 |
iShares Silver Trust (d) | 149,019 | 3,281,398 |
3,596,178 | ||
Total Commodities (Cost $11,362,260) | 11,711,159 | |
Currency 2.4% | ||
U.S. Dollar Fund 2.4% | ||
Invesco DB U.S. Dollar Index Bullish Fund (b) | 247,938 | 6,895,156 |
Total Exchange-Traded Vehicles (Cost $17,919,747) | 18,606,315 | |
Short-Term Investments 22.6% | ||
Affiliated Investment Company 0.0% ‡ | ||
MainStay U.S. Government Liquidity Fund, 3.60% (e) | 67,109 | 67,109 |
Shares | Value | ||
Short-Term Investments (continued) | |||
Unaffiliated Investment Company 22.6% | |||
Invesco Government and Agency Portfolio, 4.30% (e)(f) | 64,618,533 | $ 64,618,533 | |
Total Short-Term Investments (Cost $64,685,642) | 64,685,642 | ||
Total Investments (Cost $361,002,160) | 122.5% | 350,445,764 | |
Other Assets, Less Liabilities | (22.5) | (64,370,573) | |
Net Assets | 100.0% | $ 286,075,191 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | As of December 31, 2022, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(b) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $66,360,442; the total market value of collateral held by the Portfolio was $68,299,241. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $3,680,708. The Portfolio received cash collateral with a value of $64,618,533. (See Note 2(I)) |
(c) | Represents a security, or portion thereof, which was maintained at the broker as collateral for swaps contracts. |
(d) | Non-income producing security. |
(e) | Current yield as of December 31, 2022. |
(f) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ Ultra Short Duration ETF | $ 23,656 | $ 12,741 | $ (26,030) | $ (1,091) | $ 414 | $ 9,690 | $ 466 | $ — | 204 |
MainStay U.S. Government Liquidity Fund | 1,744 | 31,099 | (32,776) | — | — | 67 | 8 | — | 67 |
$ 25,400 | $ 43,840 | $ (58,806) | $ (1,091) | $ 414 | $ 9,757 | $ 474 | $ — |
12 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Bank of America Merrill Lynch | abrdn Physical Gold Shares ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 28 | $ — |
Morgan Stanley & Co. | abrdn Physical Gold Shares ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 28 | — |
Bank of America Merrill Lynch | abrdn Physical Silver Shares ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 16 | — |
Morgan Stanley & Co. | abrdn Physical Silver Shares ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 16 | — |
Bank of America Merrill Lynch | Consumer Discretionary Select Sector SPDR Fund | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (239) | — |
Morgan Stanley & Co. | Consumer Discretionary Select Sector SPDR Fund | Federal Fund Rate minus 0.148% | 9/16/24 | Monthly | (239) | — |
Bank of America Merrill Lynch | Energy Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 123 | — |
Morgan Stanley & Co. | Energy Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 123 | — |
Bank of America Merrill Lynch | Fidelity MSCI Real Estate Index ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 2 | — |
Morgan Stanley & Co. | Fidelity MSCI Real Estate Index ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 2 | — |
Bank of America Merrill Lynch | Financial Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 140 | — |
Morgan Stanley & Co. | Financial Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 140 | — |
Bank of America Merrill Lynch | FlexShares Global Upstream Natural Resources Index Fund | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (439) | — |
Morgan Stanley & Co. | FlexShares Global Upstream Natural Resources Index Fund | Federal Fund Rate minus 0.35% | 9/16/24 | Monthly | (439) | — |
Bank of America Merrill Lynch | Goldman Sachs Access Treasury 0-1 Year ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 279 | — |
Morgan Stanley & Co. | Goldman Sachs Access Treasury 0-1 Year ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 279 | — |
Bank of America Merrill Lynch | Graniteshares Gold Trust | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 10 | — |
Morgan Stanley & Co. | Graniteshares Gold Trust | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 10 | — |
Bank of America Merrill Lynch | Health Care Select Sector SPDR Fund | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 141 | — |
Morgan Stanley & Co. | Health Care Select Sector SPDR Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 141 | — |
Bank of America Merrill Lynch | Industrial Select Sector SPDR Fund | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (253) | — |
Morgan Stanley & Co. | Industrial Select Sector SPDR Fund | Federal Fund Rate minus 0.15% | 9/16/24 | Monthly | (253) | — |
Bank of America Merrill Lynch | Invesco DB U.S. Dollar Index Bullish Fund | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 346 | — |
Morgan Stanley & Co. | Invesco DB U.S. Dollar Index Bullish Fund | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 346 | — |
Bank of America Merrill Lynch | Invesco Senior Loan ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 527 | — |
Morgan Stanley & Co. | Invesco Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 527 | — |
Bank of America Merrill Lynch | Invesco Treasury Collateral ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 348 | — |
Morgan Stanley & Co. | Invesco Treasury Collateral ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 348 | — |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Bank of America Merrill Lynch | Invesco Variable Rate Preferred ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (1,889) | $ — |
Morgan Stanley & Co. | Invesco Variable Rate Preferred ETF | Federal Fund Rate minus 18.98% | 9/16/24 | Monthly | (1,889) | — |
Bank of America Merrill Lynch | IQ Ultra Short Duration ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 486 | — |
Morgan Stanley & Co. | IQ Ultra Short Duration ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 486 | — |
Bank of America Merrill Lynch | iShares 0-5 Year High Yield Corporate Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (1,235) | — |
Morgan Stanley & Co. | iShares 0-5 Year High Yield Corporate Bond ETF | Federal Fund Rate minus 3.33% | 9/16/24 | Monthly | (1,235) | — |
Bank of America Merrill Lynch | iShares 20+ Year Treasury Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (213) | — |
Morgan Stanley & Co. | iShares 20+ Year Treasury Bond ETF | Federal Fund Rate minus 0.35% | 9/16/24 | Monthly | (213) | — |
Bank of America Merrill Lynch | iShares 3-7 Year Treasury Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 372 | — |
Morgan Stanley & Co. | iShares 3-7 Year Treasury Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 372 | — |
Bank of America Merrill Lynch | iShares Broad USD Investment Grade Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 11 | — |
Morgan Stanley & Co. | iShares Broad USD Investment Grade Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 11 | — |
Bank of America Merrill Lynch | iShares Convertible Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 381 | — |
Morgan Stanley & Co. | iShares Convertible Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 381 | — |
Bank of America Merrill Lynch | iShares Core MSCI EAFE ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 241 | — |
Morgan Stanley & Co. | iShares Core MSCI EAFE ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 241 | — |
Bank of America Merrill Lynch | iShares Core MSCI Emerging Markets ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 354 | — |
Morgan Stanley & Co. | iShares Core MSCI Emerging Markets ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 354 | — |
Bank of America Merrill Lynch | iShares Core MSCI Europe ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 22 | — |
Morgan Stanley & Co. | iShares Core MSCI Europe ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 22 | — |
Bank of America Merrill Lynch | iShares Core U.S. REIT ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 3 | — |
Morgan Stanley & Co. | iShares Core U.S. REIT ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 3 | — |
Bank of America Merrill Lynch | iShares Floating Rate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 421 | — |
Morgan Stanley & Co. | iShares Floating Rate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 421 | — |
Bank of America Merrill Lynch | iShares Gold Trust | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 308 | — |
Morgan Stanley & Co. | iShares Gold Trust | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 308 | — |
Bank of America Merrill Lynch | iShares iBoxx $ Investment Grade Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 56 | — |
Morgan Stanley & Co. | iShares iBoxx $ Investment Grade Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 56 | — |
Bank of America Merrill Lynch | iShares iBoxx High Yield Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 345 | — |
14 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Morgan Stanley & Co. | iShares iBoxx High Yield Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 345 | $ — |
Bank of America Merrill Lynch | iShares J.P. Morgan USD Emerging Markets Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (1,535) | — |
Morgan Stanley & Co. | iShares J.P. Morgan USD Emerging Markets Bond ETF | Federal Fund Rate minus 0.35% | 9/16/24 | Monthly | (1,535) | — |
Bank of America Merrill Lynch | iShares MBS ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 19 | — |
Morgan Stanley & Co. | iShares MBS ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 19 | — |
Bank of America Merrill Lynch | iShares MSCI China ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 67 | — |
Morgan Stanley & Co. | iShares MSCI China ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 67 | — |
Bank of America Merrill Lynch | iShares MSCI EAFE Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 9 | — |
Morgan Stanley & Co. | iShares MSCI EAFE Growth ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 9 | — |
Bank of America Merrill Lynch | iShares MSCI Emerging Markets Min Vol Factor ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 424 | — |
Morgan Stanley & Co. | iShares MSCI Emerging Markets Min Vol Factor ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 424 | — |
Bank of America Merrill Lynch | iShares MSCI Global Min Vol Factor ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (1,820) | — |
Morgan Stanley & Co. | iShares MSCI Global Min Vol Factor ETF | Federal Fund Rate minus 0.58% | 9/16/24 | Monthly | (1,820) | — |
Bank of America Merrill Lynch | iShares MSCI Japan ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (393) | — |
Morgan Stanley & Co. | iShares MSCI Japan ETF | Federal Fund Rate minus 0.73% | 9/16/24 | Monthly | (393) | — |
Bank of America Merrill Lynch | iShares MSCI USA Momentum Factor ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 126 | — |
Morgan Stanley & Co. | iShares MSCI USA Momentum Factor ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 126 | — |
Bank of America Merrill Lynch | iShares MSCI USA Quality Factor ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 88 | — |
Morgan Stanley & Co. | iShares MSCI USA Quality Factor ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 88 | — |
Bank of America Merrill Lynch | iShares Preferred & Income Securities ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (1,007) | — |
Morgan Stanley & Co. | iShares Preferred & Income Securities ETF | Federal Fund Rate minus 1.08% | 9/16/24 | Monthly | (1,007) | — |
Bank of America Merrill Lynch | iShares Russell 2000 Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 120 | — |
Morgan Stanley & Co. | iShares Russell 2000 Growth ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 120 | — |
Bank of America Merrill Lynch | iShares Russell 2000 Value ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (91) | — |
Morgan Stanley & Co. | iShares Russell 2000 Value ETF | Federal Fund Rate minus 0.68% | 9/16/24 | Monthly | (91) | — |
Bank of America Merrill Lynch | iShares S&P Small-Cap 600 Value ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (52) | — |
Morgan Stanley & Co. | iShares S&P Small-Cap 600 Value ETF | Federal Fund Rate minus 2.98% | 9/16/24 | Monthly | (52) | — |
Bank of America Merrill Lynch | iShares Short Treasury Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 287 | — |
Morgan Stanley & Co. | iShares Short Treasury Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 287 | — |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Bank of America Merrill Lynch | iShares Silver Trust | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 164 | $ — |
Morgan Stanley & Co. | iShares Silver Trust | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 164 | — |
Bank of America Merrill Lynch | iShares TIPS Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (1,183) | — |
Morgan Stanley & Co. | iShares TIPS Bond ETF | Federal Fund Rate minus 0.35% | 9/16/24 | Monthly | (1,183) | — |
Bank of America Merrill Lynch | iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 885 | — |
Morgan Stanley & Co. | iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 885 | — |
Bank of America Merrill Lynch | iShares U.S. Industrials ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (19) | — |
Morgan Stanley & Co. | iShares U.S. Industrials ETF | Federal Fund Rate minus 7.83% | 9/16/24 | Monthly | (19) | — |
Bank of America Merrill Lynch | JPMorgan BetaBuilders Europe ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 21 | — |
Morgan Stanley & Co. | JPMorgan BetaBuilders Europe ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 21 | — |
Bank of America Merrill Lynch | JPMorgan BetaBuilders Japan ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (293) | — |
Morgan Stanley & Co. | JPMorgan BetaBuilders Japan ETF | Federal Fund Rate minus 5.78% | 9/16/24 | Monthly | (293) | — |
Bank of America Merrill Lynch | Schwab Emerging Markets Equity ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 47 | — |
Morgan Stanley & Co. | Schwab Emerging Markets Equity ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 47 | — |
Bank of America Merrill Lynch | Schwab Intermediate-Term U.S. Treasury ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 244 | — |
Morgan Stanley & Co. | Schwab Intermediate-Term U.S. Treasury ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 244 | — |
Bank of America Merrill Lynch | Schwab International Small-Cap Equity ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 7 | — |
Morgan Stanley & Co. | Schwab International Small-Cap Equity ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 7 | — |
Bank of America Merrill Lynch | Schwab U.S. Large-Cap Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 50 | — |
Morgan Stanley & Co. | Schwab U.S. Large-Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 50 | — |
Bank of America Merrill Lynch | Schwab U.S. TIPS ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (670) | — |
Morgan Stanley & Co. | Schwab U.S. TIPS ETF | Federal Fund Rate minus 0.58% | 9/16/24 | Monthly | (670) | — |
Bank of America Merrill Lynch | SPDR Blackstone Senior Loan ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 832 | — |
Morgan Stanley & Co. | SPDR Blackstone Senior Loan ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 832 | — |
Bank of America Merrill Lynch | SPDR Bloomberg 1-3 Month T-Bill ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 271 | — |
Morgan Stanley & Co. | SPDR Bloomberg 1-3 Month T-Bill ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 271 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Convertible Securities ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 905 | — |
Morgan Stanley & Co. | SPDR Bloomberg Convertible Securities ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 905 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Emerging Markets Local Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 154 | — |
16 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Morgan Stanley & Co. | SPDR Bloomberg Emerging Markets Local Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 154 | $ — |
Bank of America Merrill Lynch | SPDR Bloomberg High Yield Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 183 | — |
Morgan Stanley & Co. | SPDR Bloomberg High Yield Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 183 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Investment Grade Floating Rate ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 145 | — |
Morgan Stanley & Co. | SPDR Bloomberg Investment Grade Floating Rate ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 145 | — |
Bank of America Merrill Lynch | SPDR Bloomberg Short Term High Yield Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (614) | — |
Morgan Stanley & Co. | SPDR Bloomberg Short Term High Yield Bond ETF | Federal Fund Rate minus 0.88% | 9/16/24 | Monthly | (614) | — |
Bank of America Merrill Lynch | SPDR Dow Jones International Real Estate ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (108) | — |
Morgan Stanley & Co. | SPDR Dow Jones International Real Estate ETF | Federal Fund Rate minus 2.93% | 9/16/24 | Monthly | (108) | — |
Bank of America Merrill Lynch | SPDR Gold MiniShares Trust | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 60 | — |
Morgan Stanley & Co. | SPDR Gold MiniShares Trust | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 60 | — |
Bank of America Merrill Lynch | SPDR Portfolio Long Term Treasury ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (46) | — |
Morgan Stanley & Co. | SPDR Portfolio Long Term Treasury ETF | Federal Fund Rate minus 0.35% | 9/16/24 | Monthly | (46) | — |
Bank of America Merrill Lynch | SPDR Portfolio Mortgage-Backed Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 3 | — |
Morgan Stanley & Co. | SPDR Portfolio Mortgage-Backed Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 3 | — |
Bank of America Merrill Lynch | SPDR S&P 600 Small Cap Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 29 | — |
Morgan Stanley & Co. | SPDR S&P 600 Small Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 29 | — |
Bank of America Merrill Lynch | SPDR S&P China ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 10 | — |
Morgan Stanley & Co. | SPDR S&P China ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 10 | — |
Bank of America Merrill Lynch | SPDR S&P Emerging Markets SmallCap ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 345 | — |
Morgan Stanley & Co. | SPDR S&P Emerging Markets SmallCap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 345 | — |
Bank of America Merrill Lynch | SPDR S&P Global Natural Resources ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (219) | — |
Morgan Stanley & Co. | SPDR S&P Global Natural Resources ETF | Federal Fund Rate minus 1.08% | 9/16/24 | Monthly | (219) | — |
Bank of America Merrill Lynch | Technology Select Sector SPDR Fund | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (231) | — |
Morgan Stanley & Co. | Technology Select Sector SPDR Fund | Federal Fund Rate minus 0.15% | 9/16/24 | Monthly | (231) | — |
Bank of America Merrill Lynch | VanEck J.P. Morgan EM Local Currency Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 204 | — |
Morgan Stanley & Co. | VanEck J.P. Morgan EM Local Currency Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 204 | — |
Bank of America Merrill Lynch | Vanguard Consumer Discretionary ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (71) | — |
Morgan Stanley & Co. | Vanguard Consumer Discretionary ETF | Federal Fund Rate minus 2.38% | 9/16/24 | Monthly | (71) | — |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Bank of America Merrill Lynch | Vanguard Emerging Markets Government Bond ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (317) | $ — |
Morgan Stanley & Co. | Vanguard Emerging Markets Government Bond ETF | Federal Fund Rate minus 1.08% | 9/16/24 | Monthly | (317) | — |
Bank of America Merrill Lynch | Vanguard Energy ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 26 | — |
Morgan Stanley & Co. | Vanguard Energy ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 26 | — |
Bank of America Merrill Lynch | Vanguard Financials ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 39 | — |
Morgan Stanley & Co. | Vanguard Financials ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 39 | — |
Bank of America Merrill Lynch | Vanguard FTSE All World ex-US Small-Cap ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 15 | — |
Morgan Stanley & Co. | Vanguard FTSE All World ex-US Small-Cap ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 15 | — |
Bank of America Merrill Lynch | Vanguard FTSE Developed Markets ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 271 | — |
Morgan Stanley & Co. | Vanguard FTSE Developed Markets ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 271 | — |
Bank of America Merrill Lynch | Vanguard FTSE Emerging Markets ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 381 | — |
Morgan Stanley & Co. | Vanguard FTSE Emerging Markets ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 381 | — |
Bank of America Merrill Lynch | Vanguard FTSE Europe ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 90 | — |
Morgan Stanley & Co. | Vanguard FTSE Europe ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 90 | — |
Bank of America Merrill Lynch | Vanguard Global ex-U.S. Real Estate ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (823) | — |
Morgan Stanley & Co. | Vanguard Global ex-U.S. Real Estate ETF | Federal Fund Rate minus 0.35% | 9/16/24 | Monthly | (823) | — |
Bank of America Merrill Lynch | Vanguard Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 254 | — |
Morgan Stanley & Co. | Vanguard Growth ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 254 | — |
Bank of America Merrill Lynch | Vanguard Health Care ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 116 | — |
Morgan Stanley & Co. | Vanguard Health Care ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 116 | — |
Morgan Stanley & Co. | Vanguard Industrials ETF | Federal Fund Rate minus 4.73% | 9/16/24 | Monthly | (131) | — |
Bank of America Merrill Lynch | Vanguard Information Technology ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (90) | — |
Morgan Stanley & Co. | Vanguard Information Technology ETF | Federal Fund Rate minus 0.78% | 9/16/24 | Monthly | (90) | — |
Bank of America Merrill Lynch | Vanguard Intermediate-Term Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 62 | — |
Morgan Stanley & Co. | Vanguard Intermediate-Term Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 62 | — |
Bank of America Merrill Lynch | Vanguard Intermediate-Term Treasury ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 423 | — |
Morgan Stanley & Co. | Vanguard Intermediate-Term Treasury ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 423 | — |
Bank of America Merrill Lynch | Vanguard Long-Term Treasury ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (29) | — |
Morgan Stanley & Co. | Vanguard Long-Term Treasury ETF | Federal Fund Rate minus 1.78% | 9/16/24 | Monthly | (29) | — |
18 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Bank of America Merrill Lynch | Vanguard Mega Cap Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 35 | $ — |
Morgan Stanley & Co. | Vanguard Mega Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 35 | — |
Bank of America Merrill Lynch | Vanguard Mortgage-Backed Securities ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 12 | — |
Morgan Stanley & Co. | Vanguard Mortgage-Backed Securities ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 12 | — |
Bank of America Merrill Lynch | Vanguard Real Estate ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 56 | — |
Morgan Stanley & Co. | Vanguard Real Estate ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 56 | — |
Bank of America Merrill Lynch | Vanguard Russell 1000 Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 33 | — |
Morgan Stanley & Co. | Vanguard Russell 1000 Growth ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 33 | — |
Bank of America Merrill Lynch | Vanguard Short-Term Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 1,616 | — |
Morgan Stanley & Co. | Vanguard Short-Term Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 1,616 | — |
Bank of America Merrill Lynch | Vanguard Small-Cap Growth ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 159 | — |
Morgan Stanley & Co. | Vanguard Small-Cap Growth ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 159 | — |
Bank of America Merrill Lynch | Vanguard Small-Cap Value ETF | Federal Funds Composite Interest Rate | 3/2/23 | Overnight | (183) | — |
Morgan Stanley & Co. | Vanguard Small-Cap Value ETF | Federal Fund Rate minus 0.78% | 9/16/24 | Monthly | (183) | — |
Bank of America Merrill Lynch | Xtrackers USD High Yield Corporate Bond ETF | Federal Funds Composite Interest Rate plus 0.50% | 3/2/23 | Overnight | 77 | — |
Morgan Stanley & Co. | Xtrackers USD High Yield Corporate Bond ETF | Federal Fund Rate plus 0.50% | 9/16/24 | Monthly | 77 | — |
$ — |
1. | As of December 31, 2022, cash in the amount $280,188 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays or receives the floating rate and receives or pays the total return of the referenced entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of December 31, 2022. |
Abbreviation(s): |
BRIC—Brazil, Russia, India and China |
DB—Deutsche Bank |
EAFE—Europe, Australasia and Far East |
EM—Emerging Markets |
ETF—Exchange-Traded Fund |
FTSE—Financial Times Stock Exchange |
MBS—Mortgage-Backed Security |
MSCI—Morgan Stanley Capital International |
REIT—Real Estate Investment Trust |
SPDR—Standard & Poor’s Depositary Receipt |
TIPS—Treasury Inflation-Protected Security |
USD—United States Dollar |
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 | $ 267,153,807 | $ — | $ — | $ 267,153,807 | |||
Exchange-Traded Vehicles | 18,606,315 | — | — | 18,606,315 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 67,109 | — | — | 67,109 | |||
Unaffiliated Investment Company | 64,618,533 | — | — | 64,618,533 | |||
Total Short-Term Investments | 64,685,642 | — | — | 64,685,642 | |||
Total Investments in Securities | $ 350,445,764 | $ — | $ — | $ 350,445,764 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
20 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $351,122,866) including securities on loan of $66,360,442 | $340,688,841 |
Investment in affiliated investment companies, at value (identified cost $9,879,294) | 9,756,923 |
Cash | 4,403 |
Cash denominated in foreign currencies (identified cost $4,579) | 4,505 |
Cash collateral on deposit at broker for swap contracts | 280,188 |
Receivables: | |
Dividends and interest on OTC swaps contracts | 230,851 |
Dividends | 89,793 |
Securities lending | 69,364 |
Portfolio shares sold | 40,087 |
Other assets | 1,833 |
Total assets | 351,166,788 |
Liabilities | |
Cash collateral received for securities on loan | 64,618,533 |
Payables: | |
Portfolio shares redeemed | 166,510 |
Manager (See Note 3) | 163,046 |
NYLIFE Distributors (See Note 3) | 58,840 |
Shareholder communication | 34,683 |
Professional fees | 23,968 |
Custodian | 11,569 |
Transfer agent (See Note 3) | 1,151 |
Accrued expenses | 13,297 |
Total liabilities | 65,091,597 |
Net assets | $286,075,191 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 35,688 |
Additional paid-in-capital | 370,357,657 |
370,393,345 | |
Total distributable earnings (loss) | (84,318,154) |
Net assets | $286,075,191 |
Initial Class | |
Net assets applicable to outstanding shares | $ 12,070,325 |
Shares of beneficial interest outstanding | 1,500,953 |
Net asset value per share outstanding | $ 8.04 |
Service Class | |
Net assets applicable to outstanding shares | $274,004,866 |
Shares of beneficial interest outstanding | 34,187,513 |
Net asset value per share outstanding | $ 8.01 |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $17,158) | $ 7,327,069 |
Securities lending, net | 1,049,738 |
Dividends-affiliated | 473,681 |
Total income | 8,850,488 |
Expenses | |
Manager (See Note 3) | 2,396,241 |
Distribution/Service—Service Class (See Note 3) | 767,685 |
Professional fees | 68,446 |
Custodian | 65,692 |
Shareholder communication | 24,103 |
Trustees | 6,899 |
Miscellaneous | 16,469 |
Total expenses before waiver/reimbursement | 3,345,535 |
Expense waiver/reimbursement from Manager (See Note 3) | (340,273) |
Net expenses | 3,005,262 |
Net investment income (loss) | 5,845,226 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (29,321,428) |
Affiliated investment company transactions | (1,090,615) |
Swap transactions | 1,465,346 |
Foreign currency transactions | 206 |
Net realized gain (loss) | (28,946,491) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (8,808,137) |
Affiliated investments | 413,616 |
Translation of other assets and liabilities in foreign currencies | (3,375) |
Net change in unrealized appreciation (depreciation) | (8,397,896) |
Net realized and unrealized gain (loss) | (37,344,387) |
Net increase (decrease) in net assets resulting from operations | $(31,499,161) |
22 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 5,845,226 | $ 2,542,976 |
Net realized gain (loss) | (28,946,491) | 17,921,112 |
Net change in unrealized appreciation (depreciation) | (8,397,896) | (23,556,939) |
Net increase (decrease) in net assets resulting from operations | (31,499,161) | (3,092,851) |
Distributions to shareholders: | ||
Initial Class | (245,307) | — |
Service Class | (4,860,946) | — |
Total distributions to shareholders | (5,106,253) | — |
Capital share transactions: | ||
Net proceeds from sales of shares | 7,315,445 | 22,487,176 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 5,106,253 | — |
Cost of shares redeemed | (63,501,869) | (29,510,242) |
Increase (decrease) in net assets derived from capital share transactions | (51,080,171) | (7,023,066) |
Net increase (decrease) in net assets | (87,685,585) | (10,115,917) |
Net Assets | ||
Beginning of year | 373,760,776 | 383,876,693 |
End of year | $286,075,191 | $373,760,776 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 † | ||||
Net asset value at beginning of year | $ 8.97 | $ 9.02 | $ 8.74 | $ 8.22 | $ 8.92 | ||||
Net investment income (loss) (a) | 0.18 | 0.09 | 0.14 | 0.20 | (0.05) | ||||
Net realized and unrealized gain (loss) | (0.94) | (0.14) | 0.33 | 0.49 | (0.55) | ||||
Total from investment operations | (0.76) | (0.05) | 0.47 | 0.69 | (0.60) | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | — | (0.16) | (0.16) | (0.10) | ||||
Return of capital | — | — | (0.03) | (0.01) | — | ||||
Total distributions | (0.17) | — | (0.19) | (0.17) | (0.10) | ||||
Net asset value at end of year | $ 8.04 | $ 8.97 | $ 9.02 | $ 8.74 | $ 8.22 | ||||
Total investment return (b) | (8.48)% | (0.55)%(c) | 5.38% | 8.47% | (6.88)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.12% | 0.97% | 1.56% | 2.36% | (0.53)% | ||||
Net expenses (d) | 0.70% | 0.70% | 0.70% | 0.70% | 1.43% | ||||
Expenses (before waiver/reimbursement) (d) | 0.81% | 0.83% | 1.00% | 1.20% | 2.96%(e) | ||||
Portfolio turnover rate | 139% | 126% | 179% | 151% | 450% | ||||
Net assets at end of year (in 000's) | $ 12,070 | $ 13,499 | $ 12,044 | $ 10,749 | $ 9,059 |
† | Consolidated Financial Highlights for the period January 1, 2018 to November 30, 2018, which consolidates financial information of MainStay VP Multi-Strategy Cayman Fund Ltd., a wholly-owned subsidiary of the Portfolio prior to the reorganization. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2018 | 1.43% | 1.28% |
24 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 † | ||||
Net asset value at beginning of year | $ 8.94 | $ 9.01 | $ 8.73 | $ 8.18 | $ 8.87 | ||||
Net investment income (loss) (a) | 0.15 | 0.06 | 0.11 | 0.18 | (0.00)‡ | ||||
Net realized and unrealized gain (loss) | (0.94) | (0.13) | 0.34 | 0.49 | (0.63) | ||||
Total from investment operations | (0.79) | (0.07) | 0.45 | 0.67 | (0.63) | ||||
Less distributions: | |||||||||
From net investment income | (0.14) | — | (0.14) | (0.12) | (0.06) | ||||
Return of capital | — | — | (0.03) | (0.00)‡ | — | ||||
Total distributions | (0.14) | — | (0.17) | (0.12) | (0.06) | ||||
Net asset value at end of year | $ 8.01 | $ 8.94 | $ 9.01 | $ 8.73 | $ 8.18 | ||||
Total investment return (b) | (8.70)% | (0.78)%(c) | 5.14% | 8.23% | (7.14)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.82% | 0.65% | 1.29% | 2.09% | 0.03% | ||||
Net expenses (d) | 0.95% | 0.95% | 0.95% | 0.95% | 1.60% | ||||
Expenses (before waiver/reimbursement) (d) | 1.06% | 1.09% | 1.25% | 1.45% | 2.84%(e) | ||||
Portfolio turnover rate | 139% | 126% | 179% | 151% | 450% | ||||
Net assets at end of year (in 000's) | $ 274,005 | $ 360,262 | $ 371,833 | $ 389,101 | $ 391,094 |
† | Consolidated Financial Highlights for the period January 1, 2018 to November 30, 2018, which consolidates financial information of MainStay VP Multi-Strategy Cayman Fund Ltd., a wholly-owned subsidiary of the Portfolio prior to the reorganization. |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2018 | 1.60% | 0.99% |
Class | Commenced Operations |
Initial Class | May 1, 2013 |
Service Class | May 1, 2013 |
26 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
28 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
30 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $1,465,346 | $1,465,346 |
Total Net Realized Gain (Loss) | $1,465,346 | $1,465,346 |
Average Notional Amount | Total |
Swap Contracts Long | $ 31,489,464 |
Swap Contracts Short | $(31,340,579) |
Initial Class | $1,480,600 | 12.3% |
Service Class | 24,835 | 0.0‡ |
‡ | Less than one-tenth of a percent. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $370,970,863 | $3,019,750 | $(23,687,244) | $(20,667,494) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,428,298 | $(65,217,890) | $— | $(20,528,562) | $(84,318,154) |
32 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$19,786 | $(19,786) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $59,425 | $5,651 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $5,106,253 | $— |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 56,268 | $ 474,155 |
Shares issued to shareholders in reinvestment of distributions | 30,435 | 245,307 |
Shares redeemed | (90,997) | (758,670) |
Net increase (decrease) | (4,294) | $ (39,208) |
Year ended December 31, 2021: | ||
Shares sold | 200,003 | $ 1,812,192 |
Shares redeemed | (29,920) | (270,840) |
Net increase (decrease) | 170,083 | $ 1,541,352 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 820,504 | $ 6,841,290 |
Shares issued to shareholders in reinvestment of distributions | 605,130 | 4,860,946 |
Shares redeemed | (7,550,160) | (62,743,199) |
Net increase (decrease) | (6,124,526) | $(51,040,963) |
Year ended December 31, 2021: | ||
Shares sold | 2,287,759 | $ 20,674,984 |
Shares redeemed | (3,237,618) | (29,239,402) |
Net increase (decrease) | (949,859) | $ (8,564,418) |
34 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
MainStay VP IQ Hedge Multi-Strategy Portfolio
New York, New York
February 24, 2023
36 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
38 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
40 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
42 | MainStay VP IQ Hedge Multi-Strategy Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015925 | MSVPARM11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date1, 2 | One Year | Five Years | Ten Years | Gross Expense Ratio3 |
Initial Class Shares | 5/2/2005 | -5.74% | 5.23% | 7.50% | 0.71% |
Service Class Shares | 5/2/2005 | -5.97 | 4.97 | 7.23 | 0.96 |
1. | The Portfolio’s equity subadvisor changed effective January 1, 2018, due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC, a former subadvisor. The past performance in the graph and table prior to that date reflects the Portfolio’s prior subadvisor for the equity portion of the Portfolio. |
2. | Effective May 1, 2021, the Portfolio replaced the subadvisor to the equity portion of the Portfolio and modified the equity portion of the Portfolio's principal investment strategies. The past performance in the graph and table prior to that date reflects the Portfolio’s prior subadvisor and principal investment strategies for the equity portion of the Portfolio. |
3. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Russell 1000® Value Index1 | -7.54% | 6.67% | 10.29% |
Bloomberg U.S. Intermediate Government/Credit Bond Index2 | -8.23 | 0.73 | 1.12 |
Balanced Composite Index3 | -7.47 | 4.69 | 6.82 |
Morningstar Allocation - 50% to 70% Equity Category Average4 | -13.84 | 4.13 | 6.01 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Portfolio has selected the Russell 1000® Value Index as its primary benchmark. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. |
2. | The Portfolio has selected the Bloomberg U.S. Intermediate Government/Credit Bond Index as a secondary benchmark. The Bloomberg U.S. Intermediate Government/Credit Bond Index measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years. |
3. | The Portfolio has selected the Balanced Composite Index as an additional benchmark. The Balanced Composite Index consists of the Russell 1000® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60% and 40%, respectively. |
4. | The Morningstar Allocation – 50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,033.40 | $3.59 | $1,021.68 | $3.57 | 0.70% |
Service Class Shares | $1,000.00 | $1,032.10 | $4.87 | $1,020.42 | $4.84 | 0.95% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Balanced Portfolio |
1. | U.S. Treasury Notes, 2.50%-4.50%, due 3/31/23–11/15/32 |
2. | iShares Russell 1000 Value ETF |
3. | JPMorgan Chase & Co. |
4. | iShares Intermediate Government/Credit Bond ETF |
5. | Pfizer, Inc. |
6. | Morgan Stanley |
7. | Cisco Systems, Inc. |
8. | ConocoPhillips |
9. | Merck & Co., Inc. |
10. | Alphabet, Inc. |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Balanced Portfolio |
2. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Portfolio holdings, ratings are based solely on the creditworthiness of the bonds in the Portfolio and are not meant to represent the security or safety of the Portfolio. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
5. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
10 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Long-Term Bonds 34.5% | ||
Asset-Backed Securities 1.4% | ||
Other Asset-Backed Securities 1.4% | ||
AIG CLO LLC | ||
Series 2020-1A, Class AR | ||
5.239% (3 Month LIBOR + 1.16%), due 4/15/34 (a)(b) | $ 600,000 | $ 585,551 |
Apidos CLO XXX | ||
Series XXXA, Class A2 | ||
5.794% (3 Month LIBOR + 1.60%), due 10/18/31 (a)(b) | 650,000 | 628,267 |
ARES L CLO Ltd. | ||
Series 2018-50A, Class AR | ||
5.129% (3 Month LIBOR + 1.05%), due 1/15/32 (a)(b) | 700,000 | 685,971 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
5.643% (3 Month LIBOR + 1.40%), due 4/20/30 (a)(b) | 400,000 | 382,334 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-3A, Class A2R | ||
5.479% (3 Month LIBOR + 1.40%), due 10/15/30 (a)(b) | 800,000 | 764,899 |
Palmer Square CLO Ltd. | ||
Series 2015-2A, Class A2R2 | ||
5.793% (3 Month LIBOR + 1.55%), due 7/20/30 (a)(b) | 750,000 | 727,697 |
Regatta XIV Funding Ltd. | ||
Series 2018-3A, Class A | ||
5.548% (3 Month LIBOR + 1.19%), due 10/25/31 (a)(b) | 600,000 | 588,439 |
STORE Master Funding LLC | ||
Series 2021-1A, Class A1 | ||
2.12%, due 6/20/51 (a) | 241,922 | 200,684 |
THL Credit Wind River CLO Ltd. | ||
Series 2017-4A, Class A | ||
5.825% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(b) | 250,000 | 246,477 |
Vantage Data Centers Issuer LLC | ||
Series 2020-1A, Class A2 | ||
1.645%, due 9/15/45 (a) | 725,000 | 639,395 |
Total Asset-Backed Securities (Cost $5,711,065) | 5,449,714 | |
Corporate Bonds 8.9% | ||
Aerospace & Defense 0.1% | ||
Boeing Co. (The) | ||
3.10%, due 5/1/26 | 120,000 | 112,916 |
Principal Amount | Value | |
Aerospace & Defense (continued) | ||
Boeing Co. (The) (continued) | ||
3.25%, due 2/1/28 | $ 155,000 | $ ���140,761 |
5.15%, due 5/1/30 | 210,000 | 204,884 |
458,561 | ||
Auto Manufacturers 0.1% | ||
General Motors Financial Co., Inc. | ||
6.05%, due 10/10/25 | 505,000 | 513,657 |
Banks 3.7% | ||
Banco Santander SA | ||
5.294%, due 8/18/27 | 400,000 | 390,543 |
Bank of America Corp. (c) | ||
1.922%, due 10/24/31 | 205,000 | 156,597 |
2.087%, due 6/14/29 | 675,000 | 568,009 |
4.571%, due 4/27/33 | 360,000 | 329,293 |
Citigroup, Inc. (c) | ||
2.014%, due 1/25/26 | 733,000 | 679,320 |
5.61%, due 9/29/26 | 885,000 | 888,785 |
6.27%, due 11/17/33 | 125,000 | 128,955 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 320,000 | 323,603 |
Fifth Third Bancorp | ||
6.361%, due 10/27/28 (c) | 300,000 | 308,668 |
Goldman Sachs Group, Inc. (The) | ||
2.64%, due 2/24/28 (c) | 450,000 | 400,673 |
5.70%, due 11/1/24 | 710,000 | 718,450 |
HSBC Holdings plc (c) | ||
7.336%, due 11/3/26 | 545,000 | 566,839 |
7.39%, due 11/3/28 | 395,000 | 415,125 |
JPMorgan Chase & Co. (c) | ||
1.578%, due 4/22/27 | 790,000 | 694,143 |
2.963%, due 1/25/33 | 305,000 | 248,240 |
4.565%, due 6/14/30 | 440,000 | 413,980 |
4.912%, due 7/25/33 | 150,000 | 142,819 |
5.546%, due 12/15/25 | 595,000 | 595,011 |
Lloyds Banking Group plc | ||
0.695% (1 Year Treasury Constant Maturity Rate + 0.55%), due 5/11/24 (b) | 430,000 | 421,709 |
Mitsubishi UFJ Financial Group, Inc. | ||
5.354% (1 Year Treasury Constant Maturity Rate + 1.90%), due 9/13/28 (b) | 310,000 | 307,534 |
Morgan Stanley (c) | ||
4.679%, due 7/17/26 | 1,150,000 | 1,130,284 |
5.297%, due 4/20/37 | 300,000 | 274,308 |
6.296%, due 10/18/28 | 270,000 | 278,722 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Morgan Stanley (c) (continued) | ||
6.342%, due 10/18/33 | $ 80,000 | $ 83,824 |
Nordea Bank Abp | ||
5.375%, due 9/22/27 (a) | 575,000 | 577,653 |
PNC Financial Services Group, Inc. (The) | ||
6.037%, due 10/28/33 (c) | 315,000 | 327,946 |
Royal Bank of Canada | ||
5.66%, due 10/25/24 | 625,000 | 632,155 |
Santander Holdings USA, Inc. | ||
5.807%, due 9/9/26 (c) | 250,000 | 248,114 |
Societe Generale SA | ||
1.792% (1 Year Treasury Constant Maturity Rate + 1.00%), due 6/9/27 (a)(b) | 350,000 | 301,144 |
Standard Chartered plc (a)(b) | ||
7.767% (1 Year Treasury Constant Maturity Rate + 3.45%), due 11/16/28 | 275,000 | 291,335 |
7.776% (1 Year Treasury Constant Maturity Rate + 3.10%), due 11/16/25 | 200,000 | 205,980 |
State Street Corp. | ||
4.164%, due 8/4/33 (c) | 165,000 | 152,416 |
Swedbank AB | ||
5.337%, due 9/20/27 (a) | 515,000 | 510,746 |
UBS Group AG | ||
1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 (a)(b) | 225,000 | 197,044 |
Wells Fargo & Co. | ||
4.54%, due 8/15/26 (c) | 490,000 | 480,180 |
14,390,147 | ||
Beverages 0.0% ‡ | ||
Keurig Dr Pepper, Inc. | ||
4.05%, due 4/15/32 | 90,000 | 81,869 |
Biotechnology 0.2% | ||
Amgen, Inc. | ||
4.05%, due 8/18/29 | 500,000 | 467,262 |
4.20%, due 3/1/33 | 130,000 | 120,267 |
587,529 | ||
Commercial Services 0.1% | ||
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 325,000 | 283,514 |
Principal Amount | Value | |
Commercial Services (continued) | ||
PayPal Holdings, Inc. | ||
3.90%, due 6/1/27 | $ 260,000 | $ 250,183 |
533,697 | ||
Computers 0.2% | ||
Apple, Inc. | ||
1.65%, due 5/11/30 | 361,000 | 294,845 |
1.70%, due 8/5/31 | 470,000 | 375,754 |
670,599 | ||
Cosmetics & Personal Care 0.0% ‡ | ||
Unilever Capital Corp. | ||
1.75%, due 8/12/31 | 220,000 | 172,859 |
Diversified Financial Services 0.6% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 450,000 | 376,999 |
Air Lease Corp. | ||
0.70%, due 2/15/24 | 550,000 | 519,527 |
Blackstone Holdings Finance Co. LLC | ||
5.90%, due 11/3/27 (a) | 500,000 | 503,744 |
Intercontinental Exchange, Inc. | ||
4.35%, due 6/15/29 | 590,000 | 570,435 |
Thirax 1 LLC | ||
0.968%, due 1/14/33 | 194,153 | 159,684 |
2,130,389 | ||
Electric 0.9% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 140,000 | 134,098 |
Appalachian Power Co. | ||
Series BB | ||
4.50%, due 8/1/32 | 130,000 | 121,211 |
Commonwealth Edison Co. | ||
3.10%, due 11/1/24 | 250,000 | 241,211 |
Duke Energy Carolinas LLC | ||
2.85%, due 3/15/32 | 340,000 | 287,614 |
Duke Energy Corp. | ||
4.30%, due 3/15/28 | 250,000 | 240,556 |
4.50%, due 8/15/32 | 130,000 | 121,771 |
Enel Finance America LLC | ||
7.10%, due 10/14/27 (a) | 200,000 | 206,812 |
Entergy Arkansas LLC | ||
3.70%, due 6/1/24 | 500,000 | 491,270 |
Pacific Gas and Electric Co. | ||
5.45%, due 6/15/27 | 320,000 | 315,555 |
Southern California Edison Co. | ||
5.95%, due 11/1/32 | 320,000 | 338,112 |
12 | MainStay VP Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Southern Co. (The) | ||
5.15%, due 10/6/25 | $ 190,000 | $ 191,229 |
5.70%, due 10/15/32 | 90,000 | 92,067 |
Virginia Electric and Power Co. | ||
Series B | ||
3.75%, due 5/15/27 | 620,000 | 591,682 |
3,373,188 | ||
Entertainment 0.0% ‡ | ||
Warnermedia Holdings, Inc. | ||
4.054%, due 3/15/29 (a) | 192,000 | 166,104 |
Environmental Control 0.1% | ||
Waste Connections, Inc. | ||
2.60%, due 2/1/30 (d) | 380,000 | 324,002 |
Food 0.1% | ||
Kraft Heinz Foods Co. | ||
3.75%, due 4/1/30 | 105,000 | 95,618 |
Nestle Holdings, Inc. | ||
4.25%, due 10/1/29 (a) | 370,000 | 360,564 |
456,182 | ||
Gas 0.1% | ||
CenterPoint Energy Resources Corp. | ||
4.40%, due 7/1/32 (d) | 335,000 | 321,174 |
Healthcare-Products 0.0% ‡ | ||
GE HealthCare Technologies, Inc. | ||
5.905%, due 11/22/32 (a) | 160,000 | 165,792 |
Healthcare-Services 0.1% | ||
HCA, Inc. | ||
3.625%, due 3/15/32 (a) | 305,000 | 258,077 |
Insurance 0.1% | ||
Corebridge Financial, Inc. | ||
3.85%, due 4/5/29 (a) | 275,000 | 250,472 |
Principal Life Global Funding II | ||
1.25%, due 8/16/26 (a) | 350,000 | 303,466 |
553,938 | ||
Internet 0.1% | ||
Amazon.com, Inc. | ||
2.10%, due 5/12/31 | 355,000 | 289,911 |
Principal Amount | Value | |
Internet (continued) | ||
Meta Platforms, Inc. | ||
3.85%, due 8/15/32 | $ 140,000 | $ 123,191 |
413,102 | ||
Investment Companies 0.1% | ||
Blackstone Private Credit Fund | ||
7.05%, due 9/29/25 (a) | 350,000 | 347,225 |
Media 0.2% | ||
Charter Communications Operating LLC | ||
2.25%, due 1/15/29 | 105,000 | 84,512 |
4.40%, due 4/1/33 | 360,000 | 308,037 |
Paramount Global | ||
4.20%, due 5/19/32 | 385,000 | 315,111 |
707,660 | ||
Oil & Gas 0.1% | ||
Phillips 66 Co. | ||
3.15%, due 12/15/29 (a) | 455,000 | 396,929 |
Pharmaceuticals 0.2% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | 350,000 | 325,494 |
CVS Health Corp. | ||
2.125%, due 9/15/31 | 195,000 | 154,610 |
Merck & Co., Inc. | ||
2.15%, due 12/10/31 | 175,000 | 142,904 |
623,008 | ||
Pipelines 0.3% | ||
Energy Transfer LP | ||
3.75%, due 5/15/30 | 150,000 | 132,253 |
5.75%, due 2/15/33 | 165,000 | 161,430 |
MPLX LP | ||
4.95%, due 9/1/32 | 82,000 | 76,890 |
ONEOK, Inc. | ||
5.85%, due 1/15/26 | 485,000 | 490,808 |
6.10%, due 11/15/32 | 255,000 | 254,987 |
1,116,368 | ||
Real Estate Investment Trusts 0.1% | ||
CubeSmart LP | ||
2.25%, due 12/15/28 | 290,000 | 239,007 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 375,000 | 319,132 |
558,139 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail 0.2% | ||
Home Depot, Inc. (The) | ||
3.25%, due 4/15/32 | $ 280,000 | $ 248,799 |
Lowe's Cos., Inc. | ||
5.00%, due 4/15/33 | 170,000 | 165,956 |
Walmart, Inc. | ||
5.25%, due 9/1/35 | 255,000 | 267,380 |
682,135 | ||
Semiconductors 0.3% | ||
Broadcom, Inc. | ||
4.30%, due 11/15/32 | 450,000 | 396,603 |
NVIDIA Corp. | ||
1.55%, due 6/15/28 (d) | 122,000 | 104,172 |
NXP BV | ||
4.30%, due 6/18/29 | 215,000 | 200,444 |
QUALCOMM, Inc. | ||
2.15%, due 5/20/30 | 410,000 | 346,877 |
Texas Instruments, Inc. | ||
3.65%, due 8/16/32 | 250,000 | 231,643 |
1,279,739 | ||
Software 0.4% | ||
Microsoft Corp. | ||
2.525%, due 6/1/50 | 180,000 | 118,449 |
Oracle Corp. | ||
2.30%, due 3/25/28 | 180,000 | 155,911 |
2.875%, due 3/25/31 | 95,000 | 78,767 |
6.15%, due 11/9/29 | 1,020,000 | 1,058,725 |
1,411,852 | ||
Telecommunications 0.4% | ||
AT&T, Inc. | ||
4.35%, due 3/1/29 | 775,000 | 736,999 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 195,000 | 165,074 |
3.50%, due 4/15/31 | 350,000 | 302,330 |
Verizon Communications, Inc. | ||
2.10%, due 3/22/28 | 300,000 | 260,364 |
3.376%, due 2/15/25 | 6,000 | 5,813 |
4.016%, due 12/3/29 | 122,000 | 113,954 |
1,584,534 | ||
Transportation 0.1% | ||
Union Pacific Corp. | ||
4.50%, due 1/20/33 (d) | 170,000 | 166,220 |
Principal Amount | Value | |
Transportation (continued) | ||
United Parcel Service, Inc. | ||
4.45%, due 4/1/30 | $ 180,000 | $ 177,174 |
343,394 | ||
Total Corporate Bonds (Cost $35,822,346) | 34,621,849 | |
Mortgage-Backed Security 0.1% | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.1% | ||
Citigroup Commercial Mortgage Trust | ||
Series 2020-GC46, Class A5 | ||
2.717%, due 2/15/53 | 500,000 | 422,055 |
Total Mortgage-Backed Security (Cost $514,123) | 422,055 | |
U.S. Government & Federal Agencies 24.1% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.6% | ||
FFCB | ||
2.03%, due 1/21/28 | 850,000 | 770,295 |
4.37%, due 5/17/32 | 375,000 | 358,359 |
FHLB | ||
4.00%, due 5/26/27 | 1,100,000 | 1,058,702 |
2,187,356 | ||
United States Treasury Bonds 0.1% | ||
U.S. Treasury Bonds | ||
4.00%, due 11/15/52 | 400,000 | 400,562 |
United States Treasury Notes 23.4% | ||
U.S. Treasury Notes | ||
2.50%, due 3/31/23 | 7,275,000 | 7,240,882 |
2.625%, due 12/31/23 (d) | 2,800,000 | 2,742,499 |
3.875%, due 11/30/27 | 15,293,800 | 15,210,162 |
3.875%, due 11/30/29 | 14,441,700 | 14,344,670 |
3.875%, due 12/31/29 | 350,000 | 348,250 |
4.00%, due 12/15/25 | 22,225,000 | 22,082,621 |
4.125%, due 11/15/32 | 9,045,000 | 9,230,140 |
4.50%, due 11/30/24 (d) | 19,805,000 | 19,805,773 |
91,004,997 | ||
Total U.S. Government & Federal Agencies (Cost $94,148,143) | 93,592,915 | |
Total Long-Term Bonds (Cost $136,195,677) | 134,086,533 | |
14 | MainStay VP Balanced Portfolio |
Shares | Value | |
Common Stocks 55.3% | ||
Aerospace & Defense 2.4% | ||
General Dynamics Corp. | 11,634 | $ 2,886,512 |
L3Harris Technologies, Inc. | 12,784 | 2,661,756 |
Raytheon Technologies Corp. | 39,500 | 3,986,340 |
9,534,608 | ||
Auto Components 0.7% | ||
Gentex Corp. | 98,535 | 2,687,049 |
Banks 4.0% | ||
JPMorgan Chase & Co. | 54,638 | 7,326,956 |
M&T Bank Corp. | 23,348 | 3,386,861 |
PNC Financial Services Group, Inc. (The) | 16,393 | 2,589,110 |
Truist Financial Corp. | 53,623 | 2,307,398 |
15,610,325 | ||
Beverages 0.6% | ||
Keurig Dr Pepper, Inc. | 70,257 | 2,505,365 |
Building Products 1.6% | ||
Fortune Brands Innovations, Inc. | 40,836 | 2,332,144 |
Johnson Controls International plc | 62,986 | 4,031,104 |
6,363,248 | ||
Capital Markets 3.6% | ||
ARES Management Corp. | 43,318 | 2,964,684 |
Blackstone, Inc. | 25,160 | 1,866,620 |
LPL Financial Holdings, Inc. | 10,490 | 2,267,623 |
Morgan Stanley | 54,684 | 4,649,234 |
Raymond James Financial, Inc. | 22,830 | 2,439,386 |
14,187,547 | ||
Chemicals 0.6% | ||
Axalta Coating Systems Ltd. (e) | 93,727 | 2,387,227 |
Communications Equipment 2.2% | ||
Cisco Systems, Inc. | 116,083 | 5,530,194 |
F5, Inc. (e) | 19,958 | 2,864,173 |
8,394,367 | ||
Containers & Packaging 0.6% | ||
Sealed Air Corp. | 46,693 | 2,329,047 |
Distributors 0.6% | ||
LKQ Corp. | 41,900 | 2,237,879 |
Shares | Value | |
Diversified Consumer Services 0.6% | ||
H&R Block, Inc. | 64,114 | $ 2,340,802 |
Electric Utilities 1.6% | ||
Duke Energy Corp. | 30,464 | 3,137,487 |
Exelon Corp. | 71,417 | 3,087,357 |
6,224,844 | ||
Electrical Equipment 0.8% | ||
Emerson Electric Co. | 31,177 | 2,994,863 |
Electronic Equipment, Instruments & Components 0.9% | ||
Corning, Inc. | 106,388 | 3,398,033 |
Entertainment 0.8% | ||
Electronic Arts, Inc. | 23,939 | 2,924,867 |
Equity Real Estate Investment Trusts 2.2% | ||
Gaming and Leisure Properties, Inc. | 64,900 | 3,380,641 |
Host Hotels & Resorts, Inc. | 134,601 | 2,160,346 |
Welltower, Inc. | 48,153 | 3,156,429 |
8,697,416 | ||
Food Products 1.7% | ||
Archer-Daniels-Midland Co. | 31,720 | 2,945,202 |
Mondelez International, Inc., Class A | 52,717 | 3,513,588 |
6,458,790 | ||
Gas Utilities 0.7% | ||
Atmos Energy Corp. | 24,481 | 2,743,586 |
Health Care Equipment & Supplies 1.8% | ||
Becton Dickinson and Co. | 13,755 | 3,497,896 |
Boston Scientific Corp. (e) | 73,591 | 3,405,056 |
6,902,952 | ||
Health Care Providers & Services 2.9% | ||
Centene Corp. (e) | 45,619 | 3,741,214 |
Elevance Health, Inc. | 8,285 | 4,249,956 |
UnitedHealth Group, Inc. | 6,331 | 3,356,570 |
11,347,740 | ||
Household Durables 0.6% | ||
Lennar Corp., Class A | 27,903 | 2,525,222 |
Insurance 3.5% | ||
American International Group, Inc. | 50,230 | 3,176,545 |
Chubb Ltd. | 18,110 | 3,995,066 |
Shares | Value | |
Common Stocks (continued) | ||
Insurance (continued) | ||
MetLife, Inc. | 58,193 | $ 4,211,427 |
Progressive Corp. (The) | 16,956 | 2,199,363 |
13,582,401 | ||
Interactive Media & Services 1.2% | ||
Alphabet, Inc., Class C (e) | 54,434 | 4,829,929 |
IT Services 1.3% | ||
Amdocs Ltd. | 30,442 | 2,767,178 |
Global Payments, Inc. | 22,238 | 2,208,678 |
4,975,856 | ||
Machinery 0.7% | ||
Middleby Corp. (The) (e) | 20,970 | 2,807,883 |
Media 0.6% | ||
Omnicom Group, Inc. | 29,955 | 2,443,429 |
Multi-Utilities 0.8% | ||
Sempra Energy | 20,678 | 3,195,578 |
Oil, Gas & Consumable Fuels 4.0% | ||
ConocoPhillips | 45,168 | 5,329,824 |
Coterra Energy, Inc. | 127,700 | 3,137,589 |
EOG Resources, Inc. | 28,424 | 3,681,477 |
Phillips 66 | 32,690 | 3,402,375 |
15,551,265 | ||
Personal Products 0.8% | ||
Unilever plc, Sponsored ADR | 58,750 | 2,958,062 |
Pharmaceuticals 5.4% | ||
AstraZeneca plc, Sponsored ADR | 44,627 | 3,025,711 |
Eli Lilly and Co. | 11,541 | 4,222,159 |
Merck & Co., Inc. | 42,688 | 4,736,234 |
Pfizer, Inc. | 135,101 | 6,922,575 |
Roche Holding AG | 6,777 | 2,129,752 |
21,036,431 | ||
Real Estate Management & Development 0.7% | ||
CBRE Group, Inc., Class A (e) | 34,431 | 2,649,810 |
Road & Rail 0.6% | ||
Knight-Swift Transportation Holdings, Inc. | 43,267 | 2,267,623 |
Shares | Value | ||
Semiconductors & Semiconductor Equipment 2.7% | |||
Analog Devices, Inc. | 28,023 | $ 4,596,613 | |
NXP Semiconductors NV | 15,723 | 2,484,706 | |
QUALCOMM, Inc. | 30,126 | 3,312,052 | |
10,393,371 | |||
Specialty Retail 1.5% | |||
Home Depot, Inc. (The) | 12,065 | 3,810,851 | |
Victoria's Secret & Co. (e) | 52,022 | 1,861,347 | |
5,672,198 | |||
Total Common Stocks (Cost $199,951,463) | 215,159,613 | ||
Exchange-Traded Funds 7.7% | |||
iShares 5-10 Year Investment Grade Corporate Bond ETF | 47,273 | 2,340,486 | |
iShares Intermediate Government/Credit Bond ETF | 90,601 | 9,282,978 | |
iShares Russell 1000 Value ETF | 107,967 | 16,373,197 | |
Vanguard Intermediate-Term Treasury ETF | 32,487 | 1,899,840 | |
Total Exchange-Traded Funds (Cost $30,279,724) | 29,896,501 | ||
Short-Term Investments 0.6% | |||
Affiliated Investment Company 0.5% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (f) | 1,792,552 | 1,792,552 | |
Unaffiliated Investment Company 0.1% | |||
Invesco Government and Agency Portfolio, 4.301% (f)(g) | 573,209 | 573,209 | |
Total Short-Term Investments (Cost $2,365,761) | 2,365,761 | ||
Total Investments (Cost $368,792,625) | 98.1% | 381,508,408 | |
Other Assets, Less Liabilities | 1.9 | 7,344,356 | |
Net Assets | 100.0% | $ 388,852,764 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
16 | MainStay VP Balanced Portfolio |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(d) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $5,050,133; the total market value of collateral held by the Portfolio was $5,212,315. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $4,639,106. The Portfolio received cash collateral with a value of $573,209. (See Note 2(I)) |
(e) | Non-income producing security. |
(f) | Current yield as of December 31, 2022. |
(g) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 4,715 | $ 80,737 | $ (83,659) | $ — | $ — | $ 1,793 | $ 58 | $ — | 1,793 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 2 Year Notes | 28 | March 2023 | $ 5,744,311 | $ 5,742,188 | $ (2,123) |
U.S. Treasury 5 Year Notes | 81 | March 2023 | 8,823,042 | 8,742,305 | (80,737) |
U.S. Treasury 10 Year Notes | 13 | March 2023 | 1,473,992 | 1,459,859 | (14,133) |
Total Long Contracts | (96,993) | ||||
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | (42) | March 2023 | (5,088,002) | (4,967,812) | 120,190 |
U.S. Treasury Long Bonds | (6) | March 2023 | (758,870) | (752,063) | 6,807 |
U.S. Treasury Ultra Bonds | (1) | March 2023 | (139,473) | (134,313) | 5,160 |
Total Short Contracts | 132,157 | ||||
Net Unrealized Appreciation | $ 35,164 |
1. | As of December 31, 2022, cash in the amount of $60,485 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2022. |
Abbreviation(s): |
ADR—American Depositary Receipt |
CLO—Collateralized Loan Obligation |
ETF—Exchange-Traded Fund |
FFCB—Federal Farm Credit Bank |
FHLB—Federal Home Loan Bank |
LIBOR—London Interbank Offered Rate |
18 | MainStay VP Balanced Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 5,449,714 | $ — | $ 5,449,714 | |||
Corporate Bonds | — | 34,621,849 | — | 34,621,849 | |||
Mortgage-Backed Security | — | 422,055 | — | 422,055 | |||
U.S. Government & Federal Agencies | — | 93,592,915 | — | 93,592,915 | |||
Total Long-Term Bonds | — | 134,086,533 | — | 134,086,533 | |||
Common Stocks | |||||||
Pharmaceuticals | 18,906,679 | 2,129,752 | — | 21,036,431 | |||
All Other Industries | 194,123,182 | — | — | 194,123,182 | |||
Total Common Stocks | 213,029,861 | 2,129,752 | — | 215,159,613 | |||
Exchange-Traded Funds | 29,896,501 | — | — | 29,896,501 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 1,792,552 | — | — | 1,792,552 | |||
Unaffiliated Investment Company | 573,209 | — | — | 573,209 | |||
Total Short-Term Investments | 2,365,761 | — | — | 2,365,761 | |||
Total Investments in Securities | 245,292,123 | 136,216,285 | — | 381,508,408 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 132,157 | — | — | 132,157 | |||
Total Investments in Securities and Other Financial Instruments | $ 245,424,280 | $ 136,216,285 | $ — | $ 381,640,565 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (96,993) | $ — | $ — | $ (96,993) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $367,000,073) including securities on loan of $5,050,133 | $379,715,856 |
Investment in affiliated investment companies, at value (identified cost $1,792,552) | 1,792,552 |
Cash | 7,186,804 |
Cash collateral on deposit at broker for futures contracts | 60,485 |
Due from custodian | 180,058 |
Receivables: | |
Investment securities sold | 1,070,129 |
Dividends and interest | 1,025,074 |
Portfolio shares sold | 248,328 |
Securities lending | 2,707 |
Other assets | 1,817 |
Total assets | 391,283,810 |
Liabilities | |
Cash collateral received for securities on loan | 573,209 |
Payables: | |
Investment securities purchased | 1,345,147 |
Manager (See Note 3) | 217,870 |
Portfolio shares redeemed | 128,997 |
NYLIFE Distributors (See Note 3) | 79,376 |
Shareholder communication | 38,252 |
Professional fees | 29,734 |
Variation margin on futures contracts | 7,699 |
Custodian | 6,875 |
Accrued expenses | 3,887 |
Total liabilities | 2,431,046 |
Net assets | $388,852,764 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 31,074 |
Additional paid-in-capital | 382,099,036 |
382,130,110 | |
Total distributable earnings (loss) | 6,722,654 |
Net assets | $388,852,764 |
Initial Class | |
Net assets applicable to outstanding shares | $ 20,643,265 |
Shares of beneficial interest outstanding | 1,627,749 |
Net asset value per share outstanding | $ 12.68 |
Service Class | |
Net assets applicable to outstanding shares | $368,209,499 |
Shares of beneficial interest outstanding | 29,445,888 |
Net asset value per share outstanding | $ 12.50 |
20 | MainStay VP Balanced Portfolio |
Investment Income (Loss) | |
Income | |
Dividends-unaffiliated (net of foreign tax withholding of $13,626) | $ 5,893,216 |
Interest | 3,663,483 |
Securities lending, net | 88,932 |
Dividends-affiliated | 58,387 |
Total income | 9,704,018 |
Expenses | |
Manager (See Note 3) | 2,591,562 |
Distribution/Service—Service Class (See Note 3) | 944,130 |
Professional fees | 80,571 |
Shareholder communication | 51,413 |
Custodian | 39,515 |
Trustees | 8,455 |
Miscellaneous | 13,138 |
Total expenses | 3,728,784 |
Net investment income (loss) | 5,975,234 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (11,704,249) |
Futures transactions | (73,295) |
Foreign currency transactions | 1,965 |
Net realized gain (loss) | (11,775,579) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (19,487,314) |
Futures contracts | 87,040 |
Translation of other assets and liabilities in foreign currencies | 148 |
Net change in unrealized appreciation (depreciation) | (19,400,126) |
Net realized and unrealized gain (loss) | (31,175,705) |
Net increase (decrease) in net assets resulting from operations | $(25,200,471) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 5,975,234 | $ 3,388,359 |
Net realized gain (loss) | (11,775,579) | 77,713,221 |
Net change in unrealized appreciation (depreciation) | (19,400,126) | (21,504,838) |
Net increase (decrease) in net assets resulting from operations | (25,200,471) | 59,596,742 |
Distributions to shareholders: | ||
Initial Class | (3,971,697) | (670,643) |
Service Class | (72,269,473) | (11,090,271) |
Total distributions to shareholders | (76,241,170) | (11,760,914) |
Capital share transactions: | ||
Net proceeds from sales of shares | 76,410,539 | 58,759,681 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 76,241,170 | 11,760,914 |
Cost of shares redeemed | (76,942,898) | (57,336,035) |
Increase (decrease) in net assets derived from capital share transactions | 75,708,811 | 13,184,560 |
Net increase (decrease) in net assets | (25,732,830) | 61,020,388 |
Net Assets | ||
Beginning of year | 414,585,594 | 353,565,206 |
End of year | $388,852,764 | $414,585,594 |
22 | MainStay VP Balanced Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 16.85 | $ 14.83 | $ 14.59 | $ 13.23 | $ 15.18 | ||||
Net investment income (loss) (a) | 0.26 | 0.18 | 0.21 | 0.25 | 0.28 | ||||
Net realized and unrealized gain (loss) | (1.38) | 2.36 | 0.88 | 1.93 | (1.31) | ||||
Total from investment operations | (1.12) | 2.54 | 1.09 | 2.18 | (1.03) | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.22) | (0.30) | (0.29) | (0.25) | ||||
From net realized gain on investments | (2.88) | (0.30) | (0.55) | (0.53) | (0.67) | ||||
Total distributions | (3.05) | (0.52) | (0.85) | (0.82) | (0.92) | ||||
Net asset value at end of year | $ 12.68 | $ 16.85 | $ 14.83 | $ 14.59 | $ 13.23 | ||||
Total investment return (b) | (5.74)% | 17.29% | 7.90% | 16.75% | (7.36)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.73% | 1.11% | 1.52% | 1.75% | 1.88% | ||||
Net expenses (c) | 0.70% | 0.72% | 0.76% | 0.76% | 0.74% | ||||
Portfolio turnover rate | 306% | 195% | 218% | 186% | 209% | ||||
Net assets at end of year (in 000's) | $ 20,643 | $ 22,345 | $ 18,533 | $ 18,653 | $ 16,084 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 16.66 | $ 14.67 | $ 14.43 | $ 13.09 | $ 15.03 | ||||
Net investment income (loss) (a) | 0.22 | 0.14 | 0.17 | 0.21 | 0.24 | ||||
Net realized and unrealized gain (loss) | (1.37) | 2.34 | 0.88 | 1.91 | (1.30) | ||||
Total from investment operations | (1.15) | 2.48 | 1.05 | 2.12 | (1.06) | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.19) | (0.26) | (0.25) | (0.21) | ||||
From net realized gain on investments | (2.88) | (0.30) | (0.55) | (0.53) | (0.67) | ||||
Total distributions | (3.01) | (0.49) | (0.81) | (0.78) | (0.88) | ||||
Net asset value at end of year | $ 12.50 | $ 16.66 | $ 14.67 | $ 14.43 | $ 13.09 | ||||
Total investment return (b) | (5.97)% | 17.00% | 7.63% | 16.46% | (7.59)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.49% | 0.86% | 1.27% | 1.50% | 1.62% | ||||
Net expenses (c) | 0.95% | 0.97% | 1.01% | 1.01% | 0.99% | ||||
Portfolio turnover rate | 306% | 195% | 218% | 186% | 209% | ||||
Net assets at end of year (in 000's) | $ 368,209 | $ 392,240 | $ 335,032 | $ 375,050 | $ 352,496 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 2, 2005 |
Service Class | May 2, 2005 |
24 | MainStay VP Balanced Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
26 | MainStay VP Balanced Portfolio |
28 | MainStay VP Balanced Portfolio |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $132,157 | $132,157 |
Total Fair Value | $132,157 | $132,157 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(96,993) | $(96,993) |
Total Fair Value | $(96,993) | $(96,993) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $(73,295) | $(73,295) |
Total Net Realized Gain (Loss) | $(73,295) | $(73,295) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $87,040 | $87,040 |
Total Net Change in Unrealized Appreciation (Depreciation) | $87,040 | $87,040 |
Average Notional Amount | Total |
Futures Contracts Long | $11,509,591 |
Futures Contracts Short | $ (9,384,305) |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $370,634,875 | $26,583,849 | $(15,711,227) | $10,872,622 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$6,218,123 | $(10,364,199) | $(12) | $10,868,742 | $6,722,654 |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,880 | $5,483 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $41,144,789 | $ 7,812,426 |
Long-Term Capital Gains | 35,096,381 | 3,948,488 |
Total | $76,241,170 | $11,760,914 |
30 | MainStay VP Balanced Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 94,334 | $ 1,437,172 |
Shares issued to shareholders in reinvestment of distributions | 328,574 | 3,971,697 |
Shares redeemed | (121,498) | (1,842,599) |
Net increase (decrease) | 301,410 | $ 3,566,270 |
Year ended December 31, 2021: | ||
Shares sold | 120,400 | $ 1,937,700 |
Shares issued to shareholders in reinvestment of distributions | 41,246 | 670,643 |
Shares redeemed | (85,289) | (1,376,746) |
Net increase (decrease) | 76,357 | $ 1,231,597 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 4,898,185 | $ 74,973,367 |
Shares issued to shareholders in reinvestment of distributions | 6,060,333 | 72,269,473 |
Shares redeemed | (5,061,179) | (75,100,299) |
Net increase (decrease) | 5,897,339 | $ 72,142,541 |
Year ended December 31, 2021: | ||
Shares sold | 3,506,546 | $ 56,821,981 |
Shares issued to shareholders in reinvestment of distributions | 689,492 | 11,090,271 |
Shares redeemed | (3,488,227) | (55,959,289) |
Net increase (decrease) | 707,811 | $ 11,952,963 |
MainStay VP Balanced Portfolio
New York, New York
February 24, 2023
32 | MainStay VP Balanced Portfolio |
34 | MainStay VP Balanced Portfolio |
36 | MainStay VP Balanced Portfolio |
38 | MainStay VP Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
40 | MainStay VP Balanced Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015928 | MSVPBL11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/23/1984 | -14.47% | -0.33% | 0.97% | 0.53% |
Service Class Shares | 6/4/2003 | -14.68 | -0.58 | 0.72 | 0.78 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | -13.01% | 0.02% | 1.06% |
Morningstar Intermediate Core Bond Category Average2 | -13.34 | -0.23 | 0.91 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg U.S. Aggregate Bond Index is the Portfolio's primary benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
2. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $967.50 | $2.63 | $1,022.53 | $2.70 | 0.53% |
Service Class Shares | $1,000.00 | $966.30 | $3.87 | $1,021.27 | $3.97 | 0.78% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Bond Portfolio |
1. | U.S. Treasury Notes, 3.875%-4.50%, due 11/30/24–11/15/32 |
2. | UMBS, 30 Year, 2.00%-7.50%, due 7/1/28–11/1/52 |
3. | UMBS Pool, 30 Year, 2.00%-5.50%, due 5/1/50–11/1/52 |
4. | GNMA II, Single Family, 30 Year, 2.00%-5.50%, due 8/20/48–1/15/53 |
5. | U.S. Treasury Bonds, 1.875%-4.00%, due 2/15/41–11/15/52 |
6. | UMBS, Single Family, 30 Year, 2.00%-4.50%, due 1/25/53 |
7. | JPMorgan Chase & Co., 1.578%-5.546%, due 12/15/25–7/25/33 |
8. | FHLMC, Multifamily Structured Pass-Through Certificates, 0.931%-3.71%, due 3/25/30–9/25/32 |
9. | UMBS, 20 Year, 2.00%-2.50%, due 2/1/42–5/1/42 |
10. | FHLB, 4.00%, due 5/26/27–4/21/32 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | An obligation rated ‘AAA’ has the highest rating assigned by Standard & Poor’s (“S&P”), and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Portfolio holdings, ratings are based solely on the creditworthiness of the bonds in the Portfolio and are not meant to represent the security or safety of the Portfolio. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
5. | An option-adjusted spread is the measurement of the spread of a fixed-income security rate and the risk-free rate of return, which is then adjusted to take into account an embedded option. |
6. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
8 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Long-Term Bonds 98.9% | ||
Asset-Backed Securities 7.1% | ||
Automobile Asset-Backed Security 0.4% | ||
Hertz Vehicle Financing III LLC | ||
Series 2022-3A, Class B | ||
3.86%, due 3/25/25 (a) | $ 2,500,000 | $ 2,436,484 |
Home Equity Asset-Backed Securities 0.1% | ||
Chase Funding Trust | ||
Series 2002-2, Class 1A5 | ||
6.333%, due 4/25/32 (b) | 20,298 | 20,066 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-CH2, Class AF3 | ||
5.552%, due 10/25/30 (b) | 426,933 | 233,488 |
Morgan Stanley Mortgage Loan Trust | ||
Series 2006-17XS, Class A3A | ||
6.151%, due 10/25/46 (b) | 789,616 | 237,374 |
490,928 | ||
Other Asset-Backed Securities 6.6% | ||
522 Funding CLO Ltd. | ||
Series 2019-4A, Class BR | ||
5.843% (3 Month LIBOR + 1.60%), due 4/20/30 (a)(c) | 3,000,000 | 2,902,179 |
ARES XXXVIII CLO Ltd. | ||
Series 2015-38A, Class BR | ||
5.643% (3 Month LIBOR + 1.40%), due 4/20/30 (a)(c) | 2,000,000 | 1,911,670 |
CARS-DB5 LP | ||
Series 2021-1A, Class A3 | ||
1.92%, due 8/15/51 (a) | 2,496,354 | 2,141,793 |
College Avenue Student Loans LLC (a) | ||
Series 2021-B, Class A2 | ||
1.76%, due 6/25/52 | 2,362,927 | 1,961,960 |
Series 2021-C, Class A2 | ||
2.32%, due 7/26/55 | 2,676,995 | 2,286,199 |
Cook Park CLO Ltd. | ||
Series 2018-1A, Class B | ||
5.479% (3 Month LIBOR + 1.40%), due 4/17/30 (a)(c) | 3,000,000 | 2,889,711 |
Galaxy XXI CLO Ltd. | ||
Series 2015-21A, Class BR | ||
5.593% (3 Month LIBOR + 1.35%), due 4/20/31 (a)(c) | 1,500,000 | 1,435,338 |
Grippen Park CLO Ltd. | ||
Series 2017-1A, Class B | ||
5.893% (3 Month LIBOR + 1.65%), due 1/20/30 (a)(c) | 750,000 | 733,720 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Lunar Structured Aircraft Portfolio Notes | ||
Series 2021-1, Class A | ||
2.636%, due 10/15/46 (a) | $ 2,447,836 | $ 1,962,088 |
Marlin Receivables LLC | ||
Series 2022-1A, Class A2 | ||
4.53%, due 9/20/25 (a) | 2,400,000 | 2,363,434 |
Neuberger Berman CLO XIV Ltd. | ||
Series 2013-14A, Class BR2 | ||
5.874% (3 Month LIBOR + 1.50%), due 1/28/30 (a)(c) | 1,000,000 | 968,879 |
Neuberger Berman Loan Advisers CLO 24 Ltd. | ||
Series 2017-24A, Class BR | ||
5.727% (3 Month LIBOR + 1.50%), due 4/19/30 (a)(c) | 1,000,000 | 973,176 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2021-2A, Class A1 | ||
2.38%, due 11/20/51 (a) | 2,355,464 | 2,066,970 |
Oaktree CLO Ltd. | ||
Series 2021-2A, Class A | ||
5.259% (3 Month LIBOR + 1.18%), due 1/15/35 (a)(c) | 3,000,000 | 2,914,104 |
Palmer Square CLO Ltd. | ||
Series 2015-2A, Class A2R2 | ||
5.793% (3 Month LIBOR + 1.55%), due 7/20/30 (a)(c) | 2,000,000 | 1,940,526 |
Regatta XIV Funding Ltd. | ||
Series 2018-3A, Class A | ||
5.548% (3 Month LIBOR + 1.19%), due 10/25/31 (a)(c) | 2,000,000 | 1,961,462 |
SMB Private Education Loan Trust | ||
Series 2021-A, Class B | ||
2.31%, due 1/15/53 (a) | 4,250,000 | 3,708,273 |
THL Credit Wind River CLO Ltd. | ||
Series 2017-4A, Class A | ||
5.825% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(c) | 2,243,000 | 2,211,396 |
TICP CLO XV Ltd. | ||
Series 2020-15A, Class A | ||
5.523% (3 Month LIBOR + 1.28%), due 4/20/33 (a)(c) | 2,000,000 | 1,969,496 |
Voya CLO Ltd. (a)(c) | ||
Series 2019-1A, Class BR | ||
5.629% (3 Month LIBOR + 1.55%), due 4/15/31 | 2,000,000 | 1,908,440 |
Series 2022-4A, Class A | ||
6.342% (3 Month SOFR + 2.15%), due 10/20/33 | 2,000,000 | 1,996,656 |
10 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Voya CLO Ltd. (a)(c) (continued) | ||
Series 2022-4A, Class B | ||
7.492% (3 Month SOFR + 3.30%), due 10/20/33 | $ 2,000,000 | $ 1,976,376 |
45,183,846 | ||
Total Asset-Backed Securities (Cost $51,947,144) | 48,111,258 | |
Corporate Bonds 28.9% | ||
Aerospace & Defense 0.9% | ||
Boeing Co. (The) | ||
3.10%, due 5/1/26 | 1,925,000 | 1,811,357 |
3.25%, due 2/1/28 | 1,825,000 | 1,657,342 |
5.805%, due 5/1/50 | 575,000 | 533,126 |
Lockheed Martin Corp. | ||
5.25%, due 1/15/33 | 2,060,000 | 2,123,912 |
6,125,737 | ||
Auto Manufacturers 0.8% | ||
Ford Motor Credit Co. LLC | ||
3.664%, due 9/8/24 | 1,800,000 | 1,714,968 |
General Motors Co. | ||
5.60%, due 10/15/32 | 540,000 | 501,658 |
General Motors Financial Co., Inc. | ||
6.05%, due 10/10/25 | 3,345,000 | 3,402,344 |
5,618,970 | ||
Banks 9.7% | ||
Banco Santander SA | ||
5.294%, due 8/18/27 | 2,200,000 | 2,147,984 |
Bank of America Corp. (d) | ||
1.922%, due 10/24/31 | 2,392,000 | 1,827,220 |
2.087%, due 6/14/29 | 2,000,000 | 1,682,988 |
4.571%, due 4/27/33 | 1,785,000 | 1,632,744 |
Citigroup, Inc. (d) | ||
5.61%, due 9/29/26 | 4,770,000 | 4,790,401 |
6.27%, due 11/17/33 | 2,235,000 | 2,305,720 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (d) | 1,750,000 | 1,769,702 |
Cooperatieve Rabobank UA | ||
4.655% (1 Year Treasury Constant Maturity Rate + 1.75%), due 8/22/28 (a)(c) | 1,495,000 | 1,434,872 |
Goldman Sachs Group, Inc. (The) | ||
2.65%, due 10/21/32 (d) | 375,000 | 296,089 |
4.223%, due 5/1/29 (d) | 2,910,000 | 2,711,008 |
Principal Amount | Value | |
Banks (continued) | ||
Goldman Sachs Group, Inc. (The) (continued) | ||
5.70%, due 11/1/24 | $ 3,870,000 | $ 3,916,060 |
HSBC Holdings plc (d) | ||
7.39%, due 11/3/28 | 2,415,000 | 2,538,045 |
8.113%, due 11/3/33 | 1,200,000 | 1,269,696 |
JPMorgan Chase & Co. (d) | ||
1.578%, due 4/22/27 | 3,555,000 | 3,123,645 |
2.963%, due 1/25/33 | 2,110,000 | 1,717,334 |
4.565%, due 6/14/30 | 1,310,000 | 1,232,532 |
4.912%, due 7/25/33 | 820,000 | 780,744 |
5.546%, due 12/15/25 | 2,960,000 | 2,960,052 |
Mitsubishi UFJ Financial Group, Inc. | ||
5.354% (1 Year Treasury Constant Maturity Rate + 1.90%), due 9/13/28 (c) | 2,490,000 | 2,470,194 |
Morgan Stanley (d) | ||
4.679%, due 7/17/26 | 2,630,000 | 2,584,910 |
4.889%, due 7/20/33 | 1,185,000 | 1,113,333 |
5.297%, due 4/20/37 | 905,000 | 827,495 |
6.296%, due 10/18/28 | 1,450,000 | 1,496,842 |
6.342%, due 10/18/33 | 700,000 | 733,463 |
Nordea Bank Abp | ||
5.375%, due 9/22/27 (a) | 3,085,000 | 3,099,232 |
PNC Financial Services Group, Inc. (The) | ||
6.037%, due 10/28/33 (d) | 1,695,000 | 1,764,664 |
Royal Bank of Canada | ||
5.66%, due 10/25/24 | 3,395,000 | 3,433,865 |
Santander Holdings USA, Inc. | ||
5.807%, due 9/9/26 (d) | 1,380,000 | 1,369,588 |
Standard Chartered plc | ||
7.776% (1 Year Treasury Constant Maturity Rate + 3.10%), due 11/16/25 (a)(c) | 2,100,000 | 2,162,785 |
Swedbank AB | ||
5.337%, due 9/20/27 (a) | 2,770,000 | 2,747,119 |
UBS Group AG | ||
1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 (a)(c) | 1,415,000 | 1,239,188 |
Wells Fargo & Co. | ||
4.54%, due 8/15/26 (d) | 2,780,000 | 2,724,287 |
65,903,801 | ||
Beverages 0.5% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
5.55%, due 1/23/49 | 1,795,000 | 1,774,533 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Beverages (continued) | ||
Keurig Dr Pepper, Inc. | ||
4.05%, due 4/15/32 | $ 485,000 | $ 441,181 |
PepsiCo, Inc. | ||
2.625%, due 10/21/41 | 1,250,000 | 924,934 |
3,140,648 | ||
Biotechnology 0.2% | ||
Amgen, Inc. | ||
4.20%, due 3/1/33 | 880,000 | 814,113 |
4.875%, due 3/1/53 | 810,000 | 718,368 |
1,532,481 | ||
Chemicals 0.1% | ||
LYB International Finance III LLC | ||
1.25%, due 10/1/25 | 908,000 | 810,032 |
Commercial Services 0.4% | ||
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 2,000,000 | 1,744,703 |
PayPal Holdings, Inc. | ||
5.05%, due 6/1/52 | 370,000 | 335,028 |
5.25%, due 6/1/62 | 350,000 | 317,910 |
2,397,641 | ||
Computers 0.3% | ||
Apple, Inc. | ||
2.65%, due 2/8/51 | 2,975,000 | 1,961,945 |
Cosmetics & Personal Care 0.1% | ||
Unilever Capital Corp. | ||
1.75%, due 8/12/31 | 1,280,000 | 1,005,725 |
Diversified Financial Services 1.6% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 1,670,000 | 1,399,085 |
Air Lease Corp. | ||
0.70%, due 2/15/24 | 1,575,000 | 1,487,736 |
1.875%, due 8/15/26 | 2,125,000 | 1,845,642 |
Blackstone Holdings Finance Co. LLC | ||
5.90%, due 11/3/27 (a) | 3,045,000 | 3,067,799 |
Intercontinental Exchange, Inc. | ||
4.35%, due 6/15/29 | 1,650,000 | 1,595,286 |
5.20%, due 6/15/62 | 570,000 | 537,782 |
Thirax 1 LLC | ||
0.968%, due 1/14/33 | 1,553,225 | 1,277,471 |
11,210,801 |
Principal Amount | Value | |
Electric 3.1% | ||
AEP Texas, Inc. | ||
5.25%, due 5/15/52 | $ 60,000 | $ 57,376 |
AEP Transmission Co. LLC | ||
Series O | ||
4.50%, due 6/15/52 | 740,000 | 650,857 |
Appalachian Power Co. | ||
Series BB | ||
4.50%, due 8/1/32 | 820,000 | 764,560 |
Dayton Power & Light Co. (The) | ||
3.95%, due 6/15/49 | 505,000 | 390,528 |
Duke Energy Carolinas LLC | ||
2.85%, due 3/15/32 | 1,930,000 | 1,632,634 |
Duke Energy Corp. | ||
4.30%, due 3/15/28 | 1,730,000 | 1,664,647 |
5.00%, due 8/15/52 | 370,000 | 328,325 |
Enel Finance America LLC | ||
7.10%, due 10/14/27 (a) | 2,280,000 | 2,357,655 |
Entergy Mississippi LLC | ||
3.85%, due 6/1/49 | 1,230,000 | 938,777 |
Exelon Corp. | ||
4.10%, due 3/15/52 (a) | 585,000 | 467,452 |
Georgia Power Co. | ||
4.30%, due 3/15/42 | 1,741,000 | 1,494,880 |
NSTAR Electric Co. | ||
4.55%, due 6/1/52 | 1,080,000 | 971,930 |
Pacific Gas and Electric Co. | ||
5.45%, due 6/15/27 | 2,120,000 | 2,090,551 |
Southern California Edison Co. | ||
1.10%, due 4/1/24 | 1,213,000 | 1,152,063 |
Series 20C | ||
1.20%, due 2/1/26 | 1,800,000 | 1,596,182 |
5.95%, due 11/1/32 | 2,205,000 | 2,329,801 |
Southern Co. (The) | ||
5.15%, due 10/6/25 | 980,000 | 986,340 |
5.70%, due 10/15/32 | 470,000 | 480,794 |
Virginia Electric and Power Co. | ||
Series C | ||
4.625%, due 5/15/52 | 969,000 | 845,618 |
21,200,970 | ||
Entertainment 0.2% | ||
Warnermedia Holdings, Inc. (a) | ||
4.054%, due 3/15/29 | 540,000 | 467,166 |
5.05%, due 3/15/42 | 1,070,000 | 818,638 |
5.141%, due 3/15/52 | 565,000 | 410,736 |
1,696,540 |
12 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Environmental Control 0.2% | ||
Waste Connections, Inc. | ||
2.60%, due 2/1/30 | $ 1,810,000 | $ 1,543,273 |
Food 0.4% | ||
Kraft Heinz Foods Co. | ||
4.875%, due 10/1/49 | 280,000 | 243,052 |
Nestle Holdings, Inc. | ||
4.25%, due 10/1/29 (a) | 2,660,000 | 2,592,159 |
2,835,211 | ||
Gas 0.3% | ||
CenterPoint Energy Resources Corp. | ||
4.40%, due 7/1/32 | 1,550,000 | 1,486,030 |
NiSource, Inc. | ||
5.65%, due 2/1/45 | 595,000 | 580,545 |
2,066,575 | ||
Healthcare-Products 0.1% | ||
Danaher Corp. | ||
2.80%, due 12/10/51 | 570,000 | 376,633 |
GE HealthCare Technologies, Inc. | ||
6.377%, due 11/22/52 (a) | 460,000 | 488,572 |
865,205 | ||
Healthcare-Services 0.2% | ||
HCA, Inc. | ||
4.625%, due 3/15/52 (a) | 905,000 | 704,357 |
UnitedHealth Group, Inc. | ||
6.05%, due 2/15/63 | 835,000 | 906,091 |
1,610,448 | ||
Insurance 0.6% | ||
Corebridge Financial, Inc. (a) | ||
3.85%, due 4/5/29 | 375,000 | 341,553 |
4.35%, due 4/5/42 | 195,000 | 159,968 |
MetLife, Inc. | ||
5.00%, due 7/15/52 | 710,000 | 675,884 |
5.875%, due 2/6/41 | 660,000 | 677,888 |
Principal Life Global Funding II | ||
1.25%, due 8/16/26 (a) | 2,250,000 | 1,950,851 |
Prudential Financial, Inc. | ||
3.70%, due 3/13/51 | 240,000 | 183,137 |
3,989,281 | ||
Internet 0.4% | ||
Amazon.com, Inc. | ||
2.50%, due 6/3/50 | 1,250,000 | 787,764 |
3.10%, due 5/12/51 | 1,050,000 | 747,817 |
Principal Amount | Value | |
Internet (continued) | ||
Amazon.com, Inc. (continued) | ||
3.95%, due 4/13/52 | $ 720,000 | $ 595,931 |
Meta Platforms, Inc. | ||
4.45%, due 8/15/52 | 430,000 | 341,700 |
2,473,212 | ||
Investment Companies 0.3% | ||
Blackstone Private Credit Fund | ||
7.05%, due 9/29/25 (a) | 1,895,000 | 1,879,977 |
Iron & Steel 0.2% | ||
Nucor Corp. | ||
2.00%, due 6/1/25 | 1,575,000 | 1,465,753 |
Media 0.7% | ||
Charter Communications Operating LLC | ||
2.25%, due 1/15/29 | 910,000 | 732,438 |
4.908%, due 7/23/25 | 1,230,000 | 1,205,524 |
5.25%, due 4/1/53 | 1,355,000 | 1,045,847 |
Comcast Corp. | ||
4.60%, due 10/15/38 | 750,000 | 692,879 |
Paramount Global | ||
4.375%, due 3/15/43 | 1,665,000 | 1,146,529 |
4,823,217 | ||
Oil & Gas 0.3% | ||
Phillips 66 Co. | ||
3.15%, due 12/15/29 (a) | 2,430,000 | 2,119,863 |
Packaging & Containers 0.3% | ||
WRKCo, Inc. | ||
3.75%, due 3/15/25 | 1,825,000 | 1,765,010 |
Pharmaceuticals 1.2% | ||
AbbVie, Inc. | ||
2.95%, due 11/21/26 | 1,555,000 | 1,446,125 |
4.25%, due 11/21/49 | 560,000 | 464,736 |
AstraZeneca plc | ||
1.375%, due 8/6/30 | 2,900,000 | 2,291,076 |
Bristol-Myers Squibb Co. | ||
2.55%, due 11/13/50 | 1,250,000 | 782,967 |
CVS Health Corp. | ||
5.05%, due 3/25/48 | 1,160,000 | 1,041,152 |
Eli Lilly and Co. | ||
3.375%, due 3/15/29 | 2,600,000 | 2,432,978 |
8,459,034 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines 1.2% | ||
Energy Transfer LP | ||
5.00%, due 5/15/50 | $ 460,000 | $ 367,508 |
5.75%, due 2/15/33 | 1,245,000 | 1,218,058 |
Kinder Morgan, Inc. | ||
5.45%, due 8/1/52 | 395,000 | 354,544 |
MPLX LP | ||
4.95%, due 9/1/32 | 890,000 | 834,541 |
ONEOK, Inc. | ||
5.20%, due 7/15/48 | 215,000 | 179,089 |
5.85%, due 1/15/26 | 3,270,000 | 3,309,162 |
6.10%, due 11/15/32 | 1,395,000 | 1,394,931 |
TransCanada PipeLines Ltd. | ||
5.10%, due 3/15/49 | 625,000 | 566,617 |
8,224,450 | ||
Real Estate Investment Trusts 0.4% | ||
Alexandria Real Estate Equities, Inc. | ||
3.55%, due 3/15/52 | 1,050,000 | 748,252 |
Simon Property Group LP | ||
1.75%, due 2/1/28 | 1,980,000 | 1,685,020 |
2,433,272 | ||
Retail 0.5% | ||
Home Depot, Inc. (The) | ||
4.95%, due 9/15/52 | 1,090,000 | 1,046,226 |
Lowe's Cos., Inc. | ||
5.625%, due 4/15/53 | 635,000 | 607,882 |
Walmart, Inc. | ||
5.25%, due 9/1/35 | 1,365,000 | 1,431,270 |
3,085,378 | ||
Semiconductors 1.1% | ||
Broadcom, Inc. | ||
4.30%, due 11/15/32 | 2,945,000 | 2,595,548 |
NVIDIA Corp. | ||
1.55%, due 6/15/28 | 1,004,000 | 857,282 |
NXP BV | ||
4.30%, due 6/18/29 | 1,215,000 | 1,132,743 |
QUALCOMM, Inc. | ||
4.50%, due 5/20/52 | 750,000 | 656,824 |
Texas Instruments, Inc. | ||
4.15%, due 5/15/48 | 2,300,000 | 2,035,294 |
7,277,691 | ||
Software 0.9% | ||
Microsoft Corp. | ||
2.525%, due 6/1/50 | 2,330,000 | 1,533,254 |
Principal Amount | Value | |
Software (continued) | ||
Oracle Corp. | ||
2.30%, due 3/25/28 | $ 490,000 | $ 424,424 |
3.65%, due 3/25/41 | 1,080,000 | 797,249 |
3.95%, due 3/25/51 | 645,000 | 459,523 |
6.90%, due 11/9/52 | 1,540,000 | 1,647,530 |
Salesforce, Inc. | ||
2.70%, due 7/15/41 | 1,660,000 | 1,184,783 |
6,046,763 | ||
Telecommunications 1.1% | ||
AT&T, Inc. | ||
3.50%, due 9/15/53 | 740,000 | 499,453 |
3.55%, due 9/15/55 | 1,012,000 | 675,250 |
4.35%, due 3/1/29 | 1,489,000 | 1,415,990 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 2,390,000 | 2,023,209 |
5.65%, due 1/15/53 | 335,000 | 324,243 |
Verizon Communications, Inc. | ||
3.55%, due 3/22/51 | 1,260,000 | 897,565 |
4.50%, due 8/10/33 | 1,610,000 | 1,506,455 |
7,342,165 | ||
Transportation 0.6% | ||
Norfolk Southern Corp. | ||
5.64%, due 5/17/29 | 1,400,000 | 1,430,546 |
