PIMCO Variable Insurance Trust

Transcription

1 NI474 PIMCO Variable Insurance Trust Supplement Dated May 13, 2016 to the PIMCO Total Return Portfolio Administrative Class Prospectus, PIMCO Total Return Portfolio Advisor Class Prospectus and PIMCO Total Return Portfolio Institutional Class Prospectus, each dated April 29, 2016, as supplemented (the Prospectuses ) Disclosure Regarding the PIMCO Total Return Portfolio (the Portfolio ) Effective June 13, 2016, the first sentence of the second paragraph of the Principal Investment Strategies section of the Portfolio s Portfolio Summary in the Prospectuses is deleted in its entirety and replaced with the following: The Portfolio invests primarily in investment-grade debt securities, but may invest up to 20% of its total assets in high yield securities ( junk bonds ) rated B or higher by Moody s Investors Service, Inc. ( Moody s ), or equivalently rated by Standard & Poor s Ratings Services ( S&P ) or Fitch, Inc. ( Fitch ), or, if unrated, determined by Pacific Investment Management Company LLC ( PIMCO ) to be of comparable quality (except that within such 20% limitation, the Portfolio may invest in mortgage-related securities rated below B). Investors Should Retain This Supplement For Future Reference PVIT_SUPP2_051316

2 Prospectus Supplement NI482 June 17, 2016 Supplement dated June 17, 2016 to The Universal Institutional Funds, Inc. Prospectus dated April 29, 2016 The Universal Institutional Funds, Inc. The maximum expense ratio of the Portfolio s Class II shares has been decreased, effective July 1, Accordingly, effective July 1, 2016, the Prospectus is hereby amended as follows: The Portfolio s Annual Portfolio Operating Expenses table under the section of the Prospectus entitled Portfolio Summary Fees and Expenses of the Portfolio (Class II) Annual Portfolio Operating Expenses is hereby deleted in its entirety and replaced with the following: U.S. Real Estate Portfolio (Class II) (the Portfolio ) Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Advisory Fee 0.80% Distribution (12b-1) Fee* 0.25% Other Expenses 0.27% Total Annual Portfolio Operating Expenses** 1.32% Fee Waiver and/or Expense Reimbursement** 0.12% Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement** 1.20% The second footnote following the Portfolio s Annual Portfolio Operating Expenses table under the section of the Prospectus entitled Portfolio Summary Fees and Expenses of the Portfolio (Class II) Annual Portfolio Operating Expenses is hereby deleted in its entirety and replaced with the following: ** The Portfolio s Adviser, Morgan Stanley Investment Management Inc., has agreed to reduce its advisory fee and/or reimburse the Portfolio so that Total Annual Portfolio Operating Expenses, excluding certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 1.20%. The fee waivers and/or expense reimbursements will continue for at least one year or until such time as the Fund s Board of Directors acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. The Example information under the section of the Prospectus entitled Portfolio Summary Fees and Expenses of the Portfolio (Class II) Example is hereby deleted in its entirety and replaced with the following: Example The example below is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Portfolio, your investment has a 5% return each year and that the Portfolio s operating expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 1 Year 3 Years 5 Years 10 Years U.S. Real Estate Portfolio $122 $406 $712 $1,580 The first sentence of the second paragraph under the section of the Prospectus entitled Fund Management Advisory Fee is hereby deleted and replaced with the following: The Adviser has agreed to reduce its advisory fee and/or reimburse the Portfolio, if necessary, if such fees would cause the total annual operating expenses of the Portfolio to exceed 1.20% of average daily net assets. Please retain this supplement for future reference.

