MainStay VP Balanced Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 41.8% †
Asset-Backed Securities 3.8%
Automobile 0.4%
Avis Budget Rental Car Funding AESOP LLC (a)
Series 2019-3A, Class A 2.36%, due 3/20/26	$	500,000	$	497,931
Series 2019-1A, Class A 3.45%, due 3/20/23		100,000		102,714
Mercedes Benz Auto Lease Trust Series 2019-A, Class A3 3.10%, due 11/15/21		150,000		151,570
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		750,000		766,590
				1,518,805
Other Asset-Backed Securities 3.4%
AIMCO CLO Series 2017-AA, Class A 3.85% (3 Month LIBOR + 1.26%), due 7/20/29 (a)(b)		250,000		250,037
Apidos CLO Series 2015-21A, Class A1R 3.53% (3 Month LIBOR + 0.93%), due 7/18/27 (a)(b)		400,000		400,244
Apidos CLO XXV Series 2016-25A, Class A1R 3.76% (3 Month LIBOR + 1.17%), due 10/20/31 (a)(b)		400,000		399,383
ARES CLO, Ltd. Series 2016-41A, Class AR 3.778% (3 Month LIBOR + 1.20%), due 1/15/29 (a)(b)		350,000		349,890
Ares XXIX CLO, Ltd. Series 2014-1A, Class A1R 3.77% (3 Month LIBOR + 1.19%), due 4/17/26 (a)(b)		92,329		92,338
Bain Capital Credit CLO, Ltd. Series 2016-2A, Class AR 3.269% (3 Month LIBOR + 1.14%), due 1/15/29 (a)(b)		400,000		400,004
Benefit Street Partners CLO, Ltd. Series 2015-VIIA, Class A1AR 3.38% (3 Month LIBOR + 0.78%), due 7/18/27 (a)(b)		250,000		249,996
Benefit Street Partners CLO IV, Ltd. Series 2014-IVA, Class A1 3.84% (3 Month LIBOR + 1.25%), due 1/20/29 (a)(b)		300,000		300,046
Cedar Funding IV CLO, Ltd. Series 2014-4A, Class AR 3.82% (3 Month LIBOR + 1.23%), due 7/23/30 (a)(b)		750,000		749,503
Deutsche Bank Master Finance LLC Series 2019-1A, Class A2I 3.787%, due 5/20/49 (a)		548,625		564,974
Domino's Pizza Master Issuer LLC Series 2017-1A, Class A2II 3.082%, due 7/25/47 (a)		1,274,000		1,278,319
Dryden Senior Loan Fund Series 2018-71A, Class A 3.78% (3 Month LIBOR + 1.15%), due 1/15/29 (a)(b)		300,000		300,007
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A 2.69%, due 3/25/30 (a)		109,193		110,033
FOCUS Brands Funding LLC Series 2017-1A, Class A2I 3.857%, due 4/30/47 (a)		97,750		98,234
Galaxy XXII CLO, Ltd. Series 2016-22A, Class A1R 3.60% (3 Month LIBOR + 1.00%), due 7/16/28 (a)(b)		250,000		250,000
Hilton Grand Vacations Trust Series 2018-AA, Class A 3.54%, due 2/25/32 (a)		335,407		346,055
HPS Loan Management, Ltd. Series 2011-A17, Class A 3.994% (3 Month LIBOR + 1.26%), due 5/6/30 (a)(b)		850,000		850,027
Magnetite XVIII, Ltd. Series 2016-18A, Class AR 3.59% (3 Month LIBOR + 1.08%), due 11/15/28 (a)(b)		400,000		400,232
MVW Owner Trust Series 2019-1A, Class A 2.89%, due 11/20/36 (a)		233,490		237,710
Navient Private Education Refi Loan Trust Series 2019-CA, Class A2 3.13%, due 2/15/68 (a)		300,000		308,124
Octagon Investment Partners 30, Ltd. Series 2017-1A, Class A1 3.91% (3 Month LIBOR + 1.32%), due 3/17/30 (a)(b)		350,000		350,863
Palmer Square CLO, Ltd. (a)(b)
Series 2014-1A, Class A1R2 3.433% (3 Month LIBOR + 1.13%), due 1/17/31		250,000		249,311
Series 2015-1A, Class A1R2 3.74% (3 Month LIBOR + 1.22%), due 5/21/29		500,000		499,832
Regatta VI Funding, Ltd. Series 2016-1A, Class AR 3.67% (3 Month LIBOR + 1.08%), due 7/20/28 (a)(b)		400,000		399,764
Sierra Receivables Funding Co. LLC Series 2019-1A, Class A 3.20%, due 1/20/36 (a)		148,193		150,179
SMB Private Education Loan Trust Series 2019-B, Class A2A 2.84%, due 6/15/37 (a)		500,000		507,847
SoFi Professional Loan Program LLC (a)
Series 2019-C, Class A2FX 2.37%, due 11/16/48		250,000		250,145
Series 2019-A, Class A1FX 3.18%, due 6/15/48		225,332		227,716
Sound Point CLO XVI, Ltd. Series 2017-2A, Class A 3.86% (3 Month LIBOR + 1.28%), due 7/25/30 (a)(b)		450,000		449,992
Taco Bell Funding, LLC Series 2018-1A, Class A2I 4.318%, due 11/25/48 (a)		397,000		411,197
THL Credit Wind River CLO, Ltd. Series 2017-4A, Class A 3.66% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(b)		250,000		249,240
TIAA CLO III, Ltd. Series 2017-2A, Class A 3.75% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(b)		350,000		348,421
TICP CLO XIII, Ltd. Series 2019 13A, Class A 3.665% (3 Month LIBOR + 1.30%), due 7/15/32 (a)(b)		350,000		349,960
Treman Park CLO, Ltd. Series 2015-1A, Class ARR 3.66% (3 Month LIBOR + 1.07%), due 10/20/28 (a)(b)		260,000		260,355
Voya CLO, Ltd. Series 2019-1A, Class A 3.813% (3 Month LIBOR + 1.17%), due 4/15/29 (a)(b)		250,000		249,998
Westcott Park CLO, Ltd. Series 2016 1A, Class AR 3.68% (3 Month LIBOR + 1.21%), due 7/20/28 (a)(b)		400,000		400,373
				13,290,349
Total Asset-Backed Securities (Cost $14,719,730)				14,809,154
Corporate Bonds 16.3%
Aerospace & Defense 0.4%
BAE Systems PLC 4.75%, due 10/11/21 (a)		1,225,000		1,278,446
Boeing Co. 3.10%, due 5/1/26		240,000		251,399
				1,529,845
Auto Manufacturers 1.0%
Daimler Finance North America LLC 3.058% (3 Month LIBOR + 0.90%), due 2/15/22 (a)(b)		550,000		552,844
Ford Motor Credit Co. LLC
4.25%, due 9/20/22		820,000		839,529
5.875%, due 8/2/21		365,000		382,319
General Motors Financial Co., Inc. 4.35%, due 4/9/25		600,000		624,989
Volkswagen Group of America Finance LLC (a)
2.972% (3 Month LIBOR + 0.86%), due 9/24/21 (b)		275,000		275,449
3.20%, due 9/26/26		300,000		302,337
4.00%, due 11/12/21		925,000		955,960
				3,933,427
Banks 4.4%
Bank of America Corp. 4.45%, due 3/3/26		2,245,000		2,446,579
Bank of Montreal 2.768% (3 Month LIBOR + 0.63%), due 9/11/22 (b)		600,000		603,270
Citigroup, Inc. 4.60%, due 3/9/26		805,000		879,534
Credit Suisse Group A.G. 2.593%, due 9/11/25 (a)(c)		400,000		396,041
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 9/15/22		1,115,000		1,159,466
Fifth Third Bancorp 4.30%, due 1/16/24		875,000		938,545
Goldman Sachs Group, Inc.
2.905%, due 7/24/23 (c)		1,020,000		1,033,700
3.85%, due 1/26/27		550,000		583,204
HSBC Holdings PLC
2.782% (3 Month LIBOR + 0.65%), due 9/11/21 (b)		1,100,000		1,101,502
3.973%, due 5/22/30 (c)		250,000		266,923
Huntington Bancshares, Inc. 2.625%, due 8/6/24		1,250,000		1,262,122
JPMorgan Chase & Co. 3.875%, due 9/10/24		2,045,000		2,175,930
Lloyds Banking Group PLC 2.907%, due 11/7/23 (c)		430,000		430,831
Mizuho Financial Group, Inc. 2.977% (3 Month LIBOR + 0.85%), due 9/13/23 (b)		300,000		300,630
Morgan Stanley
2.72%, due 7/22/25 (c)		1,200,000		1,212,022
3.625%, due 1/20/27		300,000		317,653
4.35%, due 9/8/26		695,000		752,633
Santander UK PLC 3.40%, due 6/1/21		200,000		203,470
SunTrust Bank 2.714% (3 Month LIBOR + 0.59%), due 5/17/22 (b)		950,000		952,386
				17,016,441
Beverages 0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.00%, due 4/13/28		400,000		441,153
4.75%, due 1/23/29		895,000		1,040,224
				1,481,377
Building Materials 0.5%
Fortune Brands Home & Security, Inc. 4.00%, due 6/15/25		1,000,000		1,057,112
Masco Corp. 4.45%, due 4/1/25		1,000,000		1,083,098
				2,140,210
Chemicals 0.1%
NewMarket Corp. 4.10%, due 12/15/22		475,000		494,292
Diversified Financial Services 0.4%
GE Capital International Funding Co. 3.373%, due 11/15/25		1,215,000		1,239,525
TD Ameritrade Holding Corp. 2.95%, due 4/1/22		350,000		358,832
				1,598,357
Electric 2.0%
Arizona Public Service Co. 2.20%, due 1/15/20		300,000		299,951
Commonwealth Edison Co. 3.10%, due 11/1/24		475,000		493,729
DTE Electric Co. 2.65%, due 6/15/22		450,000		455,832
Electricite de France S.A. 2.35%, due 10/13/20 (a)		1,775,000		1,779,691
Emera U.S. Finance, L.P. 2.70%, due 6/15/21		875,000		880,141
Entergy Arkansas LLC 3.70%, due 6/1/24		450,000		480,016
Entergy Corp. 4.00%, due 7/15/22		875,000		913,594
Evergy, Inc. 4.85%, due 6/1/21		330,000		341,333
Exelon Corp. 2.85%, due 6/15/20		500,000		502,091
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		600,000		647,287
NextEra Energy Capital Holdings, Inc. 3.25%, due 4/1/26		450,000		467,468
WEC Energy Group, Inc. 3.375%, due 6/15/21		400,000		408,676
				7,669,809
Food 0.3%
Conagra Brands, Inc. 4.85%, due 11/1/28		400,000		452,385
Ingredion, Inc. 4.625%, due 11/1/20		175,000		179,097
Kraft Heinz Foods Co. 3.00%, due 6/1/26		165,000		163,249
Tyson Foods, Inc. 4.00%, due 3/1/26		375,000		406,607
				1,201,338
Health Care - Products 0.4%
Becton Dickinson & Co. 2.894%, due 6/6/22		1,413,000		1,434,489
Iron & Steel 0.3%
Carpenter Technology Corp. 4.45%, due 3/1/23		125,000		128,780
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		825,000		871,537
				1,000,317
Media 0.1%
Fox Corp. 4.709%, due 1/25/29 (a)		315,000		359,806
Miscellaneous - Manufacturing 0.1%
Parker-Hannifin Corp. 3.25%, due 6/14/29		300,000		312,537
Multi-National 0.3%
International Bank for Reconstruction & Development
2.00%, due 10/30/20		600,000		600,023
2.88%, due 5/15/24		650,000		651,297
				1,251,320
Oil & Gas 0.8%
Cenovus Energy, Inc. 4.25%, due 4/15/27		225,000		233,928
Helmerich & Payne, Inc. 4.65%, due 3/15/25		475,000		513,363
Nabors Industries, Inc. 5.00%, due 9/15/20		126,000		123,165
Occidental Petroleum Corp.
3.137% (3 Month LIBOR + 0.95%), due 2/8/21 (b)		375,000		377,403
4.85%, due 3/15/21		947,000		979,321
5.55%, due 3/15/26		800,000		902,294
Petroleos Mexicanos 5.35%, due 2/12/28 (d)		50,000		47,782
				3,177,256
Oil & Gas Services 0.3%
Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)		1,075,000		1,132,124
Packaging & Containers 0.2%
WRKCo, Inc. 3.75%, due 3/15/25		800,000		842,134
Pharmaceuticals 0.6%
Bayer U.S. Finance II LLC 3.875%, due 12/15/23 (a)		425,000		443,956
Bristol-Myers Squibb Co. 3.20%, due 6/15/26 (a)		725,000		760,608
Cigna Corp. 4.125%, due 11/15/25		1,140,000		1,224,012
				2,428,576
Pipelines 0.8%
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		1,000,000		1,069,514
Kinder Morgan, Inc. 5.00%, due 2/15/21 (a)		1,489,000		1,538,000
MPLX, L.P. 3.002% (3 Month LIBOR + 0.90%), due 9/9/21 (b)		400,000		401,328
Texas Eastern Transmission, L.P. 2.80%, due 10/15/22 (a)		200,000		201,777
				3,210,619
Real Estate Investment Trusts 1.2%
American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		775,000		795,257
HCP, Inc. 3.25%, due 7/15/26		525,000		540,085
Highwoods Realty, L.P. 3.625%, due 1/15/23		1,175,000		1,216,415
Kimco Realty Corp. 2.70%, due 3/1/24		200,000		201,586
Realty Income Corp. 3.25%, due 10/15/22		550,000		567,572
SBA Tower Trust 2.836%, due 1/15/25 (a)		500,000		500,642
VEREIT Operating Partnership, L.P. 4.875%, due 6/1/26		785,000		869,454
				4,691,011
Retail 0.5%
CVS Health Corp.
3.25%, due 8/15/29		300,000		301,377
4.30%, due 3/25/28		1,150,000		1,243,535
Home Depot, Inc. 2.95%, due 6/15/29		350,000		367,303
				1,912,215
Software 0.6%
Fidelity National Information Services, Inc. 2.25%, due 8/15/21		1,275,000		1,276,766
Fiserv, Inc.
3.20%, due 7/1/26		350,000		362,213
4.20%, due 10/1/28		550,000		608,410
4.75%, due 6/15/21		225,000		234,280
				2,481,669
Telecommunications 0.5%
AT&T, Inc. 4.35%, due 3/1/29		675,000		745,530
Verizon Communications, Inc.
3.376%, due 2/15/25		156,000		164,559
4.016%, due 12/3/29		1,012,000		1,124,669
				2,034,758
Transportation 0.1%
United Parcel Service, Inc. 2.20%, due 9/1/24		300,000		301,022
Total Corporate Bonds (Cost $61,464,354)				63,634,949
Foreign Government Bonds 0.2%
Colombia 0.1%
Colombia Government International Bond 3.875%, due 4/25/27		220,000		233,313
Mexico 0.1%
United Mexican States 3.75%, due 1/11/28		300,000		309,150
Philippines 0.0% ‡
Philippine Government International Bond 3.00%, due 2/1/28		200,000		209,467
Poland 0.0% ‡
Republic of Poland Government International Bond 5.00%, due 3/23/22		50,000		53,643
Total Foreign Government Bonds (Cost $747,093)				805,573
Mortgage-Backed Securities 2.1%
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.1%
Bank
Series 2017-BNK5, Class A2 2.987%, due 6/15/60		300,000		305,569
Series 2018-BN14, Class A2 4.128%, due 9/15/60		400,000		429,137
Benchmark Mortgage Trust
Series 2018-B1, Class A2 3.571%, due 1/15/51		200,000		207,670
Series 2018-B2, Class A2 3.662%, due 2/15/51		150,000		156,325
CD Mortgage Trust Series 2017-CD4, Class A2 3.03%, due 5/10/50		600,000		612,237
CFCRE Commercial Mortgage Trust Series 2017-C8, Class A2 2.982%, due 6/15/50		900,000		916,383
COLT Funding LLC Series 2019-4, Class A1 2.579%, due 11/25/49		500,000		499,996
Deutsche Bank JPMorgan Mortgage Trust Series 2017-C6, Class A2 2.917%, due 6/10/50		800,000		813,382
Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
Series K090, Class A2 3.422%, due 2/25/29		300,000		330,323
Series K091, Class A2 3.505%, due 3/25/29		195,000		216,122
GRACE Mortgage Trust Series 2014-GRCE, Class A 3.369%, due 6/10/28 (a)		200,000		203,062
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C13, Class A2 2.936%, due 11/15/46		5,112		5,200
Series 2017-C33, Class A2 3.14%, due 5/15/50		1,000,000		1,023,383
Morgan Stanley Capital I Trust Series 2017-H1, Class A2 3.089%, due 6/15/50		900,000		917,398
Seasoned Loans Structured Transaction Trust Series 2019-2, Class A2C 2.75%, due 9/25/29 (e)		900,000		915,469
UBS Commercial Mortgage Trust Series 2018-C8, Class A2 3.713%, due 2/15/51		500,000		522,634
Total Mortgage-Backed Securities (Cost $8,041,546)				8,074,290
U.S. Government & Federal Agencies 19.4%
Federal Home Loan Bank 1.7%
1.50%, due 8/15/24		375,000		372,973
1.70%, due 5/15/20		500,000		499,372
2.50%, due 12/10/27		1,050,000		1,091,453
3.00%, due 3/10/28		300,000		324,966
3.125%, due 9/12/25		800,000		865,263
3.25%, due 6/9/28		800,000		886,922
3.25%, due 11/16/28		2,375,000		2,646,693
				6,687,642
Federal Home Loan Mortgage Corporation 0.3%
2.05%, due 8/26/22		500,000		499,143
2.70%, due 4/8/22		400,000		400,051
2.89%, due 4/16/24		400,000		400,139
				1,299,333
Federal National Mortgage Association 0.5%
1.375%, due 9/6/22		1,300,000		1,290,778
1.75%, due 7/2/24		525,000		527,994
				1,818,772
United States Treasury Notes 16.9%
1.25%, due 8/31/24		450,000		443,689
1.375%, due 8/31/26		1,125,000		1,106,938
1.625%, due 8/15/29		4,795,000		4,772,898
1.75%, due 7/31/21		15,600,000		15,621,938
1.75%, due 7/15/22		7,900,000		7,931,168
1.75%, due 7/31/24		8,805,000		8,882,732
1.875%, due 9/30/22		300,000		302,660
2.125%, due 5/31/21		7,200,000		7,248,938
2.125%, due 5/31/26		2,100,000		2,166,773
2.25%, due 11/15/25		1,075,000		1,114,851
2.50%, due 2/15/22		10,875,000		11,094,624
2.75%, due 4/30/23		3,825,000		3,980,241
3.00%, due 9/30/25		1,200,000		1,295,156
				65,962,606
Total U.S. Government & Federal Agencies (Cost $74,775,544)				75,768,353
Total Long-Term Bonds (Cost $159,748,267)				163,092,319

	Shares
Common Stocks 54.0%
Aerospace & Defense 1.3%
Arconic, Inc.		12,373	321,698
Curtiss-Wright Corp.		6,317	817,230
General Dynamics Corp.		3,139	573,590
Hexcel Corp.		2,160	177,401
L3Harris Technologies, Inc.		2,349	490,095
Raytheon Co.		3,480	682,741
Spirit AeroSystems Holdings, Inc., Class A		8,453	695,175
Teledyne Technologies, Inc. (f)		1,651	531,606
Textron, Inc.		241	11,799
United Technologies Corp.		5,004	683,146
			4,984,481
Air Freight & Logistics 0.1%
FedEx Corp.		3,953	575,438
Airlines 0.6%
Delta Air Lines, Inc.		13,112	755,251
JetBlue Airways Corp. (f)		6,091	102,024
Southwest Airlines Co.		14,108	761,973
United Airlines Holdings, Inc. (f)		10,400	919,464
			2,538,712
Auto Components 0.1%
Lear Corp.		3,984	469,714
Automobiles 0.3%
Ford Motor Co.		64,153	587,642
General Motors Co.		15,742	590,010
			1,177,652
Banks 2.4%
Bank of America Corp.		25,980	757,837
Bank OZK		24,201	659,961
BB&T Corp.		11,222	598,918
Citigroup, Inc.		9,784	675,879
Citizens Financial Group, Inc.		147	5,199
Comerica, Inc.		1,055	69,619
East West Bancorp, Inc.		6,251	276,857
Fifth Third Bancorp		25,941	710,265
First Hawaiian, Inc.		28,043	748,748
JPMorgan Chase & Co.		5,706	671,539
PNC Financial Services Group, Inc.		4,175	585,168
Signature Bank		6,183	737,137
SunTrust Banks, Inc.		11,634	800,419
Texas Capital Bancshares, Inc. (f)		3,992	218,163
U.S. Bancorp		12,238	677,251
Umpqua Holdings Corp.		18,888	310,897
Wells Fargo & Co.		13,953	703,789
			9,207,646
Beverages 0.7%
Coca-Cola Co.		10,912	594,049
Constellation Brands, Inc., Class A		2,868	594,479
Keurig Dr. Pepper, Inc. (d)		24,836	678,519
Molson Coors Brewing Co., Class B		7,324	421,130
PepsiCo., Inc.		4,366	598,579
			2,886,756
Biotechnology 1.1%
Alexion Pharmaceuticals, Inc. (f)		7,230	708,106
Alkermes PLC (f)		9,674	188,740
Amgen, Inc.		3,903	755,269
Biogen, Inc. (f)		3,219	749,448
Bluebird Bio, Inc. (d)(f)		340	31,219
Exelixis, Inc. (f)		4,826	85,348
Gilead Sciences, Inc.		11,574	733,560
Regeneron Pharmaceuticals, Inc. (f)		2,597	720,408
United Therapeutics Corp. (f)		2,539	202,485
			4,174,583
Building Products 0.6%
Fortune Brands Home & Security, Inc.		1,472	80,519
Johnson Controls International PLC		15,452	678,188
Masco Corp.		14,568	607,194
Owens Corning		13,914	879,365
			2,245,266
Capital Markets 2.1%
Ameriprise Financial, Inc.		7,759	1,141,349
Bank of New York Mellon Corp.		12,683	573,398
BlackRock, Inc.		1,729	770,512
Cboe Global Markets, Inc.		569	65,384
Charles Schwab Corp.		13,751	575,204
CME Group, Inc.		3,213	679,035
Evercore, Inc., Class A		4,549	364,375
Goldman Sachs Group, Inc.		2,752	570,297
Intercontinental Exchange, Inc.		8,326	768,240
Janus Henderson Group PLC		25,169	565,296
Morgan Stanley		15,537	662,964
Raymond James Financial, Inc.		9,352	771,166
State Street Corp.		790	46,760
TD Ameritrade Holding Corp.		13,771	643,106
			8,197,086
Chemicals 1.8%
Air Products & Chemicals, Inc.		3,062	679,335
Cabot Corp.		9,771	442,822
CF Industries Holdings, Inc.		15,434	759,353
Corteva, Inc. (f)		19,677	550,956
Dow, Inc. (f)		15,946	759,827
DuPont de Nemours, Inc.		8,216	585,883
FMC Corp.		3,433	301,005
Huntsman Corp.		23,362	543,400
Linde PLC		3,030	586,972
LyondellBasell Industries N.V., Class A		8,707	779,015
Olin Corp.		13,701	256,483
PPG Industries, Inc.		5,689	674,203
Valvoline, Inc.		5,799	127,752
			7,047,006
Commercial Services & Supplies 0.5%
Clean Harbors, Inc. (f)		9,967	769,452
Republic Services, Inc.		6,182	535,052
Waste Management, Inc.		6,668	766,820
			2,071,324
Communications Equipment 0.1%
EchoStar Corp., Class A (f)		14,489	574,054
Construction & Engineering 0.2%
AECOM (f)		8,827	331,542
Fluor Corp.		20,968	401,118
			732,660
Consumer Finance 1.3%
American Express Co.		6,581	778,401
Capital One Financial Corp.		8,289	754,133
Discover Financial Services		13,494	1,094,228
OneMain Holdings, Inc.		12,625	463,085
SLM Corp.		84,224	743,277
Synchrony Financial		32,519	1,108,573
			4,941,697
Containers & Packaging 0.3%
Ardagh Group S.A.		11,712	183,644
Berry Global Group, Inc. (f)		14,293	561,286
Silgan Holdings, Inc.		8,278	248,630
WestRock Co.		3,213	117,114
			1,110,674
Diversified Consumer Services 0.3%
Graham Holdings Co., Class B		469	311,158
H&R Block, Inc.		30,687	724,827
Service Corporation International		2,658	127,079
ServiceMaster Global Holdings, Inc. (f)		3,011	168,315
			1,331,379
Diversified Financial Services 0.6%
AXA Equitable Holdings, Inc.		38,024	842,612
Berkshire Hathaway, Inc., Class B (f)		3,259	677,937
Voya Financial, Inc.		14,037	764,174
			2,284,723
Diversified Telecommunication Services 0.3%
AT&T, Inc.		15,517	587,163
CenturyLink, Inc.		11,042	137,804
Verizon Communications, Inc.		9,757	588,933
			1,313,900
Electric Utilities 1.9%
American Electric Power Co., Inc.		7,281	682,157
Duke Energy Corp.		6,174	591,840
Edison International		128	9,654
Entergy Corp.		9,762	1,145,668
Evergy, Inc.		3,834	255,191
Eversource Energy		392	33,504
Exelon Corp.		14,004	676,533
FirstEnergy Corp.		7,740	373,300
Hawaiian Electric Industries, Inc.		6,525	297,605
IDACORP, Inc.		2,554	287,759
NextEra Energy, Inc.		3,005	700,135
OGE Energy Corp.		3,577	162,324
PG&E Corp. (f)		13,936	139,360
Pinnacle West Capital Corp.		7,166	695,604
PPL Corp.		16,836	530,166
Southern Co.		9,626	594,598
Xcel Energy, Inc.		3,258	211,412
			7,386,810
Electrical Equipment 0.4%
Eaton Corp. PLC		8,119	675,095
Emerson Electric Co.		9,057	605,551
Regal Beloit Corp.		5,330	388,290
			1,668,936
Electronic Equipment, Instruments & Components 0.7%
Arrow Electronics, Inc. (f)		11,362	847,378
Avnet, Inc.		18,032	802,153
Jabil, Inc.		25,435	909,810
			2,559,341
Energy Equipment & Services 0.4%
Halliburton Co.		13,205	248,914
Helmerich & Payne, Inc.		6,923	277,405
Patterson-UTI Energy, Inc.		60,705	519,028
Schlumberger, Ltd.		18,191	621,586
			1,666,933
Entertainment 0.7%
Activision Blizzard, Inc.		10,743	568,520
Electronic Arts, Inc. (f)		6,874	672,415
Lions Gate Entertainment Corp., Class B (f)		39,478	345,038
Take-Two Interactive Software, Inc. (f)		3,031	379,905
Viacom, Inc., Class A (d)		2,420	63,549
Walt Disney Co.		4,447	579,533
			2,608,960
Equity Real Estate Investment Trusts 5.0%
Alexandria Real Estate Equities, Inc.		1,745	268,800
American Campus Communities, Inc.		7,359	353,821
American Homes 4 Rent, Class A		10,856	281,062
Apartment Investment & Management Co., Class A		7,376	384,585
Apple Hospitality REIT, Inc.		9,162	151,906
AvalonBay Communities, Inc.		3,383	728,461
Boston Properties, Inc.		2,668	345,933
Brandywine Realty Trust		16,725	253,384
Brixmor Property Group, Inc.		837	16,983
Camden Property Trust		4,084	453,365
Colony Capital, Inc.		47,099	283,536
Columbia Property Trust, Inc.		11,422	241,575
Corporate Office Properties Trust		9,075	270,253
CubeSmart		5,522	192,718
CyrusOne, Inc.		512	40,499
Digital Realty Trust, Inc.		4,005	519,889
Douglas Emmett, Inc.		53	2,270
Duke Realty Corp.		14,768	501,669
Empire State Realty Trust, Inc., Class A		16,782	239,479
EPR Properties		4,317	331,805
Equity Residential		11,713	1,010,363
Essex Property Trust, Inc.		1,983	647,747
Extra Space Storage, Inc.		1,158	135,278
Federal Realty Investment Trust		607	82,637
Gaming and Leisure Properties, Inc.		9,926	379,570
HCP, Inc.		7,592	270,503
Healthcare Trust of America, Inc., Class A		11,628	341,631
Highwoods Properties, Inc.		695	31,233
Host Hotels & Resorts, Inc.		29,800	515,242
Invitation Homes, Inc.		17,956	531,677
Iron Mountain, Inc.		1,017	32,941
Kilroy Realty Corp.		322	25,081
Kimco Realty Corp.		1,395	29,128
Liberty Property Trust		504	25,870
Life Storage, Inc.		2,919	307,692
Medical Properties Trust, Inc.		21,025	411,249
Mid-America Apartment Communities, Inc.		4,370	568,144
National Retail Properties, Inc.		1,035	58,374
Omega Healthcare Investors, Inc.		1,194	49,897
OUTFRONT Media, Inc.		9,530	264,743
Park Hotels & Resorts, Inc.		5,896	147,223
Prologis, Inc.		9,114	776,695
Public Storage		3,102	760,827
Rayonier, Inc.		9,883	278,701
Realty Income Corp.		5,906	452,872
Regency Centers Corp.		1,670	116,048
Retail Properties of America, Inc., Class A		20,868	257,094
Service Properties Trust		6,119	157,809
Simon Property Group, Inc.		4,958	771,713
STORE Capital Corp.		681	25,476
Sun Communities, Inc.		2,923	433,919
UDR, Inc.		3,454	167,450
Ventas, Inc.		12,054	880,304
VEREIT, Inc.		43,936	429,694
VICI Properties, Inc.		3,842	87,021
Vornado Realty Trust		1,622	103,273
Weingarten Realty Investors		9,560	278,483
Welltower, Inc.		12,636	1,145,453
Weyerhaeuser Co.		12,830	355,391
WP Carey, Inc.		2,431	217,574
			19,424,013
Food & Staples Retailing 0.6%
Kroger Co.		623	16,061
Sprouts Farmers Market, Inc. (f)		13,284	256,913
U.S. Foods Holding Corp. (f)		17,440	716,784
Walgreens Boots Alliance, Inc.		10,695	591,540
Walmart, Inc.		5,799	688,225
			2,269,523
Food Products 1.7%
Bunge, Ltd.		15,425	873,363
Flowers Foods, Inc.		29,261	676,807
General Mills, Inc.		12,488	688,339
Hershey Co.		4,180	647,858
Ingredion, Inc.		2,409	196,912
Kraft Heinz Co.		20,905	583,981
Mondelez International, Inc., Class A		10,764	595,464
Pilgrim's Pride Corp. (f)		22,358	716,462
Seaboard Corp.		35	153,125
TreeHouse Foods, Inc. (f)		5,370	297,767
Tyson Foods, Inc., Class A		14,383	1,238,952
			6,669,030
Gas Utilities 0.0% ‡
UGI Corp.		630	31,670
Health Care Equipment & Supplies 1.8%
Abbott Laboratories		8,118	679,233
Baxter International, Inc.		7,763	679,030
Becton, Dickinson and Co.		2,319	586,614
Cooper Cos., Inc.		1,170	347,490
Danaher Corp.		4,632	669,000
DENTSPLY SIRONA, Inc.		14,965	797,784
Hill-Rom Holdings, Inc.		5,935	624,540
Hologic, Inc. (f)		12,182	615,069
Integra LifeSciences Holdings Corp. (f)		2,893	173,782
Medtronic PLC		6,103	662,908
STERIS PLC		6,471	934,995
Zimmer Biomet Holdings, Inc.		1,074	147,428
			6,917,873
Health Care Providers & Services 1.7%
Anthem, Inc.		3,049	732,065
Cardinal Health, Inc.		15,802	745,696
Centene Corp. (f)		15,999	692,117
Cigna Corp. (f)		4,763	722,976
CVS Health Corp.		9,148	576,964
HCA Healthcare, Inc.		6,185	744,798
Henry Schein, Inc. (f)		3,401	215,963
Humana, Inc.		2,121	542,276
McKesson Corp.		8,837	1,207,664
MEDNAX, Inc. (f)		14,788	334,505
			6,515,024
Hotels, Restaurants & Leisure 1.9%
Aramark		22,319	972,662
Carnival Corp.		12,200	533,262
Extended Stay America, Inc.		50,710	742,395
Las Vegas Sands Corp.		12,045	695,719
McDonald's Corp.		3,240	695,660
MGM Resorts International		23,484	650,977
Norwegian Cruise Line Holdings, Ltd. (f)		13,923	720,794
Royal Caribbean Cruises, Ltd.		3,313	358,897
Wynn Resorts, Ltd.		3,488	379,215
Yum China Holdings, Inc.		16,588	753,593
Yum! Brands, Inc.		6,845	776,428
			7,279,602
Household Durables 0.5%
PulteGroup, Inc.		25,725	940,249
Toll Brothers, Inc.		20,947	859,874
			1,800,123
Household Products 0.5%
Colgate-Palmolive Co.		8,291	609,472
Kimberly-Clark Corp.		5,024	713,659
Procter & Gamble Co.		5,550	690,309
			2,013,440
Independent Power & Renewable Electricity Producers 0.4%
AES Corp.		59,193	967,214
NRG Energy, Inc.		11,289	447,044
Vistra Energy Corp.		3,704	99,008
			1,513,266
Industrial Conglomerates 0.6%
3M Co.		3,527	579,839
General Electric Co.		62,784	561,289
Honeywell International, Inc.		4,031	682,045
Roper Technologies, Inc.		1,636	583,398
			2,406,571
Insurance 4.5%
Aflac, Inc.		14,792	773,917
Allstate Corp.		7,123	774,128
American Financial Group, Inc.		1,999	215,592
American International Group, Inc.		13,381	745,322
American National Insurance Co.		5,677	702,415
Arch Capital Group, Ltd. (f)		820	34,424
Assurant, Inc.		3,646	458,740
Athene Holding, Ltd., Class A (f)		15,828	665,726
AXIS Capital Holdings, Ltd.		2,791	186,216
Brighthouse Financial, Inc. (f)		20,218	818,222
Chubb, Ltd.		4,302	694,515
Cincinnati Financial Corp.		2,530	295,175
CNA Financial Corp.		526	25,905
Everest Re Group, Ltd.		2,885	767,670
Fidelity National Financial, Inc.		21,913	973,156
First American Financial Corp.		14,053	829,268
Hanover Insurance Group, Inc.		5,088	689,627
Hartford Financial Services Group, Inc.		8,458	512,639
Kemper Corp.		6,017	469,025
Lincoln National Corp.		7,550	455,416
Marsh & McLennan Cos., Inc.		6,724	672,736
Mercury General Corp.		10,469	585,008
MetLife, Inc.		16,205	764,228
Old Republic International Corp.		35,998	848,473
Principal Financial Group, Inc.		991	56,626
Progressive Corp.		10,113	781,229
Prudential Financial, Inc.		8,630	776,268
Reinsurance Group of America, Inc.		5,878	939,775
Travelers Cos., Inc.		5,255	781,366
Unum Group		4,454	132,373
W.R. Berkley Corp.		478	34,526
Willis Towers Watson PLC		559	107,870
			17,567,576
Interactive Media & Services 0.1%
IAC/InterActiveCorp (f)		1,053	229,523
TripAdvisor, Inc. (f)		8,027	310,484
			540,007
Internet & Direct Marketing Retail 0.4%
Expedia Group, Inc.		5,421	728,637
Qurate Retail, Inc., Series A (f)		69,030	712,044
			1,440,681
IT Services 1.6%
Akamai Technologies, Inc. (f)		7,717	705,179
Amdocs, Ltd.		13,632	901,212
CACI International, Inc., Class A (f)		3,588	829,761
Cognizant Technology Solutions Corp., Class A		10,979	661,649
DXC Technology Co.		14,939	440,700
Fidelity National Information Services, Inc.		4,462	592,375
International Business Machines Corp.		5,418	787,886
Leidos Holdings, Inc.		11,182	960,310
VeriSign, Inc. (f)		931	175,615
			6,054,687
Life Sciences Tools & Services 0.4%
IQVIA Holdings, Inc. (f)		5,843	872,827
Thermo Fisher Scientific, Inc.		2,289	666,717
			1,539,544
Machinery 0.9%
AGCO Corp.		6,937	525,131
Caterpillar, Inc.		4,590	579,763
Cummins, Inc.		8,274	1,345,931
Deere & Co.		3,585	604,718
Timken Co.		11,919	518,596
			3,574,139
Media 1.0%
Charter Communications, Inc., Class A (f)		1,828	753,355
Comcast Corp., Class A		16,582	747,517
DISH Network Corp., Class A (f)		10,625	361,994
Fox Corp., Class B		20,901	659,217
Interpublic Group of Cos., Inc.		4,480	96,589
John Wiley & Sons, Inc., Class A		11,232	493,534
News Corp.
Class A		14,648	203,900
Class B		44,250	632,554
Sinclair Broadcast Group, Inc., Class A		1,617	69,111
			4,017,771
Metals & Mining 0.4%
Newmont Goldcorp Corp.		4,737	179,627
Reliance Steel & Aluminum Co.		645	64,281
Southern Copper Corp.		19,672	671,405
Steel Dynamics, Inc.		23,233	692,343
			1,607,656
Mortgage Real Estate Investment Trusts 0.1%
MFA Financial, Inc.		48,447	356,570
Multi-Utilities 1.7%
Ameren Corp.		6,167	493,668
CenterPoint Energy, Inc.		35,595	1,074,257
CMS Energy Corp.		1,866	119,331
Consolidated Edison, Inc.		10,800	1,020,276
Dominion Energy, Inc.		7,276	589,647
DTE Energy Co.		8,030	1,067,669
MDU Resources Group, Inc.		28,970	816,664
Public Service Enterprise Group, Inc.		2,420	150,234
Sempra Energy		2,560	377,882
WEC Energy Group, Inc.		7,905	751,765
			6,461,393
Multiline Retail 0.3%
Dollar General Corp.		2,184	347,125
Target Corp.		7,207	770,500
			1,117,625
Oil, Gas & Consumable Fuels 2.4%
Cabot Oil & Gas Corp.		21,733	381,849
Chevron Corp.		6,183	733,304
ConocoPhillips		12,639	720,170
Devon Energy Corp.		37,341	898,424
EOG Resources, Inc.		8,376	621,667
Exxon Mobil Corp.		8,161	576,248
HollyFrontier Corp.		8,552	458,729
Kinder Morgan, Inc.		32,434	668,465
Marathon Oil Corp.		24,353	298,811
Marathon Petroleum Corp.		12,314	748,076
Occidental Petroleum Corp.		16,821	748,030
ONEOK, Inc.		1,699	125,199
PBF Energy, Inc., Class A		30,906	840,334
Phillips 66		6,570	672,768
Valero Energy Corp.		9,278	790,857
Williams Cos., Inc.		11,163	268,582
			9,551,513
Personal Products 0.2%
Nu Skin Enterprises, Inc., Class A		17,118	728,028
Pharmaceuticals 1.0%
Allergan PLC		4,075	685,782
Bristol-Myers Squibb Co.		11,632	589,859
Elanco Animal Health, Inc. (f)		9,807	260,768
Johnson & Johnson		5,153	666,695
Merck & Co., Inc.		7,967	670,662
Mylan N.V. (f)		15,612	308,805
Perrigo Co. PLC		163	9,110
Pfizer, Inc.		16,033	576,066
			3,767,747
Professional Services 0.4%
IHS Markit, Ltd. (f)		135	9,029
ManpowerGroup, Inc.		9,235	777,956
Nielsen Holdings PLC		38,533	818,826
			1,605,811
Real Estate Management & Development 0.3%
CBRE Group, Inc., Class A (f)		10,963	581,149
Jones Lang LaSalle, Inc.		5,650	785,689
			1,366,838
Road & Rail 0.7%
CSX Corp.		9,888	684,942
Norfolk Southern Corp.		3,759	675,342
Schneider National, Inc., Class B		25,598	555,988
Uber Technologies, Inc. (d)(f)		20,813	634,172
			2,550,444
Semiconductors & Semiconductor Equipment 1.5%
Analog Devices, Inc.		6,665	744,681
Applied Materials, Inc.		15,086	752,791
Intel Corp.		13,377	689,317
Lam Research Corp.		2,524	583,322
Micron Technology, Inc. (f)		15,638	670,088
MKS Instruments, Inc.		9,052	835,319
ON Semiconductor Corp. (f)		29,078	558,588
Qorvo, Inc. (f)		11,895	881,895
			5,716,001
Software 0.7%
Autodesk, Inc. (f)		5,013	740,420
LogMeIn, Inc.		5,868	416,393
Nuance Communications, Inc. (f)		46,093	751,777
SS&C Technologies Holdings, Inc.		55	2,836
Symantec Corp.		43,031	1,016,823
			2,928,249
Specialty Retail 0.8%
AutoNation, Inc. (f)		14,749	747,774
Best Buy Co., Inc.		14,448	996,768
Home Depot, Inc.		3,421	793,740
Penske Automotive Group, Inc.		2,939	138,956
Williams-Sonoma, Inc.		5,197	353,292
			3,030,530
Technology Hardware, Storage & Peripherals 0.4%
Dell Technologies, Inc., Class C (f)		13,086	678,640
HP, Inc.		41,623	787,507
Xerox Holdings Corp. (f)		8,528	255,073
			1,721,220
Textiles, Apparel & Luxury Goods 0.1%
Skechers U.S.A., Inc., Class A (f)		12,773	477,072
Thrifts & Mortgage Finance 0.1%
MGIC Investment Corp.		11,662	146,708
New York Community Bancorp, Inc.		13,303	166,953
			313,661
Tobacco 0.3%
Altria Group, Inc.		14,414	589,532
Philip Morris International, Inc.		8,262	627,334
			1,216,866
Wireless Telecommunication Services 0.2%
T-Mobile U.S., Inc. (f)		7,299	574,942
Telephone & Data Systems, Inc.		5,253	135,528
			710,470
Total Common Stocks (Cost $178,756,445)			210,557,965
Exchange-Traded Funds 3.5%
iShares Intermediate Government / Credit Bond ETF		100,008	11,322,906
SPDR S&P 500 ETF Trust		3,140	931,858
SPDR S&P MidCap 400 ETF Trust		3,401	1,198,750
Total Exchange-Traded Funds (Cost $13,006,729)			13,453,514

	Principal Amount
Short-Term Investments 0.8%
Repurchase Agreement 0.3%
RBC Capital Markets 2.35%, dated 9/30/19 due 10/1/19
Proceeds at Maturity $1,154,075 (Collateralized by a United States Treasury Note with a rate of 2.125% and maturity of 12/31/22, with a Principal Amount of $1,151,600 and a Market Value of $1,177,243)	$	1,154,000	1,154,000
Total Repurchase Agreement (Cost $1,154,000)			1,154,000
Short Term Instrument 0.3%
Bank New York Mellon Corp. 1.876%, due 10/1/19		1,000,000	1,000,000
Total Short Term Instrument (Cost $1,000,000)			1,000,000

	Shares
Unaffiliated Investment Company 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (g)(h)		686,288			686,288
Total Unaffiliated Investment Company (Cost $686,288)					686,288
Total Short-Term Investments (Cost $2,840,288)					2,840,288
Total Investments (Cost $354,351,729)		100.1	%		389,944,086
Other Assets, Less Liabilities		(0.1	)		(249,147	)
Net Assets		100.0	%	$	389,694,939

†	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 September 30, 2019.
(c)	Fixed to floating rate - Rate shown was the rate in effect as of September 30, 2019.
(d)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $673,473. The Portfolio received cash collateral with a value of $686,288.
(e)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, the total market value of fair valued securities was $915,469, which represented 0.2% of the Portfolio's net assets.
(f)	Non-income producing security.
(g)	Current yield as of September 30, 2019.
(h)	Represents security purchased with cash collateral received for securities on loan.

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

Type	Number of Contracts		Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
5-Year United States Treasury Note		97	December 2019	$	11,622,123		$	11,557,398		$	(64,725	)
10-Year United States Treasury Note		73	December 2019		9,578,403			9,512,813			(65,590	)
Total Long Contracts											(130,315	)
Short Contracts
2-Year United States Treasury Note		(22)	December 2019		(4,736,152	)		(4,741,000	)		(4,848	)
10-Year United States Treasury Ultra Note		(27)	December 2019		(3,882,374	)		(3,844,969	)		37,405
United States Treasury Bond		(1)	December 2019		(164,163	)		(162,313	)		1,850
Total Short Contracts											34,407
Net Unrealized Depreciation										$	(95,908	)

1.	As of September 30, 2019, cash in the amount of $133,963 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 September 30, 2019.

The following abbreviations are used in the preceding pages:
CME	—Chicago Mercantile Exchange
ETF	—Exchange-Traded Fund
LIBOR	—London Interbank Offered Rate
SPDR	—Standard & Poor's Depositary Receipt

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—	$	14,809,154	$	—	$	14,809,154
Corporate Bonds		—		63,634,949		—		63,634,949
Foreign Government Bonds		—		805,573		—		805,573
Mortgage-Backed Securities		—		8,074,290		—		8,074,290
U.S. Government & Federal Agencies		—		75,768,353		—		75,768,353
Total Long-Term Bonds		—		163,092,319		—		163,092,319
Common Stocks		210,557,965		—		—		210,557,965
Exchange-Traded Funds		13,453,514		—		—		13,453,514
Short-Term Investments
Repurchase Agreement		—		1,154,000		—		1,154,000
Short Term Instrument		—		1,000,000		—		1,000,000
Unaffiliated Investment Company		686,288		—		—		686,288
Total Short-Term Investments		686,288		2,154,000		—		2,840,288
Total Investments in Securities		224,697,767		165,246,319		—		389,944,086
Other Financial Instruments Futures Contracts (b)		39,255		—		—		39,255
Total Investments in Securities and Other Financial Instruments	$	224,737,022	$	165,246,319	$	—	$	389,983,341

Liability Valuation Inputs

Other Financial Instruments Futures Contracts (b) $ (135,163 ) $ — $ — $ (135,163 )

(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.