Union Pacific Corp. | ||
4.50%, due 1/20/33 | 1,825,000 | 1,784,419 |
United Parcel Service, Inc. | ||
5.30%, due 4/1/50 | 525,000 | 544,738 |
3,759,703 | ||
Total Corporate Bonds (Cost $205,281,871) | 196,670,772 | |
Foreign Government Bond 0.2% | ||
Chile 0.2% | ||
Banco del Estado de Chile | ||
2.704%, due 1/9/25 (a) | 1,275,000 | 1,201,525 |
Total Foreign Government Bond (Cost $1,275,000) | 1,201,525 | |
Mortgage-Backed Securities 7.7% | ||
Agency (Collateralized Mortgage Obligations) 4.4% | ||
FHLMC | ||
REMIC, Series 4682, Class KZ | ||
3.50%, due 9/15/46 | 2,734,811 | 2,501,206 |
14 | MainStay VP Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC, Multifamily Structured Pass-Through Certificates | ||
REMIC, Series K-150, Class A2 | ||
3.71%, due 9/25/32 (e) | $ 4,500,000 | $ 4,216,947 |
GNMA II, Single Family, 30 Year (f) | ||
2.00%, due 1/15/53 TBA | 5,000,000 | 4,189,176 |
2.50%, due 1/15/53 TBA | 3,050,000 | 2,642,392 |
5.50%, due 1/15/53 TBA | 1,250,000 | 1,256,989 |
UMBS, Single Family, 30 Year (f) | ||
2.00%, due 1/25/53 TBA | 3,000,000 | 2,440,381 |
2.50%, due 1/25/53 TBA | 3,050,000 | 2,581,869 |
4.00%, due 1/25/53 TBA | 5,600,000 | 5,250,896 |
4.50%, due 1/25/53 TBA | 4,700,000 | 4,522,605 |
29,602,461 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.0% | ||
Aventura Mall Trust | ||
Series 2018-AVM, Class A | ||
4.112%, due 7/5/40 (a)(g) | 3,250,000 | 2,906,559 |
CSMC OA LLC | ||
Series 2014-USA, Class A1 | ||
3.304%, due 9/15/37 (a) | 2,590,022 | 2,334,237 |
CSMC Trust | ||
Series 2019-UVIL, Class A | ||
3.16%, due 12/15/41 (a) | 1,650,000 | 1,342,526 |
FHLMC, Multifamily Structured Pass-Through Certificates (g)(h) | ||
REMIC, Series K119, Class X1 | ||
0.931%, due 9/25/30 | 54,721,198 | 2,958,129 |
REMIC, Series K108, Class X1 | ||
1.691%, due 3/25/30 | 27,582,593 | 2,594,215 |
Houston Galleria Mall Trust | ||
Series 2015-HGLR, Class A1A1 | ||
3.087%, due 3/5/37 (a) | 3,250,000 | 2,990,853 |
Queens Center Mortgage Trust | ||
Series 2013-QCA, Class A | ||
3.275%, due 1/11/37 (a) | 3,000,000 | 2,769,182 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(g) | 3,000,000 | 2,660,792 |
20,556,493 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligation) 0.3% | ||
GCAT Trust | ||
Series 2022-NQM3, Class A1 | ||
4.348%, due 4/25/67 (a)(e) | $ 2,385,224 | $ 2,280,447 |
Total Mortgage-Backed Securities (Cost $55,889,086) | 52,439,401 | |
Municipal Bonds 0.6% | ||
Texas 0.6% | ||
San Antonio Water System Revenue Bonds | ||
Series B | ||
5.502%, due 5/15/29 | 2,000,000 | 2,055,592 |
Texas Transportation Commission State Highway Fund Revenue Bonds, First Tier | ||
Series B | ||
5.178%, due 4/1/30 | 2,150,000 | 2,192,994 |
Total Municipal Bonds (Cost $4,526,260) | 4,248,586 | |
U.S. Government & Federal Agencies 54.4% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 9.1% | ||
FFCB | ||
2.03%, due 1/21/28 | 3,800,000 | 3,443,670 |
4.37%, due 5/17/32 | 2,175,000 | 2,078,484 |
FHLB | ||
4.00%, due 5/26/27 | 5,840,000 | 5,620,748 |
4.00%, due 4/21/32 | 1,775,000 | 1,647,750 |
FHLMC | ||
4.00%, due 5/27/27 | 2,400,000 | 2,344,431 |
FHLMC Gold Pools, 15 Year | ||
4.50%, due 4/1/23 | 134 | 134 |
5.00%, due 3/1/25 | 8,854 | 8,913 |
FHLMC Gold Pools, 30 Year | ||
6.50%, due 11/1/35 | 2,276 | 2,334 |
6.50%, due 8/1/37 | 13,689 | 14,154 |
Freddie Mac Pool, 30 Year | ||
5.50%, due 10/1/52 (i) | 2,983,012 | 3,035,893 |
5.50%, due 1/1/53 | 2,750,000 | 2,776,300 |
Tennessee Valley Authority | ||
5.25%, due 9/15/39 | 2,000,000 | 2,080,889 |
UMBS Pool, 20 Year | ||
3.50%, due 8/1/40 | 3,282,480 | 3,064,584 |
UMBS Pool, 30 Year | ||
2.00%, due 8/1/50 | 3,473,772 | 2,841,483 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year (continued) | ||
2.00%, due 11/1/50 | $ 2,812,445 | $ 2,322,479 |
2.50%, due 5/1/50 | 2,633,544 | 2,258,697 |
2.50%, due 10/1/50 | 2,573,382 | 2,212,756 |
2.50%, due 11/1/50 | 4,600,317 | 3,963,961 |
2.50%, due 11/1/50 | 2,858,517 | 2,468,987 |
2.50%, due 8/1/51 | 2,727,322 | 2,321,262 |
3.00%, due 1/1/52 | 1,822,031 | 1,615,290 |
3.50%, due 10/1/51 | 2,164,666 | 2,004,556 |
3.50%, due 11/1/51 | 3,591,829 | 3,270,071 |
3.50%, due 4/1/52 | 879,875 | 800,440 |
4.00%, due 9/1/52 | 1,937,454 | 1,829,368 |
5.00%, due 11/1/52 (i) | 4,828,650 | 4,766,726 |
5.50%, due 11/1/52 (i) | 3,193,419 | 3,208,768 |
62,003,128 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 11.9% | ||
FNMA, Other | ||
3.50%, due 8/1/56 | 1,380,375 | 1,262,639 |
UMBS, 15 Year | ||
4.50%, due 5/1/24 | 38,654 | 38,544 |
5.00%, due 12/1/23 | 2,733 | 2,749 |
5.00%, due 12/1/23 | 2,536 | 2,550 |
UMBS, 20 Year | ||
2.00%, due 5/1/42 | 2,403,320 | 2,025,849 |
2.50%, due 2/1/42 | 2,808,870 | 2,481,077 |
2.50%, due 4/1/42 | 4,779,692 | 4,183,087 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 3,776,989 | 3,100,853 |
2.00%, due 12/1/50 | 3,644,637 | 2,978,744 |
2.00%, due 3/1/51 | 3,967,101 | 3,273,115 |
2.00%, due 3/1/51 (i) | 3,773,236 | 3,081,484 |
2.50%, due 5/1/43 | 251,773 | 214,570 |
2.50%, due 3/1/47 | 4,317,008 | 3,708,111 |
2.50%, due 11/1/49 | 3,529,131 | 3,033,229 |
2.50%, due 8/1/50 | 3,128,096 | 2,697,293 |
2.50%, due 6/1/51 | 2,898,481 | 2,497,156 |
2.50%, due 10/1/51 | 3,998,860 | 3,414,613 |
2.50%, due 11/1/51 | 1,797,116 | 1,530,712 |
3.00%, due 7/1/50 | 2,374,829 | 2,116,309 |
3.00%, due 10/1/50 | 4,033,085 | 3,589,077 |
3.00%, due 6/1/51 | 3,150,313 | 2,845,294 |
3.00%, due 9/1/51 | 3,519,091 | 3,111,263 |
3.00%, due 12/1/51 | 2,783,287 | 2,476,142 |
3.00%, due 1/1/52 | 3,948,122 | 3,499,150 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.00%, due 2/1/52 | $ 2,351,984 | $ 2,067,890 |
3.00%, due 2/1/52 | 3,088,765 | 2,727,872 |
3.50%, due 5/1/50 | 4,705,111 | 4,329,772 |
4.00%, due 6/1/52 | 3,438,387 | 3,225,341 |
4.50%, due 5/1/50 | 2,153,224 | 2,097,475 |
4.50%, due 7/1/52 | 2,612,172 | 2,516,785 |
4.50%, due 7/1/52 | 2,697,773 | 2,600,095 |
5.00%, due 11/1/52 | 1,879,600 | 1,854,988 |
5.50%, due 11/1/52 | 1,989,902 | 1,999,848 |
6.50%, due 10/1/36 | 10,879 | 11,385 |
6.50%, due 10/1/36 | 11,268 | 11,545 |
6.50%, due 8/1/37 | 1,907 | 1,954 |
7.00%, due 9/1/37 | 26,602 | 27,796 |
7.00%, due 10/1/37 | 295 | 314 |
7.00%, due 11/1/37 | 3,847 | 4,022 |
7.50%, due 7/1/28 | 4,732 | 4,736 |
80,645,428 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 3.8% | ||
GNMA I, Single Family, 30 Year | ||
4.00%, due 3/15/44 | 23,607 | 22,735 |
4.00%, due 7/15/44 | 137,654 | 131,953 |
4.00%, due 7/15/45 | 68,015 | 65,798 |
4.50%, due 6/15/39 | 340,618 | 338,936 |
4.50%, due 6/15/40 | 139,264 | 138,372 |
GNMA II, 30 Year | ||
2.50%, due 4/20/51 | 5,294,099 | 4,536,413 |
GNMA II, Single Family, 30 Year | ||
2.00%, due 6/20/51 | 5,646,063 | 4,752,271 |
3.00%, due 8/20/51 | 6,618,875 | 5,925,452 |
3.50%, due 2/20/50 | 3,545,415 | 3,289,860 |
3.50%, due 8/20/51 | 1,199,220 | 1,101,987 |
4.00%, due 4/20/52 | 2,382,993 | 2,255,139 |
4.50%, due 8/20/48 | 3,356,252 | 3,297,357 |
25,856,273 | ||
United States Treasury Bonds 2.9% | ||
U.S. Treasury Bonds | ||
1.875%, due 2/15/41 | 3,770,000 | 2,664,624 |
1.875%, due 11/15/51 | 4,540,000 | 2,875,452 |
2.375%, due 2/15/42 | 2,140,000 | 1,633,923 |
2.875%, due 5/15/52 | 3,660,000 | 2,932,575 |
3.25%, due 5/15/42 | 500,000 | 438,359 |
4.00%, due 11/15/52 | 9,080,000 | 9,092,769 |
19,637,702 |
16 | MainStay VP Bond Portfolio |
Principal Amount | Value | ||
U.S. Government & Federal Agencies (continued) | |||
United States Treasury Notes 26.7% | |||
U.S. Treasury Notes | |||
3.875%, due 11/30/27 | $ 36,675,000 | $ 36,474,433 | |
3.875%, due 11/30/29 | 47,275,000 | 46,957,371 | |
3.875%, due 12/31/29 | 2,250,000 | 2,238,750 | |
4.125%, due 11/15/32 | 34,295,000 | 34,996,976 | |
4.50%, due 11/30/24 | 61,210,000 | 61,212,391 | |
181,879,921 | |||
Total U.S. Government & Federal Agencies (Cost $383,731,319) | 370,022,452 | ||
Total Long-Term Bonds (Cost $702,650,680) | 672,693,994 | ||
Shares | |||
Short-Term Investment 0.4% | |||
Unaffiliated Investment Company 0.4% | |||
JPMorgan U.S. Government Money Market Fund, IM Class, 4.111% (j) | 2,385,510 | 2,385,510 | |
Total Short-Term Investment (Cost $2,385,510) | 2,385,510 | ||
Total Investments (Cost $705,036,190) | 99.3% | 675,079,504 | |
Other Assets, Less Liabilities | 0.7 | 5,006,023 | |
Net Assets | 100.0% | $ 680,085,527 |
† | 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) | Step coupon—Rate shown was the rate in effect as of December 31, 2022. |
(c) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(e) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2022. |
(f) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of December 31, 2022, the total net market value was $22,884,308, which represented 3.4% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(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 December 31, 2022. |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Delayed delivery security. |
(j) | Current yield as of December 31, 2022. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 5 Year Notes | 175 | March 2023 | $ 19,072,164 | $ 18,887,695 | $ (184,469) |
U.S. Treasury Ultra Bonds | 295 | March 2023 | 40,890,047 | 39,622,188 | (1,267,859) |
Total Long Contracts | (1,452,328) | ||||
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (48) | March 2023 | (9,845,079) | (9,843,750) | 1,329 |
U.S. Treasury 10 Year Notes | (86) | March 2023 | (9,753,448) | (9,657,531) | 95,917 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
U.S. Treasury 10 Year Ultra Bonds | (247) | March 2023 | $ (29,873,859) | $ (29,215,469) | $ 658,390 |
Total Short Contracts | 755,636 | ||||
Net Unrealized Depreciation | $ (696,692) |
1. | As of December 31, 2022, cash in the amount of $1,579,869 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2022. |
Abbreviation(s): |
CLO—Collateralized Loan Obligation |
FFCB—Federal Farm Credit Bank |
FHLB—Federal Home Loan Bank |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
TBA—To Be Announced |
UMBS—Uniform Mortgage Backed Securities |
18 | MainStay VP Bond Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 48,111,258 | $ — | $ 48,111,258 | |||
Corporate Bonds | — | 196,670,772 | — | 196,670,772 | |||
Foreign Government Bond | — | 1,201,525 | — | 1,201,525 | |||
Mortgage-Backed Securities | — | 52,439,401 | — | 52,439,401 | |||
Municipal Bonds | — | 4,248,586 | — | 4,248,586 | |||
U.S. Government & Federal Agencies | — | 370,022,452 | — | 370,022,452 | |||
Total Long-Term Bonds | — | 672,693,994 | — | 672,693,994 | |||
Short-Term Investment | |||||||
Unaffiliated Investment Company | 2,385,510 | — | — | 2,385,510 | |||
Total Investments in Securities | 2,385,510 | 672,693,994 | — | 675,079,504 | |||
Other Financial Instruments | |||||||
Futures Contracts (b) | 755,636 | — | — | 755,636 | |||
Total Investments in Securities and Other Financial Instruments | $ 3,141,146 | $ 672,693,994 | $ — | $ 675,835,140 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (1,452,328) | $ — | $ — | $ (1,452,328) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in securities, at value (identified cost $705,036,190) | $ 675,079,504 |
Cash | 28,280,617 |
Cash collateral on deposit at broker for futures contracts | 1,579,869 |
Receivables: | |
Investment securities sold | 29,927,257 |
Interest | 4,198,346 |
Portfolio shares sold | 36,223 |
Other assets | 97,522 |
Total assets | 739,199,338 |
Liabilities | |
Payables: | |
Investment securities purchased | 58,379,711 |
Manager (See Note 3) | 290,467 |
Variation margin on futures contracts | 125,101 |
Portfolio shares redeemed | 116,097 |
NYLIFE Distributors (See Note 3) | 83,842 |
Shareholder communication | 48,115 |
Professional fees | 43,188 |
Custodian | 12,107 |
Accrued expenses | 15,183 |
Total liabilities | 59,113,811 |
Net assets | $ 680,085,527 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 56,698 |
Additional paid-in-capital | 793,494,650 |
793,551,348 | |
Total distributable earnings (loss) | (113,465,821) |
Net assets | $ 680,085,527 |
Initial Class | |
Net assets applicable to outstanding shares | $292,814,532 |
Shares of beneficial interest outstanding | 24,247,420 |
Net asset value per share outstanding | $ 12.08 |
Service Class | |
Net assets applicable to outstanding shares | $387,270,995 |
Shares of beneficial interest outstanding | 32,451,058 |
Net asset value per share outstanding | $ 11.93 |
20 | MainStay VP Bond Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 22,153,199 |
Dividends | 79,539 |
Other | 414,664 |
Total income | 22,647,402 |
Expenses | |
Manager (See Note 3) | 3,655,181 |
Distribution/Service—Service Class (See Note 3) | 1,085,949 |
Professional fees | 112,357 |
Custodian | 69,966 |
Shareholder communication | 46,344 |
Trustees | 15,741 |
Miscellaneous | 26,817 |
Total expenses | 5,012,355 |
Net investment income (loss) | 17,635,047 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (85,098,825) |
Futures transactions | (13,935,180) |
Net realized gain (loss) | (99,034,005) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (41,928,282) |
Futures contracts | (782,697) |
Net change in unrealized appreciation (depreciation) | (42,710,979) |
Net realized and unrealized gain (loss) | (141,744,984) |
Net increase (decrease) in net assets resulting from operations | $(124,109,937) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 17,635,047 | $ 11,259,628 |
Net realized gain (loss) | (99,034,005) | 410,682 |
Net change in unrealized appreciation (depreciation) | (42,710,979) | (25,969,190) |
Net increase (decrease) in net assets resulting from operations | (124,109,937) | (14,298,880) |
Distributions to shareholders: | ||
Initial Class | (5,913,796) | (17,030,411) |
Service Class | (6,975,813) | (24,548,787) |
Total distributions to shareholders | (12,889,609) | (41,579,198) |
Capital share transactions: | ||
Net proceeds from sales of shares | 90,735,240 | 203,534,486 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 12,889,609 | 41,579,198 |
Cost of shares redeemed | (172,961,774) | (245,204,350) |
Increase (decrease) in net assets derived from capital share transactions | (69,336,925) | (90,666) |
Net increase (decrease) in net assets | (206,336,471) | (55,968,744) |
Net Assets | ||
Beginning of year | 886,421,998 | 942,390,742 |
End of year | $ 680,085,527 | $ 886,421,998 |
22 | MainStay VP Bond Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 14.43 | $ 15.37 | $ 14.57 | $ 13.72 | $ 14.31 | ||||
Net investment income (loss) (a) | 0.33 | 0.21 | 0.28 | 0.37 | 0.38 | ||||
Net realized and unrealized gain (loss) | (2.42) | (0.42) | 0.87 | 0.88 | (0.53) | ||||
Total from investment operations | (2.09) | (0.21) | 1.15 | 1.25 | (0.15) | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.27) | (0.31) | (0.40) | (0.40) | ||||
From net realized gain on investments | — | (0.46) | (0.04) | — | (0.04) | ||||
Total distributions | (0.26) | (0.73) | (0.35) | (0.40) | (0.44) | ||||
Net asset value at end of year | $ 12.08 | $ 14.43 | $ 15.37 | $ 14.57 | $ 13.72 | ||||
Total investment return (b) | (14.47)% | (1.37)% | 7.94% | 9.12% | (1.00)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.53% | 1.39% | 1.83% | 2.60% | 2.76% | ||||
Net expenses (c) | 0.53% | 0.52% | 0.53% | 0.54% | 0.53% | ||||
Portfolio turnover rate (d) | 474% | 326% | 255% | 204% | 148% | ||||
Net assets at end of year (in 000's) | $ 292,815 | $ 366,020 | $ 412,053 | $ 341,408 | $ 307,682 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 438%, 194%, 241%, 197%, and 133% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 14.25 | $ 15.19 | $ 14.41 | $ 13.58 | $ 14.16 | ||||
Net investment income (loss) (a) | 0.29 | 0.17 | 0.24 | 0.33 | 0.35 | ||||
Net realized and unrealized gain (loss) | (2.39) | (0.41) | 0.86 | 0.87 | (0.53) | ||||
Total from investment operations | (2.10) | (0.24) | 1.10 | 1.20 | (0.18) | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.24) | (0.28) | (0.37) | (0.36) | ||||
From net realized gain on investments | — | (0.46) | (0.04) | — | (0.04) | ||||
Total distributions | (0.22) | (0.70) | (0.32) | (0.37) | (0.40) | ||||
Net asset value at end of year | $ 11.93 | $ 14.25 | $ 15.19 | $ 14.41 | $ 13.58 | ||||
Total investment return (b) | (14.68)% | (1.62)% | 7.67% | 8.85% | (1.25)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.26% | 1.14% | 1.57% | 2.34% | 2.53% | ||||
Net expenses (c) | 0.78% | 0.77% | 0.78% | 0.79% | 0.78% | ||||
Portfolio turnover rate (d) | 474% | 326% | 255% | 204% | 148% | ||||
Net assets at end of year (in 000's) | $ 387,271 | $ 520,402 | $ 530,338 | $ 427,338 | $ 323,100 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 438%, 194%, 241%, 197%, and 133% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Class | Commenced Operations |
Initial Class | January 23, 1984 |
Service Class | June 4, 2003 |
24 | MainStay VP Bond Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
26 | MainStay VP Bond Portfolio |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $755,636 | $755,636 |
Total Fair Value | $755,636 | $755,636 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(1,452,328) | $(1,452,328) |
Total Fair Value | $(1,452,328) | $(1,452,328) |
(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. |
28 | MainStay VP Bond Portfolio |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $(13,935,180) | $(13,935,180) |
Total Net Realized Gain (Loss) | $(13,935,180) | $(13,935,180) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(782,697) | $(782,697) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(782,697) | $(782,697) |
Average Notional Amount | Total |
Futures Contracts Long | $ 71,411,811 |
Futures Contracts Short | $(58,497,903) |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $705,708,510 | $1,713,542 | $(32,345,350) | $(30,631,808) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$18,247,857 | $(101,084,672) | $— | $(30,629,006) | $(113,465,821) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $54,126 | $46,956 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $12,889,609 | $37,258,730 |
Long-Term Capital Gains | — | 4,320,468 |
Total | $12,889,609 | $41,579,198 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 5,245,388 | $ 67,757,317 |
Shares issued to shareholders in reinvestment of distributions | 502,562 | 5,913,796 |
Shares redeemed | (6,872,142) | (89,940,899) |
Net increase (decrease) | (1,124,192) | $ (16,269,786) |
Year ended December 31, 2021: | ||
Shares sold | 9,136,685 | $ 137,110,246 |
Shares issued to shareholders in reinvestment of distributions | 1,181,429 | 17,030,411 |
Shares redeemed | (11,757,317) | (177,394,270) |
Net increase (decrease) | (1,439,203) | $ (23,253,613) |
30 | MainStay VP Bond Portfolio |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,796,487 | $ 22,977,923 |
Shares issued to shareholders in reinvestment of distributions | 599,549 | 6,975,813 |
Shares redeemed | (6,472,414) | (83,020,875) |
Net increase (decrease) | (4,076,378) | $ (53,067,139) |
Year ended December 31, 2021: | ||
Shares sold | 4,474,396 | $ 66,424,240 |
Shares issued to shareholders in reinvestment of distributions | 1,723,447 | 24,548,787 |
Shares redeemed | (4,585,159) | (67,810,080) |
Net increase (decrease) | 1,612,684 | $ 23,162,947 |
MainStay VP Bond Portfolio
New York, New York
February 24, 2023
32 | MainStay VP Bond Portfolio |
34 | MainStay VP Bond Portfolio |
36 | MainStay VP Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
38 | MainStay VP Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
40 | MainStay VP Bond Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015932 | MSVPB11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | -11.29% | -0.68% | 0.23% | 0.55% |
Service Class Shares | 6/4/2003 | -11.51 | -0.93 | -0.02 | 0.80 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Government Bond Index1 | -12.32% | -0.06% | 0.60% |
Morningstar Intermediate Government Category Average2 | -11.34 | -0.48 | 0.23 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg U.S. Government Bond Index is the Portfolio’s primary benchmark. The Bloomberg U.S. Government Bond Index is a broad-based benchmark that consists of publicly issued debt of the U.S. Treasury and government agencies. Results assume the reinvestment of all income and capital gains. An investment cannot be made directly in an index. |
2. | The Morningstar Intermediate Government Category Average is representative of funds that have at least 90% of their bond holdings in bonds backed by U.S. government or by U.S. government-linked agencies. These funds have durations between 3.5 and 6 years and/or average effective maturities between 4 and 10 years. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $961.00 | $2.77 | $1,022.38 | $2.85 | 0.56% |
Service Class Shares | $1,000.00 | $959.80 | $4.00 | $1,021.12 | $4.13 | 0.81% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay Government Portfolio |
1. | UMBS, 30 Year, 2.00%-6.50%, due 7/1/39–11/1/51 |
2. | U.S. Treasury Notes, 0.375%-3.00%, due 4/30/24–2/15/30 |
3. | UMBS Pool, 30 Year, 2.00%-4.50%, due 6/1/46–11/1/52 |
4. | FREMF Mortgage Trust, 3.455%-4.325%, due 8/25/46–2/25/52 |
5. | FNMA, (zero coupon)-3.50%, due 7/25/42–3/25/60 |
6. | GNMA, (zero coupon)-3.50%, due 6/16/37–2/20/52 |
7. | FHLMC Gold Pools, 30 Year, 2.50%-6.50%, due 4/1/37–3/1/49 |
8. | UMBS, 20 Year, 2.00%-3.00%, due 10/1/32–7/1/41 |
9. | FNMA, Other, 2.50%-6.50%, due 4/1/25–6/1/57 |
10. | U.S. Treasury Inflation Linked Notes, 0.125%, due 1/15/30–7/15/30 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
4. | Convexity is a mathematical measure of the sensitivity of an interest-bearing bond to changes in interest rates. |
8 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
Long-Term Bonds 99.2% | ||
Asset-Backed Securities 2.3% | ||
Other Asset-Backed Securities 2.3% | ||
FirstEnergy Ohio PIRB Special Purpose Trust | ||
Series 2013-1, Class A3 | ||
3.45%, due 1/15/36 | $ 440,179 | $ 403,253 |
PSNH Funding LLC 3 | ||
Series 2018-1, Class A1 | ||
3.094%, due 2/1/26 | 114,326 | 113,199 |
United States Small Business Administration | ||
Series 2012-20L, Class 1 | ||
1.93%, due 12/1/32 | 216,733 | 195,098 |
Series 2014-20H, Class 1 | ||
2.88%, due 8/1/34 | 271,656 | 251,966 |
Series 2015-20G, Class 1 | ||
2.88%, due 7/1/35 | 759,554 | 705,885 |
Series 2014-20I, Class 1 | ||
2.92%, due 9/1/34 | 292,364 | 272,617 |
Series 2014-20C, Class 1 | ||
3.21%, due 3/1/34 | 469,048 | 438,372 |
Series 2018-20B, Class 1 | ||
3.22%, due 2/1/38 | 1,260,116 | 1,179,737 |
Series 2018-20D, Class 1 | ||
3.31%, due 4/1/38 | 1,503,671 | 1,408,269 |
Total Asset-Backed Securities (Cost $5,475,560) | 4,968,396 | |
Corporate Bonds 1.5% | ||
Electric 1.5% | ||
Duke Energy Florida Project Finance LLC | ||
Series 2026 | ||
2.538%, due 9/1/29 | 1,880,333 | 1,704,789 |
PG&E Energy Recovery Funding LLC | ||
Series A-1 | ||
1.46%, due 7/15/31 | 1,861,978 | 1,619,274 |
3,324,063 | ||
Total Corporate Bonds (Cost $3,737,128) | 3,324,063 | |
Mortgage-Backed Securities 22.6% | ||
Agency (Collateralized Mortgage Obligations) 9.7% | ||
FHLMC | ||
REMIC, Series 5038, Class SA | ||
0.172% (SOFR 30A + 4.10%), due 11/25/50 (a)(b) | 2,240,423 | 100,184 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5019, Class PL | ||
1.00%, due 10/25/50 | $ 627,390 | $ 467,269 |
REMIC, Series 5057, Class SH | ||
1.822% (SOFR 30A + 5.75%), due 12/25/50 (a)(b) | 823,740 | 94,779 |
REMIC, Series 5149, Class LI | ||
2.50%, due 10/25/51 (a) | 1,804,986 | 239,209 |
REMIC, Series 4913, Class UA | ||
3.00%, due 3/15/49 | 307,893 | 277,674 |
REMIC, Series 4908, Class BD | ||
3.00%, due 4/25/49 | 996,832 | 874,894 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (a) | 565,102 | 90,006 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (a) | 828,829 | 128,343 |
REMIC, Series 5155, Class KI | ||
3.00%, due 10/25/51 (a) | 1,312,485 | 191,819 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (a) | 476,010 | 56,525 |
REMIC, Series 4888, Class BA | ||
3.50%, due 9/15/48 | 131,797 | 124,280 |
REMIC, Series 4877, Class AT | ||
3.50%, due 11/15/48 | 145,259 | 135,672 |
REMIC, Series 4877, Class BE | ||
3.50%, due 11/15/48 | 218,647 | 203,899 |
FNMA | ||
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (a)(b) | 3,723,648 | 44,151 |
REMIC, Series 2020-63, Class B | ||
1.25%, due 9/25/50 | 259,742 | 205,786 |
REMIC, Series 2022-10, Class SA | ||
1.822% (SOFR 30A + 5.75%), due 2/25/52 (a)(b) | 1,140,755 | 145,264 |
REMIC, Series 2012-124, Class PG | ||
2.00%, due 7/25/42 | 714,016 | 628,230 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (a) | 1,887,030 | 299,481 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 213,056 | 190,801 |
REMIC, Series 2019-58, Class LP | ||
3.00%, due 10/25/49 | 447,866 | 399,576 |
REMIC, Series 2019-77, Class LZ | ||
3.00%, due 1/25/50 | 1,832,324 | 1,623,980 |
REMIC, Series 2021-13, Class BI | ||
3.00%, due 2/25/50 (a) | 1,052,774 | 166,760 |
10 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (a) | $ 1,508,149 | $ 234,214 |
REMIC, Series 2020-10, Class LP | ||
3.50%, due 3/25/50 | 1,458,435 | 1,337,780 |
REMIC, Series 2021-6, Class MC | ||
3.50%, due 6/25/50 | 1,364,063 | 1,266,280 |
REMIC, Series 2021-6, Class ML | ||
3.50%, due 6/25/50 | 714,835 | 648,118 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 1,086,940 | 1,000,676 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,436,998 | 1,324,729 |
FNMA, Strips (a) | ||
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 | 1,976,753 | 297,547 |
REMIC, Series 360, Class 2 | ||
5.00%, due 8/25/35 | 40,498 | 7,236 |
REMIC, Series 361, Class 2 | ||
6.00%, due 10/25/35 | 9,278 | 1,962 |
GNMA | ||
REMIC, Series 2010-151, Class KO | ||
(zero coupon), due 6/16/37 | 555,252 | 492,611 |
REMIC, Series 2021-213, Class ES | ||
(zero coupon) (SOFR 30A + 1.70%), due 12/20/51 (a)(b) | 5,718,249 | 10,980 |
REMIC, Series 2021-78, Class LA | ||
1.00%, due 5/20/51 | 641,293 | 487,193 |
REMIC, Series 2021-91, Class MF | ||
1.00%, due 5/20/51 | 326,423 | 247,701 |
REMIC, Series 2021-105, Class DB | ||
1.00%, due 6/20/51 | 785,216 | 590,433 |
REMIC, Series 2020-34, Class SC | ||
1.697% (1 Month LIBOR + 6.05%), due 3/20/50 (a)(b) | 1,009,449 | 100,978 |
REMIC, Series 2020-146, Class SA | ||
1.947% (1 Month LIBOR + 6.30%), due 10/20/50 (a)(b) | 957,568 | 113,252 |
REMIC, Series 2021-57, Class SD | ||
1.947% (1 Month LIBOR + 6.30%), due 3/20/51 (a)(b) | 1,347,264 | 159,412 |
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (a) | 2,569,122 | 268,104 |
REMIC, Series 2021-57, Class IN | ||
2.00%, due 2/20/51 (a) | 435,194 | 50,590 |
REMIC, Series 2014-63, Class PG | ||
2.50%, due 7/20/43 | 519,967 | 485,330 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (a) | $ 2,385,736 | $ 300,986 |
REMIC, Series 2021-105, Class IE | ||
2.50%, due 6/20/51 (a) | 722,929 | 85,722 |
REMIC, Series 2021-188 | ||
2.50%, due 10/20/51 (a) | 1,499,336 | 239,947 |
REMIC, Series 2019-3, Class A | ||
3.00%, due 4/20/48 | 87,322 | 83,562 |
REMIC, Series 2019-59, Class KA | ||
3.00%, due 12/20/48 | 390,933 | 355,449 |
REMIC, Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (a) | 564,554 | 101,476 |
REMIC, Series 2021-136, Class TI | ||
3.00%, due 8/20/51 (a) | 2,367,742 | 342,368 |
REMIC, Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (a) | 2,863,843 | 464,012 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (a) | 1,870,414 | 327,680 |
REMIC, Series 2022-206, Class CN | ||
3.00%, due 2/20/52 | 1,230,000 | 1,067,700 |
REMIC, Series 2021-175, Class DF | ||
3.50% (SOFR 30A + 0.25%), due 10/20/51 (b) | 1,919,824 | 1,698,042 |
20,880,652 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 12.3% | ||
Arbor Multifamily Mortgage Securities Trust (c) | ||
Series 2021-MF3, Class A5 | ||
2.575%, due 10/15/54 | 3,000,000 | 2,430,475 |
Series 2022-MF4, Class A5 | ||
3.293%, due 2/15/55 (d) | 2,000,000 | 1,721,595 |
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (c) | 1,750,000 | 1,557,099 |
FREMF Mortgage Trust (c)(d) | ||
REMIC, Series 2019-K103, Class B | ||
3.455%, due 12/25/51 | 2,144,000 | 1,839,498 |
REMIC, Series 2013-K33, Class B | ||
3.495%, due 8/25/46 | 933,000 | 915,916 |
REMIC, Series 2020-K104, Class C | ||
3.54%, due 2/25/52 | 1,200,000 | 1,007,716 |
REMIC, Series 2016-K59, Class B | ||
3.579%, due 11/25/49 | 500,000 | 459,823 |
REMIC, Series 2015-K49, Class C | ||
3.724%, due 10/25/48 | 500,000 | 467,323 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
FREMF Mortgage Trust (c)(d) (continued) | ||
REMIC, Series 2016-K58, Class B | ||
3.738%, due 9/25/49 | $ 1,000,000 | $ 928,414 |
REMIC, Series 2017-K71, Class B | ||
3.752%, due 11/25/50 | 1,935,000 | 1,751,249 |
REMIC, Series 2014-K41, Class B | ||
3.833%, due 11/25/47 | 2,700,000 | 2,597,830 |
REMIC, Series 2013-K35, Class B | ||
3.932%, due 12/25/46 | 1,925,000 | 1,897,677 |
REMIC, Series 2016-K54, Class B | ||
4.053%, due 4/25/48 | 695,000 | 656,434 |
REMIC, Series 2014-K40, Class B | ||
4.074%, due 11/25/47 | 1,645,000 | 1,595,398 |
REMIC, Series 2018-K78, Class C | ||
4.129%, due 6/25/51 | 712,000 | 643,846 |
REMIC, Series 2016-K55, Class B | ||
4.167%, due 4/25/49 | 1,570,000 | 1,486,304 |
REMIC, Series 2014-K38, Class B | ||
4.221%, due 6/25/47 | 2,000,000 | 1,950,672 |
REMIC, Series 2019-K87, Class C | ||
4.325%, due 1/25/51 | 1,500,000 | 1,345,967 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (c) | 1,265,000 | 1,035,609 |
26,288,845 | ||
Whole Loan (Collateralized Mortgage Obligations) 0.6% | ||
Citigroup Mortgage Loan Trust | ||
Series 2006-AR6, Class 1A1 | ||
3.79%, due 8/25/36 (d) | 51,190 | 44,499 |
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (c)(e) | 1,337,488 | 1,071,188 |
Seasoned Loans Structured Transaction | ||
Series 2019-1, Class A1 | ||
3.50%, due 5/25/29 | 243,596 | 231,975 |
1,347,662 | ||
Total Mortgage-Backed Securities (Cost $55,398,605) | 48,517,159 |
Principal Amount | Value | |
Municipal Bonds 2.7% | ||
New Jersey 1.1% | ||
New Jersey Turnpike Authority Revenue Bonds | ||
Series A | ||
7.102%, due 1/1/41 | $ 2,000,000 | $ 2,416,453 |
New York 1.6% | ||
New York State Thruway Authority Revenue Bonds | ||
Series M | ||
2.90%, due 1/1/35 | 4,000,000 | 3,288,043 |
Total Municipal Bonds (Cost $7,358,309) | 5,704,496 | |
U.S. Government & Federal Agencies 70.1% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 16.5% | ||
FHLMC Gold Pools, 30 Year | ||
2.50%, due 8/1/46 | 576,826 | 497,830 |
3.00%, due 2/1/46 | 988,618 | 890,274 |
3.00%, due 4/1/47 | 1,072,085 | 959,992 |
3.50%, due 1/1/44 | 253,991 | 238,023 |
3.50%, due 1/1/48 | 981,474 | 910,483 |
4.00%, due 7/1/44 | 559,618 | 538,041 |
4.00%, due 12/1/46 | 380,896 | 365,520 |
4.00%, due 10/1/48 | 477,769 | 456,293 |
4.00%, due 3/1/49 | 185,889 | 176,910 |
4.50%, due 12/1/44 | 791,122 | 785,152 |
5.00%, due 11/1/41 | 601,219 | 614,677 |
6.50%, due 4/1/37 | 19,652 | 20,857 |
FHLMC Gold Pools, Other | ||
4.50%, due 3/1/41 | 114,159 | 112,282 |
Tennessee Valley Authority | ||
4.65%, due 6/15/35 | 4,395,000 | 4,340,782 |
UMBS Pool, 15 Year | ||
2.00%, due 6/1/35 | 689,387 | 616,964 |
2.50%, due 9/1/34 | 226,501 | 208,693 |
UMBS Pool, 30 Year | ||
2.00%, due 7/1/50 | 2,700,217 | 2,207,769 |
2.00%, due 7/1/50 | 867,247 | 709,082 |
2.00%, due 8/1/50 | 1,303,435 | 1,066,489 |
2.00%, due 8/1/50 | 19,228 | 15,856 |
2.00%, due 8/1/50 | 1,848,071 | 1,510,600 |
2.00%, due 9/1/50 | 886,841 | 725,736 |
2.00%, due 11/1/50 | 1,598,578 | 1,306,485 |
2.50%, due 3/1/50 | 910,025 | 777,697 |
12 | MainStay VP MacKay Government Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year (continued) | ||
2.50%, due 7/1/50 | $ 1,541,993 | $ 1,314,586 |
2.50%, due 10/1/50 | 142,784 | 121,549 |
2.50%, due 11/1/50 | 1,440,146 | 1,228,037 |
2.50%, due 1/1/51 | 367,318 | 312,042 |
2.50%, due 2/1/51 | 2,158,555 | 1,843,129 |
2.50%, due 5/1/51 | 1,187,216 | 1,008,086 |
3.00%, due 6/1/46 | 517,229 | 463,790 |
3.00%, due 8/1/49 | 940,024 | 831,963 |
3.00%, due 9/1/49 | 160,596 | 141,862 |
3.00%, due 11/1/49 | 543,540 | 484,679 |
3.00%, due 1/1/52 | 3,567,732 | 3,133,446 |
3.00%, due 4/1/52 | 1,004,746 | 882,263 |
3.50%, due 1/1/50 | 939,257 | 861,987 |
3.50%, due 7/1/52 | 1,401,072 | 1,273,275 |
4.00%, due 5/1/52 | 964,638 | 904,881 |
4.50%, due 11/1/52 | 634,046 | 610,305 |
35,468,367 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 30.8% | ||
FNMA, Other | ||
2.50%, due 1/1/57 | 602,291 | 510,154 |
2.68%, due 5/1/25 | 1,978,393 | 1,887,201 |
2.73%, due 4/1/25 | 1,025,000 | 979,220 |
3.00%, due 9/1/46 | 420,158 | 372,041 |
3.00%, due 10/1/46 | 430,437 | 381,146 |
3.00%, due 10/1/48 | 8,964 | 7,812 |
3.00%, due 2/1/57 | 467,255 | 411,921 |
3.00%, due 6/1/57 | 539,135 | 474,620 |
6.00%, due 4/1/37 | 5,308 | 5,413 |
6.50%, due 8/1/47 | 8,174 | 8,414 |
UMBS, 15 Year | ||
2.00%, due 6/1/35 | 1,248,234 | 1,113,424 |
UMBS, 20 Year | ||
2.00%, due 5/1/41 | 2,129,505 | 1,813,554 |
2.50%, due 6/1/41 | 1,750,470 | 1,535,148 |
2.50%, due 7/1/41 | 1,842,302 | 1,615,748 |
3.00%, due 10/1/32 | 292,092 | 274,626 |
UMBS, 30 Year | ||
2.00%, due 6/1/50 | 1,442,422 | 1,180,249 |
2.00%, due 10/1/50 | 1,704,165 | 1,392,607 |
2.00%, due 3/1/51 | 2,126,597 | 1,745,390 |
2.50%, due 1/1/47 | 1,535,098 | 1,323,471 |
2.50%, due 9/1/49 | 1,422,416 | 1,216,119 |
2.50%, due 3/1/50 | 416,633 | 357,057 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
2.50%, due 3/1/50 | $ 1,040,104 | $ 887,632 |
2.50%, due 3/1/50 | 987,312 | 842,578 |
2.50%, due 4/1/50 | 1,877,447 | 1,608,960 |
2.50%, due 5/1/50 | 3,173,301 | 2,706,828 |
2.50%, due 7/1/50 | 1,529,776 | 1,304,266 |
2.50%, due 8/1/50 | 1,887,828 | 1,613,593 |
2.50%, due 8/1/50 | 2,208,023 | 1,898,076 |
2.50%, due 9/1/50 | 2,307,525 | 1,983,778 |
2.50%, due 10/1/50 | 1,721,251 | 1,467,855 |
2.50%, due 11/1/50 | 2,378,111 | 2,055,358 |
2.50%, due 1/1/51 | 1,778,714 | 1,512,825 |
2.50%, due 4/1/51 | 1,453,999 | 1,248,530 |
3.00%, due 10/1/44 | 917,840 | 835,751 |
3.00%, due 3/1/47 | 510,339 | 457,578 |
3.00%, due 12/1/47 | 636,101 | 569,273 |
3.00%, due 10/1/49 | 587,222 | 518,822 |
3.00%, due 3/1/50 | 907,968 | 801,784 |
3.00%, due 3/1/50 | 977,756 | 863,305 |
3.00%, due 5/1/50 | 855,308 | 753,995 |
3.00%, due 7/1/50 | 1,524,532 | 1,345,085 |
3.00%, due 11/1/51 | 2,588,361 | 2,273,305 |
3.50%, due 5/1/43 | 1,116,777 | 1,050,324 |
3.50%, due 11/1/44 | 406,153 | 380,180 |
3.50%, due 3/1/45 | 457,956 | 426,979 |
3.50%, due 11/1/45 | 1,116,117 | 1,038,773 |
3.50%, due 8/1/46 | 300,375 | 279,030 |
3.50%, due 10/1/47 | 194,828 | 180,578 |
3.50%, due 2/1/48 | 105,276 | 97,307 |
3.50%, due 8/1/49 | 544,203 | 503,137 |
3.50%, due 9/1/50 | 1,837,452 | 1,716,470 |
4.00%, due 1/1/46 | 403,252 | 387,263 |
4.00%, due 9/1/47 | 155,484 | 148,422 |
4.00%, due 7/1/48 | 399,471 | 380,046 |
4.00%, due 8/1/48 | 2,026,798 | 1,932,537 |
4.00%, due 9/1/48 | 347,450 | 331,764 |
4.00%, due 4/1/49 | 101,839 | 96,988 |
4.00%, due 3/1/50 | 763,471 | 722,614 |
4.50%, due 2/1/41 | 1,367,451 | 1,355,073 |
4.50%, due 4/1/41 | 3,386,514 | 3,357,165 |
4.50%, due 8/1/42 | 541,203 | 536,512 |
4.50%, due 8/1/44 | 621,833 | 616,443 |
5.00%, due 9/1/41 | 1,184,571 | 1,199,525 |
5.00%, due 10/1/41 | 943,978 | 964,001 |
5.50%, due 7/1/41 | 1,765,746 | 1,823,019 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
6.00%, due 7/1/39 | $ 398,008 | $ 412,270 |
6.50%, due 10/1/39 | 73,563 | 76,611 |
66,167,543 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.7% | ||
GNMA II, Other | ||
2.50%, due 1/20/50 | 267,858 | 226,809 |
2.50%, due 2/20/50 | 68,255 | 57,795 |
2.50%, due 4/20/50 | 90,187 | 76,366 |
2.50%, due 6/20/50 | 401,565 | 340,025 |
GNMA II, Single Family, 30 Year | ||
4.00%, due 11/20/49 | 369,211 | 350,499 |
4.50%, due 7/20/49 | 300,873 | 294,727 |
1,346,221 | ||
United States Treasury Bonds 1.7% | ||
U.S. Treasury Bonds | ||
3.00%, due 5/15/45 | 2,790,000 | 2,298,481 |
4.375%, due 11/15/39 | 1,200,000 | 1,251,234 |
3,549,715 | ||
United States Treasury Inflation - Indexed Notes 2.3% | ||
U.S. Treasury Inflation Linked Notes (f) | ||
0.125%, due 1/15/30 | 3,208,491 | 2,881,937 |
0.125%, due 7/15/30 | 2,347,907 | 2,102,170 |
4,984,107 | ||
United States Treasury Notes 18.1% | ||
U.S. Treasury Notes | ||
0.375%, due 4/30/25 | 5,000,000 | 4,563,281 |
1.375%, due 10/31/28 | 5,400,000 | 4,661,086 |
1.50%, due 2/15/30 | 13,865,000 | 11,815,580 |
2.25%, due 4/30/24 | 3,150,000 | 3,050,086 |
2.375%, due 8/15/24 | 1,695,000 | 1,635,410 |
2.625%, due 1/31/26 | 5,900,000 | 5,637,265 |
3.00%, due 10/31/25 | 7,805,000 | 7,537,923 |
38,900,631 | ||
Total U.S. Government & Federal Agencies (Cost $172,800,198) | 150,416,584 | |
Total Long-Term Bonds (Cost $244,769,800) | 212,930,698 | |
Shares | Value | ||
Short-Term Investment 0.4% | |||
Affiliated Investment Company 0.4% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (g) | 844,323 | $ 844,323 | |
Total Short-Term Investment (Cost $844,323) | 844,323 | ||
Total Investments (Cost $245,614,123) | 99.6% | 213,775,021 | |
Other Assets, Less Liabilities | 0.4 | 918,362 | |
Net Assets | 100.0% | $ 214,693,383 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(b) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(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 December 31, 2022. |
(e) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2022. |
(f) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(g) | Current yield as of December 31, 2022. |
14 | MainStay VP MacKay Government Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 7,701 | $ 86,899 | $ (93,756) | $ — | $ — | $ 844 | $ 17 | $ — | 844 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 10 Year Notes | 19 | March 2023 | $ 2,139,474 | $ 2,133,641 | $ (5,833) |
U.S. Treasury 10 Year Ultra Bonds | 46 | March 2023 | 5,449,278 | 5,440,937 | (8,341) |
Net Unrealized Depreciation | $ (14,174) |
1. | As of December 31, 2022, cash in the amount of $179,800 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2022. |
Abbreviation(s): |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
UMBS—Uniform Mortgage Backed Securities |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 4,968,396 | $ — | $ 4,968,396 | |||
Corporate Bonds | — | 3,324,063 | — | 3,324,063 | |||
Mortgage-Backed Securities | — | 48,517,159 | — | 48,517,159 | |||
Municipal Bonds | — | 5,704,496 | — | 5,704,496 | |||
U.S. Government & Federal Agencies | — | 150,416,584 | — | 150,416,584 | |||
Total Long-Term Bonds | — | 212,930,698 | — | 212,930,698 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 844,323 | — | — | 844,323 | |||
Total Investments in Securities | $ 844,323 | $ 212,930,698 | $ — | $ 213,775,021 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (14,174) | $ — | $ — | $ (14,174) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
16 | MainStay VP MacKay Government Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $244,769,800) | $212,930,698 |
Investment in affiliated investment companies, at value (identified cost $844,323) | 844,323 |
Cash collateral on deposit at broker for futures contracts | 179,800 |
Receivables: | |
Interest | 947,696 |
Portfolio shares sold | 72,779 |
Variation margin on futures contracts | 21,568 |
Other assets | 1,737 |
Total assets | 214,998,601 |
Liabilities | |
Due to custodian | 28,961 |
Payables: | |
Manager (See Note 3) | 92,685 |
Portfolio shares redeemed | 75,385 |
NYLIFE Distributors (See Note 3) | 38,856 |
Professional fees | 31,048 |
Shareholder communication | 22,776 |
Custodian | 6,574 |
Accrued expenses | 8,933 |
Total liabilities | 305,218 |
Net assets | $214,693,383 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 22,892 |
Additional paid-in-capital | 248,653,267 |
248,676,159 | |
Total distributable earnings (loss) | (33,982,776) |
Net assets | $214,693,383 |
Initial Class | |
Net assets applicable to outstanding shares | $ 34,600,834 |
Shares of beneficial interest outstanding | 3,662,123 |
Net asset value per share outstanding | $ 9.45 |
Service Class | |
Net assets applicable to outstanding shares | $180,092,549 |
Shares of beneficial interest outstanding | 19,229,857 |
Net asset value per share outstanding | $ 9.37 |
Investment Income (Loss) | |
Income | |
Interest | $ 6,383,234 |
Dividends-affiliated | 17,417 |
Securities lending, net | 107 |
Total income | 6,400,758 |
Expenses | |
Manager (See Note 3) | 1,272,747 |
Distribution/Service—Service Class (See Note 3) | 505,321 |
Professional fees | 70,660 |
Custodian | 40,649 |
Shareholder communication | 19,070 |
Trustees | 5,085 |
Miscellaneous | 11,796 |
Total expenses | 1,925,328 |
Net investment income (loss) | 4,475,430 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (4,466,375) |
Futures transactions | 309,292 |
Net realized gain (loss) | (4,157,083) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (34,094,088) |
Futures contracts | 38,339 |
Net change in unrealized appreciation (depreciation) | (34,055,749) |
Net realized and unrealized gain (loss) | (38,212,832) |
Net increase (decrease) in net assets resulting from operations | $(33,737,402) |
18 | MainStay VP MacKay Government Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 4,475,430 | $ 3,512,295 |
Net realized gain (loss) | (4,157,083) | 1,622,103 |
Net change in unrealized appreciation (depreciation) | (34,055,749) | (11,221,883) |
Net increase (decrease) in net assets resulting from operations | (33,737,402) | (6,087,485) |
Distributions to shareholders: | ||
Initial Class | (711,147) | (1,259,194) |
Service Class | (3,018,585) | (3,271,917) |
Total distributions to shareholders | (3,729,732) | (4,531,111) |
Capital share transactions: | ||
Net proceeds from sales of shares | 21,581,852 | 84,262,367 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 3,729,732 | 4,531,111 |
Cost of shares redeemed | (96,041,715) | (144,292,025) |
Increase (decrease) in net assets derived from capital share transactions | (70,730,131) | (55,498,547) |
Net increase (decrease) in net assets | (108,197,265) | (66,117,143) |
Net Assets | ||
Beginning of year | 322,890,648 | 389,007,791 |
End of year | $ 214,693,383 | $ 322,890,648 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.87 | $ 11.21 | $ 10.84 | $ 10.49 | $ 10.78 | ||||
Net investment income (loss) (a) | 0.20 | 0.13 | 0.17 | 0.25 | 0.26 | ||||
Net realized and unrealized gain (loss) | (1.43) | (0.30) | 0.36 | 0.32 | (0.27) | ||||
Total from investment operations | (1.23) | (0.17) | 0.53 | 0.57 | (0.01) | ||||
Less distributions: | |||||||||
From net investment income | (0.19) | (0.17) | (0.16) | (0.22) | (0.28) | ||||
Net asset value at end of year | $ 9.45 | $ 10.87 | $ 11.21 | $ 10.84 | $ 10.49 | ||||
Total investment return (b) | (11.29)% | (1.50)% | 4.97% | 5.42% | (0.06)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.92% | 1.15% | 1.50% | 2.35% | 2.44% | ||||
Net expenses (c) | 0.56% | 0.55% | 0.56% | 0.57% | 0.57% | ||||
Portfolio turnover rate | 17%(d) | 69%(d) | 77%(d) | 30% | 92%(d) | ||||
Net assets at end of year (in 000's) | $ 34,601 | $ 83,838 | $ 107,954 | $ 51,698 | $ 52,552 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 13%, 37%, 53% and 80% for the years ended December 31, 2022, 2021, 2020 and 2018, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.77 | $ 11.10 | $ 10.74 | $ 10.41 | $ 10.69 | ||||
Net investment income (loss) (a) | 0.17 | 0.10 | 0.14 | 0.22 | 0.23 | ||||
Net realized and unrealized gain (loss) | (1.41) | (0.29) | 0.37 | 0.31 | (0.26) | ||||
Total from investment operations | (1.24) | (0.19) | 0.51 | 0.53 | (0.03) | ||||
Less distributions: | |||||||||
From net investment income | (0.16) | (0.14) | (0.15) | (0.20) | (0.25) | ||||
Net asset value at end of year | $ 9.37 | $ 10.77 | $ 11.10 | $ 10.74 | $ 10.41 | ||||
Total investment return (b) | (11.51)% | (1.74)% | 4.70% | 5.15% | (0.31)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.72% | 0.94% | 1.29% | 2.09% | 2.19% | ||||
Net expenses (c) | 0.81% | 0.80% | 0.80% | 0.82% | 0.82% | ||||
Portfolio turnover rate | 17%(d) | 69%(d) | 77%(d) | 30% | 92%(d) | ||||
Net assets at end of year (in 000's) | $ 180,093 | $ 239,053 | $ 281,054 | $ 200,869 | $ 159,575 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The portfolio turnover rates not including mortgage dollar rolls were 13%, 37%, 53% and 80% for the years ended December 31, 2022, 2021, 2020 and 2018, respectively. |
20 | MainStay VP MacKay Government Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 4, 2003 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
22 | MainStay VP MacKay Government Portfolio |
24 | MainStay VP MacKay Government Portfolio |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(14,174) | $(14,174) |
Total Fair Value | $(14,174) | $(14,174) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $309,292 | $309,292 |
Total Net Realized Gain (Loss) | $309,292 | $309,292 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $38,339 | $38,339 |
Total Net Change in Unrealized Appreciation (Depreciation) | $38,339 | $38,339 |
Average Notional Amount | Total |
Futures Contracts Long | $ 14,074,482 |
Futures Contracts Short | $(13,234,589) |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $245,713,551 | $434,659 | $(32,373,190) | $(31,938,531) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$4,504,146 | $(6,548,391) | $— | $(31,938,531) | $(33,982,776) |
26 | MainStay VP MacKay Government Portfolio |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $1,811 | $4,737 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $3,729,732 | $4,531,111 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 633,685 | $ 6,612,982 |
Shares issued to shareholders in reinvestment of distributions | 77,120 | 711,147 |
Shares redeemed | (4,760,615) | (47,828,335) |
Net increase (decrease) | (4,049,810) | $(40,504,206) |
Year ended December 31, 2021: | ||
Shares sold | 4,793,173 | $ 53,204,116 |
Shares issued to shareholders in reinvestment of distributions | 115,356 | 1,259,194 |
Shares redeemed | (6,824,773) | (75,876,782) |
Net increase (decrease) | (1,916,244) | $(21,413,472) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,512,996 | $ 14,968,870 |
Shares issued to shareholders in reinvestment of distributions | 330,073 | 3,018,585 |
Shares redeemed | (4,818,836) | (48,213,380) |
Net increase (decrease) | (2,975,767) | $(30,225,925) |
Year ended December 31, 2021: | ||
Shares sold | 2,828,368 | $ 31,058,251 |
Shares issued to shareholders in reinvestment of distributions | 302,513 | 3,271,917 |
Shares redeemed | (6,238,804) | (68,415,243) |
Net increase (decrease) | (3,107,923) | $(34,085,075) |
28 | MainStay VP MacKay Government Portfolio |
MainStay VP MacKay Government Portfolio
New York, New York
February 24, 2023
30 | MainStay VP MacKay Government Portfolio |
32 | MainStay VP MacKay Government Portfolio |
34 | MainStay VP MacKay Government Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
36 | MainStay VP MacKay Government Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015889 | MSVPG11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Since Inception | Gross Expense Ratio1 |
Initial Class Shares | 5/1/2017 | -13.34% | -0.37% | -0.08% | 0.31% |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Since Inception |
Bloomberg U.S. Aggregate Bond Index1 | -13.01% | 0.02% | 0.36% |
Morningstar Intermediate Core Bond Category Average2 | -13.34 | -0.23 | 0.12 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg U.S. Aggregate Bond Index is the Portfolio's primary benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
2. | The Morningstar Intermediate Core Bond Category Average is representative of funds that invest primarily in investment-grade U.S. fixed-income issues including government, corporate, and securitized debt, and hold less than 5% in below-investment-grade exposures. Their durations (a measure of interest-rate sensitivity) typically range between 75% and 125% of the three-year average of the effective duration of the Morningstar Core Bond Index. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $965.60 | $1.54 | $1,023.64 | $1.58 | 0.31% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Indexed Bond Portfolio |
1. | U.S. Treasury Notes, 0.125%-4.50%, due 3/31/23–11/15/32 |
2. | UMBS, 30 Year, 2.00%-5.50%, due 6/1/36–11/1/52 |
3. | GNMA II, Single Family, 30 Year, 2.00%-5.00%, due 11/20/42–9/20/51 |
4. | U.S. Treasury Bonds, 1.875%-4.00%, due 11/15/46–11/15/52 |
5. | UMBS Pool, 30 Year, 2.00%-4.50%, due 1/1/49–7/1/52 |
6. | UMBS, 15 Year, 1.50%-4.00%, due 5/1/24–9/1/36 |
7. | iShares iBoxx $ Investment Grade Corporate Bond ETF |
8. | FHLMC Gold Pools, 30 Year, 3.00%-5.50%, due 7/1/38–1/1/49 |
9. | UMBS, Single Family, 30 Year, 2.00%-5.00%, due 1/25/53 |
10. | FFCB, 0.68%-5.95%, due 10/19/26–10/17/30 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
3. | An obligation rated ‘A’ by Standard and Poor's ("S&P") is deemed by S&P to be somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. In the opinion of S&P, however, the obligor's capacity to meet its financial commitment on the obligation is still strong. An obligation rated ‘BBB’ by S&P is deemed by S&P to exhibit adequate protection parameters. In the opinion of S&P, however, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. When applied to Portfolio holdings, ratings are based solely on the creditworthiness of the bonds in the Portfolio and are not meant to represent the security or safety of the Portfolio. |
4. | An obligation rated ‘AAA’ has the highest rating assigned by S&P, and in the opinion of S&P, the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. An obligation rated ‘AA’ by S&P is deemed by S&P to differ from the highest-rated obligations only to a small degree. In the opinion of S&P, the obligor's capacity to meet its financial commitment on the obligation is very strong. When applied to Portfolio holdings, ratings are based solely on the creditworthiness of the bonds in the Portfolio and are not meant to represent the security or safety of the Portfolio. |
8 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Long-Term Bonds 96.6% | ||
Corporate Bonds 20.6% | ||
Aerospace & Defense 0.6% | ||
Boeing Co. (The) | ||
3.25%, due 3/1/28 | $ 585,000 | $ 522,898 |
5.15%, due 5/1/30 | 250,000 | 243,910 |
Lockheed Martin Corp. | ||
4.30%, due 6/15/62 | 135,000 | 113,402 |
Northrop Grumman Systems Corp. | ||
7.75%, due 2/15/31 | 275,000 | 313,044 |
Raytheon Technologies Corp. | ||
3.125%, due 7/1/50 | 105,000 | 73,503 |
3.50%, due 3/15/27 | 275,000 | 261,887 |
1,528,644 | ||
Apparel 0.0% ‡ | ||
NIKE, Inc. | ||
3.625%, due 5/1/43 | 95,000 | 78,706 |
Auto Manufacturers 0.2% | ||
General Motors Co. | ||
5.40%, due 4/1/48 | 81,000 | 66,203 |
General Motors Financial Co., Inc. | ||
2.40%, due 10/15/28 | 250,000 | 207,302 |
3.10%, due 1/12/32 | 167,000 | 130,851 |
4.35%, due 1/17/27 | 130,000 | 123,525 |
527,881 | ||
Banks 4.8% | ||
Bank of America Corp. | ||
2.972%, due 7/21/52 (a) | 525,000 | 327,922 |
3.248%, due 10/21/27 | 505,000 | 466,276 |
3.419%, due 12/20/28 (a) | 1,550,000 | 1,403,571 |
3.846% (5 Year Treasury Constant Maturity Rate + 2.00%), due 3/8/37 (b) | 230,000 | 190,454 |
Barclays plc | ||
5.25%, due 8/17/45 | 270,000 | 241,251 |
Citigroup, Inc. | ||
2.561%, due 5/1/32 (a) | 260,000 | 205,261 |
4.45%, due 9/29/27 | 1,085,000 | 1,034,448 |
4.65%, due 7/30/45 | 180,000 | 154,373 |
Cooperatieve Rabobank UA | ||
5.25%, due 5/24/41 | 215,000 | 215,140 |
Credit Suisse Group AG | ||
2.593%, due 9/11/25 (a)(c) | 500,000 | 442,030 |
Fifth Third Bancorp | ||
4.337%, due 4/25/33 (a) | 200,000 | 182,732 |
Principal Amount | Value | |
Banks (continued) | ||
Goldman Sachs Group, Inc. (The) | ||
2.64%, due 2/24/28 (a) | $ 715,000 | $ 636,626 |
4.80%, due 7/8/44 | 420,000 | 371,330 |
HSBC Holdings plc (a) | ||
7.336%, due 11/3/26 | 575,000 | 598,041 |
7.39%, due 11/3/28 | 305,000 | 320,540 |
JPMorgan Chase & Co. (a) | ||
1.578%, due 4/22/27 | 870,000 | 764,436 |
4.26%, due 2/22/48 | 605,000 | 494,736 |
4.912%, due 7/25/33 | 305,000 | 290,399 |
Lloyds Banking Group plc | ||
3.75%, due 1/11/27 | 1,265,000 | 1,176,712 |
Mitsubishi UFJ Financial Group, Inc. | ||
3.455%, due 3/2/23 | 10,000 | 9,979 |
Morgan Stanley (a) | ||
5.297%, due 4/20/37 | 145,000 | 132,582 |
6.138%, due 10/16/26 | 5,000 | 5,107 |
6.296%, due 10/18/28 | 1,270,000 | 1,311,027 |
6.342%, due 10/18/33 | 375,000 | 392,927 |
State Street Corp. | ||
5.82%, due 11/4/28 (a) | 810,000 | 836,467 |
Wells Fargo & Co. | ||
3.00%, due 4/22/26 | 525,000 | 491,038 |
4.75%, due 12/7/46 | 605,000 | 506,655 |
13,202,060 | ||
Beverages 0.4% | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
5.55%, due 1/23/49 | 525,000 | 519,014 |
Coca-Cola Co. (The) | ||
2.60%, due 6/1/50 | 260,000 | 172,216 |
Constellation Brands, Inc. | ||
3.60%, due 2/15/28 | 130,000 | 120,473 |
Keurig Dr Pepper, Inc. | ||
4.985%, due 5/25/38 | 95,000 | 88,705 |
Molson Coors Beverage Co. | ||
4.20%, due 7/15/46 | 95,000 | 73,660 |
PepsiCo, Inc. | ||
2.75%, due 3/1/23 | 5,000 | 4,988 |
3.625%, due 3/19/50 | 30,000 | 24,497 |
1,003,553 | ||
Biotechnology 0.1% | ||
Amgen, Inc. | ||
3.375%, due 2/21/50 | 205,000 | 142,506 |
Gilead Sciences, Inc. | ||
4.60%, due 9/1/35 | 215,000 | 204,214 |
346,720 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Building Materials 0.0% ‡ | ||
Johnson Controls International plc | ||
6.00%, due 1/15/36 | $ 80,000 | $ 83,035 |
Chemicals 0.8% | ||
Dow Chemical Co. (The) | ||
2.10%, due 11/15/30 | 145,000 | 116,519 |
3.60%, due 11/15/50 | 65,000 | 46,443 |
DuPont de Nemours, Inc. | ||
4.493%, due 11/15/25 | 470,000 | 462,175 |
Ecolab, Inc. | ||
2.70%, due 11/1/26 | 275,000 | 255,199 |
LYB International Finance II BV | ||
3.50%, due 3/2/27 | 275,000 | 254,516 |
LYB International Finance III LLC | ||
3.625%, due 4/1/51 | 50,000 | 33,454 |
Mosaic Co. (The) | ||
4.05%, due 11/15/27 | 505,000 | 475,498 |
Nutrien Ltd. | ||
5.875%, due 12/1/36 | 275,000 | 279,815 |
Sherwin-Williams Co. (The) | ||
3.95%, due 1/15/26 | 320,000 | 310,884 |
2,234,503 | ||
Commercial Services 0.0% ‡ | ||
PayPal Holdings, Inc. | ||
5.05%, due 6/1/52 | 95,000 | 86,021 |
Computers 0.6% | ||
Apple, Inc. | ||
4.50%, due 2/23/36 | 660,000 | 654,737 |
Dell International LLC | ||
3.45%, due 12/15/51 (c) | 95,000 | 58,140 |
6.02%, due 6/15/26 | 395,000 | 402,962 |
HP, Inc. | ||
6.00%, due 9/15/41 | 40,000 | 38,378 |
International Business Machines Corp. | ||
3.50%, due 5/15/29 | 465,000 | 427,447 |
1,581,664 | ||
Cosmetics & Personal Care 0.1% | ||
Procter & Gamble Co. (The) | ||
2.70%, due 2/2/26 | 275,000 | 260,531 |
Unilever Capital Corp. | ||
3.10%, due 7/30/25 | 100,000 | 95,977 |
356,508 |
Principal Amount | Value | |
Diversified Financial Services 0.2% | ||
AerCap Ireland Capital DAC | ||
3.85%, due 10/29/41 | $ 150,000 | $ 106,046 |
Capital One Financial Corp. | ||
5.268%, due 5/10/33 (a) | 155,000 | 143,983 |
Nomura Holdings, Inc. | ||
2.999%, due 1/22/32 | 200,000 | 156,911 |
Visa, Inc. | ||
4.30%, due 12/14/45 | 210,000 | 191,701 |
598,641 | ||
Electric 1.7% | ||
AEP Texas, Inc. | ||
5.25%, due 5/15/52 | 95,000 | 90,846 |
CenterPoint Energy Houston Electric LLC | ||
Series AC | ||
4.25%, due 2/1/49 | 315,000 | 273,855 |
Commonwealth Edison Co. | ||
3.65%, due 6/15/46 | 195,000 | 148,108 |
Consolidated Edison Co. of New York, Inc. | ||
Series 06-A | ||
5.85%, due 3/15/36 | 410,000 | 414,400 |
DTE Electric Co. | ||
3.375%, due 3/1/25 | 215,000 | 208,468 |
Duke Energy Carolinas LLC | ||
3.875%, due 3/15/46 | 365,000 | 287,019 |
Duke Energy Corp. | ||
4.50%, due 8/15/32 | 95,000 | 88,987 |
5.00%, due 8/15/52 | 95,000 | 84,300 |
Entergy Louisiana LLC | ||
4.20%, due 4/1/50 | 365,000 | 296,415 |
Florida Power & Light Co. | ||
3.80%, due 12/15/42 | 175,000 | 144,548 |
MidAmerican Energy Co. | ||
3.95%, due 8/1/47 | 400,000 | 325,627 |
Ohio Power Co. | ||
Series G | ||
6.60%, due 2/15/33 | 200,000 | 210,571 |
PPL Electric Utilities Corp. | ||
3.95%, due 6/1/47 | 130,000 | 105,189 |
Public Service Electric and Gas Co. | ||
2.70%, due 5/1/50 | 235,000 | 151,791 |
Sempra Energy | ||
3.80%, due 2/1/38 | 275,000 | 225,512 |
Southern California Edison Co. | ||
Series C | ||
4.125%, due 3/1/48 | 275,000 | 219,443 |
Southern Co. (The) | ||
4.40%, due 7/1/46 | 350,000 | 291,896 |
10 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electric (continued) | ||
Virginia Electric and Power Co. | ||
4.00%, due 1/15/43 | $ 410,000 | $ 331,527 |
Xcel Energy, Inc. | ||
3.30%, due 6/1/25 | 885,000 | 849,428 |
4,747,930 | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
5.141%, due 3/15/52 (c) | 218,000 | 158,479 |
Environmental Control 0.2% | ||
Republic Services, Inc. | ||
3.20%, due 3/15/25 | 320,000 | 306,837 |
Waste Management, Inc. | ||
3.15%, due 11/15/27 | 320,000 | 298,499 |
605,336 | ||
Food 0.3% | ||
General Mills, Inc. | ||
4.20%, due 4/17/28 | 95,000 | 91,801 |
Kraft Heinz Foods Co. | ||
4.375%, due 6/1/46 | 230,000 | 186,899 |
Kroger Co. (The) | ||
2.20%, due 5/1/30 | 230,000 | 186,637 |
Sysco Corp. | ||
3.25%, due 7/15/27 | 320,000 | 295,767 |
Tyson Foods, Inc. | ||
5.10%, due 9/28/48 | 155,000 | 142,998 |
904,102 | ||
Forest Products & Paper 0.2% | ||
Fibria Overseas Finance Ltd. | ||
5.50%, due 1/17/27 | 505,000 | 506,702 |
Gas 0.1% | ||
NiSource, Inc. | ||
3.49%, due 5/15/27 | 275,000 | 259,023 |
Healthcare-Products 0.4% | ||
Abbott Laboratories | ||
3.75%, due 11/30/26 | 185,000 | 180,103 |
4.90%, due 11/30/46 | 290,000 | 282,731 |
Boston Scientific Corp. | ||
4.70%, due 3/1/49 | 80,000 | 71,568 |
Medtronic, Inc. | ||
4.625%, due 3/15/45 | 209,000 | 194,641 |
Principal Amount | Value | |
Healthcare-Products (continued) | ||
Stryker Corp. | ||
3.65%, due 3/7/28 | $ 275,000 | $ 261,240 |
990,283 | ||
Healthcare-Services 0.5% | ||
Aetna, Inc. | ||
6.625%, due 6/15/36 | 275,000 | 292,129 |
Elevance Health, Inc. | ||
4.375%, due 12/1/47 | 320,000 | 273,372 |
HCA, Inc. (c) | ||
3.625%, due 3/15/32 | 85,000 | 71,923 |
4.625%, due 3/15/52 | 170,000 | 132,310 |
Laboratory Corp. of America Holdings | ||
3.60%, due 2/1/25 | 320,000 | 309,893 |
UnitedHealth Group, Inc. | ||
4.25%, due 4/15/47 | 315,000 | 270,769 |
1,350,396 | ||
Home Builders 0.1% | ||
PulteGroup, Inc. | ||
5.50%, due 3/1/26 | 220,000 | 220,782 |
Household Products & Wares 0.2% | ||
Clorox Co. (The) | ||
3.90%, due 5/15/28 | 275,000 | 262,084 |
Kimberly-Clark Corp. | ||
2.75%, due 2/15/26 | 275,000 | 259,114 |
521,198 | ||
Insurance 0.8% | ||
Allstate Corp. (The) | ||
5.35%, due 6/1/33 | 275,000 | 274,040 |
American International Group, Inc. | ||
6.25%, due 5/1/36 | 350,000 | 368,862 |
Berkshire Hathaway Finance Corp. | ||
4.30%, due 5/15/43 | 425,000 | 380,990 |
MetLife, Inc. | ||
3.60%, due 11/13/25 | 815,000 | 791,891 |
Prudential Financial, Inc. | ||
3.70%, due 3/13/51 | 135,000 | 103,014 |
3.935%, due 12/7/49 | 155,000 | 120,710 |
2,039,507 | ||
Internet 0.2% | ||
Alibaba Group Holding Ltd. | ||
2.70%, due 2/9/41 | 200,000 | 127,528 |
Amazon.com, Inc. | ||
3.875%, due 8/22/37 | 535,000 | 473,967 |
601,495 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Machinery—Construction & Mining 0.1% | ||
Caterpillar, Inc. | ||
5.30%, due 9/15/35 | $ 325,000 | $ 331,863 |
Machinery-Diversified 0.1% | ||
Deere & Co. | ||
3.90%, due 6/9/42 | 180,000 | 159,200 |
Media 0.7% | ||
Charter Communications Operating LLC | ||
4.908%, due 7/23/25 | 445,000 | 436,145 |
5.75%, due 4/1/48 | 420,000 | 343,850 |
Comcast Corp. | ||
3.40%, due 7/15/46 | 795,000 | 582,250 |
Discovery Communications LLC | ||
3.95%, due 3/20/28 | 121,000 | 107,398 |
Fox Corp. | ||
5.576%, due 1/25/49 | 86,000 | 76,728 |
Paramount Global | ||
4.95%, due 1/15/31 | 352,000 | 312,829 |
Walt Disney Co. (The) | ||
3.60%, due 1/13/51 | 204,000 | 155,333 |
2,014,533 | ||
Mining 0.1% | ||
Barrick North America Finance LLC | ||
5.70%, due 5/30/41 | 130,000 | 130,564 |
BHP Billiton Finance USA Ltd. | ||
3.85%, due 9/30/23 | 5,000 | 4,959 |
Newmont Corp. | ||
2.25%, due 10/1/30 | 125,000 | 100,467 |
2.60%, due 7/15/32 | 105,000 | 83,592 |
319,582 | ||
Miscellaneous—Manufacturing 0.2% | ||
3M Co. | ||
4.00%, due 9/14/48 | 135,000 | 106,123 |
Eaton Corp. | ||
4.00%, due 11/2/32 | 275,000 | 253,221 |
General Electric Co. | ||
4.125%, due 10/9/42 | 99,000 | 78,420 |
Parker-Hannifin Corp. | ||
4.20%, due 11/21/34 | 95,000 | 85,584 |
523,348 | ||
Oil & Gas 0.6% | ||
BP Capital Markets America, Inc. | ||
3.001%, due 3/17/52 | 115,000 | 75,805 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
BP Capital Markets America, Inc. (continued) | ||
3.588%, due 4/14/27 | $ 315,000 | $ 300,039 |
Canadian Natural Resources Ltd. | ||
6.25%, due 3/15/38 | 130,000 | 128,612 |
ConocoPhillips Co. | ||
5.95%, due 3/15/46 | 200,000 | 213,396 |
EOG Resources, Inc. | ||
3.90%, due 4/1/35 | 215,000 | 191,786 |
Exxon Mobil Corp. | ||
4.114%, due 3/1/46 | 215,000 | 182,903 |
Hess Corp. | ||
7.125%, due 3/15/33 | 130,000 | 140,017 |
Phillips 66 Co. | ||
4.68%, due 2/15/45 (c) | 260,000 | 225,334 |
Shell International Finance BV | ||
3.75%, due 9/12/46 | 325,000 | 254,511 |
1,712,403 | ||
Oil & Gas Services 0.0% ‡ | ||
Halliburton Co. | ||
3.80%, due 11/15/25 | 12,000 | 11,672 |
Pharmaceuticals 1.1% | ||
AbbVie, Inc. | ||
3.80%, due 3/15/25 | 185,000 | 180,303 |
4.70%, due 5/14/45 | 345,000 | 306,430 |
Allergan Funding SCS | ||
3.80%, due 3/15/25 | 50,000 | 47,459 |
4.75%, due 3/15/45 | 25,000 | 19,159 |
AstraZeneca plc | ||
6.45%, due 9/15/37 | 250,000 | 281,817 |
Bristol-Myers Squibb Co. | ||
3.70%, due 3/15/52 | 75,000 | 58,339 |
Cigna Corp. | ||
4.90%, due 12/15/48 | 185,000 | 166,687 |
CVS Health Corp. | ||
1.875%, due 2/28/31 | 10,000 | 7,844 |
5.05%, due 3/25/48 | 340,000 | 305,165 |
Eli Lilly and Co. | ||
3.95%, due 3/15/49 | 155,000 | 137,514 |
GlaxoSmithKline Capital, Inc. | ||
3.875%, due 5/15/28 | 320,000 | 306,820 |
Johnson & Johnson | ||
4.95%, due 5/15/33 | 315,000 | 327,844 |
Merck & Co., Inc. | ||
3.70%, due 2/10/45 | 275,000 | 226,176 |
12 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pharmaceuticals (continued) | ||
Mylan, Inc. | ||
4.20%, due 11/29/23 | $ 80,000 | $ 79,178 |
5.20%, due 4/15/48 | 95,000 | 70,745 |
Pfizer, Inc. | ||
4.00%, due 12/15/36 | 395,000 | 360,227 |
2,881,707 | ||
Pipelines 0.9% | ||
Enbridge, Inc. | ||
4.50%, due 6/10/44 | 275,000 | 228,645 |
Energy Transfer LP | ||
5.00%, due 5/15/50 | 200,000 | 159,786 |
Enterprise Products Operating LLC | ||
3.70%, due 2/15/26 | 500,000 | 481,892 |
4.80%, due 2/1/49 | 260,000 | 221,550 |
Kinder Morgan, Inc. | ||
4.30%, due 6/1/25 | 590,000 | 578,604 |
4.80%, due 2/1/33 | 240,000 | 222,508 |
5.45%, due 8/1/52 | 115,000 | 103,222 |
MPLX LP | ||
4.95%, due 3/14/52 | 145,000 | 118,442 |
ONEOK, Inc. | ||
5.20%, due 7/15/48 | 85,000 | 70,803 |
TransCanada PipeLines Ltd. | ||
4.875%, due 1/15/26 | 10,000 | 9,937 |
4.875%, due 5/15/48 | 150,000 | 130,984 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 65,000 | 44,236 |
2,370,609 | ||
Real Estate Investment Trusts 0.4% | ||
American Tower Corp. | ||
2.30%, due 9/15/31 | 145,000 | 112,718 |
AvalonBay Communities, Inc. | ||
2.90%, due 10/15/26 | 215,000 | 196,960 |
Crown Castle, Inc. | ||
3.25%, due 1/15/51 | 95,000 | 61,767 |
ERP Operating LP | ||
3.25%, due 8/1/27 | 275,000 | 251,831 |
Realty Income Corp. | ||
4.65%, due 3/15/47 | 155,000 | 136,397 |
Simon Property Group LP | ||
4.25%, due 11/30/46 | 260,000 | 207,628 |
967,301 | ||
Retail 0.4% | ||
Home Depot, Inc. (The) | ||
2.375%, due 3/15/51 | 365,000 | 217,747 |
Principal Amount | Value | |
Retail (continued) | ||
Lowe's Cos., Inc. | ||
4.05%, due 5/3/47 | $ 185,000 | $ 144,693 |
McDonald's Corp. | ||
4.20%, due 4/1/50 | 85,000 | 70,719 |
Starbucks Corp. | ||
3.00%, due 2/14/32 | 260,000 | 221,679 |
Target Corp. | ||
2.35%, due 2/15/30 | 185,000 | 157,036 |
Walmart, Inc. | ||
4.30%, due 4/22/44 | 340,000 | 309,506 |
1,121,380 | ||
Semiconductors 0.7% | ||
Applied Materials, Inc. | ||
5.10%, due 10/1/35 | 275,000 | 278,261 |
Broadcom, Inc. | ||
4.926%, due 5/15/37 (c) | 410,000 | 357,670 |
Intel Corp. | ||
2.00%, due 8/12/31 | 338,000 | 267,695 |
4.75%, due 3/25/50 | 112,000 | 97,204 |
KLA Corp. | ||
4.95%, due 7/15/52 | 105,000 | 97,519 |
NVIDIA Corp. | ||
1.55%, due 6/15/28 | 460,000 | 392,779 |
2.00%, due 6/15/31 | 220,000 | 176,203 |
NXP BV | ||
5.00%, due 1/15/33 | 75,000 | 70,829 |
QUALCOMM, Inc. | ||
4.65%, due 5/20/35 | 115,000 | 111,665 |
1,849,825 | ||
Software 1.1% | ||
Fidelity National Information Services, Inc. | ||
5.625%, due 7/15/52 | 75,000 | 68,806 |
Fiserv, Inc. | ||
4.40%, due 7/1/49 | 105,000 | 85,186 |
Microsoft Corp. | ||
2.921%, due 3/17/52 | 290,000 | 205,175 |
3.30%, due 2/6/27 | 240,000 | 231,284 |
Oracle Corp. | ||
2.95%, due 5/15/25 | 2,100,000 | 1,992,392 |
4.00%, due 7/15/46 | 70,000 | 51,012 |
5.375%, due 7/15/40 | 210,000 | 192,705 |
Salesforce, Inc. | ||
1.95%, due 7/15/31 | 250,000 | 199,317 |
3.05%, due 7/15/61 | 65,000 | 41,273 |
3,067,150 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications 0.9% | ||
AT&T, Inc. | ||
2.55%, due 12/1/33 | $ 507,000 | $ 389,635 |
3.50%, due 9/15/53 | 217,000 | 146,461 |
3.55%, due 9/15/55 | 261,000 | 174,151 |
Corning, Inc. | ||
5.45%, due 11/15/79 | 30,000 | 25,892 |
Deutsche Telekom International Finance BV | ||
8.75%, due 6/15/30 (d) | 275,000 | 324,296 |
Telefonica Emisiones SA | ||
4.895%, due 3/6/48 | 150,000 | 115,280 |
T-Mobile US, Inc. | ||
3.40%, due 10/15/52 | 113,000 | 75,930 |
3.875%, due 4/15/30 | 430,000 | 389,500 |
Verizon Communications, Inc. | ||
2.355%, due 3/15/32 | 128,000 | 101,466 |
3.00%, due 11/20/60 | 104,000 | 61,924 |
5.50%, due 3/16/47 | 470,000 | 453,929 |
Vodafone Group plc | ||
4.25%, due 9/17/50 | 190,000 | 144,889 |
2,403,353 | ||
Transportation 0.7% | ||
Burlington Northern Santa Fe LLC | ||
3.25%, due 6/15/27 | 751,000 | 709,835 |
Canadian National Railway Co. | ||
6.25%, due 8/1/34 | 275,000 | 299,458 |
CSX Corp. | ||
3.35%, due 9/15/49 | 155,000 | 111,516 |
FedEx Corp. | ||
2.40%, due 5/15/31 | 75,000 | 60,655 |
5.25%, due 5/15/50 | 75,000 | 68,287 |
Norfolk Southern Corp. | ||
3.942%, due 11/1/47 | 156,000 | 124,851 |
Union Pacific Corp. | ||
2.80%, due 2/14/32 | 180,000 | 155,392 |
3.50%, due 2/14/53 | 75,000 | 56,315 |
3.85%, due 2/14/72 | 40,000 | 29,410 |
United Parcel Service, Inc. | ||
3.40%, due 11/15/46 | 505,000 | 390,051 |
2,005,770 | ||
Total Corporate Bonds (Cost $66,304,374) | 56,272,865 |
Principal Amount | Value | |
Foreign Government Bonds 2.8% | ||
Canada 0.7% | ||
Province of Ontario Canada | ||
2.50%, due 4/27/26 | $ 1,205,000 | $ 1,129,230 |
Province of Quebec Canada | ||
2.50%, due 4/20/26 | 820,000 | 770,731 |
1,899,961 | ||
Japan 0.2% | ||
Japan Bank for International Cooperation | ||
2.875%, due 6/1/27 | 576,000 | 535,965 |
Luxembourg 0.2% | ||
European Investment Bank | ||
2.375%, due 5/24/27 | 545,000 | 506,055 |
Mexico 1.0% | ||
Mexico Government Bond | ||
4.125%, due 1/21/26 | 2,585,000 | 2,520,438 |
4.875%, due 5/19/33 | 360,000 | 330,459 |
2,850,897 | ||
Norway 0.2% | ||
Equinor ASA | ||
5.10%, due 8/17/40 | 405,000 | 397,706 |
Panama 0.3% | ||
Panama Government Bond | ||
3.75%, due 3/16/25 | 750,000 | 724,801 |
Philippines 0.2% | ||
Philippines Government Bond | ||
5.00%, due 1/13/37 | 600,000 | 580,598 |
Total Foreign Government Bonds (Cost $8,249,678) | 7,495,983 | |
Mortgage-Backed Securities 2.8% | ||
Agency (Collateralized Mortgage Obligations) 2.0% | ||
FHLMC, Multifamily Structured Pass-Through Certificates | ||
REMIC, Series K094, Class A2 | ||
2.903%, due 6/25/29 | 2,000,000 | 1,822,970 |
UMBS, Single Family, 30 Year (e) | ||
2.00%, due 1/25/53 TBA | 2,750,000 | 2,237,016 |
4.50%, due 1/25/53 TBA | 1,150,000 | 1,106,595 |
5.00%, due 1/25/53 TBA | 500,000 | 492,611 |
5,659,192 |
14 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.8% | ||
CFCRE Commercial Mortgage Trust | ||
Series 2016-C6, Class A3 | ||
3.217%, due 11/10/49 (f) | $ 300,000 | $ 274,568 |
Series 2017-C8, Class A3 | ||
3.305%, due 6/15/50 | 163,342 | 149,399 |
Citigroup Commercial Mortgage Trust | ||
Series 2017-P8, Class A4 | ||
3.465%, due 9/15/50 | 300,000 | 276,362 |
Series 2015-GC35, Class A4 | ||
3.818%, due 11/10/48 | 300,000 | 285,577 |
CSAIL Commercial Mortgage Trust | ||
Series 2017-CX9, Class A5 | ||
3.446%, due 9/15/50 | 300,000 | 276,388 |
GS Mortgage Securities Trust | ||
Series 2016-GS3, Class A4 | ||
2.85%, due 10/10/49 | 300,000 | 273,684 |
Series 2014-GC22, Class A5 | ||
3.862%, due 6/10/47 | 300,000 | 290,930 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2015-SG1, Class A4 | ||
3.789%, due 9/15/48 | 291,173 | 277,930 |
2,104,838 | ||
Total Mortgage-Backed Securities (Cost $8,393,531) | 7,764,030 | |
U.S. Government & Federal Agencies 70.4% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 7.5% | ||
FFCB | ||
0.68%, due 1/13/27 | 1,125,000 | 973,460 |
5.30%, due 10/19/26 | 1,500,000 | 1,497,729 |
5.95%, due 10/17/30 | 800,000 | 797,428 |
FHLB | ||
5.40%, due 11/1/24 | 1,500,000 | 1,500,000 |
FHLMC Gold Pools, 15 Year | ||
2.50%, due 10/1/31 | 33,731 | 31,574 |
2.50%, due 2/1/32 | 150,631 | 140,722 |
2.50%, due 2/1/33 | 139,007 | 130,126 |
2.50%, due 4/1/33 | 203,967 | 188,912 |
2.50%, due 6/1/33 | 28,382 | 26,288 |
2.50%, due 7/1/33 | 57,344 | 53,672 |
3.00%, due 9/1/27 | 68,344 | 65,989 |
3.00%, due 4/1/32 | 89,179 | 84,961 |
3.00%, due 6/1/32 | 23,057 | 21,932 |
3.00%, due 9/1/32 | 11,220 | 10,690 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 15 Year (continued) | ||
3.00%, due 10/1/32 | $ 49,748 | $ 47,394 |
3.00%, due 5/1/33 | 61,099 | 57,456 |
3.00%, due 9/1/33 | 46,264 | 43,508 |
3.50%, due 12/1/25 | 12,745 | 12,465 |
3.50%, due 5/1/33 | 50,736 | 48,845 |
3.50%, due 9/1/33 | 14,878 | 14,323 |
FHLMC Gold Pools, 20 Year | ||
3.00%, due 9/1/36 | 80,044 | 74,339 |
3.00%, due 11/1/37 | 41,321 | 38,373 |
3.00%, due 12/1/37 | 71,309 | 66,223 |
3.50%, due 2/1/37 | 74,772 | 71,557 |
3.50%, due 1/1/38 | 73,306 | 70,153 |
4.50%, due 5/1/38 | 39,472 | 38,916 |
5.50%, due 1/1/29 | 8,462 | 8,493 |
FHLMC Gold Pools, 30 Year | ||
3.00%, due 9/1/46 | 347,218 | 311,225 |
3.00%, due 12/1/46 | 23,556 | 21,035 |
3.00%, due 2/1/47 | 30,291 | 27,103 |
3.00%, due 3/1/47 | 135,940 | 121,592 |
3.00%, due 4/1/47 | 38,395 | 34,295 |
3.00%, due 1/1/48 | 247,322 | 220,370 |
3.00%, due 2/1/48 | 146,248 | 130,214 |
3.00%, due 3/1/48 | 132,136 | 117,692 |
3.00%, due 4/1/48 | 478,459 | 424,496 |
3.00%, due 6/1/48 | 244,073 | 217,215 |
3.50%, due 6/1/43 | 105,555 | 98,838 |
3.50%, due 9/1/44 | 82,815 | 77,384 |
3.50%, due 8/1/45 | 126,225 | 117,475 |
3.50%, due 8/1/46 | 169,396 | 158,519 |
3.50%, due 8/1/47 | 15,693 | 14,554 |
3.50%, due 9/1/47 | 38,699 | 35,437 |
3.50%, due 11/1/47 | 86,736 | 80,462 |
3.50%, due 12/1/47 | 180,366 | 167,340 |
3.50%, due 1/1/48 | 17,617 | 16,260 |
3.50%, due 3/1/48 | 253,451 | 235,066 |
3.50%, due 5/1/48 | 79,862 | 74,069 |
3.50%, due 6/1/48 | 58,239 | 54,015 |
3.50%, due 8/1/48 | 122,059 | 113,192 |
3.50%, due 9/1/48 | 100,088 | 92,631 |
3.50%, due 11/1/48 | 35,903 | 33,199 |
3.50%, due 12/1/48 | 98,428 | 91,258 |
4.00%, due 4/1/46 | 149,162 | 142,972 |
4.00%, due 5/1/46 | 47,052 | 45,110 |
4.00%, due 4/1/47 | 35,152 | 33,628 |
4.00%, due 6/1/47 | 86,226 | 82,470 |
4.00%, due 8/1/47 | 168,797 | 160,085 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
FHLMC Gold Pools, 30 Year (continued) | ||
4.00%, due 10/1/47 | $ 41,010 | $ 38,893 |
4.00%, due 12/1/47 | 108,061 | 103,202 |
4.00%, due 1/1/48 | 33,512 | 32,141 |
4.00%, due 5/1/48 | 45,959 | 43,986 |
4.00%, due 9/1/48 | 168,141 | 160,164 |
4.00%, due 12/1/48 | 91,968 | 87,791 |
4.50%, due 9/1/46 | 9,323 | 9,169 |
4.50%, due 9/1/46 | 28,032 | 27,513 |
4.50%, due 10/1/46 | 69,219 | 68,075 |
4.50%, due 2/1/47 | 14,435 | 14,194 |
4.50%, due 11/1/47 | 18,284 | 17,967 |
4.50%, due 2/1/48 | 35,299 | 34,671 |
4.50%, due 4/1/48 | 42,100 | 41,337 |
4.50%, due 6/1/48 | 23,087 | 22,673 |
4.50%, due 7/1/48 | 87,485 | 85,749 |
4.50%, due 8/1/48 | 86,040 | 84,281 |
5.00%, due 9/1/38 | 34,379 | 35,085 |
5.00%, due 11/1/41 | 46,623 | 47,265 |
5.00%, due 3/1/47 | 102,602 | 102,769 |
5.00%, due 9/1/48 | 146,157 | 145,121 |
5.00%, due 1/1/49 | 56,967 | 57,161 |
5.50%, due 7/1/38 | 58,175 | 59,795 |
UMBS Pool, 20 Year | ||
2.00%, due 1/1/41 | 2,206,004 | 1,873,232 |
UMBS Pool, 30 Year | ||
2.00%, due 11/1/50 | 2,336,318 | 1,909,979 |
2.50%, due 5/1/50 | 2,138,200 | 1,830,437 |
2.50%, due 5/1/50 | 1,645,965 | 1,411,686 |
2.50%, due 10/1/50 | 1,470,504 | 1,264,432 |
4.00%, due 7/1/52 | 1,173,302 | 1,100,964 |
4.50%, due 1/1/49 | 113,463 | 111,047 |
20,485,508 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 14.6% | ||
UMBS, 10 Year | ||
3.00%, due 4/1/25 | 13,442 | 13,157 |
UMBS, 15 Year | ||
1.50%, due 3/1/36 | 1,290,324 | 1,123,844 |
1.50%, due 7/1/36 | 1,873,028 | 1,622,637 |
2.00%, due 9/1/36 | 2,641,881 | 2,356,739 |
2.50%, due 10/1/27 | 81,083 | 76,063 |
2.50%, due 4/1/30 | 69,142 | 65,849 |
2.50%, due 10/1/31 | 104,764 | 97,966 |
2.50%, due 2/1/32 | 120,639 | 112,804 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 15 Year (continued) | ||
2.50%, due 2/1/32 | $ 130,463 | $ 121,985 |
2.50%, due 8/1/32 | 357,019 | 333,775 |
2.50%, due 3/1/33 | 152,006 | 140,607 |
2.50%, due 6/1/33 | 96,751 | 90,464 |
3.00%, due 11/1/31 | 82,888 | 79,292 |
3.00%, due 1/1/32 | 89,770 | 85,423 |
3.00%, due 6/1/32 | 61,609 | 58,631 |
3.00%, due 1/1/33 | 103,945 | 98,907 |
3.00%, due 2/1/33 | 127,071 | 119,316 |
3.00%, due 4/1/33 | 115,075 | 108,094 |
3.00%, due 5/1/33 | 165,428 | 157,413 |
3.00%, due 9/1/33 | 21,929 | 20,595 |
3.50%, due 5/1/26 | 15,420 | 15,038 |
3.50%, due 11/1/31 | 19,519 | 19,070 |
3.50%, due 5/1/33 | 41,987 | 40,377 |
3.50%, due 6/1/33 | 65,195 | 62,696 |
3.50%, due 7/1/33 | 31,550 | 30,340 |
3.50%, due 9/1/33 | 39,561 | 38,043 |
4.00%, due 5/1/24 | 12,945 | 12,638 |
4.00%, due 11/1/29 | 48,528 | 47,361 |
UMBS, 20 Year | ||
3.00%, due 2/1/37 | 118,870 | 110,275 |
3.00%, due 1/1/38 | 229,796 | 213,180 |
4.00%, due 2/1/37 | 19,840 | 19,103 |
4.00%, due 8/1/38 | 121,643 | 116,223 |
5.00%, due 8/1/31 | 34,061 | 33,866 |
5.50%, due 8/1/27 | 28,811 | 28,888 |
UMBS, 30 Year | ||
2.00%, due 8/1/50 | 1,651,560 | 1,350,194 |
2.00%, due 8/1/50 | 1,815,860 | 1,490,795 |
2.00%, due 9/1/50 | 2,153,720 | 1,762,251 |
2.00%, due 2/1/51 | 1,718,382 | 1,403,363 |
2.00%, due 3/1/51 | 1,889,096 | 1,558,626 |
2.00%, due 3/1/51 (g) | 3,353,988 | 2,739,097 |
2.00%, due 5/1/51 | 2,098,254 | 1,712,886 |
2.50%, due 4/1/46 | 25,690 | 22,149 |
2.50%, due 10/1/46 | 113,517 | 97,868 |
2.50%, due 11/1/50 | 1,791,521 | 1,524,090 |
2.50%, due 6/1/51 | 3,434,087 | 2,909,304 |
2.50%, due 6/1/51 | 2,301,735 | 1,983,036 |
2.50%, due 4/1/52 | 941,455 | 815,038 |
3.00%, due 9/1/42 | 478,596 | 435,471 |
3.00%, due 3/1/43 | 1,397,821 | 1,270,931 |
3.00%, due 12/1/43 | 560,916 | 509,462 |
3.00%, due 10/1/44 | 365,971 | 333,026 |
3.00%, due 10/1/46 | 52,147 | 46,578 |
16 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.00%, due 12/1/46 | $ 608,816 | $ 546,791 |
3.00%, due 2/1/47 | 96,728 | 86,429 |
3.00%, due 8/1/47 | 506,318 | 453,506 |
3.00%, due 11/1/47 | 83,008 | 73,946 |
3.00%, due 6/1/48 | 50,475 | 44,818 |
3.00%, due 10/1/50 | 1,052,109 | 936,281 |
3.00%, due 11/1/52 | 1,747,211 | 1,533,981 |
3.50%, due 5/1/45 | 435,457 | 406,044 |
3.50%, due 9/1/45 | 29,302 | 27,237 |
3.50%, due 12/1/45 | 76,238 | 70,836 |
3.50%, due 12/1/45 | 207,574 | 194,309 |
3.50%, due 1/1/46 | 145,128 | 135,332 |
3.50%, due 1/1/46 | 117,701 | 108,394 |
3.50%, due 4/1/46 | 51,824 | 48,125 |
3.50%, due 9/1/46 | 261,830 | 243,089 |
3.50%, due 10/1/46 | 115,850 | 107,484 |
3.50%, due 10/1/46 | 42,517 | 39,424 |
3.50%, due 1/1/47 | 89,050 | 82,955 |
3.50%, due 7/1/47 | 18,976 | 17,598 |
3.50%, due 7/1/47 | 109,868 | 102,732 |
3.50%, due 10/1/47 | 66,648 | 61,781 |
3.50%, due 11/1/47 | 219,365 | 202,959 |
3.50%, due 11/1/47 | 93,042 | 85,867 |
3.50%, due 11/1/47 | 253,849 | 234,957 |
3.50%, due 12/1/47 | 18,172 | 16,807 |
3.50%, due 8/1/48 | 116,653 | 107,754 |
3.50%, due 9/1/48 | 146,742 | 135,719 |
3.50%, due 2/1/49 | 279,214 | 257,894 |
3.50%, due 6/1/49 | 3,220 | 2,962 |
3.50%, due 10/1/52 | 644,250 | 585,486 |
4.00%, due 8/1/44 | 123,853 | 118,757 |
4.00%, due 2/1/45 | 98,467 | 94,317 |
4.00%, due 9/1/45 | 19,428 | 18,609 |
4.00%, due 5/1/46 | 82,939 | 79,409 |
4.00%, due 9/1/46 | 33,869 | 32,441 |
4.00%, due 9/1/46 | 40,680 | 38,894 |
4.00%, due 2/1/47 | 17,676 | 16,930 |
4.00%, due 4/1/47 | 7,046 | 6,731 |
4.00%, due 5/1/47 | 52,503 | 50,234 |
4.00%, due 5/1/47 | 41,957 | 40,101 |
4.00%, due 6/1/47 | 162,916 | 156,218 |
4.00%, due 10/1/47 | 17,540 | 16,765 |
4.00%, due 11/1/47 | 17,106 | 16,355 |
4.00%, due 12/1/47 | 39,630 | 37,688 |
4.00%, due 1/1/48 | 95,449 | 91,129 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 1/1/48 | $ 17,956 | $ 17,129 |
4.00%, due 1/1/48 | 103,799 | 98,784 |
4.00%, due 2/1/48 | 51,103 | 48,411 |
4.00%, due 6/1/48 | 215,975 | 205,930 |
4.00%, due 7/1/48 | 122,048 | 116,372 |
4.00%, due 7/1/48 | 40,589 | 38,661 |
4.00%, due 7/1/48 | 201,018 | 191,548 |
4.00%, due 8/1/48 | 31,496 | 29,949 |
4.00%, due 9/1/48 | 125,090 | 119,273 |
4.00%, due 9/1/48 | 30,455 | 29,018 |
4.00%, due 10/1/48 | 21,382 | 20,388 |
4.00%, due 11/1/48 | 54,386 | 51,857 |
4.00%, due 1/1/49 | 43,927 | 41,816 |
4.50%, due 7/1/46 | 18,617 | 18,289 |
4.50%, due 12/1/46 | 27,353 | 26,870 |
4.50%, due 4/1/47 | 256,620 | 250,568 |
4.50%, due 5/1/47 | 6,964 | 6,837 |
4.50%, due 7/1/47 | 115,446 | 112,446 |
4.50%, due 7/1/47 | 28,804 | 28,287 |
4.50%, due 8/1/47 | 2,092 | 2,045 |
4.50%, due 2/1/48 | 114,245 | 111,650 |
4.50%, due 4/1/48 | 17,142 | 16,795 |
4.50%, due 4/1/48 | 9,694 | 9,496 |
4.50%, due 4/1/48 | 33,339 | 32,697 |
4.50%, due 5/1/48 | 64,682 | 63,371 |
4.50%, due 6/1/48 | 39,219 | 38,461 |
4.50%, due 8/1/48 | 70,436 | 68,773 |
4.50%, due 10/1/48 | 24,352 | 23,851 |
4.50%, due 9/1/49 | 326,426 | 318,833 |
5.00%, due 6/1/39 | 81,498 | 83,162 |
5.00%, due 6/1/40 | 19,180 | 19,422 |
5.00%, due 7/1/47 | 35,976 | 35,915 |
5.00%, due 1/1/48 | 55,601 | 55,593 |
5.00%, due 4/1/48 | 27,389 | 27,417 |
5.00%, due 5/1/48 | 39,355 | 39,218 |
5.00%, due 9/1/48 | 29,341 | 29,445 |
5.50%, due 6/1/36 | 26,362 | 27,137 |
5.50%, due 5/1/44 | 54,329 | 56,136 |
5.50%, due 9/1/48 | 78,852 | 79,897 |
39,992,646 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 5.7% | ||
GNMA I, Single Family, 30 Year | ||
3.00%, due 6/15/45 | 13,964 | 12,731 |
3.00%, due 10/15/45 | 8,595 | 7,867 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA I, Single Family, 30 Year (continued) | ||
3.00%, due 5/15/48 | $ 60,726 | $ 54,175 |
3.50%, due 3/15/45 | 6,708 | 6,308 |
3.50%, due 4/15/45 | 14,486 | 13,623 |
3.50%, due 5/15/48 | 26,371 | 24,252 |
4.00%, due 8/15/46 | 27,731 | 26,854 |
4.00%, due 11/15/47 | 55,621 | 53,097 |
4.00%, due 7/15/49 | 58,395 | 55,664 |
4.50%, due 8/15/46 | 49,756 | 49,206 |
4.50%, due 2/15/47 | 2,872 | 2,831 |
4.50%, due 4/15/47 | 22,493 | 22,417 |
4.50%, due 8/15/47 | 90,644 | 90,619 |
4.50%, due 8/15/47 | 124,965 | 124,486 |
5.00%, due 4/15/47 | 21,279 | 21,473 |
5.00%, due 12/15/47 | 18,694 | 18,698 |
GNMA II, Single Family, 30 Year | ||
2.00%, due 6/20/51 | 4,935,078 | 4,153,836 |
2.50%, due 4/20/47 | 27,737 | 24,449 |
2.50%, due 5/20/51 | 5,053,676 | 4,393,804 |
3.00%, due 11/20/45 | 270,587 | 246,163 |
3.00%, due 8/20/46 | 90,347 | 81,683 |
3.00%, due 9/20/46 | 48,321 | 43,737 |
3.00%, due 10/20/46 | 303,498 | 274,526 |
3.00%, due 1/20/47 | 352,247 | 316,876 |
3.00%, due 5/20/47 | 61,855 | 55,768 |
3.00%, due 12/20/47 | 183,316 | 165,073 |
3.00%, due 2/20/48 | 201,497 | 181,457 |
3.00%, due 3/20/48 | 237,816 | 214,174 |
3.00%, due 9/20/51 | 1,470,994 | 1,316,017 |
3.50%, due 11/20/42 | 109,625 | 101,452 |
3.50%, due 9/20/44 | 151,449 | 141,564 |
3.50%, due 11/20/45 | 168,714 | 157,008 |
3.50%, due 7/20/46 | 17,431 | 16,257 |
3.50%, due 10/20/46 | 18,557 | 17,306 |
3.50%, due 11/20/46 | 226,595 | 210,895 |
3.50%, due 1/20/47 | 255,895 | 238,941 |
3.50%, due 5/20/47 | 185,745 | 173,734 |
3.50%, due 9/20/47 | 184,448 | 172,704 |
3.50%, due 10/20/47 | 331,773 | 309,192 |
3.50%, due 12/20/47 | 164,652 | 153,555 |
3.50%, due 7/20/48 | 90,044 | 83,859 |
3.50%, due 10/20/48 | 93,925 | 87,519 |
4.00%, due 12/20/46 | 15,599 | 14,996 |
4.00%, due 1/20/47 | 117,413 | 112,781 |
4.00%, due 2/20/47 | 28,257 | 27,100 |
Principal Amount | Value | |
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA II, Single Family, 30 Year (continued) | ||
4.00%, due 3/20/47 | $ 20,904 | $ 20,064 |
4.00%, due 4/20/47 | 44,802 | 42,989 |
4.00%, due 5/20/47 | 37,759 | 36,250 |
4.00%, due 7/20/47 | 14,874 | 14,280 |
4.00%, due 11/20/47 | 184,625 | 177,258 |
4.00%, due 12/20/47 | 40,444 | 38,831 |
4.00%, due 4/20/48 | 137,552 | 132,031 |
4.00%, due 5/20/48 | 61,431 | 58,873 |
4.00%, due 6/20/48 | 25,568 | 24,420 |
4.00%, due 8/20/48 | 173,499 | 166,268 |
4.00%, due 9/20/48 | 93,038 | 88,791 |
4.00%, due 3/20/49 | 23,579 | 22,537 |
4.50%, due 8/20/46 | 53,676 | 53,968 |
4.50%, due 4/20/47 | 42,591 | 42,193 |
4.50%, due 11/20/47 | 39,171 | 38,578 |
4.50%, due 1/20/48 | 91,387 | 89,974 |
4.50%, due 3/20/48 | 38,463 | 37,875 |
4.50%, due 5/20/48 | 31,568 | 31,060 |
4.50%, due 6/20/48 | 51,583 | 50,723 |
4.50%, due 8/20/48 | 101,445 | 99,665 |
5.00%, due 8/20/45 | 67,005 | 68,078 |
5.00%, due 11/20/46 | 42,807 | 43,537 |
5.00%, due 11/20/47 | 39,039 | 39,306 |
5.00%, due 3/20/48 | 22,765 | 22,979 |
5.00%, due 6/20/48 | 47,886 | 47,782 |
15,559,037 | ||
United States Treasury Bonds 4.0% | ||
U.S. Treasury Bonds | ||
1.875%, due 11/15/51 | 460,000 | 291,345 |
2.75%, due 8/15/47 | 235,000 | 183,346 |
2.75%, due 11/15/47 | 300,000 | 234,012 |
2.875%, due 11/15/46 | 140,000 | 112,181 |
2.875%, due 5/15/49 | 250,000 | 201,162 |
3.00%, due 2/15/47 | 815,000 | 667,122 |
3.00%, due 5/15/47 | 575,000 | 470,377 |
3.00%, due 2/15/48 | 1,950,000 | 1,598,314 |
3.00%, due 8/15/48 | 715,000 | 587,138 |
3.00%, due 2/15/49 | 845,000 | 695,871 |
3.00%, due 8/15/52 | 1,130,000 | 931,014 |
3.125%, due 5/15/48 | 1,525,000 | 1,281,655 |
3.375%, due 11/15/48 | 550,000 | 485,160 |
4.00%, due 11/15/52 | 3,075,000 | 3,079,324 |
10,818,021 |
18 | MainStay VP Indexed Bond Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
United States Treasury Notes 38.6% | ||
U.S. Treasury Notes | ||
0.125%, due 8/31/23 | $ 3,500,000 | $ 3,394,316 |
0.125%, due 9/15/23 | 750,000 | 726,475 |
0.125%, due 10/15/23 | 6,250,000 | 6,029,541 |
0.125%, due 1/15/24 | 700,000 | 667,440 |
0.125%, due 2/15/24 | 400,000 | 380,047 |
0.25%, due 11/15/23 | 3,000,000 | 2,884,688 |
0.25%, due 3/15/24 | 1,400,000 | 1,327,211 |
0.25%, due 5/15/24 | 1,300,000 | 1,223,574 |
0.25%, due 6/15/24 | 300,000 | 281,555 |
0.25%, due 5/31/25 | 1,850,000 | 1,679,453 |
0.25%, due 6/30/25 | 200,000 | 181,180 |
0.25%, due 8/31/25 | 150,000 | 134,883 |
0.375%, due 10/31/23 | 1,500,000 | 1,446,504 |
0.375%, due 4/15/24 | 1,000,000 | 946,250 |
0.375%, due 7/15/24 | 400,000 | 374,703 |
0.375%, due 8/15/24 | 1,250,000 | 1,167,773 |
0.375%, due 7/31/27 | 975,000 | 827,150 |
0.50%, due 11/30/23 | 500,000 | 481,055 |
0.50%, due 8/31/27 | 800,000 | 680,844 |
0.625%, due 12/31/27 | 450,000 | 381,217 |
0.875%, due 1/31/24 | 1,825,000 | 1,751,073 |
1.00%, due 7/31/28 | 525,000 | 446,271 |
1.125%, due 2/29/28 | 400,000 | 346,328 |
1.125%, due 8/31/28 | 1,330,000 | 1,135,591 |
1.25%, due 3/31/28 | 200,000 | 173,828 |
1.25%, due 4/30/28 | 475,000 | 412,155 |
1.25%, due 5/31/28 | 3,900,000 | 3,376,547 |
1.25%, due 6/30/28 | 1,200,000 | 1,037,578 |
1.25%, due 9/30/28 | 485,000 | 416,532 |
1.50%, due 2/29/24 | 1,650,000 | 1,590,445 |
1.50%, due 1/31/27 | 325,000 | 293,427 |
1.75%, due 6/30/24 | 2,875,000 | 2,755,059 |
1.75%, due 7/31/24 | 2,100,000 | 2,008,699 |
1.875%, due 8/31/24 | 650,000 | 621,715 |
