Variable Annuities Funds Prospectus - New York Life

Variable Annuities Funds Prospectus

May 1, 2020

This book is not complete or valid unless accompanied by a current NYLIAC variable annuity product prospectus.

Variable Annuities Funds Prospectus Package Includes:

Mainstay VP Funds Trust Prospectuses AIM Variable Insurance Funds Prospectuses American Funds Insurance Series? Prospectuses BlackRock? Variable Series Funds, Inc. Prospectuses BNY Mellon Investment Portfolios Prospectus Columbia Funds Variable Insurance Trust Prospectuses Delaware VIP? Trust Prospectus Deutsche DWS Variable Series II Prospectus Fidelity? Variable Insurance Products Fund (VIP) Prospectuses Janus Aspen Series Prospectuses Legg Mason Partners Variable Equity Trust Prospectuses MFS? Variable Insurance Trust Prospectuses Morgan Stanley Variable Insurance Fund Inc. Prospectus Neuberger Berman Advisers Management Trust Prospectuses PIMCO Variable Insurance Trust Prospectuses Victory Variable Insurance Funds Prospectus

Please note that some of the Investment Divisions described in this Funds Prospectus are not available in your variable annuity policy. Please see your product prospectus for a list of the Investment Divisions that are available for your variable annuity policy.

Table of Contents

Page

MainStay VP Balanced - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

MainStay VP Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9

MainStay VP CBRE Global Infrastructure - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14

MainStay VP Conservative Allocation - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19

MainStay VP Emerging Markets Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26

MainStay VP Epoch U.S. Equity Yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

31

MainStay VP Fidelity Institutional AM? Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35

MainStay VP Floating Rate - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

39

MainStay VP Growth Allocation - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

44

MainStay VP Income Builder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

51

MainStay VP Indexed Bond - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

57

MainStay VP IQ Hedge Multi-Strategy - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62

MainStay VP Janus Henderson Balanced . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

71

MainStay VP MacKay Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

75

MainStay VP MacKay Convertible . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

79

MainStay VP MacKay Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

83

MainStay VP MacKay Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

88

MainStay VP MacKay High Yield Corporate Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

91

MainStay VP MacKay International Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

96

MainStay VP MacKay Mid Cap Core . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

MainStay VP MacKay S&P 500 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

MainStay VP MacKay Small Cap Core . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

MainStay VP MacKay Unconstrained Bond - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112

MainStay VP Mellon Natural Resources - Initial Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119

MainStay VP Moderate Allocation - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

MainStay VP Moderate Growth Allocation - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

MainStay VP PIMCO Real Return - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

MainStay VP Small Cap Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144

MainStay VP T. Rowe Price Equity Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149

MainStay VP U.S. Government Money Market - Initial Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153

MainStay VP Winslow Large Cap Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158

American Funds IS Asset Allocation Fund - Class 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163

American Funds IS Blue Chip Income and Growth Fund - Class 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169

American Funds IS Global Small Capitalization Fund - Class 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173

American Funds IS Growth Fund - Class 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177

American Funds IS New World Fund? - Class 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181

BlackRock? Global Allocation V.I. Fund - Class III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187

BlackRock? High Yield V.I. Fund - Class III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199

BNY Mellon IP Technology Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211

ClearBridge Variable Appreciation Portfolio - Class II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215

Columbia Variable Portfolio - Commodity Strategy Fund - Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . 223

Columbia Variable Portfolio - Emerging Markets Bond Fund - Class 2 . . . . . . . . . . . . . . . . . . . . . . . . 267

Columbia Variable Portfolio - Small Cap Value Fund - Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 311

1

Delaware VIP? Small Cap Value - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

343

DWS Alternative Asset Allocation VIP - Class B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

347

Fidelity? VIP ContrafundSM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

357

Fidelity? VIP Emerging Markets - Service Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

365

Fidelity? VIP Equity-IncomeSM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

373

Fidelity? VIP FundsManager? 60% - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

381

Fidelity? VIP Growth Opportunities - Service Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

389

Fidelity? VIP Health Care - Service Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

397

Fidelity? VIP International Index - Service Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

405

Fidelity? VIP Mid Cap - Service Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

413

Invesco Oppenheimer V.I. Main Street Small Cap Fund? - Series II . . . . . . . . . . . . . . . . . . . . . . . . . .

421

Invesco V.I. American Value Fund - Series II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

425

Invesco V.I. International Growth Fund - Series II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

429

Janus Henderson Enterprise Portfolio - Service Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

433

Janus Henderson Global Research Portfolio - Institutional Shares . . . . . . . . . . . . . . . . . . . . . . . . . .

441

Janus Henderson Global Research Portfolio - Service Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

449

Legg Mason/QS Aggressive Model Portfolio - Class II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

457

Legg Mason/QS Moderately Aggressive Model Portfolio - Class II . . . . . . . . . . . . . . . . . . . . . . . . . .