MainStay VP Bond Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Principal Amount			Value
Long-Term Bonds 97.5% †
Asset-Backed Securities 9.7%
Auto Floor Plan Asset-Backed Securities 0.1%
NextGear Floorplan Master Owner Trust Series 2017-2A, Class A2 2.56%, due 10/17/22 (a)	$	600,000		$	602,403
Automobile 1.6%
Ally Auto Receivables Trust Series 2018-3, Class A3 3.00%, due 1/17/23		1,283,000			1,294,418
Avis Budget Rental Car Funding AESOP LLC (a)
Series 2019-3A, Class A 2.36%, due 3/20/26		2,000,000			1,991,724
Series 2019-1A, Class A 3.45%, due 3/20/23		400,000			410,857
GM Financial Automobile Leasing Trust Series 2018-2, Class A3 3.06%, due 6/21/21		1,273,000			1,279,181
Mercedes Benz Auto Lease Trust Series 2019-A, Class A3 3.10%, due 11/15/21		900,000			909,416
OSCAR US Funding Trust Series 2018-2A, Class A3 3.39%, due 9/12/22  (a)		1,300,000			1,319,696
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		4,250,000			4,344,011
Volkswagen Auto Loan Enhanced Trust Series 2018-1, Class A3 3.02%, due 11/21/22		825,000			835,783
					12,385,086
Home Equity 0.1%
Chase Funding Trust Series 2002-2, Class 1A5 6.333%, due 4/25/32 (b)		100,377			102,077
Morgan Stanley Mortgage Loan Trust Series 2006-17XS, Class A3A 5.651%, due 10/25/46 (b)		972,418			457,667
					559,744
Other Asset-Backed Securities 7.9%
Apidos CLO Series 2015-21A, Class A1R 3.531% (3 Month LIBOR + 0.93%), due 7/18/27  (a)(c)		2,200,000			2,201,340
Apidos CLO  XXV Series 2016-25A, Class A1R 3.762% (3 Month LIBOR + 1.17%), due 10/20/31  (a)(c)		1,300,000			1,297,994
ARES CLO, Ltd. Series 2016-41A, Class AR 3.503% (3 Month LIBOR + 1.20%), due 1/15/29  (a)(c)		1,500,000			1,499,531
Bain Capital Credit CLO, Ltd. Series 2016-2A, Class AR 3.269% (3 Month LIBOR + 1.14%), due 1/15/29  (a)(c)		1,600,000			1,600,018
Benefit Street Partners CLO IV, Ltd. Series 2014-IVA, Class A1 3.842% (3 Month LIBOR + 1.25%), due 1/20/29  (a)(c)		1,600,000			1,600,245
Capital Automotive REIT Series 2017-1A, Class A1 3.87%, due 4/15/47 (a)		2,086,318			2,105,958
Cedar Funding IV CLO, Ltd. Series 2014-4A, Class AR 3.822% (3 Month LIBOR + 1.23%), due 7/23/30  (a)(c)		2,600,000			2,598,276
Cedar Funding Ltd. Series 2017-8A, Class A1 3.838% (3 Month LIBOR + 1.25%), due 10/17/30  (a)(c)		1,250,000			1,250,004
DB Master Finance LLC Series 2019-1A, Class A2I 3.787%, due 5/20/49 (a)		2,618,438			2,696,467
Dryden Senior Loan Fund Series 2018-71A, Class A 3.79% (3 Month LIBOR + 1.15%), due 1/15/29  (a)(c)		650,000			650,014
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A 2.69%, due 3/25/30 (a)		545,966			550,164
FOCUS Brands Funding LLC Series 2017-1A, Class A2I 3.857%, due 4/30/47 (a)		488,750			491,169
Galaxy XXII CLO, Ltd. Series 2016-22A, Class A1R 3.601% (3 Month LIBOR + 1.00%), due 7/16/28  (a)(c)		1,500,000			1,499,998
Highbridge Loan Management, Ltd. Series 2010A-16, Class A1R 3.282% (3 Month LIBOR + 1.14%), due 1/20/28  (a)(c)		1,000,000			999,998
Hilton Grand Vacations Trust Series 2018-AA, Class A 3.54%, due 2/25/32 (a)		1,593,182			1,643,763
HPS Loan Management, Ltd. Series 2011-A17, Class A 3.499% (3 Month LIBOR + 1.26%), due 5/6/30  (a)(c)		3,000,000			3,000,096
JPMorgan Mortgage Acquisition Corp. Series 2007-CH2, Class AF3 4.626%, due 10/25/30 (b)		632,368			453,496
Magnetite XVIII, Ltd. Series 2016-18A, Class AR 3.598% (3 Month LIBOR + 1.08%), due 11/15/28 (a)(c)		1,900,000			1,901,100
MVW Owner Trust (a)
Series 2014-1A, Class A 2.25%, due 9/22/31		247,196			246,774
Series 2019-1A, Class A 2.89%, due 11/20/36		1,167,452			1,188,552
Navient Private Education Refi Loan Trust Series 2019-CA, Class A2 3.13%, due 2/15/68 (a)		1,600,000			1,643,327
Palmer Square CLO, Ltd. (a)(c)
Series 2014-1A, Class A1R2 3.718% (3 Month LIBOR + 1.13%), due 1/17/31		750,000			747,933
Series 2015-1A, Class A1R2 3.742% (3 Month LIBOR + 1.22%), due 5/21/29		2,200,000			2,199,263
Regatta VI Funding, Ltd. Series 2016-1A, Class AR 3.672% (3 Month LIBOR + 1.08%), due 7/20/28  (a)(c)		1,800,000			1,798,936
Sierra Receivables Funding Co. LLC (a)
Series 2019-1A, Class A 3.20%, due 1/20/36		592,772			600,717
Series 2018-2A, Class A 3.50%, due 6/20/35		693,660			707,853
Series 2018-3A, Class A 3.69%, due 9/20/35		352,582			363,920
SMB Private Education Loan Trust Series 2019-B, Class A2A 2.84%, due 6/15/37 (a)		3,000,000			3,047,081
SoFi Professional Loan Program LLC (a)
Series 2019-C, Class A2FX 2.37%, due 11/16/48		1,250,000			1,250,727
Series 2018-D, Class A1FX 3.12%, due 2/25/48		501,590			505,594
Series 2019-A, Class A1FX 3.18%, due 6/15/48		1,126,659			1,138,580
Sound Point CLO XVI, Ltd. Series 2017-2A, Class A 3.86% (3 Month LIBOR + 1.28%), due 7/25/30  (a)(c)		1,500,000			1,499,974
Taco Bell Funding, LLC Series 2018-1A, Class A2I 4.318%, due 11/25/48 (a)		1,985,000			2,055,984
THL Credit Wind River CLO, Ltd. Series 2017-4A, Class A 3.67% (3 Month LIBOR + 1.15%), due 11/20/30  (a)(c)		2,243,000			2,236,179
TIAA CLO III, Ltd. Series 2017-2A, Class A 3.751% (3 Month LIBOR + 1.15%), due 1/16/31  (a)(c)		2,400,000			2,389,176
TICP CLO XIII, Ltd. Series 2019 13A, Class A 3.665% (3 Month LIBOR + 1.30%), due 7/15/32  (a)(c)		1,500,000			1,499,828
Treman Park CLO, Ltd. Series 2015-1A, Class ARR 3.662% (3 Month LIBOR + 1.07%), due 10/20/28  (a)(c)		1,245,000			1,246,701
Voya CLO, Ltd. Series 2019-1A, Class A 3.813% (3 Month LIBOR + 1.17%), due 4/15/29  (a)(c)		1,250,000			1,249,989
VSE VOI Mortgage LLC Series 2016-A, Class A 2.54%, due 7/20/33 (a)		1,454,244			1,451,500
Westcott Park CLO, Ltd. Series 2016 1A, Class AR 3.684% (3 Month LIBOR + 1.21%), due 7/20/28  (a)(c)		1,850,000			1,851,726
					58,959,945
Total Asset-Backed Securities (Cost $72,670,239)					72,507,178
Corporate Bonds 31.7%
Aerospace & Defense 0.3%
Boeing Co. 3.10%, due 5/1/26		1,925,000			2,016,426
Auto Manufacturers 1.5%
Daimler Finance North America LLC 3.058% (3 Month LIBOR + 0.90%), due 2/15/22  (a)(c)		3,000,000			3,015,513
Ford Motor Credit Co. LLC 5.875%, due 8/2/21		3,000,000			3,142,350
General Motors Co. 5.15%, due 4/1/38		1,500,000			1,514,472
Volkswagen Group of America Finance LLC  (a)
2.972% (3 Month LIBOR + 0.86%), due 9/24/21 (c)		1,975,000			1,978,226
3.20%, due 9/26/26		1,275,000			1,284,930
					10,935,491
Banks 6.5%
Banco del Estado de Chile 2.668%, due 1/8/21  (a)		3,150,000			3,150,031
Bank of America Corp.
4.33%, due 3/15/50 (d)		3,000,000			3,534,901
4.45%, due 3/3/26		1,570,000			1,710,970
BB&T Corp. 2.50%, due 8/1/24		2,365,000			2,383,975
Citigroup, Inc.
4.60%, due 3/9/26		1,500,000			1,638,882
4.75%, due 5/18/46		1,500,000			1,749,349
Credit Suisse Group A.G.  (a)(d)
2.593%, due 9/11/25		1,650,000			1,633,668
3.869%, due 1/12/29		500,000			525,919
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 9/15/22		1,990,000			2,069,360
Fifth Third Bancorp 4.30%, due 1/16/24		3,875,000			4,156,416
Goldman Sachs Group, Inc.
2.905%, due 7/24/23 (d)		500,000			506,716
5.15%, due 5/22/45		975,000			1,157,131
HSBC Bank PLC 4.75%, due 1/19/21  (a)		1,500,000			1,548,785
HSBC Holdings PLC 3.973%, due 5/22/30  (d)		1,625,000			1,734,999
JPMorgan Chase & Co. 5.40%, due 1/6/42		1,925,000			2,548,841
Lloyds Bank PLC 6.50%, due 9/14/20  (a)		8,150,000			8,436,946
Lloyds Banking Group PLC 4.344%, due 1/9/48		1,250,000			1,280,806
Mizuho Financial Group, Inc. 2.977% (3 Month LIBOR + 0.85%), due 9/13/23  (c)		1,375,000			1,377,887
Morgan Stanley
2.72%, due 7/22/25 (d)		2,075,000			2,095,789
4.35%, due 9/8/26		1,556,000			1,685,032
SunTrust Bank 2.714% (3 Month LIBOR + 0.59%), due 5/17/22 (c)		3,400,000			3,408,541
					48,334,944
Beverages 0.6%
Anheuser-Busch InBev Worldwide, Inc. 4.75%, due 1/23/29		3,750,000			4,358,480
Biotechnology 0.3%
Amgen, Inc. 4.563%, due 6/15/48		1,750,000			2,020,551
Building Materials 0.9%
Fortune Brands Home & Security, Inc. 4.00%, due 6/15/25		3,775,000			3,990,598
Masco Corp. 4.50%, due 5/15/47		3,000,000			3,041,417
					7,032,015
Chemicals 0.8%
NewMarket Corp. 4.10%, due 12/15/22		5,536,000			5,760,840
Diversified Financial Services 0.5%
GE Capital International Funding Co. 4.418%, due 11/15/35		3,410,000			3,568,629
Electric 3.8%
Appalachian Power Co. 6.375%, due 4/1/36		1,750,000			2,310,455
Arizona Public Service Co. 5.50%, due 9/1/35		1,275,000			1,573,992
Dayton Power & Light Co. 3.95%, due 6/15/49 (a)		1,025,000			1,125,501
Electricite de France S.A. 5.00%, due 9/21/48  (a)		3,420,000			4,101,738
Entergy Corp. 4.00%, due 7/15/22		3,700,000			3,863,196
Entergy Mississippi, Inc. 3.85%, due 6/1/49		2,500,000			2,782,530
Evergy, Inc. 4.85%, due 6/1/21		385,000			398,222
Exelon Corp. 3.497%, due 6/1/22		2,750,000			2,820,628
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		3,455,000			3,727,296
NextEra Energy Capital Holdings, Inc. 3.25%, due 4/1/26		1,800,000			1,869,873
Ohio Edison Co. 6.875%, due 7/15/36		2,500,000			3,581,174
					28,154,605
Food 1.1%
Conagra Brands, Inc. 4.85%, due 11/1/28		2,300,000			2,601,212
Ingredion, Inc. 4.625%, due 11/1/20		1,475,000			1,509,534
Kraft Heinz Food Co. 3.00%, due 6/1/26		1,170,000			1,157,581
Kroger Co. 7.70%, due 6/1/29		1,000,000			1,323,218
Tyson Foods, Inc. 4.00%, due 3/1/26		1,550,000			1,680,643
					8,272,188
Gas 0.2%
NiSource, Inc. 5.65%, due 2/1/45		1,125,000			1,449,742
Health Care - Products 0.3%
Becton Dickinson & Co. 2.894%, due 6/6/22		2,500,000			2,538,020
Iron & Steel 0.7%
Carpenter Technology Corp. 4.45%, due 3/1/23		1,825,000			1,880,185
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		3,550,000			3,750,249
					5,630,434
Media 1.1%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.908%, due 7/23/25		1,700,000			1,864,824
Comcast Corp. 4.60%, due 10/15/38		3,000,000			3,583,801
Fox Corp. (a)
4.709%, due 1/25/29		1,200,000			1,370,689
5.576%, due 1/25/49		1,250,000			1,581,806
					8,401,120
Miscellaneous - Manufacturing 0.2%
Parker-Hannifin Corp. 3.25%, due 6/14/29		1,300,000			1,354,328
Multi-National 0.8%
International Bank for Reconstruction & Development
2.00%, due 10/30/20		3,000,000			3,000,114
2.88%, due 5/15/24		3,050,000			3,056,088
					6,056,202
Oil & Gas 2.0%
Cenovus Energy, Inc. 4.25%, due 4/15/27		2,000,000			2,079,363
Helmerich & Payne, Inc. 4.65%, due 3/15/25		2,900,000			3,134,217
Nabors Industries, Inc. 5.00%, due 9/15/20		985,000			962,837
Occidental Petroleum Corp.
3.137% (3 Month LIBOR + 0.95%), due 2/8/21 (c)		3,500,000			3,522,433
4.20%, due 3/15/48		1,710,000			1,694,419
4.85%, due 3/15/21		2,369,000			2,449,854
Petroleos Mexicanos 5.35%, due 2/12/28		1,100,000			1,051,193
					14,894,316
Oil & Gas Services 0.7%
Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)		4,725,000			4,976,081
Packaging & Containers 0.3%
WRKCo., Inc. 3.75%, due 3/15/25		1,825,000			1,921,118
Pharmaceuticals 0.6%
Bayer U.S. Finance II LLC 3.875%, due 12/15/23 (a)		2,475,000			2,585,393
Bristol-Myers Squibb Co. 4.25%, due 10/26/49 (a)		1,675,000			1,944,884
					4,530,277
Pipelines 2.5%
Energy Transfer Operating, L.P. 6.05%, due 6/1/41		1,300,000			1,486,267
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		4,800,000			5,133,669
Enterprise Products Operating LLC 5.10%, due 2/15/45		2,600,000			3,061,044
Kinder Morgan Energy Partners, L.P. 6.375%, due 3/1/41		400,000			490,345
Kinder Morgan, Inc. 5.00%, due 2/15/21 (a)		4,500,000			4,648,085
MPLX, L.P. 3.002% (3 Month LIBOR + 0.90%), due 9/9/21 (c)		1,750,000			1,755,810
Texas Eastern Transmission, L.P. 2.80%, due 10/15/22 (a)		2,350,000			2,370,885
					18,946,105
Real Estate Investment Trusts 2.7%
American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		3,000,000			3,078,414
HCP, Inc. 3.25%, due 7/15/26		2,050,000			2,108,904
Highwoods Realty, L.P. 3.625%, due 1/15/23		5,000,000			5,176,236
Host Hotels & Resorts, L.P. 6.00%, due 10/1/21		1,700,000			1,810,048
Kimco Realty Corp. 2.70%, due 3/1/24		975,000			982,730
SBA Tower Trust 2.836%, due 1/15/25 (a)		2,000,000			2,002,568
VEREIT Operating Partnership, L.P. 4.875%, due 6/1/26		4,872,000			5,396,151
					20,555,051
Retail 0.8%
CVS Health Corp.
3.25%, due 8/15/29		2,450,000			2,461,243
5.05%, due 3/25/48		3,420,000			3,881,456
					6,342,699
Software 0.5%
Fidelity National Information Services, Inc. 2.25%, due 8/15/21		1,150,000			1,151,593
Fiserv, Inc.
3.20%, due 7/1/26		1,425,000			1,474,726
4.75%, due 6/15/21		1,355,000			1,410,883
					4,037,202
Telecommunications 1.4%
AT&T, Inc.
4.50%, due 5/15/35		1,500,000			1,645,787
4.85%, due 3/1/39		2,000,000			2,267,671
Orange S.A. 5.375%, due 1/13/42		895,000			1,148,745
Telefonica Emisiones SAU 5.213%, due 3/8/47		1,500,000			1,744,814
Verizon Communications, Inc. 4.50%, due 8/10/33		3,150,000			3,657,594
					10,464,611
Transportation 0.6%
Norfolk Southern Corp. 5.64%, due 5/17/29		1,400,000			1,714,048
Union Pacific Corp. 4.30%, due 3/1/49		750,000			871,727
United Parcel Service, Inc. 2.20%, due 9/1/24		1,650,000			1,655,620
					4,241,395
Total Corporate Bonds (Cost $221,137,862)					236,792,870
Foreign Government Bonds 0.3%
Mexico 0.2%
United Mexican States 3.75%, due 1/11/28		1,850,000			1,906,425
Poland 0.1%
Republic of Poland Government International Bond 5.00%, due 3/23/22		350,000			375,501
Total Foreign Government Bonds (Cost $2,191,818)					2,281,926
Mortgage-Backed Securities 6.2%
Agency (Collateralized Mortgage Obligations) 1.0%
Federal Home Loan Mortgage Corporation Series 2019-1, Class A1 3.50%, due 5/25/29		4,049,887			4,254,377
Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates Series K089, Class A2 3.563%, due 1/25/29		2,800,000			3,111,958
					7,366,335
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.2%
BX Commercial Mortgage Trust Series 2019-IMC, Class A 3.028% (1 Month LIBOR + 1.00%), due 4/15/34 (a)(c)		800,000			800,501
COLT Funding LLC Series 2019-4, Class A1 2.579%, due 11/25/49 (e)		2,500,000			2,499,982
COMM Mortgage Trust
Series 2016-COR1, Class A4 3.091%, due 10/10/49		3,000,000			3,131,852
Series 2015-LC19, Class A4 3.183%, due 2/10/48		1,400,000			1,462,825
CSAIL Commercial Mortgage Trust 2018-CX11, Class A4 3.766%, due 4/15/51		2,000,000			2,181,286
Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificates
Series K090, Class A2 3.422%, due 2/25/29		1,000,000			1,101,077
Series K091, Class A2 3.505%, due 3/25/29		910,000			1,008,570
GRACE Mortgage Trust Series 2014-GRCE, Class A 3.369%, due 6/10/28 (a)		1,700,000			1,726,026
GS Mortgage Securities Trust Series 2015-GC32, Class AS 4.018%, due 7/10/48 (f)		3,000,000			3,249,529
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class AS 3.652%, due 3/15/48		1,000,000			1,054,759
Seasoned Loans Structured Transaction Trust Series 2019-2, Class A2C 2.75%, due 9/25/29 (e)		3,700,000			3,763,594
Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class A2 2.399%, due 11/15/49		1,900,000			1,907,852
					23,887,853
Whole Loan (Collateralized Mortgage Obligations) 2.0%
JPMorgan Mortgage Trust (a)(f)
Series 2014-2, Class 1A1 3.00%, due 6/25/29		1,644,308			1,667,592
Series 2015-6, Class A5 3.50%, due 10/25/45		1,091,938			1,107,507
Seasoned Credit Risk Transfer Trust
Series 2018-3, Class MA 3.50%, due 8/25/57		6,070,435			6,327,840
Series 2019-2, Class MA 3.50%, due 8/25/58		3,429,574			3,586,734
Series 2019-2, Class M55D 4.00%, due 8/25/58		2,458,249			2,576,457
					15,266,130
Total Mortgage-Backed Securities (Cost $45,460,466)					46,520,318
Municipal Bonds 0.7%
Texas 0.7%
San Antonio Water System, Revenue Bonds 5.502%, due 5/15/29		2,000,000			2,415,920
Texas Transportation Commission State Highway Fund, Revenue Bonds 5.178%, due 4/1/30		2,150,000			2,647,704
Total Municipal Bonds (Cost $4,672,746)					5,063,624
U.S. Government & Federal Agencies 48.9%
Federal Home Loan Bank 3.6%
1.50%, due 8/15/24		1,775,000			1,765,407
2.50%, due 12/10/27		3,000,000			3,118,436
3.00%, due 3/10/28		1,900,000			2,058,115
3.125%, due 9/12/25		3,100,000			3,352,896
3.25%, due 6/9/28		4,000,000			4,434,609
3.25%, due 11/16/28		10,750,000			11,979,768
					26,709,231
Federal Home Loan Mortgage Corporation 1.1%
2.05%, due 8/26/22		2,200,000			2,196,229
2.70%, due 4/8/22		2,000,000			2,000,257
2.89%, due 4/16/24		2,000,000			2,000,694
6.25%, due 7/15/32		1,600,000			2,361,867
					8,559,047
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 6.3%
3.00%, due 8/1/49		2,481,901			2,535,137
3.50%, due 11/1/47		883,739			914,765
3.50%, due 5/1/48		5,895,408			6,088,147
3.50%, due 5/1/49		4,394,650			4,556,763
3.50%, due 6/1/49		6,152,534			6,378,108
3.50%, due 7/1/49		5,451,559			5,652,063
4.00%, due 7/1/23		104,550			109,169
4.00%, due 8/1/25		52,392			54,634
4.00%, due 12/1/48		6,689,099			7,009,692
4.00%, due 5/1/49		6,650,069			6,965,944
4.50%, due 4/1/22		9,191			9,470
4.50%, due 4/1/23		5,334			5,547
4.50%, due 11/1/39		837,357			907,471
4.50%, due 8/1/40		123,698			134,097
4.50%, due 9/1/40		712,691			770,063
4.50%, due 11/1/40		339,338			360,878
4.50%, due 7/1/41		184,568			200,116
4.50%, due 2/1/47		252,232			267,285
4.50%, due 10/1/47		282,539			299,931
4.50%, due 4/1/48		236,430			249,785
4.50%, due 5/1/48		157,999			166,817
4.50%, due 8/1/48		322,287			339,955
4.50%, due 9/1/48		493,503			520,731
5.00%, due 3/1/25		63,824			66,117
5.00%, due 8/1/35		46,256			51,128
5.00%, due 4/1/37		517,711			572,110
5.00%, due 8/1/37		126,076			139,383
5.00%, due 3/1/40		252,682			279,220
5.50%, due 9/1/21		15,226			15,381
5.50%, due 9/1/22		27,387			27,793
5.50%, due 9/1/37		283,534			319,825
5.50%, due 8/1/38		125,406			141,562
5.50%, due 12/1/38		125,203			141,034
6.00%, due 7/1/21		33,917			34,410
6.00%, due 8/1/36		57,408			65,959
6.00%, due 9/1/37		129,026			148,582
6.00%, due 5/1/40		313,448			360,657
6.50%, due 11/1/35		20,283			22,726
6.50%, due 8/1/37		26,596			31,694
					46,914,149
Federal National Mortgage Association 1.7%
1.375%, due 9/6/22		5,700,000			5,659,567
1.75%, due 7/2/24		2,525,000			2,539,398
6.25%, due 5/15/29		3,000,000			4,147,688
					12,346,653
Federal National Mortgage Association (Mortgage Pass-Through Securities) 12.5%
2.50%, due 5/1/43		531,593			531,140
2.91%, due 4/1/26		6,450,000			6,761,072
3.00%, due 9/1/34		5,924,129			6,059,694
3.00%, due 9/1/42		1,936,132			1,995,152
3.00%, due 9/1/43		1,354,927			1,395,260
3.00%, due 12/1/43		1,365,919			1,405,205
3.00%, due 11/1/46		2,641,420			2,705,462
3.00%, due 2/1/47		2,476,039			2,536,357
3.00%, due 7/1/47		1,321,291			1,353,285
3.00%, due 7/1/48		1,568,414			1,606,429
3.00%, due 9/1/49		7,080,606			7,271,629
3.082%, due 7/1/29		2,000,000			2,138,687
3.36%, due 5/1/28		2,309,600			2,517,985
3.46%, due 5/1/28		2,000,000			2,196,269
3.50%, due 10/1/47		4,432,212			4,587,302
3.50%, due 7/1/49		18,251,420			18,920,424
4.00%, due 4/1/20		97			101
4.00%, due 10/1/20		14			15
4.00%, due 3/1/22		29,681			30,858
4.00%, due 12/1/25		344,691			358,992
4.00%, due 6/1/46		2,292,743			2,450,428
4.00%, due 6/1/49		15,316,530			16,040,918
4.50%, due 5/1/24		174,750			182,068
4.50%, due 11/1/35		167,510			181,192
4.50%, due 4/1/41		451,890			489,579
4.50%, due 5/1/41		652,427			706,811
4.50%, due 7/1/41		521,201			564,812
4.50%, due 9/1/41		218,752			237,055
4.50%, due 3/1/44		249,334			268,148
4.50%, due 8/1/44		1,234,135			1,334,589
4.50%, due 11/1/44		258,030			274,447
4.50%, due 3/1/46		136,223			144,326
4.50%, due 12/1/46		275,171			291,855
4.50%, due 2/1/47		146,888			155,117
4.50%, due 7/1/47		302,519			319,779
4.50%, due 2/1/48		231,902			244,664
4.50%, due 4/1/48		134,096			141,243
4.50%, due 8/1/48		157,854			166,025
4.50%, due 10/1/48		160,514			168,945
4.50%, due 11/1/48		336,891			355,491
4.50%, due 12/1/48		277,421			292,969
5.00%, due 12/1/23		116,311			120,162
5.00%, due 3/1/34		359,451			387,464
5.00%, due 4/1/34		246,130			273,506
5.00%, due 4/1/35		86,093			95,044
5.00%, due 2/1/36		146,134			161,376
5.00%, due 5/1/37		245			269
5.00%, due 6/1/37		170,120			187,513
5.00%, due 5/1/38		228,917			252,625
5.00%, due 1/1/39		95,565			105,264
5.00%, due 3/1/44		128,886			141,559
5.00%, due 9/1/48		288,580			311,343
5.50%, due 1/1/21		632			638
5.50%, due 12/1/21		2,514			2,563
5.50%, due 1/1/22		10,750			10,937
5.50%, due 2/1/22		677			689
5.50%, due 4/1/34		93,884			105,244
5.50%, due 8/1/37		78,863			89,193
5.50%, due 3/1/38		174,012			195,936
5.50%, due 6/1/38		178,653			201,559
5.50%, due 1/1/39		414,650			468,227
5.50%, due 11/1/39		76,281			86,027
5.50%, due 6/1/40		57,570			64,947
6.00%, due 3/1/36		24,471			28,130
6.00%, due 10/1/38		280,524			320,080
6.00%, due 12/1/38		253,946			290,601
6.00%, due 4/1/40		136,838			157,497
6.50%, due 10/1/36		33,122			38,212
6.50%, due 8/1/37		6,418			7,182
7.00%, due 9/1/37		50,750			60,093
7.00%, due 10/1/37		597			696
7.00%, due 11/1/37		6,706			7,747
7.50%, due 7/1/28		14,044			15,317
					93,569,419
Government National Mortgage Association (Mortgage Pass-Through Securities) 4.5%
3.00%, due 5/1/49 TBA (g)		6,300,000			6,464,637
3.50%, due 6/20/42		833,638			885,312
3.50%, due 8/20/43		1,131,407			1,199,113
3.50%, due 11/20/43		1,102,912			1,166,538
3.50%, due 4/20/45		832,781			871,020
3.50%, due 12/20/45		1,333,496			1,397,592
3.50%, due 2/20/46		635,361			664,324
3.50%, due 10/20/46		912,710			952,958
3.50%, due 11/20/46		1,063,844			1,110,461
3.50%, due 1/20/47		921,709			959,187
3.50%, due 5/20/47		1,431,846			1,488,890
3.50%, due 6/20/47		491,776			511,349
3.50%, due 7/20/47		757,417			787,303
3.50%, due 8/20/47		450,445			468,385
3.50%, due 9/20/47		719,925			748,890
3.50%, due 1/20/49		359,825			373,472
4.00%, due 1/20/42		998,699			1,064,892
4.00%, due 2/20/42		387,848			413,535
4.00%, due 8/20/43		1,255,565			1,331,423
4.00%, due 10/20/43		380,101			405,213
4.00%, due 3/15/44		50,599			53,739
4.00%, due 6/20/44		364,321			388,304
4.00%, due 7/15/44		354,021			375,988
4.00%, due 8/20/44		323,776			344,811
4.00%, due 9/20/44		332,392			353,916
4.00%, due 12/20/44		224,860			239,168
4.00%, due 1/20/45		175,009			186,144
4.00%, due 4/20/45		228,853			243,330
4.00%, due 7/15/45		207,706			218,776
4.00%, due 9/20/45		115,137			122,351
4.00%, due 10/1/48 TBA (g)		6,000,000			6,239,648
4.50%, due 6/15/39		928,673			1,011,348
4.50%, due 6/15/40		265,772			289,480
					33,331,497
Tennessee Valley Authority 0.4%
5.25%, due 9/15/39		2,000,000			2,830,934
United States Treasury Bonds 4.5%
2.875%, due 5/15/49		25,400,000			29,623,742
4.25%, due 5/15/39		2,925,000			4,028,731
					33,652,473
United States Treasury Notes 14.3%
1.25%, due 8/31/24		1,850,000			1,824,056
1.375%, due 8/31/26		900,000			885,551
1.625%, due 8/15/29		4,935,000			4,912,253
1.75%, due 7/31/21		36,800,000			36,851,750
1.75%, due 7/15/22		29,200,000			29,315,203
1.75%, due 7/31/24		3,875,000			3,909,209
2.125%, due 5/31/26		2,925,000			3,018,006
2.25%, due 11/15/25		8,875,000			9,203,999
2.50%, due 2/15/22		17,000,000			17,343,320
					107,263,347
Total U.S. Government & Federal Agencies (Cost $359,297,582)					365,176,750
Total Long-Term Bonds (Cost $705,430,713)					728,342,666
		Shares
Exchange-Traded Funds 1.2%
iShares Intermediate-Term Corporate Bond ETF (h)		123,408			7,147,791
iShares Long-Term Corporate Bond ETF		33,238			2,214,648
Total Exchange-Traded Funds (Cost $9,147,995)					9,362,439
		Principal Amount
Short-Term Investments 3.6%
Commercial Paper 3.2%
Bank New York Mellon Corp. 1.876%, due 10/1/19 (i)	$	24,000,000			24,000,000
Total Commercial Paper (Cost $24,000,000)					24,000,000
Repurchase Agreement 0.4%
RBC Capital Markets 2.35%, dated 9/30/19 due 10/1/19 Proceeds at Maturity $2,980,195 (Collateralized by United States Treasury Note with a rate of 2.125% and a maturity date of 12/31/22, with a Principal Amount of $2,973,600 and a Market Value of $3,039,815)		2,980,000			2,980,000
Total Repurchase Agreement (Cost $2,980,000)					2,980,000
Total Short-Term Investments (Cost $26,980,000)					26,980,000
Total Investments (Cost $741,558,708)		102.3	%		764,685,105
Other Assets, Less Liabilities		(2.3	)		(17,263,356	)
Net Assets		100.0	%	$	747,421,749

†	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 September 30, 2019.
(c)	Floating rate - Rate shown was the rate in effect as of September 30, 2019.
(d)	Fixed to floating rate - Rate shown was the rate in effect as of September 30, 2019.
(e)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, the total market value of fair valued securities was $6,263,576, which represented 0.8% of the Portfolio's net assets.
(f)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(g)	TBA - Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of September 30, 2019, the total net market value of these securities was $12,704,285, which represented 1.7% of the Portfolio's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.
(h)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $7,061,049. The Portfolio received non-cash collateral in the form of U.S. Treasury securities with a value of $7,215,032.
(i)	Interest rate shown represents yield to maturity.
As of September 30, 2019, the Portfolio held the following futures contracts1:

Type	Number of Contracts		Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
2-Year United States Treasury Note		34	December 2019	$	7,327,055		$	7,327,000		$	(55	)
5-Year United States Treasury Note		355	December 2019		42,506,817			42,297,695			(209,122	)
10-Year United States Treasury Note		49	December 2019		6,441,329			6,385,312			(56,017	)
United States Treasury Ultra Bond		96	December 2019		18,699,742			18,423,000			(276,742	)
Total Long Contracts											(541,936	)
Short Contracts
10-Year United States Treasury Ultra Note		(136)	December 2019		(19,579,510	)		(19,367,250	)		212,260
United States Treasury Long Bond		2	December 2019		320,504			324,625			4,121
Total Short Contracts											216,381
Net Unrealized Depreciation										$	(325,555	)

1. As of September 30, 2019, cash in the amount of $674,420 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 September 30, 2019.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
LIBOR	—London Interbank Offered Rate
REIT	—Real Estate Investment Trust

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	72,507,178	$	—	$	72,507,178
Corporate Bonds		—			236,792,870		—		236,792,870
Foreign Government Bonds		—			2,281,926		—		2,281,926
Mortgage-Backed Securities		—			46,520,318		—		46,520,318
Municipal Bonds		—			5,063,624		—		5,063,624
U.S. Government & Federal Agencies		—			365,176,750		—		365,176,750
Total Long-Term Bonds		—			728,342,666		—		728,342,666
Exchange-Traded Funds		9,362,439			—		—		9,362,439
Short-Term Investments
Commercial Paper		—			24,000,000		—		24,000,000
Repurchase Agreements		—			2,980,000		—		2,980,000
Total Short-Term Investments		—			26,980,000		—		26,980,000
Total Investments in Securities		9,362,439			755,322,666		—		764,685,105
Other Financial Instruments Futures Contracts (b)		216,381			—		—		216,381
Total Investments in Securities and Other Financial Instruments	$	9,578,820		$	755,322,666	$	—	$	764,901,486
Liability Valuation Inputs
Other Financial Instruments  Futures Contracts (b)	$	(541,936	)	$	—	$	—	$	(541,936	)

(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.

MainStay VP Conservative Allocation Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)  

	Shares			Value
Affiliated Investment Companies 97.6% †
Equity Funds 36.0%
IQ 50 Percent Hedged FTSE International ETF		299,466		$	6,091,049
IQ 500 International ETF		56,119			1,498,041
IQ Chaikin U.S. Large Cap ETF		219,573			5,476,151
IQ Chaikin U.S. Small Cap ETF		388,607			9,804,555
IQ Global Resources ETF		228,967			6,072,640
MainStay Epoch Capital Growth Fund Class I (a)		586,142			7,520,205
MainStay Epoch International Choice Fund Class I		389,349			13,389,714
MainStay Epoch U.S. All Cap Fund Class R6		485,385			13,862,590
MainStay MacKay International Opportunities Fund Class I		1,050,229			7,981,740
MainStay MacKay U.S. Equity Opportunities Fund Class I		1,398,992			11,905,425
MainStay MAP Equity Fund Class I (a)		481,139			20,520,557
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		676,639			9,364,334
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		2,302,215			19,771,160
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		997,014			16,582,951
MainStay VP Large Cap Growth Portfolio Initial Class		696,650			18,455,399
MainStay VP MacKay Common Stock Portfolio Initial Class		314,656			9,244,117
MainStay VP MacKay Growth Portfolio Initial Class		470,143			15,486,650
MainStay VP MacKay International Equity Portfolio Initial Class		159,787			2,706,701
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		1,461,854			20,351,273
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		53,168			3,079,710
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		1,891,206			20,138,275
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		1,671,294			22,502,458
Total Equity Funds (Cost $251,716,889)					261,805,695
Fixed Income Funds 61.6%
IQ Enhanced Core Plus Bond U.S. ETF (a)		454,831			8,957,897
IQ S&P High Yield Low Volatility Bond ETF (a)		352,899			8,935,403
MainStay MacKay High Yield Municipal Bond Fund Class I		945,033			12,313,775
MainStay MacKay Infrastructure Bond Fund (a)		930,339			8,177,681
MainStay MacKay Short Duration High Yield Fund Class I (a)		6,316,473			62,217,254
MainStay MacKay Short Term Municipal Fund Class I		1,149,868			11,061,729
MainStay VP Bond Portfolio Initial Class (a)		3,076,272			45,983,328
MainStay VP Floating Rate Portfolio Initial Class (a)		4,490,301			39,880,593
MainStay VP Indexed Bond Portfolio Initial Class (a)		21,444,649			227,646,293
MainStay VP MacKay Convertible Portfolio Initial Class		559,098			7,795,919
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class (a)		793,848			7,899,249
MainStay VP PIMCO Real Return Portfolio Initial Class (a)		866,501			7,627,554
Total Fixed Income Funds (Cost $430,126,240)					448,496,675
Total Affiliated Investment Companies (Cost $681,843,129)					710,302,370
Short-Term Investment 2.4%
Affiliated Investment Company 2.4%
MainStay U.S. Government Liquidity Fund, 1.81% (b)		17,263,908			17,263,908
Total Short-Term Investment (Cost $17,263,908)					17,263,908
Total Investments (Cost $699,107,037)		100.0	%		727,566,278
Other Assets, Less Liabilities		(0.0	)‡		(341,175	)
Net Assets		100.0	%	$	727,225,103

†	Percentages indicated are based on Portfolio net assets.
‡	Less than one-tenth of a percent.
(a)	As of September 30, 2019, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class.
(b)	Current yield as of September 30, 2019.

The following abbreviations are used in the preceding pages:
ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments (a)
Affiliated Investment Companies
Equity Funds	$	261,805,695	$	—	$	—	$	261,805,695
Fixed Income Funds		448,496,675		—		—		448,496,675
Short-Term Investment		17,263,908		—		—		17,263,908
Total Investments in Securities	$	727,566,278	$	—	$	—	$	727,566,278

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

MainStay VP Cushing Renaissance Advantage Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 62.6% †
Airlines 2.2%
Southwest Airlines Co.		9,430		$	509,314
Chemicals 3.6%
Dow, Inc.		7,215			343,795
LyondellBasell Industries N.V., Class A		3,935			352,064
Westlake Chemical Corp.		2,404			157,510
					853,369
Construction & Engineering 4.1%
Jacobs Engineering Group, Inc.		10,449			956,084
Electrical Equipment 1.6%
Eaton Corp. PLC		4,389			364,945
Energy Equipment & Services 7.4%
Cactus, Inc., Class A (a)		11,769			340,595
FTS International, Inc. (a)		34,552			77,396
Halliburton Co.		20,549			387,349
McDermott International, Inc. (a)(b)		26,575			53,682
Patterson-UTI Energy, Inc.		25,921			221,625
Schlumberger, Ltd.		7,813			266,970
Select Energy Services, Inc., Class A (a)		33,929			293,825
U.S. Well Services, Inc. (a)		42,695			93,502
					1,734,944
Independent Power & Renewable Electricity Producers 1.1%
Clearway Energy, Inc., Class C		13,520			246,740
Machinery 3.9%
Oshkosh Corp.		5,058			383,396
Wabtec Corp.		4,817			346,150
Xylem, Inc.		2,422			192,840
					922,386
Marine 0.7%
Kirby Corp. (a)		2,061			169,332
Metals & Mining 0.9%
Allegheny Technologies, Inc. (a)		10,548			213,597
Oil, Gas & Consumable Fuels 35.9%
Cheniere Energy, Inc. (a)		13,657			861,210
Cimarex Energy Co.		3,846			184,377
Concho Resources, Inc.		4,227			287,013
Diamondback Energy, Inc.		8,012			720,359
Encana Corp. (b)		73,566			338,404
EnLink Midstream LLC		20,551			174,684
Golar LNG, Ltd.		25,098			326,023
HollyFrontier Corp.		6,743			361,695
Marathon Petroleum Corp.		10,073			611,935
Matador Resources Co. (a)		17,348			286,762
New Fortress Energy LLC (a)		30,496			549,843
Occidental Petroleum Corp.		4,226			187,930
Parsley Energy, Inc., Class A		26,142			439,186
Pembina Pipeline Corp.		5,434			201,438
Phillips 66		2,670			273,408
Pioneer Natural Resources Co.		1,908			239,969
Rosehill Resources, Inc. (a)(b)		91,902			179,209
Targa Resources Corp.		16,912			679,355
Valero Energy Corp.		11,911			1,015,294
WPX Energy, Inc. (a)		47,616			504,253
					8,422,347
Trading Companies & Distributors 1.2%
United Rentals, Inc. (a)		2,245			279,817
Total Common Stocks (Cost $16,199,684)					14,672,875
MLPs and Related Companies 21.3%
Oil, Gas & Consumable Fuels 21.3%
DCP Midstream, L.P.		29,432			771,413
Energy Transfer, L.P.		84,984			1,111,591
Enterprise Products Partners, L.P.		17,208			491,804
EQM Midstream Partners, L.P.		5,799			189,627
GasLog Partners, L.P.		40,166			762,351
Plains All American Pipeline, L.P.		31,160			646,570
Tallgrass Energy L.P.		8,627			173,748
Viper Energy Partners, L.P.		30,087			832,507
Total MLPs and Related Companies (Cost $5,602,244)					4,979,611
Short-Term Investments 16.0%
Affiliated Investment Company 16.0%
MainStay U.S. Government Liquidity Fund, 1.81% (c)		3,759,485			3,759,485
Unaffiliated Investment Company 0.0% ‡
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (c)(d)		4,170			4,170
Total Short-Term Investments (Cost $3,763,655)					3,763,655
Total Investments (Cost $25,565,583)		99.9	%		23,416,141
Other Assets, Less Liabilities		0.1			24,335
Net Assets		100.0	%	$	23,440,476

†	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 September 30, 2019, the aggregate market value of securities on loan was $389,611; the total market value of collateral held by the Portfolio was $398,280. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $394,110.
(c)	Current yield as of September 30, 2019.
(d)	Represents security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:

MLP —Master limited partnership

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	14,672,875	$	—	$	—	$	14,672,875
MLPs and Related Companies		4,979,611		—		—		4,979,611
Short-Term Investments
Affiliated Investment Company		3,759,485		—		—		3,759,485
Unaffiliated Investment Company		4,170		—		—		4,170
Total Short-Term Investments		3,763,655		—		—		3,763,655
Total Investments in Securities	$	23,416,141	$	—	$	—	$	23,416,141

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

MainStay VP Eagle Small Cap Growth Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 97.4% †
Aerospace & Defense 3.8%
Aerojet Rocketdyne Holdings, Inc. (a)	126,421		$	6,385,525
AeroVironment, Inc. (a)	38,616			2,068,273
Hexcel Corp.	77,118			6,333,701
				14,787,499
Auto Components 0.5%
Fox Factory Holding Corp. (a)	28,969			1,803,030
Banks 1.1%
Glacier Bancorp, Inc.	106,121			4,293,656
Beverages 0.5%
Boston Beer Co., Inc., Class A (a)	5,167			1,881,201
Biotechnology 10.2%
ACADIA Pharmaceuticals, Inc. (a)	62,255			2,240,557
Acceleron Pharma, Inc. (a)	50,024			1,976,448
Amicus Therapeutics, Inc. (a)	167,442			1,342,885
Arena Pharmaceuticals, Inc. (a)	57,563			2,634,659
ArQule, Inc. (a)	208,585			1,495,554
Atara Biotherapeutics, Inc. (a)	77,119			1,088,920
Biohaven Pharmaceutical Holding Co., Ltd. (a)	58,865			2,455,848
Blueprint Medicines Corp. (a)	42,143			3,096,246
Dicerna Pharmaceuticals, Inc. (a)	149,832			2,151,588
Exact Sciences Corp. (a)	23,365			2,111,495
Genomic Health, Inc. (a)	54,698			3,709,618
Global Blood Therapeutics, Inc. (a)	26,755			1,298,153
Halozyme Therapeutics, Inc. (a)	96,941			1,503,555
Insmed, Inc. (a)	91,011			1,605,434
Kura Oncology, Inc. (a)	111,873			1,697,113
Ligand Pharmaceuticals, Inc. (a)	23,894			2,378,409
Progenics Pharmaceuticals, Inc. (a)	382,430			1,933,184
Ra Pharmaceuticals, Inc. (a)	60,500			1,430,825
Repligen Corp. (a)	29,652			2,274,012
uniQure N.V. (a)	28,897			1,137,386
				39,561,889
Building Products 1.7%
Trex Co., Inc. (a)	74,714			6,793,744
Capital Markets 0.9%
PJT Partners, Inc., Class A	82,868			3,372,728
Chemicals 3.3%
Quaker Chemical Corp.	53,526			8,464,601
Sensient Technologies Corp.	62,781			4,309,916
				12,774,517
Commercial Services & Supplies 3.9%
Brink's Co.	54,513			4,521,853
MSA Safety, Inc.	49,994			5,454,845
Ritchie Brothers Auctioneers, Inc.	127,084			5,070,652
				15,047,350
Communications Equipment 0.7%
Lumentum Holdings, Inc. (a)	54,316			2,909,165
Construction Materials 1.2%
Summit Materials, Inc., Class A (a)	204,653			4,543,297
Consumer Finance 1.1%
FirstCash, Inc.	48,219			4,420,236
Distributors 1.1%
Pool Corp.	20,921			4,219,766
Diversified Consumer Services 0.8%
Chegg, Inc. (a)	105,067			3,146,757
Diversified Telecommunication Services 0.7%
Bandwidth, Inc., Class A (a)	42,496			2,766,914
Electrical Equipment 1.1%
Thermon Group Holdings, Inc. (a)	189,494			4,354,572
Electronic Equipment, Instruments & Components 3.5%
Cognex Corp.	110,260			5,417,074
Coherent, Inc. (a)	35,297			5,425,855
II-VI, Inc. (a)	74,448			2,621,314
				13,464,243
Equity Real Estate Investment Trusts 1.9%
EastGroup Properties, Inc.	23,755			2,969,850
Seritage Growth Properties, Class A (b)	105,655			4,489,281
				7,459,131
Food & Staples Retailing 1.0%
Casey's General Stores, Inc.	23,794			3,834,641
Food Products 1.4%
Freshpet, Inc. (a)	52,723			2,624,024
Simply Good Foods Co. (a)	99,683			2,889,810
				5,513,834
Health Care Equipment & Supplies 7.4%
CONMED Corp.	23,464			2,256,064
Haemonetics Corp. (a)	37,509			4,731,385
Insulet Corp. (a)	30,767			5,074,401
Novocure, Ltd. (a)	52,320			3,912,490
NuVasive, Inc. (a)	43,336			2,746,636
Penumbra, Inc. (a)(b)	14,715			1,979,020
Quidel Corp. (a)	38,398			2,355,717
Tandem Diabetes Care, Inc. (a)	62,038			3,659,001
Wright Medical Group N.V. (a)	91,272			1,882,942
				28,597,656
Health Care Providers & Services 2.0%
Amedisys, Inc. (a)	16,735			2,192,453
AMN Healthcare Services, Inc. (a)	43,952			2,529,877
BioTelemetry, Inc. (a)	30,873			1,257,457
HealthEquity, Inc. (a)	34,002			1,943,044
				7,922,831
Health Care Technology 2.3%
Health Catalyst, Inc. (a)	55,330			1,750,641
Omnicell, Inc. (a)	43,846			3,168,750
Teladoc Health, Inc. (a)(b)	60,837			4,119,882
				9,039,273
Hotels, Restaurants & Leisure 4.8%
Everi Holdings, Inc. (a)	471,109			3,985,582
Lindblad Expeditions Holdings, Inc. (a)	132,883			2,227,119
Penn National Gaming, Inc. (a)	216,683			4,035,721
Planet Fitness, Inc., Class A (a)	90,312			5,226,356
Wingstop, Inc.	38,936			3,398,334
				18,873,112
Household Durables 2.0%
LGI Homes, Inc. (a)	11,674			972,677
Universal Electronics, Inc. (a)	133,242			6,782,018
				7,754,695
Insurance 0.7%
eHealth, Inc. (a)	42,303			2,825,417
Internet & Direct Marketing Retail 0.8%
Revolve Group, Inc. (a)(b)	132,159			3,088,556
IT Services 1.6%
Evo Payments, Inc., Class A (a)	100,539			2,827,157
Verra Mobility Corp. (a)	227,116			3,259,114
				6,086,271
Leisure Products 1.0%
Yeti Holdings, Inc. (a)(b)	145,452			4,072,656
Life Sciences Tools & Services 1.4%
NeoGenomics, Inc. (a)	183,838			3,514,983
PRA Health Sciences, Inc. (a)	20,497			2,033,917
				5,548,900
Machinery 6.0%
Chart Industries, Inc. (a)	89,171			5,560,704
John Bean Technologies Corp.	59,625			5,928,514
Kennametal, Inc.	75,699			2,326,987
Kornit Digital, Ltd. (a)	85,012			2,616,669
Woodward, Inc.	63,125			6,806,769
				23,239,643
Media 1.0%
Sinclair Broadcast Group, Inc., Class A	94,454			4,036,964
Oil, Gas & Consumable Fuels 1.1%
Viper Energy Partners, L.P.	148,426			4,106,947
Pharmaceuticals 2.0%
Cymabay Therapeutics, Inc. (a)	150,830			772,249
Horizon Therapeutics PLC (a)	135,418			3,687,432
Odonate Therapeutics, Inc. (a)	40,032			1,042,033
Zogenix, Inc. (a)	56,442			2,259,938
				7,761,652
Professional Services 0.4%
Insperity, Inc.	16,054			1,583,245
Road & Rail 1.4%
Landstar System, Inc.	47,133			5,306,233
Semiconductors & Semiconductor Equipment 4.9%
Cabot Microelectronics Corp.	29,099			4,109,070
Entegris, Inc.	165,707			7,798,171
Lattice Semiconductor Corp. (a)	182,928			3,344,838
Silicon Laboratories, Inc. (a)	33,322			3,710,405
				18,962,484
Software 10.0%
AppFolio, Inc., Class A (a)	22,859			2,174,805
Cornerstone OnDemand, Inc. (a)	114,771			6,291,746
Everbridge, Inc. (a)	27,847			1,718,439
Guidewire Software, Inc. (a)	48,327			5,092,700
Medallia, Inc. (a)	75,000			2,057,250
Pegasystems, Inc.	86,185			5,864,889
Q2 Holdings, Inc. (a)	47,729			3,764,386
RealPage, Inc. (a)	120,515			7,575,573
SailPoint Technologies Holding, Inc. (a)	112,461			2,101,896
Tenable Holdings, Inc. (a)	105,000			2,349,900
				38,991,584
Specialty Retail 3.1%
Floor & Decor Holdings, Inc., Class A (a)	92,212			4,716,644
Genesco, Inc. (a)	50,943			2,038,739
MarineMax, Inc. (a)	203,397			3,148,586
National Vision Holdings, Inc. (a)	82,764			1,992,129
				11,896,098
Textiles, Apparel & Luxury Goods 2.1%
Canada Goose Holdings, Inc. (a)(b)	65,860			2,895,864
Steven Madden, Ltd.	150,135			5,373,332
				8,269,196
Thrifts & Mortgage Finance 1.0%
NMI Holdings, Inc., Class A (a)	149,691			3,930,886
Total Common Stocks (Cost $320,684,921)				378,842,469
Short-Term Investments 5.8%
Affiliated Investment Company 3.1%
MainStay U.S. Government Liquidity Fund, 1.81% (c)	12,028,013			12,028,013
Unaffiliated Investment Company 2.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (c)(d)	10,365,054			10,365,054
Total Short-Term Investments (Cost $22,393,067)				22,393,067
Total Investments (Cost $343,077,988)	103.2	%		401,235,536
Other Assets, Less Liabilities	(3.2	)		(12,373,923	)
Net Assets	100.0	%	$	388,861,613

†	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 September 30, 2019, the aggregate market value of securities on loan was $18,658,702; the total market value of collateral held by the Portfolio was $19,115,082. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $8,750,028.
(c)	Current yield as of September 30, 2019.
(d)	Represents security purchased with cash collateral received for securities on loan.