1.875%, due 2/28/27 | 475,000 | 435,033 |
1.875%, due 2/28/29 | 1,710,000 | 1,514,352 |
2.00%, due 4/30/24 | 4,035,000 | 3,893,145 |
2.00%, due 5/31/24 | 1,400,000 | 1,348,867 |
2.125%, due 7/31/24 | 150,000 | 144,275 |
2.25%, due 3/31/24 | 1,000,000 | 970,234 |
2.375%, due 3/31/29 | 1,550,000 | 1,409,410 |
2.375%, due 5/15/29 | 825,000 | 749,977 |
2.50%, due 3/31/23 | 100,000 | 99,531 |
2.50%, due 4/30/24 | 300,000 | 291,469 |
2.50%, due 5/31/24 | 200,000 | 194,039 |
2.50%, due 3/31/27 | 300,000 | 281,520 |
Principal Amount | Value | |
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
2.625%, due 12/31/23 | $ 150,000 | $ 146,920 |
2.625%, due 4/15/25 | 500,000 | 481,211 |
2.625%, due 5/31/27 | 1,350,000 | 1,272,533 |
2.625%, due 7/31/29 | 700,000 | 644,574 |
2.75%, due 7/31/23 | 275,000 | 272,014 |
2.75%, due 5/15/25 | 500,000 | 482,148 |
2.75%, due 6/30/25 | 275,000 | 264,924 |
2.75%, due 7/31/27 | 775,000 | 733,253 |
2.75%, due 5/31/29 | 675,000 | 627,117 |
2.875%, due 9/30/23 | 2,875,000 | 2,839,287 |
2.875%, due 10/31/23 | 2,300,000 | 2,265,590 |
2.875%, due 11/30/23 | 600,000 | 590,203 |
2.875%, due 5/31/25 | 300,000 | 290,027 |
2.875%, due 6/15/25 | 750,000 | 724,893 |
2.875%, due 4/30/29 | 400,000 | 374,625 |
3.00%, due 7/31/24 | 1,500,000 | 1,463,086 |
3.125%, due 8/15/25 | 3,175,000 | 3,082,479 |
3.125%, due 8/31/29 | 1,915,000 | 1,817,978 |
3.25%, due 8/31/24 | 1,600,000 | 1,566,625 |
3.25%, due 6/30/27 | 1,000,000 | 966,914 |
3.25%, due 6/30/29 | 1,275,000 | 1,220,115 |
3.50%, due 9/15/25 | 1,575,000 | 1,543,500 |
3.875%, due 11/30/27 | 75,000 | 74,590 |
3.875%, due 9/30/29 | 2,325,000 | 2,308,562 |
3.875%, due 11/30/29 | 3,425,000 | 3,401,988 |
3.875%, due 12/31/29 | 900,000 | 895,500 |
4.00%, due 12/15/25 | 3,000,000 | 2,980,781 |
4.00%, due 10/31/29 | 1,520,000 | 1,520,475 |
4.125%, due 10/31/27 | 960,000 | 963,525 |
4.125%, due 11/15/32 | 2,290,000 | 2,336,873 |
4.25%, due 9/30/24 | 3,125,000 | 3,109,009 |
4.25%, due 10/15/25 | 5,300,000 | 5,295,859 |
4.375%, due 10/31/24 | 1,200,000 | 1,196,578 |
4.50%, due 11/30/24 | 2,000,000 | 2,000,078 |
4.50%, due 11/15/25 | 3,000,000 | 3,018,047 |
105,684,840 | ||
Total U.S. Government & Federal Agencies (Cost $204,737,421) | 192,540,052 | |
Total Long-Term Bonds (Cost $287,685,004) | 264,072,930 | |
Shares | Value | ||
Exchange-Traded Fund 2.3% | |||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 59,881 | $ 6,313,254 | |
Total Exchange-Traded Fund (Cost $6,032,777) | 6,313,254 | ||
Total Investments (Cost $293,717,781) | 98.9% | 270,386,184 | |
Other Assets, Less Liabilities | 1.1 | 3,028,718 | |
Net Assets | 100.0% | $ 273,414,902 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(b) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(d) | Step coupon—Rate shown was the rate in effect as of December 31, 2022. |
(e) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of December 31, 2022, the total net market value was $3,836,222, which represented 1.4% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(f) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2022. |
(g) | Delayed delivery security. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 5 Year Notes | 42 | March 2023 | $ 4,540,905 | $ 4,533,047 | $ (7,858) |
U.S. Treasury 10 Year Notes | 48 | March 2023 | 5,417,018 | 5,390,250 | (26,768) |
U.S. Treasury 10 Year Ultra Bonds | 27 | March 2023 | 3,215,350 | 3,193,594 | (21,756) |
U.S. Treasury Long Bonds | 106 | March 2023 | 13,405,880 | 13,286,437 | (119,443) |
U.S. Treasury Ultra Bonds | 2 | March 2023 | 276,504 | 268,625 | (7,879) |
Total Long Contracts | (183,704) |
20 | MainStay VP Indexed Bond Portfolio |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (39) | March 2023 | $ (7,989,148) | $ (7,998,047) | $ (8,899) |
Net Unrealized Depreciation | $ (192,603) |
1. | As of December 31, 2022, cash in the amount of $711,524 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2022. |
Abbreviation(s): |
ETF—Exchange-Traded Fund |
FFCB—Federal Farm Credit Bank |
FHLB—Federal Home Loan Bank |
FHLMC—Federal Home Loan Mortgage Corp. |
GNMA—Government National Mortgage Association |
REMIC—Real Estate Mortgage Investment Conduit |
TBA—To Be Announced |
UMBS—Uniform Mortgage Backed Securities |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Corporate Bonds | $ — | $ 56,272,865 | $ — | $ 56,272,865 | |||
Foreign Government Bonds | — | 7,495,983 | — | 7,495,983 | |||
Mortgage-Backed Securities | — | 7,764,030 | — | 7,764,030 | |||
U.S. Government & Federal Agencies | — | 192,540,052 | — | 192,540,052 | |||
Total Long-Term Bonds | — | 264,072,930 | — | 264,072,930 | |||
Exchange-Traded Fund | 6,313,254 | — | — | 6,313,254 | |||
Total Investments in Securities | $ 6,313,254 | $ 264,072,930 | $ — | $ 270,386,184 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (192,603) | $ — | $ — | $ (192,603) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in securities, at value (identified cost $293,717,781) | $270,386,184 |
Cash | 7,671,875 |
Cash collateral on deposit at broker for futures contracts | 711,524 |
Receivables: | |
Investment securities sold | 4,945,910 |
Interest | 1,622,282 |
Other assets | 36,483 |
Total assets | 285,374,258 |
Liabilities | |
Payables: | |
Investment securities purchased | 11,739,228 |
Shareholder communication | 62,132 |
Manager (See Note 3) | 59,854 |
Professional fees | 38,488 |
Variation margin on futures contracts | 21,564 |
Custodian | 9,870 |
Trustees | 276 |
Accrued expenses | 27,944 |
Total liabilities | 11,959,356 |
Net assets | $273,414,902 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 32,125 |
Additional paid-in-capital | 311,678,955 |
311,711,080 | |
Total distributable earnings (loss) | (38,296,178) |
Net assets | $273,414,902 |
Initial Class | |
Net assets applicable to outstanding shares | $273,414,902 |
Shares of beneficial interest outstanding | 32,124,729 |
Net asset value per share outstanding | $ 8.51 |
22 | MainStay VP Indexed Bond Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 6,705,911 |
Dividends | 87,704 |
Other | 131,535 |
Total income | 6,925,150 |
Expenses | |
Manager (See Note 3) | 726,282 |
Professional fees | 72,561 |
Custodian | 64,028 |
Shareholder communication | 38,439 |
Trustees | 3,914 |
Miscellaneous | 22,276 |
Total expenses | 927,500 |
Net investment income (loss) | 5,997,650 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (12,271,129) |
Futures transactions | (5,760,427) |
Net realized gain (loss) | (18,031,556) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (30,703,444) |
Futures contracts | (373,793) |
Net change in unrealized appreciation (depreciation) | (31,077,237) |
Net realized and unrealized gain (loss) | (49,108,793) |
Net increase (decrease) in net assets resulting from operations | $(43,111,143) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 5,997,650 | $ 6,750,436 |
Net realized gain (loss) | (18,031,556) | 4,013,523 |
Net change in unrealized appreciation (depreciation) | (31,077,237) | (25,022,938) |
Net increase (decrease) in net assets resulting from operations | (43,111,143) | (14,258,979) |
Distributions to shareholders: | ||
Initial Class | (11,493,602) | (30,024,681) |
Capital share transactions: | ||
Net proceeds from sales of shares | 66,908,730 | 12,804,844 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 11,493,602 | 30,024,681 |
Cost of shares redeemed | (180,601,111) | (325,959,338) |
Increase (decrease) in net assets derived from capital share transactions | (102,198,779) | (283,129,813) |
Net increase (decrease) in net assets | (156,803,524) | (327,413,473) |
Net Assets | ||
Beginning of year | 430,218,426 | 757,631,899 |
End of year | $ 273,414,902 | $ 430,218,426 |
24 | MainStay VP Indexed Bond Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.30 | $ 11.25 | $ 10.62 | $ 9.80 | $ 10.04 | ||||
Net investment income (loss) (a) | 0.19 | 0.14 | 0.18 | 0.27 | 0.26 | ||||
Net realized and unrealized gain (loss) | (1.58) | (0.36) | 0.60 | 0.55 | (0.33) | ||||
Total from investment operations | (1.39) | (0.22) | 0.78 | 0.82 | (0.07) | ||||
Less distributions: | |||||||||
From net investment income | (0.28) | (0.31) | (0.13) | — | (0.17) | ||||
From net realized gain on investments | (0.12) | (0.42) | (0.02) | — | — | ||||
Total distributions | (0.40) | (0.73) | (0.15) | — | (0.17) | ||||
Net asset value at end of year | $ 8.51 | $ 10.30 | $ 11.25 | $ 10.62 | $ 9.80 | ||||
Total investment return (b) | (13.34)% | (1.95)% | 7.40% | 8.37%(c) | (0.67)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.06% | 1.26% | 1.59% | 2.66% | 2.67% | ||||
Net expenses (d) | 0.32% | 0.30% | 0.29% | 0.30% | 0.31% | ||||
Portfolio turnover rate (e) | 182% | 239% | 191% | 65% | 143% | ||||
Net assets at end of year (in 000's) | $ 273,415 | $ 430,218 | $ 757,632 | $ 422,163 | $ 362,545 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rate not including mortgage dollar rolls were 146%, 55%, 138%, 57% and 104% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Class | Commenced Operations |
Initial Class | May 1, 2017 |
26 | MainStay VP Indexed Bond Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
28 | MainStay VP Indexed Bond Portfolio |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(192,603) | $(192,603) |
Total Fair Value | $(192,603) | $(192,603) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $(5,760,427) | $(5,760,427) |
Total Net Realized Gain (Loss) | $(5,760,427) | $(5,760,427) |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $(373,793) | $(373,793) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(373,793) | $(373,793) |
Average Notional Amount | Total |
Futures Contracts Long | $ 31,369,708 |
Futures Contracts Short | $(17,045,111) |
30 | MainStay VP Indexed Bond Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $294,352,687 | $826,428 | $(24,855,988) | $(24,029,560) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$6,208,535 | $(20,538,210) | $— | $(23,966,503) | $(38,296,178) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $8,597 | $11,878 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 7,933,251 | $26,326,732 |
Long-Term Capital Gains | 3,560,351 | 3,697,949 |
Total | $11,493,602 | $30,024,681 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 7,946,321 | $ 66,908,730 |
Shares issued to shareholders in reinvestment of distributions | 1,386,074 | 11,493,602 |
Shares redeemed | (18,986,252) | (180,601,111) |
Net increase (decrease) | (9,653,857) | $(102,198,779) |
Year ended December 31, 2021: | ||
Shares sold | 1,164,451 | $ 12,804,844 |
Shares issued to shareholders in reinvestment of distributions | 2,919,695 | 30,024,681 |
Shares redeemed | (29,666,867) | (325,959,338) |
Net increase (decrease) | (25,582,721) | $(283,129,813) |
32 | MainStay VP Indexed Bond Portfolio |
MainStay VP Indexed Bond Portfolio
New York, New York
February 24, 2023
34 | MainStay VP Indexed Bond Portfolio |
36 | MainStay VP Indexed Bond Portfolio |
38 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
40 | MainStay VP Indexed Bond Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015877 | MSVPIN11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | -16.39% | 6.72% | 8.48% | 0.57% |
Service Class Shares | 2/17/2012 | -16.60 | 6.46 | 8.21 | 0.82 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | -18.11% | 9.42% | 12.56% |
Bloomberg U.S. Aggregate Bond Index2 | -13.01 | 0.02 | 1.06 |
Janus Balanced Composite Index3 | -15.52 | 5.49 | 7.51 |
Morningstar Allocation - 50% to 70% Equity Category Average4 | -13.84 | 4.13 | 6.01 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Portfolio's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures performance of the investment-grade, U.S. dollar denominated, fixed-rate taxable bond market, including 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. |
3. | The Portfolio has selected the Janus Balanced Composite Index as an additional benchmark. The Janus Balanced Composite Index consists of the S&P 500® Index (55% weighted) and the Bloomberg U.S. Aggregate Bond Index (45% weighted). |
4. | The Morningstar Allocation – 50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,008.80 | $2.89 | $1,022.33 | $2.91 | 0.57% |
Service Class Shares | $1,000.00 | $1,007.50 | $4.15 | $1,021.07 | $4.18 | 0.82% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Janus Henderson Balanced Portfolio |
1. | U.S. Treasury Notes, 0.875%-4.50%, due 9/30/24–11/15/32 |
2. | U.S. Treasury Bonds, 1.75%-4.00%, due 8/15/41–8/15/52 |
3. | UMBS, 30 Year, 2.50%-6.00%, due 2/1/37–12/1/52 |
4. | Microsoft Corp. |
5. | UMBS, Single Family, 30 Year, 2.50%-5.50%, due 1/25/53 |
6. | Apple, Inc. |
7. | UnitedHealth Group, Inc. |
8. | UMBS Pool, 30 Year, 2.50%-6.00%, due 4/1/40–11/1/52 |
9. | Mastercard, Inc., Class A |
10. | Alphabet, Inc., Class C |
1. | See page 5 for more information on benchmark and peer group returns. |
8 | MainStay VP Janus Henderson Balanced Portfolio |
2. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
10 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Long-Term Bonds 43.2% | ||
Asset-Backed Securities 3.0% | ||
Automobile Asset-Backed Securities 0.7% | ||
ACC Auto Trust | ||
Series 2022-A, Class A | ||
4.58%, due 7/15/26 (a) | $ 422,532 | $ 415,249 |
ACM Auto Trust | ||
Series 2022-1A, Class A | ||
3.23%, due 4/20/29 (a) | 148,822 | 148,440 |
Arivo Acceptance Auto Loan Receivables Trust | ||
Series 2022-1A, Class A | ||
3.93%, due 5/15/28 (a) | 390,346 | 379,019 |
Carvana Auto Receivables Trust | ||
Series 2021-P4, Class A2 | ||
0.82%, due 4/10/25 | 305,415 | 302,422 |
Exeter Automobile Receivables Trust | ||
Series 2021-1A, Class D | ||
1.08%, due 11/16/26 | 674,000 | 630,117 |
Series 2019-1A, Class E | ||
5.20%, due 1/15/26 (a) | 485,000 | 480,854 |
Foursight Capital Automobile Receivables Trust | ||
Series 2021-1, Class B | ||
0.87%, due 1/15/26 (a) | 424,000 | 416,690 |
JPMorgan Chase Bank NA (a) | ||
Series 2021-1, Class B | ||
0.875%, due 9/25/28 | 188,414 | 182,134 |
Series 2021-2, Class B | ||
0.889%, due 12/26/28 | 421,974 | 403,281 |
LAD Auto Receivables Trust (a) | ||
Series 2021-1A, Class A | ||
1.30%, due 8/17/26 | 363,878 | 353,618 |
Series 2022-1A, Class A | ||
5.21%, due 6/15/27 | 1,230,183 | 1,210,479 |
Lendbuzz Securitization Trust | ||
Series 2022-1A, Class A | ||
4.22%, due 5/17/27 (a) | 995,766 | 952,972 |
Santander Bank Auto Credit-Linked Notes (a) | ||
Series 2022-A, Class B | ||
5.281%, due 5/15/32 | 818,027 | 798,615 |
Series 2022-B, Class A2 | ||
5.587%, due 8/16/32 | 321,713 | 320,576 |
Santander Bank NA-SBCLN | ||
Series 2021-1A, Class B | ||
1.833%, due 12/15/31 (a) | 208,215 | 200,268 |
Santander Drive Auto Receivables Trust | ||
Series 2020-3, Class D | ||
1.64%, due 11/16/26 | 1,630,000 | 1,562,704 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
Tesla Auto Lease Trust (a) | ||
Series 2021-B, Class A3 | ||
0.60%, due 9/22/25 | $ 503,000 | $ 473,935 |
Series 2021-B, Class B | ||
0.91%, due 9/22/25 | 258,000 | 240,694 |
Tricolor Auto Securitization Trust | ||
Series 2022-1A, Class A | ||
3.30%, due 2/18/25 (a) | 120,653 | 119,347 |
Westlake Automobile Receivables Trust | ||
Series 2020-1A, Class D | ||
2.80%, due 6/16/25 (a) | 741,000 | 727,259 |
10,318,673 | ||
Credit Card Asset-Backed Security 0.1% | ||
Mercury Financial Credit Card Master Trust | ||
Series 2021-1A, Class A | ||
1.54%, due 3/20/26 (a) | 842,000 | 803,314 |
Other Asset-Backed Securities 2.2% | ||
Affirm Asset Securitization Trust | ||
Series 2021-B, Class A | ||
1.03%, due 8/17/26 (a) | 721,000 | 683,804 |
Aqua Finance Trust | ||
Series 2021-A, Class A | ||
1.54%, due 7/17/46 (a) | 321,779 | 294,206 |
ARES LX CLO Ltd. | ||
Series 2021-60A, Class A | ||
5.314% (3 Month LIBOR + 1.12%), due 7/18/34 (a)(b) | 322,000 | 313,209 |
Barings CLO Ltd. (a)(b) | ||
Series 2018-3A, Class A1 | ||
5.193% (3 Month LIBOR + 0.95%), due 7/20/29 | 584,073 | 579,467 |
Series 2019-3A, Class A1R | ||
5.313% (3 Month LIBOR + 1.07%), due 4/20/31 | 1,338,000 | 1,318,960 |
CBAM Ltd. (a)(b) | ||
Series 2019-11RA, Class A1 | ||
5.423% (3 Month LIBOR + 1.18%), due 1/20/35 | 1,569,000 | 1,527,484 |
Series 2019-11RA, Class B | ||
5.993% (3 Month LIBOR + 1.75%), due 1/20/35 | 400,456 | 380,715 |
Cedar Funding XI CLO Ltd. | ||
Series 2019-11A, Class A1R | ||
5.786% (3 Month LIBOR + 1.05%), due 5/29/32 (a)(b) | 508,000 | 498,163 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | $ ��961,238 | $ 831,163 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 363,557 | 303,115 |
Series 2022-1A, Class A1 | ||
5.97%, due 8/15/62 | 1,269,940 | 1,241,030 |
Series 2022-1A, Class A2 | ||
6.11%, due 8/15/62 | 2,928,658 | 2,750,294 |
CIFC Funding Ltd. (a)(b) | ||
Series 2021-4A, Class A | ||
5.129% (3 Month LIBOR + 1.05%), due 7/15/33 | 1,174,946 | 1,156,515 |
Series 2018-3A, Class A | ||
5.294% (3 Month LIBOR + 1.10%), due 7/18/31 | 603,000 | 593,287 |
Series 2021-7A, Class A1 | ||
5.455% (3 Month LIBOR + 1.13%), due 1/23/35 | 483,000 | 470,574 |
Series 2021-7A, Class B | ||
5.925% (3 Month LIBOR + 1.60%), due 1/23/35 | 323,837 | 309,215 |
Conn's Receivables Funding LLC | ||
Series 2021-A, Class A | ||
1.05%, due 5/15/26 (a) | 693 | 692 |
Consumer Loan Underlying Bond CLUB Credit Trust | ||
Series 2019-P2, Class C | ||
4.41%, due 10/15/26 (a) | 253,758 | 252,281 |
CP EF Asset Securitization I LLC | ||
Series 2022-1A, Class A | ||
5.96%, due 4/15/30 (a) | 516,435 | 508,007 |
Diamond Infrastructure Funding LLC | ||
Series 2021-1A, Class A | ||
1.76%, due 4/15/49 (a) | 1,031,000 | 844,478 |
Domino's Pizza Master Issuer LLC | ||
Series 2018-1A, Class A2I | ||
4.116%, due 7/25/48 (a) | 888,960 | 841,473 |
Elmwood CLO II Ltd. | ||
Series 2019-2A, Class AR | ||
5.393% (3 Month LIBOR + 1.15%), due 4/20/34 (a)(b) | 485,000 | 473,527 |
FREED ABS Trust | ||
Series 2022-3FP, Class A | ||
4.50%, due 8/20/29 (a) | 468,125 | 466,597 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
HPS Loan Management Ltd. | ||
Series 2021-16A, Class B | ||
6.025% (3 Month LIBOR + 1.70%), due 1/23/35 (a)(b) | $ 310,367 | $ 295,008 |
Libra Solutions LLC (a) | ||
Series 2022-1A, Class A | ||
4.75%, due 5/15/34 | 361,177 | 354,318 |
Series 2022-2A, Class A | ||
6.85%, due 10/15/34 | 382,203 | 380,173 |
LL ABS Trust | ||
Series 2022-2A, Class A | ||
6.63%, due 5/15/30 (a) | 382,145 | 380,747 |
Logan CLO II Ltd. | ||
Series 2021-2A, Class A | ||
5.393% (3 Month LIBOR + 1.15%), due 1/20/35 (a)(b) | 761,109 | 739,210 |
Madison Park Funding XXXV Ltd. | ||
Series 2019-35A, Class A1R | ||
5.233% (3 Month LIBOR + 0.99%), due 4/20/32 (a)(b) | 689,000 | 677,146 |
New Economy Assets Phase 1 Sponsor LLC | ||
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 (a) | 514,000 | 422,259 |
NRZ Excess Spread-Collateralized Notes (a) | ||
Series 2021-FHT1, Class A | ||
3.104%, due 7/25/26 | 605,546 | 528,491 |
Series 2020-PLS1, Class A | ||
3.844%, due 12/25/25 | 238,257 | 217,132 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2020-1A, Class A1 | ||
1.85%, due 11/20/50 (a) | 807,554 | 716,730 |
Octagon Investment Partners 48 Ltd. | ||
Series 2020-3A, Class AR | ||
5.393% (3 Month LIBOR + 1.15%), due 10/20/34 (a)(b) | 454,000 | 441,645 |
Pagaya AI Debt Trust | ||
Series 2022-1, Class A | ||
2.03%, due 10/15/29 (a) | 513,539 | 493,095 |
Regatta XXIII Funding Ltd. | ||
Series 2021-4A, Class B | ||
5.943% (3 Month LIBOR + 1.70%), due 1/20/35 (a)(b) | 343,955 | 327,745 |
Sound Point CLO XXII Ltd. | ||
Series 2019-1A, Class AR | ||
5.323% (3 Month LIBOR + 1.08%), due 1/20/32 (a)(b) | 1,556,000 | 1,522,835 |
12 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Theorem Funding Trust | ||
Series 2021-1A, Class A | ||
1.21%, due 12/15/27 (a) | $ 515,386 | $ 507,096 |
THL Credit Wind River CLO Ltd. | ||
Series 2019-1A, Class AR | ||
5.403% (3 Month LIBOR + 1.16%), due 7/20/34 (a)(b) | 448,000 | 434,464 |
Upstart Securitization Trust (a) | ||
Series 2021-4, Class A | ||
0.84%, due 9/20/31 | 326,741 | 316,293 |
Series 2021-5, Class A | ||
1.31%, due 11/20/31 | 223,079 | 213,543 |
Series 2022-1, Class A | ||
3.12%, due 3/20/32 | 970,609 | 935,291 |
Series 2022-2, Class A | ||
4.37%, due 5/20/32 | 1,432,474 | 1,400,459 |
Vantage Data Centers Issuer LLC | ||
Series 2020-1A, Class A2 | ||
1.645%, due 9/15/45 (a) | 1,091,000 | 962,179 |
Vantage Data Centers LLC | ||
Series 2020-2A, Class A2 | ||
1.992%, due 9/15/45 (a) | 705,000 | 579,175 |
VCAT LLC | ||
Series 2021-NPL1, Class A1 | ||
2.289%, due 12/26/50 (a)(c) | 174,606 | 164,821 |
Westgate Resorts LLC | ||
Series 2022-1A, Class A | ||
1.788%, due 8/20/36 (a) | 298,682 | 281,456 |
29,929,567 | ||
Total Asset-Backed Securities (Cost $42,900,065) | 41,051,554 | |
Corporate Bonds 7.9% | ||
Aerospace & Defense 0.0% ‡ | ||
General Dynamics Corp. | ||
3.50%, due 4/1/27 | 456,000 | 435,659 |
Banks 3.3% | ||
Bank of America Corp. (d) | ||
2.087%, due 6/14/29 | 1,528,000 | 1,285,803 |
2.592%, due 4/29/31 | 1,551,000 | 1,263,190 |
3.705%, due 4/24/28 | 509,000 | 471,025 |
3.97%, due 3/5/29 | 670,000 | 618,226 |
4.376%, due 4/27/28 | 1,835,000 | 1,754,853 |
Principal Amount | Value | |
Banks (continued) | ||
Bank of America Corp. (d) (continued) | ||
Series U | ||
5.20%, due 6/1/23 (e) | $ 443,000 | $ 429,268 |
6.204%, due 11/10/28 | 1,776,000 | 1,833,670 |
Series X | ||
6.25%, due 9/5/24 (e) | 1,172,000 | 1,125,543 |
Bank of Montreal | ||
3.088% (5 Year Treasury Constant Maturity Rate + 1.40%), due 1/10/37 (b) | 3,042,000 | 2,300,068 |
BNP Paribas SA (a)(d) | ||
2.591%, due 1/20/28 | 728,000 | 640,278 |
3.132%, due 1/20/33 (f) | 622,000 | 491,109 |
Citigroup, Inc. (d) | ||
3.887%, due 1/10/28 | 2,060,000 | 1,925,004 |
4.412%, due 3/31/31 | 1,375,000 | 1,262,658 |
Series D | ||
5.35%, due 5/15/23 (e) | 537,000 | 523,255 |
Series P | ||
5.95%, due 5/15/25 (e) | 584,000 | 526,009 |
Series M | ||
6.30%, due 5/15/24 (e) | 123,000 | 116,020 |
Commonwealth Bank of Australia | ||
3.784%, due 3/14/32 (a) | 1,307,000 | 1,077,338 |
First Republic Bank | ||
4.625%, due 2/13/47 | 391,000 | 303,416 |
Goldman Sachs Group, Inc. (The) | ||
3.50%, due 4/1/25 | 2,399,000 | 2,306,980 |
JPMorgan Chase & Co. (d) | ||
2.956%, due 5/13/31 | 1,316,000 | 1,084,326 |
2.963%, due 1/25/33 | 2,061,000 | 1,677,452 |
4.565%, due 6/14/30 | 1,056,000 | 993,553 |
Series HH | ||
4.60%, due 2/1/25 (e) | 466,000 | 410,662 |
Series FF | ||
5.00%, due 8/1/24 (e) | 441,000 | 403,484 |
5.717%, due 9/14/33 | 2,323,000 | 2,267,372 |
Mitsubishi UFJ Financial Group, Inc. (b) | ||
4.788% (1 Year Treasury Constant Maturity Rate + 1.70%), due 7/18/25 | 931,000 | 921,720 |
5.017% (1 Year Treasury Constant Maturity Rate + 1.95%), due 7/20/28 | 1,562,000 | 1,524,707 |
Morgan Stanley | ||
1.593%, due 5/4/27 (d) | 685,000 | 600,906 |
1.794%, due 2/13/32 (d) | 1,226,000 | 921,413 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Morgan Stanley (continued) | ||
2.188%, due 4/28/26 (d) | $ 1,231,000 | $ 1,143,925 |
2.239%, due 7/21/32 (d) | 1,900,000 | 1,457,669 |
2.484%, due 9/16/36 (d) | 1,965,000 | 1,424,883 |
2.943%, due 1/21/33 (d) | 2,235,000 | 1,808,066 |
4.35%, due 9/8/26 | 898,000 | 871,278 |
National Australia Bank Ltd. | ||
2.99%, due 5/21/31 (a) | 1,708,000 | 1,336,979 |
Nordea Bank Abp | ||
5.375%, due 9/22/27 (a) | 1,834,000 | 1,842,461 |
SVB Financial Group (b)(e) | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 | 276,000 | 182,165 |
4.10% (10 Year Treasury Constant Maturity Rate + 3.064%), due 2/15/31 | 1,382,000 | 790,948 |
Series D | ||
4.25% (5 Year Treasury Constant Maturity Rate + 3.074%), due 11/15/26 | 2,139,000 | 1,403,288 |
U.S. Bancorp | ||
2.491% (5 Year Treasury Constant Maturity Rate + 0.95%), due 11/3/36 (b) | 1,471,000 | 1,119,389 |
Westpac Banking Corp. | ||
2.668% (5 Year Treasury Constant Maturity Rate + 1.75%), due 11/15/35 (b) | 1,218,000 | 905,286 |
45,345,645 | ||
Beverages 0.1% | ||
Diageo Capital plc | ||
1.375%, due 9/29/25 | 461,000 | 422,692 |
2.00%, due 4/29/30 | 713,000 | 585,647 |
1,008,339 | ||
Biotechnology 0.2% | ||
CSL Finance plc (a) | ||
3.85%, due 4/27/27 | 364,000 | 348,213 |
4.05%, due 4/27/29 | 753,000 | 709,730 |
Illumina, Inc. | ||
5.80%, due 12/12/25 | 707,000 | 711,804 |
Royalty Pharma plc | ||
3.55%, due 9/2/50 | 899,000 | 574,509 |
2,344,256 |
Principal Amount | Value | |
Commercial Services 0.4% | ||
CoStar Group, Inc. | ||
2.80%, due 7/15/30 (a) | $ 711,000 | $ 580,666 |
Global Payments, Inc. | ||
2.15%, due 1/15/27 | 651,000 | 567,901 |
2.90%, due 11/15/31 | 977,000 | 770,431 |
4.80%, due 4/1/26 | 629,000 | 612,008 |
5.30%, due 8/15/29 | 1,189,000 | 1,149,490 |
5.40%, due 8/15/32 | 539,000 | 513,317 |
GXO Logistics, Inc. | ||
1.65%, due 7/15/26 | 885,000 | 757,717 |
2.65%, due 7/15/31 | 135,000 | 99,677 |
5,051,207 | ||
Cosmetics & Personal Care 0.1% | ||
GSK Consumer Healthcare Capital US LLC | ||
3.375%, due 3/24/27 | 753,000 | 701,010 |
3.375%, due 3/24/29 | 480,000 | 431,633 |
1,132,643 | ||
Diversified Financial Services 0.5% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 757,000 | 634,196 |
4.625%, due 10/15/27 | 1,147,000 | 1,065,291 |
Air Lease Corp. | ||
1.875%, due 8/15/26 | 1,020,000 | 885,908 |
3.00%, due 2/1/30 | 515,000 | 429,496 |
American Express Co. | ||
4.989%, due 5/26/33 (d) | 1,137,000 | 1,092,896 |
Charles Schwab Corp. (The) | ||
Series H | ||
4.00% (10 Year Treasury Constant Maturity Rate + 3.079%), due 12/1/30 (b)(e) | 661,000 | 527,115 |
Rocket Mortgage LLC (a) | ||
2.875%, due 10/15/26 (f) | 741,000 | 635,157 |
3.625%, due 3/1/29 | 708,000 | 561,046 |
3.875%, due 3/1/31 | 729,000 | 556,428 |
4.00%, due 10/15/33 | 850,000 | 634,831 |
7,022,364 | ||
Electric 0.2% | ||
Duke Energy Corp. | ||
4.30%, due 3/15/28 | 920,000 | 885,246 |
Duquesne Light Holdings, Inc. | ||
2.775%, due 1/7/32 (a) | 1,005,000 | 786,081 |
NRG Energy, Inc. | ||
3.375%, due 2/15/29 (a) | 1,057,000 | 852,597 |
2,523,924 |
14 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Electronics 0.1% | ||
Trimble, Inc. | ||
4.75%, due 12/1/24 | $ 1,238,000 | $ 1,223,793 |
4.90%, due 6/15/28 | 672,000 | 644,328 |
1,868,121 | ||
Food 0.2% | ||
JBS USA LUX SA (a) | ||
3.00%, due 5/15/32 (f) | 795,000 | 609,646 |
3.625%, due 1/15/32 | 551,000 | 446,310 |
5.50%, due 1/15/30 (f) | 1,130,000 | 1,075,218 |
Mondelez International, Inc. | ||
2.75%, due 4/13/30 | 80,000 | 68,956 |
2,200,130 | ||
Healthcare-Products 0.4% | ||
GE HealthCare Technologies, Inc. (a) | ||
5.65%, due 11/15/27 | 1,359,000 | 1,374,901 |
5.857%, due 3/15/30 | 1,624,000 | 1,661,940 |
5.905%, due 11/22/32 | 2,337,000 | 2,421,595 |
5,458,436 | ||
Healthcare-Services 0.5% | ||
Centene Corp. | ||
2.45%, due 7/15/28 | 1,025,000 | 865,151 |
3.00%, due 10/15/30 | 1,079,000 | 884,509 |
4.25%, due 12/15/27 | 3,132,000 | 2,937,388 |
HCA, Inc. | ||
5.375%, due 9/1/26 | 220,000 | 217,553 |
5.625%, due 9/1/28 | 310,000 | 308,243 |
5.875%, due 2/15/26 | 286,000 | 287,805 |
5.875%, due 2/1/29 | 459,000 | 457,566 |
UnitedHealth Group, Inc. | ||
5.25%, due 2/15/28 | 598,000 | 611,294 |
6,569,509 | ||
Insurance 0.4% | ||
Athene Global Funding (a) | ||
2.646%, due 10/4/31 | 1,875,000 | 1,432,415 |
2.717%, due 1/7/29 | 1,235,000 | 1,019,803 |
Brown & Brown, Inc. | ||
4.20%, due 3/17/32 | 369,000 | 319,909 |
4.95%, due 3/17/52 | 1,071,000 | 869,356 |
Prudential Financial, Inc. | ||
3.70% (5 Year Treasury Constant Maturity Rate + 3.035%), due 10/1/50 (b) | 1,486,000 | 1,254,020 |
4,895,503 |
Principal Amount | Value | |
Investment Companies 0.1% | ||
Ares Capital Corp. | ||
2.875%, due 6/15/27 | $ 970,000 | $ 822,097 |
OWL Rock Core Income Corp. | ||
4.70%, due 2/8/27 | 163,000 | 146,978 |
7.75%, due 9/16/27 (a) | 973,000 | 969,852 |
1,938,927 | ||
Iron & Steel 0.0% ‡ | ||
Reliance Steel & Aluminum Co. | ||
4.50%, due 4/15/23 | 469,000 | 468,918 |
Media 0.1% | ||
Charter Communications Operating LLC | ||
6.484%, due 10/23/45 | 256,000 | 230,854 |
Comcast Corp. | ||
3.75%, due 4/1/40 | 365,000 | 301,025 |
Fox Corp. | ||
4.03%, due 1/25/24 | 429,000 | 424,025 |
955,904 | ||
Oil & Gas 0.2% | ||
EQT Corp. | ||
5.678%, due 10/1/25 | 1,066,000 | 1,060,819 |
5.70%, due 4/1/28 | 459,000 | 456,534 |
Southwestern Energy Co. | ||
4.75%, due 2/1/32 | 716,000 | 611,886 |
2,129,239 | ||
Pipelines 0.2% | ||
Energy Transfer LP | ||
4.95%, due 6/15/28 | 116,000 | 112,170 |
5.55%, due 2/15/28 | 880,000 | 872,898 |
5.75%, due 2/15/33 | 880,000 | 860,957 |
Hess Midstream Operations LP | ||
5.125%, due 6/15/28 (a) | 670,000 | 619,547 |
2,465,572 | ||
Real Estate Investment Trusts 0.2% | ||
Agree LP | ||
2.00%, due 6/15/28 | 684,000 | 560,081 |
2.60%, due 6/15/33 | 513,000 | 386,121 |
2.90%, due 10/1/30 | 473,000 | 383,975 |
Equinix, Inc. | ||
2.15%, due 7/15/30 | 623,000 | 495,621 |
GLP Capital LP | ||
5.30%, due 1/15/29 | 86,000 | 81,385 |
5.375%, due 4/15/26 | 381,000 | 373,787 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Real Estate Investment Trusts (continued) | ||
Sun Communities Operating LP | ||
2.70%, due 7/15/31 | $ 1,283,000 | $ 1,012,698 |
3,293,668 | ||
Semiconductors 0.3% | ||
Analog Devices, Inc. | ||
2.95%, due 4/1/25 | 676,000 | 650,173 |
Marvell Technology, Inc. | ||
1.65%, due 4/15/26 | 793,000 | 700,387 |
4.875%, due 6/22/28 | 883,000 | 841,602 |
Microchip Technology, Inc. | ||
2.67%, due 9/1/23 | 1,514,000 | 1,485,772 |
TSMC Arizona Corp. | ||
3.875%, due 4/22/27 | 916,000 | 880,564 |
4,558,498 | ||
Software 0.2% | ||
MSCI, Inc. (a) | ||
3.625%, due 9/1/30 | 1,643,000 | 1,365,744 |
3.875%, due 2/15/31 | 1,122,000 | 932,859 |
4.00%, due 11/15/29 | 104,000 | 90,587 |
Workday, Inc. | ||
3.50%, due 4/1/27 | 483,000 | 451,397 |
2,840,587 | ||
Telecommunications 0.0% ‡ | ||
AT&T, Inc. | ||
3.65%, due 9/15/59 | 105,000 | 70,280 |
3.80%, due 12/1/57 | 642,000 | 442,937 |
513,217 | ||
Toys, Games & Hobbies 0.2% | ||
Hasbro, Inc. | ||
3.90%, due 11/19/29 | 2,121,000 | 1,884,899 |
5.10%, due 5/15/44 | 614,000 | 522,697 |
6.35%, due 3/15/40 | 420,000 | 406,617 |
2,814,213 | ||
Total Corporate Bonds (Cost $123,135,962) | 107,834,479 | |
Mortgage-Backed Securities 10.2% | ||
Agency (Collateralized Mortgage Obligations) 5.0% | ||
FNMA | ||
REMIC, Series 2018-27, Class EA | ||
3.00%, due 5/25/48 | 559,229 | 502,243 |
REMIC, Series 2019-71, Class P | ||
3.00%, due 11/25/49 | 779,345 | 700,001 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA II, Single Family, 30 Year (g) | ||
2.50%, due 1/15/53 TBA | $ 8,640,010 | $ 7,485,342 |
3.50%, due 1/15/53 TBA | 3,490,939 | 3,206,830 |
4.00%, due 1/15/53 TBA | 4,948,685 | 4,681,938 |
4.50%, due 1/15/53 TBA | 4,824,848 | 4,679,681 |
UMBS, Single Family, 15 Year (g) | ||
2.00%, due 1/25/38 TBA | 2,603,869 | 2,315,437 |
2.50%, due 1/25/38 TBA | 1,116,310 | 1,021,287 |
3.00%, due 1/25/38 TBA | 404,515 | 378,846 |
UMBS, Single Family, 30 Year (g) | ||
2.50%, due 1/25/53 TBA | 250,518 | 212,067 |
3.00%, due 1/25/53 TBA | 6,989,873 | 6,132,700 |
3.50%, due 1/25/53 TBA | 16,382,155 | 14,879,956 |
4.00%, due 1/25/53 TBA | 2,450,000 | 2,297,267 |
4.50%, due 1/25/53 TBA | 2,557,749 | 2,461,210 |
5.00%, due 1/25/53 TBA | 9,986,395 | 9,838,810 |
5.50%, due 1/25/53 TBA | 7,861,942 | 7,881,334 |
68,674,949 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.5% | ||
280 Park Avenue Mortgage Trust | ||
Series 2017-280P, Class A | ||
5.117% (1 Month LIBOR + 0.88%), due 9/15/34 (a)(b) | 699,152 | 681,526 |
BBCMS Mortgage Trust | ||
Series 2017-DELC, Class A | ||
5.293% (1 Month LIBOR + 0.975%), due 8/15/36 (a)(b) | 495,000 | 486,262 |
BBCMS Trust | ||
Series 2015-SRCH, Class A2 | ||
4.197%, due 8/10/35 (a) | 875,000 | 813,722 |
BPR Trust | ||
Series 2022-OANA, Class A | ||
6.234% (1 Month SOFR + 1.898%), due 4/15/37 (a)(b) | 1,896,000 | 1,850,491 |
BX Commercial Mortgage Trust (a)(b) | ||
Series 2021-VINO, Class A | ||
4.97% (1 Month LIBOR + 0.652%), due 5/15/38 | 1,119,000 | 1,077,234 |
Series 2021-VOLT, Class B | ||
5.268% (1 Month LIBOR + 0.95%), due 9/15/36 | 937,000 | 883,343 |
Series 2019-XL, Class A | ||
5.37% (1 Month SOFR + 1.034%), due 10/15/36 | 1,332,207 | 1,315,782 |
16 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Commercial Mortgage Trust (a)(b) (continued) | ||
Series 2020-VKNG, Class A | ||
5.38% (1 Month SOFR + 1.044%), due 10/15/37 | $ 183,076 | $ 178,650 |
Series 2019-XL, Class B | ||
5.53% (1 Month SOFR + 1.194%), due 10/15/36 | 411,400 | 404,148 |
Series 2021-VOLT, Class D | ||
5.968% (1 Month LIBOR + 1.65%), due 9/15/36 | 984,000 | 920,604 |
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 284,000 | 232,831 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 564,000 | 464,733 |
Series 2022-FOX2, Class A2 | ||
5.085% (1 Month SOFR + 0.749%), due 4/15/39 (b) | 1,214,000 | 1,118,099 |
Series 2021-LBA, Class AJV | ||
5.118% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 1,118,000 | 1,062,645 |
Series 2021-LBA, Class AV | ||
5.118% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 1,122,000 | 1,066,447 |
BXP Trust | ||
Series 2017-GM, Class A | ||
3.379%, due 6/13/39 (a) | 396,000 | 352,349 |
Cold Storage Trust (a)(b) | ||
Series 2020-ICE5, Class A | ||
5.218% (1 Month LIBOR + 0.90%), due 11/15/37 | 1,480,384 | 1,439,494 |
Series 2020-ICE5, Class B | ||
5.618% (1 Month LIBOR + 1.30%), due 11/15/37 | 657,621 | 636,568 |
Series 2020-ICE5, Class C | ||
5.968% (1 Month LIBOR + 1.65%), due 11/15/37 | 660,569 | 639,008 |
Credit Suisse Mortgage Capital Certificates (a)(b) | ||
Series 2019-ICE4, Class A | ||
5.298% (1 Month LIBOR + 0.98%), due 5/15/36 | 1,559,000 | 1,541,799 |
Series 2019-ICE4, Class C | ||
5.748% (1 Month LIBOR + 1.43%), due 5/15/36 | 333,000 | 326,328 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
CSMC Trust | ||
Series 2021-WEHO, Class A | ||
8.287% (1 Month LIBOR + 3.969%), due 4/15/23 (a)(b) | $ 725,331 | $ 692,624 |
Extended Stay America Trust (a)(b) | ||
Series 2021-ESH, Class A | ||
5.398% (1 Month LIBOR + 1.08%), due 7/15/38 | 527,144 | 511,935 |
Series 2021-ESH, Class B | ||
5.698% (1 Month LIBOR + 1.38%), due 7/15/38 | 339,715 | 326,505 |
Great Wolf Trust (a)(b) | ||
Series 2019-WOLF, Class A | ||
5.352% (1 Month LIBOR + 1.034%), due 12/15/36 | 695,000 | 674,883 |
Series 2019-WOLF, Class B | ||
5.652% (1 Month LIBOR + 1.334%), due 12/15/36 | 303,000 | 292,052 |
Series 2019-WOLF, Class C | ||
5.951% (1 Month LIBOR + 1.633%), due 12/15/36 | 337,000 | 321,736 |
J.P. Morgan Chase Commercial Mortgage Securities Trust (a) | ||
Series 2020-ACE, Class A | ||
3.287%, due 1/10/37 | 1,235,000 | 1,144,573 |
Series 2020-ACE, Class B | ||
3.64%, due 1/10/37 | 840,000 | 760,919 |
Life Mortgage Trust (a)(b) | ||
Series 2021-BMR, Class A | ||
5.018% (1 Month LIBOR + 0.70%), due 3/15/38 | 1,569,803 | 1,520,063 |
Series 2021-BMR, Class C | ||
5.418% (1 Month LIBOR + 1.10%), due 3/15/38 | 908,264 | 863,247 |
Series 2022-BMR2, Class A1 | ||
5.631% (1 Month SOFR + 1.295%), due 5/15/39 | 1,231,000 | 1,200,160 |
Series 2022-BMR2, Class B | ||
6.13% (1 Month SOFR + 1.794%), due 5/15/39 | 357,000 | 345,821 |
Med Trust (a)(b) | ||
Series 2021-MDLN, Class C | ||
6.118% (1 Month LIBOR + 1.80%), due 11/15/38 | 280,000 | 266,015 |
Series 2021-MDLN, Class D | ||
6.318% (1 Month LIBOR + 2.00%), due 11/15/38 | 284,000 | 268,332 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Med Trust (a)(b) (continued) | ||
Series 2021-MDLN, Class E | ||
7.468% (1 Month LIBOR + 3.15%), due 11/15/38 | $ 1,262,000 | $ 1,170,233 |
Series 2021-MDLN, Class F | ||
8.318% (1 Month LIBOR + 4.00%), due 11/15/38 | 794,000 | 730,295 |
MHC Commercial Mortgage Trust (a)(b) | ||
Series 2021-MHC, Class A | ||
5.119% (1 Month LIBOR + 0.801%), due 4/15/38 | 1,662,744 | 1,612,557 |
Series 2021-MHC, Class C | ||
5.669% (1 Month LIBOR + 1.351%), due 4/15/38 | 938,912 | 897,423 |
SMRT | ||
Series 2022-MINI, Class A | ||
5.336% (1 Month SOFR + 1.00%), due 1/15/39 (a)(b) | 660,000 | 636,844 |
SREIT Trust | ||
Series 2021-MFP, Class A | ||
5.049% (1 Month LIBOR + 0.731%), due 11/15/38 (a)(b) | 136,000 | 130,798 |
TPI Re-REMIC Trust (a) | ||
Series 2022-FRR1, Class AK33 | ||
(zero coupon), due 7/25/46 | 480,000 | 461,477 |
Series 2022-FRR1, Class AK34 | ||
(zero coupon), due 7/25/46 | 395,000 | 379,757 |
Series 2022-FRR1, Class AK35 | ||
(zero coupon), due 8/25/46 | 536,000 | 512,174 |
VASA Trust | ||
Series 2021-VASA, Class A | ||
5.218% (1 Month LIBOR + 0.90%), due 7/15/39 (a)(b) | 525,000 | 484,124 |
VMC Finance LLC | ||
Series 2021-HT1, Class A | ||
5.989% (1 Month LIBOR + 1.65%), due 1/18/37 (a)(b) | 595,954 | 576,362 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2021-SAVE, Class A | ||
5.468% (1 Month LIBOR + 1.15%), due 2/15/40 (a)(b) | 497,235 | 464,592 |
34,737,564 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) 2.7% | ||
Angel Oak Mortgage Trust (a)(h) | ||
Series 2020-3, Class A2 | ||
2.41%, due 4/25/65 | $ 205,945 | $ 184,326 |
Series 2019-5, Class A1 | ||
2.593%, due 10/25/49 | 99,500 | 94,411 |
Series 2019-6, Class A1 | ||
2.62%, due 11/25/59 | 85,995 | 81,785 |
Bayview MSR Opportunity Master Fund Trust (a) | ||
Series 2022-2, Class A1 | ||
3.00%, due 12/25/51 (h) | 1,840,203 | 1,533,767 |
Series 2021-5, Class AF | ||
4.371% (SOFR 30A + 0.85%), due 11/25/51 (b) | 923,454 | 840,079 |
Chase Mortgage Finance Corp. | ||
Series 2021-CL1, Class M1 | ||
5.128% (SOFR 30A + 1.20%), due 2/25/50 (a)(b) | 929,760 | 842,083 |
CIM Trust | ||
Series 2021-NR1, Class A1 | ||
2.569%, due 7/25/55 (a)(c) | 516,176 | 489,977 |
COLT Mortgage Loan Trust (a)(h) | ||
Series 2020-3, Class A1 | ||
1.506%, due 4/27/65 | 72,704 | 67,938 |
Series 2020-2, Class A1 | ||
1.853%, due 3/25/65 | 20,215 | 19,768 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2021-R03, Class 1M2 | ||
5.578% (SOFR 30A + 1.65%), due 12/25/41 | 612,000 | 577,231 |
Series 2022-R05, Class 2M1 | ||
5.828% (SOFR 30A + 1.90%), due 4/25/42 | 623,326 | 617,418 |
Series 2022-R04, Class 1M1 | ||
5.928% (SOFR 30A + 2.00%), due 3/25/42 | 561,616 | 559,626 |
Series 2022-R03, Class 1M1 | ||
6.028% (SOFR 30A + 2.10%), due 3/25/42 | 1,304,053 | 1,294,985 |
Series 2022-R09, Class 2M1 | ||
6.444% (SOFR 30A + 2.50%), due 9/25/42 | 1,286,213 | 1,279,557 |
Series 2022-R08, Class 1M1 | ||
6.478% (SOFR 30A + 2.55%), due 7/25/42 | 342,537 | 343,612 |
Series 2019-R07, Class 1M2 | ||
6.489% (1 Month LIBOR + 2.10%), due 10/25/39 | 63,667 | 63,508 |
18 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Connecticut Avenue Securities Trust (a)(b) (continued) | ||
Series 2019-R03, Class 1M2 | ||
6.539% (1 Month LIBOR + 2.15%), due 9/25/31 | $ 55,143 | $ 55,009 |
Series 2022-R06, Class 1M1 | ||
6.678% (SOFR 30A + 2.75%), due 5/25/42 | 421,472 | 426,721 |
Series 2019-R02, Class 1M2 | ||
6.689% (1 Month LIBOR + 2.30%), due 8/25/31 | 19,777 | 19,752 |
Series 2018-R07, Class 1M2 | ||
6.789% (1 Month LIBOR + 2.40%), due 4/25/31 | 89,972 | 89,749 |
Series 2022-R02, Class 2M2 | ||
6.928% (SOFR 30A + 3.00%), due 1/25/42 | 706,000 | 665,216 |
Series 2022-R05, Class 2M2 | ||
6.928% (SOFR 30A + 3.00%), due 4/25/42 | 521,000 | 504,330 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2021-DNA7, Class M1 | ||
4.778% (SOFR 30A + 0.85%), due 11/25/41 | 755,702 | 742,646 |
Series 2021-HQA4, Class M1 | ||
4.878% (SOFR 30A + 0.95%), due 12/25/41 | 1,326,295 | 1,258,414 |
Series 2022-DNA2, Class M1A | ||
5.228% (SOFR 30A + 1.30%), due 2/25/42 | 292,974 | 288,123 |
Series 2022-DNA3, Class M1A | ||
5.928% (SOFR 30A + 2.00%), due 4/25/42 | 273,365 | 271,999 |
Series 2020-DNA6, Class M2 | ||
5.928% (SOFR 30A + 2.00%), due 12/25/50 | 889,236 | 883,075 |
Series 2022-HQA1, Class M1A | ||
6.028% (SOFR 30A + 2.10%), due 3/25/42 | 575,127 | 567,771 |
Series 2022-DNA6, Class M1A | ||
6.078% (SOFR 30A + 2.15%), due 9/25/42 | 223,727 | 223,864 |
Series 2021-HQA1, Class M2 | ||
6.178% (SOFR 30A + 2.25%), due 8/25/33 | 1,395,000 | 1,313,856 |
Series 2022-HQA3, Class M1A | ||
6.228% (SOFR 30A + 2.30%), due 8/25/42 | 390,634 | 390,183 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2022-DNA5, Class M1A | ||
6.878% (SOFR 30A + 2.95%), due 6/25/42 | $ 852,151 | $ 862,155 |
Series 2020-HQA2, Class M2 | ||
7.489% (1 Month LIBOR + 3.10%), due 3/25/50 | 276,511 | 280,344 |
Series 2020-HQA4, Class M2 | ||
7.539% (1 Month LIBOR + 3.15%), due 9/25/50 | 4,544 | 4,546 |
FHLMC STACR Trust | ||
Series 2019-DNA4, Class M2 | ||
6.339% (1 Month LIBOR + 1.95%), due 10/25/49 (a)(b) | 20,855 | 20,855 |
FHLMC Structured Agency Credit Risk Debt Notes (a)(b) | ||
Series 2021-DNA2, Class M2 | ||
6.228% (SOFR 30A + 2.30%), due 8/25/33 | 616,401 | 609,408 |
Series 2020-HQA5, Class M2 | ||
6.528% (SOFR 30A + 2.60%), due 11/25/50 | 993,854 | 991,765 |
Series 2022-HQA2, Class M1A | ||
6.578% (SOFR 30A + 2.65%), due 7/25/42 | 437,387 | 439,553 |
Flagstar Mortgage Trust | ||
Series 2021-13IN, Class A2 | ||
3.00%, due 12/30/51 (a)(h) | 1,365,861 | 1,138,414 |
FNMA (b) | ||
Series 2021-R02, Class 2M2 | ||
5.928% (SOFR 30A + 2.00%), due 11/25/41 (a) | 1,891,000 | 1,758,745 |
Series 2015-C01, Class 1M2 | ||
8.689% (1 Month LIBOR + 4.30%), due 2/25/25 | 254,331 | 258,783 |
Series 2014-C04, Class 1M2 | ||
9.289% (1 Month LIBOR + 4.90%), due 11/25/24 | 43,429 | 44,560 |
Series 2015-C03, Class 1M2 | ||
9.389% (1 Month LIBOR + 5.00%), due 7/25/25 | 211,538 | 214,696 |
GCAT Trust | ||
Series 2022-INV1, Class A1 | ||
3.00%, due 12/25/51 (a)(h) | 2,442,791 | 2,036,010 |
Mello Mortgage Capital Acceptance (a) | ||
Series 2021-INV4, Class A3 | ||
2.50%, due 12/25/51 (h) | 418,161 | 335,656 |
Series 2022-INV1, Class A2 | ||
3.00%, due 3/25/52 (h) | 1,653,764 | 1,378,374 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Mello Mortgage Capital Acceptance (a) (continued) | ||
Series 2021-INV2, Class A11 | ||
4.471% (SOFR 30A + 0.95%), due 8/25/51 (b) | $ 657,301 | $ 600,745 |
Series 2021-INV3, Class A11 | ||
4.471% (SOFR 30A + 0.95%), due 10/25/51 (b) | 818,197 | 747,798 |
New Residential Mortgage Loan Trust | ||
Series 2018-2A, Class A1 | ||
4.50%, due 2/25/58 (a)(h) | 146,211 | 140,387 |
OBX Trust (a)(h) | ||
Series 2021-INV3, Class A3 | ||
2.50%, due 10/25/51 | 402,335 | 322,952 |
Series 2022-INV1, Class A1 | ||
3.00%, due 12/25/51 | 1,853,763 | 1,547,386 |
Series 2022-INV1, Class A18 | ||
3.00%, due 12/25/51 | 786,248 | 624,852 |
Oceanview Mortgage Trust | ||
Series 2022-1, Class A1 | ||
3.00%, due 12/25/51 (a)(h) | 990,711 | 828,459 |
PRPM LLC (a)(c) | ||
Series 2021-9, Class A1 | ||
2.363%, due 10/25/26 | 812,037 | 731,005 |
Series 2021-10, Class A1 | ||
2.487%, due 10/25/26 | 937,365 | 866,717 |
Series 2020-4, Class A1 | ||
2.951%, due 10/25/25 | 577,336 | 556,997 |
Series 2022-2, Class A1 | ||
5.00%, due 3/25/27 | 1,436,920 | 1,358,865 |
RCKT Mortgage Trust | ||
Series 2021-3, Class A21 | ||
4.321% (SOFR 30A + 0.80%), due 7/25/51 (a)(b) | 591,971 | 536,983 |
Sequoia Mortgage Trust (a) | ||
Series 2013-5, Class A1 | ||
2.50%, due 5/25/43 (i) | 177,126 | 148,096 |
Series 2020-2, Class A19 | ||
3.50%, due 3/25/50 (h) | 62,762 | 52,038 |
Spruce Hill Mortgage Loan Trust (a)(h) | ||
Series 2020-SH1, Class A1 | ||
2.521%, due 1/28/50 | 8,647 | 8,539 |
Series 2020-SH1, Class A2 | ||
2.624%, due 1/28/50 | 48,419 | 47,796 |
UWM Mortgage Trust (a) | ||
Series 2021-INV4, Class A3 | ||
2.50%, due 12/25/51 (h) | 322,870 | 257,536 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
UWM Mortgage Trust (a) (continued) | ||
Series 2021-INV1, Class A9 | ||
4.421% (SOFR 30A + 0.90%), due 8/25/51 (b) | $ 789,633 | $ 716,456 |
37,058,250 | ||
Total Mortgage-Backed Securities (Cost $146,429,118) | 140,470,763 | |
U.S. Government & Federal Agencies 22.1% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 2.4% | ||
FHLMC Gold Pools, Other | ||
3.00%, due 6/1/43 | 10,123 | 9,088 |
3.50%, due 7/1/42 | 23,176 | 21,648 |
3.50%, due 8/1/42 | 25,861 | 24,167 |
3.50%, due 8/1/42 | 23,708 | 22,145 |
3.50%, due 2/1/43 | 122,893 | 114,800 |
3.50%, due 2/1/44 | 176,604 | 164,938 |
3.50%, due 1/1/47 | 50,445 | 47,158 |
4.50%, due 5/1/44 | 330,681 | 324,522 |
4.50%, due 3/1/50 | 464,975 | 441,488 |
UMBS Pool, 15 Year | ||
2.50%, due 12/1/33 | 842,621 | 787,893 |
2.50%, due 11/1/34 | 154,810 | 142,643 |
2.50%, due 11/1/34 | 211,646 | 194,854 |
3.00%, due 5/1/31 | 713,864 | 684,641 |
3.00%, due 9/1/32 | 160,864 | 153,069 |
3.00%, due 10/1/32 | 57,816 | 54,931 |
3.00%, due 1/1/33 | 97,842 | 93,111 |
3.00%, due 10/1/34 | 93,994 | 88,230 |
3.00%, due 10/1/34 | 205,186 | 192,558 |
UMBS Pool, 30 Year | ||
2.50%, due 8/1/50 | 67,223 | 58,085 |
2.50%, due 8/1/50 | 23,950 | 20,721 |
2.50%, due 9/1/50 | 126,690 | 109,703 |
2.50%, due 6/1/51 | 1,245,910 | 1,072,840 |
2.50%, due 11/1/51 | 922,340 | 793,138 |
2.50%, due 1/1/52 | 158,109 | 135,567 |
2.50%, due 1/1/52 | 257,134 | 220,477 |
2.50%, due 2/1/52 | 371,662 | 317,868 |
2.50%, due 3/1/52 | 55,437 | 47,414 |
3.00%, due 1/1/45 | 103,693 | 93,434 |
3.00%, due 4/1/47 | 13,744 | 12,227 |
3.00%, due 8/1/49 | 56,111 | 49,664 |
3.00%, due 12/1/49 | 61,622 | 54,571 |
3.00%, due 12/1/49 | 134,904 | 119,411 |
3.00%, due 2/1/52 | 210,373 | 186,433 |
20 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year (continued) | ||
3.00%, due 2/1/52 | $ 158,942 | $ 141,062 |
3.00%, due 3/1/52 | 220,972 | 196,000 |
3.50%, due 12/1/44 | 352,534 | 329,805 |
3.50%, due 7/1/46 | 90,280 | 84,182 |
3.50%, due 9/1/47 | 213,623 | 197,966 |
3.50%, due 12/1/47 | 716,440 | 665,740 |
3.50%, due 2/1/48 | 161,271 | 149,909 |
3.50%, due 3/1/50 | 3,068 | 2,811 |
3.50%, due 4/1/52 | 77,976 | 71,974 |
3.50%, due 4/1/52 | 68,313 | 63,055 |
3.50%, due 4/1/52 | 244,834 | 225,657 |
3.50%, due 4/1/52 | 235,167 | 216,679 |
3.50%, due 6/1/52 | 1,044,493 | 959,407 |
3.50%, due 7/1/52 | 3,820,399 | 3,508,370 |
4.00%, due 3/1/47 | 26,902 | 25,768 |
4.00%, due 3/1/48 | 118,029 | 113,919 |
4.00%, due 4/1/48 | 1,968 | 1,877 |
4.00%, due 4/1/48 | 175,516 | 168,671 |
4.00%, due 5/1/48 | 370,226 | 353,066 |
4.00%, due 11/1/48 | 33,392 | 31,839 |
4.00%, due 12/1/48 | 412,358 | 391,194 |
4.00%, due 3/1/50 | 405,804 | 386,341 |
4.00%, due 6/1/50 | 651,187 | 621,730 |
4.00%, due 10/1/50 | 118,404 | 112,240 |
4.00%, due 7/1/52 | 355,134 | 333,289 |
4.00%, due 8/1/52 | 404,724 | 379,730 |
4.50%, due 3/1/48 | 128,594 | 125,635 |
4.50%, due 12/1/48 | 174,471 | 173,699 |
4.50%, due 6/1/49 | 25,911 | 25,425 |
4.50%, due 7/1/49 | 229,758 | 224,580 |
4.50%, due 7/1/49 | 39,436 | 38,512 |
4.50%, due 8/1/49 | 201,330 | 196,937 |
4.50%, due 1/1/50 | 38,763 | 37,820 |
4.50%, due 1/1/50 | 136,890 | 133,741 |
4.50%, due 9/1/50 | 1,192,840 | 1,165,342 |
4.50%, due 3/1/52 | 17,980 | 17,312 |
4.50%, due 8/1/52 | 877,368 | 844,932 |
4.50%, due 8/1/52 | 4,032,100 | 3,884,862 |
4.50%, due 8/1/52 | 1,715,654 | 1,657,781 |
4.50%, due 10/1/52 | 560,797 | 547,431 |
5.00%, due 9/1/48 | 8,510 | 8,469 |
5.00%, due 8/1/52 | 904,016 | 908,183 |
5.00%, due 10/1/52 | 22,529 | 22,439 |
5.00%, due 10/1/52 | 744,283 | 741,283 |
5.00%, due 10/1/52 | 1,146,969 | 1,139,878 |
Principal Amount | Value | |
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) (continued) | ||
UMBS Pool, 30 Year (continued) | ||
5.50%, due 9/1/52 | $ 588,334 | $ 596,628 |
5.50%, due 11/1/52 | 2,598,322 | 2,641,481 |
6.00%, due 4/1/40 | 367,222 | 384,073 |
32,102,161 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 4.9% | ||
FNMA, Other | ||
3.00%, due 2/1/43 | 13,694 | 12,231 |
3.00%, due 5/1/43 | 70,432 | 62,910 |
3.00%, due 2/1/57 | 829,054 | 729,788 |
3.00%, due 6/1/57 | 13,025 | 11,466 |
3.50%, due 8/1/56 | 992,414 | 906,710 |
4.50%, due 6/1/45 | 120,262 | 118,020 |
4.50%, due 7/1/50 | 1,022,808 | 972,450 |
5.00%, due 7/1/44 | 202,491 | 203,533 |
UMBS, 15 Year | ||
2.50%, due 11/1/34 | 208,539 | 192,021 |
3.00%, due 10/1/34 | 86,947 | 81,588 |
3.00%, due 11/1/34 | 19,919 | 18,695 |
3.00%, due 12/1/34 | 20,886 | 19,602 |
UMBS, 30 Year | ||
2.50%, due 8/1/50 | 137,342 | 118,372 |
2.50%, due 8/1/50 | 4,065,775 | 3,505,764 |
2.50%, due 1/1/52 | 815,241 | 697,246 |
2.50%, due 2/1/52 | 4,025,185 | 3,442,572 |
2.50%, due 3/1/52 | 596,165 | 510,518 |
2.50%, due 3/1/52 | 1,620,472 | 1,385,912 |
2.50%, due 3/1/52 | 46,423 | 39,805 |
2.50%, due 3/1/52 | 134,465 | 114,845 |
2.50%, due 3/1/52 | 113,661 | 97,210 |
2.50%, due 3/1/52 | 1,656,000 | 1,416,303 |
2.50%, due 3/1/52 | 143,682 | 122,885 |
3.00%, due 1/1/43 | 44,931 | 40,882 |
3.00%, due 1/1/46 | 2,098 | 1,881 |
3.00%, due 9/1/46 | 724,289 | 659,086 |
3.00%, due 2/1/47 | 5,853,945 | 5,326,942 |
3.00%, due 3/1/47 | 441,655 | 395,724 |
3.00%, due 8/1/49 | 165,258 | 146,299 |
3.00%, due 9/1/49 | 37,272 | 33,603 |
3.00%, due 12/1/51 | 7,261,286 | 6,411,315 |
3.00%, due 3/1/52 | 795,014 | 704,548 |
3.00%, due 4/1/52 | 672,501 | 596,158 |
3.00%, due 4/1/52 | 590,682 | 522,940 |
3.50%, due 12/1/45 | 82,306 | 76,597 |
3.50%, due 7/1/46 | 266,013 | 247,083 |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
3.50%, due 3/1/47 | $ 72,085 | $ 66,992 |
3.50%, due 7/1/47 | 63,875 | 59,382 |
3.50%, due 8/1/47 | 85,002 | 78,838 |
3.50%, due 8/1/47 | 75,360 | 70,723 |
3.50%, due 12/1/47 | 21,965 | 20,603 |
3.50%, due 12/1/47 | 34,715 | 32,579 |
3.50%, due 1/1/48 | 205,629 | 192,069 |
3.50%, due 3/1/48 | 34,040 | 31,945 |
3.50%, due 7/1/48 | 1,631,777 | 1,514,968 |
3.50%, due 12/1/49 | 2,032,992 | 1,879,154 |
3.50%, due 3/1/52 | 1,131,165 | 1,039,263 |
3.50%, due 4/1/52 | 118,394 | 109,794 |
3.50%, due 4/1/52 | 325,992 | 300,899 |
3.50%, due 4/1/52 | 576,145 | 531,016 |
3.50%, due 4/1/52 | 94,771 | 87,446 |
3.50%, due 4/1/52 | 197,518 | 182,102 |
3.50%, due 4/1/52 | 434,580 | 400,529 |
3.50%, due 5/1/52 | 336,623 | 310,160 |
3.50%, due 5/1/52 | 527,242 | 484,180 |
3.50%, due 6/1/52 | 1,814,606 | 1,671,951 |
3.50%, due 6/1/52 | 1,050,842 | 969,631 |
3.50%, due 7/1/52 | 262,713 | 241,760 |
3.50%, due 7/1/52 | 2,347,517 | 2,155,778 |
3.50%, due 7/1/52 | 96,123 | 88,694 |
3.50%, due 8/1/52 | 173,692 | 159,838 |
3.50%, due 8/1/52 | 469,749 | 430,973 |
4.00%, due 10/1/47 | 258,470 | 246,691 |
4.00%, due 1/1/48 | 437,357 | 422,127 |
4.00%, due 1/1/48 | 761,147 | 731,464 |
4.00%, due 3/1/48 | 130,801 | 126,246 |
4.00%, due 7/1/48 | 318,411 | 302,927 |
4.00%, due 10/1/48 | 123,734 | 117,979 |
4.00%, due 11/1/48 | 370,011 | 352,445 |
4.00%, due 12/1/48 | 59,037 | 56,292 |
4.00%, due 2/1/49 | 110,814 | 105,661 |
4.00%, due 6/1/49 | 49,541 | 47,153 |
4.00%, due 11/1/49 | 799,501 | 758,948 |
4.00%, due 11/1/49 | 71,159 | 67,786 |
4.00%, due 3/1/50 | 241,125 | 228,894 |
4.00%, due 3/1/50 | 631,820 | 598,894 |
4.00%, due 3/1/50 | 1,164,831 | 1,110,698 |
4.00%, due 9/1/50 | 1,333,212 | 1,261,253 |
4.00%, due 10/1/50 | 1,281,860 | 1,217,522 |
4.00%, due 3/1/51 | 3,274,215 | 3,105,376 |
4.00%, due 3/1/51 | 31,009 | 29,474 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 3/1/51 | $ 63,623 | $ 60,365 |
4.00%, due 10/1/51 | 458,329 | 435,727 |
4.00%, due 4/1/52 | 488,448 | 462,537 |
4.00%, due 6/1/52 | 369,644 | 347,155 |
4.00%, due 6/1/52 | 99,038 | 92,946 |
4.00%, due 7/1/52 | 158,003 | 148,283 |
4.50%, due 11/1/42 | 57,013 | 56,519 |
4.50%, due 10/1/44 | 175,205 | 172,970 |
4.50%, due 3/1/45 | 268,166 | 264,745 |
4.50%, due 2/1/46 | 291,481 | 288,954 |
4.50%, due 3/1/48 | 146,099 | 143,227 |
4.50%, due 6/1/48 | 275,573 | 269,361 |
4.50%, due 8/1/48 | 82,696 | 80,746 |
4.50%, due 6/1/49 | 25,943 | 25,368 |
4.50%, due 8/1/49 | 35,570 | 34,750 |
4.50%, due 1/1/50 | 635,909 | 623,512 |
4.50%, due 1/1/50 | 49,819 | 48,490 |
4.50%, due 10/1/50 | 790,992 | 773,680 |
4.50%, due 4/1/52 | 21,369 | 20,570 |
4.50%, due 4/1/52 | 41,806 | 40,449 |
4.50%, due 4/1/52 | 72,890 | 70,506 |
4.50%, due 4/1/52 | 94,709 | 91,662 |
4.50%, due 4/1/52 | 33,186 | 31,953 |
4.50%, due 4/1/52 | 37,940 | 36,530 |
4.50%, due 5/1/52 | 115,635 | 111,855 |
4.50%, due 7/1/52 | 470,174 | 452,830 |
4.50%, due 8/1/52 | 1,814,326 | 1,748,075 |
4.50%, due 11/1/52 | 1,066,281 | 1,040,032 |
4.50%, due 12/1/52 | 572,655 | 552,852 |
5.00%, due 5/1/48 | 109,539 | 109,500 |
5.00%, due 10/1/52 | 166,850 | 166,177 |
5.00%, due 10/1/52 | 373,247 | 371,742 |
5.00%, due 11/1/52 | 927,980 | 924,240 |
5.50%, due 9/1/52 | 2,303,255 | 2,314,769 |
5.50%, due 10/1/52 | 385,476 | 391,361 |
5.50%, due 11/1/52 | 842,172 | 856,438 |
6.00%, due 2/1/37 | 22,268 | 23,285 |
67,626,762 | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) 0.4% | ||
GNMA I, 30 Year | ||
4.00%, due 1/15/45 | 412,652 | 399,709 |
4.50%, due 8/15/46 | 439,919 | 437,117 |
GNMA I, Single Family, 30 Year | ||
4.00%, due 7/15/47 | 292,769 | 279,363 |
22 | MainStay VP Janus Henderson Balanced Portfolio |
Principal Amount | Value | |
U.S. Government & Federal Agencies (continued) | ||
Government National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
GNMA I, Single Family, 30 Year (continued) | ||
4.00%, due 8/15/47 | $ 33,614 | $ 32,739 |
4.00%, due 11/15/47 | 23,995 | 23,439 |
4.00%, due 12/15/47 | 68,162 | 65,513 |
GNMA II, Single Family, 30 Year | ||
3.00%, due 7/20/51 | 1,413,284 | 1,264,696 |
3.00%, due 8/20/51 | 3,218,691 | 2,881,487 |
4.00%, due 8/20/47 | 20,484 | 19,566 |
4.00%, due 8/20/47 | 51,736 | 49,155 |
4.00%, due 8/20/47 | 16,389 | 15,635 |
4.00%, due 6/20/48 | 197,477 | 188,613 |
4.50%, due 2/20/48 | 41,676 | 41,033 |
4.50%, due 5/20/48 | 34,798 | 33,836 |
4.50%, due 5/20/48 | 92,571 | 90,264 |
5.00%, due 8/20/48 | 236,639 | 235,932 |
6,058,097 | ||
United States Treasury Bonds 5.5% | ||
U.S. Treasury Bonds | ||
1.75%, due 8/15/41 | 8,134,000 | 5,566,389 |
2.00%, due 11/15/41 | 6,166,000 | 4,402,668 |
2.375%, due 2/15/42 | 15,954,000 | 12,181,128 |
3.00%, due 8/15/52 | 32,713,000 | 26,952,445 |
4.00%, due 11/15/42 (f) | 26,321,000 | 25,769,904 |
74,872,534 | ||
United States Treasury Notes 8.9% | ||
U.S. Treasury Notes | ||
0.875%, due 6/30/26 | 6,560,000 | 5,866,075 |
1.125%, due 8/31/28 | 8,178,100 | 6,982,692 |
3.00%, due 7/15/25 | 2,161,000 | 2,093,131 |
3.875%, due 11/30/27 (f) | 32,639,600 | 32,461,102 |
3.875%, due 11/30/29 | 6,999,000 | 6,951,976 |
4.125%, due 9/30/27 | 11,805,500 | 11,849,771 |
4.125%, due 10/31/27 | 17,329,800 | 17,393,433 |
4.125%, due 11/15/32 | 30,070,000 | 30,685,495 |
4.25%, due 9/30/24 | 3,811,000 | 3,791,498 |
Principal Amount | Value | |
United States Treasury Notes (continued) | ||
U.S. Treasury Notes (continued) | ||
4.25%, due 10/15/25 | $ 2,278,000 | $ 2,276,220 |
4.50%, due 11/15/25 | 1,702,000 | 1,712,239 |
122,063,632 | ||
Total U.S. Government & Federal Agencies (Cost $317,892,834) | 302,723,186 | |
Total Long-Term Bonds (Cost $630,357,979) | 592,079,982 | |
Shares | ||
Common Stocks 56.4% | ||
Aerospace & Defense 1.2% | ||
General Dynamics Corp. | 45,706 | 11,340,116 |
L3Harris Technologies, Inc. | 26,703 | 5,559,831 |
16,899,947 | ||
Air Freight & Logistics 1.4% | ||
United Parcel Service, Inc., Class B | 109,150 | 18,974,636 |
Banks 2.3% | ||
Bank of America Corp. | 474,072 | 15,701,264 |
JPMorgan Chase & Co. | 114,317 | 15,329,910 |
31,031,174 | ||
Beverages 1.3% | ||
Constellation Brands, Inc., Class A | 24,696 | 5,723,298 |
Monster Beverage Corp. (j) | 124,341 | 12,624,342 |
18,347,640 | ||
Biotechnology 1.3% | ||
AbbVie, Inc. | 113,574 | 18,354,694 |
Building Products 0.4% | ||
Trane Technologies plc | 34,427 | 5,786,834 |
Capital Markets 2.7% | ||
Charles Schwab Corp. (The) | 78,481 | 6,534,328 |
CME Group, Inc. | 52,414 | 8,813,938 |
Goldman Sachs Group, Inc. (The) | 21,532 | 7,393,658 |
Morgan Stanley | 158,766 | 13,498,286 |
36,240,210 | ||
Chemicals 0.9% | ||
Corteva, Inc. | 122,408 | 7,195,142 |
Shares | Value | |
Common Stocks (continued) | ||
Chemicals (continued) | ||
Sherwin-Williams Co. (The) | 19,911 | $ 4,725,478 |
11,920,620 | ||
Consumer Finance 1.0% | ||
American Express Co. | 94,212 | 13,919,823 |
Electrical Equipment 0.3% | ||
Rockwell Automation, Inc. | 16,889 | 4,350,100 |
Electronic Equipment, Instruments & Components 0.7% | ||
Corning, Inc. | 85,781 | 2,739,845 |
TE Connectivity Ltd. | 58,306 | 6,693,529 |
9,433,374 | ||
Entertainment 0.8% | ||
Walt Disney Co. (The) (j) | 119,754 | 10,404,227 |
Food & Staples Retailing 1.2% | ||
Costco Wholesale Corp. | 18,272 | 8,341,168 |
Sysco Corp. | 112,025 | 8,564,311 |
16,905,479 | ||
Food Products 0.6% | ||
Hershey Co. (The) | 32,475 | 7,520,236 |
Health Care Equipment & Supplies 2.1% | ||
Abbott Laboratories | 109,080 | 11,975,893 |
Edwards Lifesciences Corp. (j) | 44,095 | 3,289,928 |
Intuitive Surgical, Inc. (j) | 15,994 | 4,244,008 |
Medtronic plc | 42,721 | 3,320,276 |
Stryker Corp. | 23,974 | 5,861,403 |
28,691,508 | ||
Health Care Providers & Services 2.2% | ||
UnitedHealth Group, Inc. | 57,436 | 30,451,418 |
Hotels, Restaurants & Leisure 3.4% | ||
Booking Holdings, Inc. (j) | 3,015 | 6,076,069 |
Hilton Worldwide Holdings, Inc. | 94,102 | 11,890,729 |
McDonald's Corp. | 63,319 | 16,686,456 |
Starbucks Corp. | 115,492 | 11,456,806 |
46,110,060 | ||
Household Products 0.9% | ||
Procter & Gamble Co. (The) | 84,947 | 12,874,567 |
Shares | Value | |
Industrial Conglomerates 0.8% | ||
Honeywell International, Inc. | 51,811 | $ 11,103,097 |
Insurance 1.4% | ||
Progressive Corp. (The) | 150,253 | 19,489,317 |
Interactive Media & Services 1.9% | ||
Alphabet, Inc., Class C (j) | 295,503 | 26,219,981 |
Internet & Direct Marketing Retail 0.8% | ||
Amazon.com, Inc. (j) | 122,123 | 10,258,332 |
IT Services 3.3% | ||
Accenture plc, Class A | 46,122 | 12,307,195 |
Cognizant Technology Solutions Corp., Class A | 90,102 | 5,152,933 |
Mastercard, Inc., Class A | 81,401 | 28,305,570 |
45,765,698 | ||
Leisure Products 0.3% | ||
Hasbro, Inc. | 65,963 | 4,024,403 |
Life Sciences Tools & Services 1.0% | ||
Thermo Fisher Scientific, Inc. | 25,682 | 14,142,821 |
Machinery 1.7% | ||
Deere & Co. | 42,669 | 18,294,760 |
Parker-Hannifin Corp. | 16,279 | 4,737,189 |
23,031,949 | ||
Media 1.1% | ||
Comcast Corp., Class A | 429,572 | 15,022,133 |
Multiline Retail 0.9% | ||
Dollar General Corp. | 51,521 | 12,687,046 |
Oil, Gas & Consumable Fuels 1.2% | ||
Chevron Corp. | 14,093 | 2,529,553 |
ConocoPhillips | 121,123 | 14,292,514 |
16,822,067 | ||
Personal Products 0.2% | ||
Estee Lauder Cos., Inc. (The), Class A | 9,988 | 2,478,123 |
Pharmaceuticals 3.1% | ||
Eli Lilly and Co. | 54,749 | 20,029,374 |
Merck & Co., Inc. | 145,867 | 16,183,944 |
24 | MainStay VP Janus Henderson Balanced Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Pharmaceuticals (continued) | ||
Zoetis, Inc. | 41,086 | $ 6,021,153 |
42,234,471 | ||
Real Estate Management & Development 0.3% | ||
CBRE Group, Inc., Class A (j) | 43,506 | 3,348,222 |
Road & Rail 0.2% | ||
Union Pacific Corp. | 14,678 | 3,039,373 |
Semiconductors & Semiconductor Equipment 3.4% | ||
Advanced Micro Devices, Inc. (j) | 75,205 | 4,871,028 |
KLA Corp. | 14,689 | 5,538,194 |
Lam Research Corp. | 34,350 | 14,437,305 |
NVIDIA Corp. | 76,818 | 11,226,182 |
Texas Instruments, Inc. | 61,440 | 10,151,117 |
46,223,826 | ||
Software 4.4% | ||
Cadence Design Systems, Inc. (j) | 17,769 | 2,854,412 |
Microsoft Corp. | 238,453 | 57,185,799 |
60,040,211 | ||
Specialty Retail 1.9% | ||
Home Depot, Inc. (The) | 44,931 | 14,191,906 |
TJX Cos., Inc. (The) | 143,764 | 11,443,614 |
25,635,520 | ||
Technology Hardware, Storage & Peripherals 2.6% | ||
Apple, Inc. | 277,647 | 36,074,675 |
Textiles, Apparel & Luxury Goods 1.2% | ||
NIKE, Inc., Class B | 134,681 | 15,759,024 |
Total Common Stocks (Cost $569,020,353) | 771,616,836 | |
Short-Term Investments 5.7% | ||
Affiliated Investment Company 5.2% | ||
MainStay U.S. Government Liquidity Fund, 3.602% (k)(l) | 71,692,700 | 71,692,700 |
Shares | Value | ||
Unaffiliated Investment Company 0.5% | |||
Invesco Government and Agency Portfolio, 4.301% (l)(m) | 6,410,291 | $ 6,410,291 | |
Total Short-Term Investments (Cost $78,102,991) | 78,102,991 | ||
Total Investments (Cost $1,277,481,323) | 105.3% | 1,441,799,809 | |
Other Assets, Less Liabilities | (5.3) | (71,999,019) | |
Net Assets | 100.0% | $ 1,369,800,790 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(c) | Step coupon—Rate shown was the rate in effect as of December 31, 2022. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $32,007,638; the total market value of collateral held by the Portfolio was $33,055,203. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $26,644,912. The Portfolio received cash collateral with a value of $6,410,291. (See Note 2(G)) |
(g) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of December 31, 2022, the total net market value was $67,472,705, which represented 4.9% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(h) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2022. |
(i) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of December 31, 2022. |
(j) | Non-income producing security. |
(k) | As of December 31, 2022, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's share class. |
(l) | Current yield as of December 31, 2022. |
(m) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 63,091 | $ 447,669 | $ (439,067) | $ — | $ — | $ 71,693 | $ 1,046 | $ — | 71,693 |
Abbreviation(s): |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
TBA—To Be Announced |
UMBS—Uniform Mortgage Backed Securities |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 41,051,554 | $ — | $ 41,051,554 | |||
Corporate Bonds | — | 107,834,479 | — | 107,834,479 | |||
Mortgage-Backed Securities | — | 140,470,763 | — | 140,470,763 | |||
U.S. Government & Federal Agencies | — | 302,723,186 | — | 302,723,186 | |||
Total Long-Term Bonds | — | 592,079,982 | — | 592,079,982 | |||
Common Stocks | 771,616,836 | — | — | 771,616,836 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 71,692,700 | — | — | 71,692,700 | |||
Unaffiliated Investment Company | 6,410,291 | — | — | 6,410,291 | |||
Total Short-Term Investments | 78,102,991 | — | — | 78,102,991 | |||
Total Investments in Securities | $ 849,719,827 | $ 592,079,982 | $ — | $ 1,441,799,809 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
26 | MainStay VP Janus Henderson Balanced Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $1,205,788,623) including securities on loan of $32,007,638 | $1,370,107,109 |
Investment in affiliated investment companies, at value (identified cost $71,692,700) | 71,692,700 |
Cash | 23,105 |
Receivables: | |
Dividends and interest | 4,094,418 |
Portfolio shares sold | 357,291 |
Securities lending | 50,964 |
Other assets | 7,433 |
Total assets | 1,446,333,020 |
Liabilities | |
Cash collateral received for securities on loan | 6,410,291 |
Payables: | |
Investment securities purchased | 68,644,348 |
Manager (See Note 3) | 643,945 |
Portfolio shares redeemed | 486,449 |
NYLIFE Distributors (See Note 3) | 220,928 |
Shareholder communication | 52,414 |
Professional fees | 47,504 |
Custodian | 19,648 |
Accrued expenses | 6,703 |
Total liabilities | 76,532,230 |
Net assets | $1,369,800,790 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 106,427 |
Additional paid-in-capital | 1,132,281,598 |
1,132,388,025 | |
Total distributable earnings (loss) | 237,412,765 |
Net assets | $1,369,800,790 |
Initial Class | |
Net assets applicable to outstanding shares | $ 348,494,778 |
Shares of beneficial interest outstanding | 26,906,704 |
Net asset value per share outstanding | $ 12.95 |
Service Class | |
Net assets applicable to outstanding shares | $1,021,306,012 |
Shares of beneficial interest outstanding | 79,520,256 |
Net asset value per share outstanding | $ 12.84 |
Investment Income (Loss) | |
Income | |
Interest | $ 17,042,974 |
Dividends-unaffiliated | 11,239,330 |
Dividends-affiliated | 1,045,697 |
Securities lending, net | 123,201 |
Total income | 29,451,202 |
Expenses | |
Manager (See Note 3) | 7,962,983 |
Distribution/Service—Service Class (See Note 3) | 2,718,853 |
Professional fees | 156,354 |
Custodian | 129,705 |
Shareholder communication | 80,905 |
Trustees | 32,076 |
Miscellaneous | 42,586 |
Total expenses | 11,123,462 |
Net investment income (loss) | 18,327,740 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | 56,703,333 |
Net change in unrealized appreciation (depreciation) on unaffiliated investments | (356,411,959) |
Net realized and unrealized gain (loss) | (299,708,626) |
Net increase (decrease) in net assets resulting from operations | $(281,380,886) |
28 | MainStay VP Janus Henderson Balanced Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 18,327,740 | $ 13,273,610 |
Net realized gain (loss) | 56,703,333 | 105,512,557 |
Net change in unrealized appreciation (depreciation) | (356,411,959) | 132,255,579 |
Net increase (decrease) in net assets resulting from operations | (281,380,886) | 251,041,746 |
Distributions to shareholders: | ||
Initial Class | (30,995,228) | (19,693,563) |
Service Class | (87,814,323) | (51,382,048) |
Total distributions to shareholders | (118,809,551) | (71,075,611) |
Capital share transactions: | ||
Net proceeds from sales of shares | 160,730,282 | 200,068,355 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 118,809,551 | 71,075,611 |
Cost of shares redeemed | (215,614,470) | (203,969,824) |
Increase (decrease) in net assets derived from capital share transactions | 63,925,363 | 67,174,142 |
Net increase (decrease) in net assets | (336,265,074) | 247,140,277 |
Net Assets | ||
Beginning of year | 1,706,065,864 | 1,458,925,587 |
End of year | $1,369,800,790 | $1,706,065,864 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 17.04 | $ 15.21 | $ 14.04 | $ 12.31 | $ 13.18 | ||||
Net investment income (loss) (a) | 0.21 | 0.17 | 0.22 | 0.27 | 0.26 | ||||
Net realized and unrealized gain (loss) | (3.06) | 2.42 | 1.74 | 2.48 | (0.14) | ||||
Total from investment operations | (2.85) | 2.59 | 1.96 | 2.75 | 0.12 | ||||
Less distributions: | |||||||||
From net investment income | (0.17) | (0.22) | (0.27) | (0.25) | (0.25) | ||||
From net realized gain on investments | (1.07) | (0.54) | (0.52) | (0.77) | (0.74) | ||||
Total distributions | (1.24) | (0.76) | (0.79) | (1.02) | (0.99) | ||||
Net asset value at end of year | $ 12.95 | $ 17.04 | $ 15.21 | $ 14.04 | $ 12.31 | ||||
Total investment return (b) | (16.39)% | 17.35% | 14.32% | 22.93% | 0.42% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.43% | 1.03% | 1.57% | 2.01% | 1.93% | ||||
Net expenses (c) | 0.57% | 0.57% | 0.58% | 0.58% | 0.58% | ||||
Expenses (before waiver/reimbursement) (c) | 0.57% | 0.57% | 0.58% | 0.58% | 0.58%(d) | ||||
Portfolio turnover rate | 197% | 103%(e) | 106%(e) | 98%(e) | 132%(e) | ||||
Net assets at end of year (in 000's) | $ 348,495 | $ 453,022 | $ 416,712 | $ 404,231 | $ 371,106 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
(e) | The portfolio turnover rate not including mortgage dollar rolls were 60%, 95%, 93% and 103% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 16.90 | $ 15.10 | $ 13.94 | $ 12.24 | $ 13.11 | ||||
Net investment income (loss) (a) | 0.17 | 0.12 | 0.18 | 0.24 | 0.22 | ||||
Net realized and unrealized gain (loss) | (3.03) | 2.41 | 1.74 | 2.45 | (0.13) | ||||
Total from investment operations | (2.86) | 2.53 | 1.92 | 2.69 | 0.09 | ||||
Less distributions: | |||||||||
From net investment income | (0.13) | (0.19) | (0.24) | (0.22) | (0.22) | ||||
From net realized gain on investments | (1.07) | (0.54) | (0.52) | (0.77) | (0.74) | ||||
Total distributions | (1.20) | (0.73) | (0.76) | (0.99) | (0.96) | ||||
Net asset value at end of year | $ 12.84 | $ 16.90 | $ 15.10 | $ 13.94 | $ 12.24 | ||||
Total investment return (b) | (16.60)% | 17.06% | 14.03% | 22.62% | 0.17% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.18% | 0.77% | 1.31% | 1.76% | 1.69% | ||||
Net expenses (c) | 0.82% | 0.82% | 0.83% | 0.83% | 0.83% | ||||
Expenses (before waiver/reimbursement) (c) | 0.82% | 0.82% | 0.83% | 0.83% | 0.83%(d) | ||||
Portfolio turnover rate | 197% | 103%(e) | 106%(e) | 98%(e) | 132%(e) | ||||
Net assets at end of year (in 000's) | $ 1,021,306 | $ 1,253,044 | $ 1,042,214 | $ 919,661 | $ 748,653 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Expense waiver/reimbursement less than 0.01%. |
(e) | The portfolio turnover rate not including mortgage dollar rolls were 60%, 95%, 93% and 103% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
30 | MainStay VP Janus Henderson Balanced Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
32 | MainStay VP Janus Henderson Balanced Portfolio |
34 | MainStay VP Janus Henderson Balanced Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,279,450,170 | $222,496,542 | $(60,146,903) | $162,349,639 |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$18,438,809 | $56,624,317 | $— | $162,349,639 | $237,412,765 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $ 19,906,699 | $34,359,548 |
Long-Term Capital Gains | 98,902,852 | 36,716,063 |
Total | $118,809,551 | $71,075,611 |
36 | MainStay VP Janus Henderson Balanced Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 486,758 | $ 7,148,243 |
Shares issued to shareholders in reinvestment of distributions | 2,496,394 | 30,995,228 |
Shares redeemed | (2,663,843) | (38,681,553) |
Net increase (decrease) | 319,309 | $ (538,082) |
Year ended December 31, 2021: | ||
Shares sold | 572,943 | $ 9,276,043 |
Shares issued to shareholders in reinvestment of distributions | 1,225,913 | 19,693,563 |
Shares redeemed | (2,609,368) | (42,369,071) |
Net increase (decrease) | (810,512) | $ (13,399,465) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 10,549,192 | $ 153,582,039 |
Shares issued to shareholders in reinvestment of distributions | 7,128,654 | 87,814,323 |
Shares redeemed | (12,295,154) | (176,932,917) |
Net increase (decrease) | 5,382,692 | $ 64,463,445 |
Year ended December 31, 2021: | ||
Shares sold | 11,911,903 | $ 190,792,312 |
Shares issued to shareholders in reinvestment of distributions | 3,222,617 | 51,382,048 |
Shares redeemed | (10,018,242) | (161,600,753) |
Net increase (decrease) | 5,116,278 | $ 80,573,607 |
MainStay VP Janus Henderson Balanced Portfolio
New York, New York
February 24, 2023
38 | MainStay VP Janus Henderson Balanced Portfolio |
40 | MainStay VP Janus Henderson Balanced Portfolio |
42 | MainStay VP Janus Henderson Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
44 | MainStay VP Janus Henderson Balanced Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
46 | MainStay VP Janus Henderson Balanced Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015923 | MSVPJB11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/2/2005 | -1.25% | 2.61% | 3.10% | 0.64% |
Service Class Shares | 5/2/2005 | -1.49 | 2.35 | 2.84 | 0.89 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Morningstar LSTA US Leveraged Loan Index1 | -0.60% | 3.31% | 3.67% |
Morningstar Bank Loan Category Average2 | -2.62 | 1.91 | 2.68 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Morningstar LSTA US Leveraged Loan Index is the Portfolio's benchmark. The Morningstar LSTA US Leveraged Loan Index is a broad-based index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market. |
2. | The Morningstar Bank Loan Category Average is representative of funds that invest in floating-rate bank loans instead of bonds. In exchange for their credit risk, these loans offer high interest payments that typically float above a common short-term benchmark. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,041.60 | $3.24 | $1,022.03 | $3.21 | 0.63% |
Service Class Shares | $1,000.00 | $1,040.30 | $4.53 | $1,020.77 | $4.48 | 0.88% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Floating Rate Portfolio |
Electronics | 6.8% |
Finance | 6.3 |
Healthcare, Education & Childcare | 5.1 |
Chemicals, Plastics & Rubber | 5.0 |
Services: Business | 4.5 |
Hotels, Motels, Inns & Gaming | 3.9 |
Insurance | 3.9 |
Software | 3.8 |
Telecommunications | 3.6 |
Aerospace & Defense | 3.6 |
Containers, Packaging & Glass | 2.9 |
Utilities | 2.6 |
Diversified/Conglomerate Manufacturing | 2.5 |
Broadcasting & Entertainment | 2.3 |
Manufacturing | 2.2 |
Buildings & Real Estate | 2.1 |
Media | 1.9 |
Healthcare | 1.9 |
High Tech Industries | 1.9 |
Diversified/Conglomerate Service | 1.8 |
Personal, Food & Miscellaneous Services | 1.7 |
Beverage, Food & Tobacco | 1.7 |
Oil & Gas | 1.6 |
Automobile | 1.5 |
Entertainment | 1.5 |
Leisure, Amusement, Motion Pictures & Entertainment | 1.4 |
Retail Store | 1.3 |
Personal & Nondurable Consumer Products | 1.3 |
Mining, Steel, Iron & Non–Precious Metals | 1.1 |
Banking | 1.1 |
Healthcare & Pharmaceuticals | 1.1 |
Commercial Services | 1.0 |
Diversified Financial Services | 1.0 |
Retail | 0.8 |
Personal & Nondurable Consumer Products (Manufacturing Only) | 0.7 |
Machinery (Non–Agriculture, Non–Construct & Non–Electronic) | 0.7 |
Printing & Publishing | 0.7 |
Auto Manufacturers | 0.5 |
Personal Transportation | 0.4% |
Cargo Transport | 0.3 |
Water | 0.3 |
Packaging | 0.3 |
Hotel, Gaming & Leisure | 0.3 |
Environmental Control | 0.3 |
Affiliated Investment Company | 0.2 |
Ecological | 0.2 |
Pharmaceuticals | 0.2 |
Consumer Durables | 0.2 |
Chemicals | 0.2 |
Electric | 0.2 |
Packaging & Containers | 0.2 |
Animal Food | 0.1 |
Energy (Electricity) | 0.1 |
Capital Equipment | 0.1 |
Food | 0.1 |
Distribution & Wholesale | 0.1 |
Real Estate Investment Trusts | 0.1 |
Real Estate | 0.1 |
Airlines | 0.1 |
Internet | 0.1 |
Home and Office Furnishings, Housewares & Durable Consumer Products | 0.0‡ |
Healthcare–Services | 0.0‡ |
Lodging | 0.0‡ |
Iron & Steel | 0.0‡ |
Machinery–Diversified | 0.0‡ |
Building Materials | 0.0‡ |
Oil & Gas Services | 0.0‡ |
Healthcare–Products | 0.0‡ |
Health Care Equipment & Supplies | 0.0‡ |
Machinery | 0.0‡ |
Independent Power and Renewable Electricity Producers | 0.0‡ |
Auto Components | 0.0‡ |
Capital Markets | 0.0‡ |
Short–Term Investments | 6.4 |
Other Assets, Less Liabilities | 0.1 |
100.0% |
1. | Gen Digital, Inc., 6.423%-6.75%, due 9/30/27–9/12/29 |
2. | Sunshine Luxembourg VII SARL, 8.48%, due 10/1/26 |
3. | UKG, Inc., 6.998%-8.998%, due 5/4/26–5/3/27 |
4. | Peraton Corp., 8.134%, due 2/1/28 |
5. | Great Outdoors Group LLC, 8.134%, due 3/6/28 |
6. | Bombardier Recreational Products, Inc., 6.384%-7.898%, due 5/24/27–12/13/29 |
7. | IRB Holding Corp., 7.00%-7.317%, due 2/5/25–12/15/27 |
8. | Prime Security Services Borrower LLC, 6.25%-6.505%, due 9/23/26–1/15/28 |
9. | MH Sub I LLC, 8.134%, due 9/13/24 |
10. | Asurion LLC, 7.384%-9.634%, due 11/3/24–1/20/29 |
8 | MainStay VP Floating Rate Portfolio |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | An obligation rated ‘BB’ by Standard & Poor’s (“S&P”) is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. An obligation rated ‘CCC’ by S&P is deemed by S&P to be currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. It is the opinion of S&P that in the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. When applied to Portfolio holdings, ratings are based solely on the creditworthiness of the bonds in the Portfolio and are not meant to represent the security or safety of the Portfolio. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
4. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
5. | LIBOR is a composite of interest rates at which banks borrow from one another in the London market, and it is a widely used benchmark for short-term interest rates. |
6. | SOFR is a secured, interbank overnight interest rate established as an alternative to LIBOR. |
10 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Long-Term Bonds 93.3% | ||
Asset-Backed Securities 1.0% | ||
Other Asset-Backed Securities 1.0% | ||
Ballyrock CLO 21 Ltd. (a)(b) | ||
Series 2022-21A, Class A2A | ||
7.192% (3 Month SOFR + 2.80%), due 10/20/35 | $ 900,000 | $ 889,627 |
Series 2022-21A, Class C | ||
9.712% (3 Month SOFR + 5.32%), due 10/20/35 | 1,000,000 | 989,491 |
Danby Park CLO Ltd. (a)(b) | ||
Series 2022-1A, Class B | ||
7.048% (3 Month SOFR + 2.95%), due 10/21/35 | 1,000,000 | 981,822 |
Series 2022-1A, Class D | ||
9.428% (3 Month SOFR + 5.33%), due 10/21/35 | 1,000,000 | 982,637 |
Neuberger Berman Loan Advisers CLO 51 Ltd. (a)(b) | ||
Series 2022-51A, Class B | ||
6.249% (3 Month SOFR + 3.05%), due 10/23/35 | 750,000 | 747,608 |
Series 2022-51A, Class D | ||
8.899% (3 Month SOFR + 5.70%), due 10/23/35 | 750,000 | 742,919 |
Sixth Street CLO XXI Ltd. (a)(b) | ||
Series 2022-21A, Class B | ||
7.036% (3 Month SOFR + 3.00%), due 10/15/35 | 1,500,000 | 1,478,760 |
Series 2022-21A, Class D | ||
9.136% (3 Month SOFR + 5.10%), due 10/15/35 | 1,071,000 | 1,045,406 |
Total Asset-Backed Securities (Cost $7,948,827) | 7,858,270 | |
Corporate Bonds 3.2% | ||
Aerospace & Defense 0.2% | ||
Howmet Aerospace, Inc. | ||
6.875%, due 5/1/25 | 200,000 | 205,234 |
Spirit AeroSystems, Inc. (a) | ||
7.50%, due 4/15/25 | 900,000 | 889,344 |
9.375%, due 11/30/29 | 250,000 | 263,175 |
1,357,753 | ||
Airlines 0.1% | ||
United Airlines, Inc. (a) | ||
4.375%, due 4/15/26 | 200,000 | 185,385 |
4.625%, due 4/15/29 | 600,000 | 522,418 |
707,803 |
Principal Amount | Value | |
Auto Manufacturers 0.5% | ||
Ford Motor Co. | ||
6.10%, due 8/19/32 | $ 2,100,000 | $ 1,939,051 |
Ford Motor Credit Co. LLC | ||
7.35%, due 11/4/27 | 2,000,000 | 2,049,400 |
3,988,451 | ||
Building Materials 0.0% ‡ | ||
Koppers, Inc. | ||
6.00%, due 2/15/25 (a) | 500,000 | 475,000 |
Chemicals 0.1% | ||
ASP Unifrax Holdings, Inc. | ||
5.25%, due 9/30/28 (a) | 330,000 | 265,540 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (a) | 350,000 | 296,625 |
WR Grace Holdings LLC | ||
5.625%, due 8/15/29 (a) | 300,000 | 242,181 |
804,346 | ||
Commercial Services 0.3% | ||
Herc Holdings, Inc. | ||
5.50%, due 7/15/27 (a) | 850,000 | 792,838 |
PECF USS Intermediate Holding III Corp. | ||
8.00%, due 11/15/29 (a) | 80,000 | 51,975 |
Prime Security Services Borrower LLC | ||
6.25%, due 1/15/28 (a) | 1,000,000 | 910,160 |
Sotheby's/Bidfair Holdings, Inc. | ||
5.875%, due 6/1/29 (a) | 900,000 | 755,730 |
2,510,703 | ||
Distribution & Wholesale 0.1% | ||
IAA, Inc. | ||
5.50%, due 6/15/27 (a) | 500,000 | 487,807 |
KAR Auction Services, Inc. | ||
5.125%, due 6/1/25 (a) | 350,000 | 341,929 |
829,736 | ||
Electric 0.2% | ||
Vistra Operations Co. LLC | ||
5.00%, due 7/31/27 (a) | 1,500,000 | 1,392,140 |
Entertainment 0.1% | ||
Scientific Games International, Inc. | ||
7.00%, due 5/15/28 (a) | 900,000 | 858,519 |
Environmental Control 0.3% | ||
GFL Environmental, Inc. (a) | ||
3.75%, due 8/1/25 | 1,000,000 | 945,000 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Environmental Control (continued) | ||
GFL Environmental, Inc. (a) (continued) | ||
4.25%, due 6/1/25 | $ 500,000 | $ 477,598 |
4.75%, due 6/15/29 | 1,000,000 | 875,250 |
2,297,848 | ||
Food 0.1% | ||
Post Holdings, Inc. | ||
5.50%, due 12/15/29 (a) | 240,000 | 217,180 |
U.S. Foods, Inc. | ||
6.25%, due 4/15/25 (a) | 500,000 | 494,766 |
711,946 | ||
Healthcare-Products 0.0% ‡ | ||
Medline Borrower LP | ||
5.25%, due 10/1/29 (a) | 200,000 | 158,854 |
Healthcare-Services 0.0% ‡ | ||
Acadia Healthcare Co., Inc. | ||
5.00%, due 4/15/29 (a) | 120,000 | 110,364 |
Team Health Holdings, Inc. | ||
6.375%, due 2/1/25 (a) | 500,000 | 288,120 |
398,484 | ||
Internet 0.1% | ||
Gen Digital, Inc. | ||
6.75%, due 9/30/27 (a) | 560,000 | 548,800 |
Iron & Steel 0.0% ‡ | ||
Carpenter Technology Corp. | ||
6.375%, due 7/15/28 | 310,000 | 294,819 |
Lodging 0.0% ‡ | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 400,000 | 372,552 |
Machinery-Diversified 0.0% ‡ | ||
GrafTech Finance, Inc. | ||
4.625%, due 12/15/28 (a) | 220,000 | 180,669 |
Media 0.1% | ||
Radiate Holdco LLC | ||
4.50%, due 9/15/26 (a) | 370,000 | 271,839 |
Univision Communications, Inc. | ||
6.625%, due 6/1/27 (a) | 600,000 | 578,886 |
850,725 |
Principal Amount | Value | |
Oil & Gas Services 0.0% ‡ | ||
USA Compression Partners LP | ||
6.875%, due 4/1/26 | $ 360,000 | $ 345,344 |
Packaging & Containers 0.2% | ||
Ardagh Metal Packaging Finance USA LLC | ||
4.00%, due 9/1/29 (a) | 400,000 | 317,011 |
Ardagh Packaging Finance plc | ||
5.25%, due 4/30/25 (a) | 1,000,000 | 951,738 |
Clydesdale Acquisition Holdings, Inc. | ||
8.75%, due 4/15/30 (a) | 100,000 | 85,597 |
1,354,346 | ||
Pharmaceuticals 0.1% | ||
Bausch Health Cos., Inc. | ||
5.50%, due 11/1/25 (a) | 300,000 | 254,855 |
Organon & Co. | ||
5.125%, due 4/30/31 (a) | 600,000 | 519,528 |
774,383 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.75%, due 1/15/29 (a) | 1,330,000 | 1,005,999 |
Real Estate Investment Trusts 0.1% | ||
Iron Mountain, Inc. | ||
5.00%, due 7/15/28 (a) | 350,000 | 314,363 |
RHP Hotel Properties LP | ||
4.75%, due 10/15/27 | 300,000 | 271,504 |
585,867 | ||
Retail 0.2% | ||
1011778 BC ULC | ||
4.00%, due 10/15/30 (a) | 1,040,000 | 842,202 |
IRB Holding Corp. | ||
7.00%, due 6/15/25 (a) | 580,000 | 578,550 |
LBM Acquisition LLC | ||
6.25%, due 1/15/29 (a) | 1,000,000 | 636,352 |
2,057,104 | ||
Software 0.1% | ||
Clarivate Science Holdings Corp. (a) | ||
3.875%, due 7/1/28 | 300,000 | 259,919 |
4.875%, due 7/1/29 | 300,000 | 255,105 |
515,024 | ||
Telecommunications 0.2% | ||
Frontier Communications Holdings LLC | ||
5.875%, due 10/15/27 (a) | 280,000 | 260,000 |
12 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications (continued) | ||
GoTo Group, Inc. | ||
5.50%, due 9/1/27 (a) | $ 1,100,000 | $ 591,604 |
Lumen Technologies, Inc. | ||
4.50%, due 1/15/29 (a) | 670,000 | 462,442 |
Telesat Canada | ||
4.875%, due 6/1/27 (a) | 600,000 | 269,469 |
1,583,515 | ||
Total Corporate Bonds (Cost $30,932,462) | 26,960,730 | |
Loan Assignments 89.1% | ||
Aerospace & Defense 3.4% | ||
AI Convoy (Luxembourg) SARL | ||
USD Facility Term Loan B | ||
8.174% (6 Month LIBOR + 3.50%), due 1/18/27 (b) | 848,443 | 834,232 |
Amentum Government Services Holdings LLC (b) | ||
First Lien Tranche Term Loan 1 8.17% - 8.384% | ||
(1 Month LIBOR + 4.00%, 3 Month LIBOR + 4.00%), due 1/29/27 | 1,100,559 | 1,073,045 |
First Lien Tranche Term Loan 3 7.558% - 8.764% | ||
(6 Month SOFR + 4.00%), due 2/15/29 | 2,819,167 | 2,739,291 |
Arcline FM Holdings LLC | ||
First Lien Initial Term Loan | ||
9.48% (3 Month LIBOR + 4.75%), due 6/23/28 (b) | 2,891,964 | 2,740,136 |
Asplundh Tree Expert LLC | ||
Amendment No. 1 Term Loan | ||
6.134% (1 Month LIBOR + 1.75%), due 9/7/27 (b) | 2,611,150 | 2,595,919 |
Cobham Ultra SeniorCo. SARL | ||
USD Facility Term Loan B | ||
7.063% (6 Month LIBOR + 3.75%), due 8/3/29 (b) | 997,500 | 968,198 |
Dynasty Acquisition Co., Inc. (b) | ||
2020 Term Loan B1 | ||
7.923% (1 Month LIBOR + 3.50%), due 4/6/26 | 1,505,486 | 1,431,660 |
2020 Term Loan B2 | ||
7.923% (1 Month LIBOR + 3.50%), due 4/6/26 | 809,401 | 769,710 |
Kestrel Bidco, Inc. | ||
Term Loan | ||
7.354% (1 Month LIBOR + 3.00%), due 12/11/26 (b) | 2,199,771 | 2,007,291 |
Principal Amount | Value | |
Aerospace & Defense (continued) | ||
Russell Investments U.S. Institutional Holdco, Inc. | ||
2025 Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 5/30/25 (b) | $ 4,331,087 | $ 4,161,906 |
SkyMiles IP Ltd. | ||
Initial Term Loan | ||
7.993% (3 Month LIBOR + 3.75%), due 10/20/27 (b) | 2,685,714 | 2,734,114 |
TransDigm, Inc. (b) | ||
Tranche Refinancing Term Loan E | ||
6.98% (3 Month LIBOR + 2.25%), due 5/30/25 | 953,025 | 941,807 |
Tranche Refinancing Term Loan F | ||
6.98% (3 Month LIBOR + 2.25%), due 12/9/25 | 2,548,073 | 2,511,811 |
United AirLines, Inc. | ||
Term Loan B | ||
8.108% (3 Month LIBOR + 3.75%), due 4/21/28 (b) | 2,751,000 | 2,707,443 |
28,216,563 | ||
Animal Food 0.1% | ||
Alltech, Inc. | ||
Term Loan B | ||
8.384% (1 Month LIBOR + 4.00%), due 10/13/28 (b) | 528,000 | 491,700 |
Automobile 1.5% | ||
American Auto Auction Group LLC | ||
First Lien Tranche Term Loan B | ||
9.58% (3 Month LIBOR + 5.00%), due 12/30/27 (b) | 1,485,000 | 1,150,875 |
Autokiniton U.S. Holdings, Inc. | ||
Closing Date Term Loan B | ||
8.792% (1 Month LIBOR + 4.50%), due 4/6/28 (b) | 3,014,100 | 2,908,606 |
Belron Finance 2019 LLC | ||
Dollar Second Incremental Term Loan | ||
6.688% (3 Month LIBOR + 2.25%), due 10/30/26 (b) | 1,212,500 | 1,204,922 |
Belron Finance U.S. LLC | ||
First Incremental Term Loan | ||