3 NI475 MAINSTAY VP FUNDS TRUST MainStay VP Cornerstone Growth Portfolio (the Portfolio ) Supplement dated June 24, 2016 ( Supplement ) to the Summary Prospectus and Prospectus dated May 1, 2016, as supplemented Capitalized terms and certain other terms used in this Supplement, unless otherwise defined in this Supplement, have the meanings assigned to them in the Prospectus. At a meeting held on June 21-22, 2016, the Board of Trustees ( Board ) of MainStay VP Funds Trust ( Trust ) approved, among other related proposals: (i) modifications of the Portfolio s principal investment strategies, investment process and principal risks; (ii) lowering the contractual management fee at certain levels and introducing a new management fee breakpoint; and (iii) the appointment of a new subadvisor to manage the Portfolio s assets on an interim basis, and the related interim subadvisory agreement. These changes will be effective on or about July 29, The Board also approved the longer-term appointment of the new subadvisor and the adoption of a subadvisory agreement so that the new subadvisor may serve as subadvisor to the Portfolio on an uninterrupted basis following the expiration of the interim subadvisory agreement, subject to shareholder approval. Shareholders will subsequently be asked to vote to approve the new subadvisory agreement to take effect upon the expiration of the interim subadvisory agreement. See the section titled Shareholder Proxy of this Supplement for more information on these matters and the Proposals (as defined below). As a result, effective on or about July 29, 2016, the following changes will occur: 1. Reduction in Management Fee paid to New York Life Investment Management LLC. The management fee will be lowered at certain levels and a new breakpoint will be introduced. Accordingly, the tables entitled Fees and Expenses of the Portfolio and Example will be revised as follows: Annual Portfolio Operating Expenses (fees paid directly from your investment) Initial Class Service Management Fees (as an annual percentage of the Portfolio's average daily net assets) 1, % 0.70 % Distribution and Service (12b-1) Fees None 0.25 % Other Expenses % 0.04 % Total Annual Portfolio Operating Expenses 0.74 % 0.99 % 1. The management fee is as follows: 0.70% on assets up to $500 million; 0.65% on assets from $500 million to $1 billion; 0.625% on assets from $1 billion to $2 billion; and 0.60% on assets over $2 billion. 2. Restated to reflect current management fees. 3. Based on estimated amounts for the current fiscal year. Class 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 and then 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:

4 1 Year 3 Years 5 Years 10 Years Initial Class $ 76 $237 $411 $ 918 Service Class $101 $315 $547 $1, Principal Investment Strategies. The principal investment strategies and investment process of the Portfolio will be revised as follows: The Portfolio normally invests at least 80% of its assets in common stocks of large capitalization growth companies with market capitalizations that, at the time of investment, are similar to companies in the Russell 1000 Growth Index (which ranged from $717.6 million to $583.6 billion as of December 31, 2015). Investment Process: Using an objective, disciplined and broadly-applied process, Cornerstone Capital Management Holdings LLC, the Portfolio s Subadvisor, selects large capitalization securities that it believes have the most potential to appreciate, while seeking to limit exposure to risk. The Subadvisor also seeks to control the Portfolio s exposure to risk by seeking to construct a broadly-diversified portfolio of securities issued by a large number of companies, across sectors and industries using quantitative analysis to identify undervalued and overvalued securities. The Subadvisor uses a quantitative model that is designed to evaluate individual issuers and securities across valuation, momentum and market sentiment criteria. The Subadvisor also conducts a qualitative review of the results of the quantitative analysis. In certain cases, the Subadvisor 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. The Subadvisor regularly evaluates the quantitative model and, from time to time, the Subadvisor 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. The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio, if better opportunities are identified, or if it determines the initial investment expectations are not being met. 3. Principal Risks. The section of the Prospectus entitled Principal Risks will be revised as follows: a. The principal risks entitled Market Changes Risk and Portfolio Management Risk will be deleted in their entirety and replaced with the following: Market Changes 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 objectives. Changes in these markets 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. Such conditions may add significantly to the risk of volatility in the net asset value of the Portfolio's shares. Portfolio Management Risk: The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results. In addition, the Portfolio may not achieve its investment objective if the Subadvisor takes temporary positions in response to unusual or adverse market, economic or political conditions, or other unusual or abnormal circumstances. The quantitative model used by the Subadvisor, and the securities selected based on the model, may not perform as expected. The quantitative model may contain certain assumptions in construction and implementation that may adversely affect the Portfolio s performance. In addition, the Portfolio s performance will reflect, in part, the Subadvisor s ability to make active qualitative decisions and timely adjust the quantitative model, including the model s underlying metrics and data. 2