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	378,842,469	$	—	$	—	$	378,842,469
Short-Term Investments
Affiliated Investment Company		12,028,013		—		—		12,028,013
Unaffiliated Investment Company		10,365,054		—		—		10,365,054
Total Short-Term Investments		22,393,067		—		—		22,393,067
Total Investments in Securities	$	401,235,536	$	—	$	—	$	401,235,536

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

MainStay VP Emerging Markets Equity Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 92.3% †
Argentina 0.1%
MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a)		1,000		$	551,230
Brazil 5.8%
Afya, Ltd., Class A (Diversified Consumer Services) (a)(b)		26,000			666,640
Ambev S.A. (Beverages)		531,900			2,464,308
B3 S.A. - Brasil Bolsa Balcao (Capital Markets)		129,800			1,362,994
Banco BTG Pactual S.A. (Capital Markets)		46,400			653,851
Banco do Brasil S.A. (Banks)		221,800			2,428,353
Banco Inter S.A. (Banks) (a)		40,000			546,336
Banco Santander Brasil S.A. (Banks)		9,800			106,917
BRF S.A. (Food Products) (a)		160,000			1,471,016
Cia Energetica de Minas Gerais (Electric Utilities)		68,500			262,133
Cia Siderurgica Nacional S.A. (Metals & Mining)		293,900			935,823
Construtora Tenda S.A. (Household Durables)		88,400			524,236
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household Durables)		175,700			1,017,000
IRB Brasil Resseguros S.A. (Insurance)		96,000			870,133
JBS S.A. (Food Products)		103,600			817,590
JSL S.A. (Road & Rail)		20,900			86,267
Localiza Rent a Car S.A. (Road & Rail)		100,000			1,094,117
Magazine Luiza S.A. (Multiline Retail)		70,000			624,027
MRV Engenharia e Participacoes S.A. (Household Durables)		125,500			532,815
Notre Dame Intermedica Participacoes S.A. (Health Care Providers & Services)		65,000			848,687
Petrobras Distribuidora S.A. (Specialty Retail)		128,400			850,757
Qualicorp Consultoria e Corretora de Seguros S.A. (Health Care Providers & Services)		77,100			577,097
Rumo S.A. (Road & Rail) (a)		175,000			1,031,902
Ser Educacional S.A. (Diversified Consumer Services) (c)		37,400			201,449
Smiles Fidelidade S.A. (Media)		40,400			369,487
Vale S.A. (Metals & Mining) (a)		148,075			1,701,725
Wiz Solucoes e Corretagem de Seguros S.A. (Insurance)		201,200			539,929
					22,585,589
Chile 0.0% ‡
CAP S.A. (Metals & Mining)		8,727			76,002
China 31.4%
Agricultural Bank of China, Ltd., Class H (Banks)		2,858,000			1,119,469
Aier Eye Hospital Group Co., Ltd., Class A (Health Care Providers & Services)		160,177			795,904
Alibaba Group Holding, Ltd., Sponsored ADR (Internet & Direct Marketing Retail) (a)		103,173			17,253,621
Anhui Conch Cement Co., Ltd., Class H (Construction Materials)		443,500			2,634,054
ANTA Sports Products, Ltd. (Textiles, Apparel & Luxury Goods)		140,000			1,158,375
Asia Cement China Holdings Corp. (Construction Materials)		134,000			161,394
BAIC Motor Corp., Ltd., Class H (Automobiles) (c)		1,435,000			886,153
Baidu, Inc., Sponsored ADR (Interactive Media & Services) (a)		13,600			1,397,536
Bank of China, Ltd., Class H (Banks)		4,461,000			1,753,050
Bank of Communications Co., Ltd., Class H (Banks)		1,146,000			748,628
Bank of Shanghai Co., Ltd., Class A (Banks)		350,000			458,436
Beijing Chunlizhengda Medical Instruments Co., Ltd., Class H (Health Care Equipment & Supplies)		43,600			215,839
Beijing Enterprises Water Group, Ltd. (Water Utilities) (a)		2,600,000			1,330,237
Brilliance China Automotive Holdings, Ltd. (Automobiles)		600,000			644,577
China Aoyuan Group, Ltd. (Real Estate Management & Development)		645,000			730,776
China CITIC Bank Corp., Ltd., Class H (Banks)		1,646,000			877,844
China Construction Bank Corp., Class H (Banks)		8,837,100			6,742,521
China Everbright Bank Co., Ltd., Class H (Banks)		1,000			426
China Evergrande Group (Real Estate Management & Development) (a)(b)		480,000			1,022,749
China High Speed Transmission Equipment Group Co., Ltd. (Electrical Equipment)		90,000			55,233
China International Travel Service Corp., Ltd., Class A (Hotels, Restaurants & Leisure)		39,868			519,741
China Lesso Group Holdings, Ltd. (Building Products)		440,000			416,551
China Life Insurance Co., Ltd., Class H (Insurance)		116,000			268,773
China Lumena New Materials Corp. (Chemicals) (a)(d)(e)(f)		260,000			0
China Medical System Holdings, Ltd. (Pharmaceuticals)		470,000			558,888
China Merchants Bank Co., Ltd., Class H (Banks)		500,000			2,379,525
China Mobile, Ltd. (Wireless Telecommunication Services)		345,000			2,854,568
China Overseas Land & Investment, Ltd. (Real Estate Management & Development)		690,000			2,170,088
China Pacific Insurance Group Co., Ltd., Class H (Insurance)		185,600			681,996
China Petroleum & Chemical Corp., Class H (Oil, Gas & Consumable Fuels)		642,000			381,709
China Resources Power Holdings Co., Ltd. (Independent Power & Renewable Electricity Producers)		752,000			912,451
China State Construction International Holdings, Ltd. (Construction & Engineering)		800,000			752,261
China Telecom Corp., Ltd., Class H (Diversified Telecommunication Services)		2,432,000			1,107,754
China Tower Corp., Ltd., Class H (Diversified Telecommunication Services) (c)		1,500,000			340,661
China Vanke Co., Ltd., Class H (Real Estate Management & Development)		108,800			378,968
China Zhongwang Holdings, Ltd. (Metals & Mining)		757,600			308,349
CITIC Securities Co., Ltd., Class H (Capital Markets)		413,000			773,548
CITIC, Ltd. (Industrial Conglomerates)		897,000			1,133,024
CNOOC, Ltd. (Oil, Gas & Consumable Fuels)		2,461,000			3,755,382
Contemporary Amperex Technology Co., Ltd., Class A (Electrical Equipment)		49,983			500,642
COSCO Shipping Energy Transportation Co., Ltd., Class H (Oil, Gas & Consumable Fuels)		548,000			242,617
Country Garden Holdings Co., Ltd. (Real Estate Management & Development)		262,000			331,942
Country Garden Services Holdings Co., Ltd. (Commercial Services & Supplies)		380,183			1,096,257
ENN Energy Holdings, Ltd. (Gas Utilities)		80,000			827,794
Geely Automobile Holdings, Ltd. (Automobiles)		340,000			576,955
Great Wall Motor Co., Ltd., Class H (Automobiles) (b)		626,500			419,654
Haitong Securities Co., Ltd., Class H (Capital Markets)		652,800			684,642
Hangzhou Tigermed Consulting Co., Ltd., Class A (Life Sciences Tools & Services)		84,919			738,152
Huadian Power International Corp., Ltd., Class H (Independent Power & Renewable Electricity Producers)		1,048,000			398,464
Hundsun Technologies, Inc., Class A (Software)		89,773			929,749
Industrial & Commercial Bank of China, Ltd., Class H (Banks)		5,099,000			3,415,511
JD.com, Inc., ADR (Internet & Direct Marketing Retail) (a)		69,394			1,957,605
JinkoSolar Holding Co., Ltd., ADR (Semiconductors & Semiconductor Equipment) (a)		25,700			409,915
Jumei International Holding, Ltd., ADR (Internet & Direct Marketing Retail) (a)(b)		77,300			163,876
Kweichow Moutai Co., Ltd., Class A (Beverages)		4,985			803,086
Longfor Group Holdings, Ltd. (Real Estate Management & Development) (c)		261,000			975,707
Longi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)		180,422			662,959
Luxshare Precision Industry Co., Ltd., Class A (Electronic Equipment, Instruments & Components)		199,930			749,485
Luye Pharma Group, Ltd. (Pharmaceuticals) (b)(c)		1,235,500			881,183
Meituan Dianping, Class B (Internet & Direct Marketing Retail) (a)		40,000			408,793
Metallurgical Corp. of China, Ltd., Class H (Construction & Engineering)		519,000			116,544
Momo, Inc., Sponsored ADR (Interactive Media & Services)		13,100			405,838
NetEase, Inc., ADR (Entertainment)		4,000			1,064,720
PetroChina Co., Ltd., Class H (Oil, Gas & Consumable Fuels)		1,130,000			581,025
PICC Property & Casualty Co., Ltd., Class H (Insurance)		788,000			919,938
Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail) (a)		16,000			515,520
Ping An Bank Co., Ltd., Class A (Banks)		699,946			1,528,656
Ping An Insurance Group Co. of China, Ltd., Class H (Insurance)		710,000			8,157,432
Prosus N.V. (Internet & Direct Marketing Retail) (a)		14,000			1,027,714
Qudian, Inc., Sponsored ADR (Consumer Finance) (a)		19,300			132,977
Sany Heavy Industry Co., Ltd., Class A (Machinery)		509,906			1,020,041
Shandong Gold Mining Co., Ltd., Class H (Metals & Mining) (c)		220,000			545,109
Sihuan Pharmaceutical Holdings Group, Ltd. (Pharmaceuticals)		3,487,000			529,432
Silergy Corp. (Semiconductors & Semiconductor Equipment)		45,000			1,115,409
Sinopec Engineering Group Co., Ltd., Class H (Construction & Engineering)		950,000			596,348
Sinotruk Hong Kong, Ltd. (Machinery)		627,000			929,576
Springland International Holdings, Ltd. (Food & Staples Retailing)		390,000			76,381
Sunac China Holdings, Ltd. (Real Estate Management & Development)		130,000			522,475
Sunny Optical Technology Group Co., Ltd. (Electronic Equipment, Instruments & Components)		97,000			1,425,724
TAL Education Group, ADR (Diversified Consumer Services) (a)		26,000			890,240
TCL Electronics Holdings, Ltd. (Household Durables)		205,000			102,792
Tencent Holdings, Ltd. (Interactive Media & Services)		409,900			17,268,967
Uni-President China Holdings, Ltd. (Food Products)		251,000			270,929
Vipshop Holdings, Ltd., ADR (Internet & Direct Marketing Retail) (a)		62,800			560,176
Want Want China Holdings, Ltd. (Food Products)		600,000			479,988
Weichai Power Co., Ltd., Class H (Machinery)		655,000			944,346
Weiqiao Textile Co., Ltd., Class H (Textiles, Apparel & Luxury Goods)		248,000			65,182
Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(c)		45,000			459,318
Yanzhou Coal Mining Co., Ltd., Class H (Oil, Gas & Consumable Fuels)		128,000			129,997
Yihai International Holding, Ltd. (Food Products) (a)		90,000			535,106
Yonyou Network Technology Co., Ltd., Class A (Software)		119,944			519,034
Yuexiu Property Co., Ltd. (Real Estate Management & Development)		934,000			202,585
Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)		17,606			799,841
					121,295,407
Colombia 0.7%
Bancolombia S.A., Sponsored ADR (Banks)		20,000			989,000
Corp. Financiera Colombiana S.A. (Diversified Financial Services) (a)		3,984			32,101
Ecopetrol S.A., Sponsored ADR (Oil, Gas & Consumable Fuels)		20,000			340,600
Geopark, Ltd. (Oil, Gas & Consumable Fuels) (a)		42,000			773,220
Interconexion Electrica S.A. E.S.P. (Electric Utilities)		115,365			604,672
					2,739,593
Egypt 0.3%
Commercial International Bank Egypt S.A.E., GDR (Banks)		230,000			1,059,150
Greece 0.1%
FF Group (Textiles, Apparel & Luxury Goods) (a)(e)(f)		19,000			49,702
Motor Oil Hellas Corinth Refineries S.A. (Oil, Gas & Consumable Fuels)		18,395			429,463
					479,165
Hong Kong 0.5%
Ajisen China Holdings, Ltd. (Hotels, Restaurants & Leisure)		117,000			32,692
China Metal Recycling Holdings, Ltd. (Metals & Mining) (a)(d)(e)(f)		75,000			0
China Resources Cement Holdings, Ltd. (Construction Materials)		448,000			449,275
CSPC Pharmaceutical Group, Ltd. (Pharmaceuticals)		180,000			361,483
SSY Group, Ltd. (Pharmaceuticals)		1,200,000			949,258
					1,792,708
Hungary 0.3%
OTP Bank Nyrt. (Banks)		24,798			1,032,435
India 7.7%
Adani Ports & Special Economic Zone, Ltd. (Transportation Infrastructure)		200,000			1,171,178
Asian Paints, Ltd. (Chemicals)		9,279			230,964
Aurobindo Pharma, Ltd. (Pharmaceuticals)		5,276			43,783
Axis Bank, Ltd. (Banks)		119,735			1,156,991
Bajaj Finance, Ltd. (Consumer Finance)		41,344			2,362,079
Bharti Infratel, Ltd. (Diversified Telecommunication Services)		132,183			481,776
Coal India, Ltd. (Oil, Gas & Consumable Fuels)		199,081			561,408
GAIL India, Ltd. (Gas Utilities)		52,625			99,467
Graphite India, Ltd. (Electrical Equipment)		74,766			307,636
HCL Technologies, Ltd. (IT Services)		19,234			292,749
Hindustan Petroleum Corp., Ltd. (Oil, Gas & Consumable Fuels)		129,017			550,339
Hindustan Unilever, Ltd. (Household Products)		21,732			608,687
Housing Development Finance Corp., Ltd. (Thrifts & Mortgage Finance)		106,670			2,975,808
ICICI Bank, Ltd. (Banks)		12,284			75,192
Indiabulls Housing Finance, Ltd. (Thrifts & Mortgage Finance)		35,833			129,440
Indian Oil Corp., Ltd. (Oil, Gas & Consumable Fuels)		280,763			584,157
Infosys, Ltd. (IT Services)		318,074			3,609,418
InterGlobe Aviation, Ltd. (Airlines) (c)		3,062			81,360
ITC, Ltd. (Tobacco)		118,637			433,827
LIC Housing Finance, Ltd. (Thrifts & Mortgage Finance)		11,622			61,694
Maruti Suzuki India, Ltd. (Automobiles)		4,500			425,434
NTPC, Ltd. (Independent Power & Renewable Electricity Producers)		345,761			574,001
Oil & Natural Gas Corp., Ltd. (Oil, Gas & Consumable Fuels)		314,171			584,066
Petronet LNG, Ltd. (Oil, Gas & Consumable Fuels)		704,680			2,585,296
Power Grid Corp. of India, Ltd. (Electric Utilities)		218,378			614,747
PVR, Ltd. (Entertainment)		30,000			781,105
REC, Ltd. (Diversified Financial Services)		257,304			446,577
Reliance Industries, Ltd. (Oil, Gas & Consumable Fuels)		229,297			4,314,234
Sonata Software, Ltd. (IT Services)		9,126			42,405
State Bank of India (Banks) (a)		65,000			248,558
Sun Pharmaceutical Industries, Ltd. (Pharmaceuticals)		27,847			153,442
Tata Consultancy Services, Ltd. (IT Services)		29,834			882,785
Titan Co., Ltd. (Textiles, Apparel & Luxury Goods)		60,000			1,079,459
United Spirits, Ltd. (Beverages) (a)		9,676			90,973
UPL, Ltd. (Chemicals)		10,278			87,198
Vedanta, Ltd. (Metals & Mining)		471,765			1,024,494
Zensar Technologies, Ltd. (Software)		19,817			61,267
					29,813,994
Indonesia 1.9%
Bank Rakyat Indonesia Persero Tbk PT (Banks)		10,600,000			3,076,576
PT Bank Negara Indonesia Persero Tbk (Banks)		716,400			370,943
PT Bank Rakyat Indonesia Persero Tbk (Banks)		2,949,900			856,188
PT Gudang Garam Tbk (Tobacco)		78,300			288,902
PT Indofood Sukses Makmur Tbk (Food Products)		2,443,800			1,325,626
PT Matahari Department Store Tbk (Multiline Retail)		535,200			129,323
Telekomunikasi Indonesia Persero Tbk PT (Diversified Telecommunication Services)		3,750,000			1,138,605
					7,186,163
Malaysia 0.9%
AMMB Holdings BHD (Banks)		607,900			601,076
Dialog Group BHD (Energy Equipment & Services)		2,050,000			1,664,676
IOI Properties Group BHD (Real Estate Management & Development)		297,400			80,974
Malaysian Pacific Industries BHD (Semiconductors & Semiconductor Equipment)		29,700			64,834
MISC BHD (Marine)		102,500			190,948
Telekom Malaysia BHD (Diversified Telecommunication Services)		1,098,100			944,151
					3,546,659
Mexico 2.1%
Aleatica, S.A.B. de C.V. (Transportation Infrastructure)		79,600			79,705
America Movil S.A.B. de C.V., Series L (Wireless Telecommunication Services)		2,215,500			1,645,851
Credito Real S.A.B. de C.V. (Consumer Finance) (b)		84,200			95,874
Fibra Uno Administracion S.A. de C.V. (Equity Real Estate Investment Trusts)		723,000			1,059,184
Grupo Financiero Banorte S.A.B. de C.V., Class O (Banks)		370,000			1,994,183
Grupo Mexico S.A.B. de C.V., Series B (Metals & Mining)		322,000			754,988
Kimberly-Clark de Mexico S.A.B. de C.V., Class A (Household Products) (a)		684,800			1,376,263
Wal-Mart de Mexico S.A.B. de C.V. (Food & Staples Retailing)		320,000			948,454
					7,954,502
Peru 0.5%
Credicorp, Ltd. (Banks)		4,500			937,980
Southern Copper Corp. (Metals & Mining)		26,000			887,380
					1,825,360
Philippines 1.6%
Alliance Global Group, Inc. (Industrial Conglomerates)		2,113,400			444,454
Ayala Land, Inc. (Real Estate Management & Development)		2,000,000			1,908,161
Cebu Air, Inc. (Airlines)		45,600			79,182
First Gen Corp. (Independent Power & Renewable Electricity Producers)		408,700			193,981
Globe Telecom, Inc. (Wireless Telecommunication Services)		23,266			821,470
GT Capital Holdings, Inc. (Industrial Conglomerates)		55,000			893,498
International Container Terminal Services, Inc. (Transportation Infrastructure)		80,440			186,860
PLDT, Inc. (Wireless Telecommunication Services)		27,240			594,939
Universal Robina Corp. (Food Products)		380,000			1,143,739
					6,266,284
Poland 1.1%
Asseco Poland S.A. (Software)		33,065			420,929
CD Projekt S.A. (Entertainment)		24,000			1,456,722
Cyfrowy Polsat S.A. (Media)		47,403			312,308
Dino Polska S.A. (Food & Staples Retailing) (a)(c)		35,000			1,370,290
Enea S.A. (Electric Utilities) (a)		160,605			344,231
PLAY Communications S.A. (Wireless Telecommunication Services) (c)		78,879			540,927
					4,445,407
Republic of Korea 12.3%
AfreecaTV Co., Ltd. (Interactive Media & Services)		1,048			56,249
BH Co., Ltd. (Electronic Equipment, Instruments & Components) (a)		19,428			310,224
Celltrion, Inc. (Biotechnology) (a)		1,539			211,007
Daeduck Electronics Co. (Electronic Equipment, Instruments & Components)		3,830			34,741
Daelim Industrial Co., Ltd. (Construction & Engineering)		11,699			1,017,177
DB HiTek Co., Ltd. (Semiconductors & Semiconductor Equipment)		38,473			514,624
Dio Corp. (Health Care Equipment & Supplies) (a)		5,063			169,098
Dongwon Industries Co., Ltd. (Food Products)		792			142,026
Eugene Corp. (Construction Materials)		31,002			125,962
Hana Financial Group, Inc. (Banks)		27,903			822,289
Hanon Systems (Auto Components)		45,000			451,448
HDC Hyundai Development Co.-Engineering & Construction, Class E (Construction & Engineering)		26,620			731,068
Hyundai Glovis Co., Ltd. (Air Freight & Logistics)		1,608			209,713
Hyundai Mobis Co., Ltd. (Auto Components)		6,388			1,345,798
Hyundai Motor Co. (Automobiles)		9,000			1,008,235
Industrial Bank of Korea (Banks)		56,530			623,832
Kakao Corp. (Interactive Media & Services)		17,044			1,930,746
KB Financial Group, Inc. (Banks)		31,175			1,112,881
Kia Motors Corp. (Automobiles)		75,947			2,895,275
Koh Young Technology, Inc. (Semiconductors & Semiconductor Equipment)		6,000			445,931
Korea Investment Holdings Co., Ltd. (Capital Markets)		47,355			2,981,091
KT&G Corp. (Tobacco)		3,872			341,509
LG Household & Health Care, Ltd. (Personal Products)		900			983,405
Meritz Securities Co., Ltd. (Capital Markets)		139,699			589,792
NAVER Corp. (Interactive Media & Services)		9,526			1,250,329
NCSoft Corp. (Entertainment)		2,800			1,219,580
Partron Co., Ltd. (Electronic Equipment, Instruments & Components)		51,724			553,499
POSCO (Metals & Mining)		7,917			1,502,453
Posco International Corp. (Trading Companies & Distributors)		46,993			750,379
Samsung Electronics Co., Ltd. (Technology Hardware, Storage & Peripherals)		361,290			14,815,261
Samsung Engineering Co., Ltd. (Construction & Engineering) (a)		105,000			1,474,731
Samsung SDI Co., Ltd. (Electronic Equipment, Instruments & Components)		7,400			1,379,593
Shinhan Financial Group Co., Ltd. (Banks)		15,687			548,189
SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		62,113			4,268,435
SK Materials Co., Ltd. (Chemicals)		3,500			487,188
Soulbrain Co., Ltd. (Chemicals)		2,585			157,760
					47,461,518
Romania 0.0% ‡
NEPI Rockcastle PLC (Real Estate)		4,351			38,135
Russia 5.0%
Gazprom PAO, Sponsored ADR (Oil, Gas & Consumable Fuels)		302,492			2,087,195
LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		12,371			1,023,453
Magnit PJSC, GDR (Food & Staples Retailing)		47,905			625,879
Magnitogorsk Iron & Steel Works PJSC, Registered, Sponsored GDR (Metals & Mining)		17,137			132,812
MMC Norilsk Nickel PJSC (Metals & Mining)		2,500			642,664
MMC Norilsk Nickel PJSC, ADR(Metals & Mining)		56,205			1,438,286
Polymetal International PLC (Metals & Mining)		115,000			1,611,939
Polyus PJSC (Metals & Mining)		11,000			1,271,390
Qiwi PLC, Sponsored ADR (IT Services)		25,000			548,750
Sberbank of Russia PJSC, Sponsored ADR (Banks)		149,811			2,118,702
Severstal PJSC, Registered, GDR (Metals & Mining)		36,175			519,111
Surgutneftegas PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		159,912			855,529
Tatneft PJSC (Oil, Gas & Consumable Fuels)		120,000			1,278,730
TCS Group Holding PLC (Banks)		114,946			2,011,555
X5 Retail Group N.V., GDR (Food & Staples Retailing)		47,000			1,644,060
Yandex N.V., Class A (Interactive Media & Services) (a)		45,000			1,575,450
					19,385,505
South Africa 4.7%
Absa Group, Ltd. (Banks)		61,664			622,422
African Rainbow Minerals, Ltd. (Metals & Mining)		4,819			44,782
Anglo American Platinum, Ltd. (Metals & Mining)		10,231			616,785
AngloGold Ashanti, Ltd. (Metals & Mining)		136,194			2,554,727
Ascendis Health, Ltd. (Pharmaceuticals) (a)		217,670			61,083
Assore, Ltd. (Metals & Mining)		4,864			81,916
Capitec Bank Holdings, Ltd. (Banks)		20,000			1,700,152
DataTec, Ltd. (Electronic Equipment, Instruments & Components)		86,405			190,496
Exxaro Resources, Ltd. (Oil, Gas & Consumable Fuels)		112,281			968,234
Kumba Iron Ore, Ltd. (Metals & Mining)		2,424			59,935
Liberty Holdings, Ltd. (Insurance)		65,011			482,485
MTN Group, Ltd. (Wireless Telecommunication Services)		138,150			878,431
Naspers, Ltd. (Internet & Direct Marketing Retail)		40,477			6,133,822
Nedbank Group, Ltd. (Banks)		12,796			191,640
Old Mutual, Ltd. (Insurance)		170,969			218,213
Standard Bank Group, Ltd. (Banks)		223,707			2,580,348
Telkom S.A. SOC, Ltd. (Diversified Telecommunication Services)		192,993			899,530
					18,285,001
Spain 0.0% ‡
Banco Santander S.A. (Banks) (a)		31,374			127,665
Taiwan 11.0%
Accton Technology Corp. (Communications Equipment)		270,000			1,422,908
Airtac International Group (Machinery)		75,000			893,246
Arcadyan Technology Corp. (Communications Equipment)		177,000			523,164
Asia Cement Corp. (Construction Materials)		711,000			992,322
ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment)		35,000			890,103
Center Laboratories, Inc. (Pharmaceuticals)		272,687			523,849
Chailease Holding Co., Ltd. (Diversified Financial Services)		578,812			2,332,076
Chicony Electronics Co., Ltd. (Technology Hardware, Storage & Peripherals)		110,000			324,066
CTBC Financial Holding Co., Ltd. (Banks)		1,538,000			1,021,219
Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)		30,000			128,125
E.Sun Financial Holding Co., Ltd. (Banks)		1,871,443			1,583,438
Feng TAY Enterprise Co., Ltd. (Textiles, Apparel & Luxury Goods)		27,700			198,657
Formosa Plastics Corp. (Chemicals)		200,000			609,196
Formosa Taffeta Co., Ltd. (Textiles, Apparel & Luxury Goods)		95,000			103,499
Giant Manufacturing Co., Ltd. (Leisure Products)		160,000			1,088,172
Hon Hai Precision Industry Co., Ltd. (Electronic Equipment, Instruments & Components)		265,892			627,352
International Games System Co., Ltd. (Entertainment)		36,000			451,385
Largan Precision Co., Ltd. (Electronic Equipment, Instruments & Components)		1,500			215,153
MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		67,000			796,887
Nanya Technology Corp. (Semiconductors & Semiconductor Equipment)		223,000			578,623
Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		58,000			332,769
Phison Electronics Corp. (Semiconductors & Semiconductor Equipment)		52,000			463,440
Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		776,000			994,246
Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		118,000			450,708
Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		90,000			667,215
Ruentex Industries, Ltd. (Textiles, Apparel & Luxury Goods) (a)		327,600			706,424
Sino-American Silicon Products, Inc. (Semiconductors & Semiconductor Equipment)		173,000			458,367
Taishin Financial Holding Co., Ltd. (Banks)		372,000			166,069
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)		1,915,000			16,789,312
Taiwan Surface Mounting Technology Co., Ltd. (Semiconductors & Semiconductor Equipment)		160,000			379,055
TCI Co., Ltd. (Personal Products)		8,724			87,874
Tripod Technology Corp. (Electronic Equipment, Instruments & Components)		32,000			115,006
Uni-President Enterprises Corp. (Food Products)		490,000			1,181,389
Unitech Printed Circuit Board Corp. (Electronic Equipment, Instruments & Components)		475,000			541,225
United Integrated Services Co., Ltd. (Construction & Engineering)		52,000			275,718
Walsin Technology Corp. (Electronic Equipment, Instruments & Components)		115,000			646,827
Wei Chuan Foods Corp. (Food Products)		580,000			472,046
Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		113,000			1,014,375
Yuanta Financial Holding Co., Ltd. (Capital Markets)		1,471,000			877,162
Zhen Ding Technology Holding, Ltd. (Electronic Equipment, Instruments & Components)		161,000			576,029
					42,498,696
Thailand 3.6%
Advanced Info Service PCL, NVDR (Wireless Telecommunication Services)		396,000			2,848,455
Airports of Thailand PCL, NVDR (Transportation Infrastructure)		280,000			684,322
Charoen Pokphand Foods PCL, NVDR (Food Products)		1,165,000			999,877
CP ALL PCL, NVDR (Food & Staples Retailing)		660,000			1,753,310
Energy Absolute PCL, NVDR (Independent Power & Renewable Electricity Producers)		820,000			1,286,905
JMT Network Services PCL, NVDR (Commercial Services & Supplies)		254,200			147,941
Krung Thai Bank PCL, NVDR (Banks)		1,697,700			954,731
Major Cineplex Group PCL, NVDR (Entertainment)		176,200			137,688
PTG Energy PCL, NVDR (Specialty Retail)		932,800			573,374
PTT Exploration & Production PCL, NVDR (Oil, Gas & Consumable Fuels)		233,400			923,374
PTT PCL, NVDR (Oil, Gas & Consumable Fuels)		501,000			757,602
Ratchaburi Group PCL, NVDR (Independent Power & Renewable Electricity Producers)		408,600			955,204
Srisawad Corp. PCL, NVDR (Consumer Finance)		860,000			1,609,776
Thai Union Group PCL, NVDR (Food Products)		713,700			389,694
Vinythai PCL, NVDR (Chemicals)		42,800			34,425
					14,056,678
Turkey 0.5%
Turkiye Garanti Bankasi A/S (Banks) (a)		1,000,000			1,808,040
United Arab Emirates 0.2%
NMC Health PLC (Health Care Providers & Services) (b)		27,000			899,661
Total Common Stocks (Cost $351,994,121)					357,210,547
Exchange-Traded Funds 2.0%
United States 2.0%
iShares MSCI Emerging Markets ETF (Capital Markets)		29,525			1,206,687
iShares MSCI Qatar ETF (Capital Markets)		79,534			1,396,617
iShares MSCI India ETF (Exchange-Traded Funds)		49,703			1,668,529
Xtrackers Harvest CSI 300 China A-Shares ETF (Capital Markets) (a)(b)		53,745			1,455,952
iShares MSCI Saudi Arabia ETF (Capital Markets)		52,396			1,597,030
iShares Core MSCI Emerging Markets ETF (Capital Markets)		6,047			296,424
Total Exchange-Traded Funds (Cost $8,000,181)					7,621,239
Preferred Stocks 4.3%
Brazil 3.1%
Banco Bradesco S.A. 3.04% (Banks)		135,400			1,105,372
Centrais Eletricas Brasileiras S.A. 3.47%, Class B (Electric Utilities)		90,000			910,191
Cia Energetica de Minas Gerais 4.31% (Electric Utilities)		217,100			748,756
Cia Paranaense de Energia 2.89%, Class B (Electric Utilities)		44,100			526,553
Itau Unibanco Holding S.A. 5.20% (Banks)		355,795			2,999,675
Petroleo Brasileiro S.A. 4.28% (Oil, Gas & Consumable Fuels)		701,400			4,650,735
Telefonica Brasil S.A. 6.98% (Diversified Telecommunication Services)		69,600			920,306
					11,861,588
Republic of Korea 1.2%
Hyundai Motor Co. 5.06% (Automobiles)		8,786			623,610
Hyundai Motor Co. 5.53% (Automobiles)		14,775			943,703
LG Household & Health Care, Ltd. 1.25% (Personal Products)		469			302,302
Samsung Electronics Co., Ltd. 2.68% (Technology Hardware, Storage & Peripherals)		90,721			2,995,845
					4,865,460
Total Preferred Stocks (Cost $16,509,703)					16,727,048
Short-Term Investments 1.5%
Affiliated Investment Company 0.9%
MainStay U.S. Government Liquidity Fund, 1.81% (g)		3,405,723			3,405,723
Unaffiliated Investment Company 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (g)(h)		2,188,303			2,188,303
Total Short-Term Investments (Cost $5,594,026)					5,594,026
Total Investments (Cost $382,098,031)		100.1	%		387,152,860
Other Assets, Less Liabilities		(0.1	)		(244,440	)
Net Assets		100.0	%	$	386,908,420

†	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 September 30, 2019, the aggregate market value of securities on loan was $3,865,789; the total market value of collateral held by the Portfolio was $4,042,798. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,854,495.
(c)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(d)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(e)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, the total market value of fair valued securities was $49,702, which represented less than one-tenth of a percent of the Portfolio's net assets.
(f)	Illiquid security - As of September 30, 2019, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $49,702, which represented less than one-tenth of a percent of the Portfolio's net assets.
(g)	Current yield as of September 30, 2019.
(h)	Represents security purchased with cash collateral received for securities on loan.

Foreign Currency Forward Contracts

As of September 30, 2019, the Portfolio held the following foreign currency forward contracts¹:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CNY	940,947	USD	132,085	State Street Bank and Trust*	10/8/19	$	(271	)

* 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.

The following abbreviations are used in the preceding pages: 

ADR	—American Depositary Receipt
CNY	—Chinese Yuan Renminbi
ETF	—Exchange-Traded Fund
GDR	—Global Depositary Receipt
NVDR	—Non-Voting Depositary Receipt
PCL	—Provision for Credit Losses
USD	—United States Dollar

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

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks (b)	$	357,160,845	$	49,702	$	0	$	357,210,547
Exchange-Traded Funds		7,621,239		—		—		7,621,239
Preferred Stocks		16,727,048		—		—		16,727,048
Short-Term Investments
Affiliated Investment Company		3,405,723		—		—		3,405,723
Unaffiliated Investment Company		2,188,303		—		—		2,188,303
Total Short-Term Investments		5,594,026		—		—		5,594,026
Total Investments in Securities	$	387,103,158	$	49,702	$	0	$	387,152,860

Liability Valuation Inputs
Other Financial Instruments
Foreign Currency Forward Contracts (c)	$	—	$	(271	)	$	—	$	(271	)

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.
(b)	The Level 3 securities valued at $0 and $0 are held in China and Hong Kong, respectively, within the Common Stocks section of the Portfolio of Investments.
(c)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

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

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers in to Level 3		Transfers out of Level 3		Balance as of September 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of September 30, 2019
Common Stocks
China	$	0	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	0	$	-
Hong Kong		0		-		-		-		-		-		-		-		0		-
Total	$	0	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	0	$	-

MainStay VP Epoch U.S. Equity Yield Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 97.5% †
Aerospace & Defense 4.3%
Boeing Co.		19,231		$	7,316,819
General Dynamics Corp.		39,262			7,174,345
Lockheed Martin Corp.		33,474			13,056,868
Raytheon Co.		35,256			6,916,875
United Technologies Corp.		60,897			8,313,658
					42,778,565
Air Freight & Logistics 0.6%
United Parcel Service, Inc., Class B		54,086			6,480,585
Banks 4.5%
BB&T Corp.		237,978			12,700,886
M&T Bank Corp.		51,291			8,102,439
People's United Financial, Inc.		397,832			6,220,103
U.S. Bancorp		206,729			11,440,383
Wells Fargo & Co.		125,800			6,345,352
					44,809,163
Beverages 3.7%
Coca-Cola Co.		197,514			10,752,662
Coca-Cola European Partners PLC		178,684			9,908,028
Molson Coors Brewing Co., Class B		96,553			5,551,798
PepsiCo., Inc.		78,925			10,820,617
					37,033,105
Biotechnology 1.8%
AbbVie, Inc.		118,989			9,009,847
Amgen, Inc.		48,076			9,303,187
					18,313,034
Capital Markets 2.5%
BlackRock, Inc.		23,638			10,534,039
CME Group, Inc.		67,736			14,315,326
					24,849,365
Chemicals 2.3%
Dow, Inc.		143,829			6,853,452
LyondellBasell Industries N.V., Class A		84,134			7,527,469
Nutrien, Ltd.		184,786			9,217,125
					23,598,046
Commercial Services & Supplies 2.2%
Republic Services, Inc.		124,445			10,770,715
Waste Management, Inc.		101,998			11,729,770
					22,500,485
Communications Equipment 1.2%
Cisco Systems, Inc.		252,000			12,451,320
Containers & Packaging 0.7%
Amcor PLC		671,868			6,550,713
Distributors 0.5%
Genuine Parts Co.		52,083			5,186,946
Diversified Telecommunication Services 4.1%
AT&T, Inc.		389,096			14,723,393
BCE, Inc.		175,641			8,502,781
Verizon Communications, Inc.		301,679			18,209,344
					41,435,518
Electric Utilities 10.3%
Alliant Energy Corp.		118,188			6,373,879
American Electric Power Co., Inc.		121,689			11,401,042
Duke Energy Corp.		161,056			15,438,828
Entergy Corp.		159,889			18,764,573
Evergy, Inc.		129,005			8,586,573
Eversource Energy		108,693			9,289,991
FirstEnergy Corp.		327,005			15,771,451
Pinnacle West Capital Corp.		81,730			7,933,531
PPL Corp.		310,093			9,764,829
					103,324,697
Electrical Equipment 2.6%
Eaton Corp. PLC		167,065			13,891,455
Emerson Electric Co.		177,883			11,893,257
					25,784,712
Equity Real Estate Investment Trusts 3.2%
Iron Mountain, Inc.		295,269			9,563,763
Public Storage		25,598			6,278,421
Welltower, Inc.		183,911			16,671,532
					32,513,716
Food & Staples Retailing 1.2%
Walmart, Inc.		104,967			12,457,484
Health Care Equipment & Supplies 1.0%
Medtronic PLC		90,945			9,878,446
Health Care Providers & Services 1.4%
CVS Health Corp.		97,355			6,140,180
UnitedHealth Group, Inc.		35,657			7,748,979
					13,889,159
Hotels, Restaurants & Leisure 2.9%
Brinker International, Inc.		136,617			5,829,447
Darden Restaurants, Inc.		10,905			1,289,189
Las Vegas Sands Corp.		198,844			11,485,230
McDonald's Corp.		50,408			10,823,102
					29,426,968
Household Durables 0.7%
Leggett & Platt, Inc.		159,453			6,528,006
Household Products 3.2%
Colgate-Palmolive Co.		76,121			5,595,655
Kimberly-Clark Corp.		81,519			11,579,774
Procter & Gamble Co.		116,986			14,550,718
					31,726,147
Industrial Conglomerates 2.0%
3M Co.		53,285			8,760,054
Honeywell International, Inc.		64,102			10,846,058
					19,606,112
Insurance 5.6%
Allianz S.E., Sponsored ADR		453,120			10,512,384
Arthur J. Gallagher & Co.		169,340			15,167,784
Marsh & McLennan Cos., Inc.		68,523			6,855,726
MetLife, Inc.		297,672			14,038,212
Travelers Cos., Inc.		64,979			9,661,727
					56,235,833
IT Services 1.9%
Automatic Data Processing, Inc.		34,855			5,626,294
International Business Machines Corp.		47,275			6,874,730
Paychex, Inc.		76,006			6,291,017
					18,792,041
Metals & Mining 0.6%
Reliance Steel & Aluminum Co.		62,499			6,228,650
Multi-Utilities 5.5%
Ameren Corp.		155,409			12,440,490
CenterPoint Energy, Inc.		207,530			6,263,255
CMS Energy Corp.		115,269			7,371,452
Dominion Energy, Inc.		137,418			11,136,355
NiSource, Inc.		195,110			5,837,691
WEC Energy Group, Inc.		129,856			12,349,306
					55,398,549
Multiline Retail 1.2%
Target Corp.		112,631			12,041,380
Oil, Gas & Consumable Fuels 7.5%
Chevron Corp.		95,752			11,356,187
Enterprise Products Partners, L.P.		382,001			10,917,589
Exxon Mobil Corp.		204,522			14,441,298
Magellan Midstream Partners, L.P.		129,406			8,575,736
Occidental Petroleum Corp.		126,601			5,629,946
Phillips 66		95,352			9,764,045
Royal Dutch Shell PLC, Class A, Sponsored ADR		257,002			15,124,568
					75,809,369
Pharmaceuticals 4.7%
Johnson & Johnson		111,778			14,461,837
Merck & Co., Inc.		208,732			17,571,060
Pfizer, Inc.		434,805			15,622,544
					47,655,441
Semiconductors & Semiconductor Equipment 5.9%
Analog Devices, Inc.		88,608			9,900,172
Broadcom, Inc.		17,227			4,755,858
Intel Corp.		138,268			7,124,950
KLA Corp.		40,464			6,451,985
Maxim Integrated Products, Inc.		116,585			6,751,437
Microchip Technology, Inc.		64,102			5,955,717
Texas Instruments, Inc.		144,229			18,640,156
					59,580,275
Software 1.5%
Microsoft Corp.		109,374			15,206,267
Specialty Retail 1.0%
Home Depot, Inc.		44,471			10,318,161
Technology Hardware, Storage & Peripherals 0.9%
Apple, Inc.		38,593			8,643,674
Textiles, Apparel & Luxury Goods 0.8%
Hanesbrands, Inc.		500,727			7,671,138
Tobacco 2.9%
Altria Group, Inc.		239,981			9,815,223
British American Tobacco PLC, Sponsored ADR		239,581			8,840,539
Philip Morris International, Inc.		137,418			10,434,149
					29,089,911
Trading Companies & Distributors 0.6%
Watsco, Inc.		37,259			6,303,478
Total Common Stocks (Cost $856,068,124)					980,096,459
Short-Term Investment 2.3%
Affiliated Investment Company 2.3%
MainStay U.S. Government Liquidity Fund, 1.81% (a)		22,942,685			22,942,685
Total Short-Term Investment (Cost $22,942,685)					22,942,685
Total Investments (Cost $879,010,809)		99.8	%		1,003,039,144
Other Assets, Less Liabilities		0.2			2,272,550
Net Assets		100.0	%	$	1,005,311,694

†	Percentages indicated are based on Portfolio net assets.
(a)	Current yield as of September 30, 2019.

The following abbreviation is used in the preceding pages:
ADR	—American Depositary Receipt

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	980,096,459	$	—	$	—	$	980,096,459
Short-Term Investment
Affiliated Investment Company		22,942,685		—		—		22,942,685
Total Investments in Securities	$	1,003,039,144	$	—	$	—	$	1,003,039,144

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

MainStay VP Fidelity Institutional AM® Utilities Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 99.8% †
Electric Utilities 51.9%
American Electric Power Co., Inc.		380,000		$	35,602,200
Avangrid, Inc.		432,467			22,596,401
Duke Energy Corp.		590,300			56,586,158
Edison International		1,147,287			86,528,385
Entergy Corp.		529,844			62,182,492
Evergy, Inc.		345,343			22,986,030
Exelon Corp.		2,347,386			113,402,218
FirstEnergy Corp.		1,274,418			61,465,180
NextEra Energy, Inc.		267,733			62,379,112
PPL Corp.		692,195			21,797,220
Southern Co.		1,712,700			105,793,479
					651,318,875
Gas Utilities 6.1%
Atmos Energy Corp.		351,000			39,975,390
Southwest Gas Holdings, Inc.		202,700			18,453,808
UGI Corp.		359,571			18,075,634
					76,504,832
Independent Power & Renewable Electricity Producers 11.0%
AES Corp.		1,410,850			23,053,289
Atlantica Yield PLC (Spain)		155,880			3,755,149
Clearway Energy, Inc., Class C		119,345			2,178,046
NextEra Energy Partners, L.P.		452,817			23,926,851
NRG Energy, Inc.		807,046			31,959,022
Vistra Energy Corp.		2,009,792			53,721,740
					138,594,097
Multi-Utilities 29.7%
CenterPoint Energy, Inc.		2,018,948			60,931,850
CMS Energy Corp.		96,900			6,196,755
Dominion Energy, Inc.		1,705,975			138,252,214
Public Service Enterprise Group, Inc.		987,784			61,321,631
Sempra Energy		691,082			102,010,614
WEC Energy Group, Inc.		46,377			4,410,453
					373,123,517
Oil, Gas & Consumable Fuels 0.6%
Cheniere Energy, Inc. (a)		109,053			6,876,882
Water Utilities 0.5%
SJW Corp.		97,864			6,683,133
Total Common Stocks (Cost $1,024,828,592)					1,253,101,336
Short-Term Investment 0.2%
Affiliated Investment Company 0.2%
MainStay U.S. Government Liquidity Fund, 1.81% (b)		2,658,558			2,658,558
Total Short-Term Investment (Cost $2,658,558)					2,658,558
Total Investments (Cost $1,027,487,150)		100.0	%		1,255,759,894
Other Assets, Less Liabilities		0.0	‡		82,062
Net Assets		100.0	%	$	1,255,841,956

†	Percentages indicated are based on Portfolio net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	Current yield as of September 30, 2019.