6.938% (3 Month LIBOR + 2.25%), due 11/13/25 (b) | 960,000 | 954,000 |
Belron Group SA | ||
Dollar Third Incremental Term Loan | ||
7.063% (3 Month LIBOR + 2.50%), due 4/13/28 (b) | 950,569 | 941,063 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Automobile (continued) | ||
Chassix, Inc. | ||
Initial Term Loan | ||
9.813% (2 Month LIBOR + 5.50%), due 11/15/23 (b) | $ 1,915,956 | $ 1,587,849 |
Clarios Global LP | ||
First Lien Amendment No. 1 Dollar Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 4/30/26 (b) | 1,275,217 | 1,247,057 |
Wand Newco 3, Inc. | ||
First Lien Tranche Term Loan B1 | ||
7.384% (1 Month LIBOR + 3.00%), due 2/5/26 (b) | 2,613,229 | 2,472,768 |
12,467,140 | ||
Banking 1.1% | ||
Apollo Commercial Real Estate Finance, Inc. (b) | ||
Initial Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 5/15/26 | 1,447,500 | 1,382,362 |
Term Loan B1 | ||
7.889% (1 Month LIBOR + 3.50%), due 3/11/28 | 736,875 | 681,609 |
Brookfield Property REIT, Inc. | ||
Initial Term Loan B | ||
6.923% (1 Month LIBOR + 2.50%), due 8/27/25 (b) | 1,098,540 | 1,079,469 |
Edelman Financial Engines Center LLC (The) | ||
First Lien 2021 Initial Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 4/7/28 (b) | 1,636,824 | 1,528,677 |
Greenhill & Co., Inc. | ||
New Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 4/12/24 (b)(c) | 556,909 | 540,898 |
Jane Street Group LLC | ||
Dollar Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 1/26/28 (b) | 3,758,692 | 3,640,188 |
8,853,203 | ||
Beverage, Food & Tobacco 1.7% | ||
8th Avenue Food & Provisions, Inc. | ||
First Lien Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 10/1/25 (b) | 2,018,182 | 1,675,091 |
Principal Amount | Value | |
Beverage, Food & Tobacco (continued) | ||
Arctic Glacier Group Holdings, Inc. | ||
Specified Refinancing Term Loan | ||
8.23% (3 Month LIBOR + 3.50%), due 3/20/24 (b)(c) | $ 619,218 | $ 545,299 |
CHG PPC Parent LLC | ||
First Lien 2021-1 U.S. Term Loan | ||
7.438% (1 Month LIBOR + 3.00%), due 12/8/28 (b) | 1,310,100 | 1,264,246 |
Froneri International Ltd. | ||
First Lien Facility Term Loan B2 | ||
6.634% (1 Month LIBOR + 2.25%), due 1/29/27 (b) | 1,447,875 | 1,405,098 |
H-Food Holdings LLC | ||
Initial Term Loan | ||
8.071% (1 Month LIBOR + 3.688%), due 5/23/25 (b) | 3,229,887 | 2,858,899 |
Naked Juice LLC (b) | ||
First Lien Initial Term Loan | ||
7.93% (3 Month LIBOR + 3.25%), due 1/24/29 | 1,990,000 | 1,772,877 |
Second Lien Initial Term Loan | ||
10.68% (3 Month LIBOR + 6.00%), due 1/24/30 | 600,000 | 471,937 |
Pegasus BidCo BV | ||
Initial Dollar Term Loan | ||
8.515% (3 Month LIBOR + 4.25%), due 7/12/29 (b) | 1,600,000 | 1,542,000 |
Sotheby's | ||
2021 Second Refinancing Term Loan | ||
8.579% (3 Month LIBOR + 4.50%), due 1/15/27 (b) | 2,262,519 | 2,202,185 |
United Natural Foods, Inc. | ||
Initial Term Loan | ||
7.688% (1 Month LIBOR + 3.25%), due 10/22/25 (b) | 899,998 | 896,435 |
14,634,067 | ||
Broadcasting & Entertainment 2.3% | ||
Altice France SA | ||
USD Incremental Term Loan B13 | ||
8.65% (3 Month LIBOR + 4.00%), due 8/14/26 (b) | 1,200,000 | 1,116,000 |
Charter Communications Operating LLC | ||
Term Loan B1 | ||
6.14% (1 Month LIBOR + 1.75%), due 4/30/25 (b) | 2,775,974 | 2,755,540 |
14 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Broadcasting & Entertainment (continued) | ||
Clear Channel Outdoor Holdings, Inc. | ||
Term Loan B | ||
7.915% (3 Month LIBOR + 3.50%), due 8/21/26 (b) | $ 1,199,503 | $ 1,086,449 |
CMG Media Corp. | ||
First Lien 2021 Term Loan B | ||
8.23% (3 Month LIBOR + 3.50%), due 12/17/26 (b) | 3,251,150 | 3,036,922 |
Gray Television, Inc. (b) | ||
Term Loan C | ||
6.869% (1 Month LIBOR + 2.50%), due 1/2/26 | 2,506,446 | 2,436,624 |
Term Loan D | ||
7.369% (1 Month LIBOR + 3.00%), due 12/1/28 | 1,584,000 | 1,533,935 |
Nexstar Media, Inc. | ||
Term Loan B4 | ||
6.884% (1 Month LIBOR + 2.50%), due 9/18/26 (b) | 1,719,214 | 1,703,634 |
Numericable U.S. LLC (b) | ||
USD Term Loan B11 | ||
7.165% (3 Month LIBOR + 2.75%), due 7/31/25 | 1,861,032 | 1,758,676 |
USD Term Loan B12 | ||
7.767% (3 Month LIBOR + 3.688%), due 1/31/26 | 949,976 | 877,541 |
Univision Communications, Inc. (b) | ||
First Lien 2017 Replacement Repriced Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 3/15/24 | 681,114 | 679,979 |
First Lien Initial Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 1/31/29 | 2,064,400 | 1,999,887 |
First Lien 2022 Incremental Term Loan | ||
8.83% (3 Month SOFR + 4.25%), due 6/24/29 | 671,625 | 662,390 |
19,647,577 | ||
Buildings & Real Estate 2.1% | ||
Allspring Buyer LLC | ||
Initial Term Loan | ||
7.75% (3 Month LIBOR + 3.00%), due 11/1/28 (b) | 1,584,798 | 1,558,385 |
Beacon Roofing Supply, Inc. | ||
2028 Term Loan | ||
6.634% (1 Month LIBOR + 2.25%), due 5/19/28 (b) | 1,477,500 | 1,461,802 |
Principal Amount | Value | |
Buildings & Real Estate (continued) | ||
Core & Main LP | ||
Tranche Term Loan B 6.889% - 7.416% | ||
(1 Month LIBOR + 2.50%, 3 Month LIBOR + 2.50%), due 7/27/28 (b) | $ 2,506,163 | $ 2,468,570 |
Cornerstone Building Brands, Inc. (b) | ||
Tranche Term Loan B | ||
7.568% (1 Month LIBOR + 3.25%), due 4/12/28 | 2,475,814 | 2,214,306 |
Initial Term Loan | ||
9.961% (1 Month LIBOR + 5.625%), due 8/1/28 | 1,200,000 | 1,125,000 |
Cushman & Wakefield U.S. Borrower LLC | ||
Replacement Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 8/21/25 (b) | 2,883,493 | 2,812,608 |
SRS Distribution, Inc. (b) | ||
2021 Refinancing Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 6/2/28 | 2,054,000 | 1,953,354 |
Term Loan | ||
7.923% (1 Month LIBOR + 3.50%), due 6/2/28 | 595,500 | 567,710 |
VC GB Holdings I Corp. | ||
First Lien Initial Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 7/21/28 (b) | 495,000 | 442,777 |
Wilsonart LLC | ||
Tranche Term Loan E | ||
7.98% (3 Month LIBOR + 3.25%), due 12/31/26 (b) | 2,894,615 | 2,749,282 |
17,353,794 | ||
Capital Equipment 0.1% | ||
AZZ, Inc. | ||
Initial Term Loan | ||
8.673% (1 Month LIBOR + 4.25%), due 5/13/29 (b) | 795,000 | 793,211 |
Cargo Transport 0.3% | ||
Genesee & Wyoming, Inc. | ||
Initial Term Loan | ||
6.73% (3 Month LIBOR + 2.00%), due 12/30/26 (b) | 2,441,073 | 2,424,984 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals 0.1% | ||
LSF11 A5 Holdco LLC | ||
Term Loan | ||
7.938% (1 Month LIBOR + 3.50%), due 10/15/28 (b) | $ 1,323,333 | $ 1,275,363 |
Chemicals, Plastics & Rubber 5.0% | ||
Aruba Investments Holdings LLC (b) | ||
First Lien Initial Dollar Term Loan | ||
8.139% (1 Month LIBOR + 3.75%), due 11/24/27 | 524,027 | 507,870 |
First Lien 2022 Incremental Term Loan | ||
9.073% (1 Month LIBOR + 4.75%), due 11/24/27 (c)(d) | 1,500,000 | 1,453,750 |
Avient Corp. | ||
Term Loan B6 | ||
7.344% (3 Month LIBOR + 3.25%), due 8/29/29 (b) | 1,055,686 | 1,050,935 |
Axalta Coating Systems Dutch Holding B BV | ||
Facility Dollar Term Loan B4 | ||
7.506% (3 Month LIBOR + 3.00%), due 12/20/29 (b) | 2,500,000 | 2,500,000 |
Bakelite UK Intermediate Ltd. | ||
Term Loan | ||
8.73% (3 Month LIBOR + 4.00%), due 5/29/29 (b) | 1,791,000 | 1,658,914 |
Clydesdale Acquisition Holdings, Inc. | ||
First Lien Term Loan B | ||
8.598% (1 Month LIBOR + 3.925%), due 4/13/29 (b) | 2,985,000 | 2,838,332 |
Diamond (BC) BV | ||
Amendment No. 3 Refinancing Term Loan | ||
7.165% (3 Month LIBOR + 2.75%), due 9/29/28 (b) | 1,237,500 | 1,194,806 |
Entegris, Inc. | ||
2022 Tranche Term Loan B 7.323% - 7.58% | ||
(1 Month LIBOR + 3.00%, 3 Month LIBOR + 3.00%), due 7/6/29 (b) | 3,400,000 | 3,385,428 |
Herens Holdco SARL | ||
USD Facility Term Loan B | ||
8.73% (3 Month LIBOR + 4.00%), due 7/3/28 (b) | 1,923,148 | 1,762,565 |
INEOS Styrolution Group GmbH | ||
2026 Tranche Dollar Term Loan B | ||
7.134% (1 Month LIBOR + 2.75%), due 1/29/26 (b) | 1,910,900 | 1,874,115 |
Principal Amount | Value | |
Chemicals, Plastics & Rubber (continued) | ||
Ineos U.S. Finance LLC (b) | ||
2028 Dollar Term Loan | ||
6.923% (1 Month LIBOR + 2.50%), due 11/8/28 | $ 463,167 | $ 445,219 |
2027-II Dollar Term Loan | ||
8.173% (1 Month LIBOR + 3.75%), due 11/8/27 | 1,422,721 | 1,399,602 |
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 2/5/27 (b) | 1,458,750 | 1,424,105 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 5/5/28 (b) | 2,664,677 | 2,638,401 |
Nouryon Finance BV | ||
Initial Dollar Term Loan | ||
7.165% (3 Month LIBOR + 2.75%), due 10/1/25 (b) | 2,430,105 | 2,392,438 |
Olympus Water U.S. Holding Corp. | ||
Initial Dollar Term Loan | ||
8.50% (3 Month LIBOR + 3.75%), due 11/9/28 (b) | 1,237,500 | 1,185,250 |
Oxea Holding Vier GmbH | ||
Tranche Term Loan B2 | ||
7.00% (3 Month LIBOR + 3.25%), due 10/14/24 (b) | 2,200,000 | 2,072,125 |
PMHC II, Inc. | ||
Initial Term Loan | ||
8.494% (3 Month LIBOR + 4.25%), due 4/23/29 (b) | 2,992,500 | 2,518,844 |
SCIH Salt Holdings, Inc. | ||
First Lien Incremental Term Loan B1 | ||
8.415% (3 Month LIBOR + 4.00%), due 3/16/27 (b) | 2,698,022 | 2,619,612 |
Sparta U.S. Holdco LLC | ||
First Lien Initial Term Loan | ||
7.619% (1 Month LIBOR + 3.25%), due 8/2/28 (b) | 891,000 | 866,498 |
Tricorbraun Holdings, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 3/3/28 (b) | 2,622,083 | 2,497,534 |
Tronox Finance LLC | ||
First Lien Refinancing Term Loan | ||
6.634% (1 Month LIBOR + 2.25%), due 3/10/28 (b) | 969,316 | 936,803 |
16 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals, Plastics & Rubber (continued) | ||
Venator Finance SARL | ||
Initial Term Loan | ||
7.73% (3 Month LIBOR + 3.00%), due 8/8/24 (b) | $ 1,407,854 | $ 1,010,135 |
W. R. Grace Holdings LLC | ||
Initial Term Loan | ||
8.50% (3 Month LIBOR + 3.75%), due 9/22/28 (b) | 1,485,000 | 1,454,372 |
41,687,653 | ||
Commercial Services 0.7% | ||
MHI Holdings LLC | ||
Initial Term Loan | ||
9.384% (1 Month LIBOR + 5.00%), due 9/21/26 (b) | 1,591,886 | 1,567,014 |
Prime Security Services Borrower LLC | ||
First Lien 2021 Refinancing Term Loan B1 | ||
6.505% (3 Month LIBOR + 2.75%), due 9/23/26 (b) | 4,101,209 | 4,058,798 |
5,625,812 | ||
Consumer Durables 0.2% | ||
SWF Holdings I Corp. | ||
First Lien Initial Term Loan | ||
8.753% (3 Month LIBOR + 4.00%), due 10/6/28 (b) | 2,089,500 | 1,705,032 |
Containers, Packaging & Glass 2.9% | ||
Alliance Laundry Systems LLC | ||
Initial Term Loan B | ||
7.409% (3 Month LIBOR + 3.50%), due 10/8/27 (b) | 1,744,714 | 1,707,639 |
Altium Packaging LLC | ||
First Lien 2021 Term Loan | ||
7.134% (3 Month LIBOR + 2.75%), due 2/3/28 (b) | 3,052,021 | 2,949,562 |
Anchor Glass Container Corp. | ||
First Lien July 2017 Additional Term Loan 6.534% - 7.48% | ||
(3 Month LIBOR + 2.75%), due 12/7/23 (b) | 2,061,500 | 1,488,003 |
Berlin Packaging LLC (b) | ||
Tranche Initial Term Loan B4 7.62% - 7.98% | ||
(1 Month LIBOR + 3.25%, 3 Month LIBOR + 3.25%), due 3/11/28 | 1,965,005 | 1,865,526 |
Principal Amount | Value | |
Containers, Packaging & Glass (continued) | ||
Berlin Packaging LLC (b) (continued) | ||
Tranche Term Loan B5 8.12% - 8.48% | ||
(1 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 3/11/28 | $ 1,066,500 | $ 1,023,840 |
Berry Global, Inc. | ||
Term Loan Z | ||
6.024% (1 Month LIBOR + 1.75%), due 7/1/26 (b) | 1,936,339 | 1,919,396 |
Charter Next Generation, Inc. | ||
First Lien 2021 Initial Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 12/1/27 (b) | 838,947 | 813,123 |
Graham Packaging Co., Inc. | ||
2021 Initial Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 8/4/27 (b) | 3,240,335 | 3,177,959 |
Mauser Packaging Solutions Holding Co. | ||
Initial Term Loan 7.37% - 7.619% | ||
(1 Month LIBOR + 3.25%), due 4/3/24 (b) | 2,820,691 | 2,749,166 |
Pactiv Evergreen, Inc. (b) | ||
Tranche U.S. Term Loan B2 7.321% - 7.634% | ||
(1 Month LIBOR + 3.25%), due 2/5/26 | 1,103,728 | 1,089,656 |
Tranche U.S. Term Loan B3 | ||
7.634% (1 Month LIBOR + 3.25%), due 9/24/28 | 493,750 | 486,961 |
Pretium PKG Holdings, Inc. (b) | ||
First Lien Initial Term Loan 7.741% - 8.735% | ||
(3 Month LIBOR + 4.00%), due 10/2/28 | 1,702,800 | 1,347,645 |
Second Lien Initial Term Loan 10.493% - 11.485% | ||
(3 Month LIBOR + 6.75%), due 10/1/29 | 750,000 | 452,344 |
Reynolds Consumer Products LLC | ||
Initial Term Loan | ||
6.134% (1 Month LIBOR + 1.75%), due 2/4/27 (b) | 1,276,932 | 1,265,049 |
RLG Holdings LLC | ||
First Lien Closing Date Initial Term Loan | ||
8.384% (1 Month LIBOR + 4.00%), due 7/7/28 (b) | 792,000 | 743,820 |
Trident TPI Holdings, Inc. (b) | ||
Tranche Delayed Draw Term Loan B3 7.674% - 8.071% | ||
(1 Month LIBOR + 4.00%, 3 Month LIBOR + 4.00%), due 9/15/28 (c) | 63,522 | 60,891 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Containers, Packaging & Glass (continued) | ||
Trident TPI Holdings, Inc. (b) (continued) | ||
Tranche Initial Term Loan B3 | ||
7.674% (3 Month LIBOR + 4.00%), due 9/15/28 | $ 445,895 | $ 427,422 |
Tranche Term Loan B1 | ||
7.98% (3 Month LIBOR + 3.25%), due 10/17/24 | 709,333 | 699,801 |
Tranche Initial Term Loan B4 | ||
9.83% (3 Month LIBOR + 5.25%), due 9/15/28 | 400,000 | 384,333 |
24,652,136 | ||
Diversified/Conglomerate Manufacturing 2.5% | ||
Allied Universal Holdco LLC | ||
Initial U.S. Dollar Term Loan | ||
8.173% (1 Month LIBOR + 3.75%), due 5/12/28 (b) | 4,261,848 | 4,037,568 |
EWT Holdings III Corp. | ||
Initial Term Loan | ||
6.688% (1 Month LIBOR + 2.25%), due 4/1/28 (b) | 1,723,750 | 1,695,739 |
Filtration Group Corp. (b) | ||
Initial Dollar Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 3/31/25 | 1,739,065 | 1,718,143 |
2021 Incremental Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 10/21/28 | 790,000 | 774,341 |
Gardner Denver, Inc. | ||
2020 GDI Tranche Dollar Term Loan B2 | ||
6.173% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 1,958,369 | 1,938,086 |
GYP Holdings III Corp. | ||
First Lien 2021 Incremental Term Loan | ||
6.938% (1 Month LIBOR + 2.50%), due 6/1/25 (b) | 1,374,019 | 1,371,157 |
Ingersoll-Rand Services Co. | ||
2020 Spinco Tranche Dollar Term Loan B1 | ||
6.173% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 849,060 | 840,267 |
Iron Mountain Information Management LLC | ||
Incremental Term Loan B | ||
6.134% (1 Month LIBOR + 1.75%), due 1/2/26 (b) | 1,785,938 | 1,756,171 |
Principal Amount | Value | |
Diversified/Conglomerate Manufacturing (continued) | ||
LTI Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 9/6/25 | $ 1,052,001 | $ 1,004,990 |
First Lien First Amendment Additional Term Loan | ||
9.134% (1 Month LIBOR + 4.75%), due 7/24/26 | 993,682 | 944,826 |
QUIKRETE Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
7.009% (1 Month LIBOR + 2.625%), due 2/1/27 | 2,266,689 | 2,239,615 |
First Lien Fourth Amendment Term Loan B1 | ||
7.384% (1 Month LIBOR + 3.00%), due 6/11/28 | 1,488,750 | 1,475,103 |
Red Ventures LLC | ||
First Lien Term Loan B2 | ||
6.884% (1 Month LIBOR + 2.50%), due 11/8/24 (b) | 536,218 | 532,196 |
WP CPP Holdings LLC | ||
First Lien Initial Term Loan | ||
8.17% (3 Month LIBOR + 3.75%), due 4/30/25 (b) | 980,444 | 851,585 |
21,179,787 | ||
Diversified/Conglomerate Service 1.8% | ||
Applied Systems, Inc. (b) | ||
First Lien 2026 Term Loan | ||
9.08% (3 Month LIBOR + 4.50%), due 9/18/26 | 2,536,196 | 2,524,307 |
Second Lien 2021 Term Loan | ||
11.33% (1 Month LIBOR + 6.75%), due 9/17/27 | 445,140 | 441,245 |
Blackhawk Network Holdings, Inc. | ||
First Lien Term Loan | ||
7.077% (3 Month LIBOR + 3.00%), due 6/15/25 (b) | 1,937,005 | 1,882,930 |
Brightview Landscapes LLC | ||
2022 Initial Term Loan | ||
7.573% (1 Month LIBOR + 3.25%), due 4/20/29 (b) | 1,078,032 | 1,036,258 |
Element Materials Technology Group U.S. Holdings, Inc. (b) | ||
Initial USD Term Loan B | ||
8.93% (3 Month LIBOR + 4.25%), due 6/22/29 | 478,947 | 462,184 |
First Lien Delayed Draw Term Loan B | ||
8.93% (3 Month LIBOR + 4.25%), due 6/22/29 | 221,053 | 213,316 |
18 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Diversified/Conglomerate Service (continued) | ||
Genesys Cloud Services Holdings I LLC | ||
2020 Initial Dollar Term Loan | ||
8.384% (1 Month LIBOR + 4.00%), due 12/1/27 (b) | $ 1,411,740 | $ 1,352,447 |
MKS Instruments, Inc. | ||
Initial Dollar Term Loan B | ||
7.171% (1 Month LIBOR + 2.75%), due 8/17/29 (b) | 3,341,625 | 3,295,079 |
TruGreen LP | ||
First Lien Second Refinancing Term Loan | ||
8.384% (1 Month LIBOR + 4.00%), due 11/2/27 (b) | 2,678,663 | 2,357,223 |
Verint Systems, Inc. | ||
Refinancing Term Loan | ||
6.369% (1 Month LIBOR + 2.00%), due 6/28/24 (b) | 588,235 | 583,088 |
Verscend Holding Corp. | ||
Term Loan B1 | ||
8.384% (1 Month LIBOR + 4.00%), due 8/27/25 (b) | 1,041,244 | 1,033,435 |
15,181,512 | ||
Ecological 0.2% | ||
GFL Environmental, Inc. | ||
2020 Refinancing Term Loan | ||
7.415% (3 Month LIBOR + 3.00%), due 5/30/25 (b) | 2,011,118 | 2,009,861 |
Electronics 6.8% | ||
Camelot U.S. Acquisition 1 Co. (b) | ||
Initial Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 10/30/26 | 1,642,753 | 1,619,138 |
Amendment No. 2 Incremental Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 10/30/26 | 1,096,406 | 1,078,590 |
Castle U.S. Holding Corp. (b) | ||
Initial Dollar Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 1/29/27 | 1,410,951 | 863,032 |
Dollar Term Loan B2 | ||
8.384% (1 Month LIBOR + 4.00%), due 1/29/27 | 2,463,542 | 1,506,867 |
Commscope, Inc. | ||
Initial Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 4/6/26 (b) | 4,171,131 | 3,922,165 |
Principal Amount | Value | |
Electronics (continued) | ||
CoreLogic, Inc. | ||
First Lien Initial Term Loan | ||
7.938% (1 Month LIBOR + 3.50%), due 6/2/28 (b) | $ 4,443,750 | $ 3,693,867 |
DCert Buyer, Inc. | ||
First Lien Initial Term Loan | ||
8.696% (6 Month LIBOR + 4.00%), due 10/16/26 (b) | 2,434,924 | 2,346,658 |
Diebold Nixdorf, Inc. | ||
New Dollar Term Loan B | ||
7.00% (1 Month LIBOR + 2.75%), due 11/6/23 (b) | 628,223 | 438,500 |
ECi Macola/MAX Holding LLC | ||
First Lien Initial Term Loan | ||
8.48% (3 Month LIBOR + 3.75%), due 11/9/27 (b) | 1,960,000 | 1,875,067 |
Epicor Software Corp. | ||
Term Loan C | ||
7.634% (1 Month LIBOR + 3.25%), due 7/30/27 (b) | 3,032,402 | 2,910,563 |
Flexera Software LLC | ||
First Lien Term Loan B1 | ||
8.14% (1 Month LIBOR + 3.75%), due 3/3/28 (b) | 2,356,569 | 2,250,523 |
Gainwell Acquisition Corp. | ||
First Lien Term Loan B | ||
8.73% (3 Month LIBOR + 4.00%), due 10/1/27 (b) | 515,789 | 486,776 |
Generation Bridge LLC (b) | ||
Term Loan B | ||
9.73% (3 Month LIBOR + 5.00%), due 12/1/28 | 1,393,469 | 1,381,625 |
Term Loan C | ||
9.73% (3 Month LIBOR + 5.00%), due 12/1/28 (c) | 30,612 | 30,352 |
Go Daddy Operating Co. LLC | ||
Amendment No. 6 Term Loan | ||
7.573% (1 Month LIBOR + 3.25%), due 11/9/29 (b) | 1,161,690 | 1,158,786 |
Helios Software Holdings, Inc. | ||
2021 Initial Dollar Term Loan | ||
8.173% (1 Month LIBOR + 3.75%), due 3/11/28 (b) | 497,143 | 487,200 |
Hyland Software, Inc. (b) | ||
First Lien 2018 Refinancing Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 7/1/24 | 3,517,809 | 3,463,786 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Electronics (continued) | ||
Hyland Software, Inc. (b) (continued) | ||
Second Lien 2021 Refinancing Term Loan | ||
10.634% (1 Month LIBOR + 6.25%), due 7/7/25 | $ 535,333 | $ 505,087 |
ION Trading Finance Ltd. | ||
2021 Initial Dollar Term Loan | ||
9.48% (3 Month LIBOR + 4.75%), due 4/1/28 (b) | 985,000 | 931,528 |
MA FinanceCo. LLC | ||
Tranche Term Loan B4 | ||
8.973% (3 Month LIBOR + 4.25%), due 6/5/25 (b)(c)(d) | 480,609 | 479,407 |
MH Sub I LLC (b) | ||
First Lien Amendment No. 2 Initial Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 9/13/24 | 2,977,309 | 2,886,501 |
First Lien 2020 June New Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 9/13/24 | 2,060,044 | 1,997,507 |
Misys Ltd. | ||
First Lien Dollar Term Loan | ||
6.871% (3 Month LIBOR + 3.50%), due 6/13/24 (b) | 2,629,092 | 2,320,721 |
Project Alpha Intermediate Holding, Inc. | ||
2021 Refinancing Term Loan | ||
8.39% (1 Month LIBOR + 4.00%), due 4/26/24 (b) | 1,985,606 | 1,933,484 |
Proofpoint, Inc. | ||
First Lien Initial Term Loan | ||
7.985% (3 Month LIBOR + 3.25%), due 8/31/28 (b) | 2,481,250 | 2,379,673 |
Rocket Software, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.634% (1 Month LIBOR + 4.25%), due 11/28/25 | 866,250 | 831,239 |
First Lien 2021 Dollar Term Loan | ||
8.634% (1 Month LIBOR + 4.25%), due 11/28/25 | 1,477,500 | 1,419,455 |
Seattle SpinCo, Inc. | ||
Initial Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 6/21/24 (b) | 947,620 | 940,512 |
Sharp Midco LLC | ||
First Lien Initial Term Loan | ||
8.73% (3 Month LIBOR + 4.00%), due 12/31/28 (b) | 1,786,500 | 1,688,243 |
Principal Amount | Value | |
Electronics (continued) | ||
SS&C Technologies Holdings, Inc. (b) | ||
Term Loan B3 | ||
6.134% (1 Month LIBOR + 1.75%), due 4/16/25 | $ 609,566 | $ 598,137 |
Term Loan B4 | ||
6.134% (1 Month LIBOR + 1.75%), due 4/16/25 | 495,562 | 486,270 |
Term Loan B5 | ||
6.134% (1 Month LIBOR + 1.75%), due 4/16/25 | 1,832,607 | 1,800,536 |
Surf Holdings SARL | ||
First Lien Dollar Tranche Term Loan | ||
8.235% (3 Month LIBOR + 3.50%), due 3/5/27 (b) | 2,005,370 | 1,941,628 |
ThoughtWorks, Inc. | ||
Incremental Term Loan | ||
6.884% (1 Month LIBOR + 2.50%), due 3/24/28 (b) | 337,752 | 333,952 |
Vertiv Group Corp. | ||
Term Loan B | ||
7.119% (1 Month LIBOR + 2.75%), due 3/2/27 (b) | 1,950,263 | 1,878,103 |
VS Buyer LLC | ||
Initial Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 2/28/27 (b) | 972,500 | 943,325 |
WEX, Inc. | ||
Term Loan B | ||
6.634% (1 Month LIBOR + 2.25%), due 3/31/28 (b) | 982,500 | 975,592 |
56,784,395 | ||
Energy (Electricity) 0.1% | ||
Covanta Holding Corp. (b) | ||
Initial Term Loan B | ||
6.823% (1 Month LIBOR + 2.50%), due 11/30/28 | 554,002 | 549,269 |
Initial Term Loan C | ||
6.823% (1 Month LIBOR + 2.50%), due 11/30/28 | 41,812 | 41,455 |
590,724 | ||
Entertainment 1.4% | ||
Alterra Mountain Co. | ||
Term Loan B2 | ||
7.884% (1 Month LIBOR + 3.50%), due 8/17/28 (b) | 3,364,122 | 3,315,342 |
20 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Entertainment (continued) | ||
Fertitta Entertainment LLC | ||
Initial Term Loan B | ||
8.323% (1 Month LIBOR + 4.00%), due 1/27/29 (b) | $ 4,223,100 | $ 4,004,318 |
Formula One Management Ltd. | ||
First Lien Facility Term Loan B | ||
7.573% (1 Month LIBOR + 3.25%), due 1/15/30 (b) | 861,538 | 860,641 |
J&J Ventures Gaming LLC | ||
Initial Term Loan | ||
8.73% (3 Month LIBOR + 4.00%), due 4/26/28 (b) | 3,950,000 | 3,772,250 |
11,952,551 | ||
Finance 6.3% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
8.993% (3 Month LIBOR + 4.75%), due 4/20/28 (b) | 3,400,000 | 3,380,025 |
Acuity Specialty Products, Inc. | ||
First Lien Initial Term Loan | ||
8.58% (3 Month LIBOR + 4.00%), due 8/12/24 (b)(c) | 290,058 | 249,450 |
Acuris Finance U.S., Inc. | ||
Initial Dollar Term Loan | ||
8.73% (3 Month LIBOR + 4.00%), due 2/16/28 (b) | 2,269,531 | 2,224,141 |
ADMI Corp. (b) | ||
Amendment No.4 Refinancing Term Loan | ||
7.759% (1 Month LIBOR + 3.375%), due 12/23/27 | 1,473,750 | 1,334,481 |
Amendment No. 5 Incremental Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 12/23/27 | 740,625 | 673,228 |
Ahlstrom-Munksjo Holding 3 Oy | ||
USD Facility Term Loan B | ||
8.48% (3 Month LIBOR + 3.75%), due 2/4/28 (b) | 786,105 | 746,799 |
AlixPartners LLP | ||
Initial Dollar Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 2/4/28 (b) | 1,473,750 | 1,457,434 |
Blackstone Mortgage Trust, Inc. | ||
Term Loan B4 | ||
7.823% (1 Month LIBOR + 3.50%), due 5/9/29 (b) | 1,194,000 | 1,164,150 |
Principal Amount | Value | |
Finance (continued) | ||
Blue Tree Holdings, Inc. | ||
Term Loan | ||
7.23% (3 Month LIBOR + 2.50%), due 3/4/28 (b) | $ 491,250 | $ 475,898 |
Boxer Parent Co., Inc. | ||
2021 Replacement Dollar Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 10/2/25 (b) | 2,240,307 | 2,139,493 |
Brand Industrial Services, Inc. | ||
Initial Term Loan 7.924% - 8.608% | ||
(3 Month LIBOR + 4.25%), due 6/21/24 (b) | 1,635,608 | 1,475,727 |
Colouroz Investment 1 GmbH | ||
First Lien Initial Term Loan C | ||
8.575% (0.75% PIK) (3 Month LIBOR + 4.25%), due 9/21/23 (b)(c)(e) | 197,370 | 142,764 |
Colouroz Investment 2 LLC | ||
First Lien Initial Term Loan B2 8.266% - 8.575% | ||
(0.75% PIK) (2 Month LIBOR + 4.25%, 3 Month LIBOR + 4.25%), due 9/21/23 (b)(c)(e) | 1,197,126 | 865,917 |
Covia Holdings LLC | ||
Initial Term Loan | ||
7.748% (3 Month LIBOR + 4.00%), due 7/31/26 (b) | 709,736 | 684,389 |
CPC Acquisition Corp. | ||
First Lien Initial Term Loan | ||
8.48% (3 Month LIBOR + 3.75%), due 12/29/27 (b) | 1,965,000 | 1,414,800 |
Deerfield Dakota Holding LLC | ||
First Lien Initial Dollar Term Loan | ||
8.073% (1 Month LIBOR + 3.75%), due 4/9/27 (b) | 975,000 | 907,969 |
Endurance International Group Holdings, Inc. | ||
Initial Term Loan | ||
7.717% (1 Month LIBOR + 3.50%), due 2/10/28 (b) | 3,845,987 | 3,446,966 |
LBM Acquisition LLC | ||
First Lien Initial Term Loan | ||
7.121% (3 Month LIBOR + 3.75%), due 12/17/27 (b) | 840,989 | 725,937 |
LSF11 Skyscraper Holdco SARL | ||
USD Facility Term Loan B3 | ||
8.23% (3 Month LIBOR + 3.50%), due 9/29/27 (b) | 786,105 | 762,521 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Finance (continued) | ||
Minimax Viking GmbH | ||
Facility Term Loan B1C | ||
6.884% (1 Month LIBOR + 2.50%), due 7/31/25 (b) | $ 2,150,133 | $ 2,138,038 |
ON Semiconductor Corp. | ||
2019 New Replacement Term Loan B4 | ||
6.423% (1 Month LIBOR + 2.00%), due 9/19/26 (b) | 328,756 | 328,228 |
Onex TSG Intermediate Corp. | ||
Initial Term Loan | ||
9.165% (3 Month LIBOR + 4.75%), due 2/28/28 (b) | 985,000 | 876,867 |
Park River Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.004% (3 Month LIBOR + 3.25%), due 12/28/27 (b) | 1,313,323 | 1,144,642 |
Peraton Corp. | ||
First Lien Term Loan B | ||
8.134% (1 Month LIBOR + 3.75%), due 2/1/28 (b) | 5,401,830 | 5,267,751 |
Pluto Acquisition I, Inc. | ||
First Lien 2021 Term Loan | ||
8.735% (3 Month LIBOR + 4.00%), due 6/22/26 (b) | 2,068,500 | 1,385,895 |
PODS LLC | ||
Initial Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 3/31/28 (b) | 2,947,687 | 2,788,512 |
Potters Industries LLC | ||
Initial Term Loan | ||
8.73% (3 Month LIBOR + 4.00%), due 12/14/27 (b) | 786,000 | 763,730 |
RealPage, Inc. | ||
First Lien Initial Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 4/24/28 (b) | 2,354,048 | 2,235,463 |
RealTruck Group, Inc. | ||
Initial Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 1/31/28 (b) | 1,061,100 | 905,724 |
Triton Water Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.23% (3 Month LIBOR + 3.50%), due 3/31/28 (b) | 3,186,467 | 2,951,465 |
Principal Amount | Value | |
Finance (continued) | ||
WCG Purchaser Corp. | ||
First Lien Initial Term Loan | ||
8.384% (1 Month LIBOR + 4.00%), due 1/8/27 (b) | $ 2,238,068 | $ 2,036,642 |
WildBrain Ltd. | ||
Initial Term Loan | ||
8.688% (1 Month LIBOR + 4.25%), due 3/24/28 (b) | 3,581,212 | 3,258,903 |
WIN Waste Innovations Holdings, Inc. | ||
Initial Term Loan | ||
7.48% (3 Month LIBOR + 2.75%), due 3/24/28 (b) | 2,206,400 | 2,101,596 |
52,455,545 | ||
Healthcare 1.9% | ||
AHP Health Partners, Inc. | ||
Initial Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 8/24/28 (b) | 846,428 | 827,384 |
Chariot Buyer LLC | ||
First Lien Initial Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 11/3/28 (b) | 4,752,000 | 4,479,748 |
CHG Healthcare Services, Inc. | ||
First Lien Initial Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 9/29/28 (b) | 1,283,750 | 1,253,975 |
ICU Medical, Inc. | ||
Tranche Term Loan B 6.405% - 7.23% | ||
(1 Month LIBOR + 2.25%, 3 Month LIBOR + 2.50%), due 1/8/29 (b) | 595,500 | 574,657 |
LSCS Holdings, Inc. | ||
First Lien Initial Term Loan | ||
8.884% (1 Month LIBOR + 4.50%), due 12/16/28 (b) | 693,000 | 658,350 |
Medical Solutions Holdings, Inc. | ||
First Lien Initial Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 11/1/28 (b) | 510,820 | 477,617 |
Medline Borrower LP | ||
Initial Dollar Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 10/23/28 (b) | 2,084,250 | 1,976,911 |
U.S. Anesthesia Partners, Inc. | ||
First Lien Initial Term Loan | ||
8.37% (1 Month LIBOR + 4.25%), due 10/1/28 (b) | 3,456,250 | 3,276,418 |
22 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare (continued) | ||
WP CityMD Bidco LLC | ||
Second Amendment Refinancing Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 12/22/28 (b) | $ 2,150,417 | $ 2,145,041 |
15,670,101 | ||
Healthcare & Pharmaceuticals 1.1% | ||
Bausch & Lomb Corp. | ||
Initial Term Loan | ||
7.842% (3 Month LIBOR + 3.25%), due 5/10/27 (b) | 1,990,000 | 1,884,695 |
Bausch Health Cos., Inc. | ||
Second Amendment Term Loan | ||
9.667% (1 Month LIBOR + 5.25%), due 2/1/27 (b) | 1,462,500 | 1,120,641 |
Embecta Corp. | ||
First Lien Initial Term Loan | ||
7.791% (6 Month LIBOR + 3.00%), due 3/30/29 (b) | 614,919 | 584,941 |
Envision Healthcare Corp. (b) | ||
Third Out Term Loan | ||
8.33% (3 Month LIBOR + 3.75%), due 3/31/27 | 502,860 | 100,572 |
Second Out Term Loan | ||
8.83% (3 Month LIBOR + 4.25%), due 3/31/27 | 1,069,305 | 331,485 |
First Out Term Loan | ||
12.605% (3 Month LIBOR + 7.875%), due 3/31/27 | 181,102 | 159,370 |
Owens & Minor, Inc. | ||
Term Loan B1 7.831% - 8.173% | ||
(1 Month LIBOR + 3.75%, 6 Month LIBOR + 3.75%), due 3/29/29 (b) | 992,500 | 991,259 |
Pediatric Associates Holding Co. LLC (b) | ||
Amendment No. 1 Incremental Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 12/29/28 | 1,379,053 | 1,304,928 |
Amendment No. 1 Incremental Delayed Draw Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 12/29/28 (c) | 104,211 | 98,610 |
Physician Partners LLC | ||
Initial Term Loan | ||
8.423% (1 Month LIBOR + 4.00%), due 12/23/28 (b) | 1,116,563 | 1,062,596 |
Principal Amount | Value | |
Healthcare & Pharmaceuticals (continued) | ||
Team Health Holdings, Inc. | ||
Extended Term Loan | ||
9.573% (1 Month SOFR + 5.25%), due 3/2/27 (b) | $ 2,500,216 | $ 1,872,037 |
9,511,134 | ||
Healthcare, Education & Childcare 5.1% | ||
Agiliti Health, Inc. | ||
Initial Term Loan | ||
6.875% (1 Month LIBOR + 2.75%), due 1/4/26 (b) | 866,250 | 846,759 |
Akorn Operating Co. LLC | ||
Term Loan | ||
11.243% (3 Month LIBOR + 7.50%), due 10/1/25 (b) | 27,337 | 23,236 |
Alvogen Pharma U.S., Inc. | ||
January 2020 Term Loan | ||
9.98% (3 Month LIBOR + 5.25%), due 12/31/23 (b) | 1,187,436 | 1,027,132 |
Amneal Pharmaceuticals LLC | ||
Initial Term Loan 7.938% - 8.25% | ||
(1 Month LIBOR + 3.50%, 3 Month LIBOR + 3.50%), due 5/4/25 (b) | 3,110,726 | 2,780,212 |
athenahealth Group, Inc. (b) | ||
Initial Term Loan | ||
7.821% (1 Month LIBOR + 3.50%), due 2/15/29 | 4,253,986 | 3,830,361 |
Initial Delayed Draw Term Loan | ||
7.821% (1 Month LIBOR + 3.50%), due 2/15/29 | 181,159 | 163,119 |
Auris Luxembourg III SARL | ||
Facility Term Loan B2 8.501% - 8.678% | ||
(6 Month LIBOR + 3.75%), due 2/27/26 (b) | 1,138,114 | 1,007,231 |
Carestream Dental Technology Parent Ltd. (b) | ||
First Lien Initial Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 9/1/24 | 689,648 | 637,924 |
First Lien Tranche Term Loan B | ||
8.884% (1 Month LIBOR + 4.50%), due 9/1/24 | 229,335 | 215,861 |
Carestream Health, Inc. | ||
Term Loan | ||
12.18% (3 Month LIBOR + 7.50%), due 9/30/27 (b) | 1,775,752 | 1,340,693 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Healthcare, Education & Childcare (continued) | ||
Ecovyst Catalyst Technologies LLC | ||
Initial Term Loan | ||
6.915% (3 Month LIBOR + 2.50%), due 6/9/28 (b) | $ 1,773,000 | $ 1,742,712 |
Elanco Animal Health, Inc. | ||
Term Loan | ||
5.87% (1 Month LIBOR + 1.75%), due 8/1/27 (b) | 1,452,456 | 1,392,024 |
eResearchTechnology, Inc. | ||
First Lien Initial Term Loan | ||
8.884% (1 Month LIBOR + 4.50%), due 2/4/27 (b) | 1,955,894 | 1,725,261 |
FC Compassus LLC | ||
Term Loan B1 | ||
7.127% (3 Month LIBOR + 4.25%), due 12/31/26 (b)(c) | 2,035,617 | 1,867,679 |
Grifols Worldwide Operations Ltd. | ||
Dollar Tranche Term Loan B | ||
6.384% (1 Month LIBOR + 2.00%), due 11/15/27 (b) | 925,556 | 892,133 |
Horizon Therapeutics USA, Inc. | ||
Incremental Term Loan B2 | ||
6.188% (1 Month LIBOR + 1.75%), due 3/15/28 (b) | 655,000 | 654,345 |
Insulet Corp. | ||
Term Loan B | ||
7.688% (1 Month LIBOR + 3.25%), due 5/4/28 (b) | 1,379,000 | 1,358,315 |
Journey Personal Care Corp. | ||
Initial Term Loan | ||
8.98% (3 Month LIBOR + 4.25%), due 3/1/28 (b) | 985,000 | 705,506 |
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
8.165% (3 Month LIBOR + 3.75%), due 11/16/25 (b) | 3,376,733 | 3,175,818 |
Mallinckrodt International Finance SA | ||
2017 Replacement Term Loan | ||
9.986% (3 Month LIBOR + 5.25%), due 9/30/27 (b) | 949,167 | 714,248 |
National Mentor Holdings, Inc. (b) | ||
First Lien Initial Term Loan 8.14% - 8.48% | ||
(1 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 3/2/28 | 1,550,424 | 1,074,961 |
First Lien Initial Term Loan C | ||
8.48% (3 Month LIBOR + 3.75%), due 3/2/28 | 49,563 | 34,364 |
Principal Amount | Value | |
Healthcare, Education & Childcare (continued) | ||
Organon & Co. | ||
Dollar Term Loan | ||
7.75% (3 Month LIBOR + 3.00%), due 6/2/28 (b) | $ 2,555,126 | $ 2,525,315 |
Petco Health and Wellness Co., Inc. | ||
First Lien Initial Term Loan | ||
8.092% (1 Month LIBOR + 3.25%), due 3/3/28 (b) | 1,965,000 | 1,904,686 |
Raptor Acquisition Corp. | ||
First Lien Term Loan B | ||
8.753% (3 Month LIBOR + 4.00%), due 11/1/26 (b) | 1,243,750 | 1,219,911 |
Select Medical Corp. | ||
Tranche Term Loan B | ||
6.89% (1 Month LIBOR + 2.50%), due 3/6/25 (b) | 3,048,392 | 2,984,564 |
Sound Inpatient Physicians, Inc. | ||
First Lien Initial Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 6/27/25 (b)(c) | 477,500 | 386,775 |
Sunshine Luxembourg VII SARL | ||
Facility Term Loan B3 | ||
8.48% (3 Month LIBOR + 3.75%), due 10/1/26 (b) | 6,397,718 | 6,116,928 |
42,348,073 | ||
High Tech Industries 1.9% | ||
Altar BidCo, Inc. | ||
First Lien Initial Term Loan 5.50% - 7.993% | ||
(1 Year LIBOR + 3.10%), due 2/1/29 (b) | 1,865,625 | 1,779,340 |
AP Gaming I LLC | ||
Term Loan B | ||
8.73% (3 Month LIBOR + 4.00%), due 2/15/29 (b) | 2,894,792 | 2,735,578 |
Central Parent, Inc. | ||
First Lien Initial Term Loan | ||
9.08% (3 Month LIBOR + 4.50%), due 7/6/29 (b) | 1,000,000 | 990,469 |
NAB Holdings LLC | ||
Initial Term Loan | ||
7.73% (3 Month LIBOR + 3.00%), due 11/23/28 (b) | 1,782,000 | 1,729,654 |
Open Text Corp. | ||
Term Loan B | ||
TBD, due 11/16/29 | 4,000,000 | 3,897,500 |
24 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
High Tech Industries (continued) | ||
Scientific Games Holdings LP | ||
First Lien Initial Dollar Term Loan | ||
7.097% (3 Month LIBOR + 3.50%), due 4/4/29 (b) | $ 1,726,442 | $ 1,644,220 |
Trans Union LLC | ||
2021 Incremental Term Loan B6 | ��� | |
6.634% (1 Month LIBOR + 2.25%), due 12/1/28 (b) | 3,273,062 | 3,235,729 |
16,012,490 | ||
Home and Office Furnishings, Housewares & Durable Consumer Products 0.0% ‡ | ||
Serta Simmons Bedding LLC | ||
First Lien Initial Term Loan 7.743% - 7.827% | ||
(3 Month LIBOR + 3.50%), due 11/8/23 (b) | 2,467,178 | 166,535 |
Hotel, Gaming & Leisure 0.3% | ||
Flutter Entertainment plc | ||
2028 Third Amendment Term Loan B | ||
8.092% (3 Month LIBOR + 3.25%), due 7/22/28 (b) | 2,154,012 | 2,140,819 |
Hotels, Motels, Inns & Gaming 3.9% | ||
Aimbridge Acquisition Co., Inc. | ||
First Lien 2019 Initial Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 2/2/26 (b) | 2,666,749 | 2,402,740 |
Caesars Resort Collection LLC (b) | ||
Term Loan B | ||
7.134% (1 Month LIBOR + 2.75%), due 12/23/24 | 1,798,068 | 1,792,450 |
Term Loan B1 | ||
7.884% (1 Month LIBOR + 3.50%), due 7/21/25 | 585,958 | 583,944 |
Churchill Downs, Inc. | ||
Facility Term Loan B | ||
6.39% (1 Month LIBOR + 2.00%), due 12/27/24 (b) | 1,907,179 | 1,902,411 |
Entain plc (b) | ||
USD Facility Term Loan B | ||
7.23% (3 Month LIBOR + 2.50%), due 3/29/27 | 1,266,429 | 1,256,535 |
USD Facility Term Loan B2 | ||
8.18% (3 Month LIBOR + 3.50%), due 10/31/29 | 1,600,000 | 1,590,667 |
Principal Amount | Value | |
Hotels, Motels, Inns & Gaming (continued) | ||
Everi Holdings, Inc. | ||
Term Loan B | ||
6.884% (1 Month LIBOR + 2.50%), due 8/3/28 (b) | $ 1,455,621 | $ 1,441,065 |
Four Seasons Holdings, Inc. | ||
2022 Refinancing Term Loan | ||
7.673% (1 Month LIBOR + 3.25%), due 11/30/29 (b) | 1,427,861 | 1,427,068 |
Golden Entertainment, Inc. | ||
First Lien Facility Term Loan B | ||
7.39% (1 Month LIBOR + 3.00%), due 10/21/24 (b) | 1,191,710 | 1,181,580 |
Hilton Worldwide Finance LLC | ||
Refinanced Term Loan B2 | ||
6.173% (1 Month LIBOR + 1.75%), due 6/22/26 (b) | 235,804 | 234,831 |
Oceankey U.S. II Corp. | ||
Initial Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 12/15/28 (b) | 992,500 | 903,175 |
PCI Gaming Authority | ||
Facility Term Loan B | ||
6.884% (1 Month LIBOR + 2.50%), due 5/29/26 (b) | 2,449,126 | 2,431,779 |
Penn National Gaming, Inc. | ||
Facility Term Loan B | ||
7.173% (1 Month LIBOR + 2.75%), due 5/3/29 (b) | 497,500 | 491,564 |
Scientific Games International, Inc. | ||
Initial Term Loan B | ||
7.417% (1 Month LIBOR + 3.00%), due 4/14/29 (b) | 3,731,250 | 3,673,725 |
Station Casinos LLC | ||
Facility Term Loan B1 | ||
6.64% (1 Month LIBOR + 2.25%), due 2/8/27 (b) | 1,614,694 | 1,575,672 |
Travel + Leisure Co. | ||
Term Loan B | ||
6.634% (1 Month LIBOR + 2.25%), due 5/30/25 (b) | 1,922,236 | 1,890,198 |
UFC Holdings LLC | ||
First Lien Term Loan B3 | ||
7.11% (3 Month LIBOR + 2.75%), due 4/29/26 (b) | 4,028,083 | 3,971,440 |
Whatabrands LLC | ||
Initial Term Loan B | ||
7.634% (1 Month LIBOR + 3.25%), due 8/3/28 (b) | 1,980,000 | 1,911,938 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Hotels, Motels, Inns & Gaming (continued) | ||
Wyndham Hotels & Resorts, Inc. | ||
Term Loan B | ||
6.134% (1 Month LIBOR + 1.75%), due 5/30/25 (b) | $ 1,792,903 | $ 1,789,541 |
32,452,323 | ||
Insurance 3.9% | ||
Acrisure LLC (b) | ||
First Lien 2020 Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 2/15/27 | 2,976,260 | 2,786,523 |
First Lien 2021-2 Additional Term Loan | ||
8.634% (1 Month LIBOR + 4.25%), due 2/15/27 | 1,039,500 | 1,004,417 |
Alliant Holdings Intermediate LLC | ||
New Term Loan B4 | ||
7.854% (1 Month LIBOR + 3.50%), due 11/5/27 (b) | 1,975,000 | 1,928,505 |
AmWINS Group, Inc. | ||
Term Loan | ||
6.634% (1 Month LIBOR + 2.25%), due 2/19/28 (b) | 1,960,017 | 1,920,817 |
AssuredPartners, Inc. (b) | ||
2020 February Refinancing Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 2/12/27 | 3,124,869 | 3,029,561 |
2022-2 Term Loan | ||
8.573% (1 Month LIBOR + 4.25%), due 2/12/27 | 399,000 | 395,675 |
Asurion LLC (b) | ||
New Term Loan B7 | ||
7.384% (1 Month LIBOR + 3.00%), due 11/3/24 | 1,424,587 | 1,380,662 |
New Term Loan B8 | ||
7.634% (1 Month LIBOR + 3.25%), due 12/23/26 | 980,000 | 869,750 |
New Term Loan B9 | ||
7.634% (1 Month LIBOR + 3.25%), due 7/31/27 | 491,250 | 428,124 |
Second Lien New Term Loan B3 | ||
9.634% (1 Month LIBOR + 5.25%), due 1/31/28 | 300,000 | 232,200 |
Second Lien New Term Loan B4 | ||
9.634% (1 Month LIBOR + 5.25%), due 1/20/29 | 2,500,000 | 1,929,168 |
Principal Amount | Value | |
Insurance (continued) | ||
Broadstreet Partners, Inc. (b) | ||
2020 Initial Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 1/27/27 | $ 2,489,944 | $ 2,412,133 |
Tranche Term Loan B2 | ||
7.634% (1 Month LIBOR + 3.25%), due 1/27/27 | 691,250 | 670,080 |
Hub International Ltd. (b) | ||
Initial Term Loan | ||
7.327% (3 Month LIBOR + 3.00%), due 4/25/25 | 1,389,869 | 1,373,460 |
Incremental Term Loan B3 | ||
7.528% (3 Month LIBOR + 3.25%), due 4/25/25 | 2,957,267 | 2,927,695 |
2022 Incremental Term Loan | ||
8.22% (3 Month LIBOR + 4.00%), due 11/10/29 | 360,000 | 355,629 |
NFP Corp. | ||
Closing Date Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 2/15/27 (b) | 1,909,652 | 1,824,195 |
Ryan Specialty Group LLC | ||
Initial Term Loan | ||
7.423% (1 Month LIBOR + 3.00%), due 9/1/27 (b) | 977,500 | 969,354 |
Sedgwick Claims Management Services, Inc. (b) | ||
Initial Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 12/31/25 | 2,894,843 | 2,813,168 |
2019 Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 9/3/26 | 965,000 | 945,355 |
USI, Inc. | ||
Incremental Term Loan | ||
8.33% (3 Month LIBOR + 3.75%), due 11/22/29 (b) | 2,842,875 | 2,810,182 |
33,006,653 | ||
Leisure, Amusement, Motion Pictures & Entertainment 1.4% | ||
Bombardier Recreational Products, Inc. (b) | ||
2020 Replacement Term Loan | ||
6.384% (1 Month LIBOR + 2.00%), due 5/24/27 | 2,258,784 | 2,177,608 |
2022-2 Incremental Term Loan | ||
7.898% (1 Month SOFR + 3.50%), due 12/13/29 | 3,000,000 | 2,933,751 |
26 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Leisure, Amusement, Motion Pictures & Entertainment (continued) | ||
Creative Artists Agency LLC | ||
Closing Date Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 11/27/26 (b) | $ 1,455,000 | $ 1,441,541 |
Fitness International LLC (b) | ||
Term Loan A 6.744% - 7.049% | ||
(3 Month LIBOR + 2.50%), due 1/8/25 | 1,083,750 | 997,050 |
Term Loan B | ||
7.494% (3 Month LIBOR + 3.25%), due 4/18/25 | 270,764 | 248,652 |
Lions Gate Capital Holdings LLC | ||
Term Loan B | ||
6.634% (1 Month LIBOR + 2.25%), due 3/24/25 (b) | 1,003,250 | 957,268 |
Marriott Ownership Resorts, Inc. | ||
2019 Refinancing Term Loan | ||
6.134% (1 Month LIBOR + 1.75%), due 8/29/25 (b) | 1,313,765 | 1,296,795 |
William Morris Endeavor Entertainment LLC (IMG Worldwide Holdings LLC) | ||
First Lien Term Loan B1 | ||
7.14% (1 Month LIBOR + 2.75%), due 5/18/25 (b) | 2,166,783 | 2,111,530 |
12,164,195 | ||
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.7% | ||
Advanced Drainage Systems, Inc. | ||
Initial Term Loan | ||
6.474% (1 Month LIBOR + 2.25%), due 7/31/26 (b) | 459,643 | 459,643 |
Columbus McKinnon Corp. | ||
Initial Term Loan | ||
7.50% (3 Month LIBOR + 2.75%), due 5/14/28 (b) | 1,347,515 | 1,328,987 |
CPM Holdings, Inc. (b) | ||
First Lien Initial Term Loan | ||
7.869% (1 Month LIBOR + 3.50%), due 11/17/25 | 1,439,991 | 1,411,912 |
Second Lien Initial Term Loan | ||
12.619% (1 Month LIBOR + 8.25%), due 11/16/26 (c) | 797,980 | 776,035 |
Husky Injection Molding Systems Ltd. | ||
Initial Term Loan | ||
8.151% (3 Month LIBOR + 3.00%), due 3/28/25 (b) | 1,790,620 | 1,669,753 |
5,646,330 |
Principal Amount | Value | |
Manufacturing 2.2% | ||
ASP Blade Holdings, Inc. | ||
Initial Term Loan | ||
8.73% (3 Month LIBOR + 4.00%), due 10/13/28 (b) | $ 1,485,882 | $ 1,179,153 |
Chart Industries, Inc. | ||
Term Loan B | ||
TBD, due 12/7/29 | 2,142,857 | 2,116,072 |
Coherent Corp. | ||
Initial Term Loan B | ||
7.134% (1 Month LIBOR + 2.75%), due 7/2/29 (b) | 2,694,018 | 2,663,710 |
CP Atlas Buyer, Inc. | ||
Term Loan B | ||
7.884% (1 Month LIBOR + 3.50%), due 11/23/27 (b) | 3,323,833 | 2,902,717 |
CPG International LLC | ||
Closing Date Term Loan | ||
6.923% (1 Month LIBOR + 2.50%), due 4/28/29 (b) | 1,246,875 | 1,209,858 |
FCG Acquisitions, Inc. | ||
First Lien Initial Term Loan | ||
8.48% (3 Month LIBOR + 3.75%), due 3/31/28 (b) | 985,017 | 934,945 |
Idemia Group SAS | ||
USD Facility Term Loan B3 | ||
9.23% (3 Month LIBOR + 4.50%), due 1/10/26 (b) | 1,062,240 | 1,026,389 |
Madison IAQ LLC | ||
Term Loan | ||
7.988% (3 Month LIBOR + 3.25%), due 6/21/28 (b) | 2,324,600 | 2,154,614 |
Pro Mach Group, Inc. | ||
First Lien Closing Date Initial Term Loan | ||
8.384% (1 Month LIBOR + 4.00%), due 8/31/28 (b) | 2,785,161 | 2,704,093 |
Standard Industries, Inc. | ||
Initial Term Loan | ||
6.425% (3 Month LIBOR + 2.25%), due 9/22/28 (b) | 1,053,418 | 1,039,080 |
Zurn LLC | ||
First Lien Term Loan B | ||
6.384% (1 Month LIBOR + 2.00%), due 10/4/28 (b) | 841,500 | 838,695 |
18,769,326 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Media 1.8% | ||
Cogeco Communications Finance (USA) LP | ||
Amendment No. 5 Incremental Term Loan B | ||
6.884% (1 Month LIBOR + 2.50%), due 9/1/28 (b) | $ 2,768,538 | $ 2,684,906 |
Diamond Sports Group LLC | ||
Second Lien Term Loan | ||
7.567% (1 Month LIBOR + 3.25%), due 8/24/26 (b) | 2,898,312 | 350,212 |
Directv Financing LLC | ||
Closing Date Term Loan | ||
9.384% (1 Month LIBOR + 5.00%), due 8/2/27 (b) | 3,727,500 | 3,615,094 |
KKR Apple Bidco LLC (b) | ||
First Lien Initial Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 9/22/28 | 2,346,300 | 2,310,005 |
First Lien Amendment No. 1 Term Loan | ||
8.323% (1 Month LIBOR + 4.00%), due 9/22/28 | 750,000 | 747,187 |
Mission Broadcasting, Inc. | ||
Term Loan B4 | ||
6.869% (1 Month LIBOR + 2.50%), due 6/2/28 (b) | 592,500 | 586,871 |
Radiate Holdco LLC | ||
Amendment No. 6 Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 9/25/26 (b) | 4,054,157 | 3,287,245 |
Sinclair Television Group, Inc. | ||
Term Loan B4 | ||
8.173% (1 Month LIBOR + 3.75%), due 4/21/29 (b) | 1,990,000 | 1,889,256 |
15,470,776 | ||
Mining, Steel, Iron & Non-Precious Metals 1.1% | ||
American Rock Salt Co. LLC | ||
First Lien Initial Term Loan | ||
8.38% (1 Month LIBOR + 4.00%), due 6/9/28 (b) | 1,238,286 | 1,159,345 |
Gates Global LLC (b) | ||
Initial Dollar Term Loan B3 | ||
6.884% (1 Month LIBOR + 2.50%), due 3/31/27 | 2,899,361 | 2,833,762 |
Initial Dollar Term Loan B4 | ||
7.823% (1 Month LIBOR + 3.50%), due 11/16/29 | 1,995,000 | 1,977,544 |
Principal Amount | Value | |
Mining, Steel, Iron & Non-Precious Metals (continued) | ||
Graftech International Ltd. | ||
Initial Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 2/12/25 (b) | $ 605,084 | $ 597,332 |
MRC Global (U.S.), Inc. | ||
2018 Refinancing Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 9/20/24 (b) | 1,046,126 | 1,028,691 |
U.S. Silica Co. | ||
Term Loan | ||
8.438% (1 Month LIBOR + 4.00%), due 5/1/25 (b) | 1,427,297 | 1,407,671 |
9,004,345 | ||
Oil & Gas 1.6% | ||
AL GCX Holdings LLC | ||
Initial Term Loan | ||
7.565% (3 Month LIBOR + 3.75%), due 5/17/29 (b) | 498,750 | 493,555 |
Buckeye Partners LP | ||
2021 Tranche Term Loan B1 | ||
6.634% (1 Month LIBOR + 2.25%), due 11/1/26 (b) | 1,337,394 | 1,328,426 |
ChampionX Corp. | ||
Term Loan B1 | ||
7.567% (1 Month LIBOR + 3.25%), due 6/7/29 (b) | 1,496,250 | 1,488,302 |
DT Midstream, Inc. | ||
Initial Term Loan | ||
6.438% (1 Month LIBOR + 2.00%), due 6/26/28 (b) | 319,462 | 319,551 |
Fleet Midco I Ltd. | ||
Facility Term Loan B | ||
7.928% (6 Month LIBOR + 3.00%), due 10/7/26 (b) | 1,209,375 | 1,197,281 |
GIP III Stetson I LP | ||
Initial Term Loan | ||
8.634% (1 Month LIBOR + 4.25%), due 7/18/25 (b)(c) | 1,372,298 | 1,347,426 |
Keane Group Holdings LLC | ||
Initial Term Loan | ||
7.938% (1 Month LIBOR + 3.50%), due 5/25/25 (b) | 955,000 | 926,947 |
Medallion Midland Acquisition LLC | ||
Initial Term Loan | ||
8.592% (3 Month LIBOR + 3.75%), due 10/18/28 (b) | 571,725 | 565,579 |
28 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Oil & Gas (continued) | ||
Murphy Oil USA, Inc. | ||
Tranche Term Loan B | ||
6.12% (1 Month LIBOR + 1.75%), due 1/31/28 (b) | $ 443,250 | $ 443,250 |
NorthRiver Midstream Finance LP | ||
Initial Term Loan B | ||
6.924% (3 Month LIBOR + 3.25%), due 10/1/25 (b) | 1,152,000 | 1,142,400 |
Oryx Midstream Services Permian Basin LLC | ||
Initial Term Loan | ||
7.924% (3 Month LIBOR + 3.25%), due 10/5/28 (b) | 980,522 | 967,346 |
PES Holdings LLC | ||
Tranche Term Loan C (zero coupon) - 12.00% | ||
(3.00% PIK) (1 Month LIBOR + 4.50%), due 12/31/23 (b)(c)(e)(f)(g) | 1,143,629 | 28,591 |
Prairie ECI Acquiror LP | ||
Initial Term Loan | ||
9.134% (1 Month LIBOR + 4.75%), due 3/11/26 (b) | 1,185,525 | 1,151,256 |
Traverse Midstream Partners LLC | ||
Advance Term Loan | ||
8.80% (3 Month LIBOR + 4.25%), due 9/27/24 (b) | 1,089,286 | 1,085,201 |
Veritas U.S., Inc. | ||
Dollar 2021 Term Loan B | ||
9.73% (3 Month LIBOR + 5.00%), due 9/1/25 (b) | 1,181,910 | 833,246 |
13,318,357 | ||
Packaging 0.3% | ||
LABL, Inc. | ||
Initial Dollar Term Loan | ||
9.384% (1 Month LIBOR + 5.00%), due 10/29/28 (b) | 1,485,000 | 1,407,037 |
Plastipak Holdings, Inc. | ||
2021 Tranche Term Loan B | ||
6.938% (1 Month LIBOR + 2.50%), due 12/1/28 (b) | 960,588 | 947,781 |
2,354,818 | ||
Personal & Nondurable Consumer Products 1.3% | ||
ABG Intermediate Holdings 2 LLC | ||
First Lien Tranche Term Loan B1 | ||
7.923% (1 Month LIBOR + 3.50%), due 12/21/28 (b) | 2,368,100 | 2,289,164 |
Principal Amount | Value | |
Personal & Nondurable Consumer Products (continued) | ||
Foundation Building Materials, Inc. | ||
First Lien Initial Term Loan | ||
7.665% (3 Month LIBOR + 3.25%), due 1/31/28 (b) | $ 738,750 | $ 696,272 |
Hunter Douglas Holding BV | ||
Tranche Term Loan B1 | ||
7.859% (3 Month SOFR + 3.50%), due 2/26/29 (b) | 2,985,000 | 2,618,591 |
Leslie's Poolmart, Inc. | ||
Initial Term Loan | ||
7.23% (3 Month LIBOR + 2.50%), due 3/9/28 (b) | 1,965,000 | 1,919,968 |
Michaels Cos., Inc. (The) | ||
Term Loan B | ||
8.98% (3 Month LIBOR + 4.25%), due 4/15/28 (b) | 3,152,000 | 2,715,448 |
Prestige Brands, Inc. | ||
Term Loan B5 | ||
6.384% (1 Month LIBOR + 2.00%), due 7/3/28 (b) | 660,000 | 656,700 |
Spectrum Brands, Inc. | ||
2021 Term Loan 6.42% - 6.74% | ||
(3 Month LIBOR + 2.00%), due 3/3/28 (b) | 98,250 | 96,285 |
10,992,428 | ||
Personal & Nondurable Consumer Products (Manufacturing Only) 0.7% | ||
American Builders & Contractors Supply Co., Inc. | ||
Restatement Effective Date Term Loan | ||
6.384% (1 Month LIBOR + 2.00%), due 1/15/27 (b) | 1,683,352 | 1,664,415 |
Hercules Achievement, Inc. | ||
First Lien Initial Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 12/16/24 (b) | 1,900,089 | 1,826,164 |
SRAM LLC | ||
Initial Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 5/18/28 (b) | 2,195,455 | 2,132,335 |
5,622,914 | ||
Personal Transportation 0.4% | ||
First Student Bidco, Inc. (b) | ||
Initial Term Loan B | ||
7.726% (3 Month LIBOR + 3.00%), due 7/21/28 | 245,697 | 221,311 |
Initial Term Loan C | ||
7.726% (3 Month LIBOR + 3.00%), due 7/21/28 | 90,622 | 81,628 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Personal Transportation (continued) | ||
Uber Technologies, Inc. (b) | ||
2021 Incremental Term Loan | ||
8.235% (3 Month LIBOR + 3.50%), due 4/4/25 | $ 1,709,719 | $ 1,707,582 |
2021 Refinancing Term Loan | ||
8.235% (3 Month LIBOR + 3.50%), due 2/25/27 | 981,675 | 978,871 |
2,989,392 | ||
Personal, Food & Miscellaneous Services 1.7% | ||
1011778 B.C. Unlimited Liability Co. | ||
Term Loan B4 6.134% - 6.165% | ||
(1 Month LIBOR + 1.75%, 3 Month LIBOR + 1.75%), due 11/19/26 (b) | 2,121,119 | 2,080,353 |
Aramark Intermediate HoldCo Corp. (b) | ||
U.S. Term Loan B3 | ||
6.134% (1 Month LIBOR + 1.75%), due 3/11/25 | 2,182,663 | 2,160,836 |
U.S. Term Loan B5 | ||
6.884% (1 Month LIBOR + 2.50%), due 4/6/28 | 1,402,972 | 1,381,928 |
Hayward Industries, Inc. | ||
First Lien Refinancing Term Loan | ||
6.884% (1 Month LIBOR + 2.50%), due 5/30/28 (b) | 2,758,000 | 2,646,530 |
Hillman Group, Inc. (The) (b) | ||
Initial Term Loan | ||
7.139% (1 Month LIBOR + 2.75%), due 7/14/28 | 533,472 | 517,201 |
Initial Delayed Draw Term Loan | ||
7.139% (1 Month LIBOR + 2.75%), due 7/14/28 | 10,222 | 9,911 |
IRB Holding Corp. (b) | ||
2020 Replacement Term Loan B | ||
7.134% (1 Month LIBOR + 2.75%), due 2/5/25 | 2,385,937 | 2,360,374 |
2022 Replacement Term Loan B | ||
7.317% (1 Month LIBOR + 3.00%), due 12/15/27 | 2,131,213 | 2,062,613 |
KFC Holding Co. | ||
2021 Term Loan B | ||
6.089% (1 Month LIBOR + 1.75%), due 3/15/28 (b) | 1,449,242 | 1,424,786 |
14,644,532 |
Principal Amount | Value | |
Pharmaceuticals 0.1% | ||
Padagis LLC | ||
Term Loan B | ||
8.491% (3 Month LIBOR + 4.75%), due 7/6/28 (b) | $ 1,129,412 | $ 988,235 |
Printing & Publishing 0.7% | ||
Getty Images, Inc. | ||
Initial Dollar Term Loan | �� | |
8.938% (1 Month LIBOR + 4.50%), due 2/19/26 (b) | 1,005,342 | 997,802 |
Severin Acquisition LLC | ||
First Lien Initial Term Loan | ||
7.094% (3 Month LIBOR + 3.00%), due 8/1/25 (b) | 1,929,946 | 1,909,038 |
Springer Nature Deutschland GmbH | ||
Initial Term Loan B18 | ||
6.674% (3 Month LIBOR + 3.00%), due 8/14/26 (b) | 3,062,584 | 3,031,193 |
5,938,033 | ||
Retail 0.6% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
8.134% (1 Month LIBOR + 3.75%), due 3/6/28 (b) | 5,339,450 | 5,126,983 |
Retail Store 1.3% | ||
BJ's Wholesale Club, Inc. | ||
First Lien Tranche Term Loan B | ||
6.27% (1 Month LIBOR + 2.00%), due 2/3/24 (b) | 1,171,143 | 1,170,353 |
EG Group Ltd. (b) | ||
USD Additional Facility Term Loan | ||
8.73% (3 Month LIBOR + 4.00%), due 2/7/25 | 1,428,788 | 1,341,631 |
USD Facility Term Loan B | ||
9.151% (6 Month LIBOR + 4.00%), due 2/7/25 | 658,267 | 618,113 |
Harbor Freight Tools USA, Inc. | ||
2021 Initial Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 10/19/27 (b) | 3,804,621 | 3,622,117 |
PetSmart LLC | ||
Initial Term Loan | ||
8.13% (1 Month LIBOR + 3.75%), due 2/11/28 (b) | 1,382,500 | 1,352,258 |
30 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Retail Store (continued) | ||
Rising Tide Holdings, Inc. | ||
First Lien Initial Term Loan | ||
9.485% (3 Month LIBOR + 4.75%), due 6/1/28 (b) | $ 2,403,400 | $ 1,081,530 |
White Cap Supply Holdings LLC | ||
Initial Closing Date Term Loan | ||
8.073% (1 Month LIBOR + 3.75%), due 10/19/27 (b) | 1,962,650 | 1,894,230 |
11,080,232 | ||
Services: Business 4.5% | ||
Brown Group Holdings LLC (b) | ||
Incremental Facility Term Loan B2 7.844% - 8.134% | ||
(1 Month LIBOR + 3.75%, 3 Month LIBOR + 3.75%), due 7/2/29 | 166,250 | 165,508 |
Initial Term Loan | ||
6.884% (1 Month LIBOR + 2.50%), due 6/7/28 | 1,152,352 | 1,130,334 |
Charlotte Buyer, Inc. | ||
First Lien Initial Term Loan B | ||
9.533% (1 Month LIBOR + 5.25%), due 2/11/28 (b) | 800,000 | 756,334 |
ConnectWise LLC | ||
Initial Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 9/29/28 (b) | 1,386,000 | 1,314,967 |
Dun & Bradstreet Corp. (The) (b) | ||
2022 Incremental Term Loan B2 | ||
7.573% (1 Month LIBOR + 3.25%), due 1/18/29 | 297,750 | 292,043 |
Initial Borrowing Term Loan | ||
7.639% (1 Month LIBOR + 3.25%), due 2/6/26 | 2,814,681 | 2,783,016 |
Electron Bidco, Inc. | ||
First Lien Initial Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 11/1/28 (b) | 3,644,142 | 3,542,791 |
GIP II Blue Holding LP | ||
Initial Term Loan | ||
9.23% (3 Month LIBOR + 4.50%), due 9/29/28 (b) | 2,271,120 | 2,247,191 |
Hunter Holdco 3 Ltd. | ||
First Lien Initial Dollar Term Loan | ||
8.98% (3 Month LIBOR + 4.25%), due 8/19/28 (b) | 3,033,000 | 2,964,757 |
Principal Amount | Value | |
Services: Business (continued) | ||
ICON plc (b) | ||
Lux Term Loan | ||
7.00% (3 Month LIBOR + 2.25%), due 7/3/28 | $ 1,524,594 | $ 1,518,402 |
U.S. Term Loan | ||
7.00% (3 Month LIBOR + 2.25%), due 7/3/28 | 379,854 | 378,311 |
Indy U.S. Bidco LLC | ||
2021 Refinancing Dollar Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 3/6/28 (b) | 1,473,844 | 1,269,962 |
Intrado Corp. | ||
Initial Term Loan B | ||
8.415% (3 Month LIBOR + 4.00%), due 10/10/24 (b) | 1,490,103 | 1,361,582 |
Mercury Borrower, Inc. | ||
First Lien Initial Term Loan | ||
8.25% (3 Month LIBOR + 3.50%), due 8/2/28 (b) | 4,758,045 | 4,526,090 |
Mitchell International, Inc. (b) | ||
First Lien Initial Term Loan | ||
8.415% (3 Month LIBOR + 3.75%), due 10/15/28 | 1,985,000 | 1,829,177 |
Second Lien Initial Term Loan | ||
11.235% (3 Month LIBOR + 6.50%), due 10/15/29 | 1,200,000 | 989,000 |
MPH Acquisition Holdings LLC | ||
Initial Term Loan | ||
8.985% (3 Month LIBOR + 4.25%), due 9/1/28 (b) | 2,468,750 | 2,094,838 |
PECF USS Intermediate Holding III Corp. | ||
Initial Term Loan | ||
8.634% (1 Month LIBOR + 4.25%), due 12/15/28 (b) | 3,477,437 | 2,889,170 |
Phoenix Newco, Inc. | ||
First Lien Initial Term Loan | ||
7.321% (3 Month LIBOR + 3.25%), due 11/15/28 (b) | 1,488,750 | 1,431,268 |
Polaris Newco LLC | ||
First Lien Dollar Term Loan | ||
8.73% (3 Month LIBOR + 4.00%), due 6/2/28 (b) | 2,962,500 | 2,696,933 |
Project Boost Purchaser LLC | ||
2021 Tranche Term Loan 2 | ||
7.884% (1 Month LIBOR + 3.50%), due 5/30/26 (b) | 738,750 | 710,123 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Services: Business (continued) | ||
Vizient, Inc. | ||
Term Loan B7 | ||
6.671% (1 Month LIBOR + 2.25%), due 5/16/29 (b) | $ 746,250 | $ 744,540 |
37,636,337 | ||
Software 3.7% | ||
AppLovin Corp. | ||
Amendment No. 6 New Term Loan | ||
9.50% (3 Month LIBOR + 2.00%), due 10/25/28 (b) | 1,191,000 | 1,128,473 |
Cornerstone OnDemand, Inc. | ||
First Lien Initial Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 10/16/28 (b) | 1,860,937 | 1,655,071 |
Gen Digital, Inc. | ||
Tranche Initial Term Loan B | ||
6.423% (1 Month LIBOR + 2.00%), due 9/12/29 (b) | 7,000,000 | 6,868,750 |
Informatica LLC | ||
Initial Term Loan | ||
7.188% (1 Month LIBOR + 2.75%), due 10/27/28 (b) | 2,937,800 | 2,880,880 |
Magenta Buyer LLC | ||
First Lien Initial Term Loan | ||
9.17% (3 Month LIBOR + 4.75%), due 7/27/28 (b) | 693,000 | 589,916 |
McAfee Corp. | ||
Tranche Term Loan B1 | ||
7.974% (1 Month LIBOR + 3.75%), due 3/1/29 (b) | 4,975,000 | 4,620,531 |
Mitnick Corp. Purchaser, Inc. | ||
Initial Term Loan | ||
8.944% (3 Month LIBOR + 4.75%), due 5/2/29 (b) | 1,995,000 | 1,864,078 |
Quest Software U.S. Holdins, Inc. | ||
First Lien Initial Term Loan | ||
8.494% (3 Month LIBOR + 4.25%), due 2/1/29 (b) | 2,805,469 | 2,153,197 |
Sophia LP | ||
First Lien Term Loan B | ||
8.23% (3 Month LIBOR + 3.50%), due 10/7/27 (b) | 673,142 | 648,741 |
Sovos Compliance LLC | ||
First Lien Initial Term Loan | ||
8.884% (1 Month LIBOR + 4.50%), due 8/11/28 (b) | 495,368 | 454,748 |
Principal Amount | Value | |
Software (continued) | ||
TIBCO Software, Inc. | ||
First Lien Dollar Term Loan B | ||
9.18% (3 Month LIBOR + 4.50%), due 3/30/29 (b) | $ 1,600,000 | $ 1,425,333 |
UKG, Inc. (b) | ||
First Lien 2021-2 Incremental Term Loan | ||
6.998% (3 Month LIBOR + 3.25%), due 5/4/26 | 3,862,548 | 3,662,661 |
First Lien Initial Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 5/4/26 | 1,693,125 | 1,627,820 |
Second Lien 2021 Incremental Term Loan | ||
8.998% (3 Month LIBOR + 5.25%), due 5/3/27 | 200,000 | 183,125 |
Vision Solutions, Inc. | ||
First Lien Third Incremental Term Loan | ||
8.358% (3 Month LIBOR + 4.00%), due 4/24/28 (b) | 1,645,833 | 1,361,927 |
31,125,251 | ||
Telecommunications 3.4% | ||
Avaya, Inc. | ||
Tranche Term Loan B2 | ||
8.318% (1 Month LIBOR + 4.00%), due 12/15/27 (b) | 1,168,269 | 392,830 |
Azalea TopCo, Inc. | ||
First Lien Initial Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 7/24/26 (b) | 2,418,750 | 2,213,156 |
Cablevision Lightpath LLC | ||
Initial Term Loan | ||
7.568% (1 Month LIBOR + 3.25%), due 11/30/27 (b) | 1,477,387 | 1,407,211 |
Connect Finco SARL | ||
Amendement No.1 Refinancing Term Loan | ||
7.58% (1 Month LIBOR + 3.50%), due 12/11/26 (b) | 3,919,697 | 3,864,578 |
CSC Holdings LLC | ||
September 2019 Initial Term Loan | ||
6.818% (1 Month LIBOR + 2.50%), due 4/15/27 (b) | 3,598,858 | 3,202,983 |
Cyxtera DC Holdings, Inc. | ||
First Lien Initial Term Loan | ||
7.36% (3 Month LIBOR + 3.00%), due 5/1/24 (b)(c) | 947,500 | 792,742 |
32 | MainStay VP Floating Rate Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Telecommunications (continued) | ||
Frontier Communications Holdings LLC | ||
Term Loan B | ||
8.50% (3 Month LIBOR + 3.75%), due 5/1/28 (b) | $ 2,112,375 | $ 2,010,278 |
Gogo Intermediate Holdings LLC | ||
Initial Term Loan | ||
8.165% (3 Month LIBOR + 3.75%), due 4/30/28 (b) | 2,957,469 | 2,927,894 |
Intelsat Jackson Holdings SA | ||
Term Loan B | ||
7.445% (6 Month LIBOR + 4.25%), due 2/1/29 (b) | 876,913 | 845,345 |
Level 3 Financing, Inc. | ||
Tranche 2027 Term Loan B | ||
6.134% (1 Month LIBOR + 1.75%), due 3/1/27 (b) | 1,162,434 | 1,111,940 |
Lumen Technologies, Inc. | ||
Term Loan B | ||
6.634% (1 Month LIBOR + 2.25%), due 3/15/27 (b) | 2,667,026 | 2,525,756 |
Redstone HoldCo 2 LP | ||
First Lien Initial Term Loan | ||
9.108% (3 Month LIBOR + 4.75%), due 4/27/28 (b) | 1,478,775 | 1,021,834 |
SBA Senior Finance II LLC | ||
Initial Term Loan | ||
6.14% (1 Month LIBOR + 1.75%), due 4/11/25 (b) | 1,753,052 | 1,745,852 |
Telesat Canada | ||
Term Loan B5 | ||
7.17% (3 Month LIBOR + 2.75%), due 12/7/26 (b) | 1,220,447 | 558,965 |
Zayo Group Holdings, Inc. | ||
Initial Dollar Term Loan | ||
7.384% (1 Month LIBOR + 3.00%), due 3/9/27 (b) | 4,348,136 | 3,504,476 |
28,125,840 | ||
Utilities 2.6% | ||
Astoria Energy LLC | ||
2020 Advance Term Loan B | ||
7.89% (1 Month LIBOR + 3.50%), due 12/10/27 (b) | 649,927 | 640,449 |
Brookfield WEC Holdings, Inc. (b) | ||
First Lien 2021 Initial Term Loan | ||
7.134% (1 Month LIBOR + 2.75%), due 8/1/25 | 2,883,613 | 2,838,196 |
Principal Amount | Value | |
Utilities (continued) | ||
Brookfield WEC Holdings, Inc. (b) (continued) | ||
Initial Term Loan | ||
8.073% (1 Month LIBOR + 3.75%), due 8/1/25 | $ 1,163,750 | $ 1,157,516 |
Calpine Corp. | ||
2019 Term Loan | ||
6.39% (1 Month LIBOR + 2.00%), due 4/5/26 (b) | 3,039,750 | 2,992,634 |
Constellation Renewables LLC | ||
Term Loan | ||
7.24% (3 Month LIBOR + 2.50%), due 12/15/27 (b) | 1,392,014 | 1,376,850 |
Edgewater Generation LLC | ||
Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 12/13/25 (b) | 3,062,968 | 2,898,760 |
Granite Generation LLC | ||
Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 11/9/26 (b) | 3,012,500 | 2,919,772 |
Hamilton Projects Acquiror LLC | ||
Term Loan | ||
9.23% (3 Month LIBOR + 4.50%), due 6/17/27 (b) | 2,192,778 | 2,155,319 |
PG&E Corp. | ||
Term Loan | ||
7.438% (1 Month LIBOR + 3.00%), due 6/23/25 (b) | 1,706,250 | 1,688,761 |
Vistra Operations Co. LLC | ||
2018 Incremental Term Loan 6.089% - 6.134% | ||
(1 Month LIBOR + 1.75%), due 12/31/25 (b) | 3,082,137 | 3,052,015 |
21,720,272 | ||
Water 0.3% | ||
Osmosis Buyer Ltd. | ||
2022 Refinanciang Term Loan B | ||
7.967% (1 Month LIBOR + 3.75%), due 7/31/28 (b) | 2,388,000 | 2,238,750 |
Total Loan Assignments (Cost $793,928,364) | 746,248,084 | |
Total Long-Term Bonds (Cost $832,809,653) | 781,067,084 | |
Shares | Value | |
Affiliated Investment Company 0.2% | ||
Fixed Income Fund 0.2% | ||
MainStay MacKay High Yield Corporate Bond Fund Class I | 436,571 | $ 2,142,121 |
Total Affiliated Investment Company (Cost $2,445,688) | 2,142,121 | |
Common Stocks 0.0% ‡ | ||
Auto Components 0.0% ‡ | ||
Millennium Corporate Trust (c)(d)(h) | 1,243 | — |
Millennium Industries Corp. (c)(d)(h) | 1,324 | — |
— | ||
Health Care Equipment & Supplies 0.0% ‡ | ||
Carestream Equity (c)(d)(h) | 3,656 | 77,873 |
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
Sempra Texas Holdings Corp. (c)(d)(h) | 94,456 | — |
Machinery 0.0% ‡ | ||
Ameriforge Group, Inc. (c)(d)(h) | 45,694 | 63,515 |
Total Common Stocks (Cost $1,651,252) | 141,388 | |
Number of Rights | ||
Rights 0.0% ‡ | ||
Independent Power and Renewable Electricity Producers 0.0% ‡ | ||
Vistra Corp. | ||
Expires 12/31/46 (c)(d)(h) | 57,684 | 68,644 |
Total Rights (Cost $47,301) | 68,644 | |
Number of Warrants | ||
Warrants 0.0% ‡ | ||
Capital Markets 0.0% ‡ | ||
THAIHOT Investment Co. Ltd. | ||
Expires 10/13/27 (c)(d)(h)(i) | 22 | 0 |
Total Warrants (Cost $0) | 0 | |
Principal Amount | Value | ||
Short-Term Investments 6.4% | |||
U.S. Treasury Debt 6.4% | |||
U.S. Treasury Bills (j) | |||
3.582%, due 1/3/23 | $ 29,687,000 | $ 29,687,000 | |
3.635%, due 1/24/23 | 9,309,000 | 9,288,144 | |
3.689%, due 1/17/23 | 6,541,000 | 6,531,642 | |
3.703%, due 1/10/23 | 7,859,000 | 7,853,472 | |
Total Short-Term Investments (Cost $53,350,437) | 53,360,258 | ||
Total Investments (Cost $890,304,331) | 99.9% | 836,779,495 | |
Other Assets, Less Liabilities | 0.1 | 618,822 | |
Net Assets | 100.0% | $ 837,398,317 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(c) | Illiquid security—As of December 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $9,876,618, which represented 1.2% of the Portfolio’s net assets. (Unaudited) |
(d) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(e) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(f) | Issue in default. |
(g) | Issue in non-accrual status. |
(h) | Non-income producing security. |
(i) | Less than $1. |
(j) | Interest rate shown represents yield to maturity. |
34 | MainStay VP Floating Rate Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay MacKay High Yield Corporate Bond Fund Class I | $ 2,453 | $ — | $ — | $ — | $ (311) | $ 2,142 | $ 110 | $ — | 437 |
Abbreviation(s): |
CLO—Collateralized Loan Obligation |
LIBOR—London Interbank Offered Rate |
REIT—Real Estate Investment Trust |
SOFR—Secured Overnight Financing Rate |
TBD—To Be Determined |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 7,858,270 | $ — | $ 7,858,270 | |||
Corporate Bonds | — | 26,960,730 | — | 26,960,730 | |||
Loan Assignments | — | 744,314,927 | 1,933,157 | 746,248,084 | |||
Total Long-Term Bonds | — | 779,133,927 | 1,933,157 | 781,067,084 | |||
Affiliated Investment Company | |||||||
Fixed Income Fund | 2,142,121 | — | — | 2,142,121 | |||
Common Stocks | — | — | 141,388 | 141,388 | |||
Rights | — | — | 68,644 | 68,644 | |||
Warrants (b) | — | — | 0 | 0 | |||
Short-Term Investments | |||||||
U.S. Treasury Debt | — | 53,360,258 | — | 53,360,258 | |||
Total Investments in Securities | $ 2,142,121 | $ 832,494,185 | $ 2,143,189 | $ 836,779,495 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | Less than $1. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $887,858,643) | $ 834,637,374 |
Investment in affiliated investment companies, at value (identified cost $2,445,688) | 2,142,121 |
Cash | 7,374,884 |
Receivables: | |
Interest | 3,163,374 |
Portfolio shares sold | 707,931 |
Investment securities sold | 82,534 |
Other assets | 3,663 |
Total assets | 848,111,881 |
Liabilities | |
Unrealized depreciation on unfunded commitments (See Note 5) | 63,410 |
Payables: | |
Investment securities purchased | 9,663,785 |
Manager (See Note 3) | 425,029 |
Portfolio shares redeemed | 355,459 |
NYLIFE Distributors (See Note 3) | 119,226 |
Professional fees | 53,220 |
Shareholder communication | 24,006 |
Custodian | 4,429 |
Accrued expenses | 5,000 |
Total liabilities | 10,713,564 |
Net assets | $ 837,398,317 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 100,388 |
Additional paid-in-capital | 938,323,170 |
938,423,558 | |
Total distributable earnings (loss) | (101,025,241) |
Net assets | $ 837,398,317 |
Initial Class | |
Net assets applicable to outstanding shares | $275,041,233 |
Shares of beneficial interest outstanding | 32,989,269 |
Net asset value per share outstanding | $ 8.34 |
Service Class | |
Net assets applicable to outstanding shares | $562,357,084 |
Shares of beneficial interest outstanding | 67,398,491 |
Net asset value per share outstanding | $ 8.34 |
36 | MainStay VP Floating Rate Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 45,245,538 |
Dividends-affiliated | 109,625 |
Other | 446 |
Total income | 45,355,609 |
Expenses | |
Manager (See Note 3) | 4,985,039 |
Distribution/Service—Service Class (See Note 3) | 1,383,571 |
Professional fees | 148,659 |
Shareholder communication | 42,863 |
Custodian | 30,099 |
Trustees | 18,699 |
Miscellaneous | 52,977 |
Total expenses | 6,661,907 |
Net investment income (loss) | 38,693,702 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on unaffiliated investments | (5,194,020) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (44,942,716) |
Affiliated investments | (302,764) |
Unfunded commitments | (67,546) |
Net change in unrealized appreciation (depreciation) | (45,313,026) |
Net realized and unrealized gain (loss) | (50,507,046) |
Net increase (decrease) in net assets resulting from operations | $(11,813,344) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 38,693,702 | $ 22,927,243 |
Net realized gain (loss) | (5,194,020) | (990,900) |
Net change in unrealized appreciation (depreciation) | (45,313,026) | 3,758,344 |
Net increase (decrease) in net assets resulting from operations | (11,813,344) | 25,694,687 |
Distributions to shareholders: | ||
Initial Class | (13,236,901) | (7,569,114) |
Service Class | (25,226,121) | (15,125,910) |
Total distributions to shareholders | (38,463,022) | (22,695,024) |
Capital share transactions: | ||
Net proceeds from sales of shares | 199,338,625 | 272,707,260 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 38,463,022 | 22,695,024 |
Cost of shares redeemed | (183,816,446) | (103,761,021) |
Increase (decrease) in net assets derived from capital share transactions | 53,985,201 | 191,641,263 |
Net increase (decrease) in net assets | 3,708,835 | 194,640,926 |
Net Assets | ||
Beginning of year | 833,689,482 | 639,048,556 |
End of year | $ 837,398,317 | $ 833,689,482 |
38 | MainStay VP Floating Rate Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 8.86 | $ 8.81 | $ 8.93 | $ 8.66 | $ 9.08 | ||||
Net investment income (loss) (a) | 0.41 | 0.28 | 0.32 | 0.44 | 0.43 | ||||
Net realized and unrealized gain (loss) | (0.52) | 0.05 | (0.12) | 0.27 | (0.42) | ||||
Total from investment operations | (0.11) | 0.33 | 0.20 | 0.71 | 0.01 | ||||
Less distributions: | |||||||||
From net investment income | (0.41) | (0.28) | (0.32) | (0.44) | (0.43) | ||||
Net asset value at end of year | $ 8.34 | $ 8.86 | $ 8.81 | $ 8.93 | $ 8.66 | ||||
Total investment return (b) | (1.25)% | 3.76% | 2.45% | 8.48% | (0.00)%‡(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.80% | 3.23% | 3.81% | 4.98% | 4.75% | ||||
Net expenses (d) | 0.64% | 0.64% | 0.65% | 0.65% | 0.65% | ||||
Portfolio turnover rate | 14% | 29% | 19% | 35% | 29% | ||||
Net assets at end of year (in 000's) | $ 275,041 | $ 299,907 | $ 142,403 | $ 205,596 | $ 187,285 |
‡ | Less than one-tenth of a percent. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 8.87 | $ 8.82 | $ 8.94 | $ 8.67 | $ 9.09 | ||||
Net investment income (loss) (a) | 0.39 | 0.26 | 0.30 | 0.42 | 0.41 | ||||
Net realized and unrealized gain (loss) | (0.53) | 0.05 | (0.12) | 0.27 | (0.42) | ||||
Total from investment operations | (0.14) | 0.31 | 0.18 | 0.69 | (0.01) | ||||
Less distributions: | |||||||||
From net investment income | (0.39) | (0.26) | (0.30) | (0.42) | (0.41) | ||||
Net asset value at end of year | $ 8.34 | $ 8.87 | $ 8.82 | $ 8.94 | $ 8.67 | ||||
Total investment return (b) | (1.49)% | 3.50% | 2.20% | 8.19% | (0.25)%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.59% | 2.96% | 3.50% | 4.73% | 4.52% | ||||
Net expenses (d) | 0.89% | 0.89% | 0.90% | 0.90% | 0.90% | ||||
Portfolio turnover rate | 14% | 29% | 19% | 35% | 29% | ||||
Net assets at end of year (in 000's) | $ 562,357 | $ 533,782 | $ 496,645 | $ 579,419 | $ 611,492 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 2, 2005 |
Service Class | May 2, 2005 |
40 | MainStay VP Floating Rate Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
42 | MainStay VP Floating Rate Portfolio |
44 | MainStay VP Floating Rate Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $890,355,829 | $849,852 | $(54,426,186) | $(53,576,334) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$1,650,218 | $(48,495,087) | $(540,629) | $(53,639,743) | $(101,025,241) |
Total Distributable Earnings (Loss) | Additional Paid-In Capital | |
$35,530 | $(35,530) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $4,593 | $43,902 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $38,463,022 | $22,695,024 |
Borrower | Unfunded Commitments | Unrealized Appreciation/ (Depreciation) |
athenahealth Group, Inc., Initial Delayed Draw Term Loan 3.50%, due 2/15/29 | $489,357 | $(54,121) |
Hillman Group, Inc. (The), Initial Delayed Draw Term Loan 2.75%, due 7/14/28 | 115,413 | (3,631) |
Pediatric Associates Holding Co. LLC, Amendment No. 1 Incremental Delayed Draw Term Loan 3.25%, due 12/29/28 | 99,605 | (5,658) |
Total | $704,375 | $(63,410) |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 4,045,382 | $ 33,987,205 |
Shares issued to shareholders in reinvestment of distributions | 1,567,085 | 13,236,901 |
Shares redeemed | (6,486,710) | (55,381,284) |
Net increase (decrease) | (874,243) | $ (8,157,178) |
Year ended December 31, 2021: | ||
Shares sold | 19,774,894 | $ 175,476,548 |
Shares issued to shareholders in reinvestment of distributions | 853,852 | 7,569,114 |
Shares redeemed | (2,924,924) | (25,956,012) |
Net increase (decrease) | 17,703,822 | $ 157,089,650 |
46 | MainStay VP Floating Rate Portfolio |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 19,272,966 | $ 165,351,420 |
Shares issued to shareholders in reinvestment of distributions | 2,987,184 | 25,226,121 |
Shares redeemed | (15,071,415) | (128,435,162) |
Net increase (decrease) | 7,188,735 | $ 62,142,379 |
Year ended December 31, 2021: | ||
Shares sold | 10,956,996 | $ 97,230,712 |
Shares issued to shareholders in reinvestment of distributions | 1,704,919 | 15,125,910 |
Shares redeemed | (8,766,498) | (77,805,009) |
Net increase (decrease) | 3,895,417 | $ 34,551,613 |
MainStay VP Floating Rate Portfolio
New York, New York
February 24, 2023
48 | MainStay VP Floating Rate Portfolio |
50 | MainStay VP Floating Rate Portfolio |
52 | MainStay VP Floating Rate Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
54 | MainStay VP Floating Rate Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
56 | MainStay VP Floating Rate Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015906 | MSVPFR11-02/23 |
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Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 5/1/1995 | -8.06% | 2.67% | 4.23% | 0.58% |
Service Class Shares | 6/4/2003 | -8.29 | 2.41 | 3.97 | 0.83 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
ICE BofA U.S. High Yield Constrained Index1 | -11.21% | 2.10% | 3.94% |
Morningstar High Yield Bond Category Average2 | -10.37 | 1.46 | 2.99 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The ICE BofA U.S. High Yield Constrained Index is the Portfolio's primary broad-based securities market index for comparison purposes. The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the 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. |
2. | The Morningstar High Yield Bond Category Average is representative of funds that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BB and below. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,034.80 | $2.97 | $1,022.28 | $2.96 | 0.58% |
Service Class Shares | $1,000.00 | $1,033.50 | $4.25 | $1,021.02 | $4.23 | 0.83% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
1. | CCO Holdings LLC, 4.25%-5.375%, due 5/1/27–1/15/34 |
2. | HCA, Inc., 5.375%-8.36%, due 4/15/24–11/6/33 |
3. | Carnival Corp., 4.00%-10.50%, due 2/1/26–5/1/29 |
4. | TransDigm, Inc., 4.625%-8.00%, due 12/15/25–5/1/29 |
5. | Yum! Brands, Inc., 3.625%-6.875%, due 1/15/30–11/15/37 |
6. | MSCI, Inc., 3.25%-4.00%, due 11/15/29–8/15/33 |
7. | Sprint Capital Corp., 6.875%, due 11/15/28 |
8. | VICI Properties LP, 3.875%-5.75%, due 5/1/24–2/15/29 |
9. | T-Mobile US, Inc., 2.875%-5.375%, due 4/15/27–4/15/31 |
10. | IHO Verwaltungs GmbH, 4.75%-6.375%, due 9/15/26–5/15/29 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | An obligation rated ‘CCC’ by S&P is deemed by S&P to be currently vulnerable to nonpayment and is dependent upon favorable business, financial and economic conditions for the obligor to meet its financial commitment on the obligation. It is the opinion of S&P that in the event of adverse business, financial or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation. When applied to Portfolio holdings, ratings are based solely on the creditworthiness of the bonds in the Portfolio and are not meant to represent the security or safety of the Portfolio. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
8 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Long-Term Bonds 92.7% | ||
Convertible Bonds 1.1% | ||
Media 0.5% | ||
DISH Network Corp. | ||
2.375%, due 3/15/24 | $ 8,030,000 | $ 7,265,142 |
3.375%, due 8/15/26 | 7,295,000 | 4,588,555 |
11,853,697 | ||
Oil & Gas 0.2% | ||
Gulfport Energy Operating Corp. | ||
10.00% (10.00% Cash or 15.00% PIK), due 12/29/49 (a)(b) | 1,095,000 | 5,539,550 |
Oil & Gas Services 0.4% | ||
Forum Energy Technologies, Inc. | ||
9.00% (6.25% Cash and 2.75% PIK), due 8/4/25 (b) | 9,247,866 | 9,930,355 |
Total Convertible Bonds (Cost $24,929,242) | 27,323,602 | |
Corporate Bonds 87.4% | ||
Advertising 1.1% | ||
Lamar Media Corp. | ||
3.625%, due 1/15/31 | 10,265,000 | 8,486,358 |
3.75%, due 2/15/28 | 6,320,000 | 5,657,073 |
4.00%, due 2/15/30 | 6,400,000 | 5,593,600 |
4.875%, due 1/15/29 | 2,570,000 | 2,359,714 |
Outfront Media Capital LLC (c) | ||
4.25%, due 1/15/29 | 2,400,000 | 1,991,352 |
5.00%, due 8/15/27 | 6,070,000 | 5,464,496 |
29,552,593 | ||
Aerospace & Defense 2.1% | ||
F-Brasile SpA | ||
Series XR | ||
7.375%, due 8/15/26 (c) | 5,587,000 | 4,567,373 |
Rolls-Royce plc | ||
5.75%, due 10/15/27 (c) | 3,210,000 | 3,057,525 |
TransDigm UK Holdings plc | ||
6.875%, due 5/15/26 | 7,637,000 | 7,457,635 |
TransDigm, Inc. | ||
4.625%, due 1/15/29 | 7,985,000 | 7,020,971 |
4.875%, due 5/1/29 | 5,630,000 | 4,910,767 |
6.25%, due 3/15/26 (c) | 23,850,000 | 23,520,631 |
7.50%, due 3/15/27 | 2,780,000 | 2,750,552 |
8.00%, due 12/15/25 (c) | 2,500,000 | 2,536,975 |
55,822,429 |
Principal Amount | Value | |
Airlines 0.9% | ||
American Airlines, Inc. (c) | ||
5.50%, due 4/20/26 | $ 3,560,000 | $ 3,423,462 |
5.75%, due 4/20/29 | 3,750,000 | 3,427,334 |
Delta Air Lines, Inc. (c) | ||
4.50%, due 10/20/25 | 4,095,000 | 3,995,007 |
4.75%, due 10/20/28 | 5,450,000 | 5,122,854 |
7.00%, due 5/1/25 | 713,000 | 728,644 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (c) | 5,112,329 | 5,082,687 |
Spirit Loyalty Cayman Ltd. | ||
8.00%, due 9/20/25 (c) | 1,495,984 | 1,500,801 |
23,280,789 | ||
Auto Manufacturers 1.7% | ||
Ford Holdings LLC | ||
9.30%, due 3/1/30 | 8,454,000 | 9,489,615 |
Ford Motor Co. | ||
6.10%, due 8/19/32 | 2,345,000 | 2,165,273 |
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 2,020,000 | 1,844,018 |
2.90%, due 2/16/28 | 2,400,000 | 1,982,206 |
3.375%, due 11/13/25 | 4,000,000 | 3,616,051 |
4.00%, due 11/13/30 | 5,000,000 | 4,104,200 |
4.125%, due 8/17/27 | 1,000,000 | 895,000 |
4.271%, due 1/9/27 | 1,647,000 | 1,489,676 |
4.389%, due 1/8/26 | 750,000 | 698,595 |
5.125%, due 6/16/25 | 3,500,000 | 3,364,696 |
JB Poindexter & Co., Inc. | ||
7.125%, due 4/15/26 (c) | 12,982,000 | 12,527,630 |
PM General Purchaser LLC | ||
9.50%, due 10/1/28 (c) | 3,775,000 | 2,877,497 |
45,054,457 | ||
Auto Parts & Equipment 1.7% | ||
Adient Global Holdings Ltd. | ||
4.875%, due 8/15/26 (c) | 5,500,000 | 5,120,390 |
Dealer Tire LLC | ||
8.00%, due 2/1/28 (c) | 5,540,000 | 4,874,499 |
IHO Verwaltungs GmbH (b)(c) | ||
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26 | 7,973,000 | 6,899,545 |
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27 | 11,576,000 | 10,127,439 |
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29 | 11,645,000 | 9,840,315 |
Real Hero Merger Sub 2, Inc. | ||
6.25%, due 2/1/29 (c) | 11,800,000 | 8,088,900 |
44,951,088 |
10 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Beverages 0.1% | ||
Primo Water Holdings, Inc. | ||
4.375%, due 4/30/29 (c) | $ 3,725,000 | $ 3,216,878 |
Biotechnology 0.1% | ||
Emergent BioSolutions, Inc. | ||
3.875%, due 8/15/28 (c) | 3,480,000 | 1,729,804 |
Grifols Escrow Issuer SA | ||
4.75%, due 10/15/28 (c) | 2,000,000 | 1,726,940 |
3,456,744 | ||
Building Materials 1.2% | ||
Builders FirstSource, Inc. | ||
6.375%, due 6/15/32 (c) | 3,000,000 | 2,817,739 |
James Hardie International Finance DAC | ||
5.00%, due 1/15/28 (c) | 8,011,000 | 7,350,092 |
Koppers, Inc. | ||
6.00%, due 2/15/25 (c) | 6,805,000 | 6,464,750 |
New Enterprise Stone & Lime Co., Inc. | ||
5.25%, due 7/15/28 (c) | 2,975,000 | 2,641,713 |
PGT Innovations, Inc. | ||
4.375%, due 10/1/29 (c) | 3,995,000 | 3,344,784 |
Summit Materials LLC (c) | ||
5.25%, due 1/15/29 | 4,380,000 | 4,077,889 |
6.50%, due 3/15/27 | 5,635,000 | 5,522,137 |
32,219,104 | ||
Chemicals 2.4% | ||
ASP Unifrax Holdings, Inc. (c) | ||
5.25%, due 9/30/28 | 5,260,000 | 4,232,547 |
7.50%, due 9/30/29 | 5,990,000 | 3,801,853 |
Avient Corp. (c) | ||
5.75%, due 5/15/25 | 2,000,000 | 1,950,000 |
7.125%, due 8/1/30 | 3,405,000 | 3,328,496 |
CVR Partners LP | ||
6.125%, due 6/15/28 (c) | 1,700,000 | 1,525,092 |
GPD Cos., Inc. | ||
10.125%, due 4/1/26 (c) | 8,875,000 | 7,565,938 |
Innophos Holdings, Inc. | ||
9.375%, due 2/15/28 (c) | 7,096,000 | 6,936,340 |
Iris Holdings, Inc. | ||
8.75% (8.75% Cash or 9.50% PIK), due 2/15/26 (b)(c) | 5,605,000 | 4,792,275 |
Mativ Holdings, Inc. | ||
6.875%, due 10/1/26 (c) | 3,000,000 | 2,647,500 |
NOVA Chemicals Corp. (c) | ||
4.875%, due 6/1/24 | 2,635,000 | 2,549,353 |
Principal Amount | Value | |
Chemicals (continued) | ||
NOVA Chemicals Corp. (c) (continued) | ||
5.25%, due 6/1/27 | $ 4,020,000 | $ 3,610,856 |
Olympus Water US Holding Corp. | ||
7.125%, due 10/1/27 (c) | 1,955,000 | 1,862,138 |
SCIH Salt Holdings, Inc. (c) | ||
4.875%, due 5/1/28 | 6,000,000 | 5,148,448 |
6.625%, due 5/1/29 | 7,300,000 | 5,880,000 |
SCIL IV LLC | ||
5.375%, due 11/1/26 (c) | 3,300,000 | 2,796,750 |
SK Invictus Intermediate II SARL | ||
5.00%, due 10/30/29 (c) | 7,470,000 | 6,125,400 |
64,752,986 | ||
Coal 0.2% | ||
Coronado Finance Pty. Ltd. | ||
10.75%, due 5/15/26 (c) | 2,430,000 | 2,484,675 |
Warrior Met Coal, Inc. | ||
7.875%, due 12/1/28 (c) | 2,650,000 | 2,606,242 |
5,090,917 | ||
Commercial Services 2.6% | ||
AMN Healthcare, Inc. | ||
4.625%, due 10/1/27 (c) | 2,430,000 | 2,240,630 |
Ashtead Capital, Inc. (c) | ||
4.00%, due 5/1/28 | 1,980,000 | 1,805,214 |
4.25%, due 11/1/29 | 3,545,000 | 3,177,502 |
Gartner, Inc. | ||
3.75%, due 10/1/30 (c) | 4,635,000 | 3,995,219 |
Graham Holdings Co. | ||
5.75%, due 6/1/26 (c) | 11,107,000 | 10,913,738 |
HealthEquity, Inc. | ||
4.50%, due 10/1/29 (c) | 2,650,000 | 2,315,835 |
Korn Ferry | ||
4.625%, due 12/15/27 (c) | 4,000,000 | 3,684,040 |
MPH Acquisition Holdings LLC (c) | ||
5.50%, due 9/1/28 | 3,110,000 | 2,426,111 |
5.75%, due 11/1/28 | 4,350,000 | 2,892,803 |
NESCO Holdings II, Inc. | ||
5.50%, due 4/15/29 (c) | 3,675,000 | 3,215,625 |
Ritchie Bros Auctioneers, Inc. | ||
5.375%, due 1/15/25 (c) | 3,800,000 | 3,733,500 |
Service Corp. International | ||
3.375%, due 8/15/30 | 2,902,000 | 2,359,056 |
4.00%, due 5/15/31 | 7,000,000 | 5,895,580 |
United Rentals North America, Inc. | ||
3.75%, due 1/15/32 | 2,000,000 | 1,631,660 |
3.875%, due 2/15/31 | 3,500,000 | 2,934,015 |
4.875%, due 1/15/28 | 1,000,000 | 947,650 |
5.50%, due 5/15/27 | 500,000 | 493,600 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Commercial Services (continued) | ||
Williams Scotsman International, Inc. (c) | ||
4.625%, due 8/15/28 | $ 4,270,000 | $ 3,853,675 |
6.125%, due 6/15/25 | 4,705,000 | 4,657,950 |
WW International, Inc. | ||
4.50%, due 4/15/29 (c) | 9,615,000 | 4,803,558 |
67,976,961 | ||
Computers 0.2% | ||
Condor Merger Sub, Inc. | ||
7.375%, due 2/15/30 (c) | 6,205,000 | 4,989,012 |
Unisys Corp. | ||
6.875%, due 11/1/27 (c) | 1,730,000 | 1,327,861 |
6,316,873 | ||
Cosmetics & Personal Care 0.4% | ||
Edgewell Personal Care Co. (c) | ||
4.125%, due 4/1/29 | 6,780,000 | 5,779,805 |
5.50%, due 6/1/28 | 4,000,000 | 3,740,920 |
9,520,725 | ||
Distribution & Wholesale 0.3% | ||
G-III Apparel Group Ltd. | ||
7.875%, due 8/15/25 (c) | 6,175,000 | 5,759,432 |
H&E Equipment Services, Inc. | ||
3.875%, due 12/15/28 (c) | 3,120,000 | 2,657,585 |
8,417,017 | ||
Diversified Financial Services 2.0% | ||
AG TTMT Escrow Issuer LLC | ||
8.625%, due 9/30/27 (c) | 5,515,000 | 5,542,575 |
Credit Acceptance Corp. | ||
5.125%, due 12/31/24 (c) | 3,055,000 | 2,871,027 |
6.625%, due 3/15/26 | 9,465,000 | 8,969,389 |
Enact Holdings, Inc. | ||
6.50%, due 8/15/25 (c) | 4,485,000 | 4,401,400 |
Jefferies Finance LLC | ||
5.00%, due 8/15/28 (c) | 10,185,000 | 8,308,210 |
LPL Holdings, Inc. (c) | ||
4.00%, due 3/15/29 | 7,570,000 | 6,586,657 |
4.375%, due 5/15/31 | 3,630,000 | 3,086,042 |