5 b. The principal risks entitled Foreign Securities Risk, Concentrated Portfolio Risk, and Technology Stock Risk will be deleted in their entirety. 4. Past Performance. The following will be added as the second sentence in the third paragraph of the section of the Prospectus entitled Past Performance: Effective July 29, 2016, the Portfolio replaced its subadvisor and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Portfolio s prior subadvisor and principal investment strategies. 5. Management / Change in Portfolio Managers. The section of the Prospectus entitled Management will be deleted in its entirety and replaced with the following: New York Life Investment Management LLC serves as the Portfolio s Manager. Cornerstone Capital Management Holdings LLC serves as the Portfolio s Subadvisor. Subadvisor Portfolio Managers Service Date Cornerstone Capital Management Holdings LLC Andrew Ver Planck, Senior Vice President Since July 2016 Migene Kim, Vice President Since July Change in Subadvisor. Effective on or about July 29, 2016, Cornerstone Capital Management LLC, the Portfolio s current subadvisor, will be replaced with Cornerstone Capital Management Holdings LLC, which will be responsible for the day-to-day management of the Portfolio. References to Cornerstone Capital Management LLC will be replaced by Cornerstone Capital Management Holdings LLC, as appropriate. Cornerstone Capital Management Holdings LLC will serve as a subadvisor to the Portfolio on an interim basis pursuant to the terms of an interim subadvisory agreement. As described below, shareholders will be asked to approve a new subadvisory agreement with Cornerstone Capital Management Holdings LLC at an upcoming shareholder meeting. In the section of the Prospectus entitled Who Manages Your Money?, MainStay VP Cornerstone Growth Portfolio is added to list of Portfolios subadvised by Cornerstone Capital Management Holdings LLC. The reference to Cornerstone Capital Management LLC is deleted in its entirety. 7. Portfolio Manager Biographies. In the section of the Prospectus entitled Portfolio Manager Biographies, the biographies for Migene Kim, CFA and Andrew Ver Planck, CFA will be revised as follows, and references to Thomas G. Kamp will be deleted in their entirety: Migene Kim, CFA Ms. Kim is a Vice President for Cornerstone Holdings and has been with the firm or its predecessors since Ms. Kim has been a part of the portfolio management team for the MainStay VP Common Stock Portfolio since 2007, the MainStay VP Mid Cap Core Portfolio since 2008, the MainStay VP Balanced Portfolio since 2014, the MainStay VP Small Cap Core Portfolio since May 2016, and the MainStay VP Cornerstone Growth Portfolio since July Ms. Kim earned her MBA in Financial Engineering from the MIT Sloan School of Management and is a summa cum laude graduate in Mathematics from the University of Pennsylvania where she was elected to Phi Beta Kappa. Ms. Kim is also a CFA charterholder. 3