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	1,253,101,336	$	—	$	—	$	1,253,101,336
Short-Term Investment
Affiliated Investment Company		2,658,558		—		—		2,658,558
Total Investments in Securities	$	1,255,759,894	$	—	$	—	$	1,255,759,894

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

MainStay VP Floating Rate Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Principal Amount			Value
Long-Term Bonds 97.2% †
Corporate Bonds 4.2%
Auto Parts & Equipment 0.2%
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/26 (a)	$	400,000		$	364,500
Delphi Technologies PLC 5.00%, due 10/1/25 (a)	800,000			708,000
Goodyear Tire & Rubber Co. 4.875%, due 3/15/27 (b)	750,000			739,575
				1,812,075
Building Materials 0.1%
Jeld-Wen, Inc. (a)
4.625%, due 12/15/25	250,000			250,945
4.875%, due 12/15/27	330,000			326,700
				577,645
Chemicals 0.2%
Element Solutions, Inc. 5.875%, due 12/1/25 (a)	1,200,000			1,253,877
Starfruit Finco B.V. / Starfruit U.S. Holdco LLC 8.00%, due 10/1/26 (a)(b)	500,000			500,625
				1,754,502
Chemicals, Plastics & Rubber 0.2%
Alpha 3 B.V. / Alpha U.S. Bidco, Inc. 6.25%, due 2/1/25 (a)	400,000			402,000
Versum Materials, Inc. 5.50%, due 9/30/24 (a)	1,050,000			1,118,250
				1,520,250
Commercial Services 0.2%
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)	850,000			884,000
Refinitiv U.S. Holdings, Inc. 8.25%, due 11/15/26 (a)	500,000			551,875
				1,435,875
Distribution & Wholesale 0.1%
IAA, Inc. 5.50%, due 6/15/27 (a)	500,000			527,500
KAR Auction Services, Inc. 5.125%, due 6/1/25 (a)	350,000			362,250
				889,750
Electric 0.9%
Clearway Energy Operating LLC
5.75%, due 10/15/25	1,630,000			1,617,438
5.75%, due 10/15/25 (a)	1,630,000			1,715,575
NRG Energy, Inc. 7.25%, due 5/15/26	1,300,000			1,423,825
Vistra Energy Corp. 8.125%, due 1/30/26 (a)	1,250,000			1,340,625
Vistra Operations Co. LLC 5.00%, due 7/31/27 (a)	1,500,000			1,544,520
				7,641,983
Environmental Controls 0.2%
Advanced Disposal Services, Inc. 5.625%, due 11/15/24 (a)	800,000			835,000
GFL Environmental, Inc. 8.50%, due 5/1/27 (a)	380,000			421,325
				1,256,325
Food 0.3%
B&G Foods, Inc. 5.25%, due 9/15/27	2,500,000			2,556,500
Post Holdings, Inc. 5.50%, due 12/15/29 (a)	240,000			250,200
				2,806,700
Health Care - Services 0.0% ‡
MPH Acquisition Holdings LLC 7.125%, due 6/1/24 (a)	90,000			82,913
Household Products & Wares 0.0% ‡
Prestige Brands, Inc. 6.375%, due 3/1/24 (a)	300,000			312,000
Housewares 0.0% ‡
Scotts Miracle-Gro Co. 5.25%, due 12/15/26	200,000			210,000
Insurance 0.2%
Acrisure, LLC / Acrisure Finance, Inc. 7.00%, due 11/15/25 (a)	970,000			904,331
GTCR AP Finance, Inc. 8.00%, due 5/15/27 (a)	900,000			924,750
				1,829,081
Machinery - Diversified 0.0% ‡
RBS Global, Inc. / Rexnord LLC 4.875%, due 12/15/25 (a)	300,000			308,220
Media 0.1%
E.W. Scripps Co. 5.125%, due 5/15/25 (a)	500,000			501,250
iHeartCommunications, Inc.
6.375%, due 5/1/26 (b)	105,206			113,622
8.375%, due 5/1/27	190,685			205,997
				820,869
Miscellaneous - Manufacturing 0.1%
Koppers, Inc. 6.00%, due 2/15/25 (a)	500,000			500,315
Oil & Gas 0.0% ‡
EP Energy LLC / Everest Acquistion Finance, Inc. 8.00%, due 2/15/25 (a)	200,000			5,000
Oil & Gas Services 0.0% ‡
USA Compression Partners, L.P. / USA Compression Finance Corp. 6.875%, due 4/1/26	360,000			373,500
Packaging & Containers 0.1%
ARD Finance S.A. 7.125% (7.875% PIK), due 9/15/23 (c)	670,000			690,100
Plastipak Holdings, Inc. 6.25%, due 10/15/25 (a)(b)	220,000			181,500
				871,600
Pharmaceuticals 0.2%
Bausch Health Cos., Inc. (a)
5.50%, due 11/1/25	300,000			313,905
6.50%, due 3/15/22	1,000,000			1,033,750
				1,347,655
Pipelines 0.1%
Energy Transfer Operating, L.P. 4.25%, due 3/15/23	600,000			626,858
Real Estate 0.1%
Realogy Group LLC / Realogy Co-Issuer Corp. 4.875%, due 6/1/23 (a)(b)	900,000			841,500
Real Estate Investment Trusts 0.0% ‡
Ryman Hospitality Properties, Inc. 4.75%, due 10/15/27 (a)	300,000			308,637
Retail 0.0% ‡
PetSmart, Inc. 5.875%, due 6/1/25 (a)	167,000			166,582
Telecommunications 0.7%
CommScope, Inc. 5.50%, due 3/1/24 (a)	1,500,000			1,543,125
Connect Finco SARL / Connect U.S. Finco LLC 6.75%, due 10/1/26 (a)	2,000,000			2,037,500
ON Semiconductor Corp. 2019 Term Loan B (zero coupon), due 9/19/26	2,500,000			2,509,027
				6,089,652
Trucking & Leasing 0.2%
DAE Funding LLC 5.25%, due 11/15/21 (a)	1,700,000			1,768,000
Total Corporate Bonds (Cost $35,525,662)				36,157,487
Floating Rate Loans 81.5% (d)
Aerospace & Defense 0.7%
Dynasty Acquisition Co., Inc. 2019 Term Loan B1 6.104% (3 Month LIBOR + 4.00%), due 4/6/26	578,089			580,618
Science Applications International Corp. 2018 Term Loan B 3.794% (1 Month LIBOR + 1.75%), due 10/31/25	893,250			892,831
TransDigm, Inc.
2018 Term Loan F 4.544% (1 Month LIBOR + 2.50%), due 6/9/23	3,650,203			3,639,938
2018 Term Loan E 4.544% (3 Month LIBOR + 2.50%), due 5/30/25	985,000			980,382
				6,093,769
Automobile 2.3%
American Axle and Manufacturing, Inc.
Term Loan B 4.27% (1 Month LIBOR + 2.25%), due 4/6/24	1,596,562			1,560,925
Term Loan B 4.53% (3 Month LIBOR + 2.25%), due 4/6/24	396,945			388,085
AP Exhaust Acquisition LLC 1st Lien Term Loan 7.175% (3 Month LIBOR + 5.00%), due 5/10/24	720,380			540,285
Belron Finance U.S. LLC
2018 Term Loan B 4.426% (3 Month LIBOR + 2.25%), due 11/13/25	992,500			996,222
Term Loan B 4.459% (3 Month LIBOR + 2.25%), due 11/7/24	982,500			984,956
Chassix, Inc.
2017 1st Lien Term Loan 7.69% (3 Month LIBOR + 5.50%), due 11/15/23	720,417			686,197
2017 1st Lien Term Loan 8.06% (6 Month LIBOR + 5.50%), due 11/15/23	753,333			717,550
IAA, Inc. Term Loan B 4.313% (1 Month LIBOR + 2.25%), due 6/28/26	2,462,500			2,477,891
KAR Auction Services, Inc. 2019 Term Loan B6 4.313% (1 Month LIBOR + 2.25%), due 9/19/26	1,750,000			1,758,750
L&W, Inc. 2018 Term Loan B 6.044% (1 Month LIBOR + 4.00%), due 5/22/25 (e)	1,784,962			1,722,489
Mavis Tire Express Services Corp.
2018 Delayed Draw Term Loan 3.516% (1 Month LIBOR + 3.00%), due 3/20/25	40,721			39,703
2018 1st Lien Term Loan 5.294% (1 Month LIBOR + 3.25%), due 3/20/25	1,406,107			1,370,954
Tenneco, Inc. 2018 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 10/1/25	1,836,125			1,721,367
Truck Hero, Inc. 1st Lien Term Loan 5.794% (1 Month LIBOR + 3.75%), due 4/21/24	2,231,958			2,086,881
Wand NewCo 3, Inc. 2019 1st Lien Term Loan 5.542% (1 Month LIBOR + 3.50%), due 2/5/26	2,194,500			2,204,101
				19,256,356
Banking 2.2%
Apollo Commercial Real Estate Finance, Inc. Term Loan B 4.778% (1 Month LIBOR + 2.75%), due 5/15/26	1,496,250			1,490,639
Broadstreet Partners, Inc. 2018 Term Loan B 5.294% (1 Month LIBOR + 3.25%), due 11/8/23	2,566,953			2,567,754
Brookfield Property REIT, Inc. 1st Lien Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 8/27/25	4,455,000			4,384,197
Capital Automotive L.P. 2017 2nd Lien Term Loan 8.044% (1 Month LIBOR + 6.00%), due 3/24/25	2,173,370			2,176,086
Edelman Financial Center LLC 2018 1st Lien Term Loan 5.307% (1 Month LIBOR + 3.25%), due 7/21/25	1,687,250			1,688,757
Forest City Enterprises, L.P. Term Loan B 6.044% (1 Month LIBOR + 4.00%), due 12/7/25	2,582,987			2,592,674
Greenhill & Co., Inc. Term Loan B 5.278% (1 Month LIBOR + 3.25%), due 4/12/24	748,946			740,521
Jane Street Group LLC 2018 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 8/25/22	1,875,678			1,870,988
Russell Investments U.S. Inst’l Holdco, Inc. Term Loan B 5.294% (1 Month LIBOR + 3.25%), due 6/1/23	974,811			961,711
Trans Union LLC 2018 Term Loan B4 4.044% (1 Month LIBOR + 2.00%), due 6/19/25	444,375			445,671
				18,918,998
Beverage, Food & Tobacco 2.9%
8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan 5.792% (1 Month LIBOR + 3.75%), due 10/1/25	1,588,000			1,591,308
Acosta Holdco, Inc. 2015 Term Loan 7.25% (PRIME + 2.25%), due 9/26/21	2,142,052			665,107
Advantage Sales & Marketing, Inc.
2014 1st Lien Term Loan 5.294% (1 Month LIBOR + 3.25%), due 7/23/21	1,802,652			1,680,221
Term Loan B2 5.294% (1 Month LIBOR + 3.25%), due 7/25/21	977,500			911,111
2014 2nd Lien Term Loan 8.544% (1 Month LIBOR + 6.50%), due 7/25/22	625,000			538,672
Albertsons, LLC 2019 Term Loan B8 4.794% (1 Month LIBOR + 2.75%), due 8/17/26	3,143,262			3,160,943
American Seafoods Group LLC 2017 1st Lien Term Loan 4.86% (1 Month LIBOR + 2.75%), due 8/21/23	1,203,020			1,204,524
Arctic Glacier U.S.A., Inc. 2018 Term Loan B 5.544% (1 Month LIBOR + 3.50%), due 3/20/24	1,441,684			1,394,829
ASP MSG Acquisition Co., Inc. 2017 Term Loan B 6.044% (1 Month LIBOR + 4.00%), due 8/16/23	1,608,174			1,543,847
B&G Foods, Inc. 2019 Term Loan B TBD, due 9/17/26	1,000,000			1,003,750
CH Guenther & Son, Inc. 2018 Term Loan B 4.794% (1 Month LIBOR + 2.75%), due 3/31/25	1,728,125			1,723,805
Chobani LLC 2017 Term Loan B 5.544% (1 Month LIBOR + 3.50%), due 10/10/23	974,986			964,424
Hearthside Food Solutions LLC 2018 Term Loan B 5.731% (1 Month LIBOR + 3.687%), due 5/23/25	1,282,513			1,199,149
Post Holdings, Inc. 2017 Series A Incremental Term Loan 4.04% (1 Month LIBOR + 2.00%), due 5/24/24	595,227			596,343
U.S. Foods, Inc.
2016 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 6/27/23	2,415,029			2,421,569
2019 Term Loan B 4.05% (1 Month LIBOR + 2.00%), due 9/13/26	2,000,000			2,005,938
United Natural Foods, Inc. Term Loan B 6.294% (1 Month LIBOR + 4.25%), due 10/22/25	2,985,000			2,485,012
				25,090,552
Broadcasting & Entertainment 3.5%
CBS Radio, Inc. 2017 Term Loan B 4.804% (1 Month LIBOR + 2.75%), due 11/18/24	1,020,515			1,020,005
Charter Communications Operating LLC 2017 Term Loan B 4.05% (1 Month LIBOR + 2.00%), due 4/30/25	4,912,500			4,938,738
Clear Channel Outdoor Holdings, Inc. Term Loan B 5.544% (1 Month LIBOR + 3.50%), due 8/21/26	2,750,000			2,756,875
Diamond Sports Group LLC Term Loan 5.30% (1 Month LIBOR + 3.25%), due 8/24/26	6,000,000			6,026,250
Global Eagle Entertainment, Inc. 1st Lien Term Loan 9.709% (6 Month LIBOR + 7.50%), due 1/6/23	841,500			772,777
Gray Television, Inc. 2018 Term Loan C 4.832% (3 Month LIBOR + 2.50%), due 1/2/26	2,927,875			2,937,285
iHeartCommunications, Inc. Exit Term Loan 6.10% (1 Month LIBOR + 4.00%), due 5/1/26	362,903			365,095
Nielsen Finance LLC Term Loan B4 4.042% (1 Month LIBOR + 2.00%), due 10/4/23	1,214,152			1,213,285
Univision Communications, Inc. Term Loan C5 4.794% (1 Month LIBOR + 2.75%), due 3/15/24	4,119,592			3,998,945
Virgin Media Bristol LLC Term Loan K 4.528% (1 Month LIBOR + 2.50%), due 1/15/26	4,047,619			4,045,721
WideOpenWest Finance LLC 2017 Term Loan B 5.294% (3 Month LIBOR + 3.25%), due 8/18/23	1,945,300			1,878,835
				29,953,811
Buildings & Real Estate 3.1%
American Bath Group LLC 2018 Term Loan B 6.294% (1 Month LIBOR + 4.25%), due 9/30/23	1,987,393			1,967,519
Core & Main L.P.
2017 Term Loan B 4.85% (1 Month LIBOR + 2.75%), due 8/1/24	1,882,170			1,866,877
2017 Term Loan B 4.88% (3 Month LIBOR + 2.75%), due 8/1/24	1,205,567			1,195,771
DTZ U.S. Borrower LLC 2018 Add On Term Loan B 5.294% (1 Month LIBOR + 3.25%), due 8/21/25	2,970,000			2,974,455
Jeld-Wen, Inc. 2017 1st Lien Term Loan 4.104% (3 Month LIBOR + 2.00%), due 12/14/24	767,578			766,939
NCI Building Systems, Inc. 2018 Term Loan 5.789% (1 Month LIBOR + 3.75%), due 4/12/25	2,568,985			2,507,972
Priso Acquisition Corp. 2017 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 5/8/22 (f)	1,047,374			1,010,716
Realogy Group LLC 2018 Term Loan B 4.296% (1 Month LIBOR + 2.25%), due 2/8/25	2,849,152			2,704,022
Reece, Ltd. 2018 Term Loan B 4.11% (3 Month LIBOR + 2.00%), due 7/2/25	370,313			371,238
SIWF Holdings, Inc.
1st Lien Term Loan 6.304% (1 Month LIBOR + 4.25%), due 6/15/25	1,278,622			1,257,845
2nd Lien Term Loan 10.554% (1 Month LIBOR + 8.50%), due 6/15/26	120,000			113,400
SMG Holdings, Inc. 2017 1st Lien Term Loan 5.044% (1 Month LIBOR + 3.00%), due 1/23/25	1,477,500			1,468,266
SRS Distribution, Inc. 2018 1st Lien Term Loan 5.294% (1 Month LIBOR + 3.25%), due 5/23/25	2,077,759			2,018,543
VC GB Holdings, Inc. 2017 1st Lien Term Loan 5.044% (1 Month LIBOR + 3.00%), due 2/28/24	2,390,921			2,355,057
Wilsonart LLC 2017 Term Loan B 5.36% (3 Month LIBOR + 3.25%), due 12/19/23	3,984,346			3,897,188
				26,475,808
Chemicals, Plastics & Rubber 2.2%
Allnex USA, Inc. Term Loan B3 5.394% (3 Month LIBOR + 3.25%), due 9/13/23	950,312			907,548
Cabot Microelectronics Corp. Term Loan B 4.313% (1 Month LIBOR + 2.25%), due 11/14/25	808,743			811,102
Emerald Performance Materials LLC
New 1st Lien Term Loan 5.544% (1 Month LIBOR + 3.50%), due 8/1/21	1,657,608			1,654,845
New 2nd Lien Term Loan 9.794% (1 Month LIBOR + 7.75%), due 8/1/22	700,000			693,000
Encapsys LLC 1st Lien Term Loan 5.544% (1 Month LIBOR + 3.50%), due 11/7/24	1,465,514			1,469,177
Flex Acquisition Co., Inc. 1st Lien Term Loan 5.319% (3 Month LIBOR + 3.00%), due 12/29/23	947,101			908,540
Flint Group U.S. LLC 1st Lien Term Loan B2 5.283% (3 Month LIBOR + 3.00%), due 9/7/21	1,766,360			1,485,213
Ineos U.S. Finance LLC 2017 Term Loan B 4.044% (2 Month LIBOR + 2.00%), due 3/31/24	1,467,532			1,453,957
Minerals Technologies, Inc.
2017 Term Loan B 4.28% (1 Month LIBOR + 2.25%), due 2/14/24	32,223			32,250
2017 Term Loan B 4.29% (1 Month LIBOR + 2.25%), due 2/14/24	16,111			16,125
2017 Term Loan B 4.30% (1 Month LIBOR + 2.25%), due 2/14/24	555,198			555,660
2017 Term Loan B 4.36% (1 Month LIBOR + 2.25%), due 2/14/24	25,778			25,800
2017 Term Loan B 4.39% (3 Month LIBOR + 2.25%), due 2/14/24	112,780			112,874
PQ Corp. 2018 Term Loan B 4.756% (3 Month LIBOR + 2.50%), due 2/8/25	1,370,410			1,371,389
TricorBraun Holdings, Inc.
2016 1st Lien Term Loan 5.85% (3 Month LIBOR + 3.75%), due 11/30/23	1,362,844			1,321,959
2016 1st Lien Term Loan 5.91% (3 Month LIBOR + 3.75%), due 11/30/23	121,896			118,239
Tronox Finance LLC
Term Loan B 4.79% (1 Month LIBOR + 2.75%), due 9/23/24	1,624,258			1,623,040
Term Loan B 4.85% (3 Month LIBOR + 2.75%), due 9/23/24	1,042,988			1,042,206
Univar, Inc. 2019 Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 7/1/24	816,794			819,040
Venator Materials Corp. Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 8/8/24	1,960,000			1,920,800
Zep, Inc. 2017 1st Lien Term Loan 6.104% (3 Month LIBOR + 4.00%), due 8/12/24 (f)	105,169			81,769
				18,424,533
Containers, Packaging & Glass 3.6%
Anchor Glass Container Corp.
2017 1st Lien Term Loan 4.79% (1 Month LIBOR + 2.75%), due 12/7/23	108,604			85,254
2017 1st Lien Term Loan 4.81% (1 Month LIBOR + 2.75%), due 12/7/23	2,023,794			1,588,678
Berlin Packaging LLC
2018 1st Lien Term Loan 5.05% (1 Month LIBOR + 3.00%), due 11/7/25	115,574			113,407
2018 1st Lien Term Loan 5.11% (1 Month LIBOR + 3.00%), due 11/7/25	628,547			616,763
Berry Global, Inc. Term Loan U 4.549% (1 Month LIBOR + 2.50%), due 7/1/26	5,236,875			5,258,896
BWAY Holding Co. 2017 Term Loan B 5.59% (3 Month LIBOR + 3.25%), due 4/3/24	3,910,000			3,825,282
Charter NEX U.S. Holdings, Inc.
2017 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 5/16/24	2,932,500			2,895,234
Incremental Term Loan 5.544% (1 Month LIBOR + 3.50%), due 5/16/24	872,813			872,449
Clearwater Paper Corp. Term Loan B 5.313% (3 Month LIBOR + 3.25%), due 7/26/26 (e)	2,500,000			2,506,250
Consolidated Container Co. LLC
2017 1st Lien Term Loan 4.794% (1 Month LIBOR + 2.75%), due 5/22/24	1,960,088			1,948,654
2019 Incremental Term Loan 5.544% (1 Month LIBOR + 3.50%), due 6/14/26 (f)	997,500			996,253
Fort Dearborn Co.
2016 1st Lien Term Loan 6.10% (1 Month LIBOR + 4.00%), due 10/19/23	66,969			65,629
2016 1st Lien Term Loan 6.31% (3 Month LIBOR + 4.00%), due 10/19/23	2,364,283			2,316,997
2016 2nd Lien Term Loan 10.813% (3 Month LIBOR + 8.50%), due 10/19/24	1,000,000			930,000
Klockner-Pentaplast of America, Inc. 2017 Term Loan B2 6.294% (1 Month LIBOR + 4.25%), due 6/30/22	2,450,000			2,115,166
Reynolds Group Holdings, Inc. 2017 Term Loan 4.794% (1 Month LIBOR + 2.75%), due 2/5/23	2,201,099			2,202,818
Tank Holding Corp.
2019 Term Loan B 6.04% (1 Month LIBOR + 4.00%), due 3/26/26	250,000			250,417
2019 Term Loan B 6.18% (3 Month LIBOR + 4.00%), due 3/26/26	250,000			250,417
2019 Term Loan B 6.79% (3 Month LIBOR + 4.00%), due 3/26/26	750,000			751,250
Trident TPI Holdings, Inc. 2017 Term Loan B1 5.294% (1 Month LIBOR + 3.25%), due 10/17/24	733,600			706,701
				30,296,515
Diversified/Conglomerate Manufacturing 2.5%
Allied Universal Holdco LLC 2019 Term Loan B 6.507% (3 Month LIBOR + 4.25%), due 7/10/26	2,274,775			2,276,196
Filtration Group Corp. 2018 1st Lien Term Loan 5.044% (1 Month LIBOR + 3.00%), due 3/29/25	1,800,815			1,804,192
Gardner Denver, Inc. 2017 Term Loan B 4.794% (1 Month LIBOR + 2.75%), due 7/30/24	1,386,817			1,389,875
GYP Holdings III Corp. 2018 Term Loan B 4.794% (1 Month LIBOR + 2.75%), due 6/1/25	437,426			434,583
Hyster-Yale Group, Inc. Term Loan B 5.294% (1 Month LIBOR + 3.25%), due 5/30/23	1,429,861			1,406,626
Iron Mountain, Inc. 2018 Term Loan B 3.794% (1 Month LIBOR + 1.75%), due 1/2/26	1,846,875			1,828,406
LTI Holdings, Inc. 2018 Add On 1st Lien Term Loan 5.544% (1 Month LIBOR + 3.50%), due 9/6/25	1,588,975			1,500,258
Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan 5.294% (1 Month LIBOR + 3.25%), due 5/1/25	2,483,610			2,477,401
Quikrete Holdings, Inc. 2016 1st Lien Term Loan 4.794% (1 Month LIBOR + 2.75%), due 11/15/23	3,336,792			3,321,500
Red Ventures LLC 2018 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 11/8/24	4,046,625			4,059,271
TRC Cos., Inc. Term Loan 5.544% (1 Month LIBOR + 3.50%), due 6/21/24	882,000			882,000
				21,380,308
Diversified/Conglomerate Service 5.4%
Applied Systems, Inc.
2017 1st Lien Term Loan 5.104% (3 Month LIBOR + 3.00%), due 9/19/24	2,940,000			2,935,275
2017 2nd Lien Term Loan 9.104% (3 Month LIBOR + 7.00%), due 9/19/25	460,000			464,313
Blackhawk Network Holdings, Inc. 2018 1st Lien Term Loan 5.044% (1 Month LIBOR + 3.00%), due 6/15/25	987,500			983,385
BrightView Landscapes LLC 2018 1st Lien Term Loan B 4.56% (1 Month LIBOR + 2.50%), due 8/15/25	1,156,122			1,159,012
BrightView Landscapes, LLC 2018 1st Lien Term Loan B 4.94% (1 Month LIBOR + 2.50%), due 8/15/25	958,007			960,402
Carbonite, Inc. Term Loan B 6.006% (1 Month LIBOR + 3.75%), due 3/26/26	881,818			881,451
Change Healthcare Holdings, Inc. 2017 Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 3/1/24	1,677,836			1,668,660
Cypress Intermediate Holdings III, Inc. 2017 1st Lien Term Loan 4.80% (1 Month LIBOR + 2.75%), due 4/26/24	1,955,000			1,945,575
Element Materials Technology Group US Holdings, Inc. 2017 Term Loan B 5.604% (3 Month LIBOR + 3.50%), due 6/28/24	984,962			984,962
Greeneden U.S. Holdings II LLC 2018 Term Loan B 5.294% (1 Month LIBOR + 3.25%), due 12/1/23	1,455,576			1,445,750
Information Resources, Inc. 2018 1st Lien Term Loan 6.624% (3 Month LIBOR + 4.50%), due 12/1/25	3,225,625			3,091,223
J.D. Power and Associates 2018 1st Lien Term Loan 5.794% (1 Month LIBOR + 3.75%), due 9/7/23	2,835,917			2,835,917
Kronos, Inc. 2017 Term Loan B 5.253% (3 Month LIBOR + 3.00%), due 11/1/23	4,037,959			4,045,530
Mitchell International, Inc. 2017 1st Lien Term Loan 5.294% (1 Month LIBOR + 3.25%), due 11/29/24	1,477,500			1,412,243
MKS Instruments, Inc. 2017 Term Loan B3 TBD, due 5/1/23	749,703			750,453
Monitronics International, Inc. Takeback Term Loan 8.604% (3 Month LIBOR + 6.50%), due 3/29/24 (g)(h)	963,357			886,288
MX Holdings U.S., Inc. 2018 Term Loan B1C 5.044% (1 Month LIBOR + 3.00%), due 7/31/25	3,229,068			3,233,105
Prime Security Services Borrower LLC 2019 Term Loan B 5.21% (1 Week LIBOR + 3.25%), due 9/23/26	8,063,768			7,965,850
Sophia L.P. 2017 Term Loan B 5.354% (3 Month LIBOR + 3.25%), due 9/30/22	1,839,104			1,837,955
TruGreen, Ltd. Partnership 2019 Term Loan 5.794% (1 Month LIBOR + 3.75%), due 3/19/26	1,750,926			1,753,115
Verint Systems, Inc. 2018 Term Loan B 4.147% (2 Month LIBOR + 2.00%), due 6/28/24	2,443,750			2,451,387
Verscend Holding Corp. 2018 Term Loan B 6.544% (1 Month LIBOR + 4.50%), due 8/27/25	990,000			992,062
WEX, Inc. Term Loan B3 4.294% (1 Month LIBOR + 2.25%), due 5/15/26	967,638			971,750
				45,655,663
Ecological 0.4%
Advanced Disposal Services, Inc. Term Loan B3 4.197% (1 Week LIBOR + 2.25%), due 11/10/23	3,572,032			3,578,908
Electronics 12.8%
Almonde, Inc.
1st Lien Term Loan 5.696% (2 Month LIBOR + 3.50%), due 6/13/24	3,724,185			3,618,445
2nd Lien Term Loan 9.446% (1 Month LIBOR + 7.25%), due 6/13/25	1,400,000			1,337,000
ASG Technologies Group, Inc. 2018 Term Loan 5.544% (1 Month LIBOR + 3.50%), due 7/31/24	1,502,734			1,495,220
Banff Merger Sub Inc. 2018 Term Loan B 6.294% (1 Month LIBOR + 4.25%), due 10/2/25	4,431,996			4,263,718
Barracuda Networks, Inc. 1st Lien Term Loan 5.398% (3 Month LIBOR + 3.25%), due 2/12/25	1,978,731			1,979,226
Camelot UK Holdco, Ltd. 2017 Repriced Term Loan 5.294% (1 Month LIBOR + 3.25%), due 10/3/23	815,307			819,893
Cologix, Inc. 2017 1st Lien Term Loan 5.044% (1 Month LIBOR + 3.00%), due 3/20/24	1,940,152			1,891,648
Colorado Buyer, Inc.
Term Loan B 5.04% (1 Month LIBOR + 3.00%), due 5/1/24	977,500			876,084
2nd Lien Term Loan 9.30% (1 Month LIBOR + 7.25%), due 5/1/25	800,000			650,400
CommScope, Inc. 2019 Term Loan B 5.294% (1 Month LIBOR + 3.25%), due 4/6/26	4,812,500			4,790,444
Compuware Corp. 2018 Term Loan B 6.044% (1 Month LIBOR + 4.00%), due 8/22/25	697,243			700,293
Cortes NP Acquisition Corp. 2017 Term Loan B 6.044% (1 Month LIBOR + 4.00%), due 11/30/23	1,079,783			1,024,894
Dell International LLC 2019 Term Loan B 4.05% (1 Month LIBOR + 2.00%), due 9/19/25	4,264,280			4,284,271
Diebold, Inc. 2017 Term Loan B 4.813% (1 Month LIBOR + 2.75%), due 11/6/23	1,203,155			1,126,454
DigiCert Holdings, Inc. 2019 Term Loan B TBD, due 8/13/26	2,000,000			1,994,166
DigiCert, Inc. 2017 Term Loan B1 6.044% (1 Month LIBOR + 4.00%), due 10/31/24	2,475,000			2,475,000
Dynatrace LLC
2018 1st Lien Term Loan 4.79% (1 Month LIBOR + 2.75%), due 8/22/25	435,099			436,730
2018 1st Lien Term Loan 6.75% (PRIME + 2.25%), due 8/22/25	23,684			23,773
EIG Investors Corp. 2018 1st Lien Term Loan 5.882% (3 Month LIBOR + 3.75%), due 2/9/23	3,952,941			3,867,708
Epicor Software Corp. 1st Lien Term Loan 5.30% (1 Month LIBOR + 3.25%), due 6/1/22	6,130,619			6,129,344
Exact Merger Sub LLC 1st Lien Term Loan 6.354% (3 Month LIBOR + 4.25%), due 9/27/24	2,214,304			2,201,155
Financial & Risk US Holdings, Inc. 2018 Term Loan 5.794% (1 Month LIBOR + 3.75%), due 10/1/25	4,468,737			4,492,475
Flexential Intermediate Corp. 2017 1st Lien Term Loan 5.604% (3 Month LIBOR + 3.50%), due 8/1/24	1,176,000			1,012,095
Flexera Software LLC 2018 1st Lien Term Loan 5.55% (1 Month LIBOR + 3.50%), due 2/26/25	2,433,149			2,436,190
Go Daddy Operating Co. LLC 2017 Repriced Term Loan TBD, due 2/15/24	1,750,000			1,751,944
GTCR Valor Cos., Inc. 2017 Term Loan B1 4.854% (3 Month LIBOR + 2.75%), due 6/16/23	1,760,896			1,757,374
Hyland Software, Inc.
2018 Term Loan 3 5.294% (1 Month LIBOR + 3.25%), due 7/1/24	4,637,213			4,627,275
2017 2nd Lien Term Loan 9.044% (1 Month LIBOR + 7.00%), due 7/7/25	608,333			609,474
IInformatica Corp. 2018 Term Loan 5.294% (1 Month LIBOR + 3.25%), due 8/5/22	1,465,922			1,471,877
Infor (U.S.), Inc. Term Loan B6 4.854% (3 Month LIBOR + 2.75%), due 2/1/22	2,682,321			2,685,004
MA FinanceCo. LLC Term Loan B3 4.544% (1 Month LIBOR + 2.50%), due 6/21/24	352,345			347,588
McAfee LLC
2018 Term Loan B 5.794% (1 Month LIBOR + 3.75%), due 9/30/24	5,624,158			5,633,196
2017 2nd Lien Term Loan 10.544% (1 Month LIBOR + 8.50%), due 9/29/25	1,312,500			1,318,242
MH Sub I LLC 2017 1st Lien Term Loan 5.794% (1 Month LIBOR + 3.75%), due 9/13/24	4,084,561			4,050,280
Project Alpha Intermediate Holding, Inc.
2017 Term Loan B 5.81% (3 Month LIBOR + 3.50%), due 4/26/24	1,955,000			1,925,675
2019 Incremental Term Loan B 6.56% (3 Month LIBOR + 4.25%), due 4/26/24	598,500			597,004
Project Leopard Holdings, Inc.
2019 Term Loan 6.45% (1 Month LIBOR + 4.25%), due 7/7/23	496,250			495,475
2018 Term Loan 6.70% (6 Month LIBOR + 4.50%), due 7/7/23	602,982			603,359
Rocket Software, Inc. 2018 Term Loan 6.294% (1 Month LIBOR + 4.25%), due 11/28/25	895,500			837,852
RP Crown Parent LLC 2016 Term Loan B 4.804% (3 Month LIBOR + 2.75%), due 10/12/23	2,334,000			2,332,833
Seattle Spinco, Inc. Term Loan B3 4.544% (1 Month LIBOR + 2.50%), due 6/21/24	2,379,469			2,346,752
Solera LLC Term Loan B 4.794% (1 Month LIBOR + 2.75%), due 3/3/23	2,678,714			2,664,429
SonicWALL, Inc. 1st Lien Term Loan 5.636% (3 Month LIBOR + 3.50%), due 5/16/25	397,000			385,090
SS&C Technologies, Inc.
2018 Term Loan B3 4.294% (1 Month LIBOR + 2.25%), due 4/16/25	2,876,584			2,886,773
2018 Term Loan B5 4.294% (1 Month LIBOR + 2.25%), due 4/16/25	1,979,767			1,987,500
Tempo Acquisition LLC Term Loan 5.044% (1 Month LIBOR + 3.00%), due 5/1/24	4,416,161			4,428,305
Ultimate Software Group, Inc. Term Loan B 5.794% (1 Month LIBOR + 3.75%), due 5/4/26	1,750,000			1,757,875
Veritas Bermuda, Ltd.
Repriced Term Loan B 6.54% (1 Month LIBOR + 4.50%), due 1/27/23	1,851,316			1,746,407
Repriced Term Loan B 6.60% (3 Month LIBOR + 4.50%), due 1/27/23	361,558			341,070
Vertafore, Inc. 2018 1st Lien Term Loan 5.294% (1 Month LIBOR + 3.25%), due 7/2/25	397,000			385,487
Web.com Group, Inc.
2018 Term Loan B 5.778% (1 Month LIBOR + 3.75%), due 10/10/25	1,453,881			1,426,621
2018 2nd Lien Term Loan 9.778% (1 Month LIBOR + 7.75%), due 10/9/26	969,724			940,632
Western Digital Corp. 2018 Term Loan B4 3.862% (3 Month LIBOR + 1.75%), due 4/29/23	1,777,978			1,771,629
Xerox Business Services LLC Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 12/7/23	1,461,119			1,419,112
				109,458,760
Entertainment 0.1%
NASCAR Holdings, Inc. Term Loan B TBD, due 7/27/26	1,250,000			1,258,399
Finance 1.5%
Alliant Holdings I, Inc. 2018 Term Loan B 5.054% (3 Month LIBOR + 3.00%), due 5/9/25	1,792,682			1,759,442
Brand Energy & Infrastructure Services, Inc.
2017 Term Loan 6.35% (3 Month LIBOR + 4.25%), due 6/21/24	8,175			7,957
2017 Term Loan 6.51% (3 Month LIBOR + 4.25%), due 6/21/24	1,689,974			1,644,907
2017 Term Loan 6.52% (2 Month LIBOR + 4.25%), due 6/21/24	1,498,260			1,458,306
Deerfield Dakota Holding, LLC 2018 Term Loan B 5.294% (1 Month LIBOR + 3.25%), due 2/13/25	3,898,958			3,819,353
iStar, Inc.
2016 Term Loan B 4.81% (1 Month LIBOR + 2.75%), due 6/28/23	416,651			417,693
2016 Term Loan B 4.81% (1 Month LIBOR + 2.75%), due 6/28/23	406,235			407,250
Transplace Holdings, Inc. 1st Lien Term Loan 5.804% (1 Month LIBOR + 3.75%), due 10/7/24	1,179,045			1,158,412
USS Ultimate Holdings, Inc. 1st Lien Term Loan 5.95% (6 Month LIBOR + 3.75%), due 8/25/24	2,066,728			2,067,245
				12,740,565
Healthcare, Education & Childcare 7.3%
Acadia Healthcare Company, Inc. 2018 Term Loan B4 4.544% (1 Month LIBOR + 2.50%), due 2/16/23	737,925			738,540
Agiliti Health, Inc. Term Loan 5.125% (1 Month LIBOR + 3.00%), due 1/4/26	895,500			893,261
AHP Health Partners, Inc. 2018 Term Loan 6.544% (1 Month LIBOR + 4.50%), due 6/30/25	1,316,667			1,318,723
Akorn, Inc. Term Loan B 4.531% (1 Month LIBOR + 6.25%), due 4/16/21	172,853			159,024
Alliance Healthcare Services, Inc. 2017 Term Loan B 6.544% (1 Month LIBOR + 4.50%), due 10/24/23	860,625			813,291
Alvogen Pharma US, Inc. 2018 Term Loan B 6.79% (1 Month LIBOR + 4.75%), due 4/2/22	2,807,819			2,520,017
Amneal Pharmaceuticals LLC 2018 Term Loan B 5.563% (1 Month LIBOR + 3.50%), due 5/4/25	2,221,355			1,888,152
Athenahealth, Inc. 2019 Term Loan B 6.681% (3 Month LIBOR + 4.50%), due 2/11/26	745,627			740,655
Avantor, Inc. 2017 1st Lien Term Loan 5.044% (1 Month LIBOR + 3.00%), due 11/21/24	817,542			822,652
BidFair MergerRight, Inc. Term Loan B TBD, due 1/23/27	2,500,000			2,471,875
Carestream Dental Equipment, Inc. 2017 1st Lien Term Loan 5.294% (1 Month LIBOR + 3.25%), due 9/1/24	980,000			951,825
Carestream Health, Inc. (f)
1st Lien Term Loan 7.794% (1 Month LIBOR + 5.75%), due 2/28/21	1,981,780			1,884,342
2nd Lien Term Loan 11.544% (1 Month LIBOR + 9.50%), due 6/7/21 (e)	1,347,599			1,280,219
Concentra, Inc. 2018 1st Lien Term Loan 4.54% (3 Month LIBOR + 2.50%), due 6/1/22	3,323,907			3,329,448
DaVita, Inc. 2019 Term Loan B 4.294% (1 Month LIBOR + 2.25%), due 8/12/26	3,750,000			3,769,271
Emerald TopCo, Inc. Term Loan 5.544% (1 Month LIBOR + 3.50%), due 7/24/26	2,500,000			2,489,063
Envision Healthcare Corp. 2018 1st Lien Term Loan 5.794% (1 Month LIBOR + 3.75%), due 10/10/25	1,860,938			1,515,888
ExamWorks Group, Inc. 2017 Term Loan 5.294% (1 Month LIBOR + 3.25%), due 7/27/23	2,929,325			2,937,869
Explorer Holdings, Inc. 2016 Term Loan B 3.75% (3 Month LIBOR + 3.75%), due 5/2/23	1,268,441			1,266,855
Gentiva Health Services, Inc. 2018 1st Lien Term Loan 5.813% (1 Month LIBOR + 3.75%), due 7/2/25	1,290,136			1,296,586
HCA Inc. 2018 Term Loan B10 4.044% (1 Month LIBOR + 2.00%), due 3/13/25	2,487,374			2,493,246
Jaguar Holding Co. II 2018 Term Loan 4.544% (1 Month LIBOR + 2.50%), due 8/18/22	4,661,424			4,664,920
Kinetic Concepts, Inc. 2017 Term Loan B 7.25% (PRIME + 2.25%), due 2/2/24	3,910,000			3,914,888
Ortho-Clinical Diagnostics S.A. 2018 Term Loan B 5.563% (3 Month LIBOR + 3.25%), due 6/30/25	1,932,403			1,865,977
Parexel International Corp. Term Loan B 4.794% (1 Month LIBOR + 2.75%), due 9/27/24	1,545,508			1,465,528
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B 6.554% (1 Month LIBOR + 4.50%), due 11/17/25	2,151,660			2,152,332
RPI Finance Trust Term Loan B6 4.044% (1 Month LIBOR + 2.00%), due 3/27/23	3,837,016			3,854,401
Select Medical Corp.
2017 Term Loan B 4.54% (1 Month LIBOR + 2.50%), due 3/6/25	2,560			2,559
2017 Term Loan B 4.58% (3 Month LIBOR + 2.50%), due 3/6/25	3,133,314			3,131,356
Sound Inpatient Physicians 2018 1st Lien Term Loan 4.794% (1 Month LIBOR + 2.75%), due 6/27/25	493,750			489,738
Team Health Holdings, Inc. 1st Lien Term Loan 4.794% (1 Month LIBOR + 2.75%), due 2/6/24	2,895,190			2,378,882
U.S. Anesthesia Partners, Inc. 2017 Term Loan 5.044% (1 Month LIBOR + 3.00%), due 6/23/24	2,839,140			2,768,162
				62,269,545
Home and Office Furnishings, Housewares & Durable Consumer Products 0.6%
Comfort Holding LLC 1st Lien Term Loan 6.794% (1 Month LIBOR + 4.75%), due 2/5/24	1,170,000			1,155,375
Resideo Funding, Inc. Term Loan B 4.11% (3 Month LIBOR + 2.00%), due 10/24/25	1,890,737			1,893,101
Serta Simmons Bedding LLC
1st Lien Term Loan 5.54% (1 Month LIBOR + 3.50%), due 11/8/23	2,687,289			1,648,203
1st Lien Term Loan 5.56% (1 Month LIBOR + 3.50%), due 11/8/23	762,257			467,517
				5,164,196
Hotels, Motels, Inns & Gaming 5.2%
Affinity Gaming LLC Initial Term Loan 5.294% (1 Month LIBOR + 3.25%), due 7/1/23	2,483,064			2,403,606
AP Gaming I LLC 2018 Incremental Term Loan 5.544% (1 Month LIBOR + 3.50%), due 2/15/24	1,858,221			1,848,930
Caesars Entertainment Operating Co. Exit Term Loan 4.044% (1 Month LIBOR + 2.00%), due 10/6/24	1,359,722			1,358,590
Caesars Resort Collection LLC 2017 1st Lien Term Loan B 4.794% (1 Month LIBOR + 2.75%), due 12/22/24	3,930,000			3,903,331
Churchill Downs, Inc. 2017 Term Loan B 4.05% (1 Month LIBOR + 2.00%), due 12/27/24	1,972,424			1,975,712
CityCenter Holdings LLC 2017 Term Loan B 4.294% (1 Month LIBOR + 2.25%), due 4/18/24	2,834,750			2,839,305
Everi Payments, Inc. Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 5/9/24	3,141,942			3,143,042
Golden Entertainment, Inc. 2017 1st Lien Term Loan 5.06% (1 Month LIBOR + 3.00%), due 10/21/24	1,000,000			1,002,500
Hilton Worldwide Finance LLC 2019 Term Loan B2 3.768% (1 Month LIBOR + 1.75%), due 6/22/26	2,235,804			2,248,846
MGM Growth Properties Operating Partnership, L.P. 2016 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 3/21/25	2,987,365			2,991,099
PCI Gaming Authority Term Loan 5.044% (1 Month LIBOR + 3.00%), due 5/29/26	748,125			751,117
Penn National Gaming, Inc. 2018 1st Lien Term Loan B 4.294% (1 Month LIBOR + 2.25%), due 10/15/25	330,833			332,223
Scientific Games International, Inc.
2018 Term Loan B5 4.79% (1 Month LIBOR + 2.75%), due 8/14/24	1,237,782			1,226,068
2018 Term Loan B5 4.90% (2 Month LIBOR + 2.75%), due 8/14/24	5,124,337			5,075,840
Station Casinos LLC 2016 Term Loan B 4.55% (1 Month LIBOR + 2.50%), due 6/8/23	3,134,678			3,143,583
UFC Holdings LLC 2019 Term Loan 5.30% (1 Month LIBOR + 3.25%), due 4/29/26	5,568,383			5,582,303
Wyndham Destinations, Inc. 2018 1st Lien Term Loan 4.294% (1 Month LIBOR + 2.25%), due 5/30/25	1,990,000			1,993,317
Wyndham Hotels & Resorts, Inc. Term Loan B 3.794% (1 Month LIBOR + 1.75%), due 5/30/25	2,482,481			2,493,342
				44,312,754
Insurance 3.3%
Acrisure LLC 2017 Term Loan B 6.354% (3 Month LIBOR + 4.25%), due 11/22/23	994,924			989,949
AmWINS Group, Inc.
2017 Term Loan B 4.79% (1 Month LIBOR + 2.75%), due 1/25/24	2,365,343			2,364,357
2017 Term Loan B 4.81% (1 Month LIBOR + 2.75%), due 1/25/24	564,612			564,377
AssuredPartners, Inc. 2017 1st Lien Add-On Term Loan 5.544% (1 Month LIBOR + 3.50%), due 10/22/24	2,236,660			2,224,079
Asurion LLC
2017 Term Loan B4 5.044% (1 Month LIBOR + 3.00%), due 8/4/22	3,351,983			3,361,201
2018 Term Loan B6 5.044% (1 Month LIBOR + 3.00%), due 11/3/23	2,644,842			2,654,210
2018 Term Loan B7 5.044% (1 Month LIBOR + 3.00%), due 11/3/24	462,891			464,213
2017 2nd Lien Term Loan 8.544% (1 Month LIBOR + 6.50%), due 8/4/25	1,466,667			1,489,278
Fleet U.S. Bidco, Inc. Term Loan B TBD, due 9/23/26	1,250,000			1,254,687
Hub International, Ltd. 2018 Term Loan B 5.267% (3 Month LIBOR + 3.00%), due 4/25/25	2,439,706			2,410,354
MPH Acquisition Holdings LLC 2016 Term Loan B 4.854% (3 Month LIBOR + 2.75%), due 6/7/23	1,842,940			1,750,793
NFP Corp. Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 1/8/24	1,463,637			1,437,291
Sedgwick Claims Management Services, Inc.
2018 Term Loan B 5.294% (1 Month LIBOR + 3.25%), due 12/31/25	2,977,500			2,927,627
2019 Term Loan B 6.044% (1 Month LIBOR + 4.00%), due 9/3/26	997,500			997,500
USI, Inc. 2017 Repriced Term Loan 5.104% (3 Month LIBOR + 3.00%), due 5/16/24	2,940,000			2,887,324
				27,777,240
Leisure, Amusement, Motion Pictures & Entertainment 2.9%
Alterra Mountain Co. Term Loan B1 5.044% (1 Month LIBOR + 3.00%), due 7/31/24	3,468,485			3,464,150
Boyd Gaming Corp. Term Loan B3 4.166% (1 Week LIBOR + 2.25%), due 9/15/23	1,945,919			1,950,783
Creative Artists Agency LLC 2018 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 2/15/24	1,907,206			1,912,569
Fitness International LLC
2018 Term Loan A 4.544% (1 Month LIBOR + 2.50%), due 4/18/23	1,274,706			1,269,394
2018 Term Loan B 5.294% (1 Month LIBOR + 3.25%), due 4/18/25	469,840			470,281
Life Time Fitness, Inc. 2017 Term Loan B 4.874% (3 Month LIBOR + 2.75%), due 6/10/22	2,791,836			2,791,255
Lions Gate Capital Holdings LLC 2018 Term Loan B 4.294% (1 Month LIBOR + 2.25%), due 3/24/25	2,156,506			2,149,091
Marriott Ownership Resorts, Inc. 2018 Term Loan B 4.294% (1 Month LIBOR + 2.25%), due 8/29/25	4,179,750			4,197,167
TKC Holdings, Inc. 2017 1st Lien Term Loan 5.80% (1 Month LIBOR + 3.75%), due 2/1/23	2,032,317			1,993,364
Travel Leaders Group LLC 2018 Term Loan B 6.046% (1 Month LIBOR + 4.00%), due 1/25/24	1,678,750			1,676,652
William Morris Endeavor Entertainment LLC 2018 1st Lien Term Loan 4.80% (1 Month LIBOR + 2.75%), due 5/18/25	2,681,652			2,602,878
				24,477,584
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 1.3%
Altra Industrial Motion Corp. 2018 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 10/1/25	3,261,923			3,256,485
Columbus McKinnon Corp. 2018 Term Loan B 4.604% (3 Month LIBOR + 2.50%), due 1/31/24	963,595			966,004
CPM Holdings, Inc.
2018 1st Lien Term Loan 5.794% (1 Month LIBOR + 3.75%), due 11/15/25	1,488,750			1,462,697
2018 2nd Lien Term Loan 10.294% (1 Month LIBOR + 8.25%), due 11/15/26	1,000,000			982,500
Rexnord LLC 2017 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 8/21/24	1,192,155			1,198,448
Terex Corp. 2019 Term Loan B1 4.794% (1 Month LIBOR + 2.75%), due 1/31/24	746,250			747,649
Welbilt, Inc. 2018 Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 10/23/25	2,284,178			2,277,040
				10,890,823
Manufacturing 0.3%
Advanced Drainage Systems, Inc. Term Loan B TBD, due 9/19/26	750,000			752,812
EWT Holdings III Corp. 2017 Repriced Term Loan 5.044% (1 Month LIBOR + 3.00%), due 12/20/24	2,235,430			2,242,416
				2,995,228
Mining, Steel, Iron & Non-Precious Metals 1.5%
American Rock Salt Co. LLC 2018 1st Lien Term Loan 5.794% (1 Month LIBOR + 3.75%), due 3/21/25	1,628,426			1,628,426
Covia Holdings Corp. Term Loan 6.313% (3 Month LIBOR + 4.00%), due 6/1/25	1,410,714			1,145,500
Gates Global LLC 2017 Repriced Term Loan B 4.794% (1 Month LIBOR + 2.75%), due 4/1/24	2,412,824			2,376,631
GrafTech Finance, Inc. 2018 Term Loan B 5.544% (1 Month LIBOR + 3.50%), due 2/12/25	2,758,333			2,677,881
HFOTCO LLC 2018 Term Loan B 4.80% (1 Month LIBOR + 2.75%), due 6/26/25	790,000			783,087
Keane Group Holdings LLC 2018 1st Lien Term Loan 5.813% (1 Month LIBOR + 3.75%), due 5/25/25	987,500			967,750
MRC Global (US) Inc. 2018 1st Lien Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 9/20/24	1,473,750			1,471,908
U.S. Silica Co. 2018 Term Loan B 6.063% (1 Month LIBOR + 4.00%), due 5/1/25	1,477,470			1,393,993
				12,445,176
Oil & Gas 1.2%
Apergy Corp. 2018 1st Lien Term Loan 4.563% (3 Month LIBOR + 2.50%), due 5/9/25	426,506			426,684
GIP III Stetson I, L.P. 2018 Term Loan B 6.291% (1 Month LIBOR + 4.25%), due 7/18/25	1,663,781			1,622,187
HGIM Corp. 2018 Exit Term Loan 8.034% (3 Month LIBOR + 6.00%), due 7/2/23	110,172			96,401
Lucid Energy Group II LLC 2018 1st Lien Term Loan 5.044% (1 Month LIBOR + 3.00%), due 2/17/25	1,379,000			1,295,111
McDermott Technology Americas, Inc. 2018 1st Lien Term Loan 7.104% (3 Month LIBOR + 5.00%), due 5/9/25	1,472,525			929,736
Medallion Midland Acquisition LLC 1st Lien Term Loan 5.294% (1 Month LIBOR + 3.25%), due 10/30/24	589,500			571,324
PES Holdings LLC (f)
2018 Term Loan C 6.745% (PIK + 3.00%), due 12/31/22 (c)(e)	1,065,902			266,476
2018 Term Loan A 12.25% (3 Month LIBOR + 6.25%), due 12/31/22	733,559			605,186
Prairie ECI Acquiror L.P. Term Loan B 6.854% (3 Month LIBOR + 4.75%), due 3/11/26	1,243,750			1,218,356
Seadrill Partners Finco LLC Term Loan B 8.104% (3 Month LIBOR + 6.00%), due 2/21/21 (f)	1,877,807			1,043,122
Summit Midstream Partners Holdings LLC Term Loan B 8.044% (1 Month LIBOR + 6.00%), due 5/13/22	611,760			596,848
Traverse Midstream Partners LLC 2017 Term Loan 6.05% (1 Month LIBOR + 4.00%), due 9/27/24	1,320,000			1,158,300
				9,829,731
Personal & Nondurable Consumer Products (Manufacturing Only) 1.2%
American Builders & Contractors Supply Co., Inc. 2018 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 10/31/23	2,098,688			2,095,802
Prestige Brands, Inc. Term Loan B4 4.044% (1 Month LIBOR + 2.00%), due 1/26/24	542,879			543,287
Revlon Consumer Products Corp.
2016 Term Loan B 5.60% (1 Month LIBOR + 3.50%), due 9/7/23	6,458			4,904
2016 Term Loan B 5.62% (3 Month LIBOR + 3.50%), due 9/7/23	2,499,375			1,897,963
SRAM LLC
Delayed Draw Term Loan TBD (1 Week LIBOR + 1.375%), due 3/15/24	1,000,000			1,003,750
2018 Term Loan B 4.83% (1 Week LIBOR + 2.75%), due 3/15/24	2,621,597			2,624,874
Varsity Brands, Inc. 2017 Term Loan B 5.544% (1 Month LIBOR + 3.50%), due 12/15/24	1,965,025			1,879,055
				10,049,635
Personal Transportation 0.2%
Uber Technologies 2018 Incremental Term Loan 5.554% (1 Month LIBOR + 3.50%), due 7/13/23	1,657,166			1,642,148
Personal, Food & Miscellaneous Services 1.7%
Aramark Services, Inc. 2018 Term Loan B3 3.794% (1 Month LIBOR + 1.75%), due 3/11/25	3,932,663			3,940,036
Golden Nugget, Inc.
2017 Incremental Term Loan 4.79% (1 Month LIBOR + 2.75%), due 10/4/23	1,648,122			1,643,544
2017 Incremental Term Loan 4.81% (1 Month LIBOR + 2.75%), due 10/4/23	1,327,744			1,324,055
IRB Holding Corp. 1st Lien Term Loan 5.55% (3 Month LIBOR + 3.25%), due 2/5/25	2,472,450			2,459,573
KFC Holding Co. 2018 Term Loan B 3.791% (1 Month LIBOR + 1.75%), due 4/3/25	2,910,823			2,908,092
Weight Watchers International, Inc. 2017 Term Loan B 6.86% (3 Month LIBOR + 4.75%), due 11/29/24	2,613,020			2,617,919
				14,893,219
Printing & Publishing 0.9%
Getty Images, Inc. 2019 1st Lien Term Loan 6.563% (1 Month LIBOR + 4.50%), due 2/19/26	3,018,864			2,999,996
McGraw-Hill Global Education Holdings LLC 2016 Term Loan B 6.044% (1 Month LIBOR + 4.00%), due 5/4/22	1,161,055			1,081,232
Prometric Holdings, Inc. 1st Lien Term Loan 5.05% (1 Month LIBOR + 3.00%), due 1/29/25	1,504,670			1,478,338
Severin Acquisition, LLC 2018 Term Loan B 5.459% (3 Month LIBOR + 3.25%), due 8/1/25	1,985,000			1,947,781
				7,507,347
Radio and TV Broadcasting 0.5%
Nexstar Broadcasting, Inc. 2019 Term Loan B4 4.807% (3 Month LIBOR + 2.75%), due 9/18/26	4,375,000			4,395,051
Retail Store 3.1%
Alphabet Holding Co., Inc. 2017 1st Lien Term Loan 5.544% (1 Month LIBOR + 3.50%), due 9/26/24	2,058,000			1,903,650
Bass Pro Group LLC Term Loan B 7.044% (1 Month LIBOR + 5.00%), due 9/25/24	2,940,000			2,826,992
Belk, Inc. Term Loan 6.803% (2 Month LIBOR + 4.75%), due 12/12/22	1,414,276			1,032,422
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan 4.786% (1 Month LIBOR + 2.75%), due 2/3/24	3,361,704			3,368,578
CNT Holdings III Corp. 2017 Term Loan 5.20% (3 Month LIBOR + 3.00%), due 1/22/23	1,244,529			1,231,695
EG Finco, Ltd. 2018 Term Loan 6.104% (3 Month LIBOR + 4.00%), due 2/7/25	1,477,509			1,458,579
Harbor Freight Tools USA, Inc. 2018 Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 8/18/23	1,420,712			1,378,683
HD Supply, Inc. Term Loan B5 3.794% (1 Month LIBOR + 1.75%), due 10/17/23	1,994,962			1,995,960
Leslie’s Poolmart, Inc. 2016 Term Loan 5.544% (1 Month LIBOR + 3.50%), due 8/16/23	1,539,345			1,463,660
Michaels Stores, Inc.
2018 Term Loan B 4.54% (1 Month LIBOR + 2.50%), due 1/30/23	2,201,417			2,149,133
2018 Term Loan B 4.55% (1 Month LIBOR + 2.50%), due 1/30/23	790,602			771,825
Party City Holdings, Inc. 2018 Term Loan B 4.55% (1 Month LIBOR + 2.50%), due 8/19/22	1,826,954			1,809,447
Petco Animal Supplies, Inc. 2017 Term Loan B 5.506% (3 Month LIBOR + 3.25%), due 1/26/23	2,573,333			1,941,258
PetSmart, Inc. Consenting Term Loan 6.04% (1 Month LIBOR + 4.00%), due 3/11/22	1,898,904			1,850,640
Sally Holdings LLC Term Loan B2 4.50% (6 Month LIBOR + 4.50%), due 7/5/24	1,166,667			1,136,042
				26,318,564
Telecommunications 3.1%
Avaya, Inc.
2018 Term Loan B 6.28% (1 Month LIBOR + 4.25%), due 12/15/24	923,077			874,615
2018 Term Loan B 6.43% (2 Month LIBOR + 4.25%), due 12/15/24	550,673			521,763
CenturyLink, Inc. 2017 Term Loan B 4.794% (1 Month LIBOR + 2.75%), due 1/31/25	2,959,937			2,937,122
CSC Holdings LLC
2018 Term Loan B 4.528% (1 Month LIBOR + 2.50%), due 1/25/26	3,703,125			3,703,895
2019 Term Loan B 5.028% (1 Month LIBOR + 3.00%), due 4/15/27	997,500			998,248
Frontier Communications Corp. 2017 Term Loan B1 5.80% (1 Month LIBOR + 3.75%), due 6/15/24	1,466,250			1,462,584
Microchip Technology, Inc. 2018 Term Loan B 4.05% (1 Month LIBOR + 2.00%), due 5/29/25	1,149,783			1,154,095
Rackspace Hosting, Inc. 2017 Incremental 1st Lien Term Loan 5.287% (3 Month LIBOR + 3.00%), due 11/3/23	881,955			806,989
Radiate Holdco LLC 1st Lien Term Loan 5.044% (1 Month LIBOR + 3.00%), due 2/1/24	3,603,520			3,585,503
SBA Senior Finance II LLC 2018 Term Loan B 4.05% (1 Month LIBOR + 2.00%), due 4/11/25	1,812,711			1,812,711
Sprint Communications, Inc.
1st Lien Term Loan B 4.563% (1 Month LIBOR + 2.50%), due 2/2/24	1,950,000			1,933,912
2018 Term Loan B 5.063% (1 Month LIBOR + 3.00%), due 2/2/24	3,970,000			3,958,420
Syniverse Holdings, Inc. 2018 1st Lien Term Loan 7.028% (3 Month LIBOR + 5.00%), due 3/9/23	1,662,188			1,559,340
West Corp. 2017 Term Loan 6.044% (1 Month LIBOR + 4.00%), due 10/10/24	1,732,901			1,540,838
				26,850,035
Utilities 4.0%
Astoria Energy LLC Term Loan B 6.05% (1 Month LIBOR + 4.00%), due 12/24/21	2,286,922			2,285,207
Brookfield WEC Holdings, Inc. 2018 1st Lien Term Loan 5.544% (1 Month LIBOR + 3.50%), due 8/1/25	2,979,994			2,986,699
Calpine Corp.
Term Loan B5 4.61% (3 Month LIBOR + 2.50%), due 1/15/24	1,689,298			1,695,633
Term Loan B9 4.86% (3 Month LIBOR + 2.75%), due 4/5/26	3,142,125			3,151,291
Compass Power Generation LLC 2018 Term Loan B 5.544% (1 Month LIBOR + 3.50%), due 12/20/24	671,319			671,319
Edgewater Generation LLC Term Loan 5.794% (1 Month LIBOR + 3.75%), due 12/13/25	3,977,475			3,924,773
EIF Channelview Cogeneration LLC 2018 Term Loan B 6.30% (1 Month LIBOR + 4.25%), due 5/3/25	1,298,856			1,307,516
ExGen Renewables IV LLC Term Loan B 5.13% (3 Month LIBOR + 3.00%), due 11/28/24	938,999			916,698
Granite Acquisition, Inc.
Term Loan B 5.604% (3 Month LIBOR + 3.50%), due 12/19/21	2,912,223			2,915,863
Term Loan C 5.604% (3 Month LIBOR + 3.50%), due 12/19/21	195,342			195,586
2nd Lien Term Loan B 9.354% (3 Month LIBOR + 7.25%), due 12/19/22	696,328			694,761
Helix Gen Funding LLC Term Loan B 5.794% (1 Month LIBOR + 3.75%), due 6/2/24	3,853,252			3,679,856
Oregon Clean Energy LLC Term Loan 5.794% (1 Month LIBOR + 3.75%), due 3/1/26	2,708,391			2,705,005
PG&E Corp. DIP Term Loan 4.32% (1 Month LIBOR + 2.25%), due 12/31/20	2,812,500			2,816,016
Southeast PowerGen LLC Term Loan B 5.55% (1 Month LIBOR + 3.50%), due 12/2/21	433,088			413,057
TEX Operations Co. LLC Exit Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 8/4/23	2,167,571			2,174,345
Vistra Energy Corp. 1st Lien Term Loan B3 4.02% (1 Month LIBOR + 2.00%), due 12/31/25	748,049			749,802
Vistra Operations Co. LLC 1st Lien Term Loan B3 4.04% (1 Month LIBOR + 2.00%), due 12/31/25	1,106,951			1,109,546
				34,392,973
Total Floating Rate Loans (Cost $709,944,390)				694,794,194
Foreign Floating Rate Loans 11.5% (d)
Aerospace & Defense 0.0% ‡
1199169 B.C. Unlimited Liability Co. 2019 Term Loan B2 6.104% (3 Month LIBOR + 4.00%), due 4/6/26	310,800			312,160
Airlines 0.1%
WestJet Airlines, Ltd. Term Loan B TBD, due 8/6/26	1,250,000			1,258,483
Auto Manufacturers 0.4%
Panther BF Aggregator 2 L.P. Term Loan B 5.544% (1 Month LIBOR + 3.50%), due 4/30/26	3,750,000			3,712,500
Beverage, Food & Tobacco 0.7%
JBS USA Lux S.A. 2019 Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 5/1/26	3,644,685			3,660,630
Sunshine Investments B.V. USD Term Loan B3 5.408% (3 Month LIBOR + 3.25%), due 3/28/25	2,000,000			2,002,500
				5,663,130
Broadcasting & Entertainment 0.5%
Altice France S.A. Term Loan B12 5.715% (1 Month LIBOR + 3.687%), due 1/31/26	982,475			973,879
Numericable Group S.A. Term Loan B11 4.794% (1 Month LIBOR + 2.75%), due 7/31/25	2,927,600			2,852,946
				3,826,825
Chemicals, Plastics & Rubber 1.1%
Allnex (Luxembourg) & Cy S.C.A. 2016 Term Loan B2 5.394% (3 Month LIBOR + 3.25%), due 9/13/23	1,261,328			1,204,568
Alpha 3 B.V. 2017 Term Loan B1 5.104% (3 Month LIBOR + 3.00%), due 1/31/24	1,749,827			1,723,580
Diamond (BC) B.V. Term Loan 5.256% (3 Month LIBOR + 3.00%), due 9/6/24	1,637,500			1,557,672
Flint Group GmbH Term Loan C 5.283% (3 Month LIBOR + 3.00%), due 9/7/21	292,000			245,523
Oxea Holding Drei GmbH 2017 Term Loan B2 5.625% (1 Month LIBOR + 3.50%), due 10/14/24	2,281,250			2,271,269
Starfruit Finco B.V. 2018 Term Loan B 5.292% (1 Month LIBOR + 3.25%), due 10/1/25	2,238,750			2,189,077
				9,191,689
Diversified/Conglomerate Manufacturing 0.6%
AI Ladder (Luxembourg) Subco S.A R.L. 2018 Term Loan 6.604% (3 Month LIBOR + 4.50%), due 7/9/25	811,043			742,357
Bright Bidco B.V.
2018 Term Loan B 5.54% (1 Month LIBOR + 3.50%), due 6/30/24	638,197			299,041
2018 Term Loan B 5.60% (3 Month LIBOR + 3.50%), due 6/30/24	1,316,843			617,034
Garda World Security Corp.
2017 Term Loan 5.63% (3 Month LIBOR + 3.50%), due 5/24/24	3,149,970			3,149,182
2017 Term Loan 7.50% (PRIME + 2.50%), due 5/24/24	8,077			8,075
				4,815,689
Ecological 0.2%
GFL Environmental, Inc. 2018 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 5/30/25	1,580,438			1,565,028
Electronics 0.8%
Avast Software B.V. 2018 Term Loan B 4.354% (3 Month LIBOR + 2.25%), due 9/30/23	734,663			738,221
ION Trading Technologies S.A R.L. Incremental Term Loan B 6.064% (3 Month LIBOR + 4.00%), due 11/21/24	1,974,874			1,905,754
Oberthur Technologies S.A. 2016 Term Loan B1 5.854% (3 Month LIBOR + 3.75%), due 1/10/24	1,098,053			1,066,942
SS&C Technologies Holdings Europe S.A R.L. 2018 Term Loan B4 4.294% (1 Month LIBOR + 2.25%), due 4/16/25	1,900,051			1,906,781
Trader Corp. 2017 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 9/28/23	1,283,127			1,276,711
				6,894,409
Finance 0.8%
Inmarsat Finance PLC Term Loan B TBD, due 9/23/26	6,750,000			6,637,498
Grocery 0.2%
Sunshine Luxembourg VII SARL 1st Lien Term Loan TBD, due 7/16/26	1,600,000			1,606,000
Healthcare, Education & Childcare 1.3%
Auris Luxembourg III S.A.R.L. 2019 Term Loan B2 5.794% (1 Month LIBOR + 3.75%), due 2/27/26	1,679,063			1,662,273
Endo Luxembourg Finance Co. I S.A R.L. 2017 Term Loan B 6.313% (1 Month LIBOR + 4.25%), due 4/29/24	3,789,047			3,436,665
Mallinckrodt International Finance S.A. Term Loan B 4.854% (3 Month LIBOR + 2.75%), due 9/24/24	1,050,473			794,859
Valeant Pharmaceuticals International, Inc. 2018 Term Loan B 5.039% (1 Month LIBOR + 3.00%), due 6/2/25	5,559,914			5,579,768
				11,473,565
Hotels, Motels, Inns & Gaming 1.1%
Four Seasons Hotels, Ltd. New 1st Lien Term Loan 4.044% (1 Month LIBOR + 2.00%), due 11/30/23	2,465,894			2,476,902
Gateway Casinos & Entertainment, Ltd. 2018 Term Loan B 5.104% (3 Month LIBOR + 3.00%), due 3/13/25	1,584,962			1,560,197
GVC Holdings PLC 2018 Term Loan 4.446% (6 Month LIBOR + 2.25%), due 3/29/24	1,482,450			1,482,912
Stars Group Holdings B.V. 2018 Incremental Term Loan 5.604% (3 Month LIBOR + 3.50%), due 7/10/25	4,047,670			4,060,295
				9,580,306
Leisure, Amusement, Motion Pictures & Entertainment 0.9%
Bombardier Recreational Products, Inc.
2016 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 5/23/25	1,690,674			1,687,152
2019 Incremental Term Loan B2 4.544% (1 Month LIBOR + 2.50%), due 5/23/25	1,666,667			1,673,612
Delta 2 (LUX) S.A.R.L. 2018 Term Loan 4.544% (1 Month LIBOR + 2.50%), due 2/1/24	3,568,089			3,519,028
DHX Media, Ltd. Term Loan B 5.794% (1 Month LIBOR + 3.75%), due 12/29/23	793,661			764,891
				7,644,683
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.2%
Titan Acquisition, Ltd. 2018 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 3/28/25	1,846,875			1,767,613
Oil & Gas 0.1%
NorthRiver Midstream Finance L.P. 2018 Term Loan B 5.569% (3 Month LIBOR + 3.25%), due 10/1/25	1,188,000			1,170,180
Personal & Nondurable Consumer Products (Manufacturing Only) 0.2%
Array Canada, Inc. Term Loan B 7.104% (3 Month LIBOR + 5.00%), due 2/10/23	368,129			347,882
KIK Custom Products, Inc. 2015 Term Loan B 6.256% (3 Month LIBOR + 4.00%), due 5/15/23	1,350,000			1,277,438
				1,625,320
Personal, Food & Miscellaneous Services 0.7%
1011778 B.C. Unlimited Liability Co. Term Loan B3 4.294% (1 Month LIBOR + 2.25%), due 2/16/24	3,354,443			3,362,131
Jacobs Douwe Egberts International B.V. 2018 Term Loan B 4.125% (1 Month LIBOR + 2.00%), due 11/1/25	2,629,751			2,631,395
				5,993,526
Printing & Publishing 0.5%
Springer Science & Business Media Deutschland GmbH Term Loan B13 5.544% (1 Month LIBOR + 3.50%), due 8/15/22	3,893,719			3,894,934
Retail Store 0.1%
EG Group, Ltd. 2018 Term Loan B 6.104% (3 Month LIBOR + 4.00%), due 2/7/25	1,182,000			1,166,856
Telecommunications 1.0%
Altice France S.A. 2018 Term Loan B13 6.028% (1 Month LIBOR + 4.00%), due 8/14/26	1,240,625			1,235,197
Intelsat Jackson Holdings S.A. 2017 Term Loan B3 5.804% (1 Month LIBOR + 3.75%), due 11/27/23	4,139,180			4,143,319
Telesat Canada Term Loan B4 4.61% (3 Month LIBOR + 2.50%), due 11/17/23	3,272,441			3,275,168
				8,653,684
Total Foreign Floating Rate Loans (Cost $100,576,340)				98,454,078
Total Long-Term Bonds (Cost $846,046,392)				829,405,759
	Shares
Affiliated Investment Company 0.3%
Fixed Income Fund 0.3%
MainStay MacKay High Yield Corporate Bond Fund Class I	492,059			2,765,373
Total Affiliated Investment Company (Cost $2,792,371)				2,765,373
Common Stocks 0.5%
Communications Equipment 0.0% ‡
Energy Future Holdings Corp. (e)(f)(i)(j)	94,456			0
Millennium Corporate Trust (e)(f)(i)(j)	1,243			0
Millennium Lender Trust (e)(f)(i)(j)	1,324			0
				0
Energy Equipment & Services 0.1%
Pacific Drilling S.A. (b)(j)	49,911			195,152
Transocean, Ltd. (j)	52,291			233,741
				428,893
Hotels, Restaurants & Leisure 0.0% ‡
Caesars Entertainment Corp. (j)	19,323			225,306
Media 0.1%
Clear Channel Outdoor Holdings, Inc. (j)	43,745			110,237
iHeartMedia, Inc., Class A (b)(j)	18,603			279,045
				389,282
Metals & Mining 0.3%
AFGlobal Corp. (e)(f)(i)(j)	45,694			2,419,497
Oil & Gas 0.0% ‡
HGIM Corp. (e)(f)(i)(j)	527			6,588
Templar Energy Corp., Class B (e)(f)(i)(j)	36,393			0
Templar Energy LLC, Class A (e)(f)(i)(j)	36,029			0
				6,588
Oil, Gas & Consumable Fuels 0.0% ‡
Ascent Resources (e)(f)(i)(j)	122,031			350,839
Philadelphia Energy Solutions, Inc., Class A (e)(f)(i)(j)	52,608			9,864
				360,703
Total Common Stocks (Cost $5,050,435)				3,830,269
Preferred Stocks 0.0%
Oil & Gas 0.0%
Templar Energy Corp., (8.00% PIK) (c)(e)(f)(i)(j)	54,340			0
Total Preferred Stocks (Cost $227,580)				0
	Number of Rights
Rights 0.0%‡
Independent Power & Renewable Electricity Producers 0.0% ‡
Vistra Energy Corp. (e)(i)(j)	57,684			51,916
Total Rights (Cost $47,301)				51,916
	Number of Warrants
Warrants 0.0%‡
Oil & Gas 0.0% ‡
HGIM Corp. Expires 7/2/43 (e)(f)(i)(j)	2,358			29,475
Oil, Gas & Consumable Fuels 0.0% ‡
Ascent Resources (e)(f)(i)(j)
1st Lien Warrants Expires 3/30/23	11,684			876
2nd Lien Tranche A Expires 3/30/23	15,022			1,878
2nd Lien Tranche B Expires 3/30/23	31,000			930
				3,684
Total Warrants (Cost $100,718)				33,159
	Principal Amount
Short-Term Investments 4.7%
Repurchase Agreement 0.4%
Fixed Income Clearing Corp. 0.25%, dated 9/30/19 due 10/1/19 Proceeds at Maturity $3,165,368 (Collateralized by a United States Treasury Note with a rate of 2.375% and a maturity date of 3/15/21, with a Principal Amount of $3,200,000 and a Market Value of $3,232,074)	$	3,165,346		3,165,346
Total Repurchase Agreement (Cost $3,165,346)				3,165,346
U.S. Government & Federal Agencies 4.0%
1.878%, due 10/15/19	10,385,000			10,376,679
1.996%, due 10/8/19	23,511,000			23,502,010
Total U.S. Government & Federal Agencies (Cost $33,878,689)				33,878,689
Unaffiliated Investment Company 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (k)(l)	2,784,732			2,784,732
Total Unaffiliated Investment Company (Cost $2,784,732)				2,784,732
Total Short-Term Investments (Cost $39,828,767)				39,828,767
Total Investments (Cost $894,093,564)	102.7		%	875,915,243
Other Assets, Less Liabilities	(2.7		)	(22,936,694		)
Net Assets	100.0		%	$	852,978,549