4.625%, due 11/15/27 | 3,865,000 | 3,610,224 |
PennyMac Financial Services, Inc. (c) | ||
4.25%, due 2/15/29 | 3,000,000 | 2,339,726 |
5.75%, due 9/15/31 | 3,050,000 | 2,418,695 |
PRA Group, Inc. | ||
7.375%, due 9/1/25 (c) | 3,700,000 | 3,594,550 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
StoneX Group, Inc. | ||
8.625%, due 6/15/25 (c) | $ 1,298,000 | $ 1,310,980 |
53,039,475 | ||
Electric 1.9% | ||
Clearway Energy Operating LLC | ||
4.75%, due 3/15/28 (c) | 4,050,000 | 3,737,930 |
DPL, Inc. | ||
4.125%, due 7/1/25 | 5,815,000 | 5,466,098 |
Keystone Power Pass-Through Holders LLC | ||
13.00% (1.00% Cash and 12.00% PIK), due 6/1/24 (a)(b)(c) | 2,299,367 | 1,379,620 |
Leeward Renewable Energy Operations LLC | ||
4.25%, due 7/1/29 (c) | 4,650,000 | 3,962,464 |
NextEra Energy Operating Partners LP | ||
3.875%, due 10/15/26 (c) | 4,500,000 | 4,117,589 |
NRG Energy, Inc. | ||
6.625%, due 1/15/27 | 2,555,000 | 2,533,410 |
Pattern Energy Operations LP | ||
4.50%, due 8/15/28 (c) | 4,205,000 | 3,770,348 |
PG&E Corp. | ||
5.00%, due 7/1/28 | 5,185,000 | 4,733,089 |
5.25%, due 7/1/30 | 3,840,000 | 3,494,400 |
TransAlta Corp. | ||
7.75%, due 11/15/29 | 2,915,000 | 2,977,035 |
Vistra Corp. (c)(d)(e) | ||
7.00% (5 Year Treasury Constant Maturity Rate + 5.74%), due 12/15/26 | 3,350,000 | 3,048,276 |
8.00% (5 Year Treasury Constant Maturity Rate + 6.93%), due 10/15/26 | 7,800,000 | 7,449,521 |
Vistra Operations Co. LLC | ||
5.00%, due 7/31/27 (c) | 3,300,000 | 3,062,709 |
49,732,489 | ||
Electrical Components & Equipment 0.3% | ||
WESCO Distribution, Inc. (c) | ||
7.125%, due 6/15/25 | 4,535,000 | 4,591,742 |
7.25%, due 6/15/28 | 2,500,000 | 2,532,435 |
7,124,177 | ||
Engineering & Construction 0.5% | ||
Great Lakes Dredge & Dock Corp. | ||
5.25%, due 6/1/29 (c) | 4,000,000 | 3,109,600 |
Railworks Holdings LP | ||
8.25%, due 11/15/28 (c) | 2,800,000 | 2,590,000 |
12 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Engineering & Construction (continued) | ||
TopBuild Corp. | ||
4.125%, due 2/15/32 (c) | $ 4,480,000 | $ 3,640,493 |
Weekley Homes LLC | ||
4.875%, due 9/15/28 (c) | 5,800,000 | 4,873,396 |
14,213,489 | ||
Entertainment 2.9% | ||
Affinity Gaming | ||
6.875%, due 12/15/27 (c) | 3,939,000 | 3,339,638 |
Allen Media LLC | ||
10.50%, due 2/15/28 (c) | 4,040,000 | 1,535,200 |
Boyne USA, Inc. | ||
4.75%, due 5/15/29 (c) | 3,845,000 | 3,402,995 |
CCM Merger, Inc. | ||
6.375%, due 5/1/26 (c) | 2,170,000 | 2,044,834 |
CDI Escrow Issuer, Inc. | ||
5.75%, due 4/1/30 (c) | 6,190,000 | 5,548,896 |
Churchill Downs, Inc. (c) | ||
4.75%, due 1/15/28 | 13,847,000 | 12,391,265 |
5.50%, due 4/1/27 | 9,256,000 | 8,770,570 |
International Game Technology plc | ||
6.25%, due 1/15/27 (c) | 7,225,000 | 7,170,813 |
Jacobs Entertainment, Inc. | ||
6.75%, due 2/15/29 (c) | 6,470,000 | 5,840,023 |
Live Nation Entertainment, Inc. (c) | ||
3.75%, due 1/15/28 | 1,860,000 | 1,584,864 |
6.50%, due 5/15/27 | 6,435,000 | 6,296,971 |
Merlin Entertainments Ltd. | ||
5.75%, due 6/15/26 (c) | 10,940,000 | 10,242,438 |
Midwest Gaming Borrower LLC | ||
4.875%, due 5/1/29 (c) | 2,280,000 | 1,939,970 |
Motion Bondco DAC | ||
6.625%, due 11/15/27 (c) | 4,500,000 | 3,867,966 |
Vail Resorts, Inc. | ||
6.25%, due 5/15/25 (c) | 2,800,000 | 2,800,002 |
76,776,445 | ||
Food 1.0% | ||
B&G Foods, Inc. | ||
5.25%, due 4/1/25 | 4,142,000 | 3,632,152 |
Lamb Weston Holdings, Inc. | ||
4.875%, due 5/15/28 (c) | 3,300,000 | 3,126,750 |
Land O'Lakes Capital Trust I | ||
7.45%, due 3/15/28 (c) | 5,130,000 | 5,001,750 |
Simmons Foods, Inc. | ||
4.625%, due 3/1/29 (c) | 6,200,000 | 5,047,126 |
Principal Amount | Value | |
Food (continued) | ||
TreeHouse Foods, Inc. | ||
4.00%, due 9/1/28 | $ 3,000,000 | $ 2,550,000 |
United Natural Foods, Inc. | ||
6.75%, due 10/15/28 (c) | 6,325,000 | 6,077,218 |
25,434,996 | ||
Food Service 0.2% | ||
Aramark Services, Inc. | ||
6.375%, due 5/1/25 (c) | 6,500,000 | 6,420,115 |
Forest Products & Paper 1.1% | ||
Glatfelter Corp. | ||
4.75%, due 11/15/29 (c) | 2,630,000 | 1,581,420 |
Mercer International, Inc. | ||
5.125%, due 2/1/29 | 9,880,000 | 8,259,779 |
5.50%, due 1/15/26 | 1,000,000 | 947,189 |
Smurfit Kappa Treasury Funding DAC | ||
7.50%, due 11/20/25 | 15,843,000 | 17,082,097 |
27,870,485 | ||
Gas 0.5% | ||
AmeriGas Partners LP | ||
5.625%, due 5/20/24 | 4,425,000 | 4,295,257 |
5.75%, due 5/20/27 | 2,485,000 | 2,309,476 |
5.875%, due 8/20/26 | 6,885,000 | 6,538,749 |
13,143,482 | ||
Hand & Machine Tools 0.1% | ||
Werner FinCo LP | ||
8.75%, due 7/15/25 (c) | 4,250,000 | 2,847,500 |
Healthcare-Products 1.1% | ||
Garden Spinco Corp. | ||
8.625%, due 7/20/30 (c) | 4,000,000 | 4,240,000 |
Hologic, Inc. (c) | ||
3.25%, due 2/15/29 | 8,500,000 | 7,298,920 |
4.625%, due 2/1/28 | 2,000,000 | 1,884,590 |
Teleflex, Inc. | ||
4.25%, due 6/1/28 (c) | 9,615,000 | 8,777,149 |
4.625%, due 11/15/27 | 3,500,000 | 3,335,815 |
Varex Imaging Corp. | ||
7.875%, due 10/15/27 (c) | 4,092,000 | 4,064,051 |
29,600,525 | ||
Healthcare-Services 4.4% | ||
Acadia Healthcare Co., Inc. (c) | ||
5.00%, due 4/15/29 | 1,750,000 | 1,609,475 |
5.50%, due 7/1/28 | 1,500,000 | 1,422,750 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Healthcare-Services (continued) | ||
Catalent Pharma Solutions, Inc. (c) | ||
3.125%, due 2/15/29 | $ 6,995,000 | $ 5,569,594 |
3.50%, due 4/1/30 | 1,500,000 | 1,184,385 |
5.00%, due 7/15/27 | 5,180,000 | 4,820,084 |
CHS/Community Health Systems, Inc. | ||
5.25%, due 5/15/30 (c) | 3,500,000 | 2,639,130 |
DaVita, Inc. (c) | ||
3.75%, due 2/15/31 | 3,200,000 | 2,388,320 |
4.625%, due 6/1/30 | 4,600,000 | 3,700,363 |
Encompass Health Corp. | ||
4.50%, due 2/1/28 | 5,500,000 | 4,996,200 |
4.625%, due 4/1/31 | 4,275,000 | 3,674,434 |
4.75%, due 2/1/30 | 7,650,000 | 6,717,787 |
HCA, Inc. | ||
5.375%, due 2/1/25 | 6,530,000 | 6,522,094 |
5.625%, due 9/1/28 | 1,295,000 | 1,287,660 |
5.875%, due 2/15/26 | 8,000,000 | 8,050,482 |
7.50%, due 11/6/33 | 12,100,000 | 12,701,649 |
7.58%, due 9/15/25 | 3,507,000 | 3,632,931 |
7.69%, due 6/15/25 | 9,035,000 | 9,470,243 |
8.36%, due 4/15/24 | 4,450,000 | 4,577,275 |
IQVIA, Inc. | ||
5.00%, due 10/15/26 (c) | 9,792,000 | 9,349,881 |
LifePoint Health, Inc. | ||
5.375%, due 1/15/29 (c) | 4,900,000 | 2,768,990 |
ModivCare Escrow Issuer, Inc. | ||
5.00%, due 10/1/29 (c) | 2,000,000 | 1,686,600 |
ModivCare, Inc. | ||
5.875%, due 11/15/25 (c) | 3,850,000 | 3,616,407 |
Molina Healthcare, Inc. | ||
3.875%, due 11/15/30 (c) | 4,480,000 | 3,796,530 |
RegionalCare Hospital Partners Holdings, Inc. | ||
9.75%, due 12/1/26 (c) | 11,710,000 | 9,423,154 |
Select Medical Corp. | ||
6.25%, due 8/15/26 (c) | 2,000,000 | 1,901,660 |
117,508,078 | ||
Holding Companies-Diversified 0.3% | ||
Stena International SA | ||
6.125%, due 2/1/25 (c) | 9,525,000 | 8,858,250 |
Home Builders 2.0% | ||
Adams Homes, Inc. | ||
7.50%, due 2/15/25 (c) | 6,315,000 | 5,367,324 |
Brookfield Residential Properties, Inc. | ||
6.25%, due 9/15/27 (c) | 4,855,000 | 4,311,725 |
Principal Amount | Value | |
Home Builders (continued) | ||
Century Communities, Inc. | ||
3.875%, due 8/15/29 (c) | $ 5,155,000 | $ 4,053,119 |
6.75%, due 6/1/27 | 6,775,000 | 6,464,056 |
Installed Building Products, Inc. | ||
5.75%, due 2/1/28 (c) | 6,945,000 | 6,244,566 |
M/I Homes, Inc. | ||
3.95%, due 2/15/30 | 2,100,000 | 1,695,621 |
4.95%, due 2/1/28 | 3,000,000 | 2,665,380 |
Meritage Homes Corp. | ||
3.875%, due 4/15/29 (c) | 6,372,000 | 5,403,806 |
Shea Homes LP | ||
4.75%, due 2/15/28 | 7,300,000 | 6,374,853 |
4.75%, due 4/1/29 | 2,748,000 | 2,308,320 |
STL Holding Co. LLC | ||
7.50%, due 2/15/26 (c) | 2,700,000 | 2,376,000 |
Winnebago Industries, Inc. | ||
6.25%, due 7/15/28 (c) | 5,885,000 | 5,488,934 |
52,753,704 | ||
Household Products & Wares 0.3% | ||
Central Garden & Pet Co. | ||
4.125%, due 10/15/30 | 2,020,000 | 1,659,235 |
4.125%, due 4/30/31 (c) | 4,323,000 | 3,578,688 |
Spectrum Brands, Inc. | ||
5.75%, due 7/15/25 | 2,840,000 | 2,807,863 |
8,045,786 | ||
Housewares 0.2% | ||
Scotts Miracle-Gro Co. (The) | ||
4.00%, due 4/1/31 | 4,860,000 | 3,712,754 |
4.375%, due 2/1/32 | 3,235,000 | 2,438,219 |
6,150,973 | ||
Insurance 1.1% | ||
BroadStreet Partners, Inc. | ||
5.875%, due 4/15/29 (c) | 6,000,000 | 5,106,488 |
Fairfax Financial Holdings Ltd. | ||
8.30%, due 4/15/26 | 4,273,000 | 4,550,880 |
Fidelity & Guaranty Life Holdings, Inc. | ||
5.50%, due 5/1/25 (c) | 1,000,000 | 985,306 |
MGIC Investment Corp. | ||
5.25%, due 8/15/28 | 6,708,000 | 6,185,347 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (c) | 3,245,000 | 3,277,450 |
Ryan Specialty Group LLC | ||
4.375%, due 2/1/30 (c) | 1,815,000 | 1,571,601 |
USI, Inc. | ||
6.875%, due 5/1/25 (c) | 6,600,000 | 6,358,073 |
28,035,145 |
14 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Internet 2.2% | ||
Cars.com, Inc. | ||
6.375%, due 11/1/28 (c) | $ 5,360,000 | $ 4,758,889 |
Gen Digital, Inc. | ||
6.75%, due 9/30/27 (c) | 4,100,000 | 4,018,000 |
Netflix, Inc. | ||
4.875%, due 4/15/28 | 1,692,000 | 1,633,772 |
5.375%, due 11/15/29 (c) | 2,500,000 | 2,425,000 |
5.75%, due 3/1/24 | 10,899,000 | 10,974,421 |
5.875%, due 2/15/25 | 1,510,000 | 1,529,026 |
5.875%, due 11/15/28 | 8,800,000 | 8,919,064 |
Northwest Fiber LLC | ||
4.75%, due 4/30/27 (c) | 2,250,000 | 1,979,691 |
Uber Technologies, Inc. (c) | ||
7.50%, due 5/15/25 | 2,400,000 | 2,398,252 |
7.50%, due 9/15/27 | 6,065,000 | 6,069,246 |
VeriSign, Inc. | ||
4.75%, due 7/15/27 | 6,000,000 | 5,791,411 |
5.25%, due 4/1/25 | 9,025,000 | 9,001,424 |
59,498,196 | ||
Investment Companies 1.6% | ||
Compass Group Diversified Holdings LLC (c) | ||
5.00%, due 1/15/32 | 3,250,000 | 2,567,705 |
5.25%, due 4/15/29 | 9,375,000 | 8,023,041 |
FS Energy and Power Fund | ||
7.50%, due 8/15/23 (c) | 23,640,000 | 23,640,000 |
Icahn Enterprises LP | ||
5.25%, due 5/15/27 | 4,000,000 | 3,662,400 |
6.25%, due 5/15/26 | 4,000,000 | 3,843,584 |
41,736,730 | ||
Iron & Steel 1.1% | ||
Allegheny Ludlum LLC | ||
6.95%, due 12/15/25 | 7,400,000 | 7,326,000 |
Big River Steel LLC | ||
6.625%, due 1/31/29 (c) | 6,800,000 | 6,478,535 |
Mineral Resources Ltd. (c) | ||
8.125%, due 5/1/27 | 12,000,000 | 12,083,205 |
8.50%, due 5/1/30 | 3,375,000 | 3,420,663 |
29,308,403 | ||
Leisure Time 2.0% | ||
Carnival Corp. (c) | ||
4.00%, due 8/1/28 | 11,000,000 | 8,969,510 |
5.75%, due 3/1/27 | 19,065,000 | 13,613,173 |
6.00%, due 5/1/29 | 7,620,000 | 5,077,830 |
7.625%, due 3/1/26 | 3,390,000 | 2,686,896 |
Principal Amount | Value | |
Leisure Time (continued) | ||
Carnival Corp. (c) (continued) | ||
9.875%, due 8/1/27 | $ 7,000,000 | $ 6,615,000 |
10.50%, due 2/1/26 | 7,040,000 | 7,073,510 |
Carnival Holdings Bermuda Ltd. | ||
10.375%, due 5/1/28 (c) | 1,930,000 | 1,981,357 |
Royal Caribbean Cruises Ltd. (c) | ||
5.375%, due 7/15/27 | 3,700,000 | 2,995,894 |
5.50%, due 4/1/28 | 5,500,000 | 4,389,248 |
53,402,418 | ||
Lodging 1.9% | ||
Boyd Gaming Corp. | ||
4.75%, due 12/1/27 | 11,630,000 | 10,831,949 |
4.75%, due 6/15/31 (c) | 13,995,000 | 12,175,650 |
Hilton Domestic Operating Co., Inc. | ||
3.625%, due 2/15/32 (c) | 1,070,000 | 856,856 |
4.00%, due 5/1/31 (c) | 10,490,000 | 8,776,249 |
4.875%, due 1/15/30 | 7,825,000 | 7,091,093 |
5.75%, due 5/1/28 (c) | 2,200,000 | 2,134,000 |
Hyatt Hotels Corp. | ||
6.00%, due 4/23/30 (f) | 1,000,000 | 978,225 |
Marriott International, Inc. | ||
Series GG | ||
3.50%, due 10/15/32 | 4,000,000 | 3,327,454 |
Series FF | ||
4.625%, due 6/15/30 | 2,000,000 | 1,866,228 |
Station Casinos LLC | ||
4.50%, due 2/15/28 (c) | 1,500,000 | 1,304,073 |
49,341,777 | ||
Machinery—Construction & Mining 0.3% | ||
Terex Corp. | ||
5.00%, due 5/15/29 (c) | 2,150,000 | 1,932,313 |
Vertiv Group Corp. | ||
4.125%, due 11/15/28 (c) | 7,500,000 | 6,375,000 |
8,307,313 | ||
Machinery-Diversified 0.6% | ||
Briggs & Stratton Corp. Escrow Claim Shares | ||
6.875%, due 12/15/20 (g)(h)(i) | 5,030,000 | — |
Chart Industries, Inc. | ||
7.50%, due 1/1/30 (c) | 3,000,000 | 3,015,870 |
Stevens Holding Co., Inc. | ||
6.125%, due 10/1/26 (c) | 3,894,000 | 3,903,735 |
TK Elevator Holdco GmbH | ||
7.625%, due 7/15/28 (c) | 2,148,000 | 1,753,871 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Machinery-Diversified (continued) | ||
TK Elevator U.S. Newco, Inc. | ||
5.25%, due 7/15/27 (c) | $ 7,690,000 | $ 6,825,183 |
15,498,659 | ||
Media 6.5% | ||
Block Communications, Inc. | ||
4.875%, due 3/1/28 (c) | 4,175,000 | 3,642,688 |
Cable One, Inc. | ||
4.00%, due 11/15/30 (c) | 10,325,000 | 8,102,190 |
CCO Holdings LLC | ||
4.25%, due 2/1/31 (c) | 12,120,000 | 9,721,634 |
4.25%, due 1/15/34 (c) | 7,265,000 | 5,361,897 |
4.50%, due 8/15/30 (c) | 13,555,000 | 11,198,531 |
4.50%, due 5/1/32 | 11,250,000 | 8,955,000 |
4.50%, due 6/1/33 (c) | 4,700,000 | 3,605,981 |
4.75%, due 3/1/30 (c) | 7,715,000 | 6,653,532 |
5.00%, due 2/1/28 (c) | 8,550,000 | 7,763,314 |
5.125%, due 5/1/27 (c) | 12,000,000 | 11,184,840 |
5.375%, due 6/1/29 (c) | 4,780,000 | 4,322,411 |
CSC Holdings LLC (c) | ||
5.75%, due 1/15/30 | 6,705,000 | 3,781,553 |
6.50%, due 2/1/29 | 2,660,000 | 2,174,550 |
Directv Financing LLC | ||
5.875%, due 8/15/27 (c) | 10,100,000 | 9,036,066 |
DISH DBS Corp. | ||
5.125%, due 6/1/29 | 1,500,000 | 967,665 |
7.75%, due 7/1/26 | 8,000,000 | 6,451,120 |
LCPR Senior Secured Financing DAC (c) | ||
5.125%, due 7/15/29 | 3,310,000 | 2,742,031 |
6.75%, due 10/15/27 | 13,596,000 | 12,712,260 |
News Corp. (c) | ||
3.875%, due 5/15/29 | 10,470,000 | 9,081,573 |
5.125%, due 2/15/32 | 3,085,000 | 2,807,350 |
Scripps Escrow II, Inc. | ||
3.875%, due 1/15/29 (c) | 4,805,000 | 3,856,012 |
Sirius XM Radio, Inc. (c) | ||
3.125%, due 9/1/26 | 3,315,000 | 2,943,521 |
3.875%, due 9/1/31 | 3,000,000 | 2,340,508 |
4.00%, due 7/15/28 | 2,750,000 | 2,393,325 |
Sterling Entertainment Enterprises LLC | ||
10.25%, due 1/15/25 (a)(g)(i) | 7,000,000 | 6,507,200 |
Videotron Ltd. (c) | ||
5.125%, due 4/15/27 | 5,890,000 | 5,563,282 |
5.375%, due 6/15/24 | 9,580,000 | 9,460,250 |
Principal Amount | Value | |
Media (continued) | ||
Virgin Media Finance plc | ||
5.00%, due 7/15/30 (c) | $ 3,490,000 | $ 2,799,189 |
VZ Secured Financing BV | ||
5.00%, due 1/15/32 (c) | 6,285,000 | 5,107,326 |
171,236,799 | ||
Metal Fabricate & Hardware 0.2% | ||
Advanced Drainage Systems, Inc. (c) | ||
5.00%, due 9/30/27 | 2,275,000 | 2,121,438 |
6.375%, due 6/15/30 | 3,470,000 | 3,371,660 |
Park-Ohio Industries, Inc. | ||
6.625%, due 4/15/27 | 1,200,000 | 815,208 |
6,308,306 | ||
Mining 1.7% | ||
Arconic Corp. | ||
6.00%, due 5/15/25 (c) | 2,200,000 | 2,162,812 |
Century Aluminum Co. | ||
7.50%, due 4/1/28 (c) | 7,330,000 | 6,335,523 |
Compass Minerals International, Inc. (c) | ||
4.875%, due 7/15/24 | 2,250,000 | 2,162,813 |
6.75%, due 12/1/27 | 7,990,000 | 7,670,400 |
Constellium SE | ||
3.75%, due 4/15/29 (c) | 3,000,000 | 2,437,312 |
First Quantum Minerals Ltd. | ||
6.875%, due 10/15/27 (c) | 1,800,000 | 1,688,802 |
IAMGOLD Corp. | ||
5.75%, due 10/15/28 (c) | 9,305,000 | 7,224,778 |
Novelis Corp. (c) | ||
3.25%, due 11/15/26 | 5,660,000 | 5,074,247 |
3.875%, due 8/15/31 | 5,300,000 | 4,326,880 |
4.75%, due 1/30/30 | 5,750,000 | 5,097,749 |
44,181,316 | ||
Miscellaneous—Manufacturing 0.8% | ||
Amsted Industries, Inc. (c) | ||
4.625%, due 5/15/30 | 2,615,000 | 2,229,288 |
5.625%, due 7/1/27 | 7,240,000 | 6,868,298 |
EnPro Industries, Inc. | ||
5.75%, due 10/15/26 | 4,240,000 | 4,112,800 |
Hillenbrand, Inc. | ||
5.75%, due 6/15/25 | 2,000,000 | 1,990,000 |
LSB Industries, Inc. | ||
6.25%, due 10/15/28 (c) | 7,780,000 | 7,118,311 |
22,318,697 |
16 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Office Furnishings 0.1% | ||
Interface, Inc. | ||
5.50%, due 12/1/28 (c) | $ 4,445,000 | $ 3,670,199 |
Oil & Gas 6.2% | ||
Ascent Resources Utica Holdings LLC (c) | ||
7.00%, due 11/1/26 | 3,400,000 | 3,298,066 |
9.00%, due 11/1/27 | 2,684,000 | 3,301,320 |
California Resources Corp. | ||
7.125%, due 2/1/26 (c) | 3,500,000 | 3,363,640 |
Civitas Resources, Inc. | ||
5.00%, due 10/15/26 (c) | 2,250,000 | 2,057,075 |
Colgate Energy Partners III LLC | ||
7.75%, due 2/15/26 (c) | 5,640,000 | 5,471,024 |
Comstock Resources, Inc. | ||
6.75%, due 3/1/29 (c) | 3,700,000 | 3,339,250 |
Encino Acquisition Partners Holdings LLC | ||
8.50%, due 5/1/28 (c) | 10,805,000 | 9,875,662 |
EQT Corp. | ||
6.125%, due 2/1/25 (f) | 4,500,000 | 4,510,575 |
Gulfport Energy Corp. | ||
8.00%, due 5/17/26 | 368,464 | 359,252 |
Gulfport Energy Operating Corp. | ||
8.00%, due 5/17/26 (c) | 8,284,024 | 8,076,923 |
Gulfport Energy Operating Corp. Escrow Claim Shares (g)(h) | ||
6.00%, due 10/15/24 | 15,745,000 | — |
6.375%, due 5/15/25 | 8,000,000 | — |
6.375%, due 1/15/26 | 4,441,000 | — |
Hilcorp Energy I LP (c) | ||
5.75%, due 2/1/29 | 1,610,000 | 1,433,007 |
6.00%, due 4/15/30 | 2,400,000 | 2,134,262 |
6.25%, due 4/15/32 | 2,455,000 | 2,118,458 |
Laredo Petroleum, Inc. | ||
7.75%, due 7/31/29 (c) | 3,930,000 | 3,537,330 |
Marathon Oil Corp. | ||
4.40%, due 7/15/27 | 3,000,000 | 2,864,917 |
Matador Resources Co. | ||
5.875%, due 9/15/26 | 7,250,000 | 6,970,578 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, due 1/15/26 (c) | 4,065,000 | 3,664,923 |
Occidental Petroleum Corp. | ||
5.55%, due 3/15/26 | 10,200,000 | 10,161,750 |
5.875%, due 9/1/25 | 1,500,000 | 1,494,568 |
6.375%, due 9/1/28 | 1,500,000 | 1,514,008 |
Principal Amount | Value | |
Oil & Gas (continued) | ||
Occidental Petroleum Corp. (continued) | ||
6.45%, due 9/15/36 | $ 3,100,000 | $ 3,162,000 |
6.625%, due 9/1/30 | 1,940,000 | 2,004,757 |
7.50%, due 5/1/31 | 1,200,000 | 1,282,164 |
Parkland Corp. (c) | ||
4.50%, due 10/1/29 | 5,000,000 | 4,166,332 |
4.625%, due 5/1/30 | 3,880,000 | 3,210,700 |
5.875%, due 7/15/27 | 3,130,000 | 2,971,935 |
PDC Energy, Inc. | ||
6.125%, due 9/15/24 | 2,891,000 | 2,874,521 |
Permian Resources Operating LLC (c) | ||
5.375%, due 1/15/26 | 5,700,000 | 5,188,623 |
6.875%, due 4/1/27 | 5,958,000 | 5,613,855 |
Range Resources Corp. | ||
4.75%, due 2/15/30 (c) | 1,000,000 | 881,107 |
8.25%, due 1/15/29 | 1,615,000 | 1,664,169 |
ROCC Holdings LLC | ||
9.25%, due 8/15/26 (c) | 3,000,000 | 2,986,802 |
Rockcliff Energy II LLC | ||
5.50%, due 10/15/29 (c) | 9,125,000 | 8,348,919 |
Southwestern Energy Co. | ||
5.375%, due 3/15/30 | 3,360,000 | 3,064,384 |
5.70%, due 1/23/25 (f) | 1,008,000 | 990,358 |
8.375%, due 9/15/28 | 1,600,000 | 1,649,505 |
Sunoco LP | ||
4.50%, due 5/15/29 | 1,690,000 | 1,478,243 |
6.00%, due 4/15/27 | 2,000,000 | 1,969,397 |
Talos Production, Inc. | ||
12.00%, due 1/15/26 | 19,985,000 | 21,017,525 |
Transocean Pontus Ltd. | ||
6.125%, due 8/1/25 (c) | 2,447,200 | 2,397,677 |
Transocean Poseidon Ltd. | ||
6.875%, due 2/1/27 (c) | 6,839,000 | 6,655,168 |
Transocean Sentry Ltd. | ||
5.375%, due 5/15/23 (c) | 2,381,516 | 2,351,747 |
165,476,476 | ||
Oil & Gas Services 1.0% | ||
Bristow Group, Inc. | ||
6.875%, due 3/1/28 (c) | 8,135,000 | 7,486,924 |
Nine Energy Service, Inc. | ||
8.75%, due 11/1/23 (c) | 10,177,000 | 9,973,460 |
Weatherford International Ltd. (c) | ||
6.50%, due 9/15/28 | 4,495,000 | 4,406,448 |
8.625%, due 4/30/30 | 3,970,000 | 3,812,424 |
25,679,256 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Packaging & Containers 0.3% | ||
Cascades, Inc. (c) | ||
5.125%, due 1/15/26 | $ 2,810,000 | $ 2,556,429 |
5.375%, due 1/15/28 | 5,200,000 | 4,552,383 |
7,108,812 | ||
Pharmaceuticals 2.4% | ||
1375209 BC Ltd. | ||
9.00%, due 1/30/28 (c) | 991,000 | 964,986 |
180 Medical, Inc. | ||
3.875%, due 10/15/29 (c) | 3,270,000 | 2,811,219 |
Bausch Health Cos., Inc. (c) | ||
6.25%, due 2/15/29 | 600,000 | 288,863 |
7.00%, due 1/15/28 | 1,750,000 | 845,859 |
11.00%, due 9/30/28 | 4,000,000 | 3,119,378 |
14.00%, due 10/15/30 | 347,000 | 205,995 |
BellRing Brands, Inc. | ||
7.00%, due 3/15/30 (c) | 5,300,000 | 5,099,925 |
Jazz Securities DAC | ||
4.375%, due 1/15/29 (c) | 8,790,000 | 7,833,209 |
Organon & Co. (c) | ||
4.125%, due 4/30/28 | 8,200,000 | 7,260,280 |
5.125%, due 4/30/31 | 6,500,000 | 5,628,222 |
Owens & Minor, Inc. (c) | ||
4.50%, due 3/31/29 | 5,640,000 | 4,496,772 |
6.625%, due 4/1/30 | 6,065,000 | 5,212,261 |
Par Pharmaceutical, Inc. | ||
7.50%, due 4/1/27 (c)(h)(j) | 10,311,000 | 7,836,099 |
Prestige Brands, Inc. (c) | ||
3.75%, due 4/1/31 | 10,040,000 | 8,279,687 |
5.125%, due 1/15/28 | 4,895,000 | 4,595,092 |
64,477,847 | ||
Pipelines 5.6% | ||
ANR Pipeline Co. | ||
7.375%, due 2/15/24 | 395,000 | 395,427 |
Antero Midstream Partners LP (c) | ||
5.375%, due 6/15/29 | 1,500,000 | 1,371,360 |
5.75%, due 1/15/28 | 1,565,000 | 1,451,710 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (c) | 2,285,000 | 1,875,220 |
Crestwood Midstream Partners LP | ||
8.00%, due 4/1/29 (c) | 2,150,000 | 2,139,433 |
DT Midstream, Inc. (c) | ||
4.125%, due 6/15/29 | 1,355,000 | 1,164,094 |
4.375%, due 6/15/31 | 2,975,000 | 2,495,727 |
Energy Transfer LP | ||
4.40%, due 3/15/27 | 4,788,000 | 4,548,241 |
Principal Amount | Value | |
Pipelines (continued) | ||
EnLink Midstream LLC | ||
6.50%, due 9/1/30 (c) | $ 1,675,000 | $ 1,657,748 |
EQM Midstream Partners LP | ||
4.50%, due 1/15/29 (c) | 1,880,000 | 1,579,063 |
4.75%, due 1/15/31 (c) | 2,700,000 | 2,207,250 |
5.50%, due 7/15/28 | 720,000 | 643,794 |
6.00%, due 7/1/25 (c) | 1,092,000 | 1,053,777 |
6.50%, due 7/1/27 (c) | 1,850,000 | 1,768,138 |
7.50%, due 6/1/30 (c) | 1,480,000 | 1,426,010 |
FTAI Infra Escrow Holdings LLC | ||
10.50%, due 6/1/27 (c) | 5,600,000 | 5,626,544 |
Genesis Energy LP | ||
5.625%, due 6/15/24 | 1,000,000 | 964,995 |
6.25%, due 5/15/26 | 3,596,000 | 3,290,220 |
6.50%, due 10/1/25 | 1,600,000 | 1,529,136 |
7.75%, due 2/1/28 | 1,700,000 | 1,564,816 |
8.00%, due 1/15/27 | 7,170,000 | 6,772,567 |
Harvest Midstream I LP | ||
7.50%, due 9/1/28 (c) | 6,965,000 | 6,647,675 |
Hess Midstream Operations LP (c) | ||
4.25%, due 2/15/30 | 2,000,000 | 1,709,842 |
5.625%, due 2/15/26 | 3,300,000 | 3,214,480 |
Holly Energy Partners LP (c) | ||
5.00%, due 2/1/28 | 2,845,000 | 2,590,390 |
6.375%, due 4/15/27 | 1,565,000 | 1,537,600 |
ITT Holdings LLC | ||
6.50%, due 8/1/29 (c) | 5,310,000 | 4,471,763 |
MPLX LP | ||
4.875%, due 12/1/24 | 3,240,000 | 3,213,508 |
4.875%, due 6/1/25 | 6,708,000 | 6,605,179 |
New Fortress Energy, Inc. | ||
6.50%, due 9/30/26 (c) | 5,060,000 | 4,699,222 |
NGL Energy Operating LLC | ||
7.50%, due 2/1/26 (c) | 4,120,000 | 3,668,412 |
NGPL PipeCo LLC | ||
4.875%, due 8/15/27 (c) | 4,280,000 | 4,064,940 |
Northwest Pipeline LLC | ||
7.125%, due 12/1/25 | 2,195,000 | 2,267,326 |
PBF Logistics LP | ||
6.875%, due 5/15/23 | 1,200,000 | 1,198,500 |
Plains All American Pipeline LP | ||
Series B | ||
8.716% (3 Month LIBOR + 4.11%), due 1/30/23 (d)(e) | 14,265,000 | 12,267,900 |
Rockies Express Pipeline LLC (c) | ||
3.60%, due 5/15/25 | 2,000,000 | 1,888,580 |
4.80%, due 5/15/30 | 5,000,000 | 4,399,777 |
18 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines (continued) | ||
Ruby Pipeline LLC | ||
8.00%, due 4/1/22 (c)(f)(h)(j) | $ 14,811,364 | $ 16,070,330 |
Summit Midstream Holdings LLC | ||
8.50%, due 10/15/26 (c) | 8,215,000 | 7,824,130 |
Tallgrass Energy Partners LP | ||
6.00%, due 3/1/27 (c) | 1,500,000 | 1,400,427 |
TransMontaigne Partners LP | ||
6.125%, due 2/15/26 | 8,330,000 | 7,163,800 |
Western Midstream Operating LP | ||
4.65%, due 7/1/26 | 2,000,000 | 1,898,120 |
5.50%, due 8/15/48 | 5,000,000 | 4,149,862 |
148,477,033 | ||
Real Estate 0.7% | ||
Howard Hughes Corp. (The) (c) | ||
4.125%, due 2/1/29 | 3,300,000 | 2,763,750 |
4.375%, due 2/1/31 | 2,500,000 | 2,022,672 |
Newmark Group, Inc. | ||
6.125%, due 11/15/23 | 9,839,000 | 9,745,650 |
Realogy Group LLC (c) | ||
5.25%, due 4/15/30 | 2,050,000 | 1,495,496 |
5.75%, due 1/15/29 | 2,750,000 | 2,080,072 |
18,107,640 | ||
Real Estate Investment Trusts 2.3% | ||
CTR Partnership LP | ||
3.875%, due 6/30/28 (c) | 3,680,000 | 3,109,698 |
GLP Capital LP | ||
5.30%, due 1/15/29 | 5,700,000 | 5,394,138 |
5.375%, due 11/1/23 | 1,500,000 | 1,494,788 |
5.375%, due 4/15/26 | 1,506,000 | 1,477,487 |
MPT Operating Partnership LP | ||
4.625%, due 8/1/29 | 1,500,000 | 1,143,877 |
5.00%, due 10/15/27 | 6,726,000 | 5,653,405 |
RHP Hotel Properties LP | ||
4.50%, due 2/15/29 (c) | 2,600,000 | 2,242,743 |
4.75%, due 10/15/27 | 7,325,000 | 6,629,207 |
SBA Communications Corp. | ||
3.875%, due 2/15/27 | 3,000,000 | 2,710,540 |
VICI Properties LP (c) | ||
3.875%, due 2/15/29 | 5,000,000 | 4,382,171 |
4.625%, due 6/15/25 | 3,100,000 | 2,972,125 |
5.625%, due 5/1/24 | 17,820,000 | 17,646,433 |
5.75%, due 2/1/27 | 6,525,000 | 6,360,315 |
61,216,927 |
Principal Amount | Value | |
Retail 6.0% | ||
1011778 BC ULC (c) | ||
3.50%, due 2/15/29 | $ 4,355,000 | $ 3,735,780 |
3.875%, due 1/15/28 | 6,165,000 | 5,514,873 |
4.00%, due 10/15/30 | 14,205,000 | 11,503,351 |
Asbury Automotive Group, Inc. | ||
4.50%, due 3/1/28 | 4,631,000 | 4,077,132 |
4.625%, due 11/15/29 (c) | 5,320,000 | 4,482,845 |
4.75%, due 3/1/30 | 5,212,000 | 4,359,065 |
5.00%, due 2/15/32 (c) | 2,800,000 | 2,303,560 |
CEC Entertainment LLC | ||
6.75%, due 5/1/26 (c) | 4,700,000 | 4,371,000 |
Dave & Buster's, Inc. | ||
7.625%, due 11/1/25 (c) | 3,005,000 | 3,020,025 |
Group 1 Automotive, Inc. | ||
4.00%, due 8/15/28 (c) | 4,165,000 | 3,525,382 |
Ken Garff Automotive LLC | ||
4.875%, due 9/15/28 (c) | 6,700,000 | 5,604,737 |
KFC Holding Co. | ||
4.75%, due 6/1/27 (c) | 5,775,000 | 5,544,000 |
LCM Investments Holdings II LLC | ||
4.875%, due 5/1/29 (c) | 13,030,000 | 10,434,275 |
Lithia Motors, Inc. (c) | ||
4.375%, due 1/15/31 | 2,000,000 | 1,627,211 |
4.625%, due 12/15/27 | 700,000 | 631,358 |
Murphy Oil USA, Inc. | ||
4.75%, due 9/15/29 | 3,000,000 | 2,745,090 |
5.625%, due 5/1/27 | 2,994,000 | 2,907,204 |
NMG Holding Co., Inc. | ||
7.125%, due 4/1/26 (c) | 21,170,000 | 19,841,953 |
Papa John's International, Inc. | ||
3.875%, due 9/15/29 (c) | 4,415,000 | 3,686,525 |
Patrick Industries, Inc. (c) | ||
4.75%, due 5/1/29 | 2,295,000 | 1,904,850 |
7.50%, due 10/15/27 | 5,615,000 | 5,446,711 |
Penske Automotive Group, Inc. | ||
3.50%, due 9/1/25 | 2,000,000 | 1,856,119 |
PetSmart, Inc. | ||
7.75%, due 2/15/29 (c) | 4,005,000 | 3,761,466 |
Sonic Automotive, Inc. (c) | ||
4.625%, due 11/15/29 | 4,510,000 | 3,611,192 |
4.875%, due 11/15/31 | 3,000,000 | 2,358,554 |
TPro Acquisition Corp. | ||
11.00%, due 10/15/24 (c) | 1,500,000 | 1,487,603 |
Ultra Resources, Inc. Escrow Claim Shares | ||
6.875%, due 4/15/22 (a)(g)(h) | 9,675,000 | — |
Yum! Brands, Inc. | ||
3.625%, due 3/15/31 | 11,870,000 | 9,952,995 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Retail (continued) | ||
Yum! Brands, Inc. (continued) | ||
4.625%, due 1/31/32 | $ 10,950,000 | $ 9,678,998 |
4.75%, due 1/15/30 (c) | 10,432,000 | 9,571,360 |
5.375%, due 4/1/32 | 8,235,000 | 7,627,669 |
6.875%, due 11/15/37 | 2,000,000 | 2,028,300 |
159,201,183 | ||
Software 4.1% | ||
ACI Worldwide, Inc. | ||
5.75%, due 8/15/26 (c) | 4,405,000 | 4,267,344 |
AthenaHealth Group, Inc. | ||
6.50%, due 2/15/30 (c) | 5,180,000 | 3,817,309 |
Camelot Finance SA | ||
4.50%, due 11/1/26 (c) | 4,480,000 | 4,198,883 |
Clarivate Science Holdings Corp. (c) | ||
3.875%, due 7/1/28 | 8,235,000 | 7,134,771 |
4.875%, due 7/1/29 | 12,695,000 | 10,795,193 |
CWT Travel Group, Inc. | ||
8.50%, due 11/19/26 (c) | 2,297,916 | 1,941,969 |
Fair Isaac Corp. | ||
5.25%, due 5/15/26 (c) | 3,219,000 | 3,151,176 |
MSCI, Inc. (c) | ||
3.25%, due 8/15/33 | 6,350,000 | 4,903,841 |
3.625%, due 9/1/30 | 7,315,000 | 6,080,594 |
3.625%, due 11/1/31 | 6,000,000 | 4,961,880 |
3.875%, due 2/15/31 | 10,620,000 | 8,829,733 |
4.00%, due 11/15/29 | 9,500,000 | 8,274,831 |
Open Text Corp. (c) | ||
3.875%, due 2/15/28 | 4,560,000 | 3,913,073 |
3.875%, due 12/1/29 | 4,430,000 | 3,562,553 |
6.90%, due 12/1/27 | 3,150,000 | 3,150,000 |
Open Text Holdings, Inc. (c) | ||
4.125%, due 2/15/30 | 8,499,000 | 6,817,600 |
4.125%, due 12/1/31 | 4,425,000 | 3,439,532 |
PTC, Inc. (c) | ||
3.625%, due 2/15/25 | 3,400,000 | 3,238,264 |
4.00%, due 2/15/28 | 9,236,000 | 8,312,704 |
SS&C Technologies, Inc. | ||
5.50%, due 9/30/27 (c) | 5,885,000 | 5,510,691 |
Veritas US, Inc. | ||
7.50%, due 9/1/25 (c) | 4,125,000 | 2,840,965 |
109,142,906 | ||
Telecommunications 4.1% | ||
Connect Finco SARL | ||
6.75%, due 10/1/26 (c) | 14,525,000 | 13,461,182 |
Principal Amount | Value | |
Telecommunications (continued) | ||
Hughes Satellite Systems Corp. | ||
5.25%, due 8/1/26 | $ 3,000,000 | $ 2,877,600 |
6.625%, due 8/1/26 | 3,000,000 | 2,798,220 |
Level 3 Financing, Inc. | ||
3.75%, due 7/15/29 (c) | 1,500,000 | 1,079,055 |
Quebecor Media, Inc. | ||
5.75%, due 1/15/23 | 10,147,000 | 10,122,749 |
Sprint Capital Corp. | ||
6.875%, due 11/15/28 | 31,815,000 | 33,022,061 |
Sprint LLC | ||
7.875%, due 9/15/23 | 14,030,000 | 14,226,224 |
T-Mobile US, Inc. | ||
2.875%, due 2/15/31 | 6,350,000 | 5,247,184 |
3.375%, due 4/15/29 | 3,000,000 | 2,642,308 |
3.50%, due 4/15/31 | 2,500,000 | 2,159,499 |
4.75%, due 2/1/28 | 11,450,000 | 11,132,695 |
5.375%, due 4/15/27 | 8,875,000 | 8,959,836 |
107,728,613 | ||
Toys, Games & Hobbies 0.2% | ||
Mattel, Inc. (c) | ||
3.375%, due 4/1/26 | 3,200,000 | 2,942,095 |
3.75%, due 4/1/29 | 3,000,000 | 2,634,975 |
5,577,070 | ||
Transportation 0.6% | ||
Seaspan Corp. | ||
5.50%, due 8/1/29 (c) | 5,075,000 | 3,845,835 |
Watco Cos. LLC | ||
6.50%, due 6/15/27 (c) | 12,665,000 | 12,031,750 |
15,877,585 | ||
Total Corporate Bonds (Cost $2,576,043,099) | 2,320,064,836 | |
Loan Assignments 4.2% | ||
Automobile 0.2% | ||
Dealer Tire Financial LLC | ||
Term Loan B2 | ||
8.823% (3 Month LIBOR + 4.50%), due 12/14/27 (d) | 4,000,000 | 3,945,000 |
Beverage, Food & Tobacco 0.1% | ||
United Natural Foods, Inc. | ||
Initial Term Loan | ||
7.688% (1 Month LIBOR + 3.25%), due 10/22/25 (d) | 3,567,324 | 3,553,204 |
20 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Chemicals, Plastics & Rubber 0.3% | ||
Innophos Holdings, Inc. | ||
Initial Term Loan | ||
7.634% (1 Month LIBOR + 3.25%), due 2/5/27 (d) | $ 1,847,750 | $ 1,803,866 |
Jazz Pharmaceuticals plc | ||
Initial Dollar Term Loan | ||
7.884% (1 Month LIBOR + 3.50%), due 5/5/28 (d) | 6,223,861 | 6,162,488 |
7,966,354 | ||
Finance 0.5% | ||
AAdvantage Loyality IP Ltd. | ||
Initial Term Loan | ||
8.993% (3 Month LIBOR + 4.75%), due 4/20/28 (d) | 2,000,000 | 1,988,250 |
RealTruck Group, Inc. | ||
Initial Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 1/31/28 (d) | 3,348,873 | 2,858,501 |
Schweitzer-Mauduit International, Inc. | ||
Term Loan B | ||
8.188% (1 Month LIBOR + 3.75%), due 4/20/28 (d) | 5,171,250 | 4,860,975 |
Superannuation and Investments Finco Pty. Ltd. | ||
Initial U.S. Term Loan | ||
8.134% (1 Month LIBOR + 3.75%), due 12/1/28 (d) | 2,673,000 | 2,620,876 |
12,328,602 | ||
Healthcare, Education & Childcare 0.3% | ||
LifePoint Health, Inc. | ||
First Lien Term Loan B | ||
8.165% (3 Month LIBOR + 3.75%), due 11/16/25 (d) | 8,540,607 | 8,032,441 |
High Tech Industries 0.2% | ||
Open Text Corp. | ||
Term Loan B | ||
TBD, due 11/16/29 | 5,000,000 | 4,871,875 |
Leisure, Amusement, Motion Pictures & Entertainment 0.1% | ||
Carnival Corp. | ||
2021 Incremental Advance Term Loan B | ||
7.634% (1 Month LIBOR + 3.25%), due 10/18/28 (d) | 3,366,000 | 3,138,795 |
Principal Amount | Value | |
Manufacturing 0.1% | ||
Adient U.S. LLC | ||
Term Loan B1 | ||
7.634% (1 Month LIBOR + 3.25%), due 4/10/28 (d) | $ 3,743,000 | $ 3,692,312 |
Media 0.3% | ||
Directv Financing LLC | ||
Closing Date Term Loan | ||
9.384% (1 Month LIBOR + 5.00%), due 8/2/27 (d) | 8,022,094 | 7,780,180 |
Oil & Gas 0.5% | ||
Ascent Resources Utica Holdings LLC | ||
Second Lien Term Loan | ||
12.941% (3 Month LIBOR + 9.00%), due 11/1/25 (d) | 2,842,000 | 2,991,205 |
PetroQuest Energy LLC (a)(g) | ||
Term Loan 11.571% - 11.884% | ||
(11.88% PIK) (1 Month LIBOR + 7.50%), due 11/8/23 (b)(d) | 6,322,638 | 5,690,375 |
Term Loan | ||
11.529% (1 Month LIBOR + 4.029%), due 1/1/28 (d) | 795,553 | 795,553 |
2020 Term Loan | ||
11.62% (11.62% PIK), due 9/19/26 (b) | 610,918 | 610,918 |
TransMontaigne Operating Co. LP | ||
Tranche Term Loan B 7.854% - 7.889% | ||
(1 Month LIBOR + 3.50%), due 11/17/28 (d) | 3,366,000 | 3,294,472 |
13,382,523 | ||
Personal, Food & Miscellaneous Services 0.0% ‡ | ||
WW International, Inc. | ||
Initial Term Loan | ||
7.89% (1 Month LIBOR + 3.50%), due 4/13/28 (d) | 1,550,000 | 875,750 |
Retail 0.8% | ||
Great Outdoors Group LLC | ||
Term Loan B2 | ||
8.134% (1 Month LIBOR + 3.75%), due 3/6/28 (d) | 21,577,396 | 20,718,788 |
Principal Amount | Value | |
Loan Assignments (continued) | ||
Services Business 0.1% | ||
GIP II Blue Holding LP | ||
Initial Term Loan | ||
9.23% (3 Month LIBOR + 4.50%), due 9/29/28 (d) | $ 3,455,346 | $ 3,418,941 |
Software 0.2% | ||
TIBCO Software, Inc. (d) | ||
First Lien Term Loan A | ||
9.18% (3 Month SOFR + 4.50%), due 9/29/28 | 3,000,000 | 2,640,000 |
First Lien Dollar Term Loan B | ||
9.18% (3 Month SOFR + 4.50%), due 3/30/29 | 3,000,000 | 2,672,499 |
5,312,499 | ||
Utilities 0.5% | ||
PG&E Corp. | ||
Term Loan | ||
7.438% (1 Month LIBOR + 3.00%), due 6/23/25 (d) | 13,162,500 | 13,027,584 |
Total Loan Assignments (Cost $115,173,878) | 112,044,848 | |
Total Long-Term Bonds (Cost $2,716,146,219) | 2,459,433,286 | |
Shares | ||
Common Stocks 2.1% | ||
Distributors 0.1% | ||
ATD New Holdings, Inc. (k) | 44,740 | 3,131,800 |
Electric Utilities 0.0% ‡ | ||
Keycon Power Holdings LLC (a)(g)(k) | 11,280 | 113 |
Electrical Equipment 0.0% ‡ | ||
Energy Technologies, Inc. (a)(g)(k) | 4,822 | 964,400 |
Hotels, Restaurants & Leisure 0.1% | ||
Carlson Travel, Inc. (a)(i)(k) | 529,813 | 2,781,518 |
Independent Power and Renewable Electricity Producers 0.4% | ||
GenOn Energy, Inc. (i) | 115,826 | 11,003,470 |
Shares | Value | ||
Oil, Gas & Consumable Fuels 1.5% | |||
Chord Energy Corp. | 21,083 | $ 2,884,365 | |
Gulfport Energy Corp. (k) | 323,995 | 23,858,992 | |
PetroQuest Energy, Inc. (a)(g)(k) | 8,224,665 | — | |
Talos Energy, Inc. (k) | 623,880 | 11,778,855 | |
38,522,212 | |||
Software 0.0% ‡ | |||
ASG warrant Corp. (a)(g)(k) | 3,368 | — | |
Total Common Stocks (Cost $92,126,389) | 56,403,513 | ||
Preferred Stocks 0.3% | |||
Electrical Equipment 0.3% | |||
Energy Technologies Ltd. (a)(g)(k) | 10,741 | 7,142,765 | |
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
Gulfport Energy Operating Corp., 10.00%(10.00% Cash or 15.00% PIK) (a)(b)(g)(i)(k) | 39 | 177,569 | |
Total Preferred Stocks (Cost $10,336,701) | 7,320,334 | ||
Number of Warrants | |||
Warrants 0.0% ‡ | |||
Hotels, Restaurants & Leisure 0.0% ‡ | |||
CWT Travel Holdings, Inc. (g)(k) | |||
Expires 11/19/26 | 44,246 | 359 | |
Expires 11/19/28 | 46,574 | 1,830 | |
2,189 | |||
Oil, Gas & Consumable Fuels 0.0% ‡ | |||
California Resources Corp. | |||
Expires 10/27/24 (k) | 9,742 | 122,749 | |
Total Warrants (Cost $8,174,223) | 124,938 | ||
Total Investments (Cost $2,826,783,532) | 95.1% | 2,523,282,071 | |
Other Assets, Less Liabilities | 4.9 | 131,272,870 | |
Net Assets | 100.0% | $ 2,654,554,941 |
22 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Illiquid security—As of December 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $31,589,581, which represented 1.2% of the Portfolio’s net assets. (Unaudited) |
(b) | PIK ("Payment-in-Kind")—issuer may pay interest or dividends with additional securities and/or in cash. |
(c) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(d) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(e) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(f) | Step coupon—Rate shown was the rate in effect as of December 31, 2022. |
(g) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
(h) | Issue in non-accrual status. |
(i) | Restricted security. (See Note 5) |
(j) | Issue in default. |
(k) | Non-income producing security. |
Abbreviation(s): |
LIBOR—London Interbank Offered Rate |
SOFR—Secured Overnight Financing Rate |
TBD—To Be Determined |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Convertible Bonds | $ — | $ 27,323,602 | $ — | $ 27,323,602 | |||
Corporate Bonds | — | 2,313,557,636 | 6,507,200 | 2,320,064,836 | |||
Loan Assignments | — | 104,948,002 | 7,096,846 | 112,044,848 | |||
Total Long-Term Bonds | — | 2,445,829,240 | 13,604,046 | 2,459,433,286 | |||
Common Stocks | 38,522,212 | 16,916,788 | 964,513 | 56,403,513 | |||
Preferred Stocks | — | — | 7,320,334 | 7,320,334 | |||
Warrants | 122,749 | — | 2,189 | 124,938 | |||
Total Investments in Securities | $ 38,644,961 | $ 2,462,746,028 | $ 21,891,082 | $ 2,523,282,071 |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
Assets | |
Investment in securities, at value (identified cost $2,826,783,532) | $2,523,282,071 |
Cash | 96,911,596 |
Receivables: | |
Interest | 40,516,506 |
Portfolio shares sold | 1,161,448 |
Other assets | 351,033 |
Total assets | 2,662,222,654 |
Liabilities | |
Payables: | |
Investment securities purchased | 4,850,000 |
Manager (See Note���3) | 1,273,589 |
Portfolio shares redeemed | 850,329 |
NYLIFE Distributors (See Note 3) | 475,824 |
Shareholder communication | 106,577 |
Professional fees | 76,507 |
Custodian | 12,147 |
Accrued expenses | 22,740 |
Total liabilities | 7,667,713 |
Net assets | $2,654,554,941 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 312,577 |
Additional paid-in-capital | 2,955,900,503 |
2,956,213,080 | |
Total distributable earnings (loss) | (301,658,139) |
Net assets | $2,654,554,941 |
Initial Class | |
Net assets applicable to outstanding shares | $ 444,733,474 |
Shares of beneficial interest outstanding | 51,605,454 |
Net asset value per share outstanding | $ 8.62 |
Service Class | |
Net assets applicable to outstanding shares | $2,209,821,467 |
Shares of beneficial interest outstanding | 260,971,724 |
Net asset value per share outstanding | $ 8.47 |
24 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 166,256,702 |
Dividends | 1,313,962 |
Other | 1,650,680 |
Total income | 169,221,344 |
Expenses | |
Manager (See Note 3) | 16,411,011 |
Distribution/Service—Service Class (See Note 3) | 6,060,807 |
Professional fees | 260,108 |
Shareholder communication | 151,297 |
Custodian | 74,228 |
Trustees | 65,174 |
Miscellaneous | 87,139 |
Total expenses | 23,109,764 |
Net investment income (loss) | 146,111,580 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on investments | (27,833,550) |
Net change in unrealized appreciation (depreciation) on investments | (393,576,205) |
Net realized and unrealized gain (loss) | (421,409,755) |
Net increase (decrease) in net assets resulting from operations | $(275,298,175) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 146,111,580 | $ 144,628,313 |
Net realized gain (loss) | (27,833,550) | 47,667,595 |
Net change in unrealized appreciation (depreciation) | (393,576,205) | (27,683,811) |
Net increase (decrease) in net assets resulting from operations | (275,298,175) | 164,612,097 |
Distributions to shareholders: | ||
Initial Class | (24,718,944) | (28,606,278) |
Service Class | (121,925,643) | (127,887,903) |
Total distributions to shareholders | (146,644,587) | (156,494,181) |
Capital share transactions: | ||
Net proceeds from sales of shares | 170,826,531 | 458,787,335 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 146,644,587 | 156,494,181 |
Cost of shares redeemed | (612,645,987) | (327,535,675) |
Increase (decrease) in net assets derived from capital share transactions | (295,174,869) | 287,745,841 |
Net increase (decrease) in net assets | (717,117,631) | 295,863,757 |
Net Assets | ||
Beginning of year | 3,371,672,572 | 3,075,808,815 |
End of year | $2,654,554,941 | $3,371,672,572 |
26 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.94 | $ 9.89 | $ 9.96 | $ 9.32 | $ 10.05 | ||||
Net investment income (loss) (a) | 0.47 | 0.47 | 0.54 | 0.58 | 0.55 | ||||
Net realized and unrealized gain (loss) | (1.29) | 0.08 | (0.04) | 0.64 | (0.68) | ||||
Total from investment operations | (0.82) | 0.55 | 0.50 | 1.22 | (0.13) | ||||
Less distributions: | |||||||||
From net investment income | (0.50) | (0.50) | (0.57) | (0.58) | (0.60) | ||||
Net asset value at end of year | $ 8.62 | $ 9.94 | $ 9.89 | $ 9.96 | $ 9.32 | ||||
Total investment return (b) | (8.06)% | 5.51% | 5.40% | 13.22% | (1.46)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 5.15% | 4.66% | 5.56% | 5.84% | 5.58% | ||||
Net expenses | 0.58% | 0.58% | 0.59%(c) | 0.59%(c) | 0.58%(c) | ||||
Portfolio turnover rate | 12% | 35% | 39% | 28% | 28% | ||||
Net assets at end of year (in 000's) | $ 444,733 | $ 592,890 | $ 461,075 | $ 471,775 | $ 458,129 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.77 | $ 9.74 | $ 9.81 | $ 9.19 | $ 9.91 | ||||
Net investment income (loss) (a) | 0.44 | 0.44 | 0.50 | 0.55 | 0.52 | ||||
Net realized and unrealized gain (loss) | (1.26) | 0.06 | (0.02) | 0.62 | (0.66) | ||||
Total from investment operations | (0.82) | 0.50 | 0.48 | 1.17 | (0.14) | ||||
Less distributions: | |||||||||
From net investment income | (0.48) | (0.47) | (0.55) | (0.55) | (0.58) | ||||
Net asset value at end of year | $ 8.47 | $ 9.77 | $ 9.74 | $ 9.81 | $ 9.19 | ||||
Total investment return (b) | (8.29)% | 5.25% | 5.14% | 12.94% | (1.71)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 4.91% | 4.43% | 5.31% | 5.60% | 5.33% | ||||
Net expenses | 0.83% | 0.83% | 0.84%(c) | 0.84%(c) | 0.83%(c) | ||||
Portfolio turnover rate | 12% | 35% | 39% | 28% | 28% | ||||
Net assets at end of year (in 000's) | $ 2,209,821 | $ 2,778,783 | $ 2,614,734 | $ 2,557,069 | $ 2,298,144 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Class | Commenced Operations |
Initial Class | May 1, 1995 |
Service Class | June 4, 2003 |
28 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
30 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
32 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $2,826,938,322 | $31,853,173 | $(335,509,424) | $(303,656,251) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$147,044,052 | $(143,538,507) | $(1,507,433) | $(303,656,251) | $(301,658,139) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $10,623 | $132,916 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $146,644,587 | $156,494,181 |
Security | Date(s) of Acquisition | Principal Amount/ Shares | Cost | 12/31/22 Value | Percent of Net Assets |
Briggs & Stratton Corp. Escrow Claim Shares | |||||
Corporate Bond 6.875%, due 12/15/20 | 2/26/21 | $ 5,030,000 | $ 5,170,425 | $ — | 0.0%‡ |
Carlson Travel, Inc. | |||||
Common Stock | 9/4/20-12/8/21 | 529,813 | 13,040,538 | 2,781,518 | 0.1 |
GenOn Energy, Inc. | |||||
Common Stock | 12/14/18 | 115,826 | 12,970,154 | 11,003,470 | 0.4 |
Gulfport Energy Operating Corp. | |||||
Preferred Stock | 8/4/21-12/16/21 | 39 | 39,000 | 177,569 | 0.0‡ |
Sterling Entertainment Enterprises LLC | |||||
Corporate Bond 10.25%, due 1/15/25 | 12/28/17 | $ 7,000,000 | 6,961,493 | 6,507,200 | 0.3 |
Total | $ 38,181,610 | $ 20,469,757 | 0.8% |
‡ | Less than one-tenth of a percent. |
34 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 7,121,288 | $ 65,542,215 |
Shares issued to shareholders in reinvestment of distributions | 2,967,745 | 24,718,944 |
Shares redeemed | (18,114,997) | (165,203,247) |
Net increase (decrease) | (8,025,964) | $ (74,942,088) |
Year ended December 31, 2021: | ||
Shares sold | 17,398,461 | $ 178,553,730 |
Shares issued to shareholders in reinvestment of distributions | 2,894,786 | 28,606,278 |
Shares redeemed | (7,260,874) | (73,109,585) |
Net increase (decrease) | 13,032,373 | $ 134,050,423 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 11,574,208 | $ 105,284,316 |
Shares issued to shareholders in reinvestment of distributions | 14,890,045 | 121,925,643 |
Shares redeemed | (49,817,798) | (447,442,740) |
Net increase (decrease) | (23,353,545) | $(220,232,781) |
Year ended December 31, 2021: | ||
Shares sold | 28,237,647 | $ 280,233,605 |
Shares issued to shareholders in reinvestment of distributions | 13,158,275 | 127,887,903 |
Shares redeemed | (25,632,161) | (254,426,090) |
Net increase (decrease) | 15,763,761 | $ 153,695,418 |
MainStay VP MacKay High Yield Corporate Bond Portfolio
New York, New York
February 24, 2023
36 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
38 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
40 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
42 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
44 | MainStay VP MacKay High Yield Corporate Bond Portfolio |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015857 | MSVPHYCB11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 1/29/1993 | -13.52% | 2.92% | 5.78% | 0.61% |
Service Class Shares | 6/4/2003 | -13.73 | 2.67 | 5.52 | 0.86 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
MSCI World Index (Net)1 | -18.14% | 6.14% | 8.85% |
Bloomberg U.S. Aggregate Bond Index2 | -13.01 | 0.02 | 1.06 |
Blended Benchmark Index3 | -15.85 | 4.01 | 5.92 |
Morningstar World Allocation Category Average4 | -12.55 | 1.75 | 3.35 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The MSCI World Index (Net) is the Portfolio's primary broad-based securities market index for comparison purposes. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. |
2. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as a secondary benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures 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. |
3. | The Portfolio has selected the Blended Benchmark Index as an additional benchmark. The Blended Benchmark Index consists of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index, weighted 60% and 40%, respectively. |
4. | The Morningstar World Allocation Category Average is representative of portfolios that seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. While these portfolios do explore the whole world, most of them focus on the U.S., Canada, Japan, and the larger markets in Europe. It is rare for such portfolios to invest more than 10% of their assets in emerging markets. These portfolios typically have at least 10% of assets in bonds, less than 70% of assets in stocks, and at least 40% of assets in non-U.S. stocks or bonds. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,021.10 | $3.16 | $1,022.08 | $3.16 | 0.62% |
Service Class Shares | $1,000.00 | $1,019.90 | $4.43 | $1,020.82 | $4.43 | 0.87% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
6 | MainStay VP Income Builder Portfolio |
1. | GNMA, (zero coupon)-4.00%, due 8/20/49–2/20/52 |
2. | U.S. Treasury Bonds, 4.00%, due 11/15/42–11/15/52 |
3. | UMBS, 30 Year, 2.50%-5.00%, due 8/1/48–11/1/52 |
4. | U.S. Treasury Notes, 4.00%-4.375%, due 10/31/24–11/15/32 |
5. | FHLMC STACR REMIC Trust, 5.778%-7.678%, due 8/25/33–12/25/50 |
6. | Bank of America Corp. |
7. | JPMorgan Chase & Co. |
8. | Broadcom, Inc. |
9. | FNMA, (zero coupon)-10.139%, due 7/25/29–3/25/60 |
10. | Analog Devices, Inc. |
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. |
8 | MainStay VP Income Builder Portfolio |
3. | A bolt-on acquisition is the acquisition of a smaller company, usually in the same line of business, that presents strategic value to the acquiring entity. The smaller company is generally merged into a division of the acquiring entity. |
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. | 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. |
6. | The yield curve is a line that plots the yields of various securities of similar quality—typically U.S. Treasury issues—across a range of maturities. The U.S. Treasury yield curve serves as a benchmark for other debt and is used in economic forecasting. |
10 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Long-Term Bonds 43.5% | ||
Asset-Backed Securities 4.3% | ||
Automobile Asset-Backed Securities 1.3% | ||
American Credit Acceptance Receivables Trust | ||
Series 2021-3, Class D | ||
1.34%, due 11/15/27 (a) | $ 745,000 | $ 691,588 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 1,000,000 | 870,656 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 360,000 | 326,243 |
Carmax Auto Owner Trust | ||
Series 2022-3, Class A3 | ||
3.97%, due 4/15/27 | 650,000 | 637,208 |
Drive Auto Receivables Trust | ||
Series 2021-2, Class D | ||
1.39%, due 3/15/29 | 800,000 | 737,147 |
Enterprise Fleet Financing LLC | ||
Series 2022-2, Class A3 | ||
4.79%, due 5/21/29 (a) | 385,000 | 377,567 |
Flagship Credit Auto Trust | ||
Series 2020-3, Class D | ||
2.50%, due 9/15/26 (a) | 280,000 | 256,841 |
Ford Credit Auto Owner Trust | ||
Series 2020-2, Class A | ||
1.06%, due 4/15/33 (a) | 645,000 | 577,540 |
Ford Credit Floorplan Master Owner Trust | ||
Series 2018-4, Class A | ||
4.06%, due 11/15/30 | 590,000 | 553,692 |
Hertz Vehicle Financing III LP | ||
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 (a) | 1,295,000 | 1,078,077 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class B | ||
1.56%, due 12/26/25 (a) | 520,000 | 476,384 |
JPMorgan Chase Bank NA | ||
Series 2020-1, Class B | ||
0.991%, due 1/25/28 (a) | 111,114 | 109,420 |
6,692,363 | ||
Home Equity Asset-Backed Securities 0.1% | ||
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
4.579% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | 505,050 | 490,217 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities (continued) | ||
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
3.919% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | $ 120,954 | $ 76,153 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
4.489% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 190,494 | 60,720 |
627,090 | ||
Other Asset-Backed Securities 2.9% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 543,222 | 423,532 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 426,254 | 358,218 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 671,812 | 670,895 |
AMSR Trust | ||
Series 2020-SFR4, Class A | ||
1.355%, due 11/17/37 (a) | 1,110,000 | 993,288 |
British Airways Pass-Through Trust | ||
Series 2021-1, Class A | ||
2.90%, due 3/15/35 (United Kingdom) (a) | 826,658 | 672,922 |
CF Hippolyta Issuer LLC (a) | ||
Series 2021-1A, Class A1 | ||
1.53%, due 3/15/61 | 1,099,237 | 950,489 |
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 504,108 | 449,962 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 488,614 | 403,023 |
Crown Castle Towers LLC | ||
4.241%, due 7/15/28 (a) | 990,000 | 899,203 |
CVS Pass-Through Trust | ||
5.789%, due 1/10/26 (a) | 15,926 | 15,814 |
DB Master Finance LLC (a) | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 | 945,450 | 728,324 |
Series 2019-1A, Class A23 | ||
4.352%, due 5/20/49 | 169,313 | 154,376 |
FirstKey Homes Trust | ||
Series 2020-SFR1, Class A | ||
1.339%, due 8/17/37 (a) | 1,040,254 | 929,609 |
Home Partners of America Trust (a) | ||
Series 2021-2, Class A | ||
1.901%, due 12/17/26 | 290,157 | 250,617 |
12 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Home Partners of America Trust (a) (continued) | ||
Series 2021-2, Class B | ||
2.302%, due 12/17/26 | $ 554,171 | $ 473,392 |
MMAF Equipment Finance LLC | ||
Series 2020-BA, Class A4 | ||
0.66%, due 11/15/27 (a) | 750,000 | 681,603 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-BA, Class A | ||
0.94%, due 7/15/69 | 465,911 | 393,503 |
Series 2020-EA, Class A | ||
1.69%, due 5/15/69 | 356,492 | 320,690 |
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 1,380,000 | 879,229 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 665,000 | 561,905 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 645,000 | 529,877 |
PFS Financing Corp. | ||
Series 2022-D, Class A | ||
4.27%, due 8/15/27 (a) | 525,000 | 511,974 |
Progress Residential (a) | ||
Series 2021-SFR1, Class A | ||
1.052%, due 4/17/38 | 763,511 | 657,946 |
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 | 670,000 | 575,305 |
Progress Residential Trust | ||
Series 2020-SFR3, Class A | ||
1.294%, due 10/17/27 (a) | 663,096 | 587,252 |
Sierra Timeshare Receivables Funding LLC | ||
Series 2020-2A, Class A | ||
1.33%, due 7/20/37 (a) | 186,838 | 175,412 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 757,350 | 575,656 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 427,598 | 413,568 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | $ 671,826 | $ 662,384 |
15,899,968 | ||
Total Asset-Backed Securities (Cost $26,442,407) | 23,219,421 | |
Corporate Bonds 19.5% | ||
Aerospace & Defense 0.1% | ||
Howmet Aerospace, Inc. | ||
3.00%, due 1/15/29 | 620,000 | 527,000 |
Agriculture 0.2% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 (United Kingdom) | 905,000 | 614,515 |
BAT International Finance plc | ||
4.448%, due 3/16/28 (United Kingdom) | 490,000 | 453,819 |
1,068,334 | ||
Airlines 0.5% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 600,000 | 576,988 |
5.75%, due 4/20/29 | 360,000 | 329,024 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 465,000 | 453,646 |
4.75%, due 10/20/28 | 900,000 | 845,976 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 715,546 | 711,397 |
2,917,031 | ||
Auto Manufacturers 0.9% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 230,000 | 209,962 |
2.70%, due 8/10/26 | 595,000 | 516,698 |
4.125%, due 8/17/27 | 700,000 | 626,500 |
General Motors Co. | ||
5.60%, due 10/15/32 | 225,000 | 209,024 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 344,000 | 259,381 |
2.70%, due 6/10/31 | 850,000 | 651,249 |
4.30%, due 4/6/29 | 470,000 | 420,982 |
Nissan Motor Acceptance Co. LLC (a) | ||
1.125%, due 9/16/24 | 810,000 | 738,076 |
1.85%, due 9/16/26 | 1,350,000 | 1,127,032 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Auto Manufacturers (continued) | ||
Volkswagen Group of America Finance LLC | ||
4.60%, due 6/8/29 (Germany) (a) | $ 355,000 | $ 335,346 |
5,094,250 | ||
Banks 7.4% | ||
Banco Santander SA | ||
5.294%, due 8/18/27 (Spain) | 600,000 | 585,814 |
Bank of America Corp. (c) | ||
2.087%, due 6/14/29 | 715,000 | 601,668 |
2.496%, due 2/13/31 | 650,000 | 528,315 |
2.572%, due 10/20/32 | 510,000 | 399,433 |
2.687%, due 4/22/32 | 465,000 | 372,179 |
3.384%, due 4/2/26 | 465,000 | 444,093 |
3.705%, due 4/24/28 | 555,000 | 513,593 |
Series MM | ||
4.30%, due 1/28/25 (d) | 916,000 | 792,374 |
Series DD | ||
6.30%, due 3/10/26 (d) | 735,000 | 729,542 |
Barclays plc (United Kingdom) (b)(d) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 | 835,000 | 636,687 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 | 680,000 | 635,800 |
BNP Paribas SA (France) (a) | ||
3.052%, due 1/13/31 (c) | 620,000 | 508,117 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(d) | 625,000 | 514,056 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(d) | 885,000 | 683,751 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(d) | 230,000 | 227,125 |
BPCE SA | ||
2.045%, due 10/19/27 (France) (a)(c) | 530,000 | 456,830 |
Citigroup, Inc. | ||
2.52%, due 11/3/32 (c) | 500,000 | 388,834 |
3.668%, due 7/24/28 (c) | 430,000 | 394,907 |
3.98%, due 3/20/30 (c) | 565,000 | 509,565 |
Principal Amount | Value | |
Banks (continued) | ||
Citigroup, Inc. (continued) | ||
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(d) | $ 840,000 | $ 685,800 |
5.30%, due 5/6/44 | 216,000 | 194,514 |
6.625%, due 6/15/32 | 190,000 | 200,081 |
Citizens Bank NA | ||
6.064%, due 10/24/25 (c) | 475,000 | 480,348 |
Citizens Financial Group, Inc. | ||
2.638%, due 9/30/32 | 1,035,000 | 768,231 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (France) (a)(b)(d) | 1,000,000 | 801,418 |
Credit Suisse Group AG (Switzerland) (a)(c) | ||
2.593%, due 9/11/25 | 635,000 | 561,378 |
3.091%, due 5/14/32 | 785,000 | 542,393 |
6.442%, due 8/11/28 | 495,000 | 450,795 |
Deutsche Bank AG (Germany) | ||
Series E | ||
0.962%, due 11/8/23 | 665,000 | 639,816 |
3.035%, due 5/28/32 (c) | 255,000 | 193,273 |
5.371%, due 9/9/27 | 410,000 | 410,914 |
5.54% (SOFR + 1.219%), due 11/16/27 (b) | 820,000 | 733,926 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 815,000 | 790,063 |
First Horizon Corp. | ||
4.00%, due 5/26/25 | 775,000 | 753,009 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 355,000 | 296,115 |
Goldman Sachs Group, Inc. (The) | ||
1.431%, due 3/9/27 (c) | 535,000 | 469,146 |
1.948%, due 10/21/27 (c) | 610,000 | 533,375 |
1.992%, due 1/27/32 (c) | 590,000 | 449,472 |
2.615%, due 4/22/32 (c) | 425,000 | 338,934 |
3.102%, due 2/24/33 (c) | 385,000 | 312,612 |
3.625%, due 1/22/23 | 1,330,000 | 1,328,883 |
5.776% (3 Month LIBOR + 1.17%), due 5/15/26 (b) | 815,000 | 809,263 |
6.75%, due 10/1/37 | 159,000 | 169,657 |
HSBC Holdings plc | ||
3.973%, due 5/22/30 (United Kingdom) (c) | 970,000 | 849,026 |
Intesa Sanpaolo SpA | ||
7.00%, due 11/21/25 (Italy) (a) | 200,000 | 203,974 |
14 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
JPMorgan Chase & Co. | ||
2.182%, due 6/1/28 (c) | $ 835,000 | $ 730,110 |
4.323%, due 4/26/28 (c) | 905,000 | 864,263 |
Series HH | ||
4.60%, due 2/1/25 (c)(d) | 659,000 | 580,744 |
5.497% (SOFR + 1.18%), due 2/24/28 (b) | 845,000 | 819,224 |
Lloyds Banking Group plc (United Kingdom) | ||
4.582%, due 12/10/25 | 508,000 | 491,895 |
4.65%, due 3/24/26 | 1,075,000 | 1,029,345 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 365,000 | 335,139 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (Australia) (a)(c) | 820,000 | 629,090 |
Mizuho Financial Group, Inc. | ||
3.261% (1 Year Treasury Constant Maturity Rate + 1.25%), due 5/22/30 (Japan) (b) | 345,000 | 298,471 |
Morgan Stanley | ||
2.484%, due 9/16/36 (c) | 885,000 | 641,741 |
2.511%, due 10/20/32 (c) | 645,000 | 504,752 |
5.00%, due 11/24/25 | 780,000 | 777,649 |
6.25%, due 8/9/26 | 881,000 | 920,005 |
NatWest Group plc | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 (United Kingdom) (b) | 1,580,000 | 1,411,966 |
Societe Generale SA (France) (a)(b) | ||
3.337% (1 Year Treasury Constant Maturity Rate + 1.60%), due 1/21/33 | 680,000 | 535,479 |
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 (d) | 395,000 | 334,801 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 (d) | 1,115,000 | 903,303 |
Standard Chartered plc (United Kingdom) (a)(b) | ||
1.822% (1 Year Treasury Constant Maturity Rate + 0.95%), due 11/23/25 | 1,060,000 | 968,144 |
Principal Amount | Value | |
Banks (continued) | ||
Standard Chartered plc (United Kingdom) (a)(b) (continued) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.805%), due 1/14/31 (d) | $ 525,000 | $ 402,011 |
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 (b)(d) | 770,000 | 508,215 |
UBS Group AG (Switzerland) (a)(b) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (d) | 1,005,000 | 763,557 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 | 410,000 | 392,360 |
Wachovia Corp. | ||
5.50%, due 8/1/35 | 700,000 | 679,518 |
Wells Fargo & Co. (c) | ||
2.879%, due 10/30/30 | 385,000 | 327,021 |
4.897%, due 7/25/33 | 390,000 | 370,318 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (Australia) (b) | 533,000 | 396,268 |
40,504,488 | ||
Beverages 0.1% | ||
Anheuser-Busch Cos. LLC | ||
4.70%, due 2/1/36 (Belgium) | 475,000 | 448,610 |
Chemicals 0.2% | ||
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (Brazil) (a) | 745,000 | 668,049 |
Huntsman International LLC | ||
4.50%, due 5/1/29 | 731,000 | 656,497 |
1,324,546 | ||
Commercial Services 0.3% | ||
Ashtead Capital, Inc. | ||
4.00%, due 5/1/28 (United Kingdom) (a) | 380,000 | 346,455 |
California Institute of Technology | ||
3.65%, due 9/1/19 | 385,000 | 245,222 |
Sodexo, Inc. | ||
2.718%, due 4/16/31 (France) (a) | 1,010,000 | 805,877 |
1,397,554 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Computers 0.6% | ||
Dell International LLC | ||
3.375%, due 12/15/41 (a) | $ 885,000 | $ 592,708 |
4.90%, due 10/1/26 | 680,000 | 669,323 |
5.30%, due 10/1/29 | 318,000 | 311,005 |
8.10%, due 7/15/36 | 527,000 | 590,566 |
NCR Corp. | ||
5.00%, due 10/1/28 (a) | 991,000 | 844,861 |
3,008,463 | ||
Diversified Financial Services 1.6% | ||
AerCap Ireland Capital DAC | ||
2.45%, due 10/29/26 (Ireland) | 665,000 | 581,504 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 820,000 | 763,444 |
2.75%, due 1/15/23 | 500,000 | 499,411 |
4.25%, due 9/15/24 | 420,000 | 410,927 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(d) | 745,000 | 573,650 |
Ally Financial, Inc. | ||
3.875%, due 5/21/24 | 310,000 | 301,754 |
Series C | ||
4.70% (7 Year Treasury Constant Maturity Rate + 3.481%), due 5/15/28 (b)(d) | 555,000 | 347,569 |
8.00%, due 11/1/31 | 640,000 | 660,702 |
Aviation Capital Group LLC | ||
1.95%, due 1/30/26 (a) | 520,000 | 452,701 |
Avolon Holdings Funding Ltd. (Ireland) (a) | ||
2.125%, due 2/21/26 | 645,000 | 555,136 |
2.875%, due 2/15/25 | 1,040,000 | 960,716 |
Banco BTG Pactual SA (Brazil) (a) | ||
2.75%, due 1/11/26 | 1,130,000 | 1,026,887 |
4.50%, due 1/10/25 | 350,000 | 337,312 |
Capital One Financial Corp. | ||
5.247%, due 7/26/30 (c) | 390,000 | 371,415 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 (Japan) | 770,000 | 761,525 |
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | 375,000 | 310,489 |
8,915,142 | ||
Electric 1.4% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 475,000 | 454,976 |
Principal Amount | Value | |
Electric (continued) | ||
Alabama Power Co. | ||
3.00%, due 3/15/52 | $ 335,000 | $ 221,150 |
Arizona Public Service Co. | ||
2.20%, due 12/15/31 | 750,000 | 572,210 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 535,000 | 477,377 |
Duke Energy Ohio, Inc. | ||
4.30%, due 2/1/49 | 565,000 | 460,578 |
Duquesne Light Holdings, Inc. | ||
3.616%, due 8/1/27 (a) | 865,000 | 777,931 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(d) | 905,000 | 756,534 |
Entergy Louisiana LLC | ||
4.00%, due 3/15/33 | 790,000 | 712,956 |
Jersey Central Power & Light Co. | ||
2.75%, due 3/1/32 (a) | 700,000 | 565,275 |
National Rural Utilities Cooperative Finance Corp. | ||
5.80%, due 1/15/33 | 460,000 | 480,099 |
Nevada Power Co. | ||
Series GG | ||
5.90%, due 5/1/53 | 230,000 | 245,128 |
NSTAR Electric Co. | ||
4.95%, due 9/15/52 | 250,000 | 241,509 |
Ohio Power Co. | ||
Series R | ||
2.90%, due 10/1/51 | 420,000 | 273,260 |
Southern California Edison Co. | ||
Series E | ||
3.70%, due 8/1/25 | 330,000 | 319,269 |
4.00%, due 4/1/47 | 520,000 | 406,367 |
Virginia Electric and Power Co. | ||
2.95%, due 11/15/51 | 435,000 | 285,846 |
WEC Energy Group, Inc. | ||
6.719% (3 Month LIBOR + 2.113%), due 5/15/67 (b) | 480,000 | 401,539 |
7,652,004 | ||
Entertainment 0.1% | ||
Warnermedia Holdings, Inc. | ||
4.279%, due 3/15/32 (a) | 565,000 | 465,427 |
Environmental Control 0.1% | ||
Stericycle, Inc. | ||
3.875%, due 1/15/29 (a) | 120,000 | 104,700 |
16 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Environmental Control (continued) | ||
Waste Connections, Inc. | ||
2.20%, due 1/15/32 | $ 235,000 | $ 186,427 |
291,127 | ||
Food 0.2% | ||
JBS USA LUX SA | ||
5.75%, due 4/1/33 (a) | 810,000 | 772,562 |
Smithfield Foods, Inc. | ||
4.25%, due 2/1/27 (a) | 500,000 | 460,374 |
1,232,936 | ||
Gas 0.3% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 450,000 | 352,643 |
Piedmont Natural Gas Co., Inc. | ||
5.05%, due 5/15/52 | 425,000 | 383,462 |
Southern California Gas Co. | ||
Series VV | ||
4.30%, due 1/15/49 | 325,000 | 267,448 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 830,000 | 537,248 |
1,540,801 | ||
Healthcare-Products 0.1% | ||
Abbott Laboratories | ||
3.40%, due 11/30/23 | 535,000 | 529,332 |
Home Builders 0.1% | ||
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (a) | 375,000 | 294,444 |
Insurance 0.9% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 465,000 | 387,471 |
Equitable Holdings, Inc. | ||
5.00%, due 4/20/48 | 830,000 | 726,732 |
Peachtree Corners Funding Trust | ||
3.976%, due 2/15/25 (a) | 425,000 | 410,244 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 725,000 | 852,581 |
Reliance Standard Life Global Funding II | ||
2.50%, due 10/30/24 (a) | 950,000 | 898,187 |
Voya Financial, Inc. | ||
3.65%, due 6/15/26 | 310,000 | 292,304 |
Principal Amount | Value | |
Insurance (continued) | ||
Willis North America, Inc. | ||
2.95%, due 9/15/29 | $ 1,395,000 | $ 1,172,644 |
3.875%, due 9/15/49 | 185,000 | 131,252 |
4,871,415 | ||
Internet 0.2% | ||
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 795,000 | 674,395 |
3.80%, due 2/15/28 | 82,000 | 75,276 |
5.00%, due 2/15/26 | 22,000 | 21,709 |
6.25%, due 5/1/25 (a) | 88,000 | 88,746 |
860,126 | ||
Lodging 0.2% | ||
Las Vegas Sands Corp. | ||
3.20%, due 8/8/24 | 555,000 | 524,581 |
Sands China Ltd. | ||
5.625%, due 8/8/25 (Macao) (e) | 460,000 | 439,775 |
964,356 | ||
Media 0.2% | ||
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 495,000 | 395,072 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 (Mexico) | 355,000 | 313,439 |
Time Warner Cable Enterprises LLC | ||
8.375%, due 3/15/23 | 355,000 | 357,217 |
1,065,728 | ||
Mining 0.2% | ||
Glencore Funding LLC | ||
1.625%, due 9/1/25 (Australia) (a) | 1,205,000 | 1,090,633 |
Miscellaneous—Manufacturing 0.1% | ||
Textron Financial Corp. | ||
6.341% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(b) | 1,045,000 | 747,175 |
Oil & Gas 0.1% | ||
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (Russia) (a)(f) | 640,000 | 480,000 |
Packaging & Containers 0.1% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 84,000 | 80,871 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 360,000 | 349,275 |
430,146 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pharmaceuticals 0.4% | ||
Becton Dickinson and Co. | ||
4.669%, due 6/6/47 | $ 200,000 | $ 175,992 |
CVS Health Corp. | ||
4.78%, due 3/25/38 | 400,000 | 364,374 |
Teva Pharmaceutical Finance Netherlands III BV (Israel) | ||
3.15%, due 10/1/26 | 1,285,000 | 1,123,733 |
4.75%, due 5/9/27 | 545,000 | 492,625 |
2,156,724 | ||
Pipelines 1.0% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | 670,000 | 518,087 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 570,000 | 500,771 |
Energy Transfer LP | ||
4.95%, due 6/15/28 | 415,000 | 401,299 |
5.35%, due 5/15/45 | 415,000 | 351,935 |
Enterprise Products Operating LLC | ||
3.95%, due 1/31/60 | 595,000 | 429,403 |
4.20%, due 1/31/50 | 160,000 | 125,803 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 865,000 | 675,063 |
Hess Midstream Operations LP (a) | ||
4.25%, due 2/15/30 | 135,000 | 115,414 |
5.50%, due 10/15/30 | 485,000 | 443,705 |
Holly Energy Partners LP | ||
6.375%, due 4/15/27 (a) | 145,000 | 142,461 |
MPLX LP | ||
2.65%, due 8/15/30 | 730,000 | 591,590 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 335,000 | 288,222 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.60%, due 3/15/48 | 840,000 | 698,139 |
Western Midstream Operating LP | ||
5.50%, due 2/1/50 (e) | 350,000 | 288,330 |
5,570,222 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.75%, due 1/15/29 (a)(g) | 560,000 | 423,578 |
Real Estate Investment Trusts 0.8% | ||
American Tower Corp. | ||
3.375%, due 10/15/26 | 705,000 | 659,147 |
3.60%, due 1/15/28 | 375,000 | 344,655 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
Digital Realty Trust LP | ||
3.70%, due 8/15/27 | $ 660,000 | $ 612,448 |
GLP Capital LP | ||
3.35%, due 9/1/24 | 505,000 | 483,962 |
Invitation Homes Operating Partnership LP | ||
2.00%, due 8/15/31 | 680,000 | 502,518 |
Iron Mountain, Inc. | ||
5.25%, due 7/15/30 (a) | 545,000 | 473,605 |
Office Properties Income Trust | ||
2.40%, due 2/1/27 | 565,000 | 412,795 |
Starwood Property Trust, Inc. (a) | ||
3.75%, due 12/31/24 | 710,000 | 666,701 |
4.375%, due 1/15/27 | 415,000 | 363,156 |
4,518,987 | ||
Retail 0.4% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 700,000 | 624,536 |
Nordstrom, Inc. | ||
4.00%, due 3/15/27 | 102,000 | 84,925 |
4.25%, due 8/1/31 | 530,000 | 379,003 |
QVC, Inc. | ||
4.375%, due 9/1/28 | 925,000 | 552,688 |
Victoria's Secret & Co. | ||
4.625%, due 7/15/29 (a) | 472,000 | 370,567 |
2,011,719 | ||
Software 0.0% ‡ | ||
Fidelity National Information Services, Inc. | ||
5.10%, due 7/15/32 | 280,000 | 269,703 |
Telecommunications 0.6% | ||
Altice France SA | ||
5.125%, due 7/15/29 (France) (a) | 865,000 | 648,528 |
AT&T, Inc. | ||
3.50%, due 9/15/53 | 795,000 | 536,574 |
3.65%, due 9/15/59 | 370,000 | 247,653 |
Sprint Spectrum Co. LLC | ||
4.738%, due 3/20/25 (a) | 869,065 | 858,819 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 300,000 | 253,959 |
18 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Telecommunications (continued) | ||
Verizon Communications, Inc. | ||
5.706% (3 Month LIBOR + 1.10%), due 5/15/25 (b) | $ 660,000 | $ 665,234 |
3,210,767 | ||
Total Corporate Bonds (Cost $122,789,393) | 105,882,768 | |
Foreign Government Bonds 0.6% | ||
Brazil 0.0% ‡ | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 (g) | 175,000 | 146,960 |
Chile 0.2% | ||
Chile Government Bond | ||
2.55%, due 7/27/33 | 495,000 | 387,396 |
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 980,000 | 823,922 |
1,211,318 | ||
Colombia 0.1% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | 725,000 | 527,218 |
4.50%, due 1/28/26 | 235,000 | 220,876 |
748,094 | ||
Mexico 0.3% | ||
Comision Federal de Electricidad | ||
3.875%, due 7/26/33 (a) | 1,170,000 | 884,949 |
Mexico Government Bond | ||
3.75%, due 4/19/71 | 800,000 | 496,782 |
1,381,731 | ||
Total Foreign Government Bonds (Cost $4,563,207) | 3,488,103 | |
Loan Assignments 0.1% | ||
Diversified/Conglomerate Service 0.1% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
8.384% (1 Month LIBOR + 4.00%), due 11/2/27 | 315,337 | 277,496 |
Principal Amount | Value | |
Diversified/Conglomerate Service (continued) | ||
TruGreen LP (b) (continued) | ||
Second Lien Initial Term Loan | ||
12.915% (3 Month LIBOR + 8.50%), due 11/2/28 | $ 250,000 | $ 182,500 |
459,996 | ||
Total Loan Assignments (Cost $559,162) | 459,996 | |
Mortgage-Backed Securities 11.5% | ||
Agency (Collateralized Mortgage Obligations) 4.5% | ||
FHLMC | ||
REMIC, Series 5021, Class SA | ||
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | 1,316,793 | 43,969 |
REMIC, Series 5187, Class SA | ||
(zero coupon) (SOFR 30A + 1.80%), due 1/25/52 (b)(h) | 1,013,219 | 3,206 |
REMIC, Series 5200, Class SA | ||
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | 1,119,176 | 29,226 |
REMIC, Series 4988, Class BA | ||
1.50%, due 6/25/50 | 208,554 | 159,928 |
REMIC, Series 5038, Class KA | ||
1.50%, due 11/25/50 | 966,788 | 733,951 |
REMIC, Series 4994, Class TS | ||
1.711% (1 Month LIBOR + 6.10%), due 7/25/50 (b)(h) | 914,052 | 100,788 |
REMIC, Series 5070, Class PI | ||
3.00%, due 8/25/50 (h) | 727,162 | 117,699 |
REMIC, Series 5011, Class MI | ||
3.00%, due 9/25/50 (h) | 730,895 | 118,029 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 628,722 | 100,139 |
REMIC, Series 5094, Class IP | ||
3.00%, due 4/25/51 (h) | 881,453 | 136,492 |
REMIC, Series 5160 | ||
3.00%, due 10/25/51 (h) | 737,602 | 87,588 |
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | 535,270 | 89,702 |
REMIC, Series 5200, Class FA | ||
4.00% (SOFR 30A + 0.50%), due 2/25/52 (b) | 611,315 | 552,496 |
FHLMC, Strips | ||
REMIC, Series 311 | ||
(zero coupon), due 8/15/43 | 309,950 | 231,113 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC, Strips (continued) | ||
REMIC, Series 311, Class S1 | ||
1.632% (1 Month LIBOR + 5.95%), due 8/15/43 (b)(h) | $ 861,585 | $ 84,395 |
FNMA | ||
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 565,395 | 1,681 |
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | 4,165,043 | 49,385 |
REMIC, Series 2020-47, Class BD | ||
1.50%, due 7/25/50 | 184,186 | 141,266 |
REMIC, Series 2021-40, Class SI | ||
1.561% (1 Month LIBOR + 5.95%), due 9/25/47 (b)(h) | 1,098,811 | 104,623 |
REMIC, Series 2016-57, Class SN | ||
1.661% (1 Month LIBOR + 6.05%), due 6/25/46 (b)(h) | 901,910 | 92,138 |
REMIC, Series 2022-10, Class SA | ||
1.822% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) | 680,229 | 86,621 |
REMIC, Series 2021-3, Class TI | ||
2.50%, due 2/25/51 (h) | 955,499 | 155,084 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 581,507 | 88,107 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 397,769 | 60,191 |
REMIC, Series 2021-34, Class MI | ||
2.50%, due 3/25/51 (h) | 1,719,144 | 219,998 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 276,443 | 34,543 |
REMIC, Series 2013-77, Class CY | ||
3.00%, due 7/25/43 | 535,977 | 480,840 |
REMIC, Series 2021-53, Class GI | ||
3.00%, due 7/25/48 (h) | 2,189,317 | 347,455 |
REMIC, Series 2019-13, Class PE | ||
3.00%, due 3/25/49 | 316,901 | 283,798 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 1,590,841 | 247,056 |
REMIC, Series 2021-12, Class GC | ||
3.50%, due 7/25/50 | 704,076 | 648,197 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 1,048,269 | 210,583 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 624,441 | 575,655 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA, Strips | ||
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 (h) | $ 2,169,486 | $ 326,557 |
GNMA | ||
REMIC, Series 2019-145, Class LS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 11/20/49 (b)(h) | 729,553 | 8,191 |
REMIC, Series 2019-136, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 11/20/49 (b)(h) | 1,239,869 | 15,644 |
REMIC, Series 2020-5, Class AS | ||
(zero coupon) (1 Month LIBOR + 2.82%), due 1/20/50 (b)(h) | 652,099 | 4,389 |
REMIC, Series 2020-1, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 1/20/50 (b)(h) | 1,510,326 | 15,421 |
REMIC, Series 2021-77, Class SN | ||
(zero coupon) (1 Month LIBOR + 2.60%), due 5/20/51 (b)(h) | 3,100,646 | 21,263 |
REMIC, Series 2021-97, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(h) | 2,894,802 | 26,417 |
REMIC, Series 2021-136, Class SB | ||
(zero coupon) (SOFR 30A + 3.20%), due 8/20/51 (b)(h) | 4,879,939 | 111,364 |
REMIC, Series 2021-158, Class SB | ||
(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 1,582,489 | 64,975 |
REMIC, Series 2022-6, Class AS | ||
(zero coupon) (SOFR 30A + 3.14%), due 1/20/52 (b)(h) | 307,831 | 3,722 |
REMIC, Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 2,663,395 | 19,067 |
REMIC, Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | 13,411,042 | 99,851 |
REMIC, Series 2020-97, Class HB | ||
1.00%, due 7/20/50 | 349,277 | 265,661 |
REMIC, Series 2020-115, Class YA | ||
1.00%, due 8/20/50 | 734,554 | 559,970 |
REMIC, Series 2020-129, Class AG | ||
1.00%, due 9/20/50 | 1,065,651 | 809,235 |
REMIC, Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 730,529 | 545,089 |
REMIC, Series 2021-105, Class DB | ||
1.00%, due 6/20/51 | 738,103 | 555,008 |
20 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2020-34, Class SC | ||
1.697% (1 Month LIBOR + 6.05%), due 3/20/50 (b)(h) | $ 1,189,412 | $ 118,980 |
REMIC, Series 2020-146, Class SA | ||
1.947% (1 Month LIBOR + 6.30%), due 10/20/50 (b)(h) | 1,110,488 | 131,338 |
REMIC, Series 2021-179, Class SA | ||
1.947% (1 Month LIBOR + 6.30%), due 11/20/50 (b)(h) | 1,432,877 | 176,502 |
REMIC, Series 2020-189, Class SU | ||
1.947% (1 Month LIBOR + 6.30%), due 12/20/50 (b)(h) | 337,098 | 40,851 |
REMIC, Series 2021-57, Class SD | ||
1.947% (1 Month LIBOR + 6.30%), due 3/20/51 (b)(h) | 1,578,286 | 186,747 |
REMIC, Series 2021-122, Class HS | ||
1.947% (1 Month LIBOR + 6.30%), due 7/20/51 (b)(h) | 1,146,296 | 147,145 |
REMIC, Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 1,738,379 | 188,797 |
REMIC, Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 355,801 | 37,651 |
REMIC, Series 2020-188 | ||
2.00%, due 12/20/50 (h) | 1,682,646 | 178,664 |
REMIC, Series 2021-30, Class HI | ||
2.00%, due 2/20/51 (h) | 1,367,023 | 147,959 |
REMIC, Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 1,877,192 | 197,635 |
REMIC, Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 266,103 | 36,520 |
REMIC, Series 2020-188, Class DI | ||
2.50%, due 12/20/50 (h) | 2,603,276 | 394,821 |
REMIC, Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 455,221 | 59,162 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (h) | 2,393,688 | 301,989 |
REMIC, Series 2021-83, Class FM | ||
2.50% (SOFR 30A + 0.51%), due 5/20/51 (b) | 1,542,425 | 1,272,731 |
REMIC, Series 2021-105, Class IE | ||
2.50%, due 6/20/51 (h) | 637,081 | 75,543 |
REMIC, Series 2021-188 | ||
2.50%, due 10/20/51 (h) | 1,741,318 | 278,672 |
REMIC, Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 1,485,432 | 198,608 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | $ 1,567,900 | $ 226,583 |
REMIC, Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 425,339 | 363,234 |
REMIC, Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (h) | 669,269 | 120,298 |
REMIC, Series 2021-98, Class KI | ||
3.00%, due 6/20/51 (h) | 1,756,528 | 263,413 |
REMIC, Series 2022-189, Class AT | ||
3.00%, due 7/20/51 | 576,997 | 513,405 |
REMIC, Series 2021-139, Class IA | ||
3.00%, due 8/20/51 (h) | 2,188,155 | 354,534 |
REMIC, Series 2021-136, Class TI | ||
3.00%, due 8/20/51 (h) | 771,884 | 111,612 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 2,002,120 | 350,754 |
REMIC, Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 1,478,334 | 233,814 |
REMIC, Series 2022-207, Class NA | ||
3.00%, due 1/20/52 | 2,310,000 | 2,009,332 |
REMIC, Series 2022-206, Class CN | ||
3.00%, due 2/20/52 | 2,000,000 | 1,736,097 |
REMIC, Series 2019-145, Class LF | ||
3.50% (1 Month LIBOR + 0.67%), due 11/20/49 (b) | 727,185 | 648,970 |
REMIC, Series 2019-136, Class YF | ||
3.50% (1 Month LIBOR + 0.67%), due 11/20/49 (b) | 602,782 | 536,422 |
REMIC, Series 2020-5, Class AF | ||
3.50% (1 Month LIBOR + 0.68%), due 1/20/50 (b) | 325,180 | 290,210 |
REMIC, Series 2021-96, Class FG | ||
3.50% (SOFR 30A + 0.30%), due 6/20/51 (b) | 826,376 | 734,948 |
REMIC, Series 2021-125, Class AF | ||
3.50% (SOFR 30A + 0.25%), due 7/20/51 (b) | 799,988 | 713,637 |
REMIC, Series 2021-146, Class IN | ||
3.50%, due 8/20/51 (h) | 1,398,214 | 224,929 |
REMIC, Series 2022-6, Class CF | ||
3.50% (SOFR 30A + 0.36%), due 1/20/52 (b) | 307,831 | 273,785 |
REMIC, Series 2022-206, Class WN | ||
4.00%, due 10/20/49 | 555,000 | 514,332 |
24,258,390 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.7% | ||
Arbor Multifamily Mortgage Securities Trust (a) | ||
Series 2021-MF2, Class AS | ||
2.70%, due 6/15/54 (i) | $ 750,000 | $ 592,990 |
Series 2021-MF3, Class AS | ||
2.748%, due 10/15/54 | 930,000 | 728,091 |
Series 2022-MF4, Class A5 | ||
3.293%, due 2/15/55 (j) | 415,000 | 357,231 |
Bayview Commercial Asset Trust | ||
Series 2006-4A, Class A1 | ||
4.734% (1 Month LIBOR + 0.345%), due 12/25/36 (a)(b) | 24,958 | 23,082 |
Benchmark Mortgage Trust | ||
Series 2020-B19, Class A2 | ||
1.691%, due 9/15/53 | 935,000 | 848,534 |
BX Commercial Mortgage Trust (a) | ||
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 (j) | 1,265,000 | 988,691 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 (j) | 350,059 | 281,721 |
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 (j) | 355,000 | 265,887 |
Series 2021-XL2, Class A | ||
5.006% (1 Month LIBOR + 0.689%), due 10/15/38 (b) | 551,396 | 529,959 |
Series 2021-VOLT, Class C | ||
5.418% (1 Month LIBOR + 1.10%), due 9/15/36 (b) | 970,000 | 910,829 |
Series 2021-ACNT, Class D | ||
6.168% (1 Month LIBOR + 1.85%), due 11/15/38 (b) | 1,075,000 | 1,015,692 |
Series 2021-VOLT, Class E | ||
6.318% (1 Month LIBOR + 2.00%), due 9/15/36 (b) | 1,020,000 | 948,568 |
BX Trust (a) | ||
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 205,000 | 168,919 |
Series 2019-OC11, Class D | ||
3.944%, due 12/9/41 (j) | 450,000 | 358,612 |
Series 2021-LBA, Class AV | ||
5.118% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 820,000 | 779,400 |
Series 2021-ARIA, Class E | ||
6.563% (1 Month LIBOR + 2.245%), due 10/15/36 (b) | 1,300,000 | 1,179,382 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BXHPP Trust (a)(b) | ||
Series 2021-FILM, Class A | ||
4.968% (1 Month LIBOR + 0.65%), due 8/15/36 | $ 255,000 | $ 238,481 |
Series 2021-FILM, Class B | ||
5.218% (1 Month LIBOR + 0.90%), due 8/15/36 | 535,000 | 485,951 |
Extended Stay America Trust (a)(b) | ||
Series 2021-ESH, Class C | ||
6.018% (1 Month LIBOR + 1.70%), due 7/15/38 | 951,787 | 913,585 |
Series 2021-ESH, Class D | ||
6.568% (1 Month LIBOR + 2.25%), due 7/15/38 | 615,001 | 588,775 |
FREMF Mortgage Trust (a)(j) | ||
REMIC, Series 2019-K99, Class B | ||
3.645%, due 10/25/52 | 120,000 | 104,187 |
REMIC, Series 2019-K98, Class C | ||
3.738%, due 10/25/52 | 335,000 | 283,005 |
REMIC, Series 2017-K63, Class C | ||
3.877%, due 2/25/50 | 842,000 | 767,870 |
REMIC, Series 2019-K94, Class B | ||
3.966%, due 7/25/52 | 830,000 | 735,450 |
REMIC, Series 2018-K78, Class B | ||
4.129%, due 6/25/51 | 115,000 | 105,634 |
REMIC, Series 2018-K81, Class B | ||
4.173%, due 9/25/51 | 110,000 | 100,397 |
REMIC, Series 2018-K76, Class B | ||
4.208%, due 6/25/51 | 145,000 | 133,652 |
REMIC, Series 2018-K79, Class B | ||
4.211%, due 7/25/51 | 105,000 | 96,245 |
REMIC, Series 2018-K86, Class C | ||
4.294%, due 11/25/51 | 425,000 | 380,261 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 715,000 | 614,757 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,120,000 | 956,266 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2016-C28, Class A4 | ||
3.544%, due 1/15/49 | 200,000 | 188,132 |
Morgan Stanley Capital I Trust | ||
Series 2015-UBS8, Class A4 | ||
3.809%, due 12/15/48 | 380,000 | 359,077 |
22 | MainStay VP Income Builder Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-01, Class M10 | ||
7.639% (1 Month LIBOR + 3.25%), due 10/25/49 | $ 862,170 | $ 809,478 |
Series 2020-01, Class M10 | ||
8.139% (1 Month LIBOR + 3.75%), due 3/25/50 | 195,000 | 180,091 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 1,945,000 | 1,592,300 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(j) | 850,000 | 753,891 |
20,365,073 | ||
Whole Loan (Collateralized Mortgage Obligations) 3.3% | ||
CIM Trust | ||
Series 2021-J2, Class AIOS | ||
0.21%, due 4/25/51 (a)(h)(i) | 18,872,350 | 189,154 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2022-DNA1, Class M1B | ||
5.778% (SOFR 30A + 1.85%), due 1/25/42 | 990,000 | 939,383 |
Series 2020-DNA6, Class M2 | ||
5.928% (SOFR 30A + 2.00%), due 12/25/50 | 1,140,939 | 1,133,034 |
Series 2021-HQA3, Class M2 | ||
6.028% (SOFR 30A + 2.10%), due 9/25/41 | 715,000 | 629,361 |
Series 2021-HQA1, Class M2 | ||
6.178% (SOFR 30A + 2.25%), due 8/25/33 | 1,040,000 | 979,506 |
Series 2022-DNA3, Class M1B | ||
6.828% (SOFR 30A + 2.90%), due 4/25/42 | 996,000 | 984,180 |
Series 2021-HQA1, Class B1 | ||
6.928% (SOFR 30A + 3.00%), due 8/25/33 | 1,295,000 | 1,094,220 |
Series 2021-DNA5, Class B1 | ||
6.978% (SOFR 30A + 3.05%), due 1/25/34 | 1,730,000 | 1,579,955 |
Series 2021-HQA2, Class B1 | ||
7.078% (SOFR 30A + 3.15%), due 12/25/33 | 430,000 | 368,169 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2021-HQA3, Class B1 | ||
7.278% (SOFR 30A + 3.35%), due 9/25/41 | $ 1,470,000 | $ 1,255,553 |
Series 2022-DNA2, Class M2 | ||
7.678% (SOFR 30A + 3.75%), due 2/25/42 | 770,000 | 724,142 |
FHLMC STACR Trust (a)(b) | ||
Series 2018-DNA2, Class B1 | ||
8.089% (1 Month LIBOR + 3.70%), due 12/25/30 | 725,000 | 726,127 |
Series 2019-DNA2, Class B1 | ||
8.739% (1 Month LIBOR + 4.35%), due 3/25/49 | 765,000 | 786,780 |
Series 2019-DNA1, Class B1 | ||
9.039% (1 Month LIBOR + 4.65%), due 1/25/49 | 875,000 | 912,430 |
FHLMC Structured Agency Credit Risk Debt Notes | ||
Series 2018-DNA1, Class B1 | ||
7.539% (1 Month LIBOR + 3.15%), due 7/25/30 (b) | 420,000 | 423,588 |
Flagstar Mortgage Trust | ||
Series 2021-6INV, Class A18 | ||
2.50%, due 8/25/51 (a)(i) | 430,314 | 331,426 |
FNMA (b) | ||
Series 2018-C01, Class 1B1 | ||
7.939% (1 Month LIBOR + 3.55%), due 7/25/30 | 1,135,000 | 1,154,842 |
Series 2017-C05, Class 1B1 | ||
7.989% (1 Month LIBOR + 3.60%), due 1/25/30 | 975,000 | 986,514 |
Series 2017-C01, Class 1B1 | ||
10.139% (1 Month LIBOR + 5.75%), due 7/25/29 | 240,000 | 261,639 |
J.P. Morgan Mortgage Trust | ||