473

Legg Mason/QS Moderate Model Portfolio - Class II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

489

Legg Mason/QS Moderately Conservative Model Portfolio - Class II . . . . . . . . . . . . . . . . . . . . . . . . .

501

Legg Mason/QS Conservative Model Portfolio - Class II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

517

MFS? International Intrinsic Value Portfolio - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

533

MFS? Investors Trust Series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

537

MFS? Mid Cap Value Portfolio - Service Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

541

MFS? Research Series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

545

Morgan Stanley VIF U.S. Real Estate Portfolio - Class II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

549

Neuberger Berman AMT Mid Cap Growth - Class I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

553

Neuberger Berman AMT Mid Cap Growth - Class S . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

561

PIMCO VIT Income Portfolio - Advisor Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

569

PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) - Advisor Class . . . . . . . . . . . . . . . . .

573

PIMCO VIT Low Duration Portfolio - Advisor Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

577

PIMCO VIT Total Return Portfolio - Advisor Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

581

Victory VIF Diversified Stock - Class A Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

585

2

Summary Prospectus

May 1, 2020

MainStay VP Balanced Portfolio

Before you invest, you may want to review the Portfolio's Prospectus, which contains more information about the Portfolio and its risks. You can find the Portfolio's Prospectus, reports to shareholders and other information about the Portfolio by going online to vpdocuments, by calling 800-598-2019 or by sending an e-mail to MainStayShareholderServices@. The Portfolio's Prospectus and Statement of Additional Information, both dated May 1, 2020, as may be amended from time to time, are incorporated by reference into this Summary Prospectus.

Beginning on January 1, 2021, paper copies of a Portfolio's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the insurance company that offers your policy. Instead, the reports will be made available online, and you will be notified by mail and provided with a website address to access the report. Instructions for requesting paper copies will be provided by your insurance company.

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

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

Investment Objective The Portfolio seeks total return.

Fees and Expenses of the Portfolio

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. The table does not include any separate account or policy fees or charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. Investors should consult the applicable variable annuity policy or variable universal life insurance policy prospectus for more information.

Annual Portfolio Operating Expenses (fees paid directly from your investment) Management Fees (as an annual percentage of the Portfolio's average daily net assets)1 Distribution and Service (12b-1) Fees Other Expenses Acquired (Underlying) Portfolio/Fund Fees and Expenses Total Annual Portfolio Operating Expenses 1. The management fee is as follows: 0.70% on assets up to $1 billion; 0.65% on assets from $1 billion to $2 billion; and 0.60% on assets over $2 billion.

Service Class

0.70% 0.25% 0.06% 0.01% 1.02%

Example

The Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example does not include any separate account or policy fees or charges imposed under the variable annuity policies and variable universal life insurance policies for which the Portfolio is an investment option. If they were included, your costs would be higher. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated whether or not you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Service Class

1 Year $ 104

3 Years $ 325

5 Years $ 563

10 Years $ 1,248

Portfolio Turnover

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Portfolio operating expenses or in the Example, affect the Portfolio's performance. During the most recent fiscal year, the Portfolio's portfolio turnover rate was 186% of the average value of its portfolio.

Principal Investment Strategies

The Portfolio invests approximately 60% of its assets (net assets plus any borrowings for investment purposes) in stocks and 40% of its assets in fixedincome securities (such as bonds) and cash equivalents. Although this 60/40 ratio may vary, under normal market conditions, the Portfolio will invest at least 25% of its assets in fixed-income securities. Asset allocation decisions are made by New York Life Investment Management LLC, the Portfolio's Manager, based on its tactical view of the market. The Portfolio may invest in exchange-traded funds ("ETFs"), including ETFs advised by affiliates of the Manager and ETFs advised by unaffiliated advisers, to facilitate rebalancing the Portfolio's allocation between equity and fixed-income exposures.

3

The Portfolio may invest up to 20% of its net assets in foreign securities, but only in countries that NYL Investors LLC ("NYL Investors"), the Subadvisor for the fixed-income portion of the Portfolio, and MacKay Shields LLC ("MacKay Shields"), the Subadvisor for the equity portion of the Portfolio, consider stable, and only in securities considered to be of high quality. The Portfolio may also invest in derivatives, such as futures and options, to try to enhance returns or reduce the risk of loss by hedging certain of its holdings.

Under normal market conditions, the Subadvisors will seek to keep the portfolio fully invested rather than taking temporary cash positions with respect to their portions of the Portfolio's assets. The Subadvisors will sell a security if it becomes relatively overvalued, if better opportunities are identified, or if they determine that the initial investment expectations are not being met.