†	Percentages indicated are based on Portfolio net assets.
‡	Less than one-tenth of a percent.
(a)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b)	All or a portion of this security was held on loan. As of September 30, 2019, the market value of securities loaned was $2,739,712 and the Portfolio received cash collateral with a value of $2,784,732.
(c)	PIK (“Payment-in-Kind”) - issuer may pay interest or dividends with additional securities and/or in cash.
(d)	Floating rate - Rate shown was the rate in effect as of September 30, 2019.
(e)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(f)	Illiquid security - As of September 30, 2019, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $9,988,030, which represented 1.2% of the Portfolio’s net assets.
(g)	Issue in non-accrual status.
(h)	Issue in default.
(i)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, the total market value of fair valued securities was $2,871,863, which represented 0.3% of the Portfolio’s net assets.
(j)	Non-income producing security.
(k)	Represents security purchased with cash collateral received for securities on loan.
(l)	Current yield as of September 30, 2019.
(m)	Interest rate shown represents yield to maturity.

The following abbreviations are used in the preceding pages:

LIBOR	—London Interbank Offered Rate
TBD	—To Be Determined

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Corporate Bonds	$	—	$	36,157,487	$	—	$	36,157,487
Floating Rate Loans (b)	—		689,018,760		5,775,434		694,794,194
Foreign Floating Rate Loans	—		98,454,078		—		98,454,078
Total Long-Term Bonds	—		823,630,325		5,775,434		829,405,759
Affiliated Investment Company
Fixed Income Funds	2,765,373		—		—		2,765,373
Common Stocks (c)	1,043,481		—		2,786,788		3,830,269
Preferred Stocks (d)	—		—		0		0
Rights (e)	—		—		51,916		51,916
Warrants (f)	—		—		33,159		33,159
Short-Term Investments
Repurchase Agreements	—		3,165,346		—		3,165,346
U.S. Government & Federal Agencies	—		33,878,689		—		33,878,689
Unaffiliated Investment Company	2,784,732		—		—		2,784,732
Total Short-Term Investments	2,784,732		37,044,035		—		39,828,767
Total Investments in Securities	$	6,593,586	$	860,674,360	$	8,647,297	$	875,915,243

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.
(b)	The Level 3 securities valued at $5,775,434 are held within the Floating Rate Loans section of the Portfolio of Investments were valued by a pricing service without adjustment.
(c)	The Level 3 securities valued at $0, $2,419,497, $6,588 and $360,703 are held in Communications Equipment, Metals & Mining, Oil & Gas and Oil, Gas & Consumable Fuels, respectively, within the Common Stocks section of the Portfolio of Investments.
(d)	The Level 3 security valued at $0 is held in Oil & Gas within the Preferred Stocks section of the Portfolio of Investments.
(e)	The Level 3 security valued at $51,916 is held in Independent Power & Renewable Electricity Producers within the Rights section of the Portfolio of Investments.
(f)	The Level 3 securities valued at $29,475 and $3,684 are held in Oil & Gas and Oil, Gas & Consumable Fuels, respectively within the Warrants section of the Portfolio of Investments.

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

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales (a)			Transfers in to Level 3		Transfers out of Level 3			Balance as of September 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Held at September 30, 2019
Long-Term Bonds
Floating Rate Loans	$	48,225,782	$	30,230	$	7,261	$	(446,216	)	$	1,683,234	$	(14,905,418	)	$	2,185,082	$	(31,004,521	)	$	5,775,434	$	(775,445	)
Foreign Floating Rate Loans	7,547,427		-		-		-			-		-			-		(7,547,427		)	-		-
Common Stocks	3,235,335		-		-		(448,547		)	-		-			-		-			2,786,788		(448,547		)
Preferred Stocks	66,963		-		-		(66,963		)	-		-			-		-			-		-
Rights	54,223		-		-		(2,307		)	-		-			-		-			51,916		(2,307		)
Warrants	101,766		-		-		(68,607		)	-		-			-		-			33,159		(68,607		)
Total	$	59,231,496	$	30,230	$	7,261	$	(1,032,640	)	$	1,683,234	$	(14,905,418	)	$	2,185,082	$	(38,551,948	)	$	8,647,297	$	(1,294,906	)

(a) Sales include principal reductions.

As of September 30, 2019, securities with a market value of $2,185,082 transferred from Level 2 to Level 3 as the fair value obtained from an independent pricing service, utilized significant unobservable inputs. As of December 31, 2018, the fair value obtained for these securities, as determined by an independent pricing service, utilized significant other observable inputs.

As of September 30, 2019, securities with a market value of $38,551,948 transferred from Level 3 to Level 2 as the fair value obtained from an independent pricing service, utilized significant other observable inputs. As of December 31, 2018, the fair value obtained for these securities, as determined by an independent pricing service, utilized significant unobservable inputs.

MainStay VP Growth Allocation Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)  

	Shares			Value
Affiliated Investment Companies 96.1% †
Equity Funds 96.1%
IQ 50 Percent Hedged FTSE International ETF (a)		1,069,338		$	21,750,014
IQ 500 International ETF (a)		1,388,270			37,058,479
IQ Chaikin U.S. Large Cap ETF (a)		1,876,736			46,805,796
IQ Chaikin U.S. Small Cap ETF (a)		584,056			14,735,733
IQ Global Resources ETF (a)		616,092			16,339,930
MainStay Epoch Capital Growth Fund Class I (a)		811,627			10,413,172
MainStay Epoch International Choice Fund Class I (a)		1,654,027			56,881,981
MainStay Epoch U.S. All Cap Fund Class R6 (a)		2,486,699			71,020,133
MainStay MacKay International Opportunities Fund Class I (a)		5,274,424			40,085,621
MainStay MacKay U.S. Equity Opportunities Fund Class I (a)		3,590,752			30,557,298
MainStay MAP Equity Fund Class I (a)		1,794,582			76,538,903
MainStay VP Eagle Small Cap Growth Portfolio Initial Class (a)		3,710,568			51,352,373
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		6,658,996			57,186,694
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a)		4,823,115			80,221,046
MainStay VP Large Cap Growth Portfolio Initial Class (a)		3,426,198			90,765,609
MainStay VP MacKay Common Stock Portfolio Initial Class (a)		1,419,867			41,713,539
MainStay VP MacKay Growth Portfolio Initial Class (a)		2,326,355			76,630,893
MainStay VP MacKay International Equity Portfolio Initial Class (a)		1,188,240			20,128,112
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		3,973,743			55,320,662
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		19,216			1,113,088
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		4,342,499			46,240,580
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		6,364,745			85,695,501
Total Equity Funds (Cost $1,002,122,665)					1,028,555,157
Total Affiliated Investment Companies (Cost $1,002,122,665)					1,028,555,157
Short-Term Investment 4.0%
Affiliated Investment Company 4.0%
MainStay U.S. Government Liquidity Fund, 1.81% (b)		42,935,052			42,935,052
Total Short-Term Investment (Cost $42,935,052)					42,935,052
Total Investments (Cost $1,045,057,717)		100.1	%		1,071,490,209
Other Assets, Less Liabilities		(0.1	)		(833,226	)
Net Assets		100.0	%	$	1,070,656,983

†	Percentages indicated are based on Portfolio net assets.
(a)	As of September 30, 2019, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class.
(b)	Current yield as of September 30, 2019.

The following abbreviations are used in the preceding pages:  

ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments (a)
Affiliated Investment Companies
Equity Funds	$	1,028,555,157	$	—	$	—	$	1,028,555,157
Short-Term Investment		42,935,052		—		—		42,935,052
Total Investments in Securities	$	1,071,490,209	$	—	$	—	$	1,071,490,209