Series 2021-LTV2, Class A1 | ||
2.519%, due 5/25/52 (a)(i) | 338,830 | 271,367 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.348%, due 8/25/59 (j) | 1,213,101 | 714,353 |
Series 2019-2A, Class B6 | ||
4.885%, due 12/25/57 (i) | 461,610 | 291,458 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class A | ||
5.139% (1 Month LIBOR + 0.75%), due 5/25/55 (a)(b) | 335,000 | 329,667 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
STACR Trust | ||
Series 2018-HRP2, Class B1 | ||
8.589% (1 Month LIBOR + 4.20%), due 2/25/47 (a)(b) | $ 800,000 | $ 798,227 |
17,865,075 | ||
Total Mortgage-Backed Securities (Cost $67,262,493) | 62,488,538 | |
Municipal Bond 0.1% | ||
California 0.1% | ||
Regents of the University of California Medical Center, Pooled, Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | 1,065,000 | 705,592 |
Total Municipal Bond (Cost $1,065,000) | 705,592 | |
U.S. Government & Federal Agencies 7.4% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.5% | ||
FHLMC Gold Pools, 30 Year | ||
3.50%, due 1/1/48 | 559,440 | 518,975 |
UMBS Pool, 20 Year | ||
2.50%, due 4/1/42 | 405,899 | 352,973 |
UMBS Pool, 30 Year | ||
3.50%, due 7/1/50 | 453,610 | 415,924 |
3.50%, due 7/1/52 | 1,273,255 | 1,157,117 |
2,444,989 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 2.4% | ||
FNMA, Other | ||
6.00%, due 4/1/37 | 4,761 | 4,855 |
UMBS, 20 Year | ||
2.50%, due 4/1/42 | 424,915 | 369,509 |
UMBS, 30 Year | ||
2.50%, due 8/1/50 | 65,436 | 55,930 |
3.00%, due 6/1/51 | 351,151 | 308,536 |
3.00%, due 11/1/51 | 735,591 | 646,055 |
3.00%, due 2/1/52 | 466,473 | 410,291 |
3.00%, due 3/1/52 | 621,936 | 546,136 |
3.00%, due 3/1/52 | 779,724 | 684,693 |
3.50%, due 9/1/52 | 1,063,176 | 966,112 |
4.00%, due 8/1/48 | 697,721 | 665,272 |
Principal Amount | Value | |
Federal National Mortgage Association (Mortgage Pass-Through Securities) (continued) | ||
UMBS, 30 Year (continued) | ||
4.00%, due 2/1/49 | $ 119,746 | $ 114,178 |
4.00%, due 6/1/52 | 805,763 | 755,838 |
4.00%, due 6/1/52 | 1,235,535 | 1,159,133 |
4.00%, due 6/1/52 | 585,989 | 549,789 |
4.00%, due 7/1/52 | 1,383,547 | 1,298,249 |
5.00%, due 11/1/52 | 4,689,441 | 4,624,589 |
13,159,165 | ||
United States Treasury Bonds 2.5% | ||
U.S. Treasury Bonds | ||
4.00%, due 11/15/42 (g) | 11,615,000 | 11,371,811 |
4.00%, due 11/15/52 | 2,335,000 | 2,338,284 |
13,710,095 | ||
United States Treasury Notes 2.0% | ||
U.S. Treasury Notes | ||
4.00%, due 10/31/29 | 2,315,000 | 2,315,723 |
4.125%, due 10/31/27 | 2,655,000 | 2,664,749 |
4.125%, due 11/15/32 | 505,000 | 515,337 |
4.375%, due 10/31/24 | 5,600,000 | 5,584,031 |
11,079,840 | ||
Total U.S. Government & Federal Agencies (Cost $41,668,870) | 40,394,089 | |
Total Long-Term Bonds (Cost $264,350,532) | 236,638,507 | |
Shares | ||
Common Stocks 52.9% | ||
Aerospace & Defense 1.2% | ||
BAE Systems plc (United Kingdom) | 175,575 | 1,814,601 |
Lockheed Martin Corp. | 3,753 | 1,825,797 |
Raytheon Technologies Corp. | 29,623 | 2,989,553 |
6,629,951 | ||
Air Freight & Logistics 1.2% | ||
Deutsche Post AG (Registered) (Germany) | 103,152 | 3,882,833 |
United Parcel Service, Inc., Class B | 13,884 | 2,413,595 |
6,296,428 | ||
Auto Components 0.6% | ||
Bridgestone Corp. (Japan) (g) | 47,800 | 1,701,761 |
24 | MainStay VP Income Builder Portfolio |
Shares | Value | |
Common Stocks (continued) | ||
Auto Components (continued) | ||
Cie Generale des Etablissements Michelin SCA (France) | 57,600 | $ 1,601,678 |
3,303,439 | ||
Automobiles 0.2% | ||
Toyota Motor Corp. (Japan) | 98,700 | 1,348,947 |
Banks 4.4% | ||
Bank of America Corp. | 104,804 | 3,471,108 |
BAWAG Group AG (Austria) (a)(k) | 45,896 | 2,440,323 |
Columbia Banking System, Inc. | 80,522 | 2,426,128 |
JPMorgan Chase & Co. | 29,795 | 3,995,509 |
KeyCorp | 255,600 | 4,452,552 |
PNC Financial Services Group, Inc. (The) | 10,772 | 1,701,330 |
Royal Bank of Canada (Canada) | 15,331 | 1,441,386 |
Truist Financial Corp. | 37,297 | 1,604,890 |
U.S. Bancorp | 53,137 | 2,317,305 |
23,850,531 | ||
Beverages 1.4% | ||
Coca-Cola Co. (The) | 40,233 | 2,559,221 |
Coca-Cola Europacific Partners plc (United Kingdom) | 91,953 | 5,086,840 |
7,646,061 | ||
Biotechnology 0.6% | ||
AbbVie, Inc. | 19,942 | 3,222,827 |
Capital Markets 0.3% | ||
Lazard Ltd., Class A | 42,424 | 1,470,840 |
Chemicals 2.5% | ||
Air Products and Chemicals, Inc. | 7,961 | 2,454,058 |
BASF SE (Germany) | 31,006 | 1,539,268 |
Dow, Inc. | 27,769 | 1,399,280 |
Linde plc (United Kingdom) | 12,172 | 3,970,263 |
LyondellBasell Industries NV, Class A | 19,401 | 1,610,865 |
Nutrien Ltd. (Canada) (g) | 35,062 | 2,560,578 |
13,534,312 | ||
Commercial Services & Supplies 0.0% ‡ | ||
Quad/Graphics, Inc. (k) | 6 | 25 |
Communications Equipment 0.9% | ||
Cisco Systems, Inc. | 107,641 | 5,128,017 |
Shares | Value | |
Construction & Engineering 0.3% | ||
Vinci SA (France) | 18,490 | $ 1,846,690 |
Diversified Telecommunication Services 2.1% | ||
AT&T, Inc. | 99,855 | 1,838,330 |
Deutsche Telekom AG (Registered) (Germany) | 243,959 | 4,866,123 |
Orange SA (France) | 161,311 | 1,603,980 |
TELUS Corp. (Canada) | 83,173 | 1,605,104 |
Verizon Communications, Inc. | 40,162 | 1,582,383 |
11,495,920 | ||
Electric Utilities 2.5% | ||
American Electric Power Co., Inc. | 40,105 | 3,807,970 |
Duke Energy Corp. | 14,791 | 1,523,325 |
Entergy Corp. | 14,389 | 1,618,763 |
Evergy, Inc. | 22,970 | 1,445,502 |
Fortis, Inc. (Canada) | 39,896 | 1,596,429 |
NextEra Energy, Inc. | 40,939 | 3,422,500 |
13,414,489 | ||
Electrical Equipment 1.5% | ||
Eaton Corp. plc | 18,021 | 2,828,396 |
Emerson Electric Co. | 32,600 | 3,131,556 |
Hubbell, Inc. | 8,295 | 1,946,671 |
7,906,623 | ||
Entertainment 0.4% | ||
Koei Tecmo Holdings Co. Ltd. (Japan) | 107,400 | 1,935,719 |
Equity Real Estate Investment Trusts 1.3% | ||
Iron Mountain, Inc. | 35,260 | 1,757,711 |
Realty Income Corp. | 32,629 | 2,069,657 |
Welltower, Inc. | 24,503 | 1,606,172 |
WP Carey, Inc. | 20,574 | 1,607,858 |
7,041,398 | ||
Food & Staples Retailing 0.8% | ||
Walmart, Inc. | 31,791 | 4,507,646 |
Food Products 0.9% | ||
Danone SA (France) | 30,405 | 1,601,855 |
Nestle SA (Registered) | 17,353 | 2,004,020 |
Orkla ASA (Norway) | 204,533 | 1,477,737 |
5,083,612 | ||
Gas Utilities 0.7% | ||
China Resources Gas Group Ltd. (China) | 564,600 | 2,102,719 |
Shares | Value | |
Common Stocks (continued) | ||
Gas Utilities (continued) | ||
Snam SpA (Italy) | 356,625 | $ 1,731,487 |
3,834,206 | ||
Health Care Equipment & Supplies 0.7% | ||
Medtronic plc | 50,028 | 3,888,176 |
Health Care Providers & Services 1.2% | ||
CVS Health Corp. | 19,604 | 1,826,897 |
UnitedHealth Group, Inc. | 8,661 | 4,591,889 |
6,418,786 | ||
Hotels, Restaurants & Leisure 1.9% | ||
McDonald's Corp. | 7,707 | 2,031,026 |
Restaurant Brands International, Inc. (Canada) | 78,142 | 5,053,443 |
Vail Resorts, Inc. | 12,990 | 3,096,166 |
10,180,635 | ||
Household Durables 0.3% | ||
Leggett & Platt, Inc. | 49,799 | 1,605,022 |
Industrial Conglomerates 0.8% | ||
Honeywell International, Inc. | 10,303 | 2,207,933 |
Siemens AG (Registered) (Germany) | 17,374 | 2,411,384 |
4,619,317 | ||
Insurance 3.2% | ||
Allianz SE (Registered) (Germany) | 7,886 | 1,695,698 |
Arthur J. Gallagher & Co. | 11,528 | 2,173,489 |
AXA SA (France) | 107,458 | 2,994,935 |
Manulife Financial Corp. (Canada) | 161,462 | 2,879,843 |
MetLife, Inc. | 50,382 | 3,646,145 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany) | 6,297 | 2,047,557 |
Travelers Cos., Inc. (The) | 10,849 | 2,034,079 |
17,471,746 | ||
IT Services 1.1% | ||
International Business Machines Corp. | 41,210 | 5,806,077 |
Leisure Products 0.5% | ||
Hasbro, Inc. | 42,285 | 2,579,808 |
Machinery 0.6% | ||
Cummins, Inc. | 13,938 | 3,377,038 |
Shares | Value | |
Media 0.8% | ||
Comcast Corp., Class A | 65,891 | $ 2,304,208 |
Omnicom Group, Inc. | 22,380 | 1,825,537 |
4,129,745 | ||
Multi-Utilities 0.5% | ||
NiSource, Inc. | 53,636 | 1,470,699 |
WEC Energy Group, Inc. | 16,324 | 1,530,538 |
3,001,237 | ||
Oil, Gas & Consumable Fuels 2.6% | ||
Chevron Corp. | 10,592 | 1,901,158 |
Enbridge, Inc. (Canada) | 45,784 | 1,789,431 |
Enterprise Products Partners LP | 87,999 | 2,122,536 |
Magellan Midstream Partners LP | 31,850 | 1,599,188 |
MPLX LP | 49,281 | 1,618,388 |
TotalEnergies SE (France) | 83,320 | 5,200,433 |
14,231,134 | ||
Personal Products 0.3% | ||
Unilever plc (United Kingdom) | 34,110 | 1,720,815 |
Pharmaceuticals 5.0% | ||
AstraZeneca plc, Sponsored ADR (United Kingdom) | 67,137 | 4,551,888 |
Bayer AG (Registered) (Germany) | 30,868 | 1,593,792 |
Eli Lilly and Co. | 7,831 | 2,864,893 |
GSK plc | 83,256 | 1,447,806 |
Johnson & Johnson | 9,089 | 1,605,572 |
Merck & Co., Inc. | 19,967 | 2,215,339 |
Novartis AG (Registered) (Switzerland) | 52,184 | 4,726,895 |
Novo Nordisk A/S, Class B (Denmark) | 14,571 | 1,972,913 |
Pfizer, Inc. | 28,888 | 1,480,221 |
Roche Holding AG | 5,075 | 1,594,879 |
Sanofi (France) | 30,871 | 2,987,098 |
27,041,296 | ||
Professional Services 0.3% | ||
RELX plc (United Kingdom) | 54,063 | 1,490,791 |
Semiconductors & Semiconductor Equipment 4.4% | ||
Analog Devices, Inc. | 36,781 | 6,033,187 |
Broadcom, Inc. | 12,127 | 6,780,570 |
Intel Corp. | 61,889 | 1,635,726 |
KLA Corp. | 10,613 | 4,001,419 |
Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR (Taiwan) | 35,399 | 2,636,872 |
Texas Instruments, Inc. | 16,955 | 2,801,305 |
23,889,079 |
26 | MainStay VP Income Builder Portfolio |
Shares | Value | ||
Common Stocks (continued) | |||
Software 1.0% | |||
Microsoft Corp. | 23,576 | $ 5,653,996 | |
Specialty Retail 0.3% | |||
Home Depot, Inc. (The) | 5,761 | 1,819,670 | |
Technology Hardware, Storage & Peripherals 1.6% | |||
Apple, Inc. | 37,463 | 4,867,568 | |
NetApp, Inc. | 25,515 | 1,532,431 | |
Samsung Electronics Co. Ltd., GDR (Republic of Korea) | 1,900 | 2,110,832 | |
8,510,831 | |||
Tobacco 1.4% | |||
Altria Group, Inc. | 34,451 | 1,574,755 | |
British American Tobacco plc (United Kingdom) | 104,060 | 4,128,550 | |
Philip Morris International, Inc. | 20,552 | 2,080,068 | |
7,783,373 | |||
Trading Companies & Distributors 0.3% | |||
MSC Industrial Direct Co., Inc., Class A | 20,115 | 1,643,396 | |
Wireless Telecommunication Services 0.3% | |||
SK Telecom Co. Ltd. (Republic of Korea) | 36,958 | 1,382,696 | |
Total Common Stocks (Cost $275,730,350) | 287,742,345 | ||
Short-Term Investments 1.1% | |||
Affiliated Investment Company 1.1% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (l) | 6,070,353 | 6,070,353 | |
Unaffiliated Investment Company 0.0% ‡ | |||
Invesco Government and Agency Portfolio, 4.301% (l)(m) | 181,338 | 181,338 | |
Total Short-Term Investments (Cost $6,251,691) | 6,251,691 | ||
Total Investments (Cost $546,332,573) | 97.5% | 530,632,543 | |
Other Assets, Less Liabilities | 2.5 | 13,416,945 | |
Net Assets | 100.0% | $ 544,049,488 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | Step coupon—Rate shown was the rate in effect as of December 31, 2022. |
(f) | Illiquid security—As of December 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $480,000, which represented 0.1% of the Portfolio’s net assets. (Unaudited) |
(g) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $15,903,001; the total market value of collateral held by the Portfolio was $16,438,935. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $16,257,597. The Portfolio received cash collateral with a value of $181,338. (See Note 2(L)) |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2022. |
(j) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of December 31, 2022. |
(k) | Non-income producing security. |
(l) | Current yield as of December 31, 2022. |
(m) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 28,679 | $ 284,109 | $ (306,718) | $ — | $ — | $ 6,070 | $ 89 | $ — | 6,070 |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
AUD | 9,875,000 | USD | 6,446,469 | JPMorgan Chase Bank N.A. | 2/6/23 | $ 286,554 |
GBP | 133,000 | USD | 155,104 | JPMorgan Chase Bank N.A. | 2/6/23 | 5,836 |
JPY | 1,106,651,000 | USD | 7,657,743 | JPMorgan Chase Bank N.A. | 2/6/23 | 813,114 |
Total Unrealized Appreciation | 1,105,504 | |||||
USD | 7,727,636 | EUR | 7,602,147 | JPMorgan Chase Bank N.A. | 2/6/23 | (429,434) |
Total Unrealized Depreciation | (429,434) | |||||
Net Unrealized Appreciation | $ 676,070 |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
Russell 2000 E-Mini Index | 188 | March 2023 | $ 17,243,513 | $ 16,646,460 | $ (597,053) |
S&P 500 E-Mini Index | 94 | March 2023 | 18,919,590 | 18,146,700 | (772,890) |
U.S. Treasury 2 Year Notes | 101 | March 2023 | 20,684,962 | 20,712,891 | 27,929 |
U.S. Treasury 5 Year Notes | 122 | March 2023 | 13,166,479 | 13,167,422 | 943 |
U.S. Treasury 10 Year Notes | 225 | March 2023 | 25,371,956 | 25,266,797 | (105,159) |
U.S. Treasury 10 Year Ultra Bonds | 111 | March 2023 | 13,188,440 | 13,129,219 | (59,221) |
U.S. Treasury Long Bonds | 16 | March 2023 | 2,017,287 | 2,005,500 | (11,787) |
U.S. Treasury Ultra Bonds | 62 | March 2023 | 8,393,228 | 8,327,375 | (65,853) |
XAE Energy Index | 161 | March 2023 | 14,275,594 | 14,818,440 | 542,846 |
XAV Health Care Index | 86 | March 2023 | 12,205,952 | 11,887,780 | (318,172) |
Yen Denominated Nikkei 225 Index | 126 | March 2023 | 13,262,075 | 12,353,741 | (908,334) |
Total Long Contracts | (2,266,751) | ||||
Short Contracts | |||||
Euro STOXX 50 Index | (629) | March 2023 | (27,113,800) | (25,484,899) | 1,628,901 |
FTSE 100 Index | (19) | March 2023 | (1,730,421) | (1,714,944) | 15,477 |
S&P E-Mini Commercial Service Equity Index | (76) | March 2023 | (4,995,213) | (4,807,000) | 188,213 |
XAF Financial Index | (16) | March 2023 | (1,732,168) | (1,698,000) | 34,168 |
XAI E-Mini Industrial Equity Index | (30) | March 2023 | (3,063,506) | (2,988,900) | 74,606 |
Total Short Contracts | 1,941,365 | ||||
Net Unrealized Depreciation | $ (325,386) |
1. | As of December 31, 2022, cash in the amount of $8,572,012 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2022. |
28 | MainStay VP Income Builder Portfolio |
Abbreviation(s): |
ADR—American Depositary Receipt |
AUD—Australia Dollar |
EUR—Euro |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
FTSE—Financial Times Stock Exchange |
GBP—British Pound Sterling |
GDR—Global Depositary Receipt |
GNMA—Government National Mortgage Association |
JPY—Japanese Yen |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
UMBS—Uniform Mortgage Backed Securities |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 23,219,421 | $ — | $ 23,219,421 | |||
Corporate Bonds | — | 105,882,768 | — | 105,882,768 | |||
Foreign Government Bonds | — | 3,488,103 | — | 3,488,103 | |||
Loan Assignments | — | 459,996 | — | 459,996 | |||
Mortgage-Backed Securities | — | 62,488,538 | — | 62,488,538 | |||
Municipal Bond | — | 705,592 | — | 705,592 | |||
U.S. Government & Federal Agencies | — | 40,394,089 | — | 40,394,089 | |||
Total Long-Term Bonds | — | 236,638,507 | — | 236,638,507 | |||
Common Stocks | |||||||
Aerospace & Defense | 4,815,350 | 1,814,601 | — | 6,629,951 | |||
Air Freight & Logistics | 2,413,595 | 3,882,833 | — | 6,296,428 | |||
Auto Components | — | 3,303,439 | — | 3,303,439 | |||
Automobiles | — | 1,348,947 | — | 1,348,947 | |||
Banks | 21,410,208 | 2,440,323 | — | 23,850,531 | |||
Chemicals | 11,995,044 | 1,539,268 | — | 13,534,312 | |||
Construction & Engineering | — | 1,846,690 | — | 1,846,690 | |||
Diversified Telecommunication Services | 5,025,817 | 6,470,103 | — | 11,495,920 | |||
Entertainment | — | 1,935,719 | — | 1,935,719 | |||
Food Products | — | 5,083,612 | — | 5,083,612 | |||
Gas Utilities | — | 3,834,206 | — | 3,834,206 | |||
Industrial Conglomerates | 2,207,933 | 2,411,384 | — | 4,619,317 | |||
Insurance | 10,733,556 | 6,738,190 | — | 17,471,746 | |||
Oil, Gas & Consumable Fuels | 9,030,701 | 5,200,433 | — | 14,231,134 | |||
Personal Products | — | 1,720,815 | — | 1,720,815 | |||
Pharmaceuticals | 12,717,913 | 14,323,383 | — | 27,041,296 | |||
Professional Services | — | 1,490,791 | — | 1,490,791 | |||
Technology Hardware, Storage & Peripherals | 6,399,999 | 2,110,832 | — | 8,510,831 | |||
Tobacco | 3,654,823 | 4,128,550 | — | 7,783,373 | |||
Wireless Telecommunication Services | — | 1,382,696 | — | 1,382,696 | |||
All Other Industries | 124,330,591 | — | — | 124,330,591 | |||
Total Common Stocks | 214,735,530 | 73,006,815 | — | 287,742,345 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 6,070,353 | — | — | 6,070,353 | |||
Unaffiliated Investment Company | 181,338 | — | — | 181,338 | |||
Total Short-Term Investments | 6,251,691 | — | — | 6,251,691 | |||
Total Investments in Securities | 220,987,221 | 309,645,322 | — | 530,632,543 | |||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | — | 1,105,504 | — | 1,105,504 | |||
Futures Contracts | 2,513,083 | — | — | 2,513,083 | |||
Total Other Financial Instruments | 2,513,083 | 1,105,504 | — | 3,618,587 | |||
Total Investments in Securities and Other Financial Instruments | $ 223,500,304 | $ 310,750,826 | $ — | $ 534,251,130 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments (b) | |||||||
Foreign Currency Forward Contracts | $ — | $ (429,434) | $ — | $ (429,434) | |||
Futures Contracts | (2,838,469) | — | — | (2,838,469) | |||
Total Other Financial Instruments | $ (2,838,469) | $ (429,434) | $ — | $ (3,267,903) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
30 | MainStay VP Income Builder Portfolio |
Assets | |
Investment in unaffiliated securities, at value (identified cost $540,262,220) including securities on loan of $15,903,001 | $524,562,190 |
Investment in affiliated investment companies, at value (identified cost $6,070,353) | 6,070,353 |
Cash | 31,764 |
Cash denominated in foreign currencies (identified cost $27,279) | 27,468 |
Cash collateral on deposit at broker for futures contracts | 8,572,012 |
Receivables: | |
Investment securities sold | 4,084,322 |
Dividends and interest | 2,852,373 |
Portfolio shares sold | 309,913 |
Variation margin on futures contracts | 153,723 |
Securities lending | 17,491 |
Unrealized appreciation on foreign currency forward contracts | 1,105,504 |
Other assets | 29,092 |
Total assets | 547,816,205 |
Liabilities | |
Cash collateral received for securities on loan | 181,338 |
Payables: | |
Investment securities purchased | 2,522,293 |
Manager (See Note 3) | 268,455 |
Portfolio shares redeemed | 179,091 |
NYLIFE Distributors (See Note 3) | 83,612 |
Professional fees | 45,564 |
Shareholder communication | 31,894 |
Custodian | 14,278 |
Accrued expenses | 10,758 |
Unrealized depreciation on foreign currency forward contracts | 429,434 |
Total liabilities | 3,766,717 |
Net assets | $544,049,488 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 40,059 |
Additional paid-in-capital | 595,893,888 |
595,933,947 | |
Total distributable earnings (loss) | (51,884,459) |
Net assets | $544,049,488 |
Initial Class | |
Net assets applicable to outstanding shares | $158,019,798 |
Shares of beneficial interest outstanding | 11,546,170 |
Net asset value per share outstanding | $ 13.69 |
Service Class | |
Net assets applicable to outstanding shares | $386,029,690 |
Shares of beneficial interest outstanding | 28,512,529 |
Net asset value per share outstanding | $ 13.54 |
Investment Income (Loss) | |
Income | |
Interest | $ 9,935,251 |
Dividends-unaffiliated (net of foreign tax withholding of $584,624) | 9,561,748 |
Dividends-affiliated | 88,829 |
Securities lending, net | 67,390 |
Total income | 19,653,218 |
Expenses | |
Manager (See Note 3) | 3,380,033 |
Distribution/Service—Service Class (See Note 3) | 1,057,151 |
Professional fees | 118,268 |
Custodian | 76,391 |
Shareholder communication | 34,101 |
Trustees | 12,710 |
Miscellaneous | 46,775 |
Total expenses | 4,725,429 |
Net investment income (loss) | 14,927,789 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (2,392,752) |
Futures transactions | (25,918,087) |
Foreign currency transactions | (950,419) |
Foreign currency forward transactions | (7,725,775) |
Net realized gain (loss) | (36,987,033) |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (70,885,059) |
Futures contracts | (3,029,724) |
Foreign currency forward contracts | 2,120,085 |
Translation of other assets and liabilities in foreign currencies | (306,173) |
Net change in unrealized appreciation (depreciation) | (72,100,871) |
Net realized and unrealized gain (loss) | (109,087,904) |
Net increase (decrease) in net assets resulting from operations | $ (94,160,115) |
32 | MainStay VP Income Builder Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 14,927,789 | $ 14,592,381 |
Net realized gain (loss) | (36,987,033) | 56,653,743 |
Net change in unrealized appreciation (depreciation) | (72,100,871) | (4,343,381) |
Net increase (decrease) in net assets resulting from operations | (94,160,115) | 66,902,743 |
Distributions to shareholders: | ||
Initial Class | (18,520,336) | (10,040,167) |
Service Class | (44,926,426) | (24,035,185) |
(63,446,762) | (34,075,352) | |
Distributions to shareholders from return of capital: | ||
Initial Class | (1,897,990) | — |
Service Class | (4,604,122) | — |
(6,502,112) | — | |
Total distributions to shareholders | (69,948,874) | (34,075,352) |
Capital share transactions: | ||
Net proceeds from sales of shares | 44,815,527 | 67,772,446 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 69,948,874 | 34,075,352 |
Cost of shares redeemed | (105,661,713) | (100,759,606) |
Increase (decrease) in net assets derived from capital share transactions | 9,102,688 | 1,088,192 |
Net increase (decrease) in net assets | (155,006,301) | 33,915,583 |
Net Assets | ||
Beginning of year | 699,055,789 | 665,140,206 |
End of year | $ 544,049,488 | $ 699,055,789 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 18.23 | $ 17.37 | $ 17.14 | $ 15.23 | $ 17.29 | ||||
Net investment income (loss) (a) | 0.42 | 0.42 | 0.41 | 0.49 | 0.53 | ||||
Net realized and unrealized gain (loss) | (3.02) | 1.37 | 0.87 | 2.22 | (1.38) | ||||
Total from investment operations | (2.60) | 1.79 | 1.28 | 2.71 | (0.85) | ||||
Less distributions: | |||||||||
From net investment income | (0.26) | (0.39) | (0.42) | (0.68) | (0.46) | ||||
From net realized gain on investments | (1.51) | (0.54) | (0.63) | (0.12) | (0.75) | ||||
Return of capital | (0.17) | — | — | — | — | ||||
Total distributions | (1.94) | (0.93) | (1.05) | (0.80) | (1.21) | ||||
Net asset value at end of year | $ 13.69 | $ 18.23 | $ 17.37 | $ 17.14 | $ 15.23 | ||||
Total investment return (b) | (13.52)% | 10.52% | 7.98% | 18.07% | (5.21)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.70% | 2.31% | 2.50% | 3.00% | 3.18% | ||||
Net expenses (c) | 0.62% | 0.61% | 0.62% | 0.63% | 0.62% | ||||
Interest expense and fees | —% | —% | —% | —% | 0.00%(d) | ||||
Portfolio turnover rate | 58% | 67%(e) | 68%(e) | 59%(e) | 50%(e) | ||||
Net assets at end of year (in 000's) | $ 158,020 | $ 198,243 | $ 192,022 | $ 193,252 | $ 178,608 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Less than 0.01%. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 67%, 67%, 52% and 39% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 18.06 | $ 17.22 | $ 16.99 | $ 15.11 | $ 17.17 | ||||
Net investment income (loss) (a) | 0.38 | 0.37 | 0.37 | 0.45 | 0.48 | ||||
Net realized and unrealized gain (loss) | (3.00) | 1.36 | 0.86 | 2.19 | (1.37) | ||||
Total from investment operations | (2.62) | 1.73 | 1.23 | 2.64 | (0.89) | ||||
Less distributions: | |||||||||
From net investment income | (0.22) | (0.35) | (0.37) | (0.64) | (0.42) | ||||
From net realized gain on investments | (1.51) | (0.54) | (0.63) | (0.12) | (0.75) | ||||
Return of capital | (0.17) | — | — | — | — | ||||
Total distributions | (1.90) | (0.89) | (1.00) | (0.76) | (1.17) | ||||
Net asset value at end of year | $ 13.54 | $ 18.06 | $ 17.22 | $ 16.99 | $ 15.11 | ||||
Total investment return (b) | (13.73)% | 10.24% | 7.71% | 17.78% | (5.45)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.45% | 2.06% | 2.25% | 2.74% | 2.93% | ||||
Net expenses (c) | 0.87% | 0.86% | 0.87% | 0.88% | 0.87% | ||||
Interest expense and fees | —% | —% | —% | —% | 0.00%(d) | ||||
Portfolio turnover rate | 58% | 67%(e) | 68%(e) | 59%(e) | 50%(e) | ||||
Net assets at end of year (in 000's) | $ 386,030 | $ 500,812 | $ 473,118 | $ 433,515 | $ 360,874 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | Less than 0.01%. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 67%, 67%, 52% and 39% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
34 | MainStay VP Income Builder Portfolio |
Class | Commenced Operations |
Initial Class | January 29, 1993 |
Service Class | June 4, 2003 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
36 | MainStay VP Income Builder Portfolio |
38 | MainStay VP Income Builder Portfolio |
40 | MainStay VP Income Builder Portfolio |
Asset Derivatives | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $ — | $2,484,211 | $28,872 | $2,513,083 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 1,105,504 | — | — | 1,105,504 |
Total Fair Value | $1,105,504 | $2,484,211 | $28,872 | $3,618,587 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $ — | $(2,596,449) | $(242,020) | $(2,838,469) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (429,434) | — | — | (429,434) |
Total Fair Value | $(429,434) | $(2,596,449) | $(242,020) | $(3,267,903) |
(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. |
42 | MainStay VP Income Builder Portfolio |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(13,490,809) | $(12,427,278) | $(25,918,087) |
Forward Contracts | (7,725,775) | — | — | (7,725,775) |
Total Net Realized Gain (Loss) | $(7,725,775) | $(13,490,809) | $(12,427,278) | $(33,643,862) |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Equity Contracts Risk | Interest Rate Contracts Risk | Total |
Futures Contracts | $ — | $(2,879,181) | $(150,543) | $(3,029,724) |
Forward Contracts | 2,120,085 | — | — | 2,120,085 |
Total Net Change in Unrealized Appreciation (Depreciation) | $2,120,085 | $(2,879,181) | $(150,543) | $ (909,639) |
Average Notional Amount | Total |
Futures Contracts Long | $185,496,536 |
Futures Contracts Short | $ (22,219,096) |
Forward Contracts Long | $ 46,494,105 |
Forward Contracts Short (a) | $ (30,444,347) |
(a) | Positions were open for nine months during the reporting period. |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $548,823,462 | $27,433,971 | $(46,392,858) | $(18,958,887) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(32,058,181) | $50,110 | $(19,876,388) | $(51,884,459) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $19,142 | $12,916 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $16,814,864 | $24,793,365 |
Long-Term Capital Gains | 46,631,898 | 9,281,987 |
Return of Capital | 6,502,112 | — |
Total | $69,948,874 | $34,075,352 |
44 | MainStay VP Income Builder Portfolio |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 219,018 | $ 3,428,090 |
Shares issued to shareholders in reinvestment of distributions | 1,559,961 | 20,418,326 |
Shares redeemed | (1,110,037) | (17,170,397) |
Net increase (decrease) | 668,942 | $ 6,676,019 |
Year ended December 31, 2021: | ||
Shares sold | 295,188 | $ 5,323,316 |
Shares issued to shareholders in reinvestment of distributions | 563,265 | 10,040,167 |
Shares redeemed | (1,036,303) | (18,698,533) |
Net increase (decrease) | (177,850) | $ (3,335,050) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 2,643,387 | $ 41,387,437 |
Shares issued to shareholders in reinvestment of distributions | 3,830,832 | 49,530,548 |
Shares redeemed | (5,696,211) | (88,491,316) |
Net increase (decrease) | 778,008 | $ 2,426,669 |
Year ended December 31, 2021: | ||
Shares sold | 3,492,661 | $ 62,449,130 |
Shares issued to shareholders in reinvestment of distributions | 1,361,246 | 24,035,185 |
Shares redeemed | (4,598,203) | (82,061,073) |
Net increase (decrease) | 255,704 | $ 4,423,242 |
MainStay VP Income Builder Portfolio
New York, New York
February 24, 2023
46 | MainStay VP Income Builder Portfolio |
48 | MainStay VP Income Builder Portfolio |
50 | MainStay VP Income Builder Portfolio |
52 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
54 | MainStay VP Income Builder Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015533 | MSVPIB11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 4/29/2011 | -7.24% | 1.20% | 2.17% | 0.62% |
Service Class Shares | 4/29/2011 | -7.47 | 0.95 | 1.91 | 0.87 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. Aggregate Bond Index1 | -13.01% | 0.02% | 1.06% |
ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index2 | 1.21 | 1.43 | 0.96 |
Morningstar Nontraditional Bond Category Average3 | -6.38 | 0.69 | 1.21 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg U.S. Aggregate Bond Index is the Portfolio's primary benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. |
2. | The Portfolio has selected the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index as a secondary benchmark. The ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index is unmanaged and tracks the performance of a synthetic asset paying a deposit offered rate to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. |
3. | The Portfolio has selected the Morningstar Nontraditional Bond Category Average as an additional benchmark. The Morningstar Nontraditional Bond Category Average contains funds that pursue strategies divergent in one or more ways from conventional practice in the broader bond-fund universe. Morningstar category averages are equal-weighted returns based on constituents of the category at the end of the period. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Initial Class Shares | $1,000.00 | $1,008.20 | $3.09 | $1,022.13 | $3.11 | 0.61% |
Service Class Shares | $1,000.00 | $1,006.90 | $4.35 | $1,020.87 | $4.38 | 0.86% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
3. | Expenses are inclusive of dividends and interest on investments sold short. |
6 | MainStay VP MacKay Strategic Bond Portfolio |
1. | GNMA, (zero coupon)-3.50%, due 8/20/49–2/20/52 |
2. | U.S. Treasury Notes, 4.00%-4.375%, due 10/31/24–11/15/32 |
3. | UMBS, 30 Year, 4.00%-5.00%, due 6/1/52–11/1/52 |
4. | FNMA, (zero coupon)-10.139%, due 7/25/29–3/25/60 |
5. | Bank of America Corp., 2.087%-8.57%, due 11/15/24–4/22/32 |
6. | Goldman Sachs Group, Inc. (The), 1.948%-6.75%, due 5/15/26–10/1/37 |
7. | Citigroup, Inc., 2.52%-6.30%, due 5/15/24–11/3/32 |
8. | CF Hippolyta Issuer LLC, 1.69%-2.28%, due 7/15/60–3/15/61 |
9. | Hertz Vehicle Financing III LP, 2.52%-4.34%, due 12/27/27 |
10. | FHLMC, (zero coupon)-4.00%, due 12/25/48–8/15/56 |
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 Strategic Bond Portfolio |
4. | An obligation rated ‘B’ by Standard & Poors ("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 ‘BB’ by S&P is deemed by S&P to be less vulnerable to nonpayment than other speculative issues. In the opinion of S&P, however, the obligor faces major ongoing uncertainties or exposure to adverse business, financial or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitment on the obligation. When applied to 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. |
Principal Amount | Value | |
Long-Term Bonds 97.8% | ||
Asset-Backed Securities 14.0% | ||
Automobile Asset-Backed Securities 7.0% | ||
American Credit Acceptance Receivables Trust (a) | ||
Series 2021-2, Class D | ||
1.34%, due 7/13/27 | $ 1,110,000 | $ 1,049,530 |
Series 2021-4, Class D | ||
1.82%, due 2/14/28 | 1,955,000 | 1,791,036 |
Series 2022-1, Class D | ||
2.46%, due 3/13/28 | 2,620,000 | 2,357,330 |
Avis Budget Rental Car Funding AESOP LLC (a) | ||
Series 2021-1A, Class A | ||
1.38%, due 8/20/27 | 2,550,000 | 2,220,172 |
Series 2020-2A, Class A | ||
2.02%, due 2/20/27 | 1,010,000 | 915,293 |
CPS Auto Receivables Trust (a) | ||
Series 2021-A, Class E | ||
2.53%, due 3/15/28 | 2,100,000 | 1,929,038 |
Series 2021-C, Class E | ||
3.21%, due 9/15/28 | 1,335,000 | 1,141,457 |
Series 2020-C, Class E | ||
4.22%, due 5/17/27 | 855,000 | 814,583 |
Series 2019-C, Class E | ||
4.30%, due 7/15/25 | 1,500,000 | 1,483,126 |
Drive Auto Receivables Trust | ||
Series 2021-1, Class D | ||
1.45%, due 1/16/29 | 3,135,000 | 2,937,871 |
Exeter Automobile Receivables Trust | ||
Series 2021-3A, Class E | ||
3.04%, due 12/15/28 (a) | 1,645,000 | 1,402,989 |
Flagship Credit Auto Trust (a) | ||
Series 2021-4, Class C | ||
1.96%, due 12/15/27 | 1,340,000 | 1,225,073 |
Series 2021-4, Class D | ||
2.26%, due 12/15/27 | 2,985,000 | 2,608,913 |
Series 2020-1, Class E | ||
3.52%, due 6/15/27 | 2,460,000 | 2,208,590 |
Series 2019-2, Class E | ||
4.52%, due 12/15/26 | 1,258,000 | 1,172,857 |
Series 2020-3, Class E | ||
4.98%, due 12/15/27 | 1,295,000 | 1,131,842 |
GLS Auto Receivables Issuer Trust (a) | ||
Series 2021-2A, Class D | ||
1.42%, due 4/15/27 | 1,370,000 | 1,242,888 |
Series 2021-3A, Class D | ||
1.48%, due 7/15/27 | 3,630,000 | 3,246,173 |
Series 2021-4A, Class D | ||
2.48%, due 10/15/27 | 2,285,000 | 2,018,608 |
Principal Amount | Value | |
Automobile Asset-Backed Securities (continued) | ||
GLS Auto Receivables Issuer Trust (a) (continued) | ||
Series 2020-1A, Class C | ||
2.72%, due 11/17/25 | $ 2,565,000 | $ 2,527,320 |
Series 2020-1A, Class D | ||
3.68%, due 11/16/26 | 1,430,000 | 1,371,385 |
Hertz Vehicle Financing III LP (a) | ||
Series 2021-2A, Class C | ||
2.52%, due 12/27/27 | 5,027,000 | 4,145,169 |
Series 2021-2A, Class D | ||
4.34%, due 12/27/27 | 4,289,000 | 3,570,557 |
Hertz Vehicle Financing LLC | ||
Series 2021-1A, Class C | ||
2.05%, due 12/26/25 (a) | 1,155,000 | 1,040,430 |
Santander Drive Auto Receivables Trust | ||
Series 2021-4, Class D | ||
1.67%, due 10/15/27 | 3,260,000 | 3,002,625 |
Series 2022-2, Class B | ||
3.44%, due 9/15/27 | 2,300,000 | 2,222,233 |
50,777,088 | ||
Credit Card Asset-Backed Security 0.1% | ||
Golden Credit Card Trust | ||
Series 2021-1A, Class C | ||
1.74%, due 8/15/28 (a) | 540,000 | 470,426 |
Home Equity Asset-Backed Securities 0.3% | ||
Carrington Mortgage Loan Trust | ||
Series 2007-HE1, Class A3 | ||
4.579% (1 Month LIBOR + 0.19%), due 6/25/37 (b) | 1,316,737 | 1,278,066 |
First NLC Trust | ||
Series 2007-1, Class A1 | ||
4.459% (1 Month LIBOR + 0.07%), due 8/25/37 (a)(b) | 54,604 | 25,409 |
J.P. Morgan Mortgage Acquisition Trust | ||
Series 2007-HE1, Class AF1 | ||
3.919% (1 Month LIBOR + 0.10%), due 3/25/47 (b) | 19,041 | 11,988 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-HE4, Class A1 | ||
4.489% (1 Month LIBOR + 0.10%), due 11/25/36 (b) | 15,647 | 4,988 |
Morgan Stanley ABS Capital I, Inc. Trust (b) | ||
Series 2007-HE4, Class A2A | ||
4.499% (1 Month LIBOR + 0.11%), due 2/25/37 | 16,625 | 5,497 |
10 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Home Equity Asset-Backed Securities (continued) | ||
Morgan Stanley ABS Capital I, Inc. Trust (b) (continued) | ||
Series 2007-HE7, Class M1 | ||
6.389% (1 Month LIBOR + 2.00%), due 7/25/37 | $ 930,000 | $ 707,578 |
2,033,526 | ||
Other Asset-Backed Securities 6.6% | ||
American Airlines Pass-Through Trust | ||
Series 2016-2, Class A | ||
3.65%, due 6/15/28 | 1,441,158 | 1,123,621 |
Series 2019-1, Class B | ||
3.85%, due 2/15/28 | 1,254,362 | 1,054,148 |
Series 2021-1, Class B | ||
3.95%, due 7/11/30 | 1,500,000 | 1,190,157 |
Series 2015-2, Class A | ||
4.00%, due 9/22/27 | 346,049 | 281,009 |
Series 2013-2, Class A | ||
4.95%, due 1/15/23 | 1,728,668 | 1,726,307 |
AMSR Trust (a) | ||
Series 2020-SFR4, Class A | ||
1.355%, due 11/17/37 | 2,995,000 | 2,680,087 |
Series 2020-SFR5, Class A | ||
1.379%, due 11/17/37 | 840,000 | 748,374 |
CF Hippolyta Issuer LLC (a) | ||
Series 2020-1, Class A1 | ||
1.69%, due 7/15/60 | 1,280,706 | 1,143,148 |
Series 2021-1A, Class B1 | ||
1.98%, due 3/15/61 | 5,634,185 | 4,697,485 |
Series 2020-1, Class A2 | ||
1.99%, due 7/15/60 | 1,230,418 | 1,014,886 |
Series 2020-1, Class B1 | ||
2.28%, due 7/15/60 | 1,313,405 | 1,146,309 |
Crown Castle Towers LLC | ||
4.241%, due 7/15/28 (a) | 2,290,000 | 2,079,974 |
DB Master Finance LLC (a) | ||
Series 2021-1A, Class A23 | ||
2.791%, due 11/20/51 | 2,415,600 | 1,860,848 |
Series 2019-1A, Class A23 | ||
4.352%, due 5/20/49 | 1,499,625 | 1,367,334 |
FirstKey Homes Trust (a) | ||
Series 2020-SFR1, Class A | ||
1.339%, due 8/17/37 | 4,552,350 | 4,068,148 |
Series 2021-SFR2, Class B | ||
1.607%, due 9/17/38 | 840,000 | 707,489 |
Series 2021-SFR1, Class B | ||
1.788%, due 8/17/38 | 3,755,000 | 3,216,412 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Home Partners of America Trust | ||
Series 2021-2, Class B | ||
2.302%, due 12/17/26 (a) | $ 2,352,795 | $ 2,009,841 |
Navient Private Education Refi Loan Trust (a) | ||
Series 2021-EA, Class B | ||
2.03%, due 12/16/69 | 3,490,000 | 2,223,557 |
Series 2020-GA, Class B | ||
2.50%, due 9/16/69 | 1,485,000 | 1,114,785 |
Series 2020-HA, Class B | ||
2.78%, due 1/15/69 | 840,000 | 654,536 |
New Economy Assets Phase 1 Sponsor LLC (a) | ||
Series 2021-1, Class A1 | ||
1.91%, due 10/20/61 | 1,835,000 | 1,550,519 |
Series 2021-1, Class B1 | ||
2.41%, due 10/20/61 | 1,665,000 | 1,367,822 |
PFS Financing Corp. | ||
Series 2022-D, Class B | ||
4.90%, due 8/15/27 (a) | 1,790,000 | 1,734,845 |
Progress Residential | ||
Series 2021-SFR4, Class B | ||
1.808%, due 5/17/38 (a) | 2,085,000 | 1,790,315 |
Progress Residential Trust | ||
Series 2020-SFR3, Class B | ||
1.495%, due 10/17/27 (a) | 1,680,000 | 1,484,117 |
Taco Bell Funding LLC | ||
Series 2021-1A, Class A23 | ||
2.542%, due 8/25/51 (a) | 1,772,100 | 1,346,961 |
U.S. Airways Pass-Through Trust | ||
Series 2012-1, Class A | ||
5.90%, due 10/1/24 | 743,941 | 719,532 |
United Airlines Pass-Through Trust | ||
Series 2020-1, Class A | ||
5.875%, due 10/15/27 | 1,762,555 | 1,737,784 |
47,840,350 | ||
Total Asset-Backed Securities (Cost $114,100,038) | 101,121,390 | |
Corporate Bonds 42.4% | ||
Aerospace & Defense 0.6% | ||
Howmet Aerospace, Inc. | ||
3.00%, due 1/15/29 | 2,150,000 | 1,827,500 |
L3Harris Technologies, Inc. | ||
4.40%, due 6/15/28 | 2,260,000 | 2,163,308 |
3,990,808 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Agriculture 0.3% | ||
BAT Capital Corp. | ||
3.734%, due 9/25/40 | $ 1,420,000 | $ 964,212 |
BAT International Finance plc | ||
4.448%, due 3/16/28 | 1,360,000 | 1,259,579 |
2,223,791 | ||
Airlines 1.3% | ||
American Airlines, Inc. (a) | ||
5.50%, due 4/20/26 | 1,640,000 | 1,577,100 |
5.75%, due 4/20/29 | 3,255,000 | 2,974,926 |
Delta Air Lines, Inc. (a) | ||
4.50%, due 10/20/25 | 1,185,000 | 1,156,064 |
4.75%, due 10/20/28 | 2,245,000 | 2,110,240 |
Mileage Plus Holdings LLC | ||
6.50%, due 6/20/27 (a) | 1,845,119 | 1,834,421 |
9,652,751 | ||
Auto Manufacturers 1.8% | ||
Ford Motor Credit Co. LLC | ||
2.30%, due 2/10/25 | 1,085,000 | 990,475 |
4.125%, due 8/17/27 | 2,330,000 | 2,085,350 |
5.841% (3 Month LIBOR + 1.235%), due 2/15/23 (b) | 1,230,000 | 1,228,833 |
General Motors Co. | ||
5.60%, due 10/15/32 | 685,000 | 636,363 |
General Motors Financial Co., Inc. | ||
2.35%, due 1/8/31 | 908,000 | 684,645 |
2.70%, due 6/10/31 | 2,255,000 | 1,727,726 |
4.30%, due 4/6/29 | 1,400,000 | 1,253,988 |
Nissan Motor Acceptance Co. LLC | ||
1.85%, due 9/16/26 (a) | 5,030,000 | 4,199,236 |
12,806,616 | ||
Auto Parts & Equipment 0.4% | ||
Dana, Inc. | ||
4.50%, due 2/15/32 | 3,885,000 | 3,106,618 |
Banks 15.1% | ||
Banco Santander SA | ||
4.175% (1 Year Treasury Constant Maturity Rate + 2.00%), due 3/24/28 (b) | 3,000,000 | 2,782,544 |
Bank of America Corp. | ||
2.087%, due 6/14/29 (c) | 1,895,000 | 1,594,631 |
2.687%, due 4/22/32 (c) | 2,520,000 | 2,016,968 |
3.384%, due 4/2/26 (c) | 2,185,000 | 2,086,760 |
3.705%, due 4/24/28 (c) | 1,695,000 | 1,568,542 |
Principal Amount | Value | |
Banks (continued) | ||
Bank of America Corp. (continued) | ||
Series MM | ||
4.30%, due 1/28/25 (c)(d) | $ 2,476,000 | $ 2,141,832 |
Series DD | ||
6.30%, due 3/10/26 (c)(d) | 1,810,000 | 1,796,558 |
8.57%, due 11/15/24 | 455,000 | 480,885 |
Barclays plc | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.41%), due 3/15/28 (b)(d) | 3,750,000 | 2,859,375 |
5.20%, due 5/12/26 | 1,725,000 | 1,677,555 |
8.00% (5 Year Treasury Constant Maturity Rate + 5.431%), due 3/15/29 (b)(d) | 1,000,000 | 935,000 |
BNP Paribas SA (a) | ||
3.052%, due 1/13/31 (c) | 1,750,000 | 1,434,201 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.196%), due 1/12/27 (b)(d) | 1,600,000 | 1,315,982 |
4.625% (5 Year Treasury Constant Maturity Rate + 3.34%), due 2/25/31 (b)(d) | 2,250,000 | 1,738,351 |
7.75% (5 Year Treasury Constant Maturity Rate + 4.899%), due 8/16/29 (b)(d) | 705,000 | 696,188 |
BPCE SA | ||
2.045%, due 10/19/27 (a)(c) | 1,370,000 | 1,180,863 |
Citigroup, Inc. | ||
2.52%, due 11/3/32 (c) | 1,465,000 | 1,139,285 |
Series Y | ||
4.15% (5 Year Treasury Constant Maturity Rate + 3.00%), due 11/15/26 (b)(d) | 2,180,000 | 1,779,815 |
5.50%, due 9/13/25 | 2,710,000 | 2,726,587 |
Series M | ||
6.30%, due 5/15/24 (c)(d) | 3,975,000 | 3,749,419 |
Citizens Financial Group, Inc. | ||
Series G | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.215%), due 10/6/26 (b)(d) | 1,620,000 | 1,300,469 |
Credit Agricole SA | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.237%), due 3/23/29 (a)(b)(d) | 2,965,000 | 2,376,203 |
Credit Suisse Group AG (a)(c) | ||
3.091%, due 5/14/32 | 2,195,000 | 1,516,627 |
6.442%, due 8/11/28 | 1,410,000 | 1,284,082 |
12 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Deutsche Bank AG | ||
3.035%, due 5/28/32 (c) | $ 640,000 | $ 485,077 |
4.875% (USISDA05 + 2.553%), due 12/1/32 (b) | 4,285,000 | 3,581,482 |
5.371%, due 9/9/27 | 1,660,000 | 1,663,701 |
First Horizon Bank | ||
5.75%, due 5/1/30 | 1,795,000 | 1,740,078 |
Freedom Mortgage Corp. | ||
7.625%, due 5/1/26 (a) | 1,205,000 | 1,005,121 |
Goldman Sachs Group, Inc. (The) | ||
1.948%, due 10/21/27 (c) | 1,555,000 | 1,359,669 |
Series V | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.949%), due 11/10/26 (b)(d) | 3,875,000 | 3,225,563 |
5.776% (3 Month LIBOR + 1.17%), due 5/15/26 (b) | 3,075,000 | 3,053,353 |
6.75%, due 10/1/37 | 1,828,000 | 1,950,518 |
Huntington National Bank (The) | ||
3.55%, due 10/6/23 | 894,000 | 884,521 |
Intesa Sanpaolo SpA | ||
4.198% (1 Year Treasury Constant Maturity Rate + 2.60%), due 6/1/32 (a)(b) | 2,515,000 | 1,847,790 |
JPMorgan Chase & Co. (c) | ||
1.764%, due 11/19/31 | 1,769,000 | 1,341,023 |
Series HH | ||
4.60%, due 2/1/25 (d) | 1,762,000 | 1,552,762 |
Lloyds Banking Group plc | ||
4.582%, due 12/10/25 | 2,500,000 | 2,420,743 |
4.976% (1 Year Treasury Constant Maturity Rate + 2.30%), due 8/11/33 (b) | 1,095,000 | 1,005,418 |
Macquarie Group Ltd. | ||
2.871%, due 1/14/33 (a)(c) | 2,065,000 | 1,584,232 |
Mizuho Financial Group, Inc. | ||
5.414% (1 Year Treasury Constant Maturity Rate + 2.05%), due 9/13/28 (b)(e) | 1,935,000 | 1,935,354 |
Morgan Stanley | ||
2.484%, due 9/16/36 (c) | 2,895,000 | 2,099,255 |
5.00%, due 11/24/25 | 2,190,000 | 2,183,399 |
NatWest Group plc (b) | ||
3.073% (1 Year Treasury Constant Maturity Rate + 2.55%), due 5/22/28 | 2,685,000 | 2,399,449 |
Principal Amount | Value | |
Banks (continued) | ||
NatWest Group plc (b) (continued) | ||
4.60% (5 Year Treasury Constant Maturity Rate + 3.10%), due 6/28/31 (d) | $ 2,740,000 | $ 1,961,643 |
Popular, Inc. | ||
6.125%, due 9/14/23 | 1,953,000 | 1,935,911 |
Societe Generale SA (a)(b)(d) | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.931%), due 5/26/26 | 3,455,000 | 2,928,449 |
5.375% (5 Year Treasury Constant Maturity Rate + 4.514%), due 11/18/30 | 3,555,000 | 2,880,036 |
Standard Chartered plc | ||
4.75% (5 Year Treasury Constant Maturity Rate + 3.805%), due 1/14/31 (a)(b)(d) | 3,345,000 | 2,561,387 |
SVB Financial Group | ||
Series C | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.202%), due 5/15/26 (b)(d) | 2,070,000 | 1,366,241 |
Synchrony Bank | ||
5.40%, due 8/22/25 | 1,970,000 | 1,933,459 |
Texas Capital Bancshares, Inc. | ||
4.00% (5 Year Treasury Constant Maturity Rate + 3.15%), due 5/6/31 (b) | 3,010,000 | 2,671,181 |
UBS Group AG (a)(b) | ||
4.375% (5 Year Treasury Constant Maturity Rate + 3.313%), due 2/10/31 (d) | 2,715,000 | 2,062,745 |
4.751% (1 Year Treasury Constant Maturity Rate + 1.75%), due 5/12/28 | 1,300,000 | 1,244,069 |
Wells Fargo & Co. | ||
2.879%, due 10/30/30 (c) | 1,020,000 | 866,393 |
3.00%, due 10/23/26 | 1,640,000 | 1,515,714 |
4.897%, due 7/25/33 (c) | 1,510,000 | 1,433,795 |
Series U | ||
5.875%, due 6/15/25 (c)(d) | 595,000 | 574,175 |
Series S | ||
5.90%, due 6/15/24 (c)(d) | 2,725,000 | 2,440,537 |
Westpac Banking Corp. | ||
3.02% (5 Year Treasury Constant Maturity Rate + 1.53%), due 11/18/36 (b) | 1,825,000 | 1,356,828 |
109,229,793 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Chemicals 0.5% | ||
Alpek SAB de CV | ||
3.25%, due 2/25/31 (a)(e) | $ 3,185,000 | $ 2,653,906 |
Braskem Netherlands Finance BV | ||
4.50%, due 1/10/28 (a) | 1,015,000 | 910,161 |
3,564,067 | ||
Commercial Services 0.3% | ||
Ashtead Capital, Inc. | ||
4.25%, due 11/1/29 (a) | 1,960,000 | 1,756,814 |
California Institute of Technology | ||
3.65%, due 9/1/19 | 1,144,000 | 728,658 |
2,485,472 | ||
Computers 0.6% | ||
Dell International LLC | ||
6.02%, due 6/15/26 | 625,000 | 637,597 |
8.10%, due 7/15/36 | 670,000 | 750,814 |
NCR Corp. (a) | ||
5.00%, due 10/1/28 | 3,210,000 | 2,736,635 |
6.125%, due 9/1/29 | 268,000 | 250,595 |
4,375,641 | ||
Diversified Financial Services 3.5% | ||
AerCap Ireland Capital DAC | ||
3.00%, due 10/29/28 | 2,200,000 | 1,843,106 |
Air Lease Corp. | ||
2.30%, due 2/1/25 | 1,820,000 | 1,694,473 |
2.75%, due 1/15/23 | 1,040,000 | 1,038,776 |
Aircastle Ltd. | ||
5.25% (5 Year Treasury Constant Maturity Rate + 4.41%), due 6/15/26 (a)(b)(d) | 3,325,000 | 2,560,250 |
Ally Financial, Inc. | ||
Series C | ||
4.70% (7 Year Treasury Constant Maturity Rate + 3.481%), due 5/15/28 (b)(d) | 1,430,000 | 895,537 |
5.75%, due 11/20/25 | 3,570,000 | 3,458,430 |
8.00%, due 11/1/31 | 2,010,000 | 2,075,016 |
Avolon Holdings Funding Ltd. | ||
3.25%, due 2/15/27 (a) | 2,340,000 | 2,002,536 |
Banco BTG Pactual SA | ||
2.75%, due 1/11/26 (a) | 4,265,000 | 3,875,819 |
Capital One Financial Corp. | ||
5.247%, due 7/26/30 (c) | 1,110,000 | 1,057,105 |
Nomura Holdings, Inc. | ||
5.099%, due 7/3/25 | 1,985,000 | 1,963,152 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
OneMain Finance Corp. | ||
3.50%, due 1/15/27 | $ 2,715,000 | $ 2,247,938 |
6.125%, due 3/15/24 | 880,000 | 851,198 |
25,563,336 | ||
Electric 1.9% | ||
AEP Texas, Inc. | ||
4.70%, due 5/15/32 | 1,460,000 | 1,398,451 |
Calpine Corp. | ||
5.125%, due 3/15/28 (a) | 2,520,000 | 2,248,578 |
Dominion Energy, Inc. | ||
Series C | ||
4.35% (5 Year Treasury Constant Maturity Rate + 3.195%), due 1/15/27 (b)(d) | 1,045,000 | 877,730 |
Edison International | ||
Series B | ||
5.00% (5 Year Treasury Constant Maturity Rate + 3.901%), due 12/15/26 (b)(d) | 2,685,000 | 2,244,525 |
FirstEnergy Transmission LLC | ||
4.35%, due 1/15/25 (a) | 1,675,000 | 1,632,182 |
Pacific Gas and Electric Co. | ||
3.50%, due 8/1/50 | 2,460,000 | 1,527,945 |
Sempra Energy | ||
4.125% (5 Year Treasury Constant Maturity Rate + 2.868%), due 4/1/52 (b) | 2,935,000 | 2,272,676 |
WEC Energy Group, Inc. | ||
6.719% (3 Month LIBOR + 2.113%), due 5/15/67 (b) | 1,860,340 | 1,556,249 |
13,758,336 | ||
Environmental Control 0.1% | ||
Covanta Holding Corp. | ||
4.875%, due 12/1/29 (a) | 1,025,000 | 839,752 |
Food 0.6% | ||
JBS USA LUX SA | ||
5.75%, due 4/1/33 (a) | 2,290,000 | 2,184,156 |
Kraft Heinz Foods Co. | ||
5.00%, due 7/15/35 | 718,000 | 686,670 |
Smithfield Foods, Inc. | ||
3.00%, due 10/15/30 (a) | 2,005,000 | 1,526,593 |
4,397,419 | ||
Gas 0.5% | ||
National Fuel Gas Co. | ||
2.95%, due 3/1/31 | 1,195,000 | 936,463 |
14 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Gas (continued) | ||
Piedmont Natural Gas Co., Inc. | ||
5.05%, due 5/15/52 | $ 1,330,000 | $ 1,200,011 |
Southern Co. Gas Capital Corp. | ||
Series 21A | ||
3.15%, due 9/30/51 | 2,010,000 | 1,301,046 |
3,437,520 | ||
Home Builders 0.6% | ||
Thor Industries, Inc. | ||
4.00%, due 10/15/29 (a) | 1,665,000 | 1,307,331 |
Toll Brothers Finance Corp. | ||
3.80%, due 11/1/29 | 1,251,000 | 1,068,024 |
4.35%, due 2/15/28 | 2,089,000 | 1,897,985 |
4,273,340 | ||
Household Products & Wares 0.3% | ||
Kronos Acquisition Holdings, Inc. | ||
5.00%, due 12/31/26 (a) | 2,890,000 | 2,499,850 |
Insurance 1.7% | ||
Athene Global Funding | ||
2.50%, due 3/24/28 (a) | 1,465,000 | 1,220,741 |
Lincoln National Corp. | ||
7.007% (3 Month LIBOR + 2.358%), due 5/17/66 (b) | 6,418,000 | 4,941,860 |
MassMutual Global Funding II | ||
2.95%, due 1/11/25 (a) | 2,995,000 | 2,878,490 |
NMI Holdings, Inc. | ||
7.375%, due 6/1/25 (a) | 870,000 | 878,700 |
Protective Life Corp. | ||
8.45%, due 10/15/39 | 1,564,000 | 1,839,224 |
Willis North America, Inc. | ||
3.875%, due 9/15/49 | 840,000 | 595,957 |
12,354,972 | ||
Internet 1.0% | ||
Expedia Group, Inc. | ||
3.25%, due 2/15/30 | 1,950,000 | 1,654,176 |
3.80%, due 2/15/28 | 1,155,000 | 1,060,288 |
5.00%, due 2/15/26 | 315,000 | 310,841 |
Match Group Holdings II LLC (a) | ||
3.625%, due 10/1/31 | 1,975,000 | 1,514,556 |
5.00%, due 12/15/27 (e) | 3,170,000 | 2,916,400 |
7,456,261 |
Principal Amount | Value | |
Lodging 1.9% | ||
Hilton Domestic Operating Co., Inc. | ||
5.375%, due 5/1/25 (a) | $ 3,470,000 | $ 3,434,625 |
Hyatt Hotels Corp. | ||
1.80%, due 10/1/24 | 5,450,000 | 5,106,709 |
Marriott International, Inc. | ||
3.75%, due 10/1/25 | 1,860,000 | 1,783,775 |
Series X | ||
4.00%, due 4/15/28 | 880,000 | 817,241 |
MGM Resorts International | ||
6.00%, due 3/15/23 | 2,300,000 | 2,291,835 |
13,434,185 | ||
Media 0.4% | ||
DISH DBS Corp. | ||
5.75%, due 12/1/28 (a) | 1,445,000 | 1,153,291 |
Grupo Televisa SAB | ||
5.25%, due 5/24/49 | 1,335,000 | 1,178,707 |
Time Warner Cable Enterprises LLC | ||
8.375%, due 3/15/23 | 740,000 | 744,621 |
3,076,619 | ||
Miscellaneous—Manufacturing 0.3% | ||
Textron Financial Corp. | ||
6.341% (3 Month LIBOR + 1.735%), due 2/15/42 (a)(b) | 3,055,000 | 2,184,325 |
Oil & Gas 0.8% | ||
EQT Corp. | ||
5.678%, due 10/1/25 | 1,730,000 | 1,721,591 |
Gazprom PJSC Via Gaz Capital SA | ||
7.288%, due 8/16/37 (a)(f) | 2,500,000 | 1,875,000 |
Marathon Petroleum Corp. | ||
5.125%, due 12/15/26 | 2,425,000 | 2,409,940 |
6,006,531 | ||
Packaging & Containers 0.2% | ||
Berry Global, Inc. | ||
4.875%, due 7/15/26 (a) | 166,000 | 159,817 |
Owens-Brockway Glass Container, Inc. | ||
6.625%, due 5/13/27 (a) | 1,093,000 | 1,060,437 |
1,220,254 | ||
Pharmaceuticals 0.7% | ||
Teva Pharmaceutical Finance Netherlands III BV | ||
3.15%, due 10/1/26 | 2,575,000 | 2,251,837 |
4.75%, due 5/9/27 | 2,855,000 | 2,580,634 |
4,832,471 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Pipelines 3.8% | ||
Cheniere Corpus Christi Holdings LLC | ||
2.742%, due 12/31/39 | $ 1,825,000 | $ 1,411,207 |
CNX Midstream Partners LP | ||
4.75%, due 4/15/30 (a) | 2,715,000 | 2,228,105 |
DCP Midstream Operating LP | ||
3.25%, due 2/15/32 (e) | 2,490,000 | 2,059,554 |
DT Midstream, Inc. | ||
4.30%, due 4/15/32 (a) | 1,660,000 | 1,458,385 |
Energy Transfer LP | ||
Series H | ||
6.50% (5 Year Treasury Constant Maturity Rate + 5.694%), due 11/15/26 (b)(d) | 3,435,000 | 2,954,100 |
Enterprise Products Operating LLC | ||
3.95%, due 1/31/60 | 1,325,000 | 956,233 |
4.20%, due 1/31/50 | 545,000 | 428,518 |
Flex Intermediate Holdco LLC | ||
3.363%, due 6/30/31 (a) | 2,310,000 | 1,802,770 |
Hess Midstream Operations LP | ||
4.25%, due 2/15/30 (a) | 3,710,000 | 3,171,757 |
MPLX LP | ||
4.00%, due 3/15/28 | 2,500,000 | 2,325,275 |
4.125%, due 3/1/27 | 1,780,000 | 1,681,231 |
Plains All American Pipeline LP | ||
3.80%, due 9/15/30 | 1,330,000 | 1,155,878 |
Sabine Pass Liquefaction LLC | ||
5.75%, due 5/15/24 | 2,710,000 | 2,710,654 |
Targa Resources Corp. | ||
4.20%, due 2/1/33 | 935,000 | 804,440 |
Western Midstream Operating LP | ||
5.50%, due 2/1/50 (g) | 1,975,000 | 1,627,005 |
Williams Cos., Inc. (The) | ||
3.50%, due 10/15/51 | 1,000,000 | 680,552 |
27,455,664 | ||
Real Estate 0.1% | ||
Realogy Group LLC | ||
5.25%, due 4/15/30 (a) | 1,425,000 | 1,039,552 |
Real Estate Investment Trusts 1.0% | ||
Iron Mountain, Inc. (a) | ||
4.875%, due 9/15/29 | 2,254,000 | 1,965,939 |
5.25%, due 7/15/30 | 465,000 | 404,085 |
Office Properties Income Trust | ||
2.65%, due 6/15/26 | 2,310,000 | 1,790,246 |
Principal Amount | Value | |
Real Estate Investment Trusts (continued) | ||
Starwood Property Trust, Inc. | ||
3.625%, due 7/15/26 (a) | $ 3,409,000 | $ 2,982,875 |
7,143,145 | ||
Retail 1.0% | ||
AutoNation, Inc. | ||
4.75%, due 6/1/30 | 2,060,000 | 1,837,921 |
Nordstrom, Inc. | ||
4.00%, due 3/15/27 | 266,000 | 221,472 |
4.25%, due 8/1/31 | 3,200,000 | 2,288,320 |
QVC, Inc. | ||
4.375%, due 9/1/28 | 2,810,000 | 1,678,975 |
Victoria's Secret & Co. | ||
4.625%, due 7/15/29 (a) | 1,442,000 | 1,132,114 |
7,158,802 | ||
Semiconductors 0.4% | ||
Broadcom, Inc. (a) | ||
3.469%, due 4/15/34 | 2,470,000 | 1,970,399 |
3.75%, due 2/15/51 | 910,000 | 628,245 |
2,598,644 | ||
Telecommunications 0.7% | ||
Altice France SA | ||
5.125%, due 7/15/29 (a) | 3,495,000 | 2,620,353 |
AT&T, Inc. | ||
3.65%, due 6/1/51 | 1,860,000 | 1,310,021 |
T-Mobile US, Inc. | ||
2.625%, due 2/15/29 | 875,000 | 740,714 |
4,671,088 | ||
Total Corporate Bonds (Cost $356,581,886) | 306,837,623 | |
Foreign Government Bonds 2.6% | ||
Brazil 0.0% ‡ | ||
Brazil Government Bond | ||
3.75%, due 9/12/31 (e) | 565,000 | 474,471 |
Chile 0.6% | ||
Chile Government Bond | ||
2.55%, due 7/27/33 | 1,475,000 | 1,154,361 |
Empresa Nacional del Petroleo | ||
3.45%, due 9/16/31 (a) | 4,005,000 | 3,367,150 |
4,521,511 |
16 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Colombia 0.3% | ||
Colombia Government Bond | ||
3.25%, due 4/22/32 | $ 2,065,000 | $ 1,501,663 |
4.50%, due 1/28/26 | 650,000 | 610,934 |
2,112,597 | ||
Mexico 1.7% | ||
Comision Federal de Electricidad (a) | ||
3.875%, due 7/26/33 | 3,255,000 | 2,461,973 |
4.677%, due 2/9/51 | 2,765,000 | 1,797,887 |
Mexico Government Bond | ||
3.75%, due 4/19/71 (e) | 2,230,000 | 1,384,781 |
Petroleos Mexicanos | ||
6.50%, due 3/13/27 | 3,570,000 | 3,256,134 |
6.75%, due 9/21/47 | 4,990,000 | 3,183,613 |
12,084,388 | ||
Total Foreign Government Bonds (Cost $25,603,889) | 19,192,967 | |
Loan Assignments 0.2% | ||
Diversified/Conglomerate Service 0.2% | ||
TruGreen LP (b) | ||
First Lien Second Refinancing Term Loan | ||
8.384% (1 Month LIBOR + 4.00%), due 11/2/27 | 944,087 | 830,797 |
Second Lien Initial Term Loan | ||
12.915% (3 Month LIBOR + 8.50%), due 11/2/28 | 645,000 | 470,850 |
1,301,647 | ||
Total Loan Assignments (Cost $1,572,260) | 1,301,647 | |
Mortgage-Backed Securities 30.5% | ||
Agency (Collateralized Mortgage Obligations) 5.9% | ||
FHLMC | ||
REMIC, Series 5021, Class SA | ||
(zero coupon) (SOFR 30A + 3.55%), due 10/25/50 (b)(h) | 3,980,080 | 132,898 |
REMIC, Series 5164, Class SA | ||
(zero coupon) (SOFR 30A + 3.75%), due 11/25/51 (b)(h) | 9,215,248 | 313,271 |
REMIC, Series 5200, Class SA | ||
(zero coupon) (SOFR 30A + 3.50%), due 2/25/52 (b)(h) | 3,399,423 | 88,772 |
REMIC, Series 4839, Class WO | ||
(zero coupon), due 8/15/56 | 1,209,309 | 830,447 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
FHLMC (continued) | ||
REMIC, Series 5038, Class IB | ||
2.50%, due 10/25/50 (h) | $ 1,050,458 | $ 167,504 |
REMIC, Series 5149, Class LI | ||
2.50%, due 10/25/51 (h) | 5,175,670 | 685,913 |
REMIC, Series 5205, Class KI | ||
3.00%, due 12/25/48 (h) | 2,446,902 | 292,487 |
REMIC, Series 5152, Class BI | ||
3.00%, due 7/25/50 (h) | 3,811,438 | 588,288 |
REMIC, Series 5070, Class PI | ||
3.00%, due 8/25/50 (h) | 2,291,317 | 370,873 |
REMIC, Series 5023, Class LI | ||
3.00%, due 10/25/50 (h) | 1,755,183 | 279,554 |
REMIC, Series 5167, Class GI | ||
3.00%, due 11/25/51 (h) | 4,691,537 | 720,693 |
REMIC, Series 5191 | ||
3.50%, due 9/25/50 (h) | 2,514,524 | 425,516 |
REMIC, Series 5036 | ||
3.50%, due 11/25/50 (h) | 2,983,550 | 613,136 |
REMIC, Series 5040 | ||
3.50%, due 11/25/50 (h) | 1,637,714 | 274,452 |
REMIC, Series 5200, Class FA | ||
4.00% (SOFR 30A + 0.50%), due 2/25/52 (b) | 1,880,968 | 1,699,987 |
FHLMC, Strips | ||
REMIC, Series 311 | ||
(zero coupon), due 8/15/43 | 870,348 | 648,971 |
REMIC, Series 311, Class S1 | ||
1.632% (1 Month LIBOR + 5.95%), due 8/15/43 (b)(h) | 2,578,183 | 252,539 |
FNMA | ||
REMIC, Series 2013-110, Class CO | ||
(zero coupon), due 12/25/39 | 1,858,772 | 1,535,808 |
REMIC, Series 2013-105, Class QO | ||
(zero coupon), due 5/25/40 | 513,173 | 421,645 |
REMIC, Series 2013-105, Class KO | ||
(zero coupon), due 10/25/43 | 578,154 | 505,060 |
REMIC, Series 2013-110, Class DO | ||
(zero coupon), due 11/25/43 | 786,591 | 641,807 |
REMIC, Series 2021-81, Class SA | ||
(zero coupon) (SOFR 30A + 2.60%), due 12/25/51 (b)(h) | 14,297,177 | 178,457 |
REMIC, Series 2022-3, Class YS | ||
(zero coupon) (SOFR 30A + 2.55%), due 2/25/52 (b)(h) | 11,189,453 | 132,672 |
REMIC, Series 2022-5, Class SN | ||
(zero coupon) (SOFR 30A + 1.80%), due 2/25/52 (b)(h) | 1,766,275 | 5,251 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
FNMA (continued) | ||
REMIC, Series 2021-40, Class SI | ||
1.561% (1 Month LIBOR + 5.95%), due 9/25/47 (b)(h) | $ 3,458,498 | $ 329,300 |
REMIC, Series 2016-57, Class SN | ||
1.661% (1 Month LIBOR + 6.05%), due 6/25/46 (b)(h) | 2,640,410 | 269,741 |
REMIC, Series 2019-32, Class SB | ||
1.661% (1 Month LIBOR + 6.05%), due 6/25/49 (b)(h) | 2,749,068 | 270,580 |
REMIC, Series 2020-23, Class PS | ||
1.661% (1 Month LIBOR + 6.05%), due 2/25/50 (b)(h) | 2,998,742 | 310,272 |
REMIC, Series 2022-10, Class SA | ||
1.822% (SOFR 30A + 5.75%), due 2/25/52 (b)(h) | 1,914,023 | 243,733 |
REMIC, Series 2021-7, Class EI | ||
2.50%, due 2/25/51 (h) | 4,081,332 | 562,554 |
REMIC, Series 2021-10, Class LI | ||
2.50%, due 3/25/51 (h) | 1,067,282 | 161,504 |
REMIC, Series 2021-12, Class JI | ||
2.50%, due 3/25/51 (h) | 1,571,305 | 238,077 |
REMIC, Series 2021-54, Class HI | ||
2.50%, due 6/25/51 (h) | 852,755 | 106,555 |
REMIC, Series 2021-85, Class BI | ||
3.00%, due 12/25/51 (h) | 4,477,193 | 695,304 |
REMIC, Series 2021-8, Class ID | ||
3.50%, due 3/25/51 (h) | 2,825,916 | 567,689 |
REMIC, Series 2020-10, Class DA | ||
3.50%, due 3/25/60 | 1,463,125 | 1,348,815 |
FNMA, Strips | ||
REMIC, Series 427, Class C77 | ||
2.50%, due 9/25/51 (h) | 6,740,727 | 1,014,634 |
GNMA | ||
REMIC, Series 2019-136, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 11/20/49 (b)(h) | 1,955,367 | 24,671 |
REMIC, Series 2019-145, Class LS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 11/20/49 (b)(h) | 2,058,383 | 23,110 |
REMIC, Series 2020-1, Class YS | ||
(zero coupon) (1 Month LIBOR + 2.83%), due 1/20/50 (b)(h) | 4,237,929 | 43,271 |
REMIC, Series 2020-129, Class SB | ||
(zero coupon) (1 Month LIBOR + 3.20%), due 9/20/50 (b)(h) | 6,173,851 | 75,199 |
Principal Amount | Value | |
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2021-97, Class SD | ||
(zero coupon) (SOFR 30A + 2.60%), due 6/20/51 (b)(h) | $ 13,904,177 | $ 163,081 |
REMIC, Series 2021-158, Class SB | ||
(zero coupon) (SOFR 30A + 3.70%), due 9/20/51 (b)(h) | 4,891,330 | 200,831 |
REMIC, Series 2022-19, Class SG | ||
(zero coupon) (SOFR 30A + 2.45%), due 1/20/52 (b)(h) | 7,930,384 | 56,773 |
REMIC, Series 2022-6, Class AS | ||
(zero coupon) (SOFR 30A + 3.14%), due 1/20/52 (b)(h) | 970,851 | 11,739 |
REMIC, Series 2022-24, Class SC | ||
(zero coupon) (SOFR 30A + 2.37%), due 2/20/52 (b)(h) | 39,645,541 | 295,177 |
REMIC, Series 2020-115, Class YA | ||
1.00%, due 8/20/50 | 2,045,693 | 1,559,487 |
REMIC, Series 2020-129, Class AG | ||
1.00%, due 9/20/50 | 2,932,575 | 2,226,941 |
REMIC, Series 2020-166, Class CA | ||
1.00%, due 11/20/50 | 3,198,428 | 2,386,529 |
REMIC, Series 2020-34, Class SC | ||
1.697% (1 Month LIBOR + 6.05%), due 3/20/50 (b)(h) | 3,423,437 | 342,457 |
REMIC, Series 2020-183, Class HT | ||
1.944% (SOFR 30A + 5.77%), due 12/20/50 (b)(h) | 4,671,330 | 360,271 |
REMIC, Series 2020-146, Class SA | ||
1.947% (1 Month LIBOR + 6.30%), due 10/20/50 (b)(h) | 3,258,645 | 385,401 |
REMIC, Series 2021-179, Class SA | ||
1.947% (1 Month LIBOR + 6.30%), due 11/20/50 (b)(h) | 4,530,004 | 558,006 |
REMIC, Series 2020-189, Class SU | ||
1.947% (1 Month LIBOR + 6.30%), due 12/20/50 (b)(h) | 1,047,252 | 126,909 |
REMIC, Series 2021-122, Class HS | ||
1.947% (1 Month LIBOR + 6.30%), due 7/20/51 (b)(h) | 3,230,471 | 414,682 |
REMIC, Series 2021-41, Class FS | ||
2.00% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 4,740,696 | 514,864 |
REMIC, Series 2020-166, Class IC | ||
2.00%, due 11/20/50 (h) | 2,043,966 | 216,295 |
REMIC, Series 2020-176, Class AI | ||
2.00%, due 11/20/50 (h) | 12,691,617 | 1,354,069 |
18 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Agency (Collateralized Mortgage Obligations) (continued) | ||
GNMA (continued) | ||
REMIC, Series 2020-188 | ||
2.00%, due 12/20/50 (h) | $ 4,469,290 | $ 474,552 |
REMIC, Series 2021-57, Class AI | ||
2.00%, due 2/20/51 (h) | 4,913,997 | 512,807 |
REMIC, Series 2021-205, Class GA | ||
2.00%, due 11/20/51 | 898,462 | 742,228 |
REMIC, Series 2021-97, Class IN | ||
2.50%, due 8/20/49 (h) | 5,839,249 | 614,768 |
REMIC, Series 2022-1, Class IA | ||
2.50%, due 6/20/50 (h) | 837,016 | 114,871 |
REMIC, Series 2021-56, Class FE | ||
2.50% (SOFR 30A + 0.20%), due 10/20/50 (b)(h) | 5,299,664 | 674,962 |
REMIC, Series 2021-1, Class PI | ||
2.50%, due 12/20/50 (h) | 1,520,350 | 197,590 |
REMIC, Series 2021-25, Class LI | ||
2.50%, due 2/20/51 (h) | 3,785,367 | 477,564 |
REMIC, Series 2021-57, Class IB | ||
2.50%, due 2/20/51 (h) | 4,544,126 | 628,711 |
REMIC, Series 2021-149, Class CI | ||
2.50%, due 8/20/51 (h) | 4,253,359 | 598,758 |
REMIC, Series 2021-162, Class KI | ||
2.50%, due 9/20/51 (h) | 4,148,224 | 594,958 |
REMIC, Series 2022-83 | ||
2.50%, due 11/20/51 (h) | 4,684,466 | 626,332 |
REMIC, Series 2021-44, Class IQ | ||
3.00%, due 3/20/51 (h) | 5,816,931 | 840,626 |
REMIC, Series 2021-97, Class FA | ||
3.00% (SOFR 30A + 0.40%), due 6/20/51 (b) | 1,071,689 | 915,208 |
REMIC, Series 2021-98, Class IN | ||
3.00%, due 6/20/51 (h) | 1,889,434 | 339,616 |
REMIC, Series 2021-158, Class NI | ||
3.00%, due 9/20/51 (h) | 4,873,700 | 853,830 |
REMIC, Series 2021-177, Class IM | ||
3.00%, due 10/20/51 (h) | 3,951,700 | 625,004 |
REMIC, Series 2019-145, Class LF | ||
3.50% (1 Month LIBOR + 0.67%), due 11/20/49 (b) | 2,122,337 | 1,894,063 |
REMIC, Series 2021-146, Class IN | ||
3.50%, due 8/20/51 (h) | 3,996,129 | 642,852 |
REMIC, Series 2022-6, Class CF | ||
3.50% (SOFR 30A + 0.36%), due 1/20/52 (b) | 970,851 | 863,477 |
42,497,299 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 12.9% | ||
BAMLL Commercial Mortgage Securities Trust (a)(b) | ||
Series 2022-DKLX, Class E | ||
8.463% (1 Month SOFR + 4.127%), due 1/15/39 | $ 1,335,000 | $ 1,244,430 |
Series 2022-DKLX, Class F | ||
9.293% (1 Month SOFR + 4.957%), due 1/15/39 | 1,850,000 | 1,702,253 |
Bayview Commercial Asset Trust | ||
Series 2005-3A, Class A1 | ||
4.869% (1 Month LIBOR + 0.48%), due 11/25/35 (a)(b) | 936,389 | 852,569 |
BOCA Commercial Mortgage Trust | ||
Series 2022-BOCA, Class A | ||
6.105% (1 Month SOFR + 1.77%), due 5/15/39 (a)(b) | 1,830,000 | 1,793,077 |
BX Commercial Mortgage Trust (a) | ||
Series 2020-VIV2, Class C | ||
3.542%, due 3/9/44 (i) | 3,090,000 | 2,415,062 |
Series 2020-VIV3, Class B | ||
3.544%, due 3/9/44 (i) | 815,000 | 655,898 |
Series 2020-VIVA, Class D | ||
3.549%, due 3/11/44 (i) | 1,815,000 | 1,359,394 |
Series 2021-XL2, Class A | ||
5.006% (1 Month LIBOR + 0.689%), due 10/15/38 (b) | 1,450,309 | 1,393,926 |
Series 2021-21M, Class A | ||
5.048% (1 Month LIBOR + 0.73%), due 10/15/36 (b) | 819,513 | 787,396 |
Series 2021-VOLT, Class D | ||
5.968% (1 Month LIBOR + 1.65%), due 9/15/36 (b) | 2,865,000 | 2,680,417 |
Series 2021-ACNT, Class D | ||
6.168% (1 Month LIBOR + 1.85%), due 11/15/38 (b) | 1,535,000 | 1,450,314 |
Series 2021-VOLT, Class E | ||
6.318% (1 Month LIBOR + 2.00%), due 9/15/36 (b) | 3,370,000 | 3,133,993 |
Series 2021-ACNT, Class E | ||
6.515% (1 Month LIBOR + 2.197%), due 11/15/38 (b) | 3,400,000 | 3,203,901 |
BX Trust (a) | ||
Series 2019-OC11, Class B | ||
3.605%, due 12/9/41 | 300,000 | 245,949 |
Series 2019-OC11, Class C | ||
3.856%, due 12/9/41 | 975,000 | 803,395 |
Series 2019-OC11, Class D | ||
3.944%, due 12/9/41 (i) | 1,085,000 | 864,653 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
BX Trust (a) (continued) | ||
Series 2019-OC11, Class E | ||
3.944%, due 12/9/41 (i) | $ 5,235,000 | $ 4,049,962 |
Series 2021-LBA, Class AJV | ||
5.118% (1 Month LIBOR + 0.80%), due 2/15/36 (b) | 2,210,000 | 2,100,577 |
Series 2021-MFM1, Class C | ||
5.518% (1 Month LIBOR + 1.20%), due 1/15/34 (b) | 3,155,000 | 3,006,509 |
Series 2018-GW, Class C | ||
5.538% (1 Month LIBOR + 1.22%), due 5/15/35 (b) | 1,145,000 | 1,101,800 |
Series 2021-MFM1, Class D | ||
5.818% (1 Month LIBOR + 1.50%), due 1/15/34 (b) | 3,091,500 | 2,906,236 |
Series 2021-LBA, Class DV | ||
5.918% (1 Month LIBOR + 1.60%), due 2/15/36 (b) | 2,000,000 | 1,820,799 |
Series 2021-RISE, Class D | ||
6.068% (1 Month LIBOR + 1.75%), due 11/15/36 (b) | 3,095,000 | 2,907,757 |
Series 2021-ARIA, Class E | ||
6.563% (1 Month LIBOR + 2.245%), due 10/15/36 (b) | 3,200,000 | 2,903,095 |
BXHPP Trust (a)(b) | ||
Series 2021-FILM, Class C | ||
5.418% (1 Month LIBOR + 1.10%), due 8/15/36 | 980,000 | 881,493 |
Series 2021-FILM, Class D | ||
5.818% (1 Month LIBOR + 1.50%), due 8/15/36 | 755,000 | 669,538 |
BXSC Commercial Mortgage Trust | ||
Series 2022-WSS, Class D | ||
7.524% (1 Month SOFR + 3.188%), due 3/15/35 (a)(b) | 1,500,000 | 1,428,599 |
COMM Mortgage Trust | ||
Series 2012-CR4, Class AM | ||
3.251%, due 10/15/45 | 1,705,000 | 1,589,334 |
CSMC WEST Trust | ||
Series 2020-WEST, Class A | ||
3.04%, due 2/15/35 (a) | 2,657,500 | 2,072,742 |
DROP Mortgage Trust | ||
Series 2021-FILE, Class A | ||
5.47% (1 Month LIBOR + 1.15%), due 10/15/43 (a)(b) | 2,005,000 | 1,909,407 |
Principal Amount | Value | |
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
Extended Stay America Trust | ||
Series 2021-ESH, Class D | ||
6.568% (1 Month LIBOR + 2.25%), due 7/15/38 (a)(b) | $ 4,130,269 | $ 3,954,136 |
FREMF Mortgage Trust (a)(i) | ||
REMIC, Series 2017-K63, Class C | ||
3.877%, due 2/25/50 | 1,925,000 | 1,755,523 |
REMIC, Series 2018-K154, Class B | ||
4.023%, due 11/25/32 | 2,450,000 | 2,069,980 |
REMIC, Series 2018-K78, Class B | ||
4.129%, due 6/25/51 | 855,000 | 785,365 |
REMIC, Series 2018-K155, Class B | ||
4.166%, due 4/25/33 | 2,975,000 | 2,545,302 |
REMIC, Series 2018-K81, Class B | ||
4.173%, due 9/25/51 | 140,000 | 127,778 |
REMIC, Series 2018-K81, Class C | ||
4.173%, due 9/25/51 | 2,020,000 | 1,792,172 |
REMIC, Series 2018-K84, Class C | ||
4.185%, due 10/25/28 | 610,000 | 549,825 |
REMIC, Series 2018-K76, Class B | ||
4.208%, due 6/25/51 | 420,000 | 387,130 |
REMIC, Series 2018-K79, Class B | ||
4.211%, due 7/25/51 | 455,000 | 417,062 |
REMIC, Series 2018-K80, Class C | ||
4.231%, due 8/25/50 | 1,385,000 | 1,250,175 |
REMIC, Series 2019-K88, Class C | ||
4.383%, due 2/25/52 | 2,185,000 | 1,937,924 |
Hudson Yards Mortgage Trust | ||
Series 2019-30HY, Class A | ||
3.228%, due 7/10/39 (a) | 945,000 | 812,511 |
J.P. Morgan Chase Commercial Mortgage Securities Trust | ||
Series 2018-AON, Class B | ||
4.379%, due 7/5/31 (a) | 2,795,000 | 2,568,483 |
Manhattan West Mortgage Trust | ||
Series 2020-1MW, Class A | ||
2.13%, due 9/10/39 (a) | 1,120,000 | 956,266 |
Multifamily Connecticut Avenue Securities Trust (a)(b) | ||
Series 2019-01, Class M10 | ||
7.639% (1 Month LIBOR + 3.25%), due 10/25/49 | 3,046,837 | 2,860,629 |
Series 2020-01, Class M10 | ||
8.139% (1 Month LIBOR + 3.75%), due 3/25/50 | 975,000 | 900,455 |
One Bryant Park Trust | ||
Series 2019-OBP, Class A | ||
2.516%, due 9/15/54 (a) | 1,545,000 | 1,264,835 |
20 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligations) (continued) | ||
SLG Office Trust | ||
Series 2021-OVA, Class D | ||
2.851%, due 7/15/41 (a) | $ 1,825,000 | $ 1,355,322 |
SMRT | ||
Series 2022-MINI, Class D | ||
6.286% (1 Month SOFR + 1.95%), due 1/15/39 (a)(b) | 3,400,000 | 3,161,455 |
UBS-Barclays Commercial Mortgage Trust | ||
Series 2013-C6, Class B | ||
3.875%, due 4/10/46 (a)(j) | 2,535,000 | 2,488,695 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2018-AUS, Class A | ||
4.058%, due 8/17/36 (a)(i) | 3,185,000 | 2,824,874 |
WFRBS Commercial Mortgage Trust | ||
Series 2014-C21, Class AS | ||
3.891%, due 8/15/47 | 2,560,000 | 2,436,430 |
93,136,802 | ||
Whole Loan (Collateralized Mortgage Obligations) 11.7% | ||
Alternative Loan Trust | ||
Series 2005-31, Class 1A1 | ||
4.949% (1 Month LIBOR + 0.56%), due 8/25/35 (b) | 2,394,355 | 2,033,877 |
CIM Trust | ||
Series 2021-J2, Class AIOS | ||
0.21%, due 4/25/51 (a)(h)(j) | 53,143,488 | 532,647 |
Connecticut Avenue Securities Trust (a)(b) | ||
Series 2020-R02, Class 2M2 | ||
6.389% (1 Month LIBOR + 2.00%), due 1/25/40 | 1,597,559 | 1,573,440 |
Series 2021-R01, Class 1B1 | ||
7.028% (SOFR 30A + 3.10%), due 10/25/41 | 4,575,000 | 4,299,865 |
Series 2020-SBT1, Class 1M2 | ||
8.039% (1 Month LIBOR + 3.65%), due 2/25/40 | 1,700,000 | 1,678,978 |
FHLMC STACR REMIC Trust (a)(b) | ||
Series 2020-DNA6, Class M2 | ||
5.928% (SOFR 30A + 2.00%), due 12/25/50 | 3,827,807 | 3,801,287 |
Series 2021-HQA2, Class M2 | ||
5.978% (SOFR 30A + 2.05%), due 12/25/33 | 2,555,000 | 2,323,453 |
Series 2021-HQA3, Class M2 | ||
6.028% (SOFR 30A + 2.10%), due 9/25/41 | 3,320,000 | 2,922,348 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FHLMC STACR REMIC Trust (a)(b) (continued) | ||
Series 2021-HQA1, Class M2 | ||
6.178% (SOFR 30A + 2.25%), due 8/25/33 | $ 3,130,000 | $ 2,947,935 |
Series 2020-HQA1, Class B1 | ||
6.739% (1 Month LIBOR + 2.35%), due 1/25/50 | 2,305,000 | 2,140,826 |
Series 2020-DNA2, Class B1 | ||
6.889% (1 Month LIBOR + 2.50%), due 2/25/50 | 3,860,000 | 3,605,216 |
Series 2021-HQA1, Class B1 | ||
6.928% (SOFR 30A + 3.00%), due 8/25/33 | 4,045,000 | 3,417,854 |
Series 2021-DNA5, Class B1 | ||
6.978% (SOFR 30A + 3.05%), due 1/25/34 | 3,615,000 | 3,301,467 |
Series 2021-HQA2, Class B1 | ||
7.078% (SOFR 30A + 3.15%), due 12/25/33 | 2,500,000 | 2,140,515 |
Series 2021-HQA3, Class B1 | ||
7.278% (SOFR 30A + 3.35%), due 9/25/41 | 5,030,000 | 4,296,212 |
Series 2022-DNA1, Class B1 | ||
7.328% (SOFR 30A + 3.40%), due 1/25/42 | 4,835,000 | 4,288,681 |
Series 2022-DNA2, Class M2 | ||
7.678% (SOFR 30A + 3.75%), due 2/25/42 | 2,065,000 | 1,942,018 |
FHLMC STACR Trust (a)(b) | ||
Series 2019-DNA3, Class B1 | ||
7.639% (1 Month LIBOR + 3.25%), due 7/25/49 | 2,645,000 | 2,645,017 |
Series 2018-DNA2, Class B1 | ||
8.089% (1 Month LIBOR + 3.70%), due 12/25/30 | 4,225,000 | 4,231,565 |
Series 2019-DNA2, Class B1 | ||
8.739% (1 Month LIBOR + 4.35%), due 3/25/49 | 1,900,000 | 1,954,094 |
Series 2019-DNA1, Class B1 | ||
9.039% (1 Month LIBOR + 4.65%), due 1/25/49 | 2,625,000 | 2,737,290 |
FHLMC Structured Agency Credit Risk Debt Notes | ||
Series 2021-DNA2, Class B1 | ||
7.328% (SOFR 30A + 3.40%), due 8/25/33 (a)(b) | 1,765,000 | 1,630,119 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
FNMA (b) | ||
Series 2021-R02, Class 2B1 | ||
7.228% (SOFR 30A + 3.30%), due 11/25/41 (a) | $ 1,630,000 | $ 1,504,197 |
Series 2018-C01, Class 1B1 | ||
7.939% (1 Month LIBOR + 3.55%), due 7/25/30 | 3,910,000 | 3,978,353 |
Series 2017-C05, Class 1B1 | ||
7.989% (1 Month LIBOR + 3.60%), due 1/25/30 | 1,070,000 | 1,082,636 |
Series 2018-C03, Class 1B1 | ||
8.139% (1 Month LIBOR + 3.75%), due 10/25/30 | 850,000 | 858,462 |
Series 2018-C06, Class 2B1 | ||
8.489% (1 Month LIBOR + 4.10%), due 3/25/31 | 1,100,000 | 1,125,525 |
Series 2017-C03, Class 1B1 | ||
9.239% (1 Month LIBOR + 4.85%), due 10/25/29 | 770,000 | 812,889 |
Series 2017-C01, Class 1B1 | ||
10.139% (1 Month LIBOR + 5.75%), due 7/25/29 | 375,000 | 408,811 |
Galton Funding Mortgage Trust | ||
Series 2018-2, Class A51 | ||
4.50%, due 10/25/58 (a)(j) | 431,795 | 407,199 |
GreenPoint Mortgage Funding Trust | ||
Series 2007-AR3, Class A1 | ||
4.829% (1 Month LIBOR + 0.44%), due 6/25/37 (b) | 497,628 | 427,270 |
New Residential Mortgage Loan Trust (a) | ||
Series 2019-5A, Class B7 | ||
4.348%, due 8/25/59 (i) | 3,309,865 | 1,949,065 |
Series 2019-4A, Class B6 | ||
4.657%, due 12/25/58 (j) | 3,075,847 | 1,840,033 |
Series 2019-2A, Class B6 | ||
4.885%, due 12/25/57 (j) | 1,145,148 | 723,039 |
NewRez Warehouse Securitization Trust | ||
Series 2021-1, Class B | ||
5.289% (1 Month LIBOR + 0.90%), due 5/25/55 (a)(b) | 2,665,000 | 2,610,629 |
Sequoia Mortgage Trust | ||
Series 2018-7, Class B3 | ||
4.254%, due 9/25/48 (a)(j) | 1,538,409 | 1,255,131 |
STACR Trust (a)(b) | ||
Series 2018-HRP2, Class M3 | ||
6.789% (1 Month LIBOR + 2.40%), due 2/25/47 | 3,017,024 | 2,933,501 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
STACR Trust (a)(b) (continued) | ||
Series 2018-HRP2, Class B1 | ||
8.589% (1 Month LIBOR + 4.20%), due 2/25/47 | $ 2,200,000 | $ 2,195,123 |
WaMu Mortgage Pass-Through Certificates Trust | ||
Series 2006-AR9, Class 2A | ||
3.096% (12 Month Monthly Treasury Average Index + 1.048%), due 8/25/46 (b) | 793,846 | 601,877 |
85,158,444 | ||
Total Mortgage-Backed Securities (Cost $238,006,946) | 220,792,545 | |
Municipal Bond 0.3% | ||
California 0.3% | ||
Regents of the University of California Medical Center, Pooled Revenue Bonds | ||
Series N | ||
3.006%, due 5/15/50 | 3,030,000 | 2,007,459 |
Total Municipal Bond (Cost $3,030,000) | 2,007,459 | |
U.S. Government & Federal Agencies 7.8% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Security) 0.4% | ||
UMBS Pool, 30 Year | ||
3.50%, due 7/1/52 | 3,539,551 | 3,216,695 |
Federal National Mortgage Association (Mortgage Pass-Through Securities) 3.2% | ||
UMBS, 30 Year | ||
4.00%, due 6/1/52 | 12,685,447 | 11,899,457 |
4.00%, due 7/1/52 | 3,922,478 | 3,680,650 |
5.00%, due 11/1/52 | 7,429,895 | 7,327,145 |
22,907,252 | ||
United States Treasury Bonds 0.9% | ||
U.S. Treasury Bonds | ||
4.00%, due 11/15/42 (e) | 2,045,000 | 2,002,183 |
4.00%, due 11/15/52 | 4,580,000 | 4,586,440 |
6,588,623 | ||
United States Treasury Notes 3.3% | ||
U.S. Treasury Notes | ||
4.00%, due 10/31/29 | 5,600,000 | 5,601,750 |
22 | MainStay VP MacKay Strategic Bond Portfolio |
Principal Amount | Value | ||
U.S. Government & Federal Agencies (continued) | |||
United States Treasury Notes (continued) | |||
U.S. Treasury Notes (continued) | |||
4.125%, due 10/31/27 | $ 10,295,000 | $ 10,332,802 | |
4.125%, due 11/15/32 | 2,320,000 | 2,367,487 | |
4.375%, due 10/31/24 | 5,205,000 | 5,190,158 | |
23,492,197 | |||
Total U.S. Government & Federal Agencies (Cost $57,739,852) | 56,204,767 | ||
Total Long-Term Bonds (Cost $796,634,871) | 707,458,398 | ||
Shares | |||
Short-Term Investments 1.7% | |||
Affiliated Investment Company 1.1% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (k) | 7,729,235 | 7,729,235 | |
Unaffiliated Investment Company 0.6% | |||
Invesco Government and Agency Portfolio, 4.301% (k)(l) | 4,209,556 | 4,209,556 | |
Total Short-Term Investments (Cost $11,938,791) | 11,938,791 | ||
Total Investments (Cost $808,573,662) | 99.5% | 719,397,189 | |
Other Assets, Less Liabilities | 0.5 | 3,797,684 | |
Net Assets | 100.0% | $ 723,194,873 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. |
(b) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(c) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(d) | Security is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(e) | All or a portion of this security was held on loan. As of December 31, 2022, the aggregate market value of securities on loan was $5,995,141; the total market value of collateral held by the Portfolio was $6,278,408. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $2,068,852. The Portfolio received cash collateral with a value of $4,209,556. (See Note 2(J)) |
(f) | Illiquid security—As of December 31, 2022, the total market value deemed illiquid under procedures approved by the Board of Trustees was $1,875,000, which represented 0.3% of the Portfolio’s net assets. (Unaudited) |
(g) | Step coupon—Rate shown was the rate in effect as of December 31, 2022. |
(h) | Collateralized Mortgage Obligation Interest Only Strip—Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities. |
(i) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of December 31, 2022. |
(j) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2022. |
(k) | Current yield as of December 31, 2022. |
(l) | Represents a security purchased with cash collateral received for securities on loan. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 29,106 | $ 265,078 | $ (286,455) | $ — | $ — | $ 7,729 | $ 100 | $ — | 7,729 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
U.S. Treasury 10 Year Ultra Bonds | 764 | March 2023 | $ 90,783,785 | $ 90,366,875 | $ (416,910) |
U.S. Treasury Long Bonds | 76 | March 2023 | 9,587,785 | 9,526,125 | (61,660) |
Total Long Contracts | (478,570) | ||||
Short Contracts | |||||
U.S. Treasury 2 Year Notes | (178) | March 2023 | (36,447,096) | (36,503,907) | (56,811) |
U.S. Treasury 5 Year Notes | (888) | March 2023 | (95,904,887) | (95,841,563) | 63,324 |
U.S. Treasury 10 Year Notes | (500) | March 2023 | (56,428,552) | (56,148,437) | 280,115 |
U.S. Treasury Ultra Bonds | (65) | March 2023 | (8,840,940) | (8,730,313) | 110,627 |
Total Short Contracts | 397,255 | ||||
Net Unrealized Depreciation | $ (81,315) |
1. | As of December 31, 2022, cash in the amount of $1,493,217 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2022. |
Notional Amount | Currency | Expiration Date | Payments made by Portfolio | Payments Received by Portfolio | Payment Frequency Paid/Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) | ||
$ 50,000,000 | USD | 3/16/23 | Fixed 2.793% | 3 month USD LIBOR | Semi-Annually/Quarterly | $ — | $ 206,109 | $ 206,109 | ||
50,000,000 | USD | 3/29/23 | Fixed 2.762% | 3 month USD LIBOR | Semi-Annually/Quarterly | — | 243,999 | 243,999 | ||
$ — | $ 450,108 | $ 450,108 |
1. | As of December 31, 2022, cash in the amount of $423 was on deposit with a broker for centrally cleared swap agreements. |
Abbreviation(s): |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
FREMF—Freddie Mac Multifamily |
GNMA—Government National Mortgage Association |
LIBOR—London Interbank Offered Rate |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
UMBS—Uniform Mortgage Backed Securities |
USD—United States Dollar |
USISDA—U.S. dollar International Swaps and Derivatives Association |
24 | MainStay VP MacKay Strategic Bond Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 101,121,390 | $ — | $ 101,121,390 | |||
Corporate Bonds | — | 306,837,623 | — | 306,837,623 | |||
Foreign Government Bonds | — | 19,192,967 | — | 19,192,967 | |||
Loan Assignments | — | 1,301,647 | — | 1,301,647 | |||
Mortgage-Backed Securities | — | 220,792,545 | — | 220,792,545 | |||
Municipal Bond | — | 2,007,459 | — | 2,007,459 | |||
U.S. Government & Federal Agencies | — | 56,204,767 | — | 56,204,767 | |||
Total Long-Term Bonds | — | 707,458,398 | — | 707,458,398 | |||
Short-Term Investments | |||||||
Affiliated Investment Company | 7,729,235 | — | — | 7,729,235 | |||
Unaffiliated Investment Company | 4,209,556 | — | — | 4,209,556 | |||
Total Short-Term Investments | 11,938,791 | — | — | 11,938,791 | |||
Total Investments in Securities | 11,938,791 | 707,458,398 | — | 719,397,189 | |||
Other Financial Instruments (b) | |||||||
Futures Contracts | 454,066 | — | — | 454,066 | |||
Interest Rate Swap Contracts | — | 450,108 | — | 450,108 | |||
Total Other Financial Instruments | 454,066 | 450,108 | — | 904,174 | |||
Total Investments in Securities and Other Financial Instruments | $ 12,392,857 | $ 707,908,506 | $ — | $ 720,301,363 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Futures Contracts (b) | $ (535,381) | $ — | $ — | $ (535,381) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
Assets | |
Investment in unaffiliated securities, at value (identified cost $800,844,427) including securities on loan of $5,995,141 | $ 711,667,954 |
Investment in affiliated investment companies, at value (identified cost $7,729,235) | 7,729,235 |
Cash | 1,898,595 |
Cash denominated in foreign currencies (identified cost $435) | 435 |
Cash collateral on deposit at broker for futures contracts | 1,493,217 |
Cash collateral on deposit at broker for swap contracts | 423 |
Receivables: | |
Interest | 5,427,169 |
Portfolio shares sold | 263,890 |
Variation margin on futures contracts | 157,175 |
Securities lending | 5,776 |
Other assets | 4,783 |
Total assets | 728,648,652 |
Liabilities | |
Cash collateral received for securities on loan | 4,209,556 |
Payables: | |
Portfolio shares redeemed | 590,883 |
Manager (See Note 3) | 362,881 |
NYLIFE Distributors (See Note 3) | 150,633 |
Shareholder communication | 62,926 |
Professional fees | 42,746 |
Custodian | 11,886 |
Variation margin on centrally cleared swap contracts | 6,798 |
Accrued expenses | 15,470 |
Total liabilities | 5,453,779 |
Net assets | $ 723,194,873 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 79,630 |
Additional paid-in-capital | 826,782,868 |
826,862,498 | |
Total distributable earnings (loss) | (103,667,625) |
Net assets | $ 723,194,873 |
Initial Class | |
Net assets applicable to outstanding shares | $ 21,924,176 |
Shares of beneficial interest outstanding | 2,406,330 |
Net asset value per share outstanding | $ 9.11 |
Service Class | |
Net assets applicable to outstanding shares | $701,270,697 |
Shares of beneficial interest outstanding | 77,223,847 |
Net asset value per share outstanding | $ 9.08 |
26 | MainStay VP MacKay Strategic Bond Portfolio |
Investment Income (Loss) | |
Income | |
Interest | $ 33,370,596 |
Dividends-affiliated | 100,152 |
Securities lending, net | 72,781 |
Other | 16,914 |
Total income | 33,560,443 |
Expenses | |
Manager (See Note 3) | 4,726,836 |
Distribution/Service—Service Class (See Note 3) | 1,978,253 |
Professional fees | 113,852 |
Custodian | 61,098 |
Shareholder communication | 55,798 |
Trustees | 17,543 |
Miscellaneous | 30,905 |
Total expenses | 6,984,285 |
Net investment income (loss) | 26,576,158 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (16,290,338) |
Futures transactions | 23,691,262 |
Swap transactions | (945,090) |
Net realized gain (loss) | 6,455,834 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (107,132,740) |
Futures contracts | 2,259,916 |
Swap contracts | 3,076,600 |
Net change in unrealized appreciation (depreciation) | (101,796,224) |
Net realized and unrealized gain (loss) | (95,340,390) |
Net increase (decrease) in net assets resulting from operations | $ (68,764,232) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 26,576,158 | $ 24,999,031 |
Net realized gain (loss) | 6,455,834 | 38,509,212 |
Net change in unrealized appreciation (depreciation) | (101,796,224) | (46,649,225) |
Net increase (decrease) in net assets resulting from operations | (68,764,232) | 16,859,018 |
Distributions to shareholders: | ||
Initial Class | (806,220) | (595,939) |
Service Class | (25,435,101) | (21,362,833) |
(26,241,321) | (21,958,772) | |
Distributions to shareholders from return of capital: | ||
Initial Class | (8,594) | — |
Service Class | (271,136) | — |
(279,730) | — | |
Total distributions to shareholders | (26,521,051) | (21,958,772) |
Capital share transactions: | ||
Net proceeds from sales of shares | 18,852,102 | 54,269,932 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 26,521,051 | 21,958,772 |
Cost of shares redeemed | (184,274,909) | (105,606,377) |
Increase (decrease) in net assets derived from capital share transactions | (138,901,756) | (29,377,673) |