Equity Investment Process: MacKay Shields generally invests in mid-capitalization, value oriented stocks, but may also invest in large-capitalization, valueoriented stocks. MacKay Shields considers mid-capitalization stocks to be those stocks issued by companies with a market capitalization that, at the time of investment, are similar to the companies in the Russell Midcap? Index (which ranged from $474 million to $74.4 billion as of February 28, 2020), the S&P MidCap 400? Index (which ranged from $536 million to $13.2 billion as of February 28, 2020), or a universe selected from the smallest 800 companies of the largest 1,000 companies, ranked by market capitalization. Mid-capitalization stocks are common stocks of mid-size U.S. companies that tend to be well known and tend to have a large amount of stock outstanding compared to small-capitalization stocks.

"Value" stocks are stocks that MacKay Shields determines (1) have strong or improving fundamental characteristics and (2) have been overlooked by the marketplace so that they are undervalued or "underpriced" relative to the rest of the Portfolio's universe.

The Portfolio seeks to construct a broadly diversified portfolio across countries, sectors and industries using quantitative analysis to identify undervalued and overvalued securities. MacKay Shields uses a quantitative model that is designed to evaluate individual issuers and securities across valuation, momentum and market sentiment criteria. MacKay Shields also conducts a qualitative review of the results of the quantitative analysis. In certain cases, MacKay Shields may deviate from positions or weightings suggested by the quantitative analysis to account for events and conditions that may not be quantifiable by the analysis, such as company-specific and market events. MacKay Shields regularly evaluates the quantitative model and, from time to time, may adjust the metrics and data underlying its quantitative analysis for a variety of reasons, including, without limitation, to account for changing market, financial or economic conditions. Investments are recommended using an objective, disciplined and broadly-applied process, while seeking to limit exposure to risk.

Fixed-Income Investment Process: NYL Investors generally invests in U.S. government securities, mortgage-backed securities, asset-backed securities and investment grade corporate bonds. It selects fixed-income securities based on their credit quality, duration and price. The fixed-income portion of the portfolio normally has an intermediate term duration that ranges from three to five years.

The Portfolio's investments may include variable rate notes, floating rate notes and mortgage-related securities (including mortgage-backed) securities, which are debt securities whose values are based on underlying pools of mortgages, and asset-backed securities, which are debt securities whose values are based on underlying pools of credit receivables.

Principal Risks

You can lose money by investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisors may underperform the market in which the Portfolio invests or other investments. The Portfolio may receive large purchase or redemption orders which may have adverse effects on performance if the Portfolio were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so.

The principal risks of investing in the Portfolio are summarized below.

Market Risk: The value of the Portfolio's investments may fluctuate because of changes in the markets in which the Portfolio invests, which could cause the Portfolio to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of Portfolio shares. Such conditions may add significantly to the risk of volatility in the net asset value of the Portfolio's shares.

Multi-Manager Risk: The Portfolio's performance relies on the selection and monitoring of the Subadvisors as well as how the Portfolio's assets are allocated among those Subadvisors. Performance will also depend on the Subadvisors' skill in implementing their respective strategy or strategies. The Subadvisors' investment strategies may not always be complementary to one another and, as a result, the Subadvisors may make decisions that conflict with one another, which may adversely affect the Portfolio's performance. For example, a Subadvisor may purchase an investment for the Portfolio at the same time that another Subadvisor sells the investment, resulting in higher expenses without accomplishing any net investment result. Alternatively, multiple Subadvisors could purchase the same investment at the same time, causing the Portfolio to pay higher expenses because the Subadvisors did not aggregate their transactions. The multi-manager approach may also cause the Portfolio to invest a substantial percentage of its assets in certain types of securities, which could expose the Portfolio to greater risks associated with those types of securities and lead to large beneficial or detrimental effects on the Portfolio's performance. The Manager may influence a Subadvisor in terms of its management of a portion of the Portfolio's assets, including hedging practices, investment exposure and risk management.

A Subadvisor may underperform the market generally and may underperform other subadvisors that the Manager could have selected.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by a Subadvisor may not produce the desired results. In addition, the Portfolio may not achieve its investment objective, including during periods in which a Subadvisor takes temporary positions in response to unusual or adverse market, economic or political conditions, or other unusual or abnormal circumstances.

Investments selected using quantitative methods or based on models that analyze information and data ("quantitative tools") may perform differently from the market as a whole. The quantitative tool used by a Subadvisor, and the investments selected based on the quantitative tool, may not perform as expected. The quantitative tool may contain certain assumptions in construction and implementation that may adversely affect the Portfolio's performance. There may also be technical issues with the construction and implementation of quantitative tools (for example, software or other technology malfunctions, or

4

2

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download