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

MainStay VP Income Builder Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

		Principal Amount			Value
Long-Term Bonds 53.0% †
Asset-Backed Securities 1.6%
Auto Floor Plan Asset-Backed Securities 0.4%
Ford Credit Floorplan Master Owner Trust Series 2018-4, Class A 4.06%, due 11/15/30	$	930,000		$	1,028,822
Navistar Financial Dealer Note Master Owner Trust II Series 2018-1, Class A 2.775% (1 Month LIBOR + 0.63%), due 9/25/23 (a)(b)		1,090,000			1,091,343
					2,120,165
Automobile Asset-Backed Securities 0.5%
Santander Retail Auto Lease Trust Series 2019-B, Class A3 2.30%, due 1/20/23 (a)		680,000			683,948
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		755,000			771,701
Volkswagen Auto Loan Enhanced Trust Series 2018-1, Class A4 3.15%, due 7/22/24		945,000			966,800
World Omni Auto Receivables Trust Series 2019-A, Class A3 3.04%, due 5/15/24		665,000			679,806
					3,102,255
Credit Cards 0.2%
Capital One Multi-Asset Execution Trust Series 2019-A3, Class A3 2.06%, due 8/15/28		700,000			695,830
Discover Card Execution Note Trust Series 2019-A1, Class A1 3.04%, due 7/15/24		685,000			702,953
					1,398,783
Home Equity 0.1%
JPMorgan Mortgage Acquisition Trust Series 2007-HE1, Class AF1 2.245% (1 Month LIBOR + 0.10%), due 3/25/47 (b)		159,609			113,377
MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A1 2.195% (1 Month LIBOR + 0.05%), due 11/25/36 (b)		231,497			105,942
					219,319
Other Asset-Backed Securities 0.4%
Daimler Trucks Retail Trust Series 2019-1, Class A3 2.77%, due 8/15/22 (a)		850,000			859,184
Verizon Owner Trust
Series 2018-1A, Class A1A 2.82%, due 9/20/22 (a)		685,000			689,788
Series 2019-A, Class A1A 2.93%, due 9/20/23		735,000			748,280
					2,297,252
Student Loans 0.0% ‡
KeyCorp Student Loan Trust Series 2000-A, Class A2 2.841% (3 Month LIBOR + 0.32%), due 5/25/29 (b)		52,070			51,832
Total Asset-Backed Securities (Cost $9,073,023)					9,189,606
Corporate Bonds 30.4%
Aerospace & Defense 0.1%
L3Harris Technologies, Inc. 4.40%, due 6/15/28		810,000			909,988
Agriculture 0.3%
Altria Group, Inc. 3.80%, due 2/14/24		1,300,000			1,358,974
JBS Investments II GmbH 7.00%, due 1/15/26 (Austria) (a)		460,000			496,335
					1,855,309
Airlines 0.9%
American Airlines Group, Inc. 4.625%, due 3/1/20 (a)		1,400,000			1,408,750
Continental Airlines, Inc. Series 2009-2, Class 2, Pass Through Trust 7.25%, due 5/10/21		255,494			256,670
Delta Air Lines, Inc. Series 2019-1, Class AA 3.204%, due 10/25/25		920,000			961,126
Northwest Airlines, Inc. Series 2007-1, Class A 7.027%, due 5/1/21		931,505			934,765
U.S. Airways Group, Inc.
Series 2012-1, Class A 5.90%, due 4/1/26		669,154			744,902
Series 2010-1, Class A 6.25%, due 10/22/24		362,645			394,340
United Airlines, Inc.
Series 2014-2, Class B 4.625%, due 3/3/24		313,313			322,932
Series 2007-1, Pass Through Trust 6.636%, due 1/2/24		420,917			444,994
					5,468,479
Auto Manufacturers 0.8%
Daimler Finance North America LLC 2.837% (3 Month LIBOR + 0.55%), due 5/4/21 (Germany) (a)(b)		685,000			684,624
Ford Motor Credit Co. LLC
4.25%, due 9/20/22		305,000			312,264
5.875%, due 8/2/21		150,000			157,117
General Motors Financial Co., Inc.
3.15%, due 6/30/22		320,000			323,692
3.45%, due 4/10/22		1,500,000			1,525,930
Toyota Motor Credit Corp. 2.315% (3 Month LIBOR + 0.17%), due 9/18/20 (b)		1,765,000			1,766,369
					4,769,996
Banks 7.9%
Bank of America Corp.
2.738%, due 1/23/22 (c)		1,150,000			1,156,511
3.004%, due 12/20/23 (c)		734,000			749,610
3.458%, due 3/15/25 (c)		615,000			640,895
3.499%, due 5/17/22 (c)		1,635,000			1,667,437
3.50%, due 4/19/26		150,000			159,251
3.705%, due 4/24/28 (c)		555,000			590,286
4.078%, due 4/23/40 (c)		785,000			877,939
4.20%, due 8/26/24		325,000			348,593
6.30%, due 3/10/26 (c)(d)		735,000			826,875
BB&T Corp. 5.25%, due 11/1/19		930,000			932,234
Branch Banking & Trust Co. 2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b)		760,000			755,006
Citibank N.A.
2.125%, due 10/20/20		1,615,000			1,616,492
3.40%, due 7/23/21		1,340,000			1,371,475
Citigroup, Inc.
3.352%, due 4/24/25 (c)		780,000			808,166
3.40%, due 5/1/26		255,000			266,350
3.668%, due 7/24/28 (c)		430,000			455,219
3.70%, due 1/12/26		545,000			578,748
3.98%, due 3/20/30 (c)		565,000			614,360
4.05%, due 7/30/22		105,000			109,964
5.30%, due 5/6/44		436,000			542,061
6.625%, due 6/15/32		190,000			248,590
Citizens Financial Group, Inc. 4.30%, due 12/3/25		1,190,000			1,272,411
Credit Suisse Group A.G. 2.593%, due 9/11/25 (Switzerland) (a)(c)		365,000			361,387
Discover Bank 8.70%, due 11/18/19		795,000			801,148
Goldman Sachs Group, Inc.
2.905%, due 7/24/23 (c)		310,000			314,164
2.908%, due 6/5/23 (c)		285,000			288,685
3.328% (3 Month LIBOR + 1.17%), due 5/15/26 (b)		815,000			819,188
3.625%, due 1/22/23		1,330,000			1,383,168
5.25%, due 7/27/21		1,295,000			1,364,766
6.75%, due 10/1/37		159,000			214,632
HSBC Holdings PLC 3.973%, due 5/22/30 (United Kingdom) (c)		465,000			496,477
Huntington Bancshares, Inc. 3.15%, due 3/14/21		1,295,000			1,312,427
JPMorgan Chase & Co. (c)
3.207%, due 4/1/23		1,540,000			1,577,527
3.54%, due 5/1/28		800,000			843,571
Lloyds Banking Group PLC (United Kingdom)
4.582%, due 12/10/25		508,000			533,515
4.65%, due 3/24/26		1,075,000			1,132,324
Morgan Stanley
3.125%, due 1/23/23		1,560,000			1,600,151
4.875%, due 11/1/22		495,000			530,862
5.00%, due 11/24/25		1,150,000			1,288,678
5.913% (3 Month LIBOR + 3.61%), due 1/15/20 (b)(d)		645,000			650,289
6.25%, due 8/9/26		881,000			1,068,178
7.25%, due 4/1/32		1,300,000			1,855,580
PNC Bank N.A. 2.55%, due 12/9/21		815,000			822,989
Royal Bank of Scotland Group PLC 6.00%, due 12/19/23 (United Kingdom)		70,000			76,854
State Street Corp. 2.55%, due 8/18/20		915,000			919,322
Toronto-Dominion Bank (Canada)
1.80%, due 7/13/21		1,535,000			1,530,714
3.15%, due 9/17/20		1,620,000			1,638,170
U.S. Bank N.A. 2.442% (3 Month LIBOR + 0.29%), due 5/21/21 (b)		1,300,000			1,300,684
Wells Fargo Bank N.A.
2.40%, due 1/15/20		1,610,000			1,611,420
2.60%, due 1/15/21		985,000			992,144
3.55%, due 8/14/23		1,015,000			1,065,720
Westpac Banking Corp. (Australia)
2.438% (3 Month LIBOR + 0.28%), due 5/15/20 (b)		700,000			701,141
4.875%, due 11/19/19		1,935,000			1,941,734
					47,626,082
Beverages 0.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.15%, due 1/23/25		250,000			273,049
4.75%, due 1/23/29		495,000			575,319
Constellation Brands, Inc. 2.00%, due 11/7/19		680,000			679,712
Diageo Capital PLC 2.364% (3 Month LIBOR + 0.24%), due 5/18/20 (United Kingdom) (b)		950,000			950,193
					2,478,273
Biotechnology 0.5%
Biogen, Inc. 3.625%, due 9/15/22		1,240,000			1,289,256
Celgene Corp. 3.625%, due 5/15/24		1,400,000			1,478,390
					2,767,646
Building Materials 0.5%
Cemex S.A.B. de C.V. 3.125%, due 3/19/26 (Mexico) (a)	EUR	1,515,000			1,706,900
Standard Industries, Inc. 5.375%, due 11/15/24 (a)	$	1,000,000			1,030,000
					2,736,900
Chemicals 0.5%
Air Liquide Finance S.A. 1.75%, due 9/27/21 (France) (a)		610,000			606,195
Braskem Netherlands Finance B.V. 4.50%, due 1/10/28 (Netherlands) (a)		745,000			745,931
Huntsman International LLC 4.50%, due 5/1/29		731,000			768,543
Orbia Advance Corp. S.A.B. de C.V. 4.00%, due 10/4/27 (Mexico) (a)		625,000			632,819
					2,753,488
Commercial Services 0.5%
Cintas Corp. No 2 3.70%, due 4/1/27		1,065,000			1,161,279
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		710,000			738,400
PayPal Holdings, Inc. 2.40%, due 10/1/24		1,120,000			1,126,072
					3,025,751
Computers 0.5%
Apple, Inc.
1.55%, due 8/4/21		545,000			542,320
2.75%, due 1/13/25		715,000			738,848
Dell International LLC / EMC Corp. (a)
4.90%, due 10/1/26		680,000			728,895
5.30%, due 10/1/29		318,000			346,701
Hewlett Packard Enterprise Co. 2.10%, due 10/4/19 (a)		750,000			749,990
					3,106,754
Cosmetics & Personal Care 0.2%
Unilever Capital Corp. 1.80%, due 5/5/20 (United Kingdom)		1,100,000			1,098,786
Diversified Financial Services 1.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
4.45%, due 12/16/21		285,000			296,338
4.625%, due 10/30/20		1,600,000			1,637,888
Air Lease Corp.
2.125%, due 1/15/20		730,000			729,629
2.75%, due 1/15/23		500,000			505,797
3.50%, due 1/15/22		340,000			348,715
4.25%, due 9/15/24		420,000			448,119
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625%, due 7/15/26 (a)		650,000			686,562
Ally Financial, Inc.
3.875%, due 5/21/24		310,000			320,788
8.00%, due 11/1/31		1,130,000			1,562,225
Capital One Financial Corp. 4.20%, due 10/29/25		165,000			175,757
Caterpillar Financial Services Corp. 2.338% (3 Month LIBOR + 0.18%), due 5/15/20 (b)		830,000			830,594
Synchrony Financial 4.50%, due 7/23/25		825,000			880,429
					8,422,841
Electric 1.6%
AEP Transmission Co. LLC 3.10%, due 12/1/26		850,000			888,748
CMS Energy Corp.
3.875%, due 3/1/24		550,000			579,696
5.05%, due 3/15/22		430,000			455,219
Connecticut Light & Power Co. 4.00%, due 4/1/48		450,000			518,756
Consolidated Edison, Inc. 2.00%, due 3/15/20 (e)		435,000			434,762
Duke Energy Ohio, Inc. 4.30%, due 2/1/49		565,000			669,706
Duquesne Light Holdings, Inc. (a)
3.616%, due 8/1/27		865,000			882,658
6.40%, due 9/15/20		925,000			957,452
Entergy Louisiana LLC 4.00%, due 3/15/33		790,000			901,808
Evergy, Inc. 5.292%, due 6/15/22 (f)		500,000			533,689
Public Service Electric & Gas Co. 3.00%, due 5/15/27		800,000			833,029
Puget Energy, Inc. 5.625%, due 7/15/22		350,000			374,353
Southern California Edison Co.
3.70%, due 8/1/25		330,000			349,091
4.00%, due 4/1/47		520,000			557,660
WEC Energy Group, Inc. 4.271% (3 Month LIBOR + 2.113%), due 5/15/67 (b)		480,000			403,800
					9,340,427
Environmental Controls 0.2%
Republic Services, Inc. 4.75%, due 5/15/23		580,000			628,207
Waste Management, Inc. 2.40%, due 5/15/23		810,000			819,034
					1,447,241
Food 1.2%
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc. 5.50%, due 1/15/30 (a)		485,000			514,090
Kerry Group Financial Services Unlimited Co. 3.20%, due 4/9/23 (Ireland) (a)		1,290,000			1,309,470
Mondelez International Holdings Netherlands B.V. 2.00%, due 10/28/21 (Netherlands) (a)		1,110,000			1,107,553
Nestle Holdings, Inc. 3.10%, due 9/24/21 (a)		1,615,000			1,648,917
Performance Food Group, Inc. 5.50%, due 10/15/27 (a)		655,000			689,388
Smithfield Foods, Inc. (a)
2.70%, due 1/31/20		605,000			604,642
3.35%, due 2/1/22		565,000			566,685
Tyson Foods, Inc. 3.95%, due 8/15/24		965,000			1,030,283
					7,471,028
Gas 0.1%
Southern California Gas Co. 4.30%, due 1/15/49		325,000			385,706
Health Care - Products 0.5%
Abbott Laboratories 3.40%, due 11/30/23		535,000			561,086
Becton Dickinson & Co.
3.70%, due 6/6/27		551,000			584,930
4.669%, due 6/6/47		635,000			749,921
Stryker Corp. 2.625%, due 3/15/21		1,220,000			1,229,039
					3,124,976
Health Care - Services 0.0% ‡
Cigna Holding Co. 4.375%, due 12/15/20		135,000			138,009
Holding Company - Diversified 0.2%
CK Hutchison International (17) II, Ltd. 3.25%, due 9/29/27 (Hong Kong) (a)		925,000			954,415
Home Builders 0.2%
Lennar Corp. 4.50%, due 11/15/19		200,000			200,000
MDC Holdings, Inc. 5.625%, due 2/1/20		1,100,000			1,109,625
					1,309,625
Insurance 1.9%
AXA Equitable Holdings, Inc. 5.00%, due 4/20/48		830,000			894,667
Jackson National Life Global Funding (a)
2.20%, due 1/30/20		1,295,000			1,295,487
2.618% (3 Month LIBOR + 0.48%), due 6/11/21 (b)		1,895,000			1,899,583
Liberty Mutual Group, Inc. 4.25%, due 6/15/23 (a)		295,000			312,791
MassMutual Global Funding II (a)
2.50%, due 10/17/22		1,270,000			1,284,897
2.95%, due 1/11/25		365,000			377,249
Peachtree Corners Funding Trust 3.976%, due 2/15/25 (a)		425,000			447,684
Pricoa Global Funding I 2.55%, due 11/24/20 (a)		765,000			769,491
Principal Life Global Funding II 2.375%, due 11/21/21 (a)		1,470,000			1,474,521
Protective Life Corp. 8.45%, due 10/15/39		725,000			1,150,849
Prudential Financial, Inc. 5.625%, due 6/15/43 (c)		560,000			601,950
Voya Financial, Inc. 3.65%, due 6/15/26		310,000			324,883
Willis North America, Inc. 2.95%, due 9/15/29		705,000			693,888
					11,527,940
Internet 0.6%
Expedia Group, Inc.
3.25%, due 2/15/30 (a)		1,305,000			1,301,278
3.80%, due 2/15/28		157,000			164,312
5.00%, due 2/15/26		22,000			24,714
GrubHub Holdings, Inc. 5.50%, due 7/1/27 (a)		560,000			571,368
Tencent Holdings, Ltd. (China) (a)
3.595%, due 1/19/28		440,000			458,942
3.925%, due 1/19/38		675,000			723,241
Weibo Corp. 3.50%, due 7/5/24		465,000			472,370
					3,716,225
Iron & Steel 0.3%
ArcelorMittal 4.55%, due 3/11/26 (Luxembourg)		800,000			837,043
Vale Overseas, Ltd. (Brazil)
6.25%, due 8/10/26		435,000			501,337
6.875%, due 11/21/36		305,000			386,435
					1,724,815
Lodging 0.6%
Las Vegas Sands Corp. 3.20%, due 8/8/24		555,000			565,286
Marriott International, Inc.
2.30%, due 1/15/22		890,000			890,186
3.60%, due 4/15/24		920,000			965,366
7.15%, due 12/1/19		125,000			125,940
Sands China, Ltd. (Macau)
4.60%, due 8/8/23		355,000			375,728
5.125%, due 8/8/25		460,000			505,043
					3,427,549
Machinery - Construction & Mining 0.3%
Caterpillar Financial Services Corp. 2.90%, due 3/15/21		1,735,000			1,757,742
Machinery - Diversified 0.4%
CNH Industrial Capital LLC
4.20%, due 1/15/24		545,000			575,086
4.875%, due 4/1/21		1,445,000			1,495,835
John Deere Capital Corp. 3.65%, due 10/12/23		135,000			143,829
					2,214,750
Media 1.1%
Comcast Corp.
3.45%, due 10/1/21		1,945,000			2,003,030
4.70%, due 10/15/48		555,000			679,566
Diamond Sports Group LLC / Diamond Sports Finance Co. 6.625%, due 8/15/27 (a)(e)		970,000			1,006,375
Grupo Televisa S.A.B. 5.25%, due 5/24/49 (Mexico)		480,000			524,958
Sky, Ltd. 3.75%, due 9/16/24 (United Kingdom) (a)		340,000			363,834
Time Warner Entertainment Co., L.P. 8.375%, due 3/15/23		355,000			420,302
UPCB Finance IV, Ltd. 5.375%, due 1/15/25 (Netherlands) (a)		765,000			786,037
Virgin Media Secured Finance PLC 5.25%, due 1/15/26 (United Kingdom) (a)		750,000			768,651
					6,552,753
Metal Fabricate & Hardware 0.2%
Precision Castparts Corp. 3.25%, due 6/15/25		1,455,000			1,532,091
Metals & Mining 0.1%
Corp. Nacional del Cobre de Chile (Chile) 3.00%, due 9/30/29 (a)		635,000			632,606
Mining 0.1%
Anglo American Capital PLC 4.875%, due 5/14/25 (United Kingdom) (a)		455,000			494,168
Miscellaneous - Manufacturing 0.3%
Siemens Financieringsmaatschappij N.V. 2.70%, due 3/16/22 (Germany) (a)		760,000			772,168
Textron Financial Corp. 3.893% (3 Month LIBOR + 1.735%), due 2/15/67 (a)(b)		1,295,000			979,370
					1,751,538
Oil & Gas 0.6%
Gazprom Via Gaz Capital S.A. 7.288%, due 8/16/37 (Luxembourg) (a)		640,000			847,603
Marathon Petroleum Corp. 5.125%, due 12/15/26		450,000			505,805
Petrobras Global Finance B.V. 7.375%, due 1/17/27 (Brazil)		381,000			460,176
Valero Energy Corp.
3.65%, due 3/15/25		1,000,000			1,058,097
6.625%, due 6/15/37		415,000			536,995
					3,408,676
Packaging & Containers 0.3%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC (New Zealand)
5.125%, due 7/15/23 (a)		1,060,000			1,085,175
5.75%, due 10/15/20		823,742			825,471
					1,910,646
Pharmaceuticals 0.6%
Allergan Funding SCS 3.45%, due 3/15/22		1,005,000			1,029,905
Bausch Health Cos., Inc. 5.75%, due 8/15/27 (a)		465,000			502,586
Bristol-Myers Squibb Co. 3.40%, due 7/26/29 (a)		690,000			737,004
GlaxoSmithKline Capital PLC 2.525% (3 Month LIBOR + 0.35%), due 5/14/21 (United Kingdom) (b)		1,260,000			1,261,723
					3,531,218
Pipelines 0.5%
Enterprise Products Operating LLC
3.125%, due 7/31/29		630,000			645,119
4.20%, due 1/31/50		160,000			171,113
Southern Natural Gas Co. LLC 4.80%, due 3/15/47 (a)		315,000			348,833
Spectra Energy Partners, L.P. 4.75%, due 3/15/24		795,000			866,053
Transcontinental Gas Pipe Line Co. LLC 4.60%, due 3/15/48		840,000			930,143
					2,961,261
Real Estate Investment Trusts 1.0%
Alexandria Real Estate Equities, Inc. 3.375%, due 8/15/31		505,000			527,390
American Tower Corp. 3.375%, due 10/15/26		1,080,000			1,123,190
Crown Castle International Corp.
3.40%, due 2/15/21		920,000			932,615
5.25%, due 1/15/23		1,290,000			1,404,512
Digital Realty Trust, L.P.
2.75%, due 2/1/23		45,000			45,454
3.70%, due 8/15/27		170,000			178,387
GLP Capital, L.P. / GLP Financing II, Inc. 3.35%, due 9/1/24		505,000			507,879
Kilroy Realty, L.P. 3.45%, due 12/15/24		720,000			748,777
Welltower, Inc. 4.00%, due 6/1/25		310,000			331,301
					5,799,505
Retail 0.9%
Alimentation Couche-Tard, Inc. 3.55%, due 7/26/27 (Canada) (a)		1,035,000			1,075,935
CVS Health Corp.
4.00%, due 12/5/23		1,355,000			1,431,787
4.78%, due 3/25/38		400,000			438,073
CVS Pass-Through Trust 5.789%, due 1/10/26 (a)(g)		30,739			33,233
McDonald's Corp. 3.35%, due 4/1/23		1,085,000			1,132,370
O'Reilly Automotive, Inc. 3.55%, due 3/15/26		1,000,000			1,054,345
Starbucks Corp. 4.45%, due 8/15/49		475,000			550,364
					5,716,107
Savings & Loans 0.2%
Nationwide Building Society 3.96%, due 7/18/30 (United Kingdom) (a)(c)		960,000			1,002,570
Semiconductors 0.3%
Broadcom, Inc. 3.125%, due 10/15/22 (a)		945,000			956,859
NXP B.V. / NXP Funding LLC 4.625%, due 6/15/22 (Netherlands) (a)		590,000			617,541
					1,574,400
Software 0.3%
Fiserv, Inc.
2.75%, due 7/1/24		325,000			330,647
3.20%, due 7/1/26		205,000			212,153
salesforce.com, Inc.
3.25%, due 4/11/23		510,000			532,029
3.70%, due 4/11/28		690,000			757,345
					1,832,174
Telecommunications 1.3%
AT&T, Inc.
3.312% (3 Month LIBOR + 1.18%), due 6/12/24 (b)		755,000			768,817
4.35%, due 3/1/29		320,000			353,436
4.90%, due 8/15/37		670,000			759,892
CommScope Technologies LLC 6.00%, due 6/15/25 (a)		475,000			429,875
CommScope, Inc. 5.00%, due 6/15/21 (a)		682,000			682,205
Crown Castle Towers LLC 4.241%, due 7/15/48 (a)		990,000			1,089,089
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, due 9/20/29 (a)		1,545,000			1,642,350
Telefonica Emisiones SAU (Spain)
5.134%, due 4/27/20		800,000			812,799
5.462%, due 2/16/21		175,000			182,680
Verizon Communications, Inc. 3.258% (3 Month LIBOR + 1.10%), due 5/15/25 (b)		985,000			1,000,224
					7,721,367
Transportation 0.0% ‡
XPO Logistics, Inc. 6.50%, due 6/15/22 (a)		277,000			282,402
Total Corporate Bonds (Cost $176,211,437)					182,264,223
Foreign Bonds 0.1%
Banks 0.1%
Barclays Bank PLC Series Reg S 10.00%, due 5/21/21 (United Kingdom)	GBP	525,000			729,520
Total Foreign Bonds (Cost $843,311)					729,520
Loan Assignments 0.8%
Advertising 0.1%
Outfront Media Capital LLC 2017 Term Loan B 4.04% (1 Month LIBOR + 2.00%), due 3/18/24	$	740,299			743,769
Environmental Controls 0.3%
Advanced Disposal Services, Inc. Term Loan B3 4.20% (1 Week LIBOR + 2.25%), due 11/10/23		1,641,131			1,644,290
Household Products & Wares 0.1%
Prestige Brands, Inc. Term Loan B4 4.04% (1 Month LIBOR + 2.00%), due 1/26/24		550,091			550,503
Insurance 0.0% ‡
MPH Acquisition Holdings LLC 2016 Term Loan B 4.85% (3 Month LIBOR + 2.75%), due 6/7/23		146,470			139,146
Telecommunications 0.2%
Level 3 Financing Inc. 2017 Term Loan B 4.29% (1 Month LIBOR + 2.25%), due 2/22/24		1,065,000			1,066,332
Transportation 0.1%
XPO Logistics, Inc. 2018 Term Loan B 4.04% (1 Month LIBOR + 2.00%), due 2/24/25		565,000			567,276
Total Loan Assignments (Cost $4,707,795)					4,711,316
Mortgage-Backed Securities 8.0%
Agency (Collateralized Mortgage Obligations) 4.7%
Federal Home Loan Mortgage Corporation
REMIC Series 4691, Class HA 2.50%, due 6/15/40		908,771			915,847
REMIC, Series 4900, Class BE 3.00%, due 3/25/49		958,714			983,741
REMIC, Series 4911, Class MB 3.00%, due 9/25/49		1,565,000			1,603,635
Series 2019-1, Class A1 3.50%, due 5/25/29		677,874			712,102
REMIC Series 4818, Class BD 3.50%, due 3/15/45		902,977			937,815
REMIC Series 4884, Class BA 3.50%, due 6/15/48		789,628			822,734
REMIC Series 4888, Class BA 3.50%, due 9/15/48		626,877			655,640
REMIC Series 4877, Class AT 3.50%, due 11/15/48		836,764			882,136
REMIC Series 4877, Class BE 3.50%, due 11/15/48		1,216,325			1,284,763
Federal National Mortgage Association
REMIC Series 2013-77, Class CY 3.00%, due 7/25/43		746,000			776,867
Series 2019-25, Class PA 3.00%, due 5/25/48		762,720			783,889
Series 2019-13, Class PE 3.00%, due 3/25/49		971,018			993,391
REMIC, Series 2019-58, Class LP 3.00%, due 10/25/49		1,840,000			1,878,917
REMIC Series 2019-13, Class CA 3.50%, due 4/25/49		1,418,882			1,501,354
Government National Mortgage Association
Series 2017-123, Class AB 2.50%, due 1/20/47		760,654			763,292
Series 2014-91, Class MA 3.00%, due 1/16/40		840,485			872,088
Series 2018-127, Class PB 3.00%, due 9/20/47		2,024,225			2,068,896
REMIC Series 2019-29, Class AP 3.00%, due 10/20/48		1,328,006			1,354,471
Series 2019-29, Class CB 3.00%, due 10/20/48		707,759			724,319
Series 2019-52, Class JL 3.00%, due 11/20/48		780,043			799,867
Series 2019-59, Class KA 3.00%, due 12/20/48		1,334,893			1,366,954
Series 2019-43, Class PL 3.00%, due 4/20/49		1,560,833			1,598,989
Series 2019-74, Class AT 3.00%, due 6/20/49		1,029,620			1,056,152
Series 2013-149, Class BA 3.25%, due 8/16/41		2,406,447			2,510,660
					27,848,519
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 2.7%
Bank
Series 2019-BN21, Class A5 2.851%, due 10/17/52 (g)		2,020,000			2,080,550
Series 2019-BN19, Class A2 2.926%, due 8/15/61		1,210,000			1,257,964
Bayview Commercial Asset Trust Series 2006-4A, Class A1 2.375% (1 Month LIBOR + 0.23%), due 12/25/36 (a)(b)		50,022			48,232
Benchmark Mortgage Trust Series 2019-B12, Class A5 3.116%, due 8/15/52		1,119,000			1,178,775
BX Commercial Mortgage Trust Series 2018-IND, Class A 2.778% (1 Month LIBOR + 0.75%), due 11/15/35 (a)(b)		765,647			765,646
Four Times Square Trust Series 2006-4TS, Class A 5.401%, due 12/13/28 (a)		448,310			462,220
FREMF Mortgage Trust (a)(h)
Series 2013-K33, Class B 3.615%, due 8/25/46		1,094,000			1,141,226
Series 2013-K35, Class B 4.074%, due 12/25/46		820,000			869,836
GS Mortgage Securities Trust
Series 2019-GC42, Class A4 3.001%, due 9/1/52		475,000			495,173
Series 2019-GC40, Class A4 3.16%, due 7/10/52		788,000			831,841
Hawaii Hotel Trust Series 2019-MAUI, Class A 3.178% (1 Month LIBOR + 1.15%), due 5/15/38 (a)(b)		640,000			640,598
Hudson Yards Mortgage Trust Series 2019-30HY, Class A 3.228%, due 7/10/39 (a)		760,000			806,410
JP Morgan Chase Commercial Mortgage Securities Trust Series 2013-C16, Class A4 4.166%, due 12/15/46		655,000			704,143
JPMBB Commercial Mortgage Securities Trust Series 2015-C28, Class A4 3.227%, due 10/15/48		900,000			943,196
One Bryant Park Trust Series 2019-OBP, Class A 2.516%, due 9/13/49 (a)		1,545,000			1,552,772
Wells Fargo Commercial Mortgage Trust (a)(h)
Series 2018-1745, Class A 3.874%, due 6/15/36		1,150,000			1,264,520
Series 2018-AUS, Class A 4.194%, due 8/17/36		1,150,000			1,285,984
					16,329,086
Whole Loan (Collateralized Mortgage Obligations) 0.6%
American Tower Trust I Series 2013, Class 2A 3.07%, due 3/15/48 (a)		825,000			838,320
Chase Home Lending Mortgage Trust (a)(i)
Series 2019-ATR2, Class A3 3.50%, due 7/25/49		641,218			650,485
Series 2019-ATR1, Class A4 4.00%, due 4/25/49		819,039			826,535
JP Morgan Mortgage Trust (a)(i)
Series 2019-2, Class A4 4.00%, due 8/25/49		493,830			496,125
Series 2019-3, Class A3 4.00%, due 9/25/49		536,691			545,056
Series 2019-5, Class A4 4.00%, due 11/25/49		510,699			515,320
					3,871,841
Total Mortgage-Backed Securities (Cost $47,017,844)					48,049,446
U.S. Government & Federal Agencies 12.1%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 2.8%
3.00%, due 12/1/47		677,505			693,051
3.50%, due 1/1/48		4,524,452			4,700,469
3.50%, due 9/1/48		579,136			596,334
4.00%, due 2/1/49		681,609			709,343
4.00%, due 3/1/49		2,085,061			2,166,095
4.50%, due 11/1/48		3,575,636			3,814,256
5.00%, due 12/1/44		1,536,742			1,694,485
5.00%, due 12/1/48		2,233,687			2,391,043
					16,765,076
Federal National Mortgage Association (Mortgage Pass-Through Securities) 6.7%
2.50%, due 12/1/37		1,203,993			1,209,292
3.00%, due 10/1/48		901,455			916,510
3.50%, due 3/1/37		1,962,650			2,058,888
3.50%, due 2/1/42		1,626,295			1,695,993
3.50%, due 8/1/46		2,825,149			2,971,004
3.50%, due 9/1/48 TBA (j)		4,606,000			4,724,389
4.00%, due 4/1/48		3,805,140			3,977,523
4.00%, due 5/1/48		1,801,650			1,879,066
4.00%, due 9/1/48		2,717,501			2,866,459
4.00%, due 1/1/49		674,718			713,626
4.00%, due 2/1/49		1,467,277			1,525,261
4.00%, due 4/1/49		5,684,700			5,899,313
4.50%, due 7/1/48		3,019,884			3,197,398
4.50%, due 1/1/49		4,107,470			4,348,603
5.00%, due 9/1/33		1,886,518			2,082,310
6.00%, due 4/1/37		10,759			11,629
					40,077,264
United States Treasury Bonds 1.7%
2.875%, due 5/15/49		3,545,000			4,134,495
4.375%, due 11/15/39		3,947,000			5,536,747
4.50%, due 5/15/38		485,000			683,603
					10,354,845
United States Treasury Inflation - Indexed Notes 0.9% (k)
0.75%, due 7/15/28		1,660,864			1,742,488
0.875%, due 1/15/29		3,449,524			3,658,365
					5,400,853
Total U.S. Government & Federal Agencies (Cost $69,851,485)					72,598,038
Total Long-Term Bonds (Cost $307,704,895)					317,542,149
		Shares
Common Stocks 41.6%
Aerospace & Defense 0.8%
BAE Systems PLC (United Kingdom)		441,007			3,090,768
Lockheed Martin Corp.		4,800			1,872,288
					4,963,056
Air Freight & Logistics 0.7%
Deutsche Post A.G., Registered (Germany)		73,631			2,459,388
United Parcel Service, Inc., Class B		12,861			1,541,005
					4,000,393
Auto Components 0.4%
Cie Generale des Etablissements Michelin SCA (France)		19,204			2,143,376
Banks 2.2%
BB&T Corp.		36,348			1,939,893
Commonwealth Bank of Australia (Australia)		26,448			1,442,903
Lloyds Banking Group PLC (United Kingdom)		2,620,690			1,743,891
People's United Financial, Inc.		85,494			1,336,699
Royal Bank of Canada (Canada)		23,181			1,880,411
Svenska Handelsbanken A.B., Class A (Sweden)		140,919			1,319,570
Wells Fargo & Co.		32,427			1,635,618
Westpac Banking Corp. (Australia)		82,296			1,646,374
					12,945,359
Beverages 1.0%
Coca-Cola Co.		45,326			2,467,547
Coca-Cola European Partners PLC (United Kingdom)		24,779			1,373,996
PepsiCo., Inc.		16,088			2,205,665
					6,047,208
Biotechnology 0.6%
AbbVie, Inc.		26,805			2,029,675
Amgen, Inc.		7,285			1,409,720
					3,439,395
Capital Markets 0.7%
BlackRock, Inc.		3,369			1,501,361
CME Group, Inc.		6,949			1,468,602
Macquarie Group, Ltd. (Australia)		16,172			1,430,776
					4,400,739
Chemicals 1.5%
BASF S.E. (Germany)		35,702			2,495,128
Dow, Inc. (l)		48,822			2,326,368
LyondellBasell Industries N.V., Class A		21,962			1,964,940
Nutrien, Ltd. (Canada)		44,669			2,228,090
					9,014,526
Commercial Services & Supplies 0.0% ‡
Quad/Graphics, Inc.		6			63
Communications Equipment 0.4%
Cisco Systems, Inc.		49,380			2,439,866
Construction & Engineering 0.3%
Vinci S.A. (France)		17,213			1,853,993
Diversified Telecommunication Services 2.6%
AT&T, Inc.		106,026			4,012,024
BCE, Inc. (Canada)		92,236			4,461,247
TELUS Corp. (Canada)		71,183			2,533,327
Verizon Communications, Inc.		73,449			4,433,381
					15,439,979
Electric Utilities 3.4%
American Electric Power Co., Inc.		23,077			2,162,084
Duke Energy Corp.		50,035			4,796,355
Entergy Corp.		34,615			4,062,417
FirstEnergy Corp.		83,357			4,020,308
PPL Corp.		85,747			2,700,173
Terna Rete Elettrica Nazionale S.p.A. (Italy)		440,192			2,827,867
					20,569,204
Electrical Equipment 0.9%
Eaton Corp. PLC		37,904			3,151,717
Emerson Electric Co.		31,081			2,078,076
					5,229,793
Equity Real Estate Investment Trusts 1.8%
Iron Mountain, Inc.		78,840			2,553,628
Public Storage		6,130			1,503,505
Unibail-Rodamco-Westfield (France)		15,498			2,259,312
Welltower, Inc.		50,007			4,533,134
					10,849,579
Food Products 0.7%
Nestle S.A., Registered (Switzerland)		15,204			1,649,506
Orkla ASA (Norway)		278,176			2,530,526
					4,180,032
Gas Utilities 0.8%
Naturgy Energy Group S.A. (Spain)		59,804			1,586,564
Snam S.p.A. (Italy)		667,357			3,370,706
					4,957,270
Health Care Providers & Services 0.2%
UnitedHealth Group, Inc.		6,892			1,497,769
Hotels, Restaurants & Leisure 0.8%
Darden Restaurants, Inc.		2,787			329,479
Las Vegas Sands Corp.		45,393			2,621,900
McDonald's Corp.		7,877			1,691,271
					4,642,650
Household Durables 0.3%
Leggett & Platt, Inc.		42,536			1,741,424
Household Products 0.7%
Kimberly-Clark Corp.		16,549			2,350,786
Procter & Gamble Co.		16,545			2,057,867
					4,408,653
Industrial Conglomerates 0.6%
3M Co.		10,184			1,674,250
Siemens A.G., Registered (Germany)		18,255			1,954,884
					3,629,134
Insurance 3.5%
Allianz S.E.,, Registered (Germany)		19,304			4,499,490
Assicurazioni Generali S.p.A. (Italy)		117,133			2,269,958
AXA S.A. (France)		176,802			4,515,087
MetLife, Inc.		54,497			2,570,078
Muenchener Rueckversicherungs-Gesellschaft A.G., Registered (Germany)		16,255			4,206,050
SCOR S.E. (France)		34,366			1,419,255
Tokio Marine Holdings, Inc. (Japan)		32,600			1,742,385
					21,222,303
IT Services 0.4%
International Business Machines Corp.		16,113			2,343,153
Media 0.0% ‡
ION Media Networks, Inc. (g)(l)(m)(n)(o)		8			3,173
Multi-Utilities 1.9%
Ameren Corp.		19,015			1,522,151
CenterPoint Energy, Inc.		52,447			1,582,850
Dominion Energy, Inc.		43,574			3,531,237
National Grid PLC (United Kingdom)		297,842			3,229,619
WEC Energy Group, Inc.		15,889			1,511,044
					11,376,901
Multiline Retail 0.3%
Target Corp.		18,127			1,937,958
Oil, Gas & Consumable Fuels 3.9%
Chevron Corp.		15,863			1,881,352
Enterprise Products Partners, L.P.		93,812			2,681,147
Exxon Mobil Corp.		36,303			2,563,355
Magellan Midstream Partners, L.P.		33,018			2,188,103
Occidental Petroleum Corp.		41,947			1,865,383
Pembina Pipeline Corp. (Canada) (e)		73,529			2,725,599
Phillips 66		19,543			2,001,203
Royal Dutch Shell PLC, Class A, Sponsored ADR (Netherlands)		60,730			3,573,960
TOTAL S.A. (France)		73,754			3,849,389
					23,329,491
Personal Products 0.5%
Unilever PLC (United Kingdom)		46,134			2,773,805
Pharmaceuticals 4.2%
AstraZeneca PLC, Sponsored ADR (United Kingdom)		54,389			2,424,118
GlaxoSmithKline PLC (United Kingdom)		120,277			2,580,028
Johnson & Johnson		16,933			2,190,791
Merck & Co., Inc.		39,721			3,343,714
Novartis A.G., Registered (Switzerland)		38,122			3,305,524
Pfizer, Inc.		100,111			3,596,988
Roche Holding A.G. (Switzerland)		8,807			2,562,991
Sanofi (France)		27,327			2,533,518
Takeda Pharmaceutical Co., Ltd. (Japan)		71,000			2,423,029
					24,960,701
Semiconductors & Semiconductor Equipment 1.5%
Broadcom, Inc.		4,801			1,325,412
Intel Corp.		30,239			1,558,216
KLA Corp.		10,345			1,649,510
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Taiwan)		34,534			1,605,140
Texas Instruments, Inc.		22,489			2,906,479
					9,044,757
Software 0.5%
Micro Focus International PLC (United Kingdom)		76,482			1,069,028
Microsoft Corp.		13,989			1,944,891
					3,013,919
Specialty Retail 0.3%
Home Depot, Inc.		7,263			1,685,161
Technology Hardware, Storage & Peripherals 0.3%
Samsung Electronics Co., Ltd., GDR (Republic of Korea) (a)		1,860			1,893,480
Textiles, Apparel & Luxury Goods 0.3%
Hanesbrands, Inc.		113,294			1,735,664
Tobacco 2.0%
Altria Group, Inc.		70,080			2,866,272
British American Tobacco PLC (United Kingdom)		68,395			2,529,158
British American Tobacco PLC, Sponsored ADR (United Kingdom)		24,511			904,456
Imperial Brands PLC (United Kingdom)		118,345			2,660,233
Philip Morris International, Inc.		39,167			2,973,950
					11,934,069
Trading Companies & Distributors 0.3%
Watsco, Inc.		10,784			1,824,437
Wireless Telecommunication Services 0.3%
Rogers Communications, Inc., Class B (Canada)		38,279			1,864,471
Total Common Stocks (Cost $230,052,367)					249,336,904
Short-Term Investments 5.3%
Affiliated Investment Company 4.9%
MainStay U.S. Government Liquidity Fund, 1.81% (p)		29,560,581			29,560,581
Unaffiliated Investment Company 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (p)(q)		2,261,070			2,261,070
Total Short-Term Investments (Cost $31,821,651)					31,821,651
Total Investments (Cost $569,578,913)		99.9	%		598,700,704
Other Assets, Less Liabilities		0.1			719,323
Net Assets		100.0	%	$	599,420,027

†	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 September 30, 2019.
(c)	Fixed to floating rate - Rate shown was the rate in effect as of September 30, 2019.
(d)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(e)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $2,186,613. The Portfolio received cash collateral with a value of $2,261,070.
(f)	Step coupon - Rate shown was the rate in effect as of September 30, 2019.
(g)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, the total market value of fair valued securities was $2,116,956, which represented 0.4% of the Portfolio's net assets.
(h)	Collateral strip rate - A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of September 30, 2019.
(i)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(j)	TBA - Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of September 30, 2019, the total net market value of these securities was $4,724,389, which represented 0.8% of the Portfolio's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.
(k)	Treasury Inflation Protected Security - Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers.
(l)	Non-income producing security.
(m)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(n)	Illiquid security - As of September 30, 2019, the total market value of the security deemed illiquid under procedures approved by the Board of Trustees was $3,173, which represented less than one-tenth of a percent of the Portfolio's net assets.
(o)	Restricted security.
(p)	Current yield as of September 30, 2019.
(q)	Represents security purchased with cash collateral received for securities on loan.
Foreign Currency Forward Contracts
As of September 30, 2019, the Portfolio held the following foreign currency forward contracts1:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	7,021,363	CAD	9,193,000	JPMorgan Chase Bank N.A.	11/1/19	$	78,953
USD	25,735,198	EUR	22,773,000	JPMorgan Chase Bank N.A.	11/1/19		857,651
USD	16,842,466	GBP	13,443,000	JPMorgan Chase Bank N.A.	11/1/19		293,454
Total unrealized appreciation							1,230,058
JPY	2,059,000,000	USD	19,221,165	JPMorgan Chase Bank N.A.	11/1/19		(141,138	)
Total unrealized depreciation							(141,138	)
Net unrealized appreciation						$	1,088,920

1.	Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction.
Futures Contracts
As of September 30, 2019, the Portfolio held the following futures contracts1:

Type	Number of Contracts	Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
2-Year United States Treasury Note	140	December 2019	$	30,249,387		$	30,170,000		$	(79,387	)
10-Year United States Treasury Note	49	December 2019		6,412,190			6,385,313			(26,877	)
Nikkei 225	210	December 2019		20,437,458			21,233,064			795,606
S&P 500 Index Mini	415	December 2019		62,329,755			61,803,875			(525,880	)
United States Treasury Bond	28	December 2019		4,602,956			4,544,750			(58,206	)
United States Treasury Ultra Bond	146	December 2019		28,619,162			28,018,313			(600,849	)
Total Long Contracts										(495,593	)
Short Contracts
5-Year United States Treasury Note	(19)	December 2019		(2,262,021	)		(2,263,820	)		(1,799	)
10-Year United States Treasury Ultra Note	(38)	December 2019		(5,420,187	)		(5,411,438	)		8,749
Total Short Contracts										6,950
Net Unrealized Depreciation									$	(488,643	)

1. As of September 30, 2019, cash in the amount of $4,163,757 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 September 30, 2019.

The following abbreviations are used in the preceding pages:
ADR	—American Depositary Receipt
CAD	—Canadian Dollar
EUR	—Euro
GBP	—British Pound Sterling
GDR	—Global Depositary Receipt
JPY	—Japanese Yen
LIBOR	—London Interbank Offered Rate
REMIC	—Real Estate Mortgage Investment Conduit
USD	—United States Dollar

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	9,189,606		$	—	$	9,189,606
Corporate Bonds		—			182,264,223			—		182,264,223
Foreign Bonds		—			729,520			—		729,520
Loan Assignments		—			4,711,316			—		4,711,316
Mortgage-Backed Securities		—			48,049,446			—		48,049,446
U.S. Government & Federal Agencies		—			72,598,038			—		72,598,038
Total Long-Term Bonds		—			317,542,149			—		317,542,149
Common Stocks (b)		249,333,731			—			3,173		249,336,904
Short-Term Investments
Affiliated Investment Company		29,560,581			—			—		29,560,581
Unaffiliated Investment Company		2,261,070			—			—		2,261,070
Total Short-Term Investments		31,821,651			—			—		31,821,651
Total Investments in Securities		281,155,382			317,542,149			3,173		598,700,704
Other Financial Instruments
Foreign Currency Forward Contracts (c)		—			1,230,058			—		1,230,058
Futures Contracts (c)		804,355			—			—		804,355
Total Other Financial Instruments		804,355			1,230,058			—		2,034,413
Total Investments in Securities and Other Financial Instruments	$	281,959,737		$	318,772,207		$	3,173	$	600,735,117
Liability Valuation Inputs
Other Financial Instruments
Foreign Currency Forward Contracts (c)	$	—		$	(141,138	)	$	—	$	(141,138	)
Futures Contracts (c)		(1,292,998	)		—			—		(1,292,998	)
Total Other Financial Instruments	$	(1,292,998	)	$	(141,138	)	$	—	$	(1,434,136	)

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.
(b)	The Level 3 security valued at $3,173 is held in Media within the Common Stocks section of the Portfolio of Investments.
(c)	The value listed for these securities reflects unrealized appreciation (depreciation) as shown on the Portfolio of Investments.

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

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases		Sales (a)			Transfers in to Level 3		Transfers out of Level 3		Balance as of September 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2019
Long-Term Bonds
Loan Assignments	$	776,408	$	11	$	(32,053	)	$	46,458		$	-	$	(790,824	)	$	-	$	-	$	-	$	-
Mortgage-Backed Securities		229,645		-		(27,226	)		16,813			-		(219,232	)		-		-		-		-
Common Stocks		4,954		-		-			(1,781	)		-		-			-		-		3,173		(1,781	)
Total	$	1,011,007	$	11	$	(59,279	)	$	61,490		$	-	$	(1,010,056	)	$	-	$	-	$	3,173	$	(1,781	)

(a) Sales include principal reductions.