Net increase (decrease) in net assets | (234,187,039) | (34,477,427) |
Net Assets | ||
Beginning of year | 957,381,912 | 991,859,339 |
End of year | $ 723,194,873 | $ 957,381,912 |
28 | MainStay VP MacKay Strategic Bond Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.19 | $ 10.25 | $ 9.92 | $ 9.60 | $ 10.06 | ||||
Net investment income (loss) (a) | 0.34 | 0.29 | 0.28 | 0.29 | 0.30 | ||||
Net realized and unrealized gain (loss) | (1.08) | (0.10) | 0.32 | 0.38 | (0.43) | ||||
Total from investment operations | (0.74) | 0.19 | 0.60 | 0.67 | (0.13) | ||||
Less distributions: | |||||||||
From net investment income | (0.34) | (0.25) | (0.26) | (0.35) | (0.33) | ||||
Return of capital | (0.00)‡ | — | (0.01) | — | — | ||||
Total distributions | (0.34) | (0.25) | (0.27) | (0.35) | (0.33) | ||||
Net asset value at end of year | $ 9.11 | $ 10.19 | $ 10.25 | $ 9.92 | $ 9.60 | ||||
Total investment return (b) | (7.24)% | 1.96% | 6.12% | 7.06% | (1.21)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.54% | 2.80% | 2.84% | 2.96% | 3.04% | ||||
Net expenses (c)(d) | 0.62% | 0.62% | 0.70% | 0.76% | 0.75% | ||||
Portfolio turnover rate | 60% | 62% | 52%(e) | 51%(e) | 33% | ||||
Net assets at end of year (in 000's) | $ 21,924 | $ 24,820 | $ 22,538 | $ 49,296 | $ 116,901 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2021 | 0.61% | 0.01% | ||
December 31, 2020 | 0.62% | 0.08% | ||
December 31, 2019 | 0.61% | 0.15% | ||
December 31, 2018 | 0.60% | 0.15% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 51% and 45% for the years ended December 31, 2020 and 2019, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 10.16 | $ 10.21 | $ 9.89 | $ 9.57 | $ 10.03 | ||||
Net investment income (loss) (a) | 0.31 | 0.26 | 0.26 | 0.26 | 0.28 | ||||
Net realized and unrealized gain (loss) | (1.07) | (0.08) | 0.30 | 0.39 | (0.43) | ||||
Total from investment operations | (0.76) | 0.18 | 0.56 | 0.65 | (0.15) | ||||
Less distributions: | |||||||||
From net investment income | (0.32) | (0.23) | (0.23) | (0.33) | (0.31) | ||||
Return of capital | (0.00)‡ | — | (0.01) | — | — | ||||
Total distributions | (0.32) | (0.23) | (0.24) | (0.33) | (0.31) | ||||
Net asset value at end of year | $ 9.08 | $ 10.16 | $ 10.21 | $ 9.89 | $ 9.57 | ||||
Total investment return (b) | (7.47)% | 1.71% | 5.86% | 6.80% | (1.46)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 3.26% | 2.53% | 2.59% | 2.66% | 2.79% | ||||
Net expenses (c)(d) | 0.87% | 0.87% | 0.93% | 1.01% | 1.00% | ||||
Portfolio turnover rate | 60% | 62% | 52%(e) | 51%(e) | 33% | ||||
Net assets at end of year (in 000's) | $ 701,271 | $ 932,562 | $ 969,321 | $ 990,736 | $ 999,100 |
‡ | Less than one cent per share. |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(d) | The expense ratios presented below show the impact of short sales expense: |
Year Ended | Net Expenses (excluding short sale expenses) | Short Sales Expenses | ||
December 31, 2021 | 0.86% | 0.01% | ||
December 31, 2020 | 0.86% | 0.07% | ||
December 31, 2019 | 0.86% | 0.15% | ||
December 31, 2018 | 0.85% | 0.15% |
(e) | The portfolio turnover rate not including mortgage dollar rolls was 51% and 45% for the years ended December 31, 2020 and 2019, respectively. |
30 | MainStay VP MacKay Strategic Bond Portfolio |
Class | Commenced Operations |
Initial Class | April 29, 2011 |
Service Class | April 29, 2011 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Monthly payment information |
32 | MainStay VP MacKay Strategic Bond Portfolio |
34 | MainStay VP MacKay Strategic Bond Portfolio |
36 | MainStay VP MacKay Strategic Bond Portfolio |
Asset Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | $454,066 | $454,066 |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized appreciation on swap contracts (b) | 450,108 | 450,108 |
Total Fair Value | $904,174 | $904,174 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
(b) | Includes cumulative appreciation (depreciation) of centrally cleared swap agreements as reported in the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Interest Rate Contracts Risk | Total |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | $(535,381) | $(535,381) |
Total Fair Value | $(535,381) | $(535,381) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Net Realized Gain (Loss) from: | Interest Rate Contracts Risk | Total |
Futures Contracts | $23,691,262 | $23,691,262 |
Swap Contracts | (945,090) | (945,090) |
Total Net Realized Gain (Loss) | $22,746,172 | $22,746,172 |
Net Change in Unrealized Appreciation (Depreciation) | Interest Rate Contracts Risk | Total |
Futures Contracts | $2,259,916 | $2,259,916 |
Swap Contracts | 3,076,600 | 3,076,600 |
Total Net Change in Unrealized Appreciation (Depreciation) | $5,336,516 | $5,336,516 |
Average Notional Amount | Total |
Futures Contracts Long | $ 50,925,728 |
Futures Contracts Short | $(202,625,248) |
Swap Contracts Long | $ 100,000,000 |
38 | MainStay VP MacKay Strategic Bond Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $808,649,294 | $2,314,711 | $(91,138,925) | $(88,824,214) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$— | $(14,865,628) | $— | $(88,801,997) | $(103,667,625) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $14,843 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $26,241,321 | $21,958,772 |
Return of Capital | 279,730 | — |
Total | $26,521,051 | $21,958,772 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 89,545 | $ 852,271 |
Shares issued to shareholders in reinvestment of distributions | 88,439 | 814,814 |
Shares redeemed | (206,737) | (1,972,794) |
Net increase (decrease) | (28,753) | $ (305,709) |
Year ended December 31, 2021: | ||
Shares sold | 257,807 | $ 2,650,372 |
Shares issued to shareholders in reinvestment of distributions | 58,257 | 595,939 |
Shares redeemed | (80,307) | (824,780) |
Net increase (decrease) | 235,757 | $ 2,421,531 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,908,507 | $ 17,999,831 |
Shares issued to shareholders in reinvestment of distributions | 2,796,524 | 25,706,237 |
Shares redeemed | (19,275,558) | (182,302,115) |
Net increase (decrease) | (14,570,527) | $(138,596,047) |
Year ended December 31, 2021: | ||
Shares sold | 5,040,050 | $ 51,619,560 |
Shares issued to shareholders in reinvestment of distributions | 2,095,125 | 21,362,833 |
Shares redeemed | (10,233,577) | (104,781,597) |
Net increase (decrease) | (3,098,402) | $ (31,799,204) |
40 | MainStay VP MacKay Strategic Bond Portfolio |
MainStay VP MacKay Strategic Bond Portfolio
New York, New York
February 24, 2023
42 | MainStay VP MacKay Strategic Bond Portfolio |
44 | MainStay VP MacKay Strategic Bond Portfolio |
46 | MainStay VP MacKay Strategic Bond Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
48 | MainStay VP MacKay Strategic Bond Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015540 | MSVPUB11-02/23 |
MainStay VP Conservative Allocation Portfolio |
MainStay VP Moderate Allocation Portfolio |
MainStay VP Growth Allocation Portfolio |
MainStay VP Equity Allocation Portfolio |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | -12.05% | 2.22% | 4.33% | 0.48% |
Service Class Shares | 2/13/2006 | -12.27 | 1.97 | 4.08 | 0.73 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | -18.11% | 9.42% | 12.56% |
MSCI EAFE® Index (Net)2 | -14.45 | 1.54 | 4.67 |
Bloomberg U.S. Aggregate Bond Index3 | -13.01 | 0.02 | 1.06 |
Conservative Allocation Composite Index4 | -14.40 | 3.29 | 5.06 |
Morningstar Allocation - 30% to 50% Equity Category Average5 | -13.34 | 2.10 | 3.49 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Portfolio's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
4. | The Portfolio has selected the Conservative Allocation Composite Index as an additional benchmark. The Conservative Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 30%, 10% and 60%, respectively. |
5. | The Morningstar Allocation – 30% to 50% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 30% to 50%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
6 | MainStay VP Conservative Allocation Portfolio |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,014.40 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,013.10 | $1.37 | $1,023.84 | $1.38 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Equity Funds | 36.3% |
Fixed Income Funds | 53.5 |
Short-Term Investment | 9.9 |
Other Assets, Less Liabilities | 0.3 |
8 | MainStay VP Conservative Allocation Portfolio |
• | Management of the stock/bond blend: The Portfolio’s management of its stock/bond blend proved generally successful, reflecting tactical adjustments made throughout the reporting period. With both investment-grade bonds and U.S. stocks posting declines in the mid-teens, there was little cost or benefit to being persistently overweight or underweight to equities, although adjusting that exposure over time (buying dips and selling rallies) added material value. |
• | Value created within asset classes: The equity portion of the Portfolio emphasized value over growth, with a specific focus on |
• | Gold and energy exposure: The equity portion of the Portfolio modestly benefited from tactical exposure to stocks of gold miners and energy producers. |
• | Shorter duration:3 The fixed income portion of the Portfolio shortened its average duration by holding cash and emphasizing exposure to MainStay MacKay Short Duration High Yield Fund over MainStay VP MacKay High Yield Corporate Bond Portfolio; these moves lifted relative returns. |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See page 6 for more information on benchmark and peer group returns. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
10 | MainStay VP Conservative Allocation Portfolio |
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. |
Shares | Value | |
Affiliated Investment Companies 89.8% | ||
Equity Funds 36.3% | ||
IQ 500 International ETF | 306,353 | $ 8,664,031 |
IQ Candriam ESG International Equity ETF | 348,014 | 8,630,747 |
IQ Candriam ESG U.S. Large Cap Equity ETF | 420,915 | 13,462,124 |
IQ Chaikin U.S. Large Cap ETF | 335,807 | 10,544,441 |
IQ Chaikin U.S. Small Cap ETF | 179,792 | 5,732,272 |
IQ FTSE International Equity Currency Neutral ETF | 473,632 | 10,112,043 |
MainStay Epoch Capital Growth Fund Class I | 166,062 | 1,797,807 |
MainStay Epoch International Choice Fund Class I | 151,918 | 5,146,484 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class | 1,075,949 | 11,907,845 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 1,174,247 | 7,755,550 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 648,144 | 10,918,110 |
MainStay VP MacKay International Equity Portfolio Initial Class | 498,058 | 5,124,469 |
MainStay VP S&P 500 Index Portfolio Initial Class | 110,740 | 7,717,966 |
MainStay VP Small Cap Growth Portfolio Initial Class | 824,750 | 7,725,845 |
MainStay VP Wellington Growth Portfolio Initial Class | 761,015 | 13,421,028 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 1,161,448 | 8,618,871 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 868,990 | 6,680,272 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 294,321 | 6,274,372 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 689,896 | 13,076,090 |
MainStay WMC Enduring Capital Fund Class R6 | 206,340 | 6,120,044 |
MainStay WMC International Research Equity Fund Class I | 801,603 | 5,237,271 |
MainStay WMC Value Fund Class R6 | 358,041 | 10,305,989 |
Total Equity Funds (Cost $210,971,769) | 184,973,671 | |
Fixed Income Funds 53.5% | ||
IQ MacKay ESG Core Plus Bond ETF (a) | 1,458,338 | 30,114,680 |
MainStay MacKay Short Duration High Yield Fund Class I | 2,407,339 | 21,988,152 |
Shares | Value | ||
Fixed Income Funds (continued) | |||
MainStay VP Bond Portfolio Initial Class (a) | 2,360,369 | $ 28,504,284 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 4,729,605 | 39,426,930 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 15,358,204 | 130,713,678 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 1,998,339 | 17,221,483 | |
MainStay VP PIMCO Real Return Portfolio Initial Class | 600,911 | 4,942,133 | |
Total Fixed Income Funds (Cost $314,556,720) | 272,911,340 | ||
Total Affiliated Investment Companies (Cost $525,528,489) | 457,885,011 | ||
Short-Term Investment 9.9% | |||
Affiliated Investment Company 9.9% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (b) | 50,553,611 | 50,553,611 | |
Total Short-Term Investment (Cost $50,553,611) | 9.9% | 50,553,611 | |
Total Investments (Cost $576,082,100) | 99.7% | 508,438,622 | |
Other Assets, Less Liabilities | 0.3 | 1,352,040 | |
Net Assets | 100.0% | $ 509,790,662 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of December 31, 2022, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of December 31, 2022. |
12 | MainStay VP Conservative Allocation Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 11,476 | $ 1,379 | $ (2,910) | $ 188 | $ (1,469) | $ 8,664 | $ 314 | $ — | 306 |
IQ Candriam ESG International Equity ETF | 11,604 | 1,498 | (2,598) | 511 | (2,384) | 8,631 | 268 | — | 348 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 20,570 | 1,899 | (4,595) | 1,135 | (5,547) | 13,462 | 212 | — | 421 |
IQ Chaikin U.S. Large Cap ETF | 14,606 | 366 | (2,616) | 727 | (2,539) | 10,544 | 153 | — | 336 |
IQ Chaikin U.S. Small Cap ETF | 4,613 | 2,436 | (762) | 224 | (779) | 5,732 | 64 | — | 180 |
IQ FTSE International Equity Currency Neutral ETF (b) | 13,789 | 1,004 | (2,794) | 287 | (2,174) | 10,112 | 302 | 191 | 474 |
IQ MacKay ESG Core Plus Bond ETF | — | 36,012 | (2,853) | (345) | (2,699) | 30,115 | 767 | — | 1,458 |
MainStay Epoch Capital Growth Fund Class I | 2,554 | 223 | (479) | (88) | (412) | 1,798 | 8 | 18 | 166 |
MainStay Epoch International Choice Fund Class I | 7,040 | 933 | (1,718) | (19) | (1,090) | 5,146 | 69 | — | 152 |
MainStay MacKay Short Duration High Yield Fund Class I | 41,539 | 7,738 | (24,482) | (1,369) | (1,438) | 21,988 | 1,426 | — | 2,407 |
MainStay U.S. Government Liquidity Fund | 56,348 | 135,036 | (140,830) | — | — | 50,554 | 732 | — | 50,554 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (c) | 14,445 | 2,868 | (2,841) | 176 | (2,740) | 11,908 | 227 | 1,446 | 1,076 |
MainStay VP Bond Portfolio Initial Class | 37,645 | 4,775 | (8,457) | (426) | (5,033) | 28,504 | 567 | — | 2,360 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 10,230 | 2,106 | (389) | 24 | (4,215) | 7,756 | 84 | 1,168 | 1,174 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 15,406 | 628 | (4,244) | 618 | (1,490) | 10,918 | 247 | 265 | 648 |
MainStay VP Floating Rate Portfolio Initial Class | 51,854 | 2,708 | (12,369) | (617) | (2,149) | 39,427 | 2,046 | — | 4,730 |
MainStay VP Indexed Bond Portfolio Initial Class | 212,609 | 18,085 | (71,087) | (2,246) | (26,647) | 130,714 | 3,942 | 1,769 | 15,358 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 27,741 | 13,967 | (21,101) | (2,831) | (554) | 17,222 | 954 | — | 1,998 |
MainStay VP MacKay International Equity Portfolio Initial Class | 6,870 | 2,374 | (1,229) | (212) | (2,678) | 5,125 | 15 | 1,078 | 498 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 6,957 | 415 | (1,379) | 121 | (1,172) | 4,942 | 330 | — | 601 |
MainStay VP S&P 500 Index Portfolio Initial Class (d) | 10,620 | 856 | (1,585) | 333 | (2,506) | 7,718 | 121 | 263 | 111 |
MainStay VP Small Cap Growth Portfolio Initial Class | 8,925 | 3,924 | (778) | 5 | (4,350) | 7,726 | — | 1,917 | 825 |
MainStay VP Wellington Growth Portfolio Initial Class | 19,594 | 8,811 | (3,737) | 370 | (11,617) | 13,421 | — | 4,528 | 761 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 9,900 | 4,558 | (399) | (25) | (5,415) | 8,619 | — | 3,411 | 1,161 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 7,130 | 3,663 | (828) | 55 | (3,340) | 6,680 | 77 | 1,763 | 869 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 10,397 | 2,245 | (2,954) | (385) | (3,029) | 6,274 | 47 | 1,348 | 294 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 20,477 | 7,977 | (5,316) | 306 | (10,368) | 13,076 | — | 3,582 | 690 |
MainStay WMC Enduring Capital Fund Class R6 | 8,738 | 784 | (2,102) | (431) | (869) | 6,120 | 36 | 220 | 206 |
MainStay WMC International Research Equity Fund Class I | 6,860 | 907 | (1,389) | (375) | (766) | 5,237 | 107 | — | 802 |
MainStay WMC Value Fund Class R6 | 14,820 | 572 | (3,963) | (1,261) | 138 | 10,306 | 174 | 394 | 358 |
$ 685,357 | $270,747 | $(332,784) | $(5,550) | $(109,331) | $508,439 | $13,289 | $23,361 |
(a) | Prior to August 31, 2022, known as IQ Candriam ESG U.S. Equity ETF. |
(b) | Prior to August 31, 2022, known as IQ 50 Percent Hedged FTSE International ETF. |
(c) | Prior to May 1, 2022, known as MainStay VP T. Rowe Price Equity Income Portfolio Initial Class. |
(d) | Prior to May 1, 2022, known as MainStay VP MacKay S&P 500 Index Portfolio Initial Class. |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 7,792 | $ — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.35% | 12/4/23 | Daily | 2,367 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (13,908) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.46% | 12/4/23 | Daily | (8,198) | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (7,669) | — |
Citibank NA | S&P 400 Total Return | 1 day FEDF plus 0.30% | 12/4/23 | Daily | 13,745 | — |
Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 7,750 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.14% | 12/4/23 | Daily | (9,397) | — |
Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 28,880 | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 2,641 | — |
Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/4/23 | Daily | 2,548 | — |
Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 2,839 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (5,153) | — |
$ — |
1. | As of December 31, 2022, cash in the amount $3,000,001 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of December 31, 2022. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
14 | MainStay VP Conservative Allocation Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 184,973,671 | $ — | $ — | $ 184,973,671 | |||
Fixed Income Funds | 272,911,340 | — | — | 272,911,340 | |||
Total Affiliated Investment Companies | 457,885,011 | — | — | 457,885,011 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 50,553,611 | — | — | 50,553,611 | |||
Total Investments in Securities | $ 508,438,622 | $ — | $ — | $ 508,438,622 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $576,082,100) | $508,438,622 |
Cash collateral on deposit at broker for swap contracts | 3,000,001 |
Receivables: | |
Dividends | 681,447 |
Portfolio shares sold | 44,892 |
Other assets | 3,305 |
Total assets | 512,168,267 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 1,771,929 |
Investment securities purchased | 244,037 |
Portfolio shares redeemed | 183,861 |
NYLIFE Distributors (See Note 3) | 107,699 |
Shareholder communication | 36,789 |
Professional fees | 21,819 |
Custodian | 6,059 |
Accrued expenses | 5,412 |
Total liabilities | 2,377,605 |
Net assets | $509,790,662 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 53,515 |
Additional paid-in-capital | 576,166,543 |
576,220,058 | |
Total distributable earnings (loss) | (66,429,396) |
Net assets | $509,790,662 |
Initial Class | |
Net assets applicable to outstanding shares | $ 13,486,984 |
Shares of beneficial interest outstanding | 1,398,969 |
Net asset value per share outstanding | $ 9.64 |
Service Class | |
Net assets applicable to outstanding shares | $496,303,678 |
Shares of beneficial interest outstanding | 52,116,208 |
Net asset value per share outstanding | $ 9.52 |
16 | MainStay VP Conservative Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 13,288,929 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 1,403,961 |
Professional fees | 63,761 |
Shareholder communication | 35,267 |
Custodian | 31,538 |
Trustees | 12,319 |
Miscellaneous | 16,092 |
Total expenses | 1,562,938 |
Net investment income (loss) | 11,725,991 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (5,550,451) |
Realized capital gain distributions from affiliated investment companies | 23,360,650 |
Swap transactions | (1,818,295) |
Net realized gain (loss) | 15,991,904 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | (109,330,812) |
Net realized and unrealized gain (loss) | (93,338,908) |
Net increase (decrease) in net assets resulting from operations | $ (81,612,917) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 11,725,991 | $ 12,840,420 |
Net realized gain (loss) | 15,991,904 | 62,070,773 |
Net change in unrealized appreciation (depreciation) | (109,330,812) | (28,483,081) |
Net increase (decrease) in net assets resulting from operations | (81,612,917) | 46,428,112 |
Distributions to shareholders: | ||
Initial Class | (1,966,692) | (531,222) |
Service Class | (74,201,160) | (19,279,410) |
Total distributions to shareholders | (76,167,852) | (19,810,632) |
Capital share transactions: | ||
Net proceeds from sales of shares | 36,820,287 | 58,685,105 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 76,167,852 | 19,810,632 |
Cost of shares redeemed | (133,464,320) | (120,116,541) |
Increase (decrease) in net assets derived from capital share transactions | (20,476,181) | (41,620,804) |
Net increase (decrease) in net assets | (178,256,950) | (15,003,324) |
Net Assets | ||
Beginning of year | 688,047,612 | 703,050,936 |
End of year | $ 509,790,662 | $ 688,047,612 |
18 | MainStay VP Conservative Allocation Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 12.91 | $ 12.44 | $ 11.70 | $ 10.77 | $ 11.80 | ||||
Net investment income (loss) (a) | 0.26 | 0.27 | 0.21 | 0.20 | 0.23 | ||||
Net realized and unrealized gain (loss) | (1.89) | 0.61 | 0.97 | 1.38 | (0.98) | ||||
Total from investment operations | (1.63) | 0.88 | 1.18 | 1.58 | (0.75) | ||||
Less distributions: | |||||||||
From net investment income | (0.53) | (0.25) | (0.25) | (0.34) | (0.28) | ||||
From net realized gain on investments | (1.11) | (0.16) | (0.19) | (0.31) | — | ||||
Total distributions | (1.64) | (0.41) | (0.44) | (0.65) | (0.28) | ||||
Net asset value at end of year | $ 9.64 | $ 12.91 | $ 12.44 | $ 11.70 | $ 10.77 | ||||
Total investment return (b) | (12.05)% | 7.13% | 10.28% | 14.83% | (6.47)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.31% | 2.12% | 1.76% | 1.75% | 2.02% | ||||
Net expenses (c) | 0.03% | 0.03% | 0.04% | 0.03% | 0.03% | ||||
Portfolio turnover rate | 26% | 25% | 29% | 42% | 58% | ||||
Net assets at end of year (in 000's) | $ 13,487 | $ 17,168 | $ 16,707 | $ 16,327 | $ 14,616 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 12.77 | $ 12.30 | $ 11.57 | $ 10.66 | $ 11.67 | ||||
Net investment income (loss) (a) | 0.23 | 0.23 | 0.17 | 0.17 | 0.20 | ||||
Net realized and unrealized gain (loss) | (1.88) | 0.61 | 0.97 | 1.35 | (0.96) | ||||
Total from investment operations | (1.65) | 0.84 | 1.14 | 1.52 | (0.76) | ||||
Less distributions: | |||||||||
From net investment income | (0.49) | (0.21) | (0.22) | (0.30) | (0.25) | ||||
From net realized gain on investments | (1.11) | (0.16) | (0.19) | (0.31) | — | ||||
Total distributions | (1.60) | (0.37) | (0.41) | (0.61) | (0.25) | ||||
Net asset value at end of year | $ 9.52 | $ 12.77 | $ 12.30 | $ 11.57 | $ 10.66 | ||||
Total investment return (b) | (12.27)% | 6.86% | 10.01% | 14.55% | (6.68)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 2.03% | 1.83% | 1.50% | 1.47% | 1.70% | ||||
Net expenses (c) | 0.28% | 0.28% | 0.29% | 0.28% | 0.28% | ||||
Portfolio turnover rate | 26% | 25% | 29% | 42% | 58% | ||||
Net assets at end of year (in 000's) | $ 496,304 | $ 670,879 | $ 686,344 | $ 716,077 | $ 714,720 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | -13.69% | 3.05% | 5.71% | 0.51% |
Service Class Shares | 2/13/2006 | -13.91 | 2.79 | 5.45 | 0.76 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
20 | MainStay VP Moderate Allocation Portfolio |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | -18.11% | 9.42% | 12.56% |
MSCI EAFE® Index (Net)2 | -14.45 | 1.54 | 4.67 |
Bloomberg U.S. Aggregate Bond Index3 | -13.01 | 0.02 | 1.06 |
Moderate Allocation Composite Index4 | -15.23 | 4.79 | 6.97 |
Morningstar Allocation - 50% to 70% Equity Category Average5 | -13.84 | 4.13 | 6.01 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Portfolio's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
4. | The Portfolio has selected the Moderate Allocation Composite Index as an additional benchmark. The Moderate Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 45%, 15% and 40%, respectively. |
5. | The Morningstar Allocation – 50% to 70% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 50% and 70%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,023.20 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,021.90 | $1.38 | $1,023.84 | $1.38 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
22 | MainStay VP Moderate Allocation Portfolio |
Equity Funds | 56.4% |
Fixed Income Funds | 33.3 |
Short-Term Investment | 10.0 |
Other Assets, Less Liabilities | 0.3 |
• | Management of the stock/bond blend: The Portfolio’s management of its stock/bond blend proved generally successful, reflecting tactical adjustments made throughout the reporting period. With both investment-grade bonds and U.S. stocks posting declines in the mid-teens, there was little cost or benefit to being persistently overweight or underweight to equities, although adjusting that exposure over time (buying dips and selling rallies) added material value. |
• | Value created within asset classes: The equity portion of the Portfolio emphasized value over growth, with a specific focus on energy companies and defensive sectors that the market rewarded. Conditions also marginally favored the Portfolio’s skew toward profitable small-cap companies. |
• | Gold and energy exposure: The equity portion of the Portfolio modestly benefited from tactical exposure to stocks of gold miners and energy producers. |
• | Shorter duration:3 The fixed income portion of the Portfolio shortened its average duration by holding cash and emphasizing exposure to MainStay MacKay Short Duration High Yield Fund over MainStay MacKay VP High Yield Corporate Bond Portfolio; these moves lifted relative returns. |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See page 21 for more information on benchmark and peer group returns. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
24 | MainStay VP Moderate Allocation Portfolio |
4. | The terms “spread” and “yield spread” may refer to the difference in yield between a security or type of security and comparable U.S. Treasury issues. The terms may also refer to the difference in yield between two specific securities or types of securities at a given time. |
26 | MainStay VP Moderate Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 89.7% | ||
Equity Funds 56.4% | ||
IQ 500 International ETF (a) | 728,518 | $ 20,603,363 |
IQ Candriam ESG International Equity ETF (a) | 827,588 | 20,524,183 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 1,135,164 | 36,305,950 |
IQ Chaikin U.S. Large Cap ETF (a) | 924,959 | 29,043,990 |
IQ Chaikin U.S. Small Cap ETF | 320,310 | 10,212,380 |
IQ FTSE International Equity Currency Neutral ETF (a) | 760,763 | 16,242,290 |
MainStay Epoch Capital Growth Fund Class I (a) | 266,729 | 2,887,638 |
MainStay Epoch International Choice Fund Class I (a) | 439,991 | 14,905,483 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (a) | 3,049,409 | 33,748,725 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 3,143,560 | 20,762,269 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 1,793,459 | 30,211,173 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 1,443,850 | 14,855,633 |
MainStay VP S&P 500 Index Portfolio Initial Class | 177,480 | 12,369,368 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 1,772,565 | 16,604,499 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 2,050,172 | 36,156,223 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 2,640,975 | 19,598,147 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 1,735,574 | 13,342,054 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 907,630 | 19,348,943 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 1,849,467 | 35,054,244 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 538,479 | 15,971,273 |
MainStay WMC International Research Equity Fund Class I (a) | 2,318,383 | 15,147,154 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay WMC Value Fund Class R6 (a) | 981,626 | $ 28,255,528 | |
Total Equity Funds (Cost $534,038,931) | 462,150,510 | ||
Fixed Income Funds 33.3% | |||
IQ MacKay ESG Core Plus Bond ETF (a) | 1,392,840 | 28,762,146 | |
MainStay MacKay Short Duration High Yield Fund Class I | 2,487,633 | 22,721,543 | |
MainStay VP Bond Portfolio Initial Class (a) | 2,246,989 | 27,135,085 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 5,064,635 | 42,219,811 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 14,668,496 | 124,843,568 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 2,237,146 | 19,279,497 | |
MainStay VP PIMCO Real Return Portfolio Initial Class (a) | 1,006,815 | 8,280,451 | |
Total Fixed Income Funds (Cost $315,252,211) | 273,242,101 | ||
Total Affiliated Investment Companies (Cost $849,291,142) | 735,392,611 | ||
Short-Term Investment 10.0% | |||
Affiliated Investment Company 10.0% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (a)(b) | 82,309,614 | 82,309,614 | |
Total Short-Term Investment (Cost $82,309,614) | 10.0% | 82,309,614 | |
Total Investments (Cost $931,600,756) | 99.7% | 817,702,225 | |
Other Assets, Less Liabilities | 0.3 | 2,098,077 | |
Net Assets | 100.0% | $ 819,800,302 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of December 31, 2022, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of December 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 28,063 | $ 2,168 | $ (6,541) | $ 488 | $ (3,575) | $ 20,603 | $ 735 | $ — | 729 |
IQ Candriam ESG International Equity ETF | 27,143 | 2,240 | (4,395) | 967 | (5,431) | 20,524 | 625 | — | 828 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 55,928 | 2,953 | (10,659) | 2,796 | (14,712) | 36,306 | 560 | — | 1,135 |
IQ Chaikin U.S. Large Cap ETF | 36,677 | 863 | (3,676) | 941 | (5,761) | 29,044 | 411 | — | 925 |
IQ Chaikin U.S. Small Cap ETF | 12,681 | 5,268 | (6,399) | 1,136 | (2,474) | 10,212 | 125 | — | 320 |
IQ FTSE International Equity Currency Neutral ETF (b) | 21,614 | 1,088 | (3,431) | 165 | (3,194) | 16,242 | 477 | 307 | 761 |
IQ MacKay ESG Core Plus Bond ETF | — | 35,103 | (3,452) | (406) | (2,483) | 28,762 | 725 | — | 1,393 |
MainStay Epoch Capital Growth Fund Class I | 4,555 | 191 | (976) | (162) | (720) | 2,888 | 13 | 30 | 267 |
MainStay Epoch International Choice Fund Class I | 20,087 | 1,741 | (3,667) | (104) | (3,152) | 14,905 | 199 | — | 440 |
MainStay MacKay Short Duration High Yield Fund Class I | 37,772 | 11,859 | (24,065) | (1,263) | (1,581) | 22,722 | 1,445 | — | 2,488 |
MainStay U.S. Government Liquidity Fund | 86,595 | 204,898 | (209,183) | — | — | 82,310 | 1,167 | — | 82,310 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (c) | 29,670 | 15,291 | (4,142) | 297 | (7,367) | 33,749 | 631 | 4,026 | 3,049 |
MainStay VP Bond Portfolio Initial Class | 34,562 | 7,602 | (10,197) | (750) | (4,082) | 27,135 | 520 | — | 2,247 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 25,243 | 6,874 | (469) | 7 | (10,893) | 20,762 | 225 | 3,124 | 3,144 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 35,110 | 3,687 | (6,192) | 571 | (2,965) | 30,211 | 677 | 725 | 1,793 |
MainStay VP Floating Rate Portfolio Initial Class | 53,882 | 3,267 | (12,003) | (466) | (2,460) | 42,220 | 2,156 | — | 5,065 |
MainStay VP Indexed Bond Portfolio Initial Class | 195,192 | 28,583 | (73,568) | (8,449) | (16,914) | 124,844 | 3,627 | 1,628 | 14,668 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 43,239 | 14,316 | (33,418) | (4,482) | (375) | 19,280 | 1,067 | — | 2,237 |
MainStay VP MacKay International Equity Portfolio Initial Class | 18,252 | 7,226 | (2,638) | (754) | (7,230) | 14,856 | 44 | 3,116 | 1,444 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 10,844 | 986 | (1,892) | 219 | (1,876) | 8,281 | 529 | — | 1,007 |
MainStay VP S&P 500 Index Portfolio Initial Class (d) | 24,164 | 899 | (8,746) | 2,506 | (6,454) | 12,369 | 194 | 422 | 177 |
MainStay VP Small Cap Growth Portfolio Initial Class | 25,875 | 7,558 | (6,290) | 723 | (11,262) | 16,604 | — | 4,293 | 1,773 |
MainStay VP Wellington Growth Portfolio Initial Class | 32,678 | 36,508 | (6,074) | 350 | (27,306) | 36,156 | — | 12,008 | 2,050 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 27,421 | 9,823 | (4,528) | (64) | (13,054) | 19,598 | — | 7,949 | 2,641 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 19,779 | 6,688 | (5,783) | (325) | (7,017) | 13,342 | 161 | 3,715 | 1,736 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 15,868 | 17,304 | (5,086) | (743) | (7,994) | 19,349 | 139 | 4,020 | 908 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 58,676 | 16,623 | (13,173) | 2,090 | (29,162) | 35,054 | — | 9,468 | 1,849 |
MainStay WMC Enduring Capital Fund Class R6 | 29,710 | 815 | (10,584) | (3,195) | (775) | 15,971 | 93 | 573 | 538 |
MainStay WMC International Research Equity Fund Class I | 19,107 | 2,018 | (2,725) | (1,057) | (2,196) | 15,147 | 310 | — | 2,318 |
MainStay WMC Value Fund Class R6 | 39,755 | 1,648 | (9,978) | (2,619) | (550) | 28,256 | 476 | 1,076 | 982 |
$1,070,142 | $456,088 | $(493,930) | $(11,583) | $(203,015) | $ 817,702 | $17,331 | $56,480 |
(a) | Prior to August 31, 2022, known as IQ Candriam ESG U.S. Equity ETF. |
(b) | Prior to August 31, 2022, known as IQ 50 Percent Hedged FTSE International ETF. |
(c) | Prior to May 1, 2022, known as MainStay VP T. Rowe Price Equity Income Portfolio Initial Class. |
(d) | Prior to May 1, 2022, known as MainStay VP MacKay S&P 500 Index Portfolio Initial Class. |
28 | MainStay VP Moderate Allocation Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 12,515 | $ — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.35% | 12/4/23 | Daily | 3,804 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (18,101) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (17,158) | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (12,289) | — |
Citibank NA | S&P 400 Total Return | 1 day FEDF plus 0.30% | 12/4/23 | Daily | 23,923 | — |
Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 12,446 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.14% | 12/4/23 | Daily | (15,097) | — |
Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 44,570 | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 4,243 | — |
Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/4/23 | Daily | 4,098 | — |
Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 4,560 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (8,276) | — |
$ — |
1. | As of December 31, 2022, cash in the amount $4,500,000 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of December 31, 2022. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 462,150,510 | $ — | $ — | $ 462,150,510 | |||
Fixed Income Funds | 273,242,101 | — | — | 273,242,101 | |||
Total Affiliated Investment Companies | 735,392,611 | — | — | 735,392,611 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 82,309,614 | — | — | 82,309,614 | |||
Total Investments in Securities | $ 817,702,225 | $ — | $ — | $ 817,702,225 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
30 | MainStay VP Moderate Allocation Portfolio |
Assets | |
Investment in affiliated investment companies, at value (identified cost $931,600,756) | $ 817,702,225 |
Cash collateral on deposit at broker for swap contracts | 4,500,000 |
Receivables: | |
Dividends | 1,020,735 |
Portfolio shares sold | 264,313 |
Other assets | 5,089 |
Total assets | 823,492,362 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 2,818,006 |
Portfolio shares redeemed | 352,250 |
Investment securities purchased | 261,075 |
NYLIFE Distributors (See Note 3) | 168,553 |
Shareholder communication | 54,856 |
Professional fees | 24,078 |
Custodian | 7,357 |
Accrued expenses | 5,885 |
Total liabilities | 3,692,060 |
Net assets | $ 819,800,302 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 89,824 |
Additional paid-in-capital | 924,248,806 |
924,338,630 | |
Total distributable earnings (loss) | (104,538,328) |
Net assets | $ 819,800,302 |
Initial Class | |
Net assets applicable to outstanding shares | $ 43,783,309 |
Shares of beneficial interest outstanding | 4,749,756 |
Net asset value per share outstanding | $ 9.22 |
Service Class | |
Net assets applicable to outstanding shares | $776,016,993 |
Shares of beneficial interest outstanding | 85,074,516 |
Net asset value per share outstanding | $ 9.12 |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 17,330,871 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 2,152,153 |
Professional fees | 78,410 |
Shareholder communication | 54,082 |
Custodian | 37,087 |
Trustees | 19,346 |
Miscellaneous | 23,851 |
Total expenses | 2,364,929 |
Net investment income (loss) | 14,965,942 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (11,583,155) |
Realized capital gain distributions from affiliated investment companies | 56,479,529 |
Swap transactions | (2,999,451) |
Net realized gain (loss) | 41,896,923 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | (203,014,624) |
Net realized and unrealized gain (loss) | (161,117,701) |
Net increase (decrease) in net assets resulting from operations | $(146,151,759) |
32 | MainStay VP Moderate Allocation Portfolio |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 14,965,942 | $ 16,534,971 |
Net realized gain (loss) | 41,896,923 | 118,204,773 |
Net change in unrealized appreciation (depreciation) | (203,014,624) | (20,277,086) |
Net increase (decrease) in net assets resulting from operations | (146,151,759) | 114,462,658 |
Distributions to shareholders: | ||
Initial Class | (7,194,477) | (1,998,108) |
Service Class | (127,271,222) | (36,451,506) |
Total distributions to shareholders | (134,465,699) | (38,449,614) |
Capital share transactions: | ||
Net proceeds from sales of shares | 44,680,512 | 49,533,268 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 134,465,699 | 38,449,614 |
Cost of shares redeemed | (153,174,796) | (175,474,825) |
Increase (decrease) in net assets derived from capital share transactions | 25,971,415 | (87,491,943) |
Net increase (decrease) in net assets | (254,646,043) | (11,478,899) |
Net Assets | ||
Beginning of year | 1,074,446,345 | 1,085,925,244 |
End of year | $ 819,800,302 | $1,074,446,345 |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 12.84 | $ 11.99 | $ 11.32 | $ 10.33 | $ 11.89 | ||||
Net investment income (loss) (a) | 0.21 | 0.23 | 0.20 | 0.23 | 0.23 | ||||
Net realized and unrealized gain (loss) | (2.06) | 1.11 | 1.07 | 1.60 | (1.16) | ||||
Total from investment operations | (1.85) | 1.34 | 1.27 | 1.83 | (0.93) | ||||
Less distributions: | |||||||||
From net investment income | (0.43) | (0.15) | (0.29) | (0.36) | (0.27) | ||||
From net realized gain on investments | (1.34) | (0.34) | (0.31) | (0.48) | (0.36) | ||||
Total distributions | (1.77) | (0.49) | (0.60) | (0.84) | (0.63) | ||||
Net asset value at end of year | $ 9.22 | $ 12.84 | $ 11.99 | $ 11.32 | $ 10.33 | ||||
Total investment return (b) | (13.69)% | 11.37% | 11.57% | 18.29% | (8.40)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.91% | 1.81% | 1.83% | 2.04% | 1.99% | ||||
Net expenses (c) | 0.02% | 0.02% | 0.03% | 0.03% | 0.02% | ||||
Portfolio turnover rate | 31% | 27% | 31% | 40% | 52% | ||||
Net assets at end of year (in 000's) | $ 43,783 | $ 53,604 | $ 48,025 | $ 45,283 | $ 43,161 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 12.72 | $ 11.88 | $ 11.22 | $ 10.23 | $ 11.79 | ||||
Net investment income (loss) (a) | 0.18 | 0.19 | 0.17 | 0.20 | 0.20 | ||||
Net realized and unrealized gain (loss) | (2.05) | 1.11 | 1.06 | 1.60 | (1.16) | ||||
Total from investment operations | (1.87) | 1.30 | 1.23 | 1.80 | (0.96) | ||||
Less distributions: | |||||||||
From net investment income | (0.39) | (0.12) | (0.26) | (0.33) | (0.24) | ||||
From net realized gain on investments | (1.34) | (0.34) | (0.31) | (0.48) | (0.36) | ||||
Total distributions | (1.73) | (0.46) | (0.57) | (0.81) | (0.60) | ||||
Net asset value at end of year | $ 9.12 | $ 12.72 | $ 11.88 | $ 11.22 | $ 10.23 | ||||
Total investment return (b) | (13.91)% | 11.10% | 11.29% | 18.00% | (8.63)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.63% | 1.51% | 1.52% | 1.76% | 1.73% | ||||
Net expenses (c) | 0.27% | 0.27% | 0.28% | 0.27% | 0.27% | ||||
Portfolio turnover rate | 31% | 27% | 31% | 40% | 52% | ||||
Net assets at end of year (in 000's) | $ 776,017 | $ 1,020,842 | $ 1,037,900 | $ 1,102,149 | $ 1,103,235 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
34 | MainStay VP Moderate Allocation Portfolio |
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | -14.43% | 3.98% | 7.15% | 0.58% |
Service Class Shares | 2/13/2006 | -14.64 | 3.72 | 6.88 | 0.83 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | -18.11% | 9.42% | 12.56% |
MSCI EAFE® Index (Net)2 | -14.45 | 1.54 | 4.67 |
Bloomberg U.S. Aggregate Bond Index3 | -13.01 | 0.02 | 1.06 |
Growth Allocation Composite Index4 | -16.14 | 6.18 | 8.83 |
Morningstar Allocation - 70% to 85% Equity Category Average5 | -15.20 | 4.09 | 6.63 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Portfolio's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Portfolio has selected the Bloomberg U.S. Aggregate Bond Index as an additional benchmark. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasurys, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. |
4. | The Portfolio has selected the Growth Allocation Composite Index as an additional benchmark. The Growth Allocation Composite Index consists of the S&P 500® Index, the MSCI EAFE® Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%, 20% and 20%, respectively. |
5. | The Morningstar Allocation—70% to 85% Equity Category Average is representative of funds that seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These funds are dominated by domestic holdings and have equity exposures between 70% and 85%. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
36 | MainStay VP Growth Allocation Portfolio |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,038.10 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,036.80 | $1.39 | $1,023.84 | $1.38 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Equity Funds | 76.8% |
Fixed Income Funds | 13.2 |
Short-Term Investment | 9.8 |
Other Assets, Less Liabilities | 0.2 |
38 | MainStay VP Growth Allocation Portfolio |
• | Management of the stock/bond blend: The Portfolio’s management of its stock/bond blend proved generally successful, reflecting tactical adjustments made throughout the reporting period. With both investment-grade bonds and U.S. stocks posting declines in the mid-teens, there was little cost or benefit to being persistently overweight or underweight to equities, although adjusting that exposure over time (buying dips and selling rallies) added material value. |
• | Value created within asset classes: The equity portion of the Portfolio emphasized value over growth, with a specific focus on energy companies and defensive sectors that the market rewarded. Conditions also marginally favored the Portfolio’s skew toward profitable small-cap companies. |
• | Gold and energy exposure: The equity portion of the Portfolio modestly benefited from tactical exposure to stocks of gold miners and energy producers. |
• | Shorter duration:3 The fixed income portion of the Portfolio shortened its average duration by holding cash and emphasizing exposure to MainStay MacKay Short Duration High Yield Fund over MainStay VP MacKay High Yield Corporate Bond Portfolio; these moves lifted relative returns. |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See page 36 for more information on benchmark and peer group returns. |
3. | Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. |
40 | MainStay VP Growth Allocation Portfolio |
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. |
Shares | Value | |
Affiliated Investment Companies 90.0% | ||
Equity Funds 76.8% | ||
IQ 500 International ETF (a) | 1,518,526 | $ 42,945,738 |
IQ Candriam ESG International Equity ETF (a) | 1,725,048 | 42,781,190 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 2,108,677 | 67,441,816 |
IQ Chaikin U.S. Large Cap ETF (a) | 1,901,200 | 59,698,250 |
IQ Chaikin U.S. Small Cap ETF (a) | 1,385,468 | 44,172,599 |
IQ FTSE International Equity Currency Neutral ETF (a) | 1,197,228 | 25,560,818 |
MainStay Epoch Capital Growth Fund Class I (a) | 419,773 | 4,544,506 |
MainStay Epoch International Choice Fund Class I (a) | 1,000,840 | 33,905,246 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (a) | 5,758,882 | 63,735,279 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 6,925,725 | 45,742,333 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 3,633,574 | 61,208,281 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 3,285,593 | 33,805,141 |
MainStay VP S&P 500 Index Portfolio Initial Class | 279,202 | 19,458,825 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 5,358,759 | 50,198,179 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 3,828,013 | 67,509,693 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 7,165,864 | 53,176,443 |
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 6,106,797 | 46,945,388 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class (a) | 1,564,394 | 33,349,900 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 3,495,085 | 66,244,799 |
MainStay WMC Enduring Capital Fund Class R6 (a) | 1,079,726 | 32,024,664 |
MainStay WMC International Research Equity Fund Class I (a) | 5,270,719 | 34,436,243 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay WMC Value Fund Class R6 (a) | 2,057,834 | $ 59,233,506 | |
Total Equity Funds (Cost $1,137,604,241) | 988,118,837 | ||
Fixed Income Funds 13.2% | |||
IQ MacKay ESG Core Plus Bond ETF | 199,237 | 4,114,244 | |
MainStay MacKay Short Duration High Yield Fund Class I | 3,786,033 | 34,580,872 | |
MainStay VP Bond Portfolio Initial Class | 323,018 | 3,900,834 | |
MainStay VP Floating Rate Portfolio Initial Class (a) | 7,969,991 | 66,439,438 | |
MainStay VP Indexed Bond Portfolio Initial Class (a) | 2,098,029 | 17,856,321 | |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class (a) | 3,658,315 | 31,526,989 | |
MainStay VP PIMCO Real Return Portfolio Initial Class | 1,462,869 | 12,031,219 | |
Total Fixed Income Funds (Cost $178,518,667) | 170,449,917 | ||
Total Affiliated Investment Companies (Cost $1,316,122,908) | 1,158,568,754 | ||
Short-Term Investment 9.8% | |||
Affiliated Investment Company 9.8% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (a)(b) | 126,767,297 | 126,767,297 | |
Total Short-Term Investment (Cost $126,767,297) | 9.8% | 126,767,297 | |
Total Investments (Cost $1,442,890,205) | 99.8% | 1,285,336,051 | |
Other Assets, Less Liabilities | 0.2 | 2,036,656 | |
Net Assets | 100.0% | $ 1,287,372,707 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of December 31, 2022, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of December 31, 2022. |
42 | MainStay VP Growth Allocation Portfolio |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 66,165 | $ 1,961 | $ (18,045) | $ 1,875 | $ (9,010) | $ 42,946 | $ 1,595 | $ — | 1,519 |
IQ Candriam ESG International Equity ETF | 42,174 | 13,051 | (5,128) | 1,043 | (8,359) | 42,781 | 1,246 | — | 1,725 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 111,442 | 3,427 | (24,107) | 4,287 | (27,607) | 67,442 | 1,058 | — | 2,109 |
IQ Chaikin U.S. Large Cap ETF | 86,938 | 280 | (16,085) | 3,980 | (15,415) | 59,698 | 890 | — | 1,901 |
IQ Chaikin U.S. Small Cap ETF | 26,437 | 24,999 | (3,614) | 454 | (4,103) | 44,173 | 512 | — | 1,385 |
IQ FTSE International Equity Currency Neutral ETF (b) | 41,646 | 129 | (10,601) | 581 | (6,194) | 25,561 | 800 | 482 | 1,197 |
IQ MacKay ESG Core Plus Bond ETF | — | 6,064 | (2,022) | (34) | 106 | 4,114 | 54 | — | 199 |
MainStay Epoch Capital Growth Fund Class I | 7,557 | 105 | (1,590) | (323) | (1,204) | 4,545 | 21 | 47 | 420 |
MainStay Epoch International Choice Fund Class I | 53,037 | 1,213 | (11,736) | 604 | (9,213) | 33,905 | 455 | — | 1,001 |
MainStay MacKay Short Duration High Yield Fund Class I | 62,004 | 28,291 | (51,177) | (2,322) | (2,215) | 34,581 | 2,219 | — | 3,786 |
MainStay U.S. Government Liquidity Fund | 134,290 | 359,022 | (366,545) | — | — | 126,767 | 1,853 | — | 126,767 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (c) | 72,140 | 11,628 | (6,112) | 671 | (14,592) | 63,735 | 1,178 | 7,512 | 5,759 |
MainStay VP Bond Portfolio Initial Class | 3,956 | 6,449 | (6,511) | (229) | 236 | 3,901 | 40 | — | 323 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 62,683 | 10,579 | (2,629) | (114) | (24,777) | 45,742 | 490 | 6,808 | 6,926 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 86,516 | 2,831 | (22,718) | 2,049 | (7,470) | 61,208 | 1,367 | 1,464 | 3,634 |
MainStay VP Floating Rate Portfolio Initial Class | 88,449 | 5,968 | (23,198) | (945) | (3,835) | 66,439 | 3,434 | — | 7,970 |
MainStay VP Indexed Bond Portfolio Initial Class | 22,418 | 31,735 | (35,947) | (2,779) | 2,429 | 17,856 | 364 | 164 | 2,098 |
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class | 70,979 | 23,570 | (55,211) | (7,338) | (473) | 31,527 | 1,618 | — | 3,658 |
MainStay VP MacKay International Equity Portfolio Initial Class | 33,156 | 18,709 | (1,766) | (524) | (15,770) | 33,805 | 100 | 7,005 | 3,286 |
MainStay VP PIMCO Real Return Portfolio Initial Class | 17,802 | 30,696 | (36,244) | 1,972 | (2,195) | 12,031 | — | — | 1,463 |
MainStay VP S&P 500 Index Portfolio Initial Class (d) | 70,532 | 960 | (42,809) | 9,846 | (19,070) | 19,459 | 302 | 657 | 279 |
MainStay VP Small Cap Growth Portfolio Initial Class | 76,327 | 16,966 | (10,597) | 968 | (33,466) | 50,198 | — | 12,849 | 5,359 |
MainStay VP Wellington Growth Portfolio Initial Class | 54,628 | 63,239 | (4,581) | (1,006) | (44,770) | 67,510 | — | 22,136 | 3,828 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 63,656 | 25,729 | (1,491) | (727) | (33,990) | 53,177 | — | 21,487 | 7,166 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 56,636 | 19,144 | (3,589) | (1,111) | (24,135) | 46,945 | 557 | 12,839 | 6,107 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 15,711 | 36,972 | (6,321) | (1,003) | (12,009) | 33,350 | 237 | 6,855 | 1,564 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 119,146 | 24,402 | (23,896) | 3,282 | (56,689) | 66,245 | — | 17,645 | 3,495 |
MainStay WMC Enduring Capital Fund Class R6 | 62,934 | 1,999 | (24,004) | (7,442) | (1,462) | 32,025 | 188 | 1,162 | 1,080 |
MainStay WMC International Research Equity Fund Class I | 51,468 | 1,079 | (9,455) | (3,868) | (4,788) | 34,436 | 709 | — | 5,271 |
MainStay WMC Value Fund Class R6 | 94,895 | 3,273 | (31,560) | (10,028) | 2,654 | 59,234 | 1,003 | 2,270 | 2,058 |
$1,755,722 | $774,470 | $ (859,289) | $ (8,181) | $(377,386) | $1,285,336 | $ 22,290 | $121,382 |
(a) | Prior to August 31, 2022, known as IQ Candriam ESG U.S. Equity ETF. |
(b) | Prior to August 31, 2022, known as IQ 50 Percent Hedged FTSE International ETF. |
(c) | Prior to May 1, 2022, known as MainStay VP T. Rowe Price Equity Income Portfolio Initial Class. |
(d) | Prior to May 1, 2022, known as MainStay VP MacKay S&P 500 Index Portfolio Initial Class. |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 19,695 | $ — |
Citibank NA | iShares 20+ Year Treasury Bond ETF | 1 day FEDF plus 0.35% | 12/4/23 | Daily | 5,983 | — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (28,727) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (27,029) | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (19,459) | — |
Citibank NA | S&P 400 Total Return | 1 day FEDF plus 0.30% | 12/4/23 | Daily | 39,092 | — |
Citibank NA | S&P 500 Communication Services | 1 day FEDF plus 0.50% | 12/4/23 | Daily | 2,706 | — |
Citibank NA | S&P 500 Energy Total | 1 day FEDF plus 0.50% | 12/4/23 | Daily | 1,368 | — |
Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 19,587 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.14% | 12/4/23 | Daily | (28,157) | — |
Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 69,124 | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 6,676 | — |
Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/4/23 | Daily | 6,442 | — |
Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 7,174 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (13,024) | — |
$ — |
1. | As of December 31, 2022, cash in the amount $6,000,000 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of December 31, 2022. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
44 | MainStay VP Growth Allocation Portfolio |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 988,118,837 | $ — | $ — | $ 988,118,837 | |||
Fixed Income Funds | 170,449,917 | — | — | 170,449,917 | |||
Total Affiliated Investment Companies | 1,158,568,754 | — | — | 1,158,568,754 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 126,767,297 | — | — | 126,767,297 | |||
Total Investments in Securities | $ 1,285,336,051 | $ — | $ — | $ 1,285,336,051 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $1,442,890,205) | $1,285,336,051 |
Cash collateral on deposit at broker for swap contracts | 6,000,000 |
Receivables: | |
Dividends | 1,746,753 |
Portfolio shares sold | 333,320 |
Other assets | 8,337 |
Total assets | 1,293,424,461 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 4,239,113 |
Portfolio shares redeemed | 993,902 |
Investment securities purchased | 411,839 |
NYLIFE Distributors (See Note 3) | 261,174 |
Shareholder communication | 91,610 |
Professional fees | 32,482 |
Custodian | 12,334 |
Accrued expenses | 9,300 |
Total liabilities | 6,051,754 |
Net assets | $1,287,372,707 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 137,117 |
Additional paid-in-capital | 1,393,564,131 |
1,393,701,248 | |
Total distributable earnings (loss) | (106,328,541) |
Net assets | $1,287,372,707 |
Initial Class | |
Net assets applicable to outstanding shares | $ 88,025,555 |
Shares of beneficial interest outstanding | 9,263,974 |
Net asset value per share outstanding | $ 9.50 |
Service Class | |
Net assets applicable to outstanding shares | $1,199,347,152 |
Shares of beneficial interest outstanding | 127,852,942 |
Net asset value per share outstanding | $ 9.38 |
46 | MainStay VP Growth Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 22,290,164 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 3,394,984 |
Professional fees | 104,454 |
Shareholder communication | 88,196 |
Custodian | 49,501 |
Trustees | 30,601 |
Miscellaneous | 37,683 |
Total expenses | 3,705,419 |
Net investment income (loss) | 18,584,745 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | (8,181,135) |
Realized capital gain distributions from affiliated investment companies | 121,382,166 |
Swap transactions | (5,231,937) |
Net realized gain (loss) | 107,969,094 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | (377,385,911) |
Net realized and unrealized gain (loss) | (269,416,817) |
Net increase (decrease) in net assets resulting from operations | $(250,832,072) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 18,584,745 | $ 22,620,537 |
Net realized gain (loss) | 107,969,094 | 206,163,637 |
Net change in unrealized appreciation (depreciation) | (377,385,911) | 36,054,571 |
Net increase (decrease) in net assets resulting from operations | (250,832,072) | 264,838,745 |
Distributions to shareholders: | ||
Initial Class | (15,428,348) | (3,856,100) |
Service Class | (216,661,264) | (57,164,920) |
Total distributions to shareholders | (232,089,612) | (61,021,020) |
Capital share transactions: | ||
Net proceeds from sales of shares | 26,427,493 | 28,269,029 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 232,089,612 | 61,021,020 |
Cost of shares redeemed | (251,331,929) | (339,935,149) |
Increase (decrease) in net assets derived from capital share transactions | 7,185,176 | (250,645,100) |
Net increase (decrease) in net assets | (475,736,508) | (46,827,375) |
Net Assets | ||
Beginning of year | 1,763,109,215 | 1,809,936,590 |
End of year | $1,287,372,707 | $1,763,109,215 |
48 | MainStay VP Growth Allocation Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 13.62 | $ 12.19 | $ 11.51 | $ 10.57 | $ 12.61 | ||||
Net investment income (loss) (a) | 0.18 | 0.20 | 0.21 | 0.26 | 0.21 | ||||
Net realized and unrealized gain (loss) | (2.28) | 1.72 | 1.21 | 1.91 | (1.47) | ||||
Total from investment operations | (2.10) | 1.92 | 1.42 | 2.17 | (1.26) | ||||
Less distributions: | |||||||||
From net investment income | (0.42) | (0.33) | (0.34) | (0.39) | (0.24) | ||||
From net realized gain on investments | (1.60) | (0.16) | (0.40) | (0.84) | (0.54) | ||||
Total distributions | (2.02) | (0.49) | (0.74) | (1.23) | (0.78) | ||||
Net asset value at end of year | $ 9.50 | $ 13.62 | $ 12.19 | $ 11.51 | $ 10.57 | ||||
Total investment return (b) | (14.43)% | 16.01% | 12.94% | 21.42% | (10.73)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.55% | 1.53% | 1.87% | 2.22% | 1.71% | ||||
Net expenses (c) | 0.02% | 0.02% | 0.03% | 0.02% | 0.02% | ||||
Portfolio turnover rate | 32% | 24% | 32% | 41% | 44% | ||||
Net assets at end of year (in 000's) | $ 88,026 | $ 108,059 | $ 98,314 | $ 91,615 | $ 80,133 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 13.46 | $ 12.05 | $ 11.38 | $ 10.47 | $ 12.49 | ||||
Net investment income (loss) (a) | 0.14 | 0.16 | 0.17 | 0.22 | 0.17 | ||||
Net realized and unrealized gain (loss) | (2.24) | 1.71 | 1.21 | 1.88 | (1.44) | ||||
Total from investment operations | (2.10) | 1.87 | 1.38 | 2.10 | (1.27) | ||||
Less distributions: | |||||||||
From net investment income | (0.38) | (0.30) | (0.31) | (0.35) | (0.21) | ||||
From net realized gain on investments | (1.60) | (0.16) | (0.40) | (0.84) | (0.54) | ||||
Total distributions | (1.98) | (0.46) | (0.71) | (1.19) | (0.75) | ||||
Net asset value at end of year | $ 9.38 | $ 13.46 | $ 12.05 | $ 11.38 | $ 10.47 | ||||
Total investment return (b) | (14.64)% | 15.72% | 12.65% | 21.12% | (10.95)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.26% | 1.24% | 1.55% | 1.90% | 1.42% | ||||
Net expenses (c) | 0.27% | 0.27% | 0.28% | 0.27% | 0.27% | ||||
Portfolio turnover rate | 32% | 24% | 32% | 41% | 44% | ||||
Net assets at end of year (in 000's) | $ 1,199,347 | $ 1,655,050 | $ 1,711,623 | $ 1,868,634 | $ 1,849,974 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/13/2006 | -17.64% | 4.34% | 8.06% | 0.60% |
Service Class Shares | 2/13/2006 | -17.85 | 4.08 | 7.79 | 0.85 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
S&P 500® Index1 | -18.11% | 9.42% | 12.56% |
MSCI EAFE® Index (Net)2 | -14.45 | 1.54 | 4.67 |
Equity Allocation Composite Index3 | -17.13 | 7.47 | 10.64 |
Morningstar Allocation - 85%+ Equity Category Average4 | -19.02 | 4.11 | 7.57 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The S&P 500® Index is the Portfolio's primary benchmark. S&P 500® is a trademark of The McGraw-Hill Companies, Inc. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. |
2. | The MSCI EAFE® Index (Net) is the Portfolio's secondary benchmark. The MSCI EAFE® Index (Net) consists of international stocks representing the developed world outside of North America. |
3. | The Portfolio has selected the Equity Allocation Composite Index as an additional benchmark. The Equity Allocation Composite Index consists of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 75% and 25%, respectively. Prior to February 28, 2014, the Equity Allocation Composite Index consisted of the S&P 500® Index and the MSCI EAFE® Index (Net) weighted 80% and 20%, respectively. |
4. | The Morningstar 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. |
50 | MainStay VP Equity Allocation Portfolio |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2 |
Initial Class Shares | $1,000.00 | $1,035.40 | $0.10 | $1,025.10 | $0.10 | 0.02% |
Service Class Shares | $1,000.00 | $1,034.10 | $1.38 | $1,023.84 | $1.38 | 0.27% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying Portfolios/Funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
Equity Funds | 96.4% |
Short-Term Investment | 3.3 |
Other Assets, Less Liabilities | 0.3 |
52 | MainStay VP Equity Allocation Portfolio |
1. | “New York Life Investments” is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary New York Life Investment Management LLC. |
2. | See page 50 for more information on benchmark and peer group returns. |
54 | MainStay VP Equity Allocation Portfolio |
Shares | Value | |
Affiliated Investment Companies 96.4% | ||
Equity Funds 96.4% | ||
IQ 500 International ETF (a) | 1,228,037 | $ 34,730,360 |
IQ Candriam ESG International Equity ETF (a) | 1,395,075 | 34,597,860 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 1,762,020 | 56,354,686 |
IQ Chaikin U.S. Large Cap ETF (a) | 1,620,475 | 50,883,401 |
IQ Chaikin U.S. Small Cap ETF (a) | 1,211,698 | 38,632,325 |
IQ FTSE International Equity Currency Neutral ETF (a) | 797,387 | 17,024,212 |
MainStay Epoch Capital Growth Fund Class I (a) | 279,961 | 3,030,890 |
MainStay Epoch International Choice Fund Class I (a) | 846,256 | 28,668,442 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (a) | 4,875,179 | 53,955,063 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class (a) | 6,584,004 | 43,485,371 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a) | 3,093,625 | 52,112,736 |
MainStay VP MacKay International Equity Portfolio Initial Class (a) | 2,777,559 | 28,578,029 |
MainStay VP S&P 500 Index Portfolio Initial Class | 185,785 | 12,948,198 |
MainStay VP Small Cap Growth Portfolio Initial Class (a) | 4,607,933 | 43,164,813 |
MainStay VP Wellington Growth Portfolio Initial Class (a) | 3,200,347 | 56,440,352 |
MainStay VP Wellington Mid Cap Portfolio Initial Class (a) | 6,130,090 | 45,490,174 |
Shares | Value | ||
Equity Funds (continued) | |||
MainStay VP Wellington Small Cap Portfolio Initial Class (a) | 5,301,834 | $ 40,757,315 | |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 1,328,353 | 28,317,954 | |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class (a) | 2,924,844 | 55,436,610 | |
MainStay WMC Enduring Capital Fund Class R6 (a) | 907,339 | 26,911,681 | |
MainStay WMC International Research Equity Fund Class I (a) | 4,455,368 | 29,109,148 | |
MainStay WMC Value Fund Class R6 (a) | 1,756,558 | 50,561,457 | |
Total Affiliated Investment Companies (Cost $985,761,285) | 831,191,077 | ||
Short-Term Investment 3.3% | |||
Affiliated Investment Company 3.3% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (b) | 28,276,356 | 28,276,356 | |
Total Short-Term Investment (Cost $28,276,356) | 3.3% | 28,276,356 | |
Total Investments (Cost $1,014,037,641) | 99.7% | 859,467,433 | |
Other Assets, Less Liabilities | 0.3 | 2,340,367 | |
Net Assets | 100.0% | $ 861,807,800 |
† | Percentages indicated are based on Portfolio net assets. |
(a) | As of December 31, 2022, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class. |
(b) | Current yield as of December 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
IQ 500 International ETF | $ 49,260 | $ 2,476 | $ (11,676) | $ 1,519 | $ (6,849) | $ 34,730 | $ 1,240 | $ — | 1,228 |
IQ Candriam ESG International Equity ETF | 41,675 | 5,623 | (5,401) | 1,107 | (8,406) | 34,598 | 1,053 | — | 1,395 |
IQ Candriam ESG U.S. Large Cap Equity ETF (a) | 84,809 | 3,724 | (13,587) | 3,762 | (22,353) | 56,355 | 866 | — | 1,762 |
IQ Chaikin U.S. Large Cap ETF | 59,579 | 1,989 | (2,566) | 682 | (8,800) | 50,884 | 703 | — | 1,620 |
IQ Chaikin U.S. Small Cap ETF | 30,456 | 15,549 | (2,825) | (264) | (4,284) | 38,632 | 469 | — | 1,212 |
IQ FTSE International Equity Currency Neutral ETF (b) | 25,047 | 227 | (4,875) | 305 | (3,680) | 17,024 | 501 | 321 | 797 |
MainStay Epoch Capital Growth Fund Class I | 4,676 | 90 | (841) | (110) | (784) | 3,031 | 14 | 32 | 280 |
MainStay Epoch International Choice Fund Class I | 41,150 | 1,882 | (7,848) | 1,394 | (7,910) | 28,668 | 385 | — | 846 |
MainStay U.S. Government Liquidity Fund | 34,922 | 127,664 | (134,310) | — | — | 28,276 | 407 | — | 28,276 |
MainStay VP American Century Sustainable Equity Portfolio Initial Class (c) | 66,970 | 7,678 | (8,876) | 1,166 | (12,983) | 53,955 | 989 | 6,308 | 4,875 |
MainStay VP Candriam Emerging Markets Equity Portfolio Initial Class | 55,179 | 13,770 | (2,346) | 65 | (23,183) | 43,485 | 463 | 6,425 | 6,584 |
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class | 72,748 | 2,657 | (18,980) | 1,977 | (6,289) | 52,113 | 1,154 | 1,236 | 3,094 |
MainStay VP MacKay International Equity Portfolio Initial Class | 36,545 | 11,031 | (3,247) | (653) | (15,098) | 28,578 | 83 | 5,876 | 2,778 |
MainStay VP S&P 500 Index Portfolio Initial Class (d) | 104,750 | 642 | (79,643) | 15,688 | (28,489) | 12,948 | 200 | 434 | 186 |
MainStay VP Small Cap Growth Portfolio Initial Class | 44,619 | 23,842 | (1,586) | 73 | (23,783) | 43,165 | — | 10,949 | 4,608 |
MainStay VP Wellington Growth Portfolio Initial Class | 69,585 | 37,240 | (6,172) | (890) | (43,323) | 56,440 | — | 18,372 | 3,200 |
MainStay VP Wellington Mid Cap Portfolio Initial Class | 47,819 | 27,568 | (1,370) | (154) | (28,373) | 45,490 | — | 18,223 | 6,130 |
MainStay VP Wellington Small Cap Portfolio Initial Class | 36,586 | 26,065 | (1,625) | (235) | (20,034) | 40,757 | 478 | 11,001 | 5,302 |
MainStay VP Wellington U.S. Equity Portfolio Initial Class | 33,774 | 12,134 | (4,065) | (504) | (13,021) | 28,318 | 200 | 5,776 | 1,328 |
MainStay VP Winslow Large Cap Growth Portfolio Initial Class | 83,712 | 21,947 | (9,383) | 550 | (41,389) | 55,437 | — | 14,676 | 2,925 |
MainStay WMC Enduring Capital Fund Class R6 | 26,657 | 6,781 | (1,808) | (45) | (4,673) | 26,912 | 158 | 974 | 907 |
MainStay WMC International Research Equity Fund Class I | 40,548 | 1,336 | (6,151) | (1,923) | (4,701) | 29,109 | 602 | — | 4,455 |
MainStay WMC Value Fund Class R6 | 71,682 | 2,814 | (18,147) | (5,386) | (401) | 50,562 | 861 | 1,949 | 1,757 |
$1,162,748 | $354,729 | $ (347,328) | $ 18,124 | $(328,806) | $ 859,467 | $ 10,826 | $102,552 |
(a) | Prior to August 31, 2022, known as IQ Candriam ESG U.S. Equity ETF. |
(b) | Prior to August 31, 2022, known as IQ 50 Percent Hedged FTSE International ETF. |
(c) | Prior to May 1, 2022, known as MainStay VP T. Rowe Price Equity Income Portfolio Initial Class. |
(d) | Prior to May 1, 2022, known as MainStay VP MacKay S&P 500 Index Portfolio Initial Class. |
56 | MainStay VP Equity Allocation Portfolio |
Swap Counterparty | Reference Obligation | Floating Rate2 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)3 | Unrealized Appreciation/ (Depreciation)4 |
Citibank NA | Invesco S&P 500 Low Volatility ETF | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 13,114 | $ — |
Citibank NA | iShares MSCI EAFE ETF | 1 day FEDF minus 1.25% | 12/4/23 | Daily | (19,094) | — |
Citibank NA | iShares MSCI Emerging Markets ETF | 1 day FEDF minus 0.50% | 12/4/23 | Daily | (17,926) | — |
Citibank NA | Russell 1000 Growth Total Return Index | 1 day FEDF minus 0.20% | 12/4/23 | Daily | (12,950) | — |
Citibank NA | S&P 400 Total Return | 1 day FEDF plus 0.30% | 12/4/23 | Daily | 24,293 | — |
Citibank NA | S&P 500 Communication Services | 1 day FEDF plus 0.42% | 12/4/23 | Daily | 4,726 | — |
Citibank NA | S&P 500 Energy Total | 1 day FEDF plus 0.41% | 12/4/23 | Daily | 12,043 | — |
Citibank NA | S&P 500 Health Care Sector | 1 day FEDF plus 0.45% | 12/4/23 | Daily | 13,043 | — |
Citibank NA | S&P 500 Total Return Index | 1 day FEDF plus 0.03% | 12/4/23 | Daily | (27,928) | — |
Citibank NA | S&P 600 Total Return | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 39,298 | — |
Citibank NA | SPDR S&P Oil & Gas Exploration & Production ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 4,445 | — |
Citibank NA | VanEck Gold Miners ETF | 1 day FEDF plus 0.55% | 12/4/23 | Daily | 4,294 | — |
Citibank NA | VanEck Oil Services ETF | 1 day FEDF plus 0.40% | 12/4/23 | Daily | 4,777 | — |
Citibank NA | Vanguard FTSE Europe ETF | 1 day FEDF minus 5.00% | 12/4/23 | Daily | (8,672) | — |
$ — |
1. | As of December 31, 2022, cash in the amount $4,000,000 was pledged to brokers for OTC swap contracts. |
2. | Portfolio pays the floating rate and receives the total return of the reference entity. |
3. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
4. | Reflects the value at reset date as of December 31, 2022. |
Abbreviation(s): |
EAFE—Europe, Australasia and Far East |
ETF—Exchange-Traded Fund |
FEDF—Federal Funds Rate |
FTSE—Financial Times Stock Exchange |
MSCI—Morgan Stanley Capital International |
SPDR—Standard & Poor’s Depositary Receipt |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Affiliated Investment Companies | |||||||
Equity Funds | $ 831,191,077 | $ — | $ — | $ 831,191,077 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 28,276,356 | — | — | 28,276,356 | |||
Total Investments in Securities | $ 859,467,433 | $ — | $ — | $ 859,467,433 |
(a) | For a complete listing of investments, see the Portfolio of Investments. |
Assets | |
Investment in affiliated investment companies, at value (identified cost $1,014,037,641) | $859,467,433 |
Cash collateral on deposit at broker for swap contracts | 4,000,000 |
Receivables: | |
Dividends | 846,043 |
Portfolio shares sold | 94,053 |
Other assets | 5,326 |
Total assets | 864,412,855 |
Liabilities | |
Payables: | |
Dividends and interest on OTC swaps contracts | 2,056,937 |
Portfolio shares redeemed | 296,744 |
NYLIFE Distributors (See Note 3) | 168,763 |
Shareholder communication | 45,158 |
Professional fees | 25,467 |
Custodian | 7,559 |
Accrued expenses | 4,427 |
Total liabilities | 2,605,055 |
Net assets | $861,807,800 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 92,560 |
Additional paid-in-capital | 935,136,714 |
935,229,274 | |
Total distributable earnings (loss) | (73,421,474) |
Net assets | $861,807,800 |
Initial Class | |
Net assets applicable to outstanding shares | $ 86,162,297 |
Shares of beneficial interest outstanding | 9,135,439 |
Net asset value per share outstanding | $ 9.43 |
Service Class | |
Net assets applicable to outstanding shares | $775,645,503 |
Shares of beneficial interest outstanding | 83,424,637 |
Net asset value per share outstanding | $ 9.30 |
58 | MainStay VP Equity Allocation Portfolio |
Investment Income (Loss) | |
Income | |
Dividend distributions from affiliated investment companies | $ 10,826,446 |
Expenses | |
Distribution/Service—Service Class (See Note 3) | 2,157,952 |
Professional fees | 80,873 |
Shareholder communication | 52,121 |
Custodian | 32,902 |
Trustees | 20,267 |
Miscellaneous | 24,148 |
Total expenses | 2,368,263 |
Net investment income (loss) | 8,458,183 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Affiliated investment company transactions | 18,124,116 |
Realized capital gain distributions from affiliated investment companies | 102,552,268 |
Swap transactions | (3,157,883) |
Net realized gain (loss) | 117,518,501 |
Net change in unrealized appreciation (depreciation) on: Affiliated investments companies | (328,806,143) |
Net realized and unrealized gain (loss) | (211,287,642) |
Net increase (decrease) in net assets resulting from operations | $(202,829,459) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 8,458,183 | $ 11,571,415 |
Net realized gain (loss) | 117,518,501 | 155,500,479 |
Net change in unrealized appreciation (depreciation) | (328,806,143) | 42,945,671 |
Net increase (decrease) in net assets resulting from operations | (202,829,459) | 210,017,565 |
Distributions to shareholders: | ||
Initial Class | (16,509,845) | (5,190,094) |
Service Class | (152,373,206) | (51,434,070) |
Total distributions to shareholders | (168,883,051) | (56,624,164) |
Capital share transactions: | ||
Net proceeds from sales of shares | 19,615,742 | 14,094,934 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 168,883,051 | 56,624,164 |
Cost of shares redeemed | (120,792,336) | (192,763,382) |
Increase (decrease) in net assets derived from capital share transactions | 67,706,457 | (122,044,284) |
Net increase (decrease) in net assets | (304,006,053) | 31,349,117 |
Net Assets | ||
Beginning of year | 1,165,813,853 | 1,134,464,736 |
End of year | $ 861,807,800 | $1,165,813,853 |
60 | MainStay VP Equity Allocation Portfolio |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 14.39 | $ 12.62 | $ 11.80 | $ 10.50 | $ 12.65 | ||||
Net investment income (loss) (a) | 0.13 | 0.18 | 0.18 | 0.21 | 0.18 | ||||
Net realized and unrealized gain (loss) | (2.83) | 2.33 | 1.49 | 2.25 | (1.67) | ||||
Total from investment operations | (2.70) | 2.51 | 1.67 | 2.46 | (1.49) | ||||
Less distributions: | |||||||||
From net investment income | (0.40) | (0.27) | (0.27) | (0.36) | (0.19) | ||||
From net realized gain on investments | (1.86) | (0.47) | (0.58) | (0.80) | (0.47) | ||||
Total distributions | (2.26) | (0.74) | (0.85) | (1.16) | (0.66) | ||||
Net asset value at end of year | $ 9.43 | $ 14.39 | $ 12.62 | $ 11.80 | $ 10.50 | ||||
Total investment return (b) | (17.64)% | 20.16% | 15.02% | 24.58% | (12.78)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 1.14% | 1.26% | 1.64% | 1.80% | 1.42% | ||||
Net expenses (c) | 0.02% | 0.02% | 0.03% | 0.03% | 0.02% | ||||
Portfolio turnover rate | 23% | 22% | 26% | 38% | 28% | ||||
Net assets at end of year (in 000's) | $ 86,162 | $ 107,062 | $ 92,647 | $ 83,143 | $ 66,326 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 14.21 | $ 12.47 | $ 11.67 | $ 10.39 | $ 12.53 | ||||
Net investment income (loss) (a) | 0.10 | 0.13 | 0.15 | 0.17 | 0.14 | ||||
Net realized and unrealized gain (loss) | (2.79) | 2.32 | 1.47 | 2.24 | (1.65) | ||||
Total from investment operations | (2.69) | 2.45 | 1.62 | 2.41 | (1.51) | ||||
Less distributions: | |||||||||
From net investment income | (0.36) | (0.24) | (0.24) | (0.33) | (0.16) | ||||
From net realized gain on investments | (1.86) | (0.47) | (0.58) | (0.80) | (0.47) | ||||
Total distributions | (2.22) | (0.71) | (0.82) | (1.13) | (0.63) | ||||
Net asset value at end of year | $ 9.30 | $ 14.21 | $ 12.47 | $ 11.67 | $ 10.39 | ||||
Total investment return (b) | (17.85)% | 19.86% | 14.74% | 24.27% | (12.99)% | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 0.86% | 0.97% | 1.34% | 1.49% | 1.16% | ||||
Net expenses (c) | 0.27% | 0.27% | 0.28% | 0.28% | 0.27% | ||||
Portfolio turnover rate | 23% | 22% | 26% | 38% | 28% | ||||
Net assets at end of year (in 000's) | $ 775,646 | $ 1,058,752 | $ 1,041,818 | $ 1,033,813 | $ 929,230 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
Fund | Share Classes Commenced Operations1 |
MainStay VP Conservative Allocation Portfolio | Initial Class, Service Class |
MainStay VP Moderate Allocation Portfolio | Initial Class, Service Class |
MainStay VP Growth Allocation Portfolio | Initial Class, Service Class |
MainStay VP Equity Allocation Portfolio | Initial Class, Service Class |
1. | For each VP Allocation Portfolio, Initial Class and Service Class shares were registered for sale as of February 13, 2006. |
62 | MainStay VP Asset Allocation Funds |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including each Allocation Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
64 | MainStay VP Asset Allocation Funds |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $(1,818,295) | $(1,818,295) |
Total Net Realized Gain (Loss) | $(1,818,295) | $(1,818,295) |
Average Notional Amount | Total |
Swap Contracts Long | $ 86,425,574 |
Swap Contracts Short | $(40,315,779) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $(2,999,451) | $(2,999,451) |
Total Net Realized Gain (Loss) | $(2,999,451) | $(2,999,451) |
Average Notional Amount | Total |
Swap Contracts Long | $136,189,303 |
Swap Contracts Short | $ (64,495,096) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $(5,231,937) | $(5,231,937) |
Total Net Realized Gain (Loss) | $(5,231,937) | $(5,231,937) |
Average Notional Amount | Total |
Swap Contracts Long | $ 217,700,713 |
Swap Contracts Short | $(105,414,809) |
Net Realized Gain (Loss) from: | Equity Contracts Risk | Total |
Swap Contracts | $(3,157,883) | $(3,157,883) |
Total Net Realized Gain (Loss) | $(3,157,883) | $(3,157,883) |
66 | MainStay VP Asset Allocation Funds |
Average Notional Amount | Total |
Swap Contracts Long | $105,162,222 |
Swap Contracts Short | $ (65,966,434) |
MainStay VP Conservative Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $579,812,053 | $6,018,019 | $(77,723,084) | $(71,705,065) |
MainStay VP Moderate Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $938,724,231 | $12,703,459 | $(134,567,010) | $(121,863,551) |
MainStay VP Growth Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,464,294,295 | $24,491,071 | $(203,779,712) | $(179,288,641) |
MainStay VP Equity Allocation Portfolio | ||||
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $1,023,072,518 | $17,656,638 | $(181,294,331) | $(163,637,693) |
Fund | Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
MainStay VP Conservative Allocation Portfolio | $16,565,582 | $10,960,586 | $(22,582,133) | $ (71,373,431) | $ (66,429,396) |
MainStay VP Moderate Allocation Portfolio | 31,672,897 | 25,739,226 | (40,928,445) | (121,022,006) | (104,538,328) |
MainStay VP Growth Allocation Portfolio | 62,031,494 | 65,047,279 | (54,449,070) | (178,958,244) | (106,328,541) |
MainStay VP Equity Allocation Portfolio | 54,897,010 | 68,447,602 | (33,161,001) | (163,605,085) | (73,421,474) |
2022 | 2021 | ||||||
Ordinary Income | Long-Term Capital Gains | Total | Ordinary Income | Long-Term Capital Gains | Total | ||
MainStay VP Conservative Allocation Portfolio | $38,778,554 | $ 37,389,298 | $ 76,167,852 | $11,965,362 | $ 7,845,270 | $19,810,632 | |
MainStay VP Moderate Allocation Portfolio | 60,632,330 | 73,833,369 | 134,465,699 | 13,534,930 | 24,914,684 | 38,449,614 | |
MainStay VP Growth Allocation Portfolio | 90,433,602 | 141,656,010 | 232,089,612 | 39,542,625 | 21,478,395 | 61,021,020 | |
MainStay VP Equity Allocation Portfolio | 54,259,646 | 114,623,405 | 168,883,051 | 24,489,536 | 32,134,628 | 56,624,164 |
68 | MainStay VP Asset Allocation Funds |
Fund | Purchases | Sales |
MainStay VP Conservative Allocation Portfolio | $135,709 | $191,952 |
MainStay VP Moderate Allocation Portfolio | 251,191 | 284,748 |
MainStay VP Growth Allocation Portfolio | 415,448 | 492,744 |
MainStay VP Equity Allocation Portfolio | 227,064 | 213,017 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 66,953 | $ 761,710 |
Shares issued to shareholders in reinvestment of distributions | 213,286 | 1,966,692 |
Shares redeemed | (210,688) | (2,472,033) |
Net increase (decrease) | 69,551 | $ 256,369 |
Year ended December 31, 2021: | ||
Shares sold | 69,728 | $ 893,700 |
Shares issued to shareholders in reinvestment of distributions | 41,966 | 531,222 |
Shares redeemed | (125,379) | (1,600,275) |
Net increase (decrease) | (13,685) | $ (175,353) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 3,229,695 | $ 36,058,577 |
Shares issued to shareholders in reinvestment of distributions | 8,142,074 | 74,201,160 |
Shares redeemed | (11,801,655) | (130,992,287) |
Net increase (decrease) | (429,886) | $ (20,732,550) |
Year ended December 31, 2021: | ||
Shares sold | 4,557,876 | $ 57,791,405 |
Shares issued to shareholders in reinvestment of distributions | 1,539,656 | 19,279,410 |
Shares redeemed | (9,342,412) | (118,516,266) |
Net increase (decrease) | (3,244,880) | $ (41,445,451) |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 177,636 | $ 2,077,596 |
Shares issued to shareholders in reinvestment of distributions | 823,223 | 7,194,477 |
Shares redeemed | (424,835) | (4,547,952) |
Net increase (decrease) | 576,024 | $ 4,724,121 |
Year ended December 31, 2021: | ||
Shares sold | 260,832 | $ 3,313,474 |
Shares issued to shareholders in reinvestment of distributions | 160,287 | 1,998,108 |
Shares redeemed | (253,872) | (3,226,170) |
Net increase (decrease) | 167,247 | $ 2,085,412 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 3,891,896 | $ 42,602,916 |
Shares issued to shareholders in reinvestment of distributions | 14,708,845 | 127,271,222 |
Shares redeemed | (13,786,867) | (148,626,844) |
Net increase (decrease) | 4,813,874 | $ 21,247,294 |
Year ended December 31, 2021: | ||
Shares sold | 3,678,709 | $ 46,219,794 |
Shares issued to shareholders in reinvestment of distributions | 2,950,942 | 36,451,506 |
Shares redeemed | (13,770,387) | (172,248,655) |
Net increase (decrease) | (7,140,736) | $ (89,577,355) |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 306,566 | $ 3,636,507 |
Shares issued to shareholders in reinvestment of distributions | 1,729,015 | 15,428,348 |
Shares redeemed | (704,896) | (8,497,093) |
Net increase (decrease) | 1,330,685 | $ 10,567,762 |
Year ended December 31, 2021: | ||
Shares sold | 234,827 | $ 3,096,018 |
Shares issued to shareholders in reinvestment of distributions | 294,278 | 3,856,100 |
Shares redeemed | (662,806) | (8,743,863) |
Net increase (decrease) | (133,701) | $ (1,791,745) |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 2,009,708 | $ 22,790,986 |
Shares issued to shareholders in reinvestment of distributions | 24,581,213 | 216,661,264 |
Shares redeemed | (21,669,058) | (242,834,836) |
Net increase (decrease) | 4,921,863 | $ (3,382,586) |
Year ended December 31, 2021: | ||
Shares sold | 1,920,433 | $ 25,173,011 |
Shares issued to shareholders in reinvestment of distributions | 4,411,078 | 57,164,920 |
Shares redeemed | (25,432,281) | (331,191,286) |
Net increase (decrease) | (19,100,770) | $(248,853,355) |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 217,177 | $ 2,501,367 |
Shares issued to shareholders in reinvestment of distributions | 1,875,309 | 16,509,845 |
Shares redeemed | (396,277) | (4,648,111) |
Net increase (decrease) | 1,696,209 | $ 14,363,101 |
Year ended December 31, 2021: | ||
Shares sold | 176,557 | $ 2,498,448 |
Shares issued to shareholders in reinvestment of distributions | 377,511 | 5,190,094 |
Shares redeemed | (456,837) | (6,287,813) |
Net increase (decrease) | 97,231 | $ 1,400,729 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 1,506,192 | $ 17,114,375 |
Shares issued to shareholders in reinvestment of distributions | 17,547,845 | 152,373,206 |
Shares redeemed | (10,123,962) | (116,144,225) |
Net increase (decrease) | 8,930,075 | $ 53,343,356 |
Year ended December 31, 2021: | ||
Shares sold | 835,871 | $ 11,596,486 |
Shares issued to shareholders in reinvestment of distributions | 3,786,093 | 51,434,070 |
Shares redeemed | (13,659,563) | (186,475,569) |
Net increase (decrease) | (9,037,599) | $(123,445,013) |
70 | MainStay VP Asset Allocation Funds |
MainStay VP Conservative Allocation Portfolio, MainStay VP Moderate Allocation Portfolio, MainStay VP Growth Allocation Portfolio and MainStay VP Equity Allocation Portfolio
New York, New York
February 24, 2023
72 | MainStay VP Asset Allocation Funds |
74 | MainStay VP Asset Allocation Funds |
76 | MainStay VP Asset Allocation Funds |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
78 | MainStay VP Asset Allocation Funds |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015860 | MSVPAA11-02/23 |
please log in to newyorklifeinvestments.com/accounts.
Not FDIC/NCUA Insured | Not a Deposit | May Lose Value | No Bank Guarantee | Not Insured by Any Government Agency |
President
Average Annual Total Returns for the Year-Ended December 31, 2022 | |||||
Class | Inception Date | One Year | Five Years | Ten Years | Gross Expense Ratio1 |
Initial Class Shares | 2/17/2012 | -11.45% | 2.05% | 0.93% | 0.59% |
Service Class Shares | 2/17/2012 | -11.68 | 1.80 | 0.68 | 0.84 |
1. | The gross expense ratios presented reflect the Portfolio’s “Total Annual Portfolio Operating Expenses” from the most recent Prospectus and may differ from other expense ratios disclosed in this report. |
Benchmark Performance* | One Year | Five Years | Ten Years |
Bloomberg U.S. TIPS Index1 | -11.85% | 2.11% | 1.12% |
Morningstar Inflation-Protected Bond Category Average2 | -9.51 | 2.19 | 0.92 |
* | Returns for indices reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable. Results assume reinvestment of all dividends and capital gains. An investment cannot be made directly in an index. |
1. | The Bloomberg U.S. TIPS Index is the primary benchmark. The Bloomberg U.S. TIPS Index includes all publicly issued U.S. Treasury Inflation-Protected Securities (“TIPS”) that have at least one year remaining to maturity and are rated investment grade. |
2. | The Morningstar Inflation-Protected Bond Category Average is representative of funds that invest primarily in debt securities that adjust their principal values in line with the rate of inflation. These bonds can be issued by any organization, but the U.S. Treasury is currently the largest issuer for these types of securities. Results are based on average total returns of similar funds with all dividends and capital gain distributions reinvested. |
Share Class | Beginning Account Value 7/1/22 | Ending Account Value (Based on Actual Returns and Expenses) 12/31/22 | Expenses Paid During Period1 | Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 12/31/22 | Expenses Paid During Period1 | Net Expense Ratio During Period2, 3 |
Initial Class Shares | $1,000.00 | $971.40 | $3.98 | $1,021.17 | $4.08 | 0.80% |
Service Class Shares | $1,000.00 | $970.20 | $5.21 | $1,019.91 | $5.35 | 1.05% |
1. | Expenses are equal to the Portfolio’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 184 (to reflect the six-month period). The table above represents the actual expenses incurred during the six-month period. In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above-reported expense figures. |
2. | Expenses are equal to the Portfolio's annualized expense ratio to reflect the six-month period. |
3. | Expenses are inclusive of dividends and interest on investments sold short. |
6 | MainStay VP PIMCO Real Return Portfolio |
1. | U.S. Treasury Inflation Linked Notes, 0.125%-1.625%, due 4/15/23–7/15/32 |
2. | U.S. Treasury Inflation Linked Bonds, 0.125%-3.375%, due 1/15/25–2/15/52 |
3. | Italy Buoni Poliennali Del Tesoro, 0.40%-1.40%, due 5/26/25–5/15/30 |
4. | UMBS, Single Family, 30 Year, 3.00%-4.00%, due 1/25/53 |
5. | Japan Government CPI Linked Bond, (zero coupon)-0.10%, due 3/10/28–3/10/31 |
6. | France Government Bond, 0.10%-0.25%, due 7/25/24–7/25/38 |
7. | United Kingdom Gilt Inflation Linked, 0.125%-1.25%, due 3/22/24–8/10/41 |
8. | Nykredit Realkredit A/S, 0.50%-2.50%, due 10/1/43–10/1/53 |
9. | Jyske Realkredit A/S, 0.50%-2.50%, due 10/1/43–10/1/53 |
10. | Nordea Kredit Realkreditaktieselskab, 0.50%-2.50%, due 10/1/43–10/1/53 |
1. | See page 5 for more information on benchmark and peer group returns. |
2. | 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 |
Principal Amount | Value | |
Long-Term Bonds 109.0% | ||
Asset-Backed Securities 9.0% | ||
Home Equity Asset-Backed Securities 1.5% | ||
Argent Securities Trust | ||
Series 2006-W4, Class A2C | ||
4.709% (1 Month LIBOR + 0.32%), due 5/25/36 (a) | $ 287,751 | $ 70,802 |
Credit Suisse First Boston Mortgage Securities Corp. | ||
Series 2001-HE17, Class A1 | ||
4.598% (1 Month LIBOR + 0.62%), due 1/25/32 (a) | 459,202 | 434,045 |
Credit-Based Asset Servicing and Securitization LLC | ||
Series 2007-CB6, Class A3 | ||
4.264% (1 Month LIBOR + 0.22%), due 7/25/37 (a)(b) | 820,633 | 542,323 |
CWABS Asset-Backed Certificates Trust | ||
Series 2007-8, Class 1A1 | ||
4.579% (1 Month LIBOR + 0.19%), due 11/25/37 (a) | 1,349,156 | 1,226,013 |
First Franklin Mortgage Loan Trust | ||
Series 2006-FF17, Class A2 | ||
4.509% (1 Month LIBOR + 0.12%), due 12/25/36 (a) | 407,225 | 337,587 |
GSAA Home Equity Trust | ||
Series 2006-17, Class A3A | ||
4.869% (1 Month LIBOR + 0.48%), due 11/25/36 (a) | 1,000,402 | 365,669 |
Home Equity Asset Trust | ||
Series 2005-8, Class M2 | ||
3.826% (1 Month LIBOR + 0.675%), due 2/25/36 (a) | 220,775 | 211,568 |
Lehman XS Trust | ||
Series 2007-20N, Class A1 | ||
6.689% (1 Month LIBOR + 2.30%), due 12/25/37 (a) | 27,144 | 26,618 |
Long Beach Mortgage Loan Trust | ||
Series 2006-7, Class 2A2 | ||
4.629% (1 Month LIBOR + 0.24%), due 8/25/36 (a) | 226,015 | 94,601 |
Mastr Asset-Backed Securities Trust | ||
Series 2006-WMC4, Class A5 | ||
4.539% (1 Month LIBOR + 0.15%), due 10/25/36 (a) | 112,930 | 36,210 |
Morgan Stanley ABS Capital I, Inc. Trust | ||
Series 2005-WMC1, Class M3 | ||
5.169% (1 Month LIBOR + 0.78%), due 1/25/35 (a) | 121,926 | 116,813 |
Principal Amount | Value | |
Home Equity Asset-Backed Securities (continued) | ||
New Century Home Equity Loan Trust | ||
Series 2004-4, Class M1 | ||
5.154% (1 Month LIBOR + 0.765%), due 2/25/35 (a) | $ 51,857 | $ 49,397 |
Option One Mortgage Loan Trust | ||
Series 2006-1, Class M1 | ||
4.929% (1 Month LIBOR + 0.54%), due 1/25/36 (a) | 1,200,000 | 1,056,913 |
Popular ABS Mortgage Pass-Through Trust | ||
Series 2006-A, Class M2 | ||
5.259% (1 Month LIBOR + 0.87%), due 2/25/36 (a) | 1,238,000 | 1,107,015 |
RASC Trust (a) | ||
Series 2006-EMX4, Class A4 | ||
4.849% (1 Month LIBOR + 0.23%), due 6/25/36 | 430,637 | 408,677 |
Series 2005-KS8, Class M4 | ||
5.274% (1 Month LIBOR + 0.59%), due 8/25/35 | 11,565 | 11,547 |
Series 2005-EMX1, Class M2 | ||
5.484% (1 Month LIBOR + 1.095%), due 3/25/35 | 631,322 | 609,529 |
Saxon Asset Securities Trust | ||
Series 2007-3, Class 1A | ||
4.699% (1 Month LIBOR + 0.31%), due 9/25/37 (a) | 95,393 | 89,284 |
Securitized Asset-Backed Receivables LLC Trust (a) | ||
Series 2006-HE2, Class A2C | ||
4.689% (1 Month LIBOR + 0.30%), due 7/25/36 | 337,743 | 138,812 |
Series 2006-HE1, Class A2C | ||
4.709% (1 Month LIBOR + 0.32%), due 7/25/36 | 544,519 | 189,997 |
Soundview Home Loan Trust (a) | ||
Series 2007-OPT2, Class 2A3 | ||
4.569% (1 Month LIBOR + 0.18%), due 7/25/37 | 161,964 | 145,379 |
Series 2007-OPT1, Class 1A1 | ||
4.589% (1 Month LIBOR + 0.20%), due 6/25/37 | 265,677 | 190,114 |
7,458,913 | ||
Other Asset-Backed Securities 7.5% | ||
ACAS CLO Ltd. | ||
Series 2015-1A, Class AR3 | ||
5.084% (3 Month LIBOR + 0.89%), due 10/18/28 (a)(b) | 461,937 | 453,107 |
10 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
Anchorage Capital CLO 6 Ltd. | ||
Series 2015-6A, Class ARR | ||
5.129% (3 Month LIBOR + 1.05%), due 7/15/30 (a)(b) | $ 499,970 | $ 493,595 |
Anchorage Capital CLO 9 Ltd. | ||
Series 2016-9A, Class AR2 | ||
5.219% (3 Month LIBOR + 1.14%), due 7/15/32 (a)(b) | 300,000 | 293,453 |
Anchorage Capital CLO 11 Ltd. | ||
Series 2019-11A, Class AR | ||
5.465% (3 Month LIBOR + 1.14%), due 7/22/32 (a)(b) | 300,000 | 293,347 |
Apidos CLO XXVI | ||
Series 2017-26A, Class A1AR | ||
5.094% (3 Month LIBOR + 0.90%), due 7/18/29 (a)(b) | 800,000 | 790,675 |
ARES European CLO VI DAC | ||
Series 2013-6A, Class ARR | ||
1.988% (3 Month EURIBOR + 0.61%), due 4/15/30 (a)(b) | EUR 593,016 | 616,095 |
ARES European CLO X DAC | ||
Series 10A, Class AR | ||
2.158% (3 Month EURIBOR + 0.78%), due 10/15/31 (a)(b) | 1,100,000 | 1,139,487 |
ARES XL CLO Ltd. | ||
Series 2016-40A, Class A1RR | ||
4.949% (3 Month LIBOR + 0.87%), due 1/15/29 (a)(b) | $ 1,050,261 | 1,037,083 |
Atlas Senior Loan Fund Ltd. | ||
Series 2017-8A, Class A | ||
5.229% (3 Month LIBOR + 1.15%), due 1/16/30 (a)(b) | 1,142,800 | 1,125,763 |
Atlas Static Senior Loan Fund I Ltd. | ||
Series 2022-1A, Class A | ||
5.10% (3 Month SOFR + 2.60%), due 7/15/30 (a)(b) | 500,000 | 492,998 |
Bain Capital Euro CLO DAC | ||
Series 2020-1A, Class A | ||
2.602% (3 Month EURIBOR + 1.10%), due 1/24/33 (a)(b) | EUR 500,000 | 521,368 |
Benefit Street Partners CLO XII Ltd. | ||
Series 2017-12A, Class A1R | ||
5.029% (3 Month LIBOR + 0.95%), due 10/15/30 (a)(b) | $ 500,000 | 493,872 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Benefit Street Partners CLO XVI Ltd. | ||
Series 2018-16A, Class A1R | ||
5.109% (3 Month LIBOR + 1.03%), due 1/17/32 (a)(b) | $ 300,000 | $ 293,699 |
Black Diamond CLO DAC (a)(b) | ||
Series 2015-1A, Class A1R | ||
1.81% (3 Month EURIBOR + 0.65%), due 10/3/29 | EUR 7,433 | 7,938 |
Series 2017-2A, Class A1 | ||
2.316% (3 Month EURIBOR + 0.86%), due 1/20/32 | 964,326 | 1,015,273 |
BlueMountain Fuji EUR CLO V DAC | ||
Series 5A, Class A | ||
0.91% (3 Month EURIBOR + 0.91%), due 1/15/33 (a)(b) | 1,100,000 | 1,131,069 |
Carlyle Global Market Strategies CLO Ltd. | ||
Series 2013-1A, Class A1RR | ||
5.60% (3 Month LIBOR + 0.95%), due 8/14/30 (a)(b) | $ 593,215 | 585,405 |
Carlyle Global Market Strategies Euro CLO Ltd. | ||
Series 2014-2A, Class AR1 | ||
2.548% (3 Month EURIBOR + 0.75%), due 11/15/31 (a)(b) | EUR 1,000,000 | 1,032,332 |
Carlyle US CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
5.243% (3 Month LIBOR + 1.00%), due 4/20/31 (a)(b) | $ 700,000 | 686,690 |
CIFC Funding Ltd. (a)(b) | ||
Series 2017-4A, Class A1R | ||
5.275% (3 Month LIBOR + 0.95%), due 10/24/30 | 400,000 | 394,976 |
Series 2018-3A, Class A | ||
5.294% (3 Month LIBOR + 1.10%), due 7/18/31 | 500,000 | 491,946 |
Crestline Denali CLO XV Ltd. | ||
Series 2017-1A, Class AR | ||
5.273% (3 Month LIBOR + 1.03%), due 4/20/30 (a)(b) | 270,951 | 267,083 |
Dryden 52 Euro CLO DAC | ||
Series 2017-52A, Class AR | ||
1.181% (3 Month EURIBOR + 0.86%), due 5/15/34 (a)(b) | EUR 500,000 | 518,783 |
Gallatin CLO VIII Ltd. | ||
Series 2017-1A, Class A1R | ||
5.169% (3 Month LIBOR + 1.09%), due 7/15/31 (a)(b) | $ 400,000 | 391,890 |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
HalseyPoint CLO 3 Ltd. | ||
Series 2020-3A, Class A1A | ||
5.865% (3 Month LIBOR + 1.45%), due 11/30/32 (a)(b) | $ 500,000 | $ 493,326 |
Invesco Euro CLO I DAC | ||
Series 1A, Class A1R | ||
2.028% (3 Month EURIBOR + 0.65%), due 7/15/31 (a)(b) | EUR 500,000 | 518,347 |
Jubilee CLO DAC | ||
Series 2015-16A, Class A1R | ||
2.846% (3 Month EURIBOR + 0.80%), due 12/15/29 (a)(b) | 1,033,926 | 1,093,913 |
LCM 30 Ltd. | ||
Series 30A, Class AR | ||
5.323% (3 Month LIBOR + 1.08%), due 4/20/31 (a)(b) | $ 1,350,000 | 1,318,591 |
LCM XIII LP | ||
Series 13A, Class AR3 | ||
5.097% (3 Month LIBOR + 0.87%), due 7/19/27 (a)(b) | 1,195,637 | 1,182,337 |
LCM XV LP | ||
Series 15A, Class AR2 | ||
5.243% (3 Month LIBOR + 1.00%), due 7/20/30 (a)(b) | 385,265 | 379,426 |
LCM XXV Ltd. | ||
Series 25A, Class AR | ||
5.063% (3 Month SOFR + 1.10%), due 7/20/30 (a)(b) | 1,483,935 | 1,454,149 |
Madison Park Euro Funding IX DAC | ||
Series 9A, Class AR | ||
0.88% (3 Month EURIBOR + 0.88%), due 7/15/35 (a)(b) | EUR 500,000 | 509,380 |
Madison Park Funding XLI Ltd. | ||
Series 12A, Class AR | ||
5.155% (3 Month LIBOR + 0.83%), due 4/22/27 (a)(b) | $ 250,947 | 248,233 |
Magnetite XVIII Ltd. | ||
Series 2016-18A, Class AR2 | ||
5.486% (3 Month LIBOR + 0.88%), due 11/15/28 (a)(b) | 385,903 | 381,101 |
Man GLG Euro CLO II DAC | ||
Series 2A, Class A1R | ||
2.248% (3 Month EURIBOR + 0.87%), due 1/15/30 (a)(b) | EUR 142,909 | 149,971 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Marathon CLO V Ltd. | ||
Series 2013-5A, Class A1R | ||
5.545% (3 Month LIBOR + 0.87%), due 11/21/27 (a)(b) | $ 27,557 | $ 27,497 |
MidOcean Credit CLO II | ||
Series 2013-2A, Class ARR | ||
5.445% (3 Month LIBOR + 1.03%), due 1/29/30 (a)(b) | 240,516 | 237,277 |
OCP Euro CLO DAC | ||
Series 2017-2A, Class A | ||
2.198% (3 Month EURIBOR + 0.82%), due 1/15/32 (a)(b) | EUR 987,999 | 1,034,283 |
OSD CLO Ltd. | ||
Series 2021-23A, Class A | ||
4.949% (3 Month LIBOR + 0.87%), due 4/17/31 (a)(b) | $ 1,295,133 | 1,269,137 |
OZLM VIII Ltd. | ||
Series 2014-8A, Class A1R3 | ||
5.059% (3 Month LIBOR + 0.98%), due 10/17/29 (a)(b) | 358,625 | 353,097 |
OZLM XI Ltd. | ||
Series 2015-11A, Class A1R | ||
5.665% (3 Month LIBOR + 1.25%), due 10/30/30 (a)(b) | 989,187 | 974,753 |
OZLM XXIV Ltd. | ||
Series 2019-24A, Class A1AR | ||
5.403% (3 Month LIBOR + 1.16%), due 7/20/32 (a)(b) | 200,000 | 194,975 |
Palmer Square Loan Funding Ltd. (a)(b) | ||
Series 2021-4A, Class A1 | ||
4.879% (3 Month LIBOR + 0.80%), due 10/15/29 | 421,565 | 416,149 |
Series 2021-3A, Class A1 | ||
5.043% (3 Month LIBOR + 0.80%), due 7/20/29 | 1,062,624 | 1,047,723 |
Rad CLO 5 Ltd. | ||
Series 2019-5A, Class AR | ||
5.445% (3 Month LIBOR + 1.12%), due 7/24/32 (a)(b) | 1,700,000 | 1,665,538 |
Romark CLO Ltd. | ||
Series 2017-1A, Class A1R | ||
5.355% (3 Month LIBOR + 1.03%), due 10/23/30 (a)(b) | 400,000 | 392,039 |
Saranac CLO VI Ltd. | ||
Series 2018-6A, Class A1R | ||
5.873% (3 Month LIBOR + 1.14%), due 8/13/31 (a)(b) | 300,000 | 293,456 |
12 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Asset-Backed Securities (continued) | ||
Other Asset-Backed Securities (continued) | ||
SLM Student Loan Trust | ||
Series 2004-3A, Class A6B | ||
4.908% (3 Month LIBOR + 0.55%), due 10/25/64 (a)(b) | $ 338,027 | $ 324,347 |
Sound Point CLO IX Ltd. | ||
Series 2015-2A, Class ARRR | ||
5.453% (3 Month LIBOR + 1.21%), due 7/20/32 (a)(b) | 500,000 | 486,134 |
Sound Point CLO XIV Ltd. | ||
Series 2016-3A, Class AR2 | ||
5.315% (3 Month LIBOR + 0.99%), due 1/23/29 (a)(b) | 623,695 | 618,689 |
Sound Point CLO XV Ltd. | ||
Series 2017-1A, Class ARR | ||
5.225% (3 Month LIBOR + 0.90%), due 1/23/29 (a)(b) | 821,393 | 810,876 |
Symphony CLO XIV Ltd. | ||
Series 2014-14A, Class AR | ||
4.961% (3 Month LIBOR + 0.95%), due 7/14/26 (a)(b) | 11,340 | 11,335 |
THL Credit Wind River CLO Ltd. | ||
Series 2019-3A, Class AR | ||
5.159% (3 Month LIBOR + 1.08%), due 4/15/31 (a)(b) | 300,000 | 291,967 |
Toro European CLO DAC (a)(b) | ||
Series 5A, Class A | ||
2.118% (3 Month EURIBOR + 0.74%), due 10/15/30 | EUR 499,729 | 521,064 |
Series 5A, Class ANV | ||
2.118% (3 Month EURIBOR + 0.74%), due 10/15/30 | 699,621 | 729,489 |
Venture 36 CLO Ltd. | ||
Series 2019-36A, Class A1AR | ||
5.373% (3 Month LIBOR + 1.13%), due 4/20/32 (a)(b) | $ 600,000 | 581,365 |
Venture XXI CLO Ltd. | ||
Series 2015-21A, Class AR | ||
4.959% (3 Month LIBOR + 0.88%), due 7/15/27 (a)(b) | 84,708 | 84,645 |
Venture XXIV CLO Ltd. | ||
Series 2016-24A, Class ARR | ||
5.143% (3 Month LIBOR + 0.90%), due 10/20/28 (a)(b) | 335,515 | 330,841 |
Venture XXV CLO Ltd. | ||
Series 2016-25A, Class ARR | ||
5.263% (3 Month LIBOR + 1.02%), due 4/20/29 (a)(b) | 323,400 | 319,761 |
Principal Amount | Value | |
Other Asset-Backed Securities (continued) | ||
Vibrant CLO VI Ltd. | ||
Series 2017-6A, Class AR | ||
5.696% (3 Month LIBOR + 0.95%), due 6/20/29 (a)(b) | $ 600,383 | $ 592,258 |
Vibrant CLO XI Ltd. | ||
Series 2019-11A, Class A1R1 | ||
5.363% (3 Month LIBOR + 1.12%), due 7/20/32 (a)(b) | 400,000 | 389,335 |
Voya CLO | ||
Series 2017-2A, Class A1R | ||
5.059% (3 Month LIBOR + 0.98%), due 6/7/30 (a)(b) | 288,273 | 284,484 |
Wellfleet CLO Ltd. | ||
Series 2015-1A, Class AR4 | ||
5.133% (3 Month LIBOR + 0.89%), due 7/20/29 (a)(b) | 436,877 | 431,301 |
37,010,516 | ||
Total Asset-Backed Securities (Cost $46,544,150) | 44,469,429 | |
Corporate Bonds 3.5% | ||
Banks 1.9% | ||
Banco Bilbao Vizcaya Argentaria SA | ||
Series Reg S | ||
5.875% (EUR 5 Year Interest Swap Rate + 5.66%), due 9/24/23 (a)(c) | EUR 400,000 | 410,838 |
Bank of America Corp. | ||
Series FF | ||
5.875%, due 3/15/28 (c)(d) | $ 190,000 | 167,325 |
Lloyds Banking Group plc | ||
Series Reg S | ||
4.947% (5 Year EURIBOR ICE Swap Rate + 5.29%), due 6/27/25 (a)(c) | EUR 200,000 | 204,491 |
NatWest Group plc | ||
4.519%, due 6/25/24 (d) | $ 200,000 | 198,141 |
6.274% (3 Month LIBOR + 1.55%), due 6/25/24 (a) | 300,000 | 300,076 |
Nykredit Realkredit A/S | ||
Series Reg S | ||
0.50%, due 10/1/43 | DKK 12,192,722 | 1,324,705 |
Series Reg S | ||
1.00%, due 10/1/50 | 33,061,167 | 3,500,387 |
Series Reg S | ||
1.00%, due 10/1/53 | 497,710 | 48,791 |
Principal Amount | Value | |
Corporate Bonds (continued) | ||
Banks (continued) | ||
Nykredit Realkredit A/S (continued) | ||
Series Reg S | ||
1.00%, due 10/1/53 | DKK 2,033,038 | $ 212,689 |
Series Reg S | ||
1.50%, due 10/1/53 | 321,669 | 33,710 |
Series Reg S | ||
1.50%, due 10/1/53 | 10,612,802 | 1,174,439 |
Series Reg S | ||
1.50%, due 10/1/53 | 99,824 | 9,890 |
Series Reg S | ||
2.00%, due 10/1/53 | 299,540 | 32,717 |
Series Reg S | ||
2.00%, due 10/1/53 | 496,929 | 56,672 |
Series Reg S | ||
2.50%, due 10/1/47 | 1,660 | 212 |
UniCredit SpA | ||
7.83%, due 12/4/23 (b) | $ 1,800,000 | 1,808,438 |
9,483,521 | ||
Commercial Services 0.0% ‡ | ||
RELX Capital, Inc. | ||
3.50%, due 3/16/23 | 100,000 | 99,596 |
Distribution & Wholesale 0.1% | ||
Toyota Tsusho Corp. | ||
Series Reg S | ||
3.625%, due 9/13/23 | 200,000 | 197,628 |
Diversified Financial Services 1.5% | ||
Avolon Holdings Funding Ltd. | ||
2.528%, due 11/18/27 (b) | 66,000 | 52,753 |
Jyske Realkredit A/S | ||
Series CCE | ||
0.50%, due 10/1/43 | DKK 2,387,004 | 260,372 |
Series Reg S | ||
1.00%, due 10/1/50 | 15,823,835 | 1,675,366 |
Series CCE | ||
1.00%, due 10/1/53 | 3,916,546 | 384,291 |
Series CCE | ||
1.50%, due 10/1/53 | 1,658,705 | 183,855 |
Series CCE | ||
1.50%, due 10/1/53 | 1,987,944 | 207,542 |
Series 111E | ||
2.50%, due 10/1/47 | 4,344 | 554 |
Principal Amount | Value | |
Diversified Financial Services (continued) | ||
Nordea Kredit Realkreditaktieselskab | ||
Series CC2 | ||
0.50%, due 10/1/43 | DKK 912,743 | $ 100,343 |
Series Reg S | ||
1.00%, due 10/1/50 | 10,992,739 | 1,165,767 |
Series CC2 | ||
1.00%, due 10/1/53 | 193,793 | 20,309 |
1.50%, due 10/1/53 | 10,599,525 | 1,106,597 |
Series CC2 | ||
1.50%, due 10/1/53 | 35,157 | 3,894 |
1.50%, due 10/1/53 | 500,000 | 49,573 |
Series Reg S | ||
2.00%, due 10/1/53 (b) | 399,803 | 45,826 |
Series CC2 | ||
2.50%, due 10/1/47 | 1,916 | 244 |
Realkredit Danmark A/S | ||
Series Reg S | ||
1.00%, due 10/1/50 | 15,856,157 | 1,676,505 |
Series Reg S | ||
1.00%, due 10/1/53 | 5,968 | 585 |
Series Reg S | ||
1.00%, due 10/1/53 | 1,453,029 | 152,168 |
Series Reg S | ||
1.50%, due 10/1/53 | 821,573 | 90,947 |
Series Reg S | ||
1.50%, due 10/1/53 | 1,493,926 | 155,967 |
Series Reg S | ||
2.00%, due 10/1/53 | 1,695,958 | 185,482 |
Series Reg S | ||
2.50%, due 4/1/47 | 8,770 | 1,122 |
7,520,062 | ||
Home Builders 0.0% ‡ | ||
DR Horton, Inc. | ||
5.75%, due 8/15/23 | $ 100,000 | 100,320 |
Pharmaceuticals 0.0% ‡ | ||
Cigna Corp. | ||
3.75%, due 7/15/23 | 73,000 | 72,518 |
Total Corporate Bonds (Cost $23,488,069) | 17,473,645 | |
Foreign Government Bonds 8.9% | ||
Australia 0.3% | ||
Australia Government Bond | ||
Series Reg S | ||
3.00%, due 9/20/25 (e) | AUD 1,998,100 | 1,457,100 |
14 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Foreign Government Bonds (continued) | ||
Canada 0.2% | ||
Canadian Government Real Return Bond | ||
4.25%, due 12/1/26 (e) | CAD 1,050,720 | $ 855,879 |
France 1.6% | ||
France Government Bond (e) | ||
Series Reg S | ||
0.10%, due 3/1/26 (b) | EUR 3,561,776 | 3,778,023 |
Series Reg S | ||
0.10%, due 7/25/31 (b) | 805,518 | 828,331 |
Series Reg S | ||
0.10%, due 7/25/38 (b) | 1,581,804 | 1,531,355 |
Series Reg S | ||
0.25%, due 7/25/24 | 1,592,071 | 1,717,576 |
7,855,285 | ||
Italy 3.0% | ||
Italy Buoni Poliennali Del Tesoro (b)(e) | ||
Series Reg S | ||
0.40%, due 5/15/30 | 2,683,571 | 2,513,952 |
Series Reg S | ||
1.40%, due 5/26/25 | 11,855,925 | 12,539,668 |
15,053,620 | ||
Japan 1.7% | ||
Japan Government CPI Linked Bond (e) | ||
(zero coupon), due 3/10/31 | JPY 81,749,600 | 646,883 |
0.10%, due 3/10/28 | 203,484,600 | 1,608,620 |
0.10%, due 3/10/28 | 239,454,100 | 1,892,972 |
0.10%, due 3/10/29 | 172,432,390 | 1,364,455 |
0.10%, due 3/10/29 | 369,352,220 | 2,922,678 |
8,435,608 | ||
New Zealand 0.4% | ||
New Zealand Government Inflation Linked Bond (e) | ||
Series Reg S | ||
2.00%, due 9/20/25 | NZD 1,735,720 | 1,114,180 |
Series Reg S | ||
2.50%, due 9/20/35 | 968,080 | 626,181 |
Series Reg S | ||
3.00%, due 9/20/30 | 614,500 | 415,696 |
2,156,057 |
Principal Amount | Value | |
Peru 0.2% | ||
Peru Government Bond | ||
5.94%, due 2/12/29 | PEN 1,300,000 | $ 313,590 |
6.15%, due 8/12/32 | 2,100,000 | 485,338 |
798,928 | ||
Qatar 0.1% | ||
Qatar Government Bond | ||
Series Reg S | ||
3.875%, due 4/23/23 | $ 300,000 | 298,350 |
United Kingdom 1.4% | ||
United Kingdom Gilt Inflation Linked (e) | ||
Series Reg S | ||
0.125%, due 3/22/24 | GBP 3,820,310 | 4,689,228 |
Series Reg S | ||
0.125%, due 8/10/41 | 1,271,890 | 1,440,576 |
Series Reg S | ||
1.25%, due 11/22/27 | 578,167 | 737,194 |
6,866,998 | ||
Total Foreign Government Bonds (Cost $48,594,824) | 43,777,825 | |
Mortgage-Backed Securities 4.8% | ||
Agency (Collateralized Mortgage Obligations) 3.3% | ||
FHLMC (a) | ||
REMIC, Series 4779, Class WF | ||
3.206% (1 Month LIBOR + 0.35%), due 7/15/44 | $ 156,488 | 154,188 |
REMIC, Series 4694, Class FA | ||
4.718% (1 Month LIBOR + 0.40%), due 6/15/47 | 883,843 | 848,444 |
FHLMC, Strips | ||
REMIC, Series 278, Class F1 | ||
4.768% (1 Month LIBOR + 0.45%), due 9/15/42 (a) | 156,670 | 153,850 |
GNMA (a) | ||
REMIC, Series 2017-H10, Class FB | ||
1.968% (12 Month LIBOR + 0.75%), due 4/20/67 | 208,134 | 205,972 |
REMIC, Series 2018-H15, Class FG | ||
3.858% (12 Month LIBOR + 0.15%), due 8/20/68 | 342,773 | 333,006 |
UMBS, Single Family, 30 Year (f) | ||
3.00%, due 1/25/53 TBA | 6,000,000 | 5,264,216 |
4.00%, due 1/25/53 TBA | 10,000,000 | 9,376,599 |
16,336,275 |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Collateralized Debt Obligations (Commercial Real Estate Collateralized Debt Obligations) 0.4% | ||
Arbor Realty Commercial Real Estate Notes Ltd. | ||
Series 2022-FL1, Class A | ||
5.257% (SOFR 30A + 1.45%), due 1/15/37 (a)(b) | $ 1,400,000 | $ 1,355,242 |
LoanCore Issuer Ltd. | ||
Series 2022-CRE7, Class A | ||
5.358% (SOFR 30A + 1.55%), due 1/17/37 (a)(b) | 600,000 | 578,222 |
1,933,464 | ||
Commercial Mortgage Loans (Collateralized Mortgage Obligation) 0.3% | ||
GS Mortgage Securities Corp. II | ||
Series 2022-GTWY, Class A | ||
7.736% (1 Month SOFR + 3.40%), due 8/15/39 (a)(b) | 1,300,000 | 1,307,911 |
Whole Loan (Collateralized Mortgage Obligations) 0.8% | ||
Alternative Loan Trust | ||
Series 2005-29CB, Class A4 | ||
5.00%, due 7/25/35 | 28,050 | 16,946 |
Series 2007-1T1, Class 1A1 | ||
6.00%, due 3/25/37 | 525,904 | 207,209 |
CHL Mortgage Pass-Through Trust | ||
Series 2007-1, Class A1 | ||
6.00%, due 3/25/37 | 25,558 | 12,814 |
Citigroup Mortgage Loan Trust, Inc. | ||
Series 2007-AR4, Class 1A1A | ||
3.463%, due 3/25/37 (g) | 168,353 | 146,197 |
Series 2004-NCM2, Class 1CB1 | ||
5.50%, due 8/25/34 | 137,383 | 125,942 |
Eurosail-UK plc (a) | ||
Series 2007-3A, Class A3C | ||
4.502% (SONIA3M IR + 1.069%), due 6/13/45 (b) | GBP 24,967 | 29,838 |
Series 2007-3X, Class A3A | ||
4.502% (SONIA3M IR + 1.069%), due 6/13/45 | 93,640 | 111,916 |
Series 2007-3X, Class A3C | ||
4.502% (SONIA3M IR + 1.069%), due 6/13/45 | 24,967 | 29,838 |
GreenPoint Mortgage Funding Trust | ||
Series 2006-AR4, Class A6A | ||
4.749% (1 Month LIBOR + 0.36%), due 9/25/46 (a) | $ 62,457 | 54,305 |
Principal Amount | Value | |
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
IndyMac INDX Mortgage Loan Trust (a) | ||
Series 2005-AR12, Class 2A1A | ||
4.869% (1 Month LIBOR + 0.48%), due 7/25/35 | $ 94,191 | $ 86,463 |
Series 2005-AR14, Class 1A1A | ||
4.949% (1 Month LIBOR + 0.56%), due 7/25/35 | 688,987 | 495,927 |
Merrill Lynch Mortgage Investors Trust | ||
Series 2005-A4, Class 1A | ||
3.54%, due 7/25/35 (g) | 143,392 | 76,858 |
New Residential Mortgage Loan Trust (b)(h) | ||
Series 2019-RPL3, Class A1 | ||
2.75%, due 7/25/59 | 202,867 | 188,489 |
Series 2018-3A, Class A1 | ||
4.50%, due 5/25/58 | 117,034 | 109,826 |
OBX Trust | ||
Series 2018-1, Class A2 | ||
5.039% (1 Month LIBOR + 0.65%), due 6/25/57 (a)(b) | 26,217 | 24,656 |
Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates | ||
Series 2005-2, Class M7 | ||
6.189% (1 Month LIBOR + 1.80%), due 4/25/35 (a) | 100,000 | 93,997 |
RALI Trust | ||
Series 2006-QH1, Class A1 | ||
4.769% (1 Month LIBOR + 0.38%), due 12/25/36 (a) | 776,494 | 655,947 |
Residential Asset Securitization Trust | ||
Series 2006-A10, Class A5 | ||
6.50%, due 9/25/36 | 218,201 | 83,156 |
Residential Mortgage Securities 32 plc | ||
Series 32A, Class A | ||
4.681% (SONIA3M IR + 1.25%), due 6/20/70 (a)(b) | GBP 131,534 | 157,985 |
Thornburg Mortgage Securities Trust | ||
Series 2004-2, Class A1 | ||
5.009% (1 Month LIBOR + 0.62%), due 6/25/44 (a) | $ 434,332 | 388,248 |
Towd Point Mortgage Funding Granite 4 plc | ||
Series 2019-GR4A, Class A1 | ||
4.59% (SONIA3M IR + 1.144%), due 10/20/51 (a)(b) | GBP 587,347 | 707,860 |
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | ||
Series 2007-HY1, Class A2A | ||
4.709% (1 Month LIBOR + 0.32%), due 2/25/37 (a) | $ 380,185 | 310,521 |
16 | MainStay VP PIMCO Real Return Portfolio |
Principal Amount | Value | |
Mortgage-Backed Securities (continued) | ||
Whole Loan (Collateralized Mortgage Obligations) (continued) | ||
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust (continued) | ||
Series 2006-5, Class 2CB1 | ||
6.00%, due 7/25/36 | $ 33,259 | $ 22,623 |
4,137,561 | ||
Total Mortgage-Backed Securities (Cost $24,783,387) | 23,715,211 | |
U.S. Government & Federal Agencies 82.8% | ||
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.1% | ||
UMBS Pool, 30 Year | ||
2.00%, due 3/1/52 | 191,760 | 156,139 |
3.00%, due 1/1/52 | 395,137 | 347,108 |
503,247 | ||
Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.3% | ||
FNMA (a) | ||
3.248% (12 Month Monthly Treasury Average Index + 1.199%), due 6/1/43 | 121,125 | 115,231 |
4.018% (11th District Cost of Funds Index + 1.929%), due 12/1/36 | 67,146 | 67,007 |
4.379% (1 Year Treasury Constant Maturity Rate + 2.36%), due 11/1/34 | 146,323 | 149,624 |
UMBS, 30 Year | ||
3.50%, due 7/1/52 | 294,178 | 267,382 |
4.00%, due 8/1/52 | 469,539 | 440,446 |
4.50%, due 7/1/52 | 595,300 | 573,055 |
1,612,745 | ||
United States Treasury Inflation - Indexed Notes 82.4% | ||
U.S. Treasury Inflation Linked Bonds (e) | ||
0.125%, due 2/15/51 | 5,620,232 | 3,615,223 |
0.125%, due 2/15/52 (i) | 1,926,972 | 1,246,377 |
0.25%, due 2/15/50 (i) | 3,454,267 | 2,326,711 |
0.625%, due 2/15/43 (i) | 2,307,254 | 1,860,073 |
0.75%, due 2/15/42 | 6,897,690 | 5,769,274 |
0.75%, due 2/15/45 | 9,795,280 | 7,914,888 |
0.875%, due 2/15/47 | 14,620,776 | 11,974,810 |
1.00%, due 2/15/46 | 7,533,803 | 6,392,761 |
1.00%, due 2/15/48 | 3,030,918 | 2,548,541 |
1.00%, due 2/15/49 | 3,612,115 | 3,016,089 |
Principal Amount | Value | |
United States Treasury Inflation - Indexed Notes (continued) | ||
U.S. Treasury Inflation Linked Bonds (e) (continued) | ||
1.375%, due 2/15/44 | $ 14,820,133 | $ 13,752,386 |
1.75%, due 1/15/28 | 16,535,372 | 16,523,926 |
2.00%, due 1/15/26 | 6,963,911 | 6,955,132 |
2.125%, due 2/15/40 | 4,770,613 | 5,046,698 |
2.125%, due 2/15/41 | 7,525,445 | 7,966,723 |
2.375%, due 1/15/25 | 14,371,199 | 14,382,734 |
2.375%, due 1/15/27 (i) | 29,555 | 30,146 |
2.50%, due 1/15/29 | 7,259,449 | 7,568,629 |
3.375%, due 4/15/32 (i) | 549,013 | 628,383 |
U.S. Treasury Inflation Linked Notes (e) | ||
0.125%, due 10/15/24 | 8,363,160 | 8,053,715 |
0.125%, due 4/15/25 | 3,230,472 | 3,078,620 |
0.125%, due 10/15/25 (i) | 9,992,298 | 9,496,061 |
0.125%, due 4/15/26 (i) | 4,829,530 | 4,540,306 |
0.125%, due 7/15/26 | 10,704,469 | 10,086,539 |
0.125%, due 10/15/26 (j) | 2,508,357 | 2,351,112 |
0.125%, due 4/15/27 | 4,327,468 | 4,032,771 |
0.125%, due 1/15/30 | 19,992,258 | 17,957,484 |
0.125%, due 7/15/30 | 17,458,197 | 15,630,986 |
0.125%, due 1/15/31 | 20,194,448 | 17,933,887 |
0.125%, due 7/15/31 | 11,007,810 | 9,726,091 |
0.125%, due 1/15/32 | 25,156,638 | 22,034,008 |
0.25%, due 1/15/25 | 7,045,976 | 6,758,626 |
0.25%, due 7/15/29 | 19,852,452 | 18,173,890 |
0.375%, due 7/15/23 | 3,498,517 | 3,456,972 |
0.375%, due 1/15/27 | 4,169,906 | 3,932,096 |
0.375%, due 7/15/27 (i) | 2,582,732 | 2,434,035 |
0.50%, due 4/15/24 (j) | 25,073,764 | 24,382,562 |
0.50%, due 1/15/28 | 18,861,794 | 17,736,355 |
0.625%, due 4/15/23 | 18,164,518 | 17,978,970 |
0.625%, due 1/15/24 | 12,166,702 | 11,908,220 |
0.625%, due 1/15/26 | 5,305,266 | 5,092,425 |
0.625%, due 7/15/32 (j) | 15,282,781 | 13,997,754 |
0.75%, due 7/15/28 | 19,007,392 | 18,105,318 |
0.875%, due 1/15/29 | 13,560,823 | 12,918,773 |
1.625%, due 10/15/27 (i) | 5,734,314 | 5,727,590 |
407,044,670 | ||
Total U.S. Government & Federal Agencies (Cost $455,564,090) | 409,160,662 | |
Total Long-Term Bonds (Cost $598,974,520) | 538,596,772 | |
Shares | Value | ||
Short-Term Investment 0.9% | |||
Affiliated Investment Company 0.9% | |||
MainStay U.S. Government Liquidity Fund, 3.602% (k) | ��4,225,813 | $ 4,225,813 | |
Total Short-Term Investment (Cost $4,225,813) | 4,225,813 | ||
Total Investments Excluding Purchased Options (Cost $603,200,333) | 109.9% | 542,822,585 | |
Total Purchased Options (Cost $236,357) | 0.0%‡ | 17,701 | |
Total Investments (Cost $603,436,690) | 109.9% | 542,840,286 | |
Other Assets, Less Liabilities | (9.9) | (48,947,843) | |
Net Assets | 100.0% | $ 493,892,443 |
† | Percentages indicated are based on Portfolio net assets. |
‡ | Less than one-tenth of a percent. |
(a) | Floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(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 is perpetual and, thus, does not have a predetermined maturity date. The date shown, if applicable, reflects the next call date. |
(d) | Fixed to floating rate—Rate shown was the rate in effect as of December 31, 2022. |
(e) | Treasury Inflation Protected Security—Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers. |
(f) | TBA—Security purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of December 31, 2022, the total net market value was $14,640,815, which represented 3% of the Portfolio’s net assets. All or a portion of this security is a part of a mortgage dollar roll agreement. |
(g) | Collateral strip rate—A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of December 31, 2022. |
(h) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of December 31, 2022. |
(i) | Security, or a portion thereof, was maintained in a segregated account at the Portfolio’s custodian as collateral for future, swap and foreign currency forward contracts. |
(j) | Delayed delivery security. |
(k) | Current yield as of December 31, 2022. |
Affiliated Investment Companies | Value, Beginning of Year | Purchases at Cost | Proceeds from Sales | Net Realized Gain/(Loss) on Sales | Change in Unrealized Appreciation/ (Depreciation) | Value, End of Year | Dividend Income | Other Distributions | Shares End of Year |
MainStay U.S. Government Liquidity Fund | $ 715 | $ 191,343 | $ (187,832) | $ — | $ — | $ 4,226 | $ 25 | $ — | 4,226 |
18 | MainStay VP PIMCO Real Return Portfolio |
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
EUR | 731,000 | USD | 765,439 | Bank of America N.A. | 1/10/23 | $ 17,394 |
EUR | 367,000 | USD | 389,925 | Bank of America N.A. | 1/10/23 | 3,098 |
EUR | 434,000 | USD | 461,423 | Bank of America N.A. | 1/10/23 | 3,350 |
EUR | 287,000 | USD | 305,751 | Barclays Capital | 1/10/23 | 1,598 |
EUR | 692,000 | USD | 737,213 | Barclays Capital | 1/10/23 | 3,854 |
EUR | 619,000 | USD | 659,947 | JPMorgan Chase Bank N.A. | 1/10/23 | 2,944 |
PEN | 87,726 | USD | 21,931 | Barclays Capital* | 1/25/23 | 1,119 |
USD | 141,666 | AUD | 208,000 | Barclays Capital | 1/10/23 | 14 |
USD | 859,520 | CAD | 1,153,000 | BNP Paribas S.A. | 1/10/23 | 7,944 |
USD | 2,114,644 | NZD | 3,326,000 | JPMorgan Chase Bank N.A. | 1/10/23 | 2,795 |
Total Unrealized Appreciation | 44,110 | |||||
USD | 1,275,819 | AUD | 1,899,818 | Morgan Stanley & Co. International | 1/10/23 | (17,991) |
USD | 13,841,034 | DKK | 98,990,000 | JPMorgan Chase Bank N.A. | 1/10/23 | (415,379) |
USD | 34,991,239 | EUR | 33,650,000 | JPMorgan Chase Bank N.A. | 1/10/23 | (1,044,748) |
USD | 8,244,988 | GBP | 6,828,000 | JPMorgan Chase Bank N.A. | 1/10/23 | (11,034) |
USD | 360,613 | JPY | 49,700,000 | Barclays Capital | 1/10/23 | (18,392) |
USD | 3,746,076 | JPY | 513,169,332 | Morgan Stanley & Co. International | 1/10/23 | (167,276) |
USD | 4,381,874 | JPY | 593,700,000 | Morgan Stanley & Co. International | 1/10/23 | (145,593) |
USD | 988,687 | PEN | 3,844,017 | BNP Paribas S.A.* | 3/15/23 | (16,982) |
Total Unrealized Depreciation | (1,837,395) | |||||
Net Unrealized Depreciation | $ (1,793,285) |
* | Non-deliverable forward. |
1. | Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction. |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
Long Contracts | |||||
3 Month Euro Euribor | 205 | March 2023 | $ 54,983,611 | $ 53,209,260 | $ (1,774,351) |
Euro-Bund | 82 | March 2023 | 12,415,240 | 11,668,183 | (747,057) |
Long Gilt | 1 | March 2023 | 128,731 | 120,774 | (7,957) |
U.S. Treasury 2 Year Notes | 59 | March 2023 | 12,100,145 | 12,099,609 | (536) |
U.S. Treasury 5 Year Notes | 551 | March 2023 | 59,691,129 | 59,469,258 | (221,871) |
Total Long Contracts | (2,751,772) | ||||
Short Contracts | |||||
Australia 3 Year Bond | (13) | March 2023 | (957,637) | (945,263) | 12,374 |
Australia 10 Year Bonds | (7) | March 2023 | (582,170) | (551,332) | 30,838 |
Euro-Bobl | (43) | March 2023 | (5,495,251) | (5,327,897) | 167,354 |
Euro-BTP | (56) | March 2023 | (6,398,215) | (6,300,840) | 97,375 |
Euro-BTP | (102) | March 2023 | (12,763,601) | (11,892,528) | 871,073 |
Euro-Buxl 30 Year Bonds | (54) | March 2023 | (9,137,218) | (7,817,453) | 1,319,765 |
Euro-OAT | (28) | March 2023 | (4,078,903) | (3,815,512) | 263,391 |
Euro-Schatz | (632) | March 2023 | (72,222,895) | (71,319,202) | 903,693 |
Japan 10 Year Bonds | (22) | March 2023 | (24,823,257) | (24,383,724) | 439,533 |
U.S. Treasury 10 Year Notes | (296) | March 2023 | (33,329,657) | (33,239,875) | 89,782 |
U.S. Treasury 10 Year Ultra Bonds | (59) | March 2023 | (7,068,977) | (6,978,594) | 90,383 |
U.S. Treasury Long Bonds | (101) | March 2023 | (12,805,539) | (12,659,718) | 145,821 |
Type | Number of Contracts | Expiration Date | Value at Trade Date | Current Notional Amount | Unrealized Appreciation (Depreciation)2 |
U.S. Treasury Ultra Bonds | (21) | March 2023 | $ (3,008,178) | $ (2,820,563) | $ 187,615 |
Total Short Contracts | 4,618,997 | ||||
Net Unrealized Appreciation | $ 1,867,225 |
1. | As of December 31, 2022, cash in the amount of $2,288,000 was on deposit with a broker or futures commission merchant for futures transactions. |
2. | Represents the difference between the value of the contracts at the time they were opened and the value as of December 31, 2022. |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Put-2-Year Interest Rate Swap | Morgan Stanley & Co., LLC | $ 1.43 | 1/31/23 | 11,500,000 | $ 11,500,000 | $ 58,757 | $ — | |
Put-5-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 2.20 | 5/31/23 | 14,800,000 | 14,800,000 | 177,600 | 17,701 | |
$ 236,357 | $17,701 |
Description | Counterparty | Initial Index | Floating Rate | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-Cap-OTC USA Non-Revised Consumer Price Index- Urban (CPI-U), American Style -Call | JPMorgan Chase Bank N.A. | $ 238.643 | Maximum of [0, Final Index/Initial Index - (1 + 4.00%10)] | 5/16/24 | 300,000 | $ (300,000) | $ (286) | $ (80,240) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Put-Euro-Bund | Barclays Capital, Inc. | $ 138.50 | 1/27/23 | (6) | EUR (600,000) | $ (6,125) | $ (36,674) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-Euro-Bund | Barclays Capital, Inc. | $ 146.00 | 1/27/23 | (6) | EUR (600,000) | $ (4,824) | $ (64) |
Description | Counterparty | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premiums Paid (Received) | Market Value | |
Call-10-Year Interest Rate Swap | Morgan Stanley & Co., LLC | $ 1.58 | 1/31/23 | (2,500,000) | $ (2,500,000) | $ (58,437) | $ — | |
Call-10-Year Interest Rate Swap | Morgan Stanley Capital Services LLC | 2.35 | 5/31/23 | (8,200,000) | (8,200,000) | (178,659) | (24,226) | |
$ (237,096) | $(24,226) |
Notional Amount | Currency | Expiration Date | Payments made by Portfolio | Payments Received by Portfolio | Payment Frequency Paid/Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) |
$ 14,000,000 | JPY | 9/20/27 | Fixed 0.30% | 1 day TONAR + 0.06% | Semi-Annually/Semi-Annually | $ (2,101) | $ 1,643 | $ 3,744 |
20 | MainStay VP PIMCO Real Return Portfolio |
Notional Amount | Currency | Expiration Date | Payments made by Portfolio | Payments Received by Portfolio | Payment Frequency Paid/Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) | ||
$ 50,000,000 | JPY | 3/20/28 | Fixed 0.30% | 1 day TONAR + 0.06% | Semi-Annually/Semi-Annually | $ (8,084) | $ 7,339 | $ 15,423 | ||
1,600,000 | NZD | 3/21/28 | Fixed 3.25% | 3 month Australian BBR | Semi-Annually/Quarterly | (92,668) | 74,468 | 167,136 | ||
106,980,000 | JPY | 3/20/29 | Fixed 0.45% | 1 day TONAR + 0.06% | Semi-Annually/Semi-Annually | (29,175) | 15,072 | 44,247 | ||
4,200,000 | EUR | 11/4/32 | 6 month EURIBOR | Fixed 0.00% | Semi-Annually/Annually | — | (1,204,233) | (1,204,233) | ||
2,200,000 | GBP | 3/16/42 | Fixed 0.50% | 1 day SONIA | Annually/Annually | 1,102,499 | 1,118,588 | 16,089 | ||
1,400,000 | EUR | 11/4/52 | Fixed 0.19% | 6 month EURIBOR | Annually/Semi-Annually | — | 704,931 | 704,931 | ||
2,500,000 | EUR | 12/9/52 | Fixed 0.83% | 6 month EURIBOR | Annually/Semi-Annually | 5,312 | 79,315 | 74,003 | ||
$ 975,783 | $ 797,123 | $ (178,660) |
Notional Amount | Currency | Expiration Date | Payments Made by Portfolio | Payments Received by Portfolio | Payment Frequency Paid/ Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) |
$ 3,600,000 | USD | 3/8/23 | 1 Month USD-CPI | Fixed 5.033% | At Maturity | $ — | $ (45,816) | $ (45,816) |
6,300,000 | USD | 3/21/23 | 1 Month USD-CPI | Fixed 5.47% | At Maturity | — | (42,718) | (42,718) |
1,100,000 | USD | 4/27/23 | Fixed 2.263% | 1 Month USD-CPI | At Maturity | 2,884 | 90,555 | 87,671 |
510,000 | USD | 5/9/23 | Fixed 2.263% | 1 Month USD-CPI | At Maturity | 1,513 | 42,153 | 40,640 |
780,000 | USD | 5/10/23 | Fixed 2.281% | 1 Month USD-CPI | At Maturity | 2,188 | 63,730 | 61,542 |
2,600,000 | USD | 5/24/23 | 1 Month USD-CPI | Fixed 5.185% | At Maturity | — | 11,125 | 11,125 |
2,800,000 | EUR | 3/15/24 | Fixed 1.03% | 1 month FRCPI | At Maturity | (8,640) | 275,115 | 283,755 |
1,400,000 | GBP | 3/15/24 | Fixed 6.29% | 1 Month UK RPI | At Maturity | — | 105,132 | 105,132 |
800,000 | GBP | 5/15/24 | Fixed 6.6% | 1 Month UK RPI | At Maturity | 487 | 43,459 | 42,972 |
2,200,000 | GBP | 9/15/24 | 1 Month UK RPI | Fixed 3.85% | At Maturity | 65,547 | (336,014) | (401,561) |
200,000 | EUR | 9/15/24 | 1-Month EUR-CPI | Fixed 3.52% | At Maturity | (436) | (3,363) | (2,927) |
1,200,000 | EUR | 9/15/24 | 1-Month EUR-CPI | Fixed 3.72% | At Maturity | (2,220) | (15,137) | (12,917) |
1,000,000 | GBP | 1/15/25 | 1 Month UK RPI | Fixed 3.33% | At Maturity | 766 | (191,964) | (192,730) |
3,100,000 | GBP | 8/15/25 | 1 Month UK RPI | Fixed 3.473% | At Maturity | (36,981) | (640,824) | (603,843) |
5,400,000 | USD | 2/26/26 | Fixed 2.314% | 1 Month USD-CPI | At Maturity | 123,530 | 524,973 | 401,443 |
2,700,000 | USD | 3/5/26 | Fixed 2.419% | 1 Month USD-CPI | At Maturity | 51,015 | 247,973 | 196,958 |
2,200,000 | USD | 5/13/26 | Fixed 2.768% | 1 Month USD-CPI | At Maturity | 8,139 | 156,233 | 148,094 |
1,000,000 | USD | 5/14/26 | Fixed 2.813% | 1 Month USD-CPI | At Maturity | 1,918 | 68,706 | 66,788 |
1,250,000 | USD | 5/25/26 | Fixed 2.703% | 1 Month USD-CPI | At Maturity | 6,719 | 91,383 | 84,664 |
500,000 | USD | 6/1/26 | Fixed 2.69% | 1 Month USD-CPI | At Maturity | 2,714 | 36,571 | 33,857 |
900,000 | GBP | 12/15/26 | Fixed 4.735% | 1 Month UK RPI | At Maturity | (9,838) | 87,365 | 97,203 |
1,800,000 | GBP | 2/15/27 | Fixed 4.626% | 1 Month UK RPI | At Maturity | — | 160,559 | 160,559 |
1,600,000 | GBP | 2/15/27 | Fixed 4.615% | 1 Month UK RPI | At Maturity | — | 143,795 | 143,795 |
100,000 | GBP | 2/15/27 | Fixed 4.626% | 1 Month UK RPI | At Maturity | 869 | 8,920 | 8,051 |
500,000 | EUR | 5/15/27 | Fixed 3.13% | 1-Month EUR-CPI | At Maturity | — | 13,532 | 13,532 |
800,000 | EUR | 6/15/27 | 1-Month EUR-CPI | Fixed 1.36% | At Maturity | 2,680 | (134,457) | (137,137) |
1,000,000 | EUR | 3/15/28 | 1-Month EUR-CPI | Fixed 1.535% | At Maturity | 20,493 | (154,443) | (174,936) |
770,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.36% | At Maturity | (7,194) | (65,276) | (58,082) |
510,000 | USD | 5/9/28 | 1 Month USD-CPI | Fixed 2.353% | At Maturity | (5,114) | (43,622) | (38,508) |
300,000 | USD | 8/26/28 | Fixed 2.573% | 1 Month USD-CPI | At Maturity | — | 18,270 | 18,270 |
500,000 | USD | 9/10/28 | Fixed 2.645% | 1 Month USD-CPI | At Maturity | — | 26,778 | 26,778 |
2,600,000 | USD | 11/4/29 | 1 Month USD-CPI | Fixed 1.76% | At Maturity | (183,530) | (387,223) | (203,693) |
1,390,000 | GBP | 1/15/30 | 1 Month UK RPI | Fixed 3.39% | At Maturity | (31,316) | (299,298) | (267,982) |
2,200,000 | USD | 5/19/30 | 1 Month USD-CPI | Fixed 1.28% | At Maturity | (254,288) | (425,979) | (171,691) |
1,860,000 | GBP | 6/15/30 | 1 Month UK RPI | Fixed 3.4% | At Maturity | 51,177 | (370,103) | (421,280) |
4,500,000 | EUR | 3/15/31 | 1-Month EUR-CPI | Fixed 1.38% | At Maturity | (127,567) | (953,027) | (825,460) |
2,090,000 | GBP | 4/15/31 | 1 Month UK RPI | Fixed 3.75% | At Maturity | (21,816) | (418,637) | (396,821) |
700,000 | GBP | 9/15/31 | 1 Month UK RPI | Fixed 4.066% | At Maturity | — | (94,303) | (94,303) |
800,000 | EUR | 5/15/32 | Fixed 2.6% | 1-Month EUR-CPI | At Maturity | 7,315 | 31,909 | 24,594 |
800,000 | EUR | 5/15/32 | Fixed 2.6% | 1-Month EUR-CPI | At Maturity | 441 | 31,909 | 31,468 |
800,000 | EUR | 6/15/32 | Fixed 2.72% | 1-Month EUR-CPI | At Maturity | 1,473 | 9,727 | 8,254 |
Notional Amount | Currency | Expiration Date | Payments Made by Portfolio | Payments Received by Portfolio | Payment Frequency Paid/ Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation) | ||
$ 1,000,000 | EUR | 6/15/32 | Fixed 2.72% | 1-Month EUR-CPI | At Maturity | $ (9,116) | $ 12,159 | $ 21,275 | ||
700,000 | EUR | 6/15/32 | Fixed 2.57% | 1-Month EUR-CPI | At Maturity | — | 19,306 | 19,306 | ||
800,000 | EUR | 7/15/32 | Fixed 2.47% | 1-Month EUR-CPI | At Maturity | — | 29,745 | 29,745 | ||
3,000,000 | GBP | 9/15/32 | Fixed 4.13% | 1 Month UK RPI | At Maturity | 257 | 31,325 | 31,068 | ||
1,500,000 | GBP | 10/15/32 | Fixed 4.143% | 1 Month UK RPI | At Maturity | — | 13,422 | 13,422 | ||
200,000 | EUR | 3/15/33 | Fixed 1.71% | 1-Month EUR-CPI | At Maturity | (10,394) | 33,240 | 43,634 | ||
800,000 | GBP | 3/15/36 | 1 Month UK RPI | Fixed 3.58% | At Maturity | (21,796) | (160,164) | (138,368) | ||
600,000 | GBP | 3/15/36 | 1 Month UK RPI | Fixed 3.566% | At Maturity | (18,662) | (121,674) | (103,012) | ||
1,680,000 | EUR | 5/15/37 | 1-Month EUR-CPI | Fixed 2.488% | At Maturity | — | (96,099) | (96,099) | ||
400,000 | EUR | 3/15/52 | 1-Month EUR-CPI | Fixed 2.59% | At Maturity | (10,190) | (31,274) | (21,084) | ||
100,000 | EUR | 3/15/52 | 1-Month EUR-CPI | Fixed 2.58% | At Maturity | — | (8,155) | (8,155) | ||
100,000 | EUR | 3/15/52 | 1-Month EUR-CPI | Fixed 2.58% | At Maturity | 117 | (8,155) | (8,272) | ||
100,000 | EUR | 4/15/52 | 1-Month EUR-CPI | Fixed 2.55% | At Maturity | 125 | (7,722) | (7,847) | ||
$ (406,731) | $ (2,626,378) | $ (2,219,647) |
Reference Entity | Termination Date | Buy/Sell Protection2 | Notional Amount (000)3 | (Pay)/ Receive Fixed Rate4 | Payment Frequency Paid/ Received | Upfront Premiums Paid/ (Received) | Value | Unrealized Appreciation/ (Depreciation)5 | ||
General Electric Co. 2.70%, 10/09/22 | 12/20/2023 | Sell | $ 100 | 1.00% | Quarterly | $ 606 | $ 553 | $ (53) |
Swap Counterparty | Reference Obligation | Floating Rate6 | Termination Date(s) | Payment Frequency Paid/ Received | Notional Amount Long/ (Short) (000)7 | Unrealized Appreciation/ (Depreciation) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 04/15/2025 | 1 day SOFR | 1/20/23 | Daily | $ 5,000 | $ (16,814) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 07/15/2031 | 1 day SOFR + 0.07% | 1/20/23 | Daily | 10,000 | (601,838) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 10/15/2024 | 1 day SOFR + 0.07% | 1/20/23 | Daily | 5,000 | (194,611) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.125%, 10/15/2026 | 1 day SOFR | 1/20/23 | Daily | 25,000 | 49,613 |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.25%, 01/15/2025 | 1 day SOFR | 1/20/23 | Daily | 5,000 | (23,232) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.375%, 01/15/2027 | 1 day SOFR | 1/20/23 | Daily | 10,000 | 54,529 |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.375%, 07/15/2023 | 1 day SOFR + 0.12% | 2/6/23 | Daily | 3,000 | (8,489) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.375%, 07/15/2027 | 1 day SOFR | 1/20/23 | Daily | 10,000 | 67,658 |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.625%, 01/15/2024 | 1 day SOFR + 0.12% | 2/6/23 | Daily | 10,000 | (51,020) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.625%, 01/15/2026 | 1 day SOFR + 0.12% | 2/6/23 | Daily | 5,000 | (9,638) |
Morgan Stanley Capital Services LLC | U.S. Treasury Inflation Linked Notes, 0.625%, 04/15/2023 | 1 day SOFR | 1/20/23 | Daily | 10,000 | (44,558) |
$ (778,400) |
22 | MainStay VP PIMCO Real Return Portfolio |
1. | As of December 31, 2022, cash in the amount of $291,000 was on deposit with a broker for centrally cleared swap agreements. |
2. | Sell—Portfolio receives premium and sells credit protection. If a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
3. | The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap contract. |
4. | The annual fixed rate represents the interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract. |
5. | Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at December 31, 2022. |
6. | Portfolio pays or receives the floating rate and receives or pays the total return of the referenced entity. |
7. | Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position. |
Abbreviation(s): |
AUD—Australia Dollar |
BBR—Bank of England Base Rate |
BTP—Buoni del Tesoro Poliennali (Eurex Exchange index) |
CAD—Canada Dollar |
DKK—Denmark Krone |
EUR—Euro |
EURIBOR—Euro Interbank Offered Rate |
FHLMC—Federal Home Loan Mortgage Corp. |
FNMA—Federal National Mortgage Association |
GBP—British Pound Sterling |
GNMA—Government National Mortgage Association |
JPY—Japanese Yen |
LIBOR—London Interbank Offered Rate |
NZD—New Zealand Dollar |
PEN—Peru Nuevo Sol |
REMIC—Real Estate Mortgage Investment Conduit |
SOFR—Secured Overnight Financing Rate |
SONIA—Sterling Overnight Interbank Average Rate |
TBA—To Be Announced |
TONAR—Tokyo Overnight Average Rate |
UMBS—Uniform Mortgage Backed Securities |
USD—United States Dollar |
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||
Asset Valuation Inputs | |||||||
Investments in Securities (a) | |||||||
Long-Term Bonds | |||||||
Asset-Backed Securities | $ — | $ 44,469,429 | $ — | $ 44,469,429 | |||
Corporate Bonds | — | 17,473,645 | — | 17,473,645 | |||
Foreign Government Bonds | — | 43,777,825 | — | 43,777,825 | |||
Mortgage-Backed Securities | — | 23,715,211 | — | 23,715,211 | |||
U.S. Government & Federal Agencies | — | 409,160,662 | — | 409,160,662 | |||
Total Long-Term Bonds | — | 538,596,772 | — | 538,596,772 | |||
Short-Term Investment | |||||||
Affiliated Investment Company | 4,225,813 | — | — | 4,225,813 | |||
Total Investments in Securities | 4,225,813 | 538,596,772 | — | 542,822,585 | |||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | — | 44,110 | — | 44,110 | |||
Futures Contracts (b) | 4,618,997 | — | — | 4,618,997 | |||
Purchased Options | — | 17,701 | — | 17,701 | |||
Interest Rate Swap Contracts (b) | — | 1,025,573 | — | 1,025,573 | |||
Inflation Swap Contracts (b) | — | 2,255,595 | — | 2,255,595 | |||
OTC Debt Total Return Swap Contracts (b) | — | 171,800 | — | 171,800 | |||
Total Other Financial Instruments | 4,618,997 | 3,514,779 | — | 8,133,776 | |||
Total Investments in Securities and Other Financial Instruments | $ 8,844,810 | $ 542,111,551 | $ — | $ 550,956,361 | |||
Liability Valuation Inputs | |||||||
Other Financial Instruments | |||||||
Foreign Currency Forward Contracts (b) | $ — | $ (1,837,395) | $ — | $ (1,837,395) | |||
Futures Contracts (b) | (2,751,772) | — | — | (2,751,772) | |||
Written Options | — | (141,204) | — | (141,204) | |||
Interest Rate Swap Contracts (b) | — | (1,204,233) | — | (1,204,233) | |||
Inflation Swap Contracts (b) | — | (4,475,242) | — | (4,475,242) | |||
Credit Default Swap Contracts (b) | — | (53) | — | (53) | |||
OTC Debt Total Return Swap Contracts (b) | — | (950,200) | — | (950,200) | |||
Total Other Financial Instruments | $ (2,751,772) | $ (8,608,327) | $ — | $ (11,360,099) |
(a) | For a complete listing of investments and their industries, see the Portfolio of Investments. |
(b) | The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments. |
24 | MainStay VP PIMCO Real Return Portfolio |
Counterparty | Borrowing Rate (b) | Borrowing Date | Maturity Date | Amount Borrowed (b) | Payable for Sale-Buyback Transactions (c) | |
BofA Securities, Inc. | 4.21% | 11/9/2022 | 1/9/2023 | $ 4,026,830 | $ 4,027,306 | |
BofA Securities, Inc. | 4.43 | 12/12/2022 | 1/5/2023 | 3,769,056 | 3,768,993 | |
BofA Securities, Inc. | 4.43 | 12/12/2022 | 1/5/2023 | 8,914,865 | 8,915,036 | |
BofA Securities, Inc. | 4.46 | 12/13/2022 | 1/10/2023 | 4,470,746 | 4,469,819 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 14,598,985 | 14,597,637 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 16,790,378 | 16,788,606 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 8,191,582 | 8,190,774 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 14,157,969 | 14,156,295 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 8,161,791 | 8,160,664 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 12,413,451 | 12,411,779 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 17,904,883 | 17,902,285 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 18,003,187 | 18,000,653 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 13,071,930 | 13,070,164 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 12,329,181 | 12,327,392 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 18,325,698 | 18,322,871 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 11,944,439 | 11,942,682 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 10,139,312 | 10,137,742 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 18,291,010 | 18,288,479 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 18,118,329 | 18,115,451 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 15,794,515 | 15,792,008 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 8,662,532 | 8,661,169 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 18,118,372 | 18,115,657 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 9,821,186 | 9,819,605 | |
BNP Paribas S.A. | 4.48 | 12/20/2022 | 1/4/2023 | 18,586,025 | 18,583,003 | |
BofA Securities, Inc. | 4.45 | 12/20/2022 | 1/11/2023 | 12,091,166 | 12,084,468 | |
BofA Securities, Inc. | 4.45 | 12/20/2022 | 1/11/2023 | 2,370,590 | 2,369,068 | |
BofA Securities, Inc. | 4.45 | 12/20/2022 | 1/11/2023 | 1,050,370 | 1,049,860 | |
$320,118,378 | $320,069,466 |
Assets | |
Investment in unaffiliated securities, at value (identified cost $599,210,877) | $538,614,473 |
Investment in affiliated investment companies, at value (identified cost $4,225,813) | 4,225,813 |
Cash | 38,705 |
Cash denominated in foreign currencies (identified cost $1,938,093) | 1,844,945 |
Cash collateral on deposit at broker for futures contracts | 2,288,000 |
Cash collateral on deposit at broker for swap contracts | 291,000 |
Cash collateral on deposit at broker for sale-buyback transactions | 270,000 |
Receivables: | |
Investment securities sold | 282,556,229 |
Interest | 1,665,726 |
Variation margin on centrally cleared swap contracts | 285,926 |
Portfolio shares sold | 52,521 |
Securities lending | 141 |
Unrealized appreciation on OTC swap contracts | 171,800 |
Unrealized appreciation on foreign currency forward contracts | 44,110 |
Other assets | 7,028 |
Total assets | 832,356,417 |
Liabilities | |
Written options, at value (premiums received $248,331) | 141,204 |
Payables: | |
Sale buyback transactions | 320,069,466 |
Investment securities purchased | 13,969,935 |
Variation margin on futures contracts | 1,009,998 |
Manager (See Note 3) | 183,724 |
Portfolio shares redeemed | 109,951 |
NYLIFE Distributors (See Note 3) | 80,296 |
Professional fees | 44,426 |
Custodian | 31,965 |
Shareholder communication | 26,555 |
Accrued expenses | 8,859 |
Unrealized depreciation on OTC swap contracts | 950,200 |
Unrealized depreciation on foreign currency forward contracts | 1,837,395 |
Total liabilities | 338,463,974 |
Net assets | $493,892,443 |
Composition of Net Assets | |
Shares of beneficial interest outstanding (par value of $.001 per share) unlimited number of shares authorized | $ 60,181 |
Additional paid-in-capital | 588,254,901 |
588,315,082 | |
Total distributable earnings (loss) | (94,422,639) |
Net assets | $493,892,443 |
Initial Class | |
Net assets applicable to outstanding shares | $119,312,595 |
Shares of beneficial interest outstanding | 14,505,809 |
Net asset value per share outstanding | $ 8.23 |
Service Class | |
Net assets applicable to outstanding shares | $374,579,848 |
Shares of beneficial interest outstanding | 45,675,020 |
Net asset value per share outstanding | $ 8.20 |
26 | MainStay VP PIMCO Real Return Portfolio |
Investment Income (Loss) | |
Income | |
Interest (net of foreign tax withholding of $628) | $ 42,573,213 |
Dividends-affiliated | 24,887 |
Securities lending, net | 555 |
Other | 30,001 |
Total income | 42,628,656 |
Expenses | |
Manager (See Note 3) | 2,594,771 |
Distribution/Service—Service Class (See Note 3) | 1,010,802 |
Interest expense | 956,451 |
Custodian | 220,918 |
Professional fees | 158,634 |
Shareholder communication | 29,096 |
Trustees | 11,807 |
Miscellaneous | 17,650 |
Total expenses before waiver/reimbursement | 5,000,129 |
Expense waiver/reimbursement from Manager (See Note 3) | (282,415) |
Net expenses | 4,717,714 |
Net investment income (loss) | 37,910,942 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) on: | |
Unaffiliated investment transactions | (11,859,062) |
Futures transactions | 15,333,109 |
Swap transactions | (5,081,331) |
Foreign currency transactions | (2,865,665) |
Foreign currency forward transactions | 8,663,860 |
Written option transactions | 223,304 |
Net realized gain (loss) | 4,414,215 |
Net change in unrealized appreciation (depreciation) on: | |
Unaffiliated investments | (105,637,528) |
Futures contracts | 1,186,064 |
Swap contracts | (655,483) |
Foreign currency forward contracts | (2,186,785) |
Translation of other assets and liabilities in foreign currencies | (77,166) |
Written option contracts | 232,842 |
Net change in unrealized appreciation (depreciation) | (107,138,056) |
Net realized and unrealized gain (loss) | (102,723,841) |
Net increase (decrease) in net assets resulting from operations | $ (64,812,899) |
for the years ended December 31, 2022 and December 31, 2021
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income (loss) | $ 37,910,942 | $ 24,946,685 |
Net realized gain (loss) | 4,414,215 | 6,102,470 |
Net change in unrealized appreciation (depreciation) | (107,138,056) | (3,456,778) |
Net increase (decrease) in net assets resulting from operations | (64,812,899) | 27,592,377 |
Distributions to shareholders: | ||
Initial Class | (6,510,777) | (649,528) |
Service Class | (22,747,983) | (1,422,855) |
Total distributions to shareholders | (29,258,760) | (2,072,383) |
Capital share transactions: | ||
Net proceeds from sales of shares | 102,583,407 | 161,478,620 |
Net asset value of shares issued to shareholders in reinvestment of distributions | 29,258,760 | 2,072,383 |
Cost of shares redeemed | (135,760,697) | (79,334,973) |
Increase (decrease) in net assets derived from capital share transactions | (3,918,530) | 84,216,030 |
Net increase (decrease) in net assets | (97,990,189) | 109,736,024 |
Net Assets | ||
Beginning of year | 591,882,632 | 482,146,608 |
End of year | $ 493,892,443 | $591,882,632 |
28 | MainStay VP PIMCO Real Return Portfolio |
for the year ended December 31, 2022
Cash Flows From (Used in) Operating Activities: | |
Net decrease in net assets resulting from operations | $ (64,812,899) |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | |
Long term investments purchased | (411,967,495) |
Long term investments sold | 495,379,376 |
Sale of short term investments, net | 23,060,032 |
Purchase of affiliated investments, net | (3,511,127) |
Amortization (accretion) of discount and premium, net | 19,113,030 |
Decrease in investment securities sold receivable | 129,731,263 |
Increase in interest receivable | (181,597) |
Increase in securities lending | (117) |
Increase in other assets | (4,649) |
Decrease in unrealized appreciation for open forward foreign currency contracts | 1,107,286 |
Increase in premiums from written options | 111,669 |
Decrease in investment securities purchased payable | (34,674,237) |
Decrease in cash collateral due to broker for foreign currency forward contracts | (340,000) |
Decrease in cash collateral due to broker for reverse repurchase agreements | (317,000) |
Decrease in cash collateral received for securities on loan | (92,925) |
Decrease in due to NYLIFE Distributors | (14,692) |
Decrease in professional fees payable | (9,797) |
Decrease in custodian payable | (16,036) |
Decrease in shareholder communication payable | (3,526) |
Decrease in due to Trustees | (199) |
Decrease in due to manager | (37,321) |
Increase in variation margin on centrally cleared swap contracts | (620,900) |
Increase in variation margin on futures contracts | 1,224,184 |
Increase in unrealized depreciation for open forward foreign currency contracts | 1,079,499 |
Decrease in accrued expenses | (673) |
Increase in unrealized appreciation on OTC swap contracts | (171,800) |
Increase in unrealized depreciation on OTC swap contracts | 950,200 |
Net realized loss from investments | 11,859,062 |
Net change in unrealized (appreciation) depreciation on unaffiliated investments | 105,637,528 |
Net change in unrealized (appreciation) depreciation on written options | (232,842) |
Net cash from operating activities | 272,243,297 |
Cash Flows From (Used in) Financing Activities: | |
Proceeds from shares sold | 102,582,617 |
Payment on shares redeemed | (135,831,194) |
Payments on reverse repurchase agreements | (80,607,250) |
Proceeds from reverse repurchase agreements | 29,321,000 |
Proceeds on sale-buyback transactions | 7,244,717,038 |
Payments from sale-buyback transactions | (7,432,363,806) |
Net cash from financing activities | (272,181,595) |
Effect of exchange rate changes on cash | (163,160) |
Net decrease in cash | (101,458) |
Cash, restricted cash and foreign currency at beginning of year | 4,834,108 |
Cash, restricted cash and foreign currency at end of year | $ 4,732,650 |
Non-cash financing activities not included herein consist of all reinvestment of dividends and distributions of $29,258,760. |
Supplemental disclosure of cash flow information: | |
The following tables provide a reconciliation of cash and restricted cash reported within the Statement of Assets and Liabilities that sums to the total of the such amounts shown on the Statement of Cash Flows: | |
Cash and restricted cash at beginning of year | |
Cash | $ 659,192 |
Cash denominated in foreign currencies | 2,518,916 |
Cash collateral on deposit at broker for futures contracts | 1,285,000 |
Cash collateral on deposit at broker for swap contracts | 371,000 |
Total cash and restricted cash shown in the Statement of Cash Flows | $4,834,108 |
Cash and restricted cash at end of year | |
Cash | $ 38,705 |
Cash denominated in foreign currencies | 1,844,945 |
Cash collateral on deposit at broker for futures contracts | 2,288,000 |
Cash collateral on deposit at broker for swap contracts | 291,000 |
Cash collateral on deposit at broker for sale-buyback transactions | 270,000 |
Total cash and restricted cash shown in the Statement of Cash Flows | $4,732,650 |
Restricted cash consists of cash that has been segregated to cover the Portfolio’s collateral or margin obligations under derivative contracts. It is separately reported on the Statement of Assets and Liabilities as cash collateral on deposit at brokers. |
Year Ended December 31, | |||||||||
Initial Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.92 | $ 9.47 | $ 8.63 | $ 8.20 | $ 8.54 | ||||
Net investment income (loss) (a) | 0.68 | 0.50 | 0.12 | 0.20 | 0.23 | ||||
Net realized and unrealized gain (loss) | (1.82) | — | 0.91 | 0.51 | (0.43) | ||||
Total from investment operations | (1.14) | 0.50 | 1.03 | 0.71 | (0.20) | ||||
Less distributions: | |||||||||
From net investment income | (0.55) | (0.05) | (0.19) | (0.28) | (0.14) | ||||
Net asset value at end of year | $ 8.23 | $ 9.92 | $ 9.47 | $ 8.63 | $ 8.20 | ||||
Total investment return (b) | (11.45)% | 5.36%(c) | 11.93%(c) | 8.56%(c) | (2.38)%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 7.42% | 5.20% | 1.27% | 2.35% | 2.78% | ||||
Net expenses (d) | 0.71% | 0.55% | 0.78% | 1.65% | 1.43% | ||||
Expenses (before waiver/reimbursement) (d) | 0.76% | 0.59% | 0.83% | 1.71% | 1.43% | ||||
Interest expense and fees | 0.18% | 0.02% | 0.25% | 1.09% | 0.81% | ||||
Portfolio turnover rate | 71% | 125%(e) | 199%(e) | 187%(e) | 157%(e) | ||||
Net assets at end of year (in 000's) | $ 119,313 | $ 139,038 | $ 48,479 | $ 48,707 | $ 44,523 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 42%, 128%, 139% and 48% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
Year Ended December 31, | |||||||||
Service Class | 2022 | 2021 | 2020 | 2019 | 2018 | ||||
Net asset value at beginning of year | $ 9.89 | $ 9.44 | $ 8.61 | $ 8.19 | $ 8.53 | ||||
Net investment income (loss) (a) | 0.66 | 0.44 | 0.09 | 0.18 | 0.21 | ||||
Net realized and unrealized gain (loss) | (1.82) | 0.04 | 0.91 | 0.50 | (0.44) | ||||
Total from investment operations | (1.16) | 0.48 | 1.00 | 0.68 | (0.23) | ||||
Less distributions: | |||||||||
From net investment income | (0.53) | (0.03) | (0.17) | (0.26) | (0.11) | ||||
Net asset value at end of year | $ 8.20 | $ 9.89 | $ 9.44 | $ 8.61 | $ 8.19 | ||||
Total investment return (b) | (11.68)% | 5.12% | 11.61%(c) | 8.30%(c) | (2.63)%(c) | ||||
Ratios (to average net assets)/Supplemental Data: | |||||||||
Net investment income (loss) | 7.27% | 4.58% | 1.04% | 2.14% | 2.53% | ||||
Net expenses (d) | 0.96% | 0.80% | 1.03% | 1.89% | 1.68% | ||||
Expenses (before waiver/reimbursement) (d) | 1.01% | 0.84% | 1.08% | 1.96% | 1.68% | ||||
Interest expense and fees | 0.18% | 0.02% | 0.25% | 1.09% | 0.81% | ||||
Portfolio turnover rate | 71% | 125%(e) | 199%(e) | 187%(e) | 157%(e) | ||||
Net assets at end of year (in 000's) | $ 374,580 | $ 452,844 | $ 433,668 | $ 343,332 | $ 282,052 |
(a) | Per share data based on average shares outstanding during the year. |
(b) | Total return does not reflect any deduction of sales charges, mortality and expense charges, contract charges or administrative charges. For periods of less than one year, total return is not annualized. |
(c) | Total investment return may reflect adjustments to conform to generally accepted accounting principles. |
(d) | In addition to the fees and expenses which the Portfolio bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios. |
(e) | The portfolio turnover rates not including mortgage dollar rolls were 42%, 128%, 139% and 48% for the years ended December 31, 2021, 2020, 2019 and 2018, respectively. |
30 | MainStay VP PIMCO Real Return Portfolio |
Class | Commenced Operations |
Initial Class | February 17, 2012 |
Service Class | February 17, 2012 |
• | Level 1—quoted prices (unadjusted) in active markets for an identical asset or liability |
• | Level 2—other significant observable inputs (including quoted prices for a similar asset or liability in active markets, interest rates and yield curves, prepayment speeds, credit risk, etc.) |
• | Level 3—significant unobservable inputs (including the Portfolio's own assumptions about the assumptions that market participants would use in measuring fair value of an asset or liability) |
• Benchmark yields | • Reported trades |
• Broker/dealer quotes | • Issuer spreads |
• Two-sided markets | • Benchmark securities |
• Bids/offers | • Reference data (corporate actions or material event notices) |
• Industry and economic events | • Comparable bonds |
• Equity and credit default swap curves | • Monthly payment information |
32 | MainStay VP PIMCO Real Return Portfolio |
34 | MainStay VP PIMCO Real Return Portfolio |
36 | MainStay VP PIMCO Real Return Portfolio |
38 | MainStay VP PIMCO Real Return Portfolio |
Asset Derivatives | Foreign Exchange Contracts Risk | Interest Rate Contracts Risk | Total |
Purchased Options - Investments in securities, at value | $ — | $ 17,701 | $ 17,701 |
Futures Contracts - Net Assets—Net unrealized appreciation on futures contracts (a) | — | 4,618,997 | 4,618,997 |
OTC Swap Contracts - Unrealized appreciation on OTC swap contracts | — | 171,800 | 171,800 |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized appreciation on swap contracts (b) | — | 3,281,168 | 3,281,168 |
Forward Contracts - Unrealized appreciation on foreign currency forward contracts | 44,110 | — | 44,110 |
Total Fair Value | $44,110 | $8,089,666 | $8,133,776 |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
(b) | Includes cumulative appreciation (depreciation) of centrally cleared swap agreements as reported in the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Liability Derivatives | Foreign Exchange Contracts Risk | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Written Options - Investments in written options, at value | $ — | $ — | $ (141,204) | $ (141,204) |
Futures Contracts - Net Assets—Net unrealized depreciation on futures contracts (a) | — | — | (2,751,772) | (2,751,772) |
OTC Swap Contracts - Unrealized depreciation on OTC swap contracts | — | — | (950,200) | (950,200) |
Centrally Cleared Swap Contracts - Net Assets—Net unrealized depreciation on swap contracts (b) | — | (53) | (5,679,475) | (5,679,528) |
Forward Contracts - Unrealized depreciation on foreign currency forward contracts | (1,837,395) | — | — | (1,837,395) |
Total Fair Value | $(1,837,395) | $(53) | $(9,522,651) | $(11,360,099) |
(a) | Includes cumulative appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
(b) | Includes cumulative appreciation (depreciation) of centrally cleared swap agreements as reported in the Portfolio of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities. |
40 | MainStay VP PIMCO Real Return Portfolio |
Net Realized Gain (Loss) from: | Foreign Exchange Contracts Risk | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Purchased Options | $ — | $ — | $ (77,002) | $ (77,002) |
Written Options | — | 56,176 | 167,128 | 223,304 |
Futures Contracts | — | — | 15,333,109 | 15,333,109 |
Swap Contracts | — | 1,349 | (5,082,680) | (5,081,331) |
Forward Contracts | 8,663,860 | — | — | 8,663,860 |
Total Net Realized Gain (Loss) | $8,663,860 | $57,525 | $10,340,555 | $19,061,940 |
Net Change in Unrealized Appreciation (Depreciation) | Foreign Exchange Contracts Risk | Credit Contracts Risk | Interest Rate Contracts Risk | Total |
Purchased Options | $ — | $ — | $ (318,219) | $ (318,219) |
Written Options | — | (15,720) | 248,562 | 232,842 |
Futures Contracts | — | — | 1,186,064 | 1,186,064 |
Swap Contracts | — | (609) | (654,874) | (655,483) |
Forward Contracts | (2,186,785) | — | — | (2,186,785) |
Total Net Change in Unrealized Appreciation (Depreciation) | $(2,186,785) | $(16,329) | $ 461,533 | $(1,741,581) |
Average Notional Amount | Total |
Written Options (a) | $ (2,237,500) |
Purchased Swaptions | $ 21,635,982 |
Written Swaptions | $ (20,830,855) |
Written Inflation—Capped Options | $ (300,000) |
Options on Futures Contracts | $ 49,606 |
Futures Contracts Long | $ 113,905,480 |
Futures Contracts Short | $(201,735,836) |
Swap Contracts Long | $ 139,735,082 |
Forward Contracts Long | $ 14,601,184 |
Forward Contracts Short | $(117,798,189) |
(a) | Positions were open for eight months during the reporting period. |
Counterparty | Payable for Sale-Buyback Transactions | Total Borrowings and Other Financing Transactions | Collateral (Received)/ Pledged | Net Exposure (a) |
Master Securities Forward Transaction Agreement | ||||
BNP Paribas S.A. | $(283,384,916) | $(283,384,916) | $283,424,755 | $39,839 |
BofA Securities, Inc. | (36,684,550) | (36,684,550) | 36,693,623 | 9,073 |
Total Borrowings and Other Financing Transactions | $(320,069,466) | $(320,069,466) | $320,118,378 | $48,912 |
(a) | Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. |
Overnight and Continuous | Up to 30 days | 31-90 days | Greater than 90 days | Total | |
Sale-Buyback Transactions | |||||
US Treasury Obligations | $— | $320,069,466 | $— | $— | $320,069,466 |
Total Borrowings | $— | $320,069,466 | $— | $— | $320,069,466 |
Payable for reverse repurchase agreements and sale-buyback financing transactions | $320,069,466 |
42 | MainStay VP PIMCO Real Return Portfolio |
Federal Tax Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation/ (Depreciation) | |
Investments in Securities | $671,715,781 | $253,304 | $(132,422,794) | $(132,169,490) |
Ordinary Income | Accumulated Capital and Other Gain (Loss) | Other Temporary Differences | Unrealized Appreciation (Depreciation) | Total Accumulated Gain (Loss) |
$40,994,026 | $(3,710,643) | $(1) | $(131,706,021) | $(94,422,639) |
Capital Loss Available Through | Short-Term Capital Loss Amounts (000’s) | Long-Term Capital Loss Amounts (000’s) |
Unlimited | $— | $3,427 |
2022 | 2021 | |
Distributions paid from: | ||
Ordinary Income | $29,258,760 | $2,072,383 |
Initial Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 6,286,978 | $ 56,587,286 |
Shares issued to shareholders in reinvestment of distributions | 806,908 | 6,510,777 |
Shares redeemed | (6,598,491) | (62,522,654) |
Net increase (decrease) | 495,395 | $ 575,409 |
Year ended December 31, 2021: | ||
Shares sold | 9,407,567 | $ 90,548,340 |
Shares issued to shareholders in reinvestment of distributions | 66,579 | 649,528 |
Shares redeemed | (585,627) | (5,698,986) |
Net increase (decrease) | 8,888,519 | $ 85,498,882 |
Service Class | Shares | Amount |
Year ended December 31, 2022: | ||
Shares sold | 5,046,128 | $ 45,996,121 |
Shares issued to shareholders in reinvestment of distributions | 2,826,082 | 22,747,983 |
Shares redeemed | (7,970,053) | (73,238,043) |
Net increase (decrease) | (97,843) | $ (4,493,939) |
Year ended December 31, 2021: | ||
Shares sold | 7,393,521 | $ 70,930,280 |
Shares issued to shareholders in reinvestment of distributions | 146,207 | 1,422,855 |
Shares redeemed | (7,696,114) | (73,635,987) |
Net increase (decrease) | (156,386) | $ (1,282,852) |
44 | MainStay VP PIMCO Real Return Portfolio |
MainStay VP PIMCO Real Return Portfolio
New York, New York
February 24, 2023
46 | MainStay VP PIMCO Real Return Portfolio |
48 | MainStay VP PIMCO Real Return Portfolio |
50 | MainStay VP PIMCO Real Return Portfolio |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
David H. Chow 1957 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and CEO, DanCourt Management, LLC since 1999 | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021;VanEck Vectors Group of Exchange-Traded Funds: Independent Chairman of the Board of Trustees since 2008 and Trustee since 2006 (57 portfolios); and Berea College of Kentucky: Trustee since 2009, Chair of the Committee since 2018 | |
Susan B. Kerley 1951 | MainStay VP Funds Trust: Chairman since 2017 and Trustee since 2007* | President, Strategic Management Advisors LLC since 1990 | 78 | MainStay Funds: Chairman since 2017 and Trustee since 2007 (12 Funds); MainStay Funds Trust: Chairman since 2017 and Trustee since 1990 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Chairman since 2017 and Trustee since 2011; MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; and Legg Mason Partners Funds: Trustee since 1991 (45 portfolios) | |
Alan R. Latshaw 1951 | MainStay VP Funds Trust: Trustee since 2007* | Retired; Partner, Ernst & Young LLP (2002 to 2003); Partner, Arthur Andersen LLP (1989 to 2002); Consultant to the MainStay Funds Audit and Compliance Committee (2004 to 2006) | 78 | MainStay Funds: Trustee since 2006 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
Name and Year of Birth | Term of Office, Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee | |
Karen Hammond 1956 | MainStay VP Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) | Retired, Managing Director, Devonshire Investors (2007 to 2013); Senior Vice President, Fidelity Management & Research Co. (2005 to 2007); Senior Vice President and Corporate Treasurer, FMR Corp. (2003 to 2005); Chief Operating Officer, Fidelity Investments Japan (2001 to 2003) | 78 | MainStay Funds: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (12 Funds); MainStay Funds Trust: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since December 2021, Advisory Board Member (June 2021 to December 2021); Two Harbors Investment Corp.: Director since 2018; Rhode Island State Investment Commission: Member since 2017; and Blue Cross Blue Shield of Rhode Island: Director since 2019 | |
Jacques P. Perold 1958 | MainStay VP Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) | Founder and Chief Executive Officer, CapShift Advisors LLC (since 2018); President, Fidelity Management & Research Company (2009 to 2014); President and Chief Investment Officer, Geode Capital Management, LLC (2001 to 2009) | 78 | MainStay Funds: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (12 Funds); MainStay Funds Trust: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015) (33 Funds); MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since January 2016, Advisory Board Member (June 2015 to December 2015); MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021; Allstate Corporation: Director since 2015; Partners in Health: Trustee since 2019; and MSCI Inc.: Director since 2017 | |
Richard S. Trutanic 1952 | MainStay VP Funds Trust: Trustee since 2007* | Chairman and Chief Executive Officer, Somerset & Company (financial advisory firm) since 2004; Managing Director, The Carlyle Group (private investment firm) (2002 to 2004); Senior Managing Director, Partner and Board Member, Groupe Arnault S.A. (private investment firm) (1999 to 2002) | 78 | MainStay Funds: Trustee since 1994 (12 Funds); MainStay Funds Trust: Trustee since 2007 (33 Funds)**; MainStay MacKay DefinedTerm Municipal Opportunities Fund: Trustee since 2011; and MainStay CBRE Global Infrastructure Megatrends Fund: Trustee since June 2021 |
* | Includes prior service as a Director of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
** | Includes prior service as a Director/Trustee of certain predecessor entities to MainStay Funds Trust. |
52 | MainStay VP PIMCO Real Return Portfolio |
Name and Year of Birth | Position(s) Held and Length of Service | Principal Occupation(s) During Past Five Years | ||
Kirk C. Lehneis 1974 | President, MainStay VP Funds Trust (since 2017) | Chief Operating Officer and Senior Managing Director (since 2016), New York Life Investment Management LLC and New York Life Investment Management Holdings LLC; Member of the Board of Managers (since 2017) and Senior Managing Director (since 2018), NYLIFE Distributors LLC; Chairman of the Board and Senior Managing Director, NYLIM Service Company LLC (since 2017); Trustee, President and Principal Executive Officer of IndexIQ Trust, IndexIQ ETF Trust and IndexIQ Active ETF Trust (since January 2018); President, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund, MainStay Funds and MainStay Funds Trust (since 2017); Senior Managing Director, Global Product Development (from 2015-2016); Managing Director, Product Development (from 2010-2015), New York Life Investment Management LLC | ||
Jack R. Benintende 1964 | Treasurer and Principal Financial and Accounting Officer, MainStay VP Funds Trust (since 2007)** | Managing Director, New York Life Investment Management LLC (since 2007); Treasurer and Principal Financial and Accounting Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust (since 2009) and MainStay Funds (since 2007); and Assistant Treasurer, New York Life Investment Management Holdings LLC (2008 to 2012) | ||
J. Kevin Gao 1967 | Secretary and Chief Legal Officer, MainStay VP Funds Trust (since 2010)** | Managing Director and Associate General Counsel, New York Life Investment Management LLC (since 2010); Secretary and Chief Legal Officer, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds and MainStay Funds Trust (since 2010) | ||
Scott T. Harrington 1959 | Vice President— Administration, MainStay VP Funds Trust (since 2005)** | Managing Director, New York Life Investment Management LLC (including predecessor advisory organizations) (since 2000); Member of the Board of Directors, New York Life Trust Company (since 2009); Vice President—Administration, MainStay CBRE Global Infrastructure Megatrends Fund (since 2021), MainStay MacKay DefinedTerm Municipal Opportunities Fund (since 2011), MainStay Funds Trust and MainStay Funds (since 2009) | ||
Kevin M. Gleason 1967 | Vice President and Chief Compliance Officer, MainStay VP Funds Trust (since June 2022) | Vice President and Chief Compliance Officer, IndexIQ, IndexIQ ETF Trust and Index IQ Active ETF Trust (since June 2022); Vice President and Chief Compliance Officer, MainStay CBRE Global Infrastructure Megatrends Fund, MainStay MacKay DefinedTerm Municipal Opportunities Fund (since June 2022); MainStay Funds Trust and MainStay Funds (since June 2022); Senior Vice President, Voya Investment Management and Chief Compliance Officer, Voya Family of Funds (2012-2022) |
* | The officers listed above are considered to be “interested persons” of the MainStay Group of Funds, MainStay VP Funds Trust, MainStay CBRE Global Infrastructure Megatrends Fund and MainStay MacKay DefinedTerm Municipal Opportunities Fund within the meaning of the 1940 Act because of their affiliation with the MainStay Group of Funds, New York Life Insurance Company and/or its affiliates, including New York Life Investment Management LLC, NYLIM Service Company LLC, NYLIFE Securities LLC and/or NYLIFE Distributors LLC, as described in detail in the column captioned “Principal Occupation(s) During Past Five Years.” Officers are elected annually by the Board. |
** | Includes prior service as an Officer of MainStay VP Series Fund, Inc., the predecessor to MainStay VP Funds Trust. |
1. | Prior to May 1, 2022, the Portfolio's name was MainStay VP T. Rowe Price Equity Income Portfolio. |
2. | Prior to May 1, 2022, the Portfolio's name was MainStay VP MacKay S&P 500 Index Portfolio. |
Corporation (NYLIAC) (A Delaware Corporation)
New York, NY 10010
Not FDIC Insured | No Bank Guarantee | May Lose Value |
5015893 | MSVPPRR11-02/23 |
Item 2. | Code of Ethics. |
As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer (“PEO”) and principal financial officer (“PFO”). A copy of the Code is filed herewith. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.
Item 3. | Audit Committee Financial Expert. |
The Board of Trustees has determined that the Registrant has three audit committee financial experts serving on its Audit Committee. The Audit Committee financial experts are Alan R. Latshaw, Karen Hammond and Susan B. Kerley. Mr. Latshaw, Ms. Hammond and Ms. Kerley are “independent” as defined by Item 3 of Form N-CSR.
Item 4. | Principal Accountant Fees and Services. |
(a) Audit Fees
The aggregate fees billed for the fiscal year ended December 31, 2022 for professional services rendered by PricewaterhouseCoopers LLP (“PwC”) for the audit of the Registrant’s annual financial statements or services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for that fiscal year were $1,949,250.
The aggregate fees billed for the fiscal year ended December 31, 2021 for professional services rendered by PwC for the audit of the Registrant’s annual financial statements or services that are normally provided by PwC in connection with statutory and regulatory filings or engagements for that fiscal year were $1,793,970.
(b) Audit-Related Fees
The aggregate fees billed for assurance and related services by PwC that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item were: (i) $0 for the fiscal year ended December 31, 2022, and (ii) $0 for the fiscal year ended December 31, 2021.
(c) Tax Fees
The aggregate fees billed for professional services rendered by PwC for tax compliance, tax advice, and tax planning were: (i) $0 during the fiscal year ended December 31, 2022; and (ii) $0 during the fiscal year ended December 31, 2021. These services primarily included preparation of federal, state and local income tax returns and excise tax returns, as well as services relating to excise tax distribution requirements.
(d) All Other Fees
The aggregate fees billed for products and services provided by PwC, other than the services reported in paragraphs (a) through (c) of this Item were: (i) $0 during the fiscal year ended December 31, 2022; and (ii) $0 during the fiscal year ended December 31, 2021.
(e) Pre-Approval Policies and Procedures
(1) | The Registrant’s Audit Committee has adopted pre-approval policies and procedures (the “Procedures”) to govern the Committee’s pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant’s investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the “Service Affiliates”) if the services directly relate to the Registrant’s operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant’s financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of the types of services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting. To date, the Audit Committee has not delegated such authority. |
(2) | With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) There were no hours expended on PwC’s engagement to audit the Registrant’s financial statements for the most recent fiscal year was attributable to work performed by persons other than PwC’s full-time, permanent employees.
(g) All non-audit fees billed by PwC for services rendered to the Registrant for the fiscal years ended December 31, 2022 and December 31, 2021 are disclosed in 4(b)-(d) above.
The aggregate non-audit fees billed by PwC for services rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the Registrant were approximately: (i) $13,219,000 for the fiscal year ended December 31, 2022; and (ii) $12,492,000 for the fiscal year ended December 31, 2021.
(h) The Registrant’s Audit Committee has determined that the non-audit services rendered by PwC for the fiscal year ended December 31, 2022 to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant that were not required to be pre-approved by the Audit Committee because they did not relate directly to the operations and financial reporting of the registrant were compatible with maintaining the respective independence of PwC during the relevant time period.
Item 5. | Audit Committee of Listed Registrants |
Not applicable.
Item 6. | Investments. |
The Schedule of Investments is included as part of Item 1 of this report.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
Since the Registrant’s last response to this Item, there have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. | Controls and Procedures. |
(a) Based on an evaluation of the Registrant’s Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) (the “Disclosure Controls”), as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), the Registrant’s principal executive officer and principal financial officer have concluded that the Disclosure Controls are reasonably designed to ensure that information required to be disclosed by the Registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d)) under the Investment Company Act of 1940 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Code of Ethics | |
(a)(2) | Section 302 Certifications are attached | |
(b) | Section 906 Certifications are attached. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
MAINSTAY VP FUNDS TRUST
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | March 3, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Kirk C. Lehneis | |
Kirk C. Lehneis | ||
President and Principal Executive Officer | ||
Date: | March 3, 2023 | |
By: | /s/ Jack R. Benintende | |
Jack R. Benintende | ||
Treasurer and Principal Financial and Accounting Officer | ||
Date: | March 3, 2023 |