6 Andrew Ver Planck, CFA Mr. Ver Planck has managed the MainStay VP Balanced Portfolio, MainStay VP Common Stock Portfolio and MainStay VP Mid Cap Core Portfolio since 2013, the MainStay VP Emerging Markets Equity Portfolio since 2015, the MainStay VP Small Cap Core Portfolio since May 2016, the MainStay VP Cornerstone Growth Portfolio since July 2016, and a portion of the MainStay VP Absolute Return Multi- Strategy Portfolio s assets since January He is Senior Vice President of Cornerstone Capital Management Holdings, and Chief Investment Officer and Lead Portfolio Manager of the Global Systematic Equity Team. He has been with the firm or its predecessors since He leads the Global Systematic Equity research team and is responsible for all portfolio management decisions for all systematically managed products. Mr. Ver Planck received a BS in Operations Research and Industrial Engineering from Cornell University. He is a CFA charterholder. Portfolio Transition and Related Expenses. In order to implement the new principal investment strategies and investment process described above, the Portfolio is expected to experience a high level of portfolio turnover. As further described in the proxy statement that will be provided to shareholders, New York Life Investment Management LLC will bear 100% of the direct transaction costs associated with the Portfolio transition. Additionally, New York Life Investment Management LLC will seek to limit the direct and indirect transaction costs associated with the Portfolio transition. Impact on Shareholders/Policy Owners. The Portfolio transition will not in any way negatively impact shareholders rights or affect the obligations of New York Life Insurance and Corporation ( NYLIAC ) under the variable annuity contracts or variable universal life insurance policies ( Policies ) issued by NYLIAC. Owners of Policies who have allocated a portion of their contract or policy value to the Portfolio have a beneficial interest in the Portfolio, but do not invest directly in or hold shares of the Portfolio, are referred to as shareholders. Shareholder Proxy At the meeting held on June 21 22, 2016, the Board of the Trust approved submitting the following proposals ( Proposals ) to shareholders of the Portfolio at a special meeting to be held on or about October 3, 2016 (with any postponements or adjournments, Special Meeting ): 1. To approve a new subadvisory agreement ( Subadvisory Agreement ) between New York Life Investment Management LLC and Cornerstone Capital Management Holdings LLC ( Cornerstone Holdings ); and 2. To permit New York Life Investment Management LLC, under certain circumstances, to enter into and/or materially amend agreements with affiliated and unaffiliated subadvisors without obtaining shareholder approval. Cornerstone Holdings is affiliated with New York Life Investment Management LLC and will serve as a subadvisor to the Portfolio on an interim basis pursuant to the terms of an interim subadvisory agreement dated July 29, 2016 (the Interim Subadvisory Agreement ). The Interim Subadvisory Agreement will terminate by its terms on December 26, At the June 21-22, 2016 meeting, the Board also approved the longer-term appointment of Cornerstone Holdings as the subadvisor to the Portfolio and the adoption of a new Subadvisory Agreement. Shareholders are being asked to approve the new Subadvisory Agreement so that Cornerstone Holdings may continue to serve as the subadvisor to the Portfolio on an uninterrupted basis following the expiration of the Interim Subadvisory Agreement. Approval of Proposal 2 would authorize the Portfolio, and New York Life Investment Management LLC as investment manager of the Portfolio, to rely on an expanded exemptive order issued by the Securities and Exchange Commission (or any similar future rule or exemptive order), which permits New York Life 4

7 Investment Management LLC, under certain circumstances and with Board approval, to enter into and/or materially amend agreements with affiliated and unaffiliated subadvisors without obtaining shareholder approval. On or about July 27, 2016, shareholders of record of the Portfolio as of the close of business on July 7, 2016 will be sent a proxy statement containing further information regarding the Proposals. The proxy statement will also include information about the Special Meeting, at which shareholders of the Portfolio will be asked to consider and approve the Proposals. In addition, the proxy statement will include information about voting on the Proposals and options shareholders will have to either attend the Special Meeting in person or by proxy to authorize and instruct NYLIAC how to vote their respective shares. New York Life Investment Management LLC has agreed to bear 100% of the direct expenses relating to the Special Meeting. PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE. 5

8 NI477 SUPPLEMENT DATED JUNE 24, 2016 TO THE FOLLOWING PROSPECTUSES (AS SUPPLEMENTED) DATED MAY 1, 2016 New York Life Access Variable New York Life Complete Access Variable New York Life Complete Access Variable II New York Life Elite Variable New York Life Essentials Variable New York Life Flexible Premium Variable New York Life Flexible Premium Variable II New York Life Flexible Premium Variable III New York Life Income Plus Variable New York Life Income Plus Variable II New York Life Premier Variable New York Life Premier Variable II New York Life Premier Plus Variable New York Life Premier Plus Variable II New York Life Premium Plus Variable New York Life Premium Plus II Variable New York Life Premium Plus Elite Variable New York Life Variable TO THE FOLLOWING PROSPECTUSES DATED MAY 1, 2009 New York Life Longevity Benefit Variable New York Life Select Variable TO THE FOLLOWING PROSPECTUSES DATED MAY 1, 2008 New York Life (formerly MainStay) Access Variable New York Life (formerly MainStay) Plus Variable New York Life (formerly MainStay) Plus II Variable New York Life (formerly MainStay) Premium Plus Variable New York Life (formerly MainStay) Premium Plus II Variable New York Life (formerly MainStay) Select Variable INVESTING IN THE FOLLOWING SEPARATE ACCOUNTS NYLIAC Variable Separate Account-I NYLIAC Variable Separate Account-II NYLIAC Variable Separate Account-III NYLIAC Variable Separate Account-IV This supplement amends the prospectuses (each a Prospectus, and together, the Prospectuses ) for the New York Life variable annuity policies listed above that are issued by New York Life Insurance and Corporation ( NYLIAC ). This supplement describes changes to the investment options available under such policies. You should read this information carefully and retain this supplement for future reference together with the Prospectus for your policy. This supplement is not valid unless it is read in conjunction with the Prospectus for your policy. All capitalized terms used but not defined herein have the same meaning as those included in the Prospectuses. NYLIAC has filed an application with the Securities and Exchange Commission (the SEC ) for an order permitting each of NYLIAC s above referenced separate accounts to substitute shares of the Existing Portfolio with shares of the Replacement Portfolio below. NYLIAC anticipates that, if such order is granted, the SEC will issue the order approving the foregoing substitution early August The effective date established for the substitution is expected to be on or about August 26, 2016 (the Effective Date ). All expenses incurred in connection with the substitution will be paid by either NYLIAC or an affiliate. You will not incur any fees, charges or any tax liability because of the substitution. Existing Portfolio Royce Micro-Cap Portfolio Investment Class Proposed Substitution Replacement Portfolio MainStay VP Small Cap Core Portfolio Service Class Prior to the Effective Date. For thirty (30) days before the Effective Date, if you have allocations in the Existing Portfolio, you may transfer such allocations to any other available investment option without any charge or limitation (except potentially harmful transfers (see the Limits on Transfers section in the Prospectus for your policy)) and without the transfer counting toward the number of free transfers that otherwise may be made in a given Policy Year. Such transfer will be based on the Accumulation Unit value of the Investment Division for the Existing Portfolio as of the close of the Business Day that we receive the transfer request. All other transfers are subject to limitations, and may be subject to charges, as described in the Prospectus for your policy. Please see the Prospectus for your policy for information on how to complete transfers from the Investment Division for the Existing Portfolio to other investment options that we currently offer v.6

9 Until the Effective Date, we will continue to process automatic transactions (such as dollar cost averaging, automatic asset rebalancing and interest sweep), involving the Existing Portfolio, unless you provide us with alternate allocation instructions. Also note that the Existing Portfolio will not accept new premium payment allocations or transfers as of the Effective Date. We have included the prospectus for the Replacement Portfolio along with this supplement. On the Effective Date. Any of your allocations that remain in the Existing Portfolio will be redeemed. Those redemptions will then be used to purchase Accumulation Units in the Investment Division for the Replacement Portfolio. All policyowners affected by the substitution will receive a written confirmation of the transaction. The redemption and subsequent repurchase transactions required to effectuate the substitution will not be treated as transfers that count toward the number of free transfers that may otherwise be made in a given Policy Year. Your Accumulation Value immediately prior to the Effective Date will be equal to your Accumulation Value immediately after the Effective Date; however, the number of units you receive in the Investment Division for the Replacement Portfolio may be different from the number of units in the Investment Division for the Existing Portfolio. There will also be no change to your policy s death benefit as a result of the substitution. After the Effective Date. Immediately following the Effective Date, the Existing Portfolio will no longer be available as an investment option under the policies. In addition, for the thirty (30) days following the Effective Date, you may transfer all or a portion of your Accumulation Value out of the Investment Division for the Replacement Portfolio to another investment option without any charge or limitation (except potentially harmful transfers (see the Limits on Transfers section in the Prospectus for your Policy)) and without the transfer counting toward the number of free transfers that otherwise may be made in a given Policy Year. Such transfer will be based on the Accumulation Unit value of the Investment Division for the Replacement Portfolio as of the close of the Business Day that we receive the transfer request. All other transfers are subject to limitations, and may be subject to charges, as described in the Prospectus for your policy. Please see the Prospectus for your policy for information on how to complete transfers from the Replacement Portfolio to other investment options that we currently offer. We will also continue to process automatic transactions (such as dollar cost averaging, automatic asset rebalancing and interest sweep) after the Effective Date, except that allocations previously processed to or from the Existing Portfolio will be processed to or from the Replacement Portfolio. A complete list of the investment options that are available under your policy, other than the Replacement Portfolio, is set forth in the Prospectus for your policy. You may obtain a copy of the Prospectus for your policy by calling 1 (800) Information regarding the Replacement Portfolio, including the investment objectives, policies, risks and fees and expenses, is contained in the Replacement Portfolio s prospectus included with this supplement. New York Life Insurance and Corporation (a Delaware Corporation) 51 Madison Avenue New York, New York v.6

10 SUPPLEMENT DATED JUNE 24, 2016 TO THE FOLLOWING PROSPECTUSES (AS SUPPLEMENTED) DATED MAY 1, 2016 New York Life Access Variable New York Life Complete Access Variable New York Life Complete Access Variable II New York Life Elite Variable New York Life Essentials Variable New York Life Flexible Premium Variable New York Life Flexible Premium Variable II New York Life Flexible Premium Variable III New York Life Income Plus Variable New York Life Income Plus Variable II New York Life Premier Variable New York Life Premier Variable II New York Life Premier Plus Variable New York Life Premier Plus Variable II New York Life Premium Plus Variable New York Life Premium Plus II Variable New York Life Premium Plus Elite Variable New York Life Variable Facilitator Multi-Funded Retirement TO THE FOLLOWING PROSPECTUSES DATED MAY 1, 2009 New York Life Longevity Benefit Variable New York Life Select Variable TO THE FOLLOWING PROSPECTUSES DATED MAY 1, 2008 New York Life (formerly MainStay) Access Variable New York Life (formerly MainStay) Plus Variable New York Life (formerly MainStay) Plus II Variable New York Life (formerly MainStay) Premium Plus Variable New York Life (formerly MainStay) Premium Plus II Variable New York Life (formerly MainStay) Select Variable INVESTING IN THE FOLLOWING SEPARATE ACCOUNTS NYLIAC Variable Separate Account-I NYLIAC Variable Separate Account-II NYLIAC Variable Separate Account-III NYLIAC Variable Separate Account-IV NYLIAC MFA Separate Account-I NYLIAC MFA Separate Account-II This supplement amends the prospectuses (each a Prospectus, and together, the Prospectuses ) for the New York Life variable annuity policies listed above that are issued by New York Life Insurance and Corporation ( NYLIAC ). This supplement describes changes to the investment options available under such policies. You should read this information carefully and retain this supplement for future reference together with the Prospectus for your policy. This supplement is not valid unless it is read in conjunction with the Prospectus for your policy. All capitalized terms used but not defined herein have the same meaning as those included in the Prospectuses. This supplement describes the following changes, as applicable, to (i) the MainStay VP Cornerstone Growth Portfolio that will become effective on or about July 29, 2016 and (ii) the MainStay VP Cash Management Portfolio that will become effective on or about August 26, The Prospectuses (other than Facilitator Multi-Funded Retirement ) are revised as follows: MainStay VP Cornerstone Growth Portfolio (the Cornerstone Portfolio ): 1. Change in Subadviser. The Cornerstone Portfolio s current subadviser will be replaced with Cornerstone Capital Management Holdings LLC. 2. Fees and Expenses. The following will replace the existing entry or entries, as applicable, in the table titled Annual Portfolio Company Operating Expenses : v.6

11 Fund MainStay VP Cornerstone Growth Service Class MainStay VP Cornerstone Growth Initial Class Management Fees Distribution (12b-1) Fees Other Expenses Total Fund Annual Expense Fee Waiver And/Or Expense Reimbursement 0.70% 0.25% 0.04% 0.99% (--) 0.99% 0.70% 0.00% 0.04% 0.74% (--) 0.74% Total Fund Annual Expense after Fee Waiver And/Or Expense Reimbursement The Prospectuses are revised as follows: MainStay VP Cash Management Portfolio: 1. Name Change. The MainStay VP Cash Management Portfolio will be renamed MainStay VP U.S. Government Money Market Portfolio. All references to MainStay VP Cash Management Portfolio will be deleted and replaced with MainStay VP U.S. Government Money Market Portfolio. 2. Delete and replace the section titled, New York Life Insurance and Corporation and the Separate Account Money Market Fund Fees and Gates with the following: Money Market Fund Fees and Gates The SEC has adopted rules that provide that all money market funds can impose liquidity fees and/or suspend redemptions under certain circumstances. The liquidity fees can be up to 2% of the amount redeemed, and the suspensions of redemptions (redemption gates ) can last for ten (10) business days. Money market funds can impose these fees and gates (which could be applied to all Policy transfers, surrenders, withdrawals and benefit payments from that portfolio) based on the liquidity of the fund s assets and other factors. All types of money market funds have the ability to impose these fees and gates, but government money market funds (that invest at least 99.5% of their assets in cash, U.S. government securities and/or repurchase agreements that are secured by cash or government securities) are less likely to impose such fees and gates v.6 New York Life Insurance and Corporation (a Delaware Corporation) 51 Madison Avenue New York, New York 10010

12 NI478 Summary Prospectus May 1, 2016 MainStay VP Small Cap Core 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 and other information about the Portfolio by going online to mainstayinvestments.com/vpdocuments, by calling or by sending an to The Portfolio s Prospectus and Statement of Additional Information, both dated May 1, 2016, as may be amended from time to time, are incorporated by reference into this Summary Prospectus. Investment Objective The Portfolio seeks long-term growth of capital. 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. Service Class Annual Portfolio Operating Expenses (fees paid directly from your investment) Management Fees (as an annual percentage of the Portfolio's average daily net assets) % Distribution and/or Service (12b-1) Fees 0.25 % Other Expenses % Total Annual Portfolio Operating Expenses 1.14 % 1. The management fee is as follows: 0.85% on assets up to $1 billion; and 0.80% on assets in excess of $1 billion. 2. Based on estimated amounts for the current fiscal year. 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 and then 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: 1 Year 3 Years Service Class $ 116 $ 362 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 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. Because the Portfolio commenced operations on or about the date of this Prospectus, no portfolio turnover rate information is available. Principal Investment Strategies The Portfolio invests, under normal circumstances, at least 80% of its assets (net assets plus any borrowings for investment purposes) in companies with market capitalizations at the time of investment that are similar to the market capitalizations of companies in the Russell 2000 Index, and invests primarily in common stocks of U.S. companies. As of December 31, 2015, companies in the Russell 2000 Index had market capitalizations ranging from $14.8 million to $6.47 billion. Investment Process: Cornerstone Capital Management Holdings LLC, the Portfolio's Subadvisor, seeks to construct a broadly diversified portfolio across sectors and industries using quantitative analysis to identify undervalued and overvalued securities. The Subadvisor uses a quantitative model that is designed to evaluate individual issuers and securities across valuation, momentum and market sentiment criteria. The Subadvisor also conducts a qualitative analysis to account for events and conditions that may not be quantifiable by the analysis, such as company-specific and market events. The Subadvisor regularly evaluates the quantitative model and, from time to time, the Subadvisor 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. Using an objective, disciplined and broadlyapplied process, the Subadvisor selects securities that it believes have the most potential to appreciate, while seeking to limit exposure to risk. The Subadvisor also seeks to control the Portfolio s exposure to risk by diversifying the Portfolio s investments over a large number of securities.

13 In unusual market conditions, the Portfolio may invest all or a portion of its assets in investment grade notes and bonds, cash and cash equivalents. The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Portfolio, if better opportunities are identified, or if it determines the initial investment expectations are not being met. Principal Risks Loss of Money Risk: Before considering an investment in the Portfolio, you should understand that you could lose money. Market Changes 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 objectives. Changes in these markets 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. Such conditions may add significantly to the risk of volatility in the net asset value of the Portfolio's shares. Portfolio Management Risk: The investment strategies, practices and risk analysis used by the Subadvisor may not produce the desired results. In addition, the Portfolio may not achieve its investment objective if the Subadvisor takes temporary positions in response to unusual or adverse market, economic or political conditions, or other unusual or abnormal circumstances. The quantitative model used by the Subadvisor, and the securities selected based on the model, may not perform as expected. The quantitative model may contain certain assumptions in construction and implementation that may adversely affect the Portfolio s performance. In addition, the Portfolio s performance will reflect, in part, the Subadvisor s ability to make active qualitative decisions and timely adjust the quantitative model, including the model s underlying metrics and data. Selection Risk: The investments selected by the Subadvisor may underperform the market or other investments. Equity Securities Risk: Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the portfolio managers' ability to anticipate such changes that can adversely affect the value of the Portfolio's holdings. Opportunity for greater gain often comes with greater risk of loss. Small-Cap Stock Risk: Stocks of small capitalization companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects, and greater spreads between bid and ask prices than stocks of larger companies. Small-capitalization companies may be more vulnerable to adverse business or market developments. Growth Stock Risk: If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. Value Stock Risk: Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Portfolio's performance may be lower than that of funds that invest in other types of equity securities. Past Performance Since the Portfolio does not have a full calendar year of performance as of the date of this Prospectus, no calendar year performance information is available. Management New York Life Investment Management LLC serves as the Portfolio's Manager. Cornerstone Capital Management Holdings LLC serves as the Portfolio's Subadvisor. Subadvisor Portfolio Managers Service Date Cornerstone Capital Management Holdings LLC Migene Kim, Vice President Since May 2016 Andrew Ver Planck, Senior Vice President Since May 2016 Mona Patni, Vice President Since May 2016 How to Purchase and Sell Shares Shares of the Portfolio are currently offered to certain separate accounts to fund variable annuity policies and variable universal life insurance policies issued by New York Life Insurance and Corporation ("NYLIAC") and may also be offered to fund variable annuity policies and variable universal life insurance policies issued by other insurance companies. Shares of the Portfolio are also offered as underlying investments of the MainStay VP Asset Allocation Portfolios ("Asset Allocation Portfolios"). Individual investors do not transact directly with the Portfolio to purchase and redeem shares. Please refer to the prospectus for the variable annuity policy or variable universal life insurance policy that invests in the Portfolio for information on the allocation of premium payments and on transfers among the investment divisions of the separate account. Tax Information Because the Portfolio's shareholders are the separate accounts of NYLIAC or other insurance companies through which you purchased your variable annuity policy or variable universal life insurance policy and the Asset Allocation Portfolios, no discussion is included here as to the federal income tax consequences at the shareholder level. For information concerning the federal income tax consequences to variable annuity and variable universal life insurance policy owners, consult the prospectus relating to the appropriate policy. 2

14 Compensation to Broker/Dealers and Other Financial Intermediaries The Portfolio and/or its related companies may pay NYLIAC or other participating insurance companies, broker/dealers, or other financial intermediaries for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the insurance company, other financial intermediary or your sales person to recommend a policy that offers this Portfolio over another investment. Ask your individual salesperson or visit your financial intermediary firm s or insurance company's website for more information. For additional information about these payments, please see the section entitled "The Fund and its Management" in the Prospectus. 3