MainStay VP Indexed Bond Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 93.9% †
Asset-Backed Securities 0.4%
Automobile 0.4%
Ally Auto Receivables Trust Series 2018-3, Class A3 3.00%, due 1/17/23	$	99,000	$	99,881
BMW Vehicle Lease Trust Series 2018-1, Class A4 3.26%, due 7/20/21		200,000		202,316
Ford Credit Floorplan Master Owner Trust Series 2017-2, Class A1 2.16%, due 9/15/22		300,000		300,091
GM Financial Securitized Term Auto Receivables Trust Series 2018-3, Class A3 3.02%, due 5/16/23		700,000		709,306
Honda Auto Receivables Owner Trust Series 2018-3, Class A3 2.95%, due 8/22/22		800,000		809,250
Hyundai Auto Lease Securitization Trust Series 2018-B, Class A3 3.04%, due 10/15/21 (a)		100,000		100,728
Total Asset-Backed Securities (Cost $2,198,734)				2,221,572
Corporate Bonds 23.1%
Aerospace & Defense 0.4%
Boeing Co. 3.25%, due 3/1/28		210,000		220,476
General Dynamics Corp. 3.00%, due 5/11/21		255,000		259,465
Lockheed Martin Corp. 4.07%, due 12/15/42		255,000		294,311
Northrop Grumman Corp. 7.75%, due 2/15/31		210,000		305,363
Raytheon Co. 3.15%, due 12/15/24		255,000		267,977
Rockwell Collins, Inc. 3.50%, due 3/15/27		210,000		224,060
United Technologies Corp.
2.65%, due 11/1/26		610,000		626,161
3.65%, due 8/16/23		50,000		52,912
				2,250,725
Apparel 0.0% ‡
Nike, Inc. 3.625%, due 5/1/43		65,000		71,524
Auto Manufacturers 0.4%
Ford Motor Credit Co. LLC 3.219%, due 1/9/22		1,300,000		1,298,682
General Motors Financial Co., Inc. 4.35%, due 1/17/27		665,000		683,526
Toyota Motor Credit Corp. 2.25%, due 10/18/23		290,000		292,298
				2,274,506
Banks 6.2%
Bank of America Corp.
3.248%, due 10/21/27		405,000		420,970
3.30%, due 1/11/23		835,000		862,695
3.419%, due 12/20/28 (b)		510,000		532,645
5.00%, due 1/21/44		320,000		405,972
5.625%, due 7/1/20		375,000		384,992
Bank of New York Mellon Corp.
2.05%, due 5/3/21		95,000		95,071
2.50%, due 4/15/21		610,000		614,673
3.00%, due 2/24/25		410,000		426,824
Bank of Nova Scotia 2.70%, due 3/7/22		720,000		732,594
Barclays PLC 5.25%, due 8/17/45		270,000		304,462
BB&T Corp.
2.05%, due 5/10/21		705,000		704,554
2.75%, due 4/1/22		255,000		258,782
BNP Paribas S.A. 3.25%, due 3/3/23		445,000		462,881
Capital One Financial Co. 3.05%, due 3/9/22		565,000		576,239
Citigroup, Inc.
2.65%, due 10/26/20		610,000		613,735
3.375%, due 3/1/23		915,000		947,909
4.45%, due 9/29/27		735,000		801,940
4.65%, due 7/30/45		170,000		204,799
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. 5.25%, due 5/24/41		405,000		556,428
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 6/9/23		335,000		349,866
Fifth Third Bank 2.25%, due 6/14/21		470,000		471,504
Goldman Sachs Group, Inc.
2.60%, due 12/27/20		525,000		525,636
2.905%, due 7/24/23 (b)		1,420,000		1,439,073
3.85%, due 1/26/27		520,000		551,393
4.80%, due 7/8/44		220,000		263,434
HSBC Holdings PLC
2.65%, due 1/5/22		1,060,000		1,067,575
3.90%, due 5/25/26		250,000		264,627
JPMorgan Chase & Co.
4.25%, due 10/1/27		1,340,000		1,472,173
4.26%, due 2/22/48 (b)		500,000		583,757
Keybank N.A. 2.40%, due 6/9/22		335,000		337,615
KfW
1.50%, due 4/20/20		830,000		827,816
2.125%, due 3/7/22		2,730,000		2,761,258
Lloyds Banking Group PLC 3.75%, due 1/11/27		270,000		280,013
Mitsubishi UFJ Financial Group, Inc. 3.455%, due 3/2/23		510,000		528,309
Morgan Stanley
2.50%, due 4/21/21		450,000		453,017
3.625%, due 1/20/27		750,000		794,133
4.10%, due 5/22/23		555,000		584,454
National Australia Bank, Ltd. 2.50%, due 5/22/22		335,000		339,189
PNC Bank N.A. 2.625%, due 2/17/22		335,000		339,654
Royal Bank of Canada 2.75%, due 2/1/22		330,000		335,936
Royal Bank of Scotland Group PLC 3.875%, due 9/12/23		270,000		278,744
Santander UK PLC 2.375%, due 3/16/20		610,000		610,459
State Street Corp. 4.375%, due 3/7/21		350,000		361,257
Sumitomo Mitsui Banking Corp. 2.65%, due 7/23/20		1,355,000		1,360,722
Toronto-Dominion Bank 2.50%, due 12/14/20		445,000		447,769
U.S. Bank N.A. 2.00%, due 1/24/20		1,420,000		1,420,105
Wells Fargo & Co.
2.55%, due 12/7/20		300,000		301,610
3.00%, due 4/22/26		600,000		615,214
3.50%, due 3/8/22		355,000		366,314
4.75%, due 12/7/46		500,000		590,280
Westpac Banking Corp. 2.80%, due 1/11/22		445,000		452,670
				31,283,741
Beverages 0.7%
Anheuser-Busch Cos., LLC / Anheuser-Busch InBev Worldwide, Inc.
2.50%, due 7/15/22		365,000		370,087
4.60%, due 4/15/48		1,265,000		1,458,977
Coca Cola Co. 2.25%, due 9/1/26		290,000		291,535
Constellation Brands, Inc. 3.60%, due 2/15/28		100,000		105,579
Diageo Capital PLC 5.875%, due 9/30/36		218,000		302,360
Keurig Dr Pepper, Inc. 4.985%, due 5/25/38		65,000		75,398
Molson Coors Brewing Co. 4.20%, due 7/15/46		65,000		65,684
PepsiCo, Inc.
2.75%, due 3/1/23		330,000		339,994
2.85%, due 2/24/26		210,000		218,800
4.45%, due 4/14/46		105,000		130,807
				3,359,221
Biotechnology 0.4%
Amgen, Inc.
2.70%, due 5/1/22		180,000		182,672
3.125%, due 5/1/25		255,000		265,083
4.40%, due 5/1/45		180,000		203,415
Baxalta, Inc. 3.60%, due 6/23/22		39,000		40,022
Celgene Corp.
2.75%, due 2/15/23		25,000		25,446
3.55%, due 8/15/22		155,000		160,749
3.625%, due 5/15/24		510,000		538,556
Gilead Sciences, Inc.
3.65%, due 3/1/26		440,000		471,604
4.60%, due 9/1/35		180,000		213,395
				2,100,942
Building Materials 0.0% ‡
Johnson Controls International PLC 6.00%, due 1/15/36		50,000		61,422
Chemicals 0.4%
Dow Chemical Co. 3.00%, due 11/15/22		445,000		453,393
DuPont de Nemours, Inc. 4.493%, due 11/15/25		375,000		414,418
Mosaic Co. 4.05%, due 11/15/27		405,000		420,754
Nutrien, Ltd. 5.875%, due 12/1/36		210,000		252,228
Sherwin-Williams Co. 3.95%, due 1/15/26		255,000		272,450
				1,813,243
Commercial Services 0.0% ‡
Ecolab, Inc. 2.70%, due 11/1/26		210,000		215,816
Computers 0.5%
Apple, Inc.
2.15%, due 2/9/22		180,000		181,360
2.90%, due 9/12/27		250,000		260,287
3.35%, due 2/9/27		16,000		17,106
4.25%, due 2/9/47		180,000		215,189
4.50%, due 2/23/36		245,000		298,476
Dell International LLC / EMC Corp. (a)
5.45%, due 6/15/23		445,000		484,284
6.02%, due 6/15/26		300,000		337,374
Hewlett Packard Enterprise Co. 4.40%, due 10/15/22		180,000		190,673
IBM Corp.
1.875%, due 8/1/22		200,000		199,137
3.45%, due 2/19/26		175,000		185,959
3.50%, due 5/15/29		290,000		311,235
				2,681,080
Cosmetics & Personal Care 0.1%
Procter & Gamble Co. 2.70%, due 2/2/26		210,000		217,980
Unilever Capital Corp. 3.10%, due 7/30/25		100,000		104,770
				322,750
Diversified Financial Services 0.5%
American Express Co.
2.20%, due 10/30/20		300,000		300,448
3.40%, due 2/27/23		365,000		379,007
GE Capital International Funding Co. 3.373%, due 11/15/25		925,000		943,671
National Rural Utilities Cooperative Finance Corp. 2.70%, due 2/15/23		90,000		91,796
Visa, Inc.
2.80%, due 12/14/22		405,000		416,418
4.30%, due 12/14/45		175,000		217,165
				2,348,505
Electric 1.5%
American Electric Power Co., Inc. 2.15%, due 11/13/20		525,000		525,305
CenterPoint Energy Houston Electric LLC 4.25%, due 2/1/49		250,000		300,137
Commonwealth Edison Co. 3.65%, due 6/15/46		390,000		421,283
Consolidated Edison Co. of New York, Inc. 5.85%, due 3/15/36		565,000		744,087
DTE Electric Co. 3.375%, due 3/1/25		180,000		190,456
Duke Energy Carolinas LLC
3.875%, due 3/15/46		690,000		766,053
4.00%, due 9/30/42		210,000		234,982
Edison International 2.95%, due 3/15/23		180,000		180,000
Emera U.S. Finance, L.P. 2.70%, due 6/15/21		180,000		181,058
Exelon Corp. 2.85%, due 6/15/20		375,000		376,568
Florida Power & Light Co.
2.75%, due 6/1/23		120,000		123,136
3.80%, due 12/15/42		165,000		182,883
Kentucky Utilities Co. 3.25%, due 11/1/20		260,000		262,894
MidAmerican Energy Co. 3.95%, due 8/1/47		330,000		375,580
Ohio Power Co. Series G 6.60%, due 2/15/33		165,000		228,781
PPL Electric Utilities Corp. 3.95%, due 6/1/47		100,000		113,604
San Diego Gas & Electric Co. 4.15%, due 5/15/48		210,000		239,119
Sempra Energy 3.80%, due 2/1/38		210,000		215,985
Southern California Edison Co. 4.125%, due 3/1/48		210,000		227,944
Southern Co.
2.95%, due 7/1/23		180,000		183,709
4.40%, due 7/1/46		250,000		278,554
Virginia Electric & Power Co. 4.00%, due 1/15/43		365,000		404,686
Xcel Energy, Inc. 3.30%, due 6/1/25		730,000		761,695
				7,518,499
Environmental Controls 0.1%
Republic Services, Inc. 3.20%, due 3/15/25		255,000		265,257
Waste Management, Inc. 3.15%, due 11/15/27		255,000		268,365
				533,622
Food 0.3%
General Mills, Inc.
3.15%, due 12/15/21		180,000		183,646
4.20%, due 4/17/28		65,000		72,373
Kraft Heinz Foods Co. 3.00%, due 6/1/26		555,000		549,109
Sysco Corp. 3.25%, due 7/15/27		255,000		267,158
Tyson Foods, Inc. 5.10%, due 9/28/48		250,000		303,727
				1,376,013
Forest Products & Paper 0.1%
Fibria Overseas Finance, Ltd. 5.50%, due 1/17/27		405,000		435,071
International Paper Co. 3.80%, due 1/15/26		260,000		276,192
				711,263
Gas 0.0% ‡
NiSource, Inc. 3.49%, due 5/15/27		210,000		220,231
Health Care - Products 0.3%
Abbott Laboratories
3.75%, due 11/30/26		150,000		163,416
4.90%, due 11/30/46		100,000		129,004
Becton Dickinson & Co. 3.70%, due 6/6/27		131,000		139,067
Boston Scientific Corp. 4.70%, due 3/1/49		200,000		243,890
Medtronic, Inc. 4.625%, due 3/15/45		349,000		448,026
Stryker Corp. 3.65%, due 3/7/28		210,000		227,514
Thermo Fisher Scientific, Inc.
2.95%, due 9/19/26		290,000		298,777
3.60%, due 8/15/21		100,000		102,519
				1,752,213
Health Care - Services 0.3%
Aetna, Inc. 6.625%, due 6/15/36		210,000		272,751
Anthem, Inc. 4.375%, due 12/1/47		255,000		275,264
Laboratory Corporation of America Holdings 3.60%, due 2/1/25		255,000		267,372
UnitedHealth Group, Inc.
3.10%, due 3/15/26		500,000		522,631
4.45%, due 12/15/48		250,000		295,638
				1,633,656
Household Products & Wares 0.1%
Clorox Co. 3.90%, due 5/15/28		210,000		232,771
Kimberly-Clark Corp. 2.75%, due 2/15/26		210,000		216,261
				449,032
Housewares 0.0% ‡
Newell Brands, Inc. 3.85%, due 4/1/23		175,000		180,145
Insurance 0.6%
Allstate Corp. 5.35%, due 6/1/33 (c)		210,000		267,464
American International Group, Inc. 6.25%, due 5/1/36		350,000		458,117
Berkshire Hathaway Finance Corp. 4.30%, due 5/15/43		355,000		418,299
Chubb INA Holdings, Inc. 3.35%, due 5/3/26		180,000		192,236
Marsh & McLennan Cos., Inc. 2.75%, due 1/30/22		390,000		395,884
Metlife, Inc. 3.00%, due 3/1/25		330,000		342,883
Progressive Corp. 3.75%, due 8/23/21		300,000		309,928
Prudential Financial, Inc.
4.418%, due 3/27/48		125,000		142,973
4.50%, due 11/15/20		330,000		338,867
				2,866,651
Internet 0.2%
Alphabet, Inc. 3.375%, due 2/25/24		300,000		319,588
Amazon.com, Inc. 3.875%, due 8/22/37		810,000		931,927
				1,251,515
Machinery - Construction & Mining 0.1%
Caterpillar, Inc. 5.30%, due 9/15/35		260,000		334,222
Machinery - Diversified 0.0% ‡
Deere & Co. 3.90%, due 6/9/42		145,000		167,080
Media 1.0%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.908%, due 7/23/25		750,000		822,716
5.75%, due 4/1/48		250,000		284,998
Comcast Corp.
1.625%, due 1/15/22 (c)		615,000		612,142
3.40%, due 7/15/46		555,000		567,554
4.15%, due 10/15/28		555,000		622,558
Discovery Communications LLC 3.95%, due 3/20/28		350,000		363,305
TWDC Enterprises 18 Corp. 2.35%, due 12/1/22		510,000		517,336
Walt Disney Co. (a)
3.00%, due 9/15/22		615,000		634,175
6.40%, due 12/15/35		410,000		590,687
				5,015,471
Mining 0.2%
Barrick North America Finance LLC 5.70%, due 5/30/41		100,000		125,678
BHP Billiton Finance USA, Ltd. 3.85%, due 9/30/23		430,000		459,965
Rio Tinto Finance USA, Ltd. 3.75%, due 6/15/25		405,000		435,076
				1,020,719
Miscellaneous - Manufacturing 0.4%
3m Co. 4.00%, due 9/14/48		250,000		281,031
Eaton Corp. 4.00%, due 11/2/32		210,000		240,678
General Electric Co. 4.125%, due 10/9/42		555,000		555,348
Ingersoll-Rand Luxembourg Finance S.A. 2.625%, due 5/1/20		375,000		375,683
Parker-Hannifin Corp.
3.50%, due 9/15/22		240,000		249,115
4.20%, due 11/21/34		65,000		73,149
				1,775,004
Multi-National 1.4%
Asian Development Bank 2.75%, due 3/17/23		1,000,000		1,037,982
European Investment Bank
2.25%, due 8/15/22		1,525,000		1,551,436
2.375%, due 5/24/27		570,000		597,337
Inter-American Development Bank 1.75%, due 4/14/22		915,000		916,240
International Bank for Reconstruction & Development
2.00%, due 1/26/22		1,525,000		1,537,037
3.00%, due 9/27/23		1,000,000		1,052,455
Japan Bank for International Cooperation 2.875%, due 6/1/27		576,000		611,723
				7,304,210
Oil & Gas 1.2%
BP Capital Markets America, Inc. 3.588%, due 4/14/27		250,000		266,727
Canadian Natural Resources, Ltd. 6.25%, due 3/15/38		100,000		127,390
Cenovus Energy, Inc. 5.25%, due 6/15/37		300,000		326,731
Chevron Corp. 3.191%, due 6/24/23		410,000		427,451
ConocoPhillips Co. 5.95%, due 3/15/46		95,000		136,478
Devon Energy Corp. 4.75%, due 5/15/42		210,000		230,649
Enterprise Products Operating LLC 4.80%, due 2/1/49		350,000		407,530
EOG Resources, Inc. 3.90%, due 4/1/35		180,000		200,448
Equinor ASA 5.10%, due 8/17/40		360,000		464,430
Exxon Mobil Corp. 4.114%, due 3/1/46		390,000		461,671
Hess Corp. 7.125%, due 3/15/33		100,000		124,799
Marathon Petroleum Corp. 5.125%, due 3/1/21		1,020,000		1,060,264
Nabors Industries, Inc. 5.00%, due 9/15/20		35,000		34,212
Occidental Petroleum Corp.
3.00%, due 2/15/27		180,000		178,577
5.55%, due 3/15/26		320,000		360,917
Petroleos Mexicanos 6.50%, due 6/2/41		250,000		238,875
Shell International Finance B.V.
2.375%, due 8/21/22		290,000		294,538
3.75%, due 9/12/46		510,000		565,637
				5,907,324
Oil & Gas Services 0.1%
Halliburton Co. 3.80%, due 11/15/25		450,000		476,650
Pharmaceuticals 1.1%
AbbVie, Inc.
3.20%, due 11/6/22		440,000		451,309
3.75%, due 11/14/23		70,000		73,616
4.70%, due 5/14/45		180,000		192,558
Allergan Funding SCS
3.80%, due 3/15/25		200,000		209,426
4.75%, due 3/15/45		100,000		105,948
AstraZeneca PLC 6.45%, due 9/15/37		440,000		620,901
Bristol-Myers Squibb Co. 3.40%, due 7/26/29 (a)		530,000		566,104
Cigna Corp.
4.125%, due 11/15/25		225,000		241,581
4.90%, due 12/15/48		250,000		286,019
Eli Lilly & Co. 3.95%, due 3/15/49		250,000		290,144
Express Scripts Holding Co. 3.90%, due 2/15/22		405,000		420,079
GlaxoSmithKline Capital, Inc. 3.875%, due 5/15/28		255,000		281,416
Johnson & Johnson
3.55%, due 3/1/36		40,000		43,936
4.95%, due 5/15/33		250,000		317,526
Merck & Co., Inc. 3.70%, due 2/10/45		210,000		236,834
Mylan, Inc.
4.20%, due 11/29/23		50,000		52,367
5.20%, due 4/15/48		65,000		68,809
Novartis Capital Corp. 4.00%, due 11/20/45		260,000		305,922
Pfizer, Inc.
3.00%, due 6/15/23		155,000		160,677
3.20%, due 9/15/23		25,000		26,183
4.00%, due 12/15/36		440,000		503,725
4.10%, due 9/15/38		70,000		79,931
				5,535,011
Pipelines 0.8%
Enbridge, Inc. 4.50%, due 6/10/44		210,000		230,240
Energy Transfer Operating, L.P. 4.05%, due 3/15/25		830,000		868,448
Enterprise Products Operating LLC 3.70%, due 2/15/26		400,000		425,154
Kinder Morgan Energy Partners, L.P. 5.80%, due 3/15/35		255,000		299,468
Kinder Morgan, Inc. 4.30%, due 6/1/25		515,000		556,778
MPLX, L.P. 4.125%, due 3/1/27		255,000		268,918
Phillips 66 Partners, L.P. 4.68%, due 2/15/45		412,000		442,039
Plains All American Pipeline, L.P. / PAA Finance Corp. 3.65%, due 6/1/22		180,000		184,622
TransCanada PipeLines, Ltd.
4.875%, due 1/15/26		260,000		291,864
4.875%, due 5/15/48		100,000		115,696
Williams Cos., Inc. 3.35%, due 8/15/22		250,000		255,717
				3,938,944
Real Estate 0.0% ‡
Prologis, L.P. 3.75%, due 11/1/25		180,000		196,046
Real Estate Investment Trusts 0.3%
American Tower Corp. 5.00%, due 2/15/24		170,000		187,831
AvalonBay Communities, Inc. 2.90%, due 10/15/26		180,000		184,972
ERP Operating, L.P.
3.25%, due 8/1/27		210,000		221,174
4.625%, due 12/15/21		225,000		236,151
Realty Income Corp. 4.65%, due 3/15/47		125,000		154,708
Simon Property Group, L.P. 4.25%, due 11/30/46		368,000		424,909
				1,409,745
Retail 0.7%
CVS Health Corp.
2.75%, due 12/1/22		330,000		333,879
2.80%, due 7/20/20		300,000		301,338
4.30%, due 3/25/28		210,000		227,080
5.05%, due 3/25/48		405,000		459,646
Home Depot, Inc. 4.25%, due 4/1/46		355,000		425,146
Lowe’s Cos., Inc. 4.05%, due 5/3/47		360,000		384,270
McDonald’s Corp. 3.375%, due 5/26/25		560,000		592,961
Target Corp. 3.50%, due 7/1/24		250,000		267,849
Walmart, Inc.
2.85%, due 7/8/24		225,000		233,818
3.30%, due 4/22/24		65,000		68,654
4.30%, due 4/22/44		300,000		371,316
				3,665,957
Semiconductors 0.4%
Applied Materials, Inc. 5.10%, due 10/1/35		210,000		266,159
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
2.20%, due 1/15/21		300,000		298,906
3.00%, due 1/15/22		180,000		181,741
Intel Corp. 3.70%, due 7/29/25		510,000		552,630
QUALCOMM, Inc. 4.65%, due 5/20/35		210,000		247,397
Texas Instruments, Inc. 2.625%, due 5/15/24		300,000		308,329
				1,855,162
Software 0.6%
Fidelity National Information Services, Inc.
2.25%, due 8/15/21		353,000		353,489
3.50%, due 4/15/23		63,000		65,710
Fiserv, Inc. 4.20%, due 10/1/28		50,000		55,310
Microsoft Corp.
2.40%, due 2/6/22		410,000		415,724
3.30%, due 2/6/27		365,000		393,755
4.25%, due 2/6/47		495,000		614,108
Oracle Corp.
2.95%, due 5/15/25		405,000		420,175
4.00%, due 7/15/46		180,000		201,262
5.375%, due 7/15/40		300,000		390,131
				2,909,664
Sovereign 0.1%
Svensk Exportkredit A.B. 2.375%, due 3/9/22		400,000		405,975
Telecommunications 1.0%
AT&T, Inc.
3.60%, due 7/15/25		260,000		273,695
4.25%, due 3/1/27		750,000		816,010
5.15%, due 11/15/46		620,000		716,400
Cisco Systems, Inc. 2.95%, due 2/28/26		410,000		431,885
Deutsche Telekom International Finance B.V. 8.75%, due 6/15/30		210,000		310,080
Telefonica Emisiones SAU 7.045%, due 6/20/36		300,000		414,182
Verizon Communications, Inc.
4.016%, due 12/3/29		515,000		572,336
5.50%, due 3/16/47		850,000		1,121,846
Vodafone Group PLC 4.375%, due 5/30/28		405,000		447,324
				5,103,758
Transportation 0.6%
Burlington Northern Santa Fe LLC 3.25%, due 6/15/27 (c)		180,000		191,958
Canadian National Railway Co. 6.25%, due 8/1/34		210,000		293,239
CSX Corp. 3.70%, due 11/1/23		615,000		650,410
FedEx Corp.
2.625%, due 8/1/22		260,000		262,470
3.20%, due 2/1/25		255,000		263,370
Norfolk Southern Corp.
3.942%, due 11/1/47		66,000		71,659
4.80%, due 8/15/43		40,000		46,786
Union Pacific Corp. 2.75%, due 3/1/26		705,000		716,022
United Parcel Service, Inc. 3.40%, due 11/15/46		405,000		409,617
				2,905,531
Total Corporate Bonds (Cost $109,708,583)				117,202,788
Foreign Government Bonds 1.7%
Canada 0.3%
Province of Ontario Canada 2.50%, due 4/27/26		970,000		1,006,895
Province of Quebec Canada 2.50%, due 4/20/26		650,000		674,063
				1,680,958
Colombia 0.1%
Republic of Colombia 6.125%, due 1/18/41		545,000		709,868
Mexico 0.5%
United Mexican States 4.125%, due 1/21/26		2,380,000		2,522,824
Panama 0.2%
Panama Government International Bond 3.75%, due 3/16/25		750,000		793,132
Peru 0.2%
Peruvian Government International Bond 7.35%, due 7/21/25		920,000		1,164,269
Philippines 0.1%
Philippine Government International Bond 5.00%, due 1/13/37		400,000		521,875
Republic of Korea 0.3%
Korea Development Bank
2.25%, due 5/18/20		500,000		500,390
3.25%, due 2/19/24		850,000		892,708
				1,393,098
Total Foreign Government Bonds (Cost $8,253,581)				8,786,024
Mortgage-Backed Securities 1.4%
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.4%
Bank Series 2018-BN14, Class A3 3.966%, due 9/15/60		800,000		894,723
Benchmark Mortgage Trust
Series 2018-B1, Class A2 3.571%, due 1/15/51		100,000		103,835
Series 2018-B1, Class A5 3.666%, due 1/15/51 (d)		800,000		872,313
Series 2018-B6, Class A3 3.995%, due 10/10/51		900,000		1,008,480
CFCRE Commercial Mortgage Trust
Series 2016-C6, Class A3 3.217%, due 11/10/49 (d)		300,000		314,933
Series 2017-C8, Class A3 3.305%, due 6/15/50		200,000		210,414
Citigroup Commercial Mortgage Trust
Series 2017-P8, Class A4 3.465%, due 9/15/50		300,000		322,545
Series 2015-GC35, Class A4 3.818%, due 11/10/48		300,000		325,617
CSAIL Commercial Mortgage Trust Series 2017-CX9, Class A5 3.446%, due 9/15/50		300,000		320,676
GS Mortgage Securities Trust
Series 2016-GS3, Class A4 2.85%, due 10/10/49		300,000		310,072
Series 2014-GC22, Class A5 3.862%, due 6/10/47		300,000		320,877
Series 2018-GS9, Class A4 3.992%, due 3/10/51 (d)		800,000		890,257
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A4 2.918%, due 2/15/46		300,000		306,395
Morgan Stanley Capital I Trust Series 2018-H3, Class A4 3.914%, due 7/15/51		500,000		554,676
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class A4 3.789%, due 9/15/48		300,000		323,143
WFRBS Commercial Mortgage Trust Series 2012-C8, Class A3 3.001%, due 8/15/45		200,000		204,038
Total Mortgage-Backed Securities (Cost $6,810,403)				7,282,994
U.S. Government & Federal Agencies 67.3%
Federal Home Loan Bank 0.2%
3.25%, due 11/16/28		700,000		780,078
Federal Home Loan Mortgage Corporation 0.2%
1.875%, due 11/17/20		400,000		400,413
2.375%, due 1/13/22		500,000		507,699
				908,112
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 5.7%
2.50%, due 10/1/31		68,404		69,249
2.50%, due 2/1/32		377,928		381,772
2.50%, due 2/1/33		472,175		476,700
2.50%, due 4/1/33		607,662		613,488
2.50%, due 6/1/33		97,953		98,891
2.50%, due 7/1/33		251,633		254,048
3.00%, due 9/1/27		225,556		231,761
3.00%, due 4/1/32		280,480		287,686
3.00%, due 6/1/32		72,759		74,623
3.00%, due 9/1/32		37,431		38,393
3.00%, due 10/1/32		163,401		167,599
3.00%, due 5/1/33		255,094		261,566
3.00%, due 9/1/33		316,170		323,492
3.00%, due 9/1/36		147,519		152,727
3.00%, due 11/1/37		160,821		165,474
3.00%, due 12/1/37		254,683		261,439
3.00%, due 9/1/46		1,183,584		1,214,599
3.00%, due 12/1/46		79,980		81,874
3.00%, due 2/1/47		84,283		86,279
3.00%, due 3/1/47		379,184		388,120
3.00%, due 4/1/47		110,573		113,228
3.00%, due 1/1/48		1,023,016		1,045,768
3.00%, due 2/1/48		659,152		673,230
3.00%, due 3/1/48		562,228		573,968
3.00%, due 4/1/48		685,409		703,999
3.00%, due 6/1/48		856,294		873,786
3.50%, due 12/1/25		54,950		56,841
3.50%, due 5/1/33		244,329		253,548
3.50%, due 9/1/33		78,706		81,420
3.50%, due 2/1/37		216,935		225,055
3.50%, due 1/1/38		253,865		263,031
3.50%, due 6/1/43		228,303		239,947
3.50%, due 9/1/44		212,074		223,365
3.50%, due 8/1/45		485,594		506,059
3.50%, due 8/1/46		680,280		707,536
3.50%, due 8/1/47		84,825		87,737
3.50%, due 9/1/47		192,793		199,564
3.50%, due 11/1/47		357,587		370,162
3.50%, due 12/1/47		854,471		884,690
3.50%, due 1/1/48		85,410		88,407
3.50%, due 3/1/48		1,013,031		1,046,471
3.50%, due 5/1/48		356,013		367,280
3.50%, due 6/1/48		585,611		604,984
3.50%, due 8/1/48		848,603		873,513
3.50%, due 9/1/48		780,489		802,577
3.50%, due 11/1/48		271,720		279,078
3.50%, due 12/1/48		705,093		724,483
4.00%, due 4/1/46		531,845		560,439
4.00%, due 5/1/46		179,647		189,245
4.00%, due 4/1/47		161,046		169,046
4.00%, due 6/1/47		451,907		474,128
4.00%, due 8/1/47		757,265		794,492
4.00%, due 10/1/47		194,263		203,598
4.00%, due 12/1/47		507,243		533,123
4.00%, due 1/1/48		167,636		176,136
4.00%, due 5/1/48		335,344		351,324
4.00%, due 9/1/48		1,376,201		1,427,993
4.00%, due 12/1/48		806,489		836,348
4.50%, due 5/1/38		151,372		160,505
4.50%, due 9/1/46		97,043		102,762
4.50%, due 10/1/46		255,455		271,588
4.50%, due 2/1/47		59,202		62,735
4.50%, due 11/1/47		79,325		83,876
4.50%, due 2/1/48		154,332		163,061
4.50%, due 4/1/48		239,441		252,966
4.50%, due 6/1/48		155,179		163,238
4.50%, due 7/1/48		538,759		566,680
4.50%, due 8/1/48		551,209		581,426
4.50%, due 1/1/49		973,906		1,024,307
5.00%, due 9/1/38		76,592		84,573
5.00%, due 11/1/41		132,044		145,854
5.00%, due 3/1/47		265,572		285,367
5.00%, due 9/1/48		430,197		461,810
5.00%, due 1/1/49		280,466		301,270
5.50%, due 1/1/29		94,556		102,212
5.50%, due 7/1/38		127,607		143,753
				29,173,362
Federal National Mortgage Association 0.7%
1.375%, due 9/6/22		725,000		719,857
1.875%, due 4/5/22		300,000		302,043
1.875%, due 9/24/26		1,650,000		1,670,482
2.875%, due 10/30/20		650,000		657,030
				3,349,412
Federal National Mortgage Association (Mortgage Pass-Through Securities) 12.9%
2.50%, due 10/1/27		244,015		246,121
2.50%, due 4/1/30		209,174		212,034
2.50%, due 10/1/31		342,000		345,310
2.50%, due 2/1/32		591,007		596,723
2.50%, due 8/1/32		535,254		541,608
2.50%, due 3/1/33		329,070		332,707
2.50%, due 6/1/33		350,345		353,497
2.50%, due 4/1/46		84,069		83,997
2.50%, due 10/1/46		174,573		174,317
3.00%, due 4/1/25		82,961		84,783
3.00%, due 11/1/31		241,099		247,142
3.00%, due 1/1/32		361,702		370,799
3.00%, due 6/1/32		210,150		215,177
3.00%, due 1/1/33		184,307		188,899
3.00%, due 2/1/33		263,398		271,720
3.00%, due 4/1/33		455,749		467,031
3.00%, due 5/1/33		450,900		462,140
3.00%, due 9/1/33		199,307		203,754
3.00%, due 9/1/34		2,468,387		2,524,873
3.00%, due 2/1/37		224,748		232,416
3.00%, due 1/1/38		753,633		774,034
3.00%, due 9/1/42		1,390,044		1,432,416
3.00%, due 12/1/43		1,024,439		1,053,904
3.00%, due 10/1/44		888,418		915,420
3.00%, due 10/1/46		197,008		201,782
3.00%, due 12/1/46		1,828,843		1,873,270
3.00%, due 2/1/47		278,359		285,058
3.00%, due 8/1/47		1,024,294		1,053,545
3.00%, due 10/1/47		882,754		901,164
3.00%, due 11/1/47		244,335		250,153
3.00%, due 6/1/48		184,106		187,523
3.00%, due 9/1/49		2,990,330		3,035,921
3.50%, due 7/1/21		29,483		30,474
3.50%, due 3/1/22		60,620		62,659
3.50%, due 5/1/26		60,116		62,146
3.50%, due 11/1/31		66,572		68,833
3.50%, due 5/1/33		130,928		135,404
3.50%, due 6/1/33		328,698		339,754
3.50%, due 7/1/33		160,460		165,894
3.50%, due 9/1/33		241,492		249,614
3.50%, due 5/1/45		956,612		1,009,774
3.50%, due 9/1/45		164,442		171,259
3.50%, due 12/1/45		920,380		962,927
3.50%, due 1/1/46		657,640		689,733
3.50%, due 4/1/46		173,273		180,183
3.50%, due 9/1/46		595,026		626,434
3.50%, due 10/1/46		506,314		525,033
3.50%, due 1/1/47		311,733		323,042
3.50%, due 7/1/47		406,579		425,207
3.50%, due 10/1/47		328,863		339,661
3.50%, due 11/1/47		2,498,482		2,581,509
3.50%, due 12/1/47		85,668		88,780
3.50%, due 8/1/48		786,219		806,711
3.50%, due 9/1/48		986,474		1,015,421
3.50%, due 2/1/49		2,010,802		2,065,353
3.50%, due 9/1/49		7,069,727		7,263,340
4.00%, due 5/1/24		98,559		102,536
4.00%, due 11/1/29		225,343		234,853
4.00%, due 2/1/37		59,523		62,443
4.00%, due 8/1/38		663,468		692,784
4.00%, due 8/1/44		293,868		313,553
4.00%, due 2/1/45		369,076		389,882
4.00%, due 9/1/45		69,908		73,737
4.00%, due 5/1/46		351,078		369,482
4.00%, due 9/1/46		275,760		290,262
4.00%, due 2/1/47		58,638		61,680
4.00%, due 4/1/47		35,745		37,493
4.00%, due 5/1/47		543,568		569,957
4.00%, due 6/1/47		828,204		868,229
4.00%, due 10/1/47		90,652		95,050
4.00%, due 11/1/47		83,428		87,341
4.00%, due 12/1/47		240,754		251,146
4.00%, due 1/1/48		1,221,429		1,274,079
4.00%, due 2/1/48		249,026		260,222
4.00%, due 6/1/48		994,591		1,035,686
4.00%, due 7/1/48		2,636,042		2,738,434
4.00%, due 8/1/48		246,587		255,873
4.00%, due 9/1/48		1,100,168		1,144,648
4.00%, due 10/1/48		168,960		175,805
4.00%, due 11/1/48		446,230		462,611
4.00%, due 1/1/49		336,005		348,262
4.00%, due 9/1/49		4,182,870		4,353,568
4.50%, due 7/1/46		74,125		78,838
4.50%, due 12/1/46		68,793		72,964
4.50%, due 4/1/47		483,756		512,468
4.50%, due 5/1/47		32,152		33,988
4.50%, due 7/1/47		586,950		620,648
4.50%, due 8/1/47		47,011		49,770
4.50%, due 2/1/48		463,804		489,328
4.50%, due 4/1/48		422,016		444,849
4.50%, due 5/1/48		397,141		419,448
4.50%, due 6/1/48		231,320		243,872
4.50%, due 8/1/48		464,243		488,274
4.50%, due 10/1/48		160,514		168,936
4.50%, due 9/1/49		1,986,498		2,097,466
5.00%, due 8/1/31		218,046		233,005
5.00%, due 6/1/39		193,776		213,471
5.00%, due 6/1/40		42,668		47,153
5.00%, due 7/1/47		163,115		175,129
5.00%, due 1/1/48		363,127		395,847
5.00%, due 4/1/48		215,629		232,772
5.00%, due 5/1/48		235,234		252,343
5.00%, due 9/1/48		216,435		233,508
5.50%, due 8/1/27		76,538		82,764
5.50%, due 6/1/36		101,190		114,088
5.50%, due 5/1/44		116,611		131,637
5.50%, due 9/1/48		505,773		548,023
				65,238,588
Government National Mortgage Association (Mortgage Pass-Through Securities) 7.4%
2.50%, due 4/20/47		84,386		85,166
3.00%, due 6/15/45		63,130		64,815
3.00%, due 10/15/45		30,811		31,633
3.00%, due 11/20/45		888,828		916,517
3.00%, due 8/20/46		340,758		351,359
3.00%, due 9/20/46		179,736		185,435
3.00%, due 10/20/46		1,120,109		1,154,961
3.00%, due 1/20/47		1,260,824		1,299,954
3.00%, due 5/20/47		217,206		223,838
3.00%, due 12/20/47		748,785		769,438
3.00%, due 2/20/48		851,507		874,889
3.00%, due 3/20/48		1,006,896		1,034,541
3.00%, due 5/15/48		181,368		186,207
3.00%, due 5/1/49 TBA (e)		1,000,000		1,026,133
3.50%, due 11/20/42		299,820		315,963
3.50%, due 9/20/44		472,249		495,422
3.50%, due 3/15/45		40,477		42,117
3.50%, due 4/15/45		65,501		68,450
3.50%, due 7/20/45		1,268,777		1,327,132
3.50%, due 11/20/45		577,722		604,290
3.50%, due 7/20/46		66,484		69,347
3.50%, due 10/20/46		66,776		69,721
3.50%, due 11/20/46		824,266		860,385
3.50%, due 1/20/47		962,314		1,001,444
3.50%, due 5/20/47		815,450		847,936
3.50%, due 9/20/47		877,462		912,766
3.50%, due 10/20/47		1,562,080		1,622,776
3.50%, due 12/20/47		765,611		795,114
3.50%, due 5/15/48		144,403		150,048
3.50%, due 7/20/48		426,612		442,367
3.50%, due 9/20/48		501,674		520,137
3.50%, due 10/1/48 TBA (e)		3,200,000		3,315,062
3.50%, due 10/20/48		519,284		538,131
4.00%, due 10/1/40 TBA (e)		500,000		523,906
4.00%, due 8/15/46		113,174		119,850
4.00%, due 12/20/46		54,892		57,862
4.00%, due 1/20/47		453,346		475,769
4.00%, due 2/20/47		121,620		127,586
4.00%, due 3/20/47		96,178		100,900
4.00%, due 4/20/47		211,715		221,761
4.00%, due 5/20/47		178,951		187,469
4.00%, due 7/20/47		72,483		75,594
4.00%, due 11/15/47		195,964		205,359
4.00%, due 11/20/47		883,123		922,033
4.00%, due 12/20/47		199,218		207,895
4.00%, due 4/20/48		927,482		964,564
4.00%, due 5/20/48		391,816		407,483
4.00%, due 6/20/48		158,970		165,316
4.00%, due 8/20/48		1,043,939		1,087,187
4.00%, due 9/20/48		562,216		585,292
4.00%, due 3/20/49		194,404		202,873
4.00%, due 10/1/49 TBA (e)		4,000,000		4,159,766
4.50%, due 8/15/46		72,243		77,524
4.50%, due 8/20/46		164,438		175,153
4.50%, due 2/15/47		36,205		39,614
4.50%, due 4/15/47		58,837		64,425
4.50%, due 4/20/47		183,131		192,738
4.50%, due 8/15/47		740,717		800,595
4.50%, due 11/20/47		188,316		197,868
4.50%, due 1/20/48		470,164		493,561
4.50%, due 3/20/48		210,097		219,818
4.50%, due 5/20/48		210,173		219,862
4.50%, due 6/20/48		364,574		382,313
4.50%, due 8/20/48		662,496		694,711
5.00%, due 8/20/45		172,884		187,156
5.00%, due 11/20/46		108,561		120,059
5.00%, due 4/15/47		77,264		83,906
5.00%, due 11/20/47		149,340		160,354
5.00%, due 12/15/47		120,637		129,073
5.00%, due 3/20/48		122,706		131,446
5.00%, due 6/20/48		277,462		294,519
				37,666,654
United States Treasury Bonds 8.0%
2.75%, due 8/15/47		1,035,000		1,171,491
2.75%, due 11/15/47		300,000		339,785
2.875%, due 5/15/43		1,950,000		2,235,721
2.875%, due 11/15/46		140,000		161,995
2.875%, due 5/15/49		5,025,000		5,860,603
3.00%, due 2/15/47		815,000		966,125
3.00%, due 5/15/47		1,175,000		1,392,329
3.00%, due 2/15/48		5,950,000		7,064,463
3.00%, due 8/15/48		2,790,000		3,317,920
3.00%, due 2/15/49		2,145,000		2,557,494
3.125%, due 5/15/48		7,900,000		9,602,203
3.375%, due 11/15/48		1,550,000		1,974,978
3.625%, due 2/15/44		150,000		193,910
4.50%, due 2/15/36		1,900,000		2,619,180
4.625%, due 2/15/40		750,000		1,085,713
				40,543,910
United States Treasury Notes 32.2%
1.375%, due 9/15/20		775,000		772,033
1.50%, due 7/15/20		460,000		458,706
1.50%, due 8/15/22		7,275,000		7,258,233
1.50%, due 9/15/22		3,400,000		3,393,625
1.625%, due 10/15/20		2,450,000		2,445,024
1.625%, due 8/31/22		700,000		700,602
1.625%, due 8/15/29		7,050,000		7,017,504
1.75%, due 11/15/20		3,950,000		3,947,223
1.75%, due 7/31/21		20,100,000		20,128,266
1.75%, due 6/15/22		900,000		904,078
1.75%, due 6/30/22		925,000		929,047
1.75%, due 6/30/24		2,200,000		2,218,648
1.75%, due 7/31/24		12,250,000		12,358,145
1.875%, due 12/15/20		3,375,000		3,378,032
1.875%, due 9/30/22		950,000		958,424
1.875%, due 8/31/24		325,000		329,773
2.00%, due 10/31/22		900,000		911,074
2.00%, due 4/30/24		5,885,000		5,996,953
2.00%, due 5/31/24		1,400,000		1,427,945
2.125%, due 5/31/21		4,500,000		4,530,586
2.125%, due 7/31/24		150,000		153,826
2.125%, due 5/31/26		9,995,000		10,312,810
2.25%, due 2/15/21		1,525,000		1,534,948
2.375%, due 3/15/21		150,000		151,336
2.375%, due 4/15/21		2,000,000		2,018,984
2.375%, due 4/30/26		200,000		209,422
2.375%, due 5/15/29		2,125,000		2,256,650
2.50%, due 6/30/20		925,000		929,300
2.50%, due 2/15/22		2,150,000		2,193,420
2.50%, due 3/31/23		100,000		103,145
2.625%, due 7/31/20		55,000		55,342
2.625%, due 5/15/21		2,150,000		2,180,990
2.625%, due 6/15/21		925,000		939,164
2.625%, due 7/15/21		4,965,000		5,045,681
2.625%, due 6/30/23		1,900,000		1,972,363
2.625%, due 12/31/23		150,000		156,469
2.625%, due 2/15/29		975,000		1,055,247
2.75%, due 9/30/20		3,775,000		3,809,211
2.75%, due 8/15/21		3,700,000		3,772,410
2.75%, due 9/15/21		1,000,000		1,021,367
2.75%, due 4/30/23		5,425,000		5,645,179
2.75%, due 5/31/23		1,700,000		1,770,656
2.75%, due 7/31/23		4,675,000		4,878,070
2.75%, due 8/31/23		4,000,000		4,178,281
2.75%, due 6/30/25		275,000		292,263
2.75%, due 2/15/28		2,400,000		2,605,688
2.875%, due 10/31/20		10,700,000		10,820,375
2.875%, due 11/15/21		375,000		384,522
2.875%, due 9/30/23		2,875,000		3,019,424
2.875%, due 10/31/23		5,300,000		5,571,832
2.875%, due 11/30/23		600,000		631,430
2.875%, due 4/30/25		950,000		1,014,793
2.875%, due 5/31/25		300,000		320,660
2.875%, due 7/31/25		1,425,000		1,525,529
2.875%, due 8/15/28		600,000		659,719
3.125%, due 11/15/28		150,000		168,398
				163,422,825
Total U.S. Government & Federal Agencies (Cost $329,596,894)				341,082,941
Total Long-Term Bonds (Cost $456,568,195)				476,576,319

	Shares
Exchange-Traded Funds 4.7%
iShares Intermediate-Term Corporate Bond ETF (c)		135,779	7,864,320
iShares Long-Term Corporate Bond ETF (c)		195,206	13,006,576
iShares Short-Term Corporate Bond ETF (c)		54,601	2,930,435
Total Exchange-Traded Funds (Cost $23,426,514)			23,801,331

	Principal Amount
Short-Term Investments 4.4%
Commercial Paper 3.7%
Bank New York Mellon Corp. 1.876%, due 10/1/19 (f)	$	18,800,000	18,800,000
Total Commercial Paper (Cost $18,800,000)			18,800,000
Repurchase Agreement 0.5%
RBC Capital Markets 2.35%, dated 9/30/19 due 10/1/19 Proceeds at Maturity $2,472,161(Collateralized by a United States Treasury Note with a rate of 2.125% and a maturity date of 12/31/2022, with a Principal Amount of $2,466,700 and a Market Value of $2,521,627)		2,472,000	2,472,000
Total Repurchase Agreement (Cost $2,472,000)			2,472,000

	Shares
Unaffiliated Investment Company 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (g)(h)		786,840			786,840
Total Unaffiliated Investment Company (Cost $786,840)					786,840
Total Short-Term Investments (Cost $22,058,840)					22,058,840
Total Investments (Cost $502,053,549)		103.0	%		522,436,490
Other Assets, Less Liabilities		(3.0	)		(15,302,024	)
Net Assets		100.0	%	$	507,134,466

† Percentages indicated are based on Portfolio net assets.

‡ Less than one-tenth of a percent.

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

(b) Fixed to floating rate - Rate shown was the rate in effect as of September 30, 2019.

(c) All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $7,229,643; the total market value of collateral held by the Portfolio was $7,379,382. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $6,592,542.

(d) Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.

(e) TBA - Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of September 30, 2019, the total net market value of these securities was $9,024,867, which represented 1.8% of the Portfolio’s net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.

(f) Interest rate shown represents yield to maturity.

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

(h) Current yield as of September 30, 2019.

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

Type	Number of Contracts		Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
5-Year United States Treasury Note		124	December 2019	$	14,866,633		$	14,774,406		$	(92,227	)
10-Year United States Treasury Note		59	December 2019		7,756,300			7,688,438			(67,862	)
10-Year United States Treasury Ultra Note		45	December 2019		6,479,728			6,408,281			(71,447	)
Total Long Contracts											(231,536	)
Short Contracts
2-Year United States Treasury Note		(27)	December 2019		(5,838,664	)		(5,818,500	)		20,164
United States Treasury Long Bond		(4)	December 2019		(656,649	)		(649,250	)		7,399
United States Treasury Ultra Bond		(18)	December 2019		(3,505,326	)		(3,454,313	)		51,013
Total Short Contracts											78,576
Net Unrealized Depreciation										$	(152,960	)

1. As of September 30, 2019, cash in the amount of $182,378 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 September 30, 2019.

The following abbreviation is used in the preceding pages:

ETF—Exchange-Traded Fund

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—	$	2,221,572	$	—	$	2,221,572
Corporate Bonds		—		117,202,788		—		117,202,788
Foreign Government Bonds		—		8,786,024		—		8,786,024
Mortgage-Backed Securities		—		7,282,994		—		7,282,994
U.S. Government & Federal Agencies		—		341,082,941		—		341,082,941
Total Long-Term Bonds		—		476,576,319		—		476,576,319
Exchange-Traded Funds		23,801,331		—		—		23,801,331
Short-Term Investments
Commercial Paper		—		18,800,000		—		18,800,000
Repurchase Agreements		—		2,472,000		—		2,472,000
Unaffiliated Investment Company		786,840		—		—		786,840
Total Short-Term Investments		786,840		21,272,000		—		22,058,840
Total Investments in Securities		24,588,171		497,848,319		—		522,436,490
Other Financial Instruments Futures Contracts (b)		78,576		—		—		78,576
Total Investments in Securities and Other Financial Instruments	$	24,666,747	$	497,848,319	$	—	$	522,515,066

Liability Valuation Inputs
Other Financial Instruments Futures Contracts (b)	$	(231,536	)	$	—	$	—	$	(231,536	)

(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.

MainStay VP IQ Hedge Multi-Strategy Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

	Principal Amount		Value
Exchange-Traded Funds 94.0% †
Bonds 64.8%
Bank Loan Funds 5.1%
Invesco Senior Loan ETF (a)	$	612,368	$	13,833,393
SPDR Blackstone / GSO Senior Loan ETF (a)		134,564		6,233,005
				20,066,398
Emerging Bonds - Local Currency Funds 2.1%
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (a)		41,986		1,142,439
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		208,048		6,865,584
WisdomTree Emerging Markets Local Debt Fund		7,796		268,260
				8,276,283
Emerging Bonds - USD Funds 1.8%
iShares JP Morgan USD Emerging Markets Bond ETF		56,855		6,444,514
Vanguard Emerging Markets Government Bond ETF		7,550		608,530
				7,053,044
Floating Rate - Investment Grade Funds 7.9%
iShares Floating Rate Bond ETF (a)		435,942		22,219,964
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		301,768		9,282,383
				31,502,347
High Yield Corporate Bond Funds 1.6%
iShares 0-5 Year High Yield Corporate Bond ETF (a)		70,558		3,280,241
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		115,478		3,119,061
				6,399,302
Investment Grade Corporate Bond Funds 11.7%
iShares Broad USD Investment Grade Corporate Bond ETF (a)		34,242		1,995,624
iShares iBoxx $ Investment Grade Corporate Bond ETF		157,867		20,124,885
SPDR Portfolio Short Term Corporate Bond ETF (a)		64,605		1,993,064
Vanguard Intermediate-Term Corporate Bond ETF		145,951		13,316,569
Vanguard Short-Term Corporate Bond ETF		107,605		8,721,386
				46,151,528
Mortgage-Backed Securities Funds 2.0%
iShares MBS ETF		48,468		5,249,085
Vanguard Mortgage-Backed Securities ETF		53,762		2,863,364
				8,112,449
Municipal Bond Fund 0.2%
VanEck Vectors High-Yield Municipal Index ETF		13,317		858,014
U.S. Medium Term Treasury Bond Funds 2.9%
iShares 3-7 Year Treasury Bond ETF (a)		40,472		5,131,850
Schwab Intermediate-Term U.S. Treasury ETF (a)		58,582		3,254,816
Vanguard Intermediate-Term Treasury ETF		44,388		2,959,348
				11,346,014
U.S. Ultra Short Term Treasury Bond Funds 29.5%
Goldman Sachs Access Treasury 0-1 Year ETF		99,795		10,017,422
Invesco Treasury Collateral ETF		16,348		1,725,940
iShares Short Treasury Bond ETF (a)		689,917		76,318,618
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF		312,591		28,630,210
				116,692,190
Total Bonds
(Cost $253,774,135)				256,457,569
Equity 29.2%
Asia ex Japan Equity Funds 3.0%
iShares Core MSCI Pacific ETF		90,742		5,099,700
iShares MSCI All Country Asia ex-Japan ETF (a)		77,689		5,152,334
Vanguard FTSE Pacific ETF (a)		22,810		1,506,601
				11,758,635
BRIC Equity Funds 3.1%
iShares China Large-Cap ETF (a)		148,596		5,914,121
iShares MSCI China ETF (a)		88,614		4,969,473
SPDR S&P China ETF (a)		16,859		1,521,693
				12,405,287
Broad Funds 0.4%
FlexShares Global Upstream Natural Resources Index Fund		47,312		1,473,769
Emerging Small Cap Equity Fund 2.1%
SPDR S&P Emerging Markets Small Cap ETF		191,109		8,301,775
Europe Equity Funds 2.4%
iShares Core MSCI Europe ETF		16,849		770,673
iShares MSCI Eurozone ETF (a)		33,027		1,284,420
Vanguard FTSE Europe ETF		58,532		3,137,901
Xtrackers MSCI Europe Hedged Equity ETF (a)		144,789		4,319,056
				9,512,050
International Equity Core Funds 2.2%
iShares Core MSCI EAFE ETF		13,115		800,933
Vanguard FTSE Developed Markets ETF		21,623		888,273
Xtrackers MSCI EAFE Hedged Equity ETF (a)		215,083		6,955,784
				8,644,990
International Small Cap Equity Funds 7.6%
Schwab International Small-Cap Equity ETF		281,299		8,945,308
Vanguard FTSE All World ex-U.S. Small-Cap ETF (a)		205,782		20,979,475
				29,924,783
Japan Equity Funds 3.2%
iShares MSCI Japan ETF (a)		57,205		3,245,812
Xtrackers MSCI Japan Hedged Equity ETF (a)		241,200		9,604,584
				12,850,396
U.S. Large Cap Core Funds 1.6%
Consumer Discretionary Select Sector SPDR Fund		4,956		598,189
Energy Select Sector SPDR Fund (a)		43,833		2,594,914
Financial Select Sector SPDR Fund		60,041		1,681,148
Health Care Select Sector SPDR Fund (a)		5,570		502,024
Invesco KBW Bank ETF		4,734		243,896
SPDR S&P Bank ETF (a)		16,065		693,365
				6,313,536
U.S. Large Cap Growth Funds 1.9%
iShares Core S&P U.S. Growth ETF (a)		12,929		812,846
Schwab U.S. Large-Cap Growth ETF (a)		11,660		979,557
SPDR Portfolio S&P 500 Growth ETF (a)		16,765		651,991
Vanguard Growth ETF		30,257		5,031,134
				7,475,528
U.S. Momentum Fund 0.5%
iShares Edge MSCI USA Momentum Factor ETF (a)		16,903		2,015,683
U.S. Preferred Fund 0.4%
Invesco Preferred ETF		28,462		427,499
iShares Preferred & Income Securities ETF (a)		35,008		1,313,850
				1,741,349
U.S. Small Cap Core Funds 0.8%
iShares Russell 2000 ETF		12,172		1,842,111
Schwab U.S. Small-Cap ETF (a)		5,293		369,081
Vanguard Small-Cap ETF		7,313		1,125,398
				3,336,590
Total Equity
(Cost $115,612,237)				115,754,371
Total Exchange-Traded Funds
(Cost $369,386,372)				372,211,940
Exchange-Traded Note 0.2%
Volatility 0.2%
iPath Series B S&P 500 VIX Short-Term Futures ETN (b)		32,292		766,612
Total Exchange-Traded Note
(Cost $790,670)				766,612

	Shares
Exchange-Traded Vehicles 5.3%
Commodities 1.5%
Gold Funds 1.2%
Graniteshares Gold Trust (b)	4,505			66,269
SPDR Gold MiniShares Trust (b)	6,985			102,679
SPDR Gold Shares (b)	33,304			4,624,926
				4,793,874
Silver Funds 0.3%
iShares Silver Trust (b)	82,839			1,318,797
Total Commodities (Cost $5,970,509)				6,112,671
Currencies 3.8%
British Pound Fund 0.0% ‡
Invesco CurrencyShares British Pound Sterling Trust (b)	1,003			119,608
Euro Fund 1.5%
Invesco CurrencyShares Euro Trust (b)	55,025			5,698,389
Japanese Yen Fund 0.8%
Invesco CurrencyShares Japanese Yen Trust (b)	37,382			3,287,747
US Dollar Fund 1.5%
Invesco DB U.S. Dollar Index Bullish Fund (a)	215,871			5,850,104
Total Currencies
(Cost $15,009,143)				14,955,848
Total Exchange-Traded Vehicles
(Cost $20,979,652)				21,068,519
Short-Term Investments 13.7%
Affiliated Investment Company 0.6%
MainStay U.S. Government Liquidity Fund, 1.81% (c)	2,287,370			2,287,370
Unaffiliated Investment Company 13.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (c)(d)	51,765,643			51,765,643
Total Short-Term Investments
(Cost $54,053,013)				54,053,013
Total Investments
(Cost $445,209,707)	113.2	%		448,100,084
Other Assets, Less Liabilities	(13.2	)		(52,401,873	)
Net Assets	100.0	%	$	395,698,211

†	Percentages indicated are based on Portfolio net assets.
‡	Less than one-tenth of a percent.
(a)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $75,198,529; the total market value of collateral held by the Portfolio was $76,861,072. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $25,095,429.
(b)	Non-income producing security.
(c)	Current yield as of September 30, 2019.
(d)	Represents security purchased with cash collateral received for securities on loan.

Swap Contracts

Open OTC total return equity swap contracts as of September 30, 2019 were as follows:      

Swap Counterparty	Reference Obligation	Floating Rate1	Termination Date(s)	Payment Frequency Paid/Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation/ (Depreciation)2
Bank of America Merrill Lynch	Consumer Discretionary Select Sector SPDR Fund	1 month LIBOR plus 0.50%	4/02/2020	Monthly	$	30		$	—
Morgan Stanley & Co.	Consumer Discretionary Select Sector SPDR Fund	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		30			—
Bank of America Merrill Lynch	Energy Select Sector SPDR Fund	1 month LIBOR plus 0.50%	4/02/2020	Monthly		128			—
Morgan Stanley & Co.	Energy Select Sector SPDR Fund	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		128			—
Morgan Stanley & Co.	Financial Select Sector SPDR Fund	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		165			—
Bank of America Merrill Lynch	Flexshares Global Upstream	1 month LIBOR plus 0.50%	4/02/2020	Monthly		73			—
Morgan Stanley & Co.	Flexshares Global Upstream	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		73			—
Bank of America Merrill Lynch	Goldman Sachs Access Treasury 0-1 Year ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		505			—
Morgan Stanley & Co.	Goldman Sachs Access Treasury 0-1 Year ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		505			—
Bank of America Merrill Lynch	Graniteshares Gold Trust	1 month LIBOR plus 0.50%	4/02/2020	Monthly		3			—
Morgan Stanley & Co.	Graniteshares Gold Trust	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		3			—
Morgan Stanley & Co.	Health Care Select Sector SPDR Fund	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		51			—
Bank of America Merrill Lynch	Invesco CurrencyShares Australian Dollar Trust	1 month LIBOR	4/02/2020	Monthly		(83	)		—
Morgan Stanley & Co.	Invesco CurrencyShares Australian Dollar Trust	Federal Fund Rate minus 5.08%	9/15/2020	Monthly		(83	)		—
Bank of America Merrill Lynch	Invesco CurrencyShares British Pound Sterling Trust	1 month LIBOR plus 0.50%	4/02/2020	Monthly		6			—
Morgan Stanley & Co.	Invesco CurrencyShares British Pound Sterling Trust	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		6			—
Bank of America Merrill Lynch	Invesco CurrencyShares Euro Currency Trust	1 month LIBOR plus 0.50%	4/02/2020	Monthly		290			—
Morgan Stanley & Co.	Invesco CurrencyShares Euro Currency Trust	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		290			—
Bank of America Merrill Lynch	Invesco CurrencyShares Japanese Yen Trust	1 month LIBOR plus 0.50%	4/02/2020	Monthly		169			—
Morgan Stanley & Co.	Invesco CurrencyShares Japanese Yen Trust	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		169			—
Bank of America Merrill Lynch	Invesco DB US Dollar Index Bullish Fund	1 month LIBOR plus 0.50%	4/02/2020	Monthly		292			—
Morgan Stanley & Co.	Invesco DB US Dollar Index Bullish Fund	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		292			—
Bank of America Merrill Lynch	Invesco KBW Bank ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		12			—
Morgan Stanley & Co.	Invesco KBW Bank ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		12			—
Bank of America Merrill Lynch	Invesco Preferred ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		22			—
Morgan Stanley & Co.	Invesco Preferred ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		22			—
Bank of America Merrill Lynch	Invesco S&P 500 Low Volatility	1 month LIBOR	4/02/2020	Monthly		(819	)		—
Morgan Stanley & Co.	Invesco S&P 500 Low Volatility	Federal Fund Rate minus 1.08%	9/15/2020	Monthly		(819	)		—
Bank of America Merrill Lynch	Invesco Senior Loan ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		697			—
Morgan Stanley & Co.	Invesco Senior Loan ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		698			—
Bank of America Merrill Lynch	Invesco Treasury Collateral ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		87			—
Morgan Stanley & Co.	Invesco Treasury Collateral ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		87			—
Bank of America Merrill Lynch	iPath Series B S&P 500 VIX Short-Term Futures ETN	1 month LIBOR plus 0.50%	4/02/2020	Monthly		43			—
Morgan Stanley & Co.	iPath Series B S&P 500 VIX Short-Term Futures ETN	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		43			—
Bank of America Merrill Lynch	iShares 0-5 Year High Yield Corporate Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		165			—
Morgan Stanley & Co.	iShares 0-5 Year High Yield Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		165			—
Bank of America Merrill Lynch	iShares 20+ Year Treasury Bond ETF	1 month LIBOR	4/02/2020	Monthly		(531	)		—
Morgan Stanley & Co.	iShares 20+ Year Treasury Bond ETF	Federal Fund Rate minus 0.68%	9/15/2020	Monthly		(531	)		—
Bank of America Merrill Lynch	iShares 3-7 Year Treasury Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		260			—
Morgan Stanley & Co.	iShares 3-7 Year Treasury Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		260			—
Bank of America Merrill Lynch	iShares Broad USD Investment Grade Corporate Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		101			—
Morgan Stanley & Co.	iShares Broad USD Investment Grade Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		101			—
Morgan Stanley & Co.	iShares China Large-Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		586			—
Bank of America Merrill Lynch	iShares Core MSCI EAFE ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		40			—
Morgan Stanley & Co.	iShares Core MSCI EAFE ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		40			—
Bank of America Merrill Lynch	iShares Core MSCI Emerging Markets ETF	1 month LIBOR	4/02/2020	Monthly		(1,411	)		—
Morgan Stanley & Co.	iShares Core MSCI Emerging Markets ETF	Federal Fund Rate minus 0.35%	9/15/2020	Monthly		(1,411	)		—
Bank of America Merrill Lynch	iShares Core MSCI Europe ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		38			—
Morgan Stanley & Co.	iShares Core MSCI Europe ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		38			—
Bank of America Merrill Lynch	iShares Core MSCI Pacific ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		248			—
Morgan Stanley & Co.	iShares Core MSCI Pacific ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		248			—
Bank of America Merrill Lynch	iShares Core S&P U.S. Growth ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		41			—
Morgan Stanley & Co.	iShares Core S&P U.S. Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		41			—
Bank of America Merrill Lynch	iShares Core S&P U.S. Value ETF	1 month LIBOR	4/02/2020	Monthly		(276	)		—
Morgan Stanley & Co.	iShares Core S&P U.S. Value ETF	Federal Fund Rate minus 4.53%	9/15/2020	Monthly		(275	)		—
Bank of America Merrill Lynch	iShares Core US REIT ETF	1 month LIBOR	4/02/2020	Monthly		(16	)		—
Morgan Stanley & Co.	iShares Core US REIT ETF	Federal Fund Rate minus 4.83%	9/15/2020	Monthly		(16	)		—
Bank of America Merrill Lynch	iShares Edge MSCI Min Vol Emerging Markets ETF	1 month LIBOR	4/02/2020	Monthly		(754	)		—
Morgan Stanley & Co.	iShares Edge MSCI Min Vol Emerging Markets ETF	Federal Fund Rate minus 0.35%	9/15/2020	Monthly		(754	)		—
Bank of America Merrill Lynch	iShares Edge MSCI Min Vol USA ETF	1 month LIBOR	4/02/2020	Monthly		(2,209	)		—
Morgan Stanley & Co.	iShares Edge MSCI Min Vol USA ETF	Federal Fund Rate minus 0.58%	9/15/2020	Monthly		(2,209	)		—
Bank of America Merrill Lynch	iShares Edge MSCI USA Momentum Factor ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		104			—
Morgan Stanley & Co.	iShares Edge MSCI USA Momentum Factor ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		104			—
Bank of America Merrill Lynch	iShares Floating Rate Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		1,119			—
Morgan Stanley & Co.	iShares Floating Rate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		1,119			—
Bank of America Merrill Lynch	iShares iBoxx $ Investment Grade Corporate Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		1,024			—
Morgan Stanley & Co.	iShares iBoxx $ Investment Grade Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		1,024			—
Bank of America Merrill Lynch	iShares iBoxx High Yield Corporate Bond ETF	1 month LIBOR	4/02/2020	Monthly		(1,712	)		—
Morgan Stanley & Co.	iShares iBoxx High Yield Corporate Bond ETF	Federal Fund Rate minus 1.08%	9/15/2020	Monthly		(1,712	)		—
Bank of America Merrill Lynch	iShares JP Morgan USD Emerging Markets Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		329			—
Morgan Stanley & Co.	iShares JP Morgan USD Emerging Markets Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		329			—
Bank of America Merrill Lynch	iShares MBS ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		265			—
Morgan Stanley & Co.	iShares MBS ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		265			—
Bank of America Merrill Lynch	iShares MSCI All Country Asia ex Japan ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		256			—
Morgan Stanley & Co.	iShares MSCI All Country Asia ex Japan ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		256			—
Morgan Stanley & Co.	iShares MSCI China ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		504			—
Bank of America Merrill Lynch	iShares MSCI EAFE Growth ETF	1 month LIBOR	4/02/2020	Monthly		(200	)		—
Morgan Stanley & Co.	iShares MSCI EAFE Growth ETF	Federal Fund Rate minus 6.08%	9/15/2020	Monthly		(199	)		—
Bank of America Merrill Lynch	iShares MSCI Eurozone ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		63			—
Morgan Stanley & Co.	iShares MSCI Eurozone ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		63			—
Bank of America Merrill Lynch	iShares MSCI Japan ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		155			—
Morgan Stanley & Co.	iShares MSCI Japan ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		155			—
Bank of America Merrill Lynch	iShares Russell 2000 ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		92			—
Morgan Stanley & Co.	iShares Russell 2000 ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		92			—
Bank of America Merrill Lynch	iShares Russell 2000 Growth ETF	1 month LIBOR	4/02/2020	Monthly		(156	)		—
Morgan Stanley & Co.	iShares Russell 2000 Growth ETF	Federal Fund Rate minus 1.58%	9/15/2020	Monthly		(156	)		—
Bank of America Merrill Lynch	iShares Russell 2000 Value ETF	1 month LIBOR	4/02/2020	Monthly		(829	)		—
Morgan Stanley & Co.	iShares Russell 2000 Value ETF	Federal Fund Rate minus 0.58%	9/15/2020	Monthly		(829	)		—
Bank of America Merrill Lynch	iShares S&P Small CAP 600 Value ETF	1 month LIBOR	4/02/2020	Monthly		(564	)		—
Morgan Stanley & Co.	iShares S&P Small CAP 600 Value ETF	Federal Fund Rate minus 4.28%	9/15/2020	Monthly		(564	)		—
Morgan Stanley & Co.	iShares S&P Small-Cap 600 Growth ETF	Federal Fund Rate minus 3.98%	9/15/2020	Monthly		(91	)		—
Bank of America Merrill Lynch	iShares S&P Small-Cap 600 Growth ETF	1 month LIBOR	4/02/2020	Monthly		(91	)		—
Bank of America Merrill Lynch	iShares Short Treasury Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		3,846			—
Morgan Stanley & Co.	iShares Short Treasury Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		3,846			—
Bank of America Merrill Lynch	iShares Silver Trust	1 month LIBOR plus 0.50%	4/02/2020	Monthly		72			—
Morgan Stanley & Co.	iShares Silver Trust	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		72			—
Bank of America Merrill Lynch	iShares U.S. Preferred Stock ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		66			—
Morgan Stanley & Co.	iShares U.S. Preferred Stock ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		66			—
Bank of America Merrill Lynch	Schwab Intermediate-Term U.S. Treasury ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		165			—
Morgan Stanley & Co.	Schwab Intermediate-Term U.S. Treasury ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		165			—
Bank of America Merrill Lynch	Schwab International Small-Cap Equity ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		443			—
Morgan Stanley & Co.	Schwab International Small-Cap Equity ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		443			—
Bank of America Merrill Lynch	Schwab U.S. Large Cap Growth ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		50			—
Morgan Stanley & Co.	Schwab U.S. Large Cap Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		50			—
Bank of America Merrill Lynch	Schwab U.S. Large Cap Value ETF	1 month LIBOR	4/02/2020	Monthly		(287	)		—
Morgan Stanley & Co.	Schwab U.S. Large Cap Value ETF	Federal Fund Rate minus 3.38%	9/15/2020	Monthly		(287	)		—
Bank of America Merrill Lynch	Schwab U.S. REIT ETF	1 month LIBOR	4/02/2020	Monthly		(58	)		—
Morgan Stanley & Co.	Schwab U.S. REIT ETF	Federal Fund Rate minus 2.73%	9/15/2020	Monthly		(58	)		—
Bank of America Merrill Lynch	Schwab US Small-Cap ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		19			—
Morgan Stanley & Co.	Schwab US Small-Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		19			—
Bank of America Merrill Lynch	SPDR Blackstone / GSO Senior Loan ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		312			—
Morgan Stanley & Co.	SPDR Blackstone / GSO Senior Loan ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		312			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		1,443			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		1,443			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Convertible Securities ETF	1 month LIBOR	4/02/2020	Monthly		(723	)		—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Convertible Securities ETF	Federal Fund Rate minus 0.83%	9/15/2020	Monthly		(723	)		—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		57			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		57			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays High Yield Bond ETF	1 month LIBOR	4/02/2020	Monthly		(907	)		—
Morgan Stanley & Co.	SPDR Bloomberg Barclays High Yield Bond ETF	Federal Fund Rate minus 0.58%	9/15/2020	Monthly		(907	)		—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Invest	1 month LIBOR plus 0.50%	4/02/2020	Monthly		467			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Invest	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		467			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Short Term High Yield Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		157			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Short Term High Yield Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		157			—
Bank of America Merrill Lynch	SPDR Dow Jones International Real Estate ETF	1 month LIBOR	4/02/2020	Monthly		(1,321	)		—
Morgan Stanley & Co.	SPDR Dow Jones International Real Estate ETF	Federal Fund Rate minus 0.63%	9/15/2020	Monthly		(1,321	)		—
Bank of America Merrill Lynch	SPDR Gold MiniShares Trust	1 month LIBOR plus 0.50%	4/02/2020	Monthly		5			—
Morgan Stanley & Co.	SPDR Gold MiniShares Trust	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		5			—
Bank of America Merrill Lynch	SPDR Gold Shares	1 month LIBOR plus 0.50%	4/02/2020	Monthly		241			—
Morgan Stanley & Co.	SPDR Gold Shares	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		241			—
Bank of America Merrill Lynch	SPDR Portfolio Long Term Treasury ETF	1 month LIBOR	4/02/2020	Monthly		(87	)		—
Morgan Stanley & Co.	SPDR Portfolio Long Term Treasury ETF	Federal Fund Rate minus 2.08%	9/15/2020	Monthly		(87	)		—
Bank of America Merrill Lynch	SPDR Portfolio S&P 500 Growth ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		33			—
Morgan Stanley & Co.	SPDR Portfolio S&P 500 Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		33			—
Bank of America Merrill Lynch	SPDR Portfolio S&P 500 Value ETF	1 month LIBOR	4/02/2020	Monthly		(147	)		—
Morgan Stanley & Co.	SPDR Portfolio S&P 500 Value ETF	Federal Fund Rate minus 9.33%	9/15/2020	Monthly		(147	)		—
Bank of America Merrill Lynch	SPDR Portfolio Short Term Corporate Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		101			—
Morgan Stanley & Co.	SPDR Portfolio Short Term Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		101			—
Bank of America Merrill Lynch	SPDR S&P Bank ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		33			—
Morgan Stanley & Co.	SPDR S&P Bank ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		33			—
Morgan Stanley & Co.	SPDR S&P China ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		154			—
Bank of America Merrill Lynch	SPDR S&P Emerging Markets Small Cap ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		416			—
Morgan Stanley & Co.	SPDR S&P Emerging Markets Small Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		416			—
Morgan Stanley & Co.	Technology Select Sector SPDR Fund	Federal Fund Rate plus 0.03%	9/15/2020	Monthly		(870	)		—
Bank of America Merrill Lynch	VanEck Vectors High-Yield Municipal Index ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		44			—
Morgan Stanley & Co.	VanEck Vectors High-Yield Municipal Index ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		44			—
Bank of America Merrill Lynch	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		346			—
Morgan Stanley & Co.	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		346			—
Bank of America Merrill Lynch	Vanguard Emerging Markets Government Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		31			—
Morgan Stanley & Co.	Vanguard Emerging Markets Government Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		31			—
Bank of America Merrill Lynch	Vanguard FTSE All World ex-U.S. Small-Cap ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		1,043			—
Morgan Stanley & Co.	Vanguard FTSE All World ex-U.S. Small-Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		1,043			—
Bank of America Merrill Lynch	Vanguard FTSE Developed Markets ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		44			—
Morgan Stanley & Co.	Vanguard FTSE Developed Markets ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		44			—
Bank of America Merrill Lynch	Vanguard FTSE Emerging Markets ETF	1 month LIBOR	4/02/2020	Monthly		(1,616	)		—
Morgan Stanley & Co.	Vanguard FTSE Emerging Markets ETF	Federal Fund Rate minus 0.35%	9/15/2020	Monthly		(1,616	)		—
Bank of America Merrill Lynch	Vanguard FTSE Europe ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		155			—
Morgan Stanley & Co.	Vanguard FTSE Europe ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		155			—
Bank of America Merrill Lynch	Vanguard FTSE Pacific ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		73			—
Morgan Stanley & Co.	Vanguard FTSE Pacific ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		73			—
Bank of America Merrill Lynch	Vanguard Growth ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		255			—
Morgan Stanley & Co.	Vanguard Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		255			—
Bank of America Merrill Lynch	Vanguard Intermediate-Term Corporate Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		676			—
Morgan Stanley & Co.	Vanguard Intermediate-Term Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		676			—
Bank of America Merrill Lynch	Vanguard Intermediate-Term Treasury ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		150			—
Morgan Stanley & Co.	Vanguard Intermediate-Term Treasury ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		150			—
Bank of America Merrill Lynch	Vanguard Long-Term Treasury ETF	1 month LIBOR	4/02/2020	Monthly		(40	)		—
Morgan Stanley & Co.	Vanguard Long-Term Treasury ETF	Federal Fund Rate minus 0.35%	9/15/2020	Monthly		(40	)		—
Bank of America Merrill Lynch	Vanguard Mortgage-Backed Securities ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		144			—
Morgan Stanley & Co.	Vanguard Mortgage-Backed Securities ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		144			—
Bank of America Merrill Lynch	Vanguard Real Estate ETF	1 month LIBOR	4/02/2020	Monthly		(357	)		—
Morgan Stanley & Co.	Vanguard Real Estate ETF	Federal Fund Rate minus 0.35%	9/15/2020	Monthly		(357	)		—
Bank of America Merrill Lynch	Vanguard Short-Term Corporate Bond ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		441			—
Morgan Stanley & Co.	Vanguard Short-Term Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		441			—
Bank of America Merrill Lynch	Vanguard Small-Cap ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		56			—
Morgan Stanley & Co.	Vanguard Small-Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		56			—
Bank of America Merrill Lynch	Vanguard Small-Cap Growth ETF	1 month LIBOR	4/02/2020	Monthly		(159	)		—
Morgan Stanley & Co.	Vanguard Small-Cap Growth ETF	Federal Fund Rate minus 1.08%	9/15/2020	Monthly		(159	)		—
Bank of America Merrill Lynch	Vanguard Small-Cap Value ETF	1 month LIBOR	4/02/2020	Monthly		(1,250	)		—
Morgan Stanley & Co.	Vanguard Small-Cap Value ETF	Federal Fund Rate minus 1.33%	9/15/2020	Monthly		(1,250	)		—
Bank of America Merrill Lynch	Vanguard Value ETF	1 month LIBOR	4/02/2020	Monthly		(2,317	)		—
Morgan Stanley & Co.	Vanguard Value ETF	Federal Fund Rate minus 0.58%	9/15/2020	Monthly		(2,317	)		—
Bank of America Merrill Lynch	WisdomTree Emerging Markets Local Debt Fund	1 month LIBOR plus 0.50%	4/02/2020	Monthly		13			—
Morgan Stanley & Co.	WisdomTree Emerging Markets Local Debt Fund	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		13			—
Bank of America Merrill Lynch	Xtrackers MSCI EAFE Hedged Equity ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		341			—
Morgan Stanley & Co.	Xtrackers MSCI EAFE Hedged Equity ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		341			—
Bank of America Merrill Lynch	Xtrackers MSCI Europe Hedged Equity ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		212			—
Morgan Stanley & Co.	Xtrackers MSCI Europe Hedged Equity ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		212			—
Bank of America Merrill Lynch	Xtrackers MSCI Japan Hedged Equity ETF	1 month LIBOR plus 0.50%	4/02/2020	Monthly		454			—
Morgan Stanley & Co.	Xtrackers MSCI Japan Hedged Equity ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		454			—
Bank of America Merrill Lynch	Xtrackers USD High Yield Corporate Bond ETF	1 month LIBOR	4/02/2020	Monthly		(298	)		—
Morgan Stanley & Co.	Xtrackers USD High Yield Corporate Bond ETF	Federal Fund Rate minus 1.98%	9/15/2020	Monthly		(298	)		—
					$	273		$	—

1	Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
2	Reflects the value at reset date as of September 30, 2019.
*	Notional amounts reflected as a positive value indicate a long position held by the Portfolio or Index and a negative value indicates a short position.

The following abbreviations are used in the preceding pages:
BRIC	—Brazil, Russia, India and China
DB	—Deutsche Bank
EAFE	—Europe, Australasia and Far East
EM	—Emerging Markets
ETF	—Exchange-Traded Fund
ETN	—Exchange-Traded Note
FTSE	—Financial Times Stock Exchange
KBW	—Keefe, Bruyette & Woods
LIBOR	—London Interbank Offered Rate
MBS	—Mortgage-Backed Security
MSCI	—Morgan Stanley Capital International
SPDR	—Standard & Poor’s Depositary Receipt
USD	—United States Dollar
VIX	—CBOE Volatility Index

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Exchange-Traded Funds	$	372,211,940	$	—	$	—	$	372,211,940
Exchange-Traded Note		766,612		—		—		766,612
Exchange-Traded Vehicles		21,068,519		—		—		21,068,519
Short-Term Investments
Affiliated Investment Company		2,287,370		—		—		2,287,370
Unaffiliated Investment Company		51,765,643		—		—		51,765,643
Total Short-Term Investments		54,053,013		—		—		54,053,013
Total Investments in Securities	$	448,100,084	$	—	$	—	$	448,100,084

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

MainStay VP Janus Henderson Balanced Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

		Principal
		Amount			Value
Long-Term Bonds 36.6% †
Asset-Backed Securities 1.1%
Automobile Asset-Backed Securities 0.5%
Credit Acceptance Auto Loan Series 2018-2A, Class B 3.94%, due 7/15/27 (a)	$	387,000		$	398,160
Drive Auto Receivables Trust
Series 2019-1, Class D 4.09%, due 6/15/26		175,000			181,225
Series 2017-AA, Class D 4.16%, due 5/15/24 (a)		415,000			421,689
Series 2017-1, Class E 5.17%, due 9/16/24		1,590,000			1,646,123
Series 2017-2, Class E 5.27%, due 11/15/24		1,400,000			1,451,468
OneMain Direct Auto Receivables Trust (a)
Series 2018-1A, Class C 3.85%, due 10/14/25		181,000			186,183
Series 2018-1A, Class D 4.40%, due 1/14/28		180,000			186,346
Santander Drive Auto Receivables Trust Series 2016-3, Class E 4.29%, due 2/15/24		1,868,000			1,898,636
					6,369,830
Other Asset-Backed Securities 0.6%
Applebee's Funding LLC / IHOP Funding LLC (a)
Series 2019-1A, Class A2I 4.194%, due 6/7/49		798,000			816,242
Series 2019-1A, Class A2II 4.723%, due 6/7/49		358,000			371,103
DB Master Finance LLC (a)
Series 2019-1A, Class A2I 3.787%, due 5/20/49		466,830			480,742
Series 2019-1A, Class A2II 4.021%, due 5/20/49		188,528			195,446
Series 2019-1A, Class A23 4.352%, due 5/20/49		373,065			394,125
Domino's Pizza Master Issuer LLC (a)
Series 2017-1A, Class A2II 3.082%, due 7/25/47		158,760			159,298
Series 2018-1A, Class A2I 4.116%, due 7/25/48		914,425			949,283
Series 2018-1A, Class A2II 4.328%, due 7/25/48		192,563			202,980
Jack In The Box Funding LLC (a)
Series 2019-1A, Class A2I 3.982%, due 8/25/49		991,000			1,007,748
Series 2019-1A, Class A2II 4.476%, due 8/25/49		991,000			1,017,390
Series 2019-1A, Class A23 4.97%, due 8/25/49		991,000			1,027,231
Wendy's Funding LLC (a)
Series 2018-1A, Class A2I 3.573%, due 3/15/48		298,680			303,411
Series 2018-1A, Class A2II 3.884%, due 3/15/48		89,408			91,956
					7,016,955
Total Asset-Backed Securities (Cost $13,130,982)					13,386,785
Corporate Bonds 19.4%
Aerospace & Defense 0.2%
Boeing Co.
2.25%, due 6/15/26		144,000			143,427
3.20%, due 3/1/29		1,030,000			1,081,330
3.25%, due 3/1/28		178,000			186,879
3.60%, due 5/1/34		1,195,000			1,296,022
					2,707,658
Auto Manufacturers 0.7%
Ford Motor Credit Co. LLC
3.815%, due 11/2/27		1,066,000			1,010,645
4.389%, due 1/8/26		1,500,000			1,492,730
5.113%, due 5/3/29		3,636,000			3,655,601
General Motors Co. 5.00%, due 10/1/28		949,000			1,008,175
General Motors Financial Co., Inc.
4.30%, due 7/13/25		223,000			231,600
4.35%, due 4/9/25		726,000			756,236
4.35%, due 1/17/27		437,000			449,174
					8,604,161
Banks 2.2%
Bank of America Corp. (b)
3.705%, due 4/24/28		3,414,000			3,631,060
3.97%, due 3/5/29		949,000			1,028,247
3.974%, due 2/7/30		1,140,000			1,245,808
Bank of Montreal 3.30%, due 2/5/24		1,275,000			1,326,752
CIT Bank N.A. 2.969%, due 9/27/25 (b)		684,000			683,795
Citigroup, Inc. 3.887%, due 1/10/28 (b)		4,397,000			4,709,879
Citizens Financial Group, Inc.
3.75%, due 7/1/24		264,000			272,299
4.30%, due 12/3/25		684,000			731,369
4.35%, due 8/1/25		203,000			217,138
First Republic Bank 4.625%, due 2/13/47		391,000			449,570
JPMorgan Chase & Co. (b)
3.702%, due 5/6/30		1,224,000			1,311,504
3.782%, due 2/1/28		1,422,000			1,521,370
3.96%, due 1/29/27		2,044,000			2,210,090
4.452%, due 12/5/29		3,384,000			3,825,347
Morgan Stanley
3.95%, due 4/23/27		1,401,000			1,481,895
4.35%, due 9/8/26		1,128,000			1,221,540
4.431%, due 1/23/30 (b)		2,171,000			2,438,386
					28,306,049
Beverages 0.4%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, due 1/23/25		2,345,000			2,561,201
4.75%, due 1/23/29		862,000			1,001,869
Keurig Dr Pepper, Inc.
4.597%, due 5/25/28		1,145,000			1,282,227
5.085%, due 5/25/48		459,000			543,001
					5,388,298
Chemicals 0.1%
CF Industries, Inc. 4.50%, due 12/1/26 (a)		472,000			514,909
Nutrien, Ltd. 4.20%, due 4/1/29		226,000			248,941
					763,850
Commercial Services 0.8%
Global Payments, Inc.
3.20%, due 8/15/29		309,000			313,354
4.15%, due 8/15/49		233,000			245,843
IHS Markit, Ltd. (a)
4.75%, due 2/15/25		924,000			1,002,540
5.00%, due 11/1/22		119,000			126,751
PayPal Holdings, Inc.
2.40%, due 10/1/24		577,000			580,128
2.65%, due 10/1/26		1,726,000			1,737,889
2.85%, due 10/1/29		2,033,000			2,045,649
Service Corp. International 5.125%, due 6/1/29		817,000			873,169
Total System Services, Inc. 4.80%, due 4/1/26		902,000			1,002,166
UBM PLC 5.75%, due 11/3/20  (a)		1,145,000			1,180,504
Verisk Analytics, Inc. 5.50%, due 6/15/45		374,000			463,463
					9,571,456
Communications Equipment 0.0% ‡
Juniper Networks, Inc. 3.75%, due 8/15/29		536,000			538,133
Computers 0.2%
Dell International LLC (a) 5.30%, due 10/1/29		615,000			670,506
5.875%, due 6/15/21		2,142,000			2,176,272
					2,846,778
Diversified Financial Services 0.5%
CBOE Global Markets, Inc. 3.65%, due 1/12/27		1,030,000			1,095,470
GE Capital International Funding Co. 4.418%, due 11/15/35		1,194,000			1,249,543
Raymond James Financial, Inc.
4.95%, due 7/15/46		477,000			569,923
5.625%, due 4/1/24		358,000			404,014
Synchrony Financial
2.85%, due 7/25/22		146,000			147,229
3.95%, due 12/1/27		1,044,000			1,070,212
4.375%, due 3/19/24		250,000			265,282
5.15%, due 3/19/29		971,000			1,076,482
					5,878,155
Electric 1.2%
NRG Energy, Inc.
3.75%, due 6/15/24 (a)		1,258,000			1,294,495
4.45%, due 6/15/29 (a)		1,211,000			1,261,701
5.25%, due 6/15/29 (a)		488,000			524,746
5.75%, due 1/15/28 (c)		247,000			265,525
6.625%, due 1/15/27		1,343,000			1,454,939
7.25%, due 5/15/26		1,111,000			1,216,823
Oncor Electric Delivery Co. LLC  (a)
2.75%, due 6/1/24		994,000			1,020,627
3.70%, due 11/15/28		797,000			877,592
3.80%, due 6/1/49		1,161,000			1,301,651
PPL WEM, Ltd. / Western Power Distribution, Ltd. 5.375%, due 5/1/21 (a)		756,000			780,116
Southern Co. 2.95%, due 7/1/23		579,000			590,932
Vistra Operations Co. LLC (a)
5.00%, due 7/31/27		1,631,000			1,679,408
5.50%, due 9/1/26		464,000			485,437
5.625%, due 2/15/27		2,506,000			2,638,943
					15,392,935
Electronics 0.3%
Trimble, Inc.
4.75%, due 12/1/24		1,434,000			1,539,142
4.90%, due 6/15/28		2,222,000			2,410,834
					3,949,976
Food 1.1%
Campbell Soup Co.
3.95%, due 3/15/25		594,000			629,719
4.15%, due 3/15/28		896,000			964,795
4.80%, due 3/15/48 (c)		979,000			1,098,431
General Mills, Inc. 4.20%, due 4/17/28		1,284,000			1,429,644
JBS USA LLC / JBS USA Finance, Inc. 5.875%, due 7/15/24  (a)		287,000			295,624
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc. 6.50%, due 4/15/29 (a)		225,000			249,746
JBS USA LUX S.A. / JBS USA Finance, Inc. (a)
5.75%, due 6/15/25		516,000			537,579
6.75%, due 2/15/28		159,000			176,093
Kraft Heinz Food Co.
3.00%, due 6/1/26		2,139,000			2,116,296
3.75%, due 4/1/30 (a)		591,000			596,518
4.375%, due 6/1/46		906,000			864,994
4.625%, due 1/30/29		403,000			435,938
4.625%, due 10/1/39 (a)		301,000			302,561
4.875%, due 10/1/49 (a)		602,000			607,869
5.00%, due 6/4/42		339,000			349,501
Mars, Inc. (a)
2.70%, due 4/1/25		468,000			480,208
3.20%, due 4/1/30		570,000			603,007
3.95%, due 4/1/49		764,000			870,864
4.20%, due 4/1/59		488,000			562,932
Mondelez International Holdings Netherlands B.V. 2.25%, due 9/19/24 (a)		1,028,000			1,023,038
Sysco Corp. 2.50%, due 7/15/21 (c)		203,000			204,277
					14,399,634
Forest Products & Paper 0.1%
Georgia-Pacific LLC 3.163%, due 11/15/21 (a)		1,387,000			1,409,974
Gas 0.1%
AmeriGas Partners, L.P. / AmeriGas Finance Corp.
5.50%, due 5/20/25		1,619,000			1,738,401
5.625%, due 5/20/24		43,000			46,037
					1,784,438
Health Care - Products 0.1%
Boston Scientific Corp.
3.75%, due 3/1/26		560,000			598,445
4.00%, due 3/1/29		291,000			321,645
4.70%, due 3/1/49		467,000			569,482
					1,489,572
Health Care - Services 0.7%
Centene Corp.
4.75%, due 5/15/22		64,000			65,293
5.375%, due 6/1/26 (a)		1,748,000			1,828,845
6.125%, due 2/15/24		458,000			476,411
HCA, Inc.
4.125%, due 6/15/29		2,868,000			3,007,630
4.50%, due 2/15/27		1,183,000			1,268,392
5.125%, due 6/15/39		509,000			555,156
5.25%, due 6/15/49		741,000			808,315
Humana Inc. 3.125%, due 8/15/29		239,000			238,777
					8,248,819
Home Builders 0.1%
MDC Holdings, Inc. 5.50%, due 1/15/24		708,000			775,260
Housewares 0.2%
Newell Brands, Inc.
4.20%, due 4/1/26		1,301,000			1,361,155
5.375%, due 4/1/36		1,486,000			1,584,526
					2,945,681
Insurance 0.1%
Brown & Brown, Inc. 4.50%, due 3/15/29		574,000			625,205
Internet 0.1%
Netflix, Inc.
4.375%, due 11/15/26		673,000			681,783
5.375%, due 11/15/29 (a)		591,000			616,117
5.875%, due 11/15/28		133,000			144,478
					1,442,378
Iron & Steel 0.2%
Allegheny Technologies, Inc. 5.95%, due 1/15/21		912,000			931,950
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		719,000			759,557
Steel Dynamics, Inc. 5.50%, due 10/1/24		1,166,000			1,196,666
					2,888,173
Lodging 0.1%
MGM Resorts International
6.625%, due 12/15/21		507,000			549,259
7.75%, due 3/15/22		182,000			203,614
					752,873
Machinery - Diversified 0.0% ‡
Wabtec Corp. 3.45%, due 11/15/26		273,000			275,901
Media 1.3%
Charter Communications Operating LLC / Charter Communications Operating Capital
5.05%, due 3/30/29		4,155,000			4,648,496
5.375%, due 5/1/47		205,000			223,361
5.75%, due 4/1/48		892,000			1,016,874
6.484%, due 10/23/45		256,000			311,508
Comcast Corp.
3.15%, due 3/1/26		584,000			611,497
4.15%, due 10/15/28		660,000			740,339
4.25%, due 10/15/30		749,000			851,982
4.60%, due 10/15/38		406,000			485,008
4.95%, due 10/15/58		475,000			603,704
CSC Holdings LLC (a)
5.75%, due 1/15/30		1,415,000			1,478,845
6.50%, due 2/1/29		1,238,000			1,376,006
Diamond Sports Group LLC / Diamond Sports Finance Co. 5.375%, due 8/15/26 (a)		958,000			993,925
Fox Corp. 4.03%, due 1/25/24 (a)		429,000			456,143
Sirius XM Radio, Inc. 5.50%, due 7/1/29 (a)		977,000			1,042,947
Viacom, Inc. 5.85%, due 9/1/43		909,000			1,114,924
					15,955,559
Metal Fabricate & Hardware 0.1%
Novelis Corp. 5.875%, due 9/30/26 (a)		1,762,000			1,847,809
Metals & Mining 0.2%
Freeport-McMoRan, Inc.
5.00%, due 9/1/27		838,000			833,902
5.25%, due 9/1/29		791,000			788,528
Hudbay Minerals, Inc. 7.25%, due 1/15/23  (a)		1,248,000			1,288,560
					2,910,990
Mining 0.3%
Constellium N.V. 5.75%, due 5/15/24  (a)		1,162,000			1,193,955
Freeport-McMoRan, Inc.
3.55%, due 3/1/22		1,441,000			1,444,602
3.875%, due 3/15/23		1,347,000			1,357,103
					3,995,660
Miscellaneous - Manufacturing 0.2%
General Electric Co. 5.00%, due 1/21/21 (b)(d)		2,384,000			2,251,950
Oil & Gas 0.8%
Cenovus Energy, Inc. 4.25%, due 4/15/27		401,000			416,912
Continental Resources, Inc.
4.50%, due 4/15/23		1,219,000			1,265,514
5.00%, due 9/15/22		1,009,000			1,017,852
Exxon Mobil Corp.
2.44%, due 8/16/29		1,580,000			1,590,113
3.095%, due 8/16/49		1,615,000			1,621,396
Hess Corp. 4.30%, due 4/1/27		2,495,000			2,607,517
HollyFrontier Corp. 5.875%, due 4/1/26		996,000			1,115,916
Petroleos Mexicanos (a)
6.84%, due 1/23/30		252,000			261,047
7.69%, due 1/23/50		231,000			240,817
					10,137,084
Packaging & Containers 0.3%
Ball Corp. 4.375%, due 12/15/20		641,000			654,147
WRKCo, Inc.
3.375%, due 9/15/27		80,000			81,381
3.75%, due 3/15/25		73,000			76,845
4.00%, due 3/15/28		270,000			287,558
4.65%, due 3/15/26		448,000			491,814
4.90%, due 3/15/29		1,885,000			2,136,434
					3,728,179
Pharmaceuticals 1.0%
Allergan Finance LLC 3.25%, due 10/1/22		721,000			736,408
Allergan Funding SCS
3.45%, due 3/15/22		1,331,000			1,363,984
3.80%, due 3/15/25		857,000			897,389
Allergan, Inc. 2.80%, due 3/15/23		57,000			57,520
Bausch Health Cos., Inc. 7.00%, due 3/15/24 (a)		923,000			970,036
Bristol-Myers Squibb Co. (a)
3.40%, due 7/26/29		513,000			547,946
4.125%, due 6/15/39		370,000			419,292
4.25%, due 10/26/49		636,000			738,475
Cigna Corp.
3.40%, due 9/17/21		186,000			190,179
3.75%, due 7/15/23		758,000			793,760
Elanco Animal Health, Inc.
4.272%, due 8/28/23		450,000			472,401
4.90%, due 8/28/28		420,000			458,497
Eli Lilly & Co. 3.375%, due 3/15/29		2,426,000			2,629,055
GlaxoSmithKline Capital PLC 3.375%, due 6/1/29		1,375,000			1,475,351
Mylan, Inc. 4.55%, due 4/15/28		392,000			416,060
					12,166,353
Pipelines 1.2%
Cheniere Energy Partners, L.P. 5.625%, due 10/1/26		655,000			695,053
Energy Transfer Operating, L.P.
4.25%, due 3/15/23		600,000			626,858
4.95%, due 6/15/28		116,000			127,486
5.50%, due 6/1/27		401,000			453,649
5.875%, due 1/15/24		541,000			601,407
6.00%, due 6/15/48		1,025,000			1,210,982
6.125%, due 12/15/45		2,069,000			2,427,331
EnLink Midstream Partners, L.P. 4.15%, due 6/1/25		840,000			779,100
EQM Midstream Partners, L.P. 5.50%, due 7/15/28		1,197,000			1,197,141
Kinder Morgan Energy Partners, L.P. 5.00%, due 10/1/21		456,000			476,922
Kinder Morgan, Inc.
4.30%, due 3/1/28		280,000			303,663
5.20%, due 3/1/48		76,000			87,577
5.55%, due 6/1/45		268,000			315,895
6.50%, due 9/15/20 (c)		59,000			61,318
NGPL PipeCo LLC (a)
4.375%, due 8/15/22		747,000			774,344
4.875%, due 8/15/27		1,181,000			1,265,920
Nustar Logistics, L.P. 5.625%, due 4/28/27		571,000			603,119
Plains All American Pipeline, L.P. / PAA Finance Corp. 4.65%, due 10/15/25		1,312,000			1,402,431
Tallgrass Energy Partners, L.P. / Tallgrass Energy Finance Corp. (a)
4.75%, due 10/1/23		986,000			986,000
5.50%, due 9/15/24		369,000			367,155
					14,763,351
Real Estate 0.2%
Crown Castle International Corp. 3.10%, due 11/15/29		1,400,000			1,404,420
Jones Lang LaSalle, Inc. 4.40%, due 11/15/22		903,000			939,662
					2,344,082
Real Estate Investment Trusts 0.6%
Crown Castle International Corp.
3.65%, due 9/1/27		548,000			580,224
4.30%, due 2/15/29		636,000			702,176
5.20%, due 2/15/49		1,338,000			1,652,852
GLP Capital, L.P. / GLP Financing II, Inc.
3.35%, due 9/1/24		187,000			188,066
4.00%, due 1/15/30		1,262,000			1,268,272
5.25%, due 6/1/25		361,000			397,652
5.375%, due 4/15/26		420,000			461,941
Reckson Operating Partnership, L.P. 7.75%, due 3/15/20		1,335,000			1,366,099
Ventas Realty, L.P. 3.50%, due 4/15/24		1,150,000			1,204,507
					7,821,789
Retail 0.9%
AutoZone, Inc. 3.75%, due 4/18/29		984,000			1,055,082
CVS Health Corp.
3.00%, due 8/15/26		135,000			135,669
3.25%, due 8/15/29		229,000			230,051
4.10%, due 3/25/25		1,369,000			1,462,728
4.30%, due 3/25/28		491,000			530,936
4.75%, due 12/1/22		388,000			413,826
5.05%, due 3/25/48		2,200,000			2,496,843
Lowe's Cos., Inc. 3.65%, due 4/5/29		772,000			825,444
McDonald's Corp.
2.625%, due 9/1/29		1,192,000			1,186,590
3.625%, due 9/1/49		607,000			613,560
O'Reilly Automotive, Inc.
3.60%, due 9/1/27		25,000			26,605
3.90%, due 6/1/29		1,129,000			1,234,443
4.35%, due 6/1/28		192,000			214,559
Starbucks Corp. 4.45%, due 8/15/49		740,000			857,408
					11,283,744
Road & Rail 0.4%
Wabtec Corp. (e)
4.40%, due 3/15/24		1,014,000			1,079,938
4.95%, due 9/15/28		4,091,000			4,511,071
					5,591,009
Semiconductors 0.7%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875%, due 1/15/27		552,000			554,329
Broadcom, Inc. (a)
4.25%, due 4/15/26		734,000			758,154
4.75%, due 4/15/29		988,000			1,044,486
Entegris, Inc. 4.625%, due 2/10/26 (a)		641,000			663,435
Lam Research Corp. 4.00%, due 3/15/29		208,000			229,811
Marvell Technology Group, Ltd.
4.20%, due 6/22/23		440,000			461,177
4.875%, due 6/22/28		1,647,000			1,829,180
Micron Technology, Inc.
4.975%, due 2/6/26		471,000			507,355
5.327%, due 2/6/29		1,204,000			1,322,313
5.50%, due 2/1/25		361,000			370,984
Qorvo, Inc.
4.375%, due 10/15/29 (a)		402,000			404,764
5.50%, due 7/15/26		799,000			843,944
					8,989,932
Shipbuilding 0.2%
Huntington Ingalls Industries, Inc. 5.00%, due 11/15/25 (a)		1,782,000			1,866,645
Software 0.1%
Fidelity National Information Services, Inc.
3.75%, due 5/21/29		341,000			369,912
5.00%, due 10/15/25		472,000			536,358
IQVIA, Inc. 5.00%, due 5/15/27 (a)		646,000			676,685
					1,582,955
Telecommunications 1.4%
AT&T, Inc.
3.60%, due 7/15/25		448,000			471,598
4.35%, due 3/1/29		4,593,000			5,072,916
4.50%, due 3/9/48		640,000			688,404
4.75%, due 5/15/46		818,000			907,134
4.85%, due 3/1/39		581,000			658,759
5.15%, due 11/15/46		468,000			540,767
5.25%, due 3/1/37		296,000			348,367
CenturyLink, Inc.
5.80%, due 3/15/22		419,000			441,521
6.45%, due 6/15/21		752,000			789,600
CommScope, Inc. (a)
5.50%, due 3/1/24		459,000			472,196
6.00%, due 3/1/26		1,006,000			1,041,009
T-Mobile USA, Inc. 6.375%, due 3/1/25		1,472,000			1,524,933
Verizon Communications, Inc.
2.625%, due 8/15/26		613,000			621,041
3.875%, due 2/8/29		379,000			415,901
4.329%, due 9/21/28		2,326,000			2,637,156
4.522%, due 9/15/48		281,000			332,247
4.862%, due 8/21/46		381,000			465,347
5.012%, due 8/21/54		571,000			718,678
					18,147,574
Total Corporate Bonds (Cost $232,086,216)					246,370,022
Mortgage-Backed Securities 1.6%
Agency Collateral (Collateralized Mortgage Obligation) 0.1%
Fannie Mae (Collateralized Mortgage Obligations) Series 2018-27, Class EA 3.00%, due 5/25/48		1,211,343			1,245,389
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.4%
Banc of America Merrill Lynch Large Loan, Inc. Series 2018-DSNY, Class A 2.878% (1 Month LIBOR + 0.85%), due 9/15/34 (a)(f)		566,000			564,579
Barclays Commercial Mortgage Securities LLC (a)
Series 2018-TALL, Class A 2.75% (1 Month LIBOR + 0.722%), due 3/15/37 (f)		1,457,000			1,453,376
Series 2015-SRCH, Class A2 4.197%, due 8/10/35		875,000			984,069
BX Commercial Mortgage Trust Series 2018-IND, Class A 2.778% (1 Month LIBOR + 0.75%), due 11/15/35 (a)(f)		1,342,827			1,342,825
BXP Trust Series 2017-GM, Class A 3.379%, due 6/13/39 (a)		396,000			423,833
Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class AJ 6.286%, due 5/15/46 (g)		46,393			46,790
Wells Fargo Mortgage Backed Securities Trust Series 2018-1, Class A17 3.50%, due 7/25/47 (a)(h)		195,872			197,969
					5,013,441
Whole Loan (Collateralized Mortgage Obligations) 1.1%
Angel Oak Mortgage Trust Series 2018-2, Class A1 3.674%, due 7/27/48 (a)(h)		181,463			183,139
Arroyo Mortgage Trust Series 2018-1, Class A1 3.763%, due 4/25/48 (a)(h)		331,685			337,697
Chase Mortgage Finance Corporation Series 2019-ATR2, Class A11 2.918% (1 Month LIBOR + 0.90%), due 7/25/49 (a)(f)		217,377			218,234
Fannie Mae Connecticut Avenue Securities (Mortgage Pass-Through Securities) (f)
Series 2018-C01, Class 1M1 2.618% (1 Month LIBOR + 0.60%), due 7/25/30		249,960			249,861
Series 2018-C05, Class 1M1 2.738% (1 Month LIBOR + 0.72%), due 1/25/31		45,281			45,298
Series 2017-C06, Class 1M1 2.768% (1 Month LIBOR + 0.75%), due 2/25/30		54,838			54,840
Series 2017-C06, Class 2M1 2.768% (1 Month LIBOR + 0.75%), due 2/25/30		31,648			31,649
Series 2017-C03, Class 1M1 2.968% (1 Month LIBOR + 0.95%), due 10/25/29		64,956			65,059
Series 2017-C02, Class 2M1 3.168% (1 Month LIBOR + 1.15%), due 9/25/29		75,163			75,280
Series 2018-C06, Class 1M2 4.018% (1 Month LIBOR + 2.00%), due 3/25/31		957,732			961,218
Series 2019-R05, Class 1M2 4.018% (1 Month LIBOR + 2.00%), due 7/25/39 (a)		163,289			163,682
Series 2019-R04, Class 2M2 4.118% (1 Month LIBOR + 2.10%), due 6/25/39 (a)		313,000			314,151
Series 2019-R03, Class 1M2 4.168% (1 Month LIBOR + 2.15%), due 9/25/31 (a)		829,163			833,123
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes (f)
Series 2017-DNA1, Class M1 3.218% (1 Month LIBOR + 1.20%), due 7/25/29		200,127			200,577
Series 2018-DNA1, Class M2 3.818% (1 Month LIBOR + 1.80%), due 7/25/30		558,770			558,769
Federal National Mortgage Association Series 2014-C03, Class 1M2 5.018% (1 Month LIBOR + 3.00%), due 7/25/24 (f)		643,881			676,033
JP Morgan Mortgage Trust (a)(f)
Series 2019-5, Class A11 2.918% (1 Month LIBOR + 0.90%), due 11/25/49		160,643			160,864
Series 2019-LTV2, Class A11 2.918% (1 Month LIBOR + 0.90%), due 12/25/49		591,357			590,630
Series 2019-6, Class A11 2.918% (1 Month LIBOR + 0.90%), due 12/25/49		387,233			388,285
Series 2019-7, Class A11 2.925% (1 Month LIBOR + 0.90%), due 2/25/50		418,000			418,000
Mello Warehouse Securitization Trust Series 2018-W1, Class A 2.868% (1 Month LIBOR + 0.85%), due 11/25/51 (a)(f)		1,968,000			1,968,895
New Residential Mortgage Loan Trust Series 2018-2A, Class A1 4.50%, due 2/25/58 (a)(h)		390,093			407,889
Sequoia Mortgage Trust Series 2018-7, Class A19 4.00%, due 9/25/48 (a)(h)		208,235			210,927
Station Place Securitization Trust
Series 2019-WL1, Class D 3.218% (1 Month LIBOR + 1.20%), due 8/25/52 (a)(f)		150,000			150,123
Series 2019-4, Class A 3.381%, due 6/24/20		1,862,000			1,863,355
Series 2019-WL1, Class E 3.418% (1 Month LIBOR + 1.40%), due 8/25/52 (a)(f)		298,000			298,245
Series 2020-1 3.45%, due 10/24/20 (i)		2,000,000			2,000,000
Towd Point Asset Funding LLC Series 2019-HE1, Class A1 2.918% (1 Month LIBOR + 0.90%), due 4/25/48 (a)(f)		523,156			523,213
					13,949,036
Total Mortgage-Backed Securities (Cost $20,043,483)					20,207,866
U.S. Government & Federal Agencies 14.5%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 4.4%
2.50%, due 11/1/31		106,162			107,476
2.50%, due 12/1/31		126,538			128,104
2.50%, due 12/1/33		3,393,087			3,425,974
3.00%, due 2/1/31		412,770			424,132
3.00%, due 1/1/45		347,428			356,242
3.00%, due 10/1/46		1,301,603			1,333,960
3.00%, due 12/1/46		2,201,202			2,255,905
3.00%, due 8/1/47		6,609,101			6,785,260
3.00%, due 8/1/49		398,015			407,531
3.00%, due 9/1/49		128,893			131,001
3.00%, due 10/1/49		269,811			274,023
3.50%, due 2/1/43		365,771			383,508
3.50%, due 2/1/44		424,275			444,829
3.50%, due 12/1/44		919,273			965,778
3.50%, due 7/1/46		1,398,829			1,475,572
3.50%, due 10/1/46		1,910,242			1,992,207
3.50%, due 2/1/47		1,168,263			1,218,311
3.50%, due 9/1/47		1,926,209			1,992,146
3.50%, due 11/1/47		634,871			665,015
3.50%, due 12/1/47		2,533,830			2,666,211
3.50%, due 2/1/48		989,429			1,033,194
3.50%, due 3/1/48		1,591,096			1,670,722
3.50%, due 4/1/48		104,980			109,658
3.50%, due 8/1/48		1,154,717			1,206,256
3.50%, due 11/1/48		1,474,735			1,540,535
3.50%, due 7/1/49		1,845,023			1,907,532
3.50%, due 8/1/49		371,043			383,536
3.50%, due 9/1/49		668,053			689,847
4.00%, due 5/1/46		237,281			250,521
4.00%, due 3/1/47		74,253			78,394
4.00%, due 3/1/48		328,434			345,786
4.00%, due 4/1/48		611,457			642,191
4.00%, due 5/1/48		1,544,057			1,612,117
4.00%, due 6/1/48		395,000			411,643
4.00%, due 8/1/48		8,552,577			8,933,928
4.00%, due 1/1/49		362,761			390,395
4.50%, due 5/1/38		817,718			867,057
4.50%, due 7/1/38		628,830			667,407
4.50%, due 9/1/38		400,338			424,503
4.50%, due 5/1/44		908,418			980,703
4.50%, due 3/1/48		799,328			844,210
4.50%, due 8/1/48		351,116			370,702
4.50%, due 9/1/48		1,464,666			1,548,292
4.50%, due 12/1/48		493,147			530,884
5.00%, due 9/1/48		99,189			106,584
6.00%, due 4/1/40		736,065			853,281
					55,833,063
Federal National Mortgage Association (Mortgage Pass-Through Securities) 5.6%
3.00%, due 8/1/33 TBA (j)		2,024,000			2,068,907
3.00%, due 2/1/43		32,475			33,442
3.00%, due 5/1/43		124,242			127,959
3.00%, due 10/1/45		77,721			79,243
3.00%, due 1/1/46		6,384			6,539
3.00%, due 3/1/46		324,752			332,602
3.00%, due 11/1/46		302,839			310,272
3.00%, due 2/1/47		255,341			263,168
3.00%, due 3/1/47		948,059			972,840
3.00%, due 8/1/49		302,595			310,639
3.00%, due 10/1/49		2,657,127			2,697,638
3.00%, due 2/1/57		1,058,992			1,082,769
3.50%, due 10/1/42		400,375			414,444
3.50%, due 12/1/42		916,046			959,886
3.50%, due 2/1/43		1,341,995			1,406,224
3.50%, due 4/1/43		968,813			1,015,182
3.50%, due 11/1/43		463,224			485,393
3.50%, due 4/1/44		575,906			607,419
3.50%, due 2/1/45		1,293,919			1,355,848
3.50%, due 12/1/45		295,168			312,393
3.50%, due 5/1/46		180,626			188,254
3.50%, due 7/1/46		930,061			976,933
3.50%, due 8/1/46		3,608,204			3,760,916
3.50%, due 12/1/46		92,521			96,441
3.50%, due 8/1/47		639,173			667,024
3.50%, due 12/1/47		953,975			996,955
3.50%, due 1/1/48		860,066			898,706
3.50%, due 3/1/48		287,297			301,448
3.50%, due 4/1/48		1,408,188			1,476,459
3.50%, due 11/1/48		1,127,005			1,194,905
3.50%, due 1/1/49		256,314			266,976
3.50%, due 8/1/56		1,748,419			1,840,300
3.50%, due 2/1/57		1,912,206			2,012,692
4.00%, due 10/1/46		30,801			32,520
4.00%, due 5/1/47		201,150			211,188
4.00%, due 6/1/47		248,701			261,042
4.00%, due 7/1/47		240,766			252,728
4.00%, due 8/1/47		1,531,921			1,611,521
4.00%, due 9/1/47		1,152,666			1,239,033
4.00%, due 10/1/47		885,493			928,764
4.00%, due 11/1/47		954,673			1,004,061
4.00%, due 1/1/48		4,010,747			4,220,476
4.00%, due 3/1/48		624,581			660,165
4.00%, due 4/1/48		281,553			302,158
4.00%, due 5/1/48		1,326,499			1,385,556
4.00%, due 6/1/48		552,836			576,255
4.00%, due 9/1/48 TBA (j)		13,021,746			13,511,587
4.00%, due 10/1/48		68,619			72,399
4.00%, due 2/1/49		499,791			519,519
4.00%, due 5/1/49		1,683,134			1,795,970
4.00%, due 9/1/49		1,802,000			1,924,197
4.50%, due 11/1/38		558,294			591,960
4.50%, due 11/1/42		128,653			139,707
4.50%, due 10/1/44		353,057			387,928
4.50%, due 3/1/45		553,453			608,097
4.50%, due 6/1/45		293,151			316,180
4.50%, due 2/1/46		746,641			808,059
4.50%, due 5/1/47		557,067			599,471
4.50%, due 6/1/47		426,597			457,295
4.50%, due 7/1/47		743,150			793,633
4.50%, due 8/1/47		392,164			417,841
4.50%, due 9/1/47		1,097,812			1,170,805
4.50%, due 10/1/47		74,396			79,174
4.50%, due 11/1/47		235,380			249,760
4.50%, due 3/1/48		932,791			990,937
4.50%, due 4/1/48		329,075			352,345
4.50%, due 5/1/48		496,941			529,077
4.50%, due 6/1/48		267,795			283,652
4.50%, due 8/1/48		475,337			501,217
4.50%, due 10/1/48 TBA (j)		1,165,000			1,226,692
5.00%, due 7/1/44		519,165			568,520
6.00%, due 2/1/37		41,212			47,743
					71,150,048
Government National Mortgage Association (Mortgage Pass-Through Securities) 1.1%
3.50%, due 5/20/49		1,255,038			1,283,081
3.50%, due 6/20/49		531,382			543,286
4.00%, due 1/15/45		1,100,472			1,184,604
4.00%, due 7/15/47		1,157,017			1,232,532
4.00%, due 8/15/47		204,753			215,187
4.00%, due 8/20/47		200,460			210,677
4.00%, due 11/15/47		260,423			274,536
4.00%, due 12/15/47		353,313			372,424
4.50%, due 8/15/46		1,151,315			1,261,791
4.50%, due 5/20/48		930,419			985,278
4.50%, due 7/1/48 TBA (j)		1,236,000			1,291,603
5.00%, due 7/1/48 TBA (j)		5,079,506			5,355,307
					14,210,306
United States Treasury Bonds 0.3%
2.875%, due 5/15/49		2,723,000			3,175,805
United States Treasury Notes 3.1%
1.375%, due 8/31/26		384,000			377,835
1.625%, due 2/15/26		1,352,000			1,352,528
1.625%, due 8/15/29		2,048,000			2,038,560
1.75%, due 6/30/24		2,358,000			2,377,988
1.75%, due 7/31/24		4,293,000			4,330,899
2.00%, due 5/31/24		7,319,100			7,465,196
2.25%, due 8/15/49		12,640,000			12,999,944
2.375%, due 5/15/29		8,265,200			8,777,255
					39,720,205
Total U.S. Government & Federal Agencies (Cost $182,259,407)					184,089,427
Total Long-Term Bonds (Cost $447,520,088)					464,054,100
		Shares
Common Stocks 62.9%
Aerospace & Defense 3.6%
Boeing Co.		73,191			27,846,980
General Dynamics Corp.		98,112			17,928,006
					45,774,986
Air Freight & Logistics 0.5%
United Parcel Service, Inc., Class B		50,881			6,096,561
Airlines 0.6%
Delta Air Lines, Inc.		138,174			7,958,822
Automobiles 0.5%
General Motors Co.		162,320			6,083,754
Banks 2.6%
Bank of America Corp.		302,601			8,826,871
U.S. Bancorp		440,344			24,368,637
					33,195,508
Capital Markets 3.3%
Blackstone Group, Inc., Class A		209,400			10,227,096
CME Group, Inc.		61,420			12,980,503
Morgan Stanley		188,470			8,042,015
TD Ameritrade Holding Corp.		214,328			10,009,117
					41,258,731
Chemicals 1.3%
LyondellBasell Industries N.V., Class A		187,014			16,732,143
Consumer Finance 1.5%
American Express Co.		65,087			7,698,490
Synchrony Financial		349,808			11,924,955
					19,623,445
Electronic Equipment, Instruments & Components 0.6%
Corning, Inc.		251,846			7,182,648
Entertainment 0.9%
Walt Disney Co.		85,538			11,147,312
Equity Real Estate Investment Trusts 1.4%
Crown Castle International Corp.		56,687			7,880,060
MGM Growth Properties LLC, Class A		165,861			4,984,123
OUTFRONT Media, Inc.		152,500			4,236,450
					17,100,633
Food & Staples Retailing 3.5%
Costco Wholesale Corp.		89,388			25,753,577
Kroger Co.		137,223			3,537,609
Sysco Corp.		186,824			14,833,825
					44,125,011
Food Products 0.7%
Hershey Co.		58,652			9,090,474
Health Care Equipment & Supplies 0.9%
Abbott Laboratories		22,252			1,861,825
Medtronic PLC		93,152			10,118,170
					11,979,995
Health Care Providers & Services 1.5%
UnitedHealth Group, Inc.		88,770			19,291,496
Hotels, Restaurants & Leisure 3.5%
Hilton Worldwide Holdings, Inc.		102,558			9,549,176
McDonald's Corp.		122,699			26,344,702
Norwegian Cruise Line Holdings, