MainStay VP Funds Trust changes investment objective for six funds

By Toni Weeks

San Diego, Dec. 23 - MainStay VP Funds Trust announced a change in investment objective for six of its funds, according to a 497 filing with the Securities and Exchange Commission.

The revisions to each fund's investment objective will not affect its principal investment strategies or principal risks, the filing noted. Shareholder approval of the changes is not required.

• MainStay VP Common Stock Portfolio will continue to seek long-term growth of capital but without income as a secondary consideration;

• MainStay VP Balanced Portfolio will seek total return rather than high total return;

• MainStay VP ICAP Select Equity Portfolio will seek total return rather than a superior total return;

• MainStay VP International Equity Portfolio will continue to seek long-term growth of capital but no longer commensurate with an acceptable level of risk by investing in a portfolio consisting primarily of non-U.S. equity securities. Current income is no longer a secondary objective;

• MainStay VP Bond Portfolio will seek total return rather than the highest income over the long term consistent with preservation of principal; and

MainStay VP Government Portfolio will seek current income rather than a high level of current income, consistent with safety of principal.

Parsippany, N.J.-based New York Life Investments serves as the manager for the funds.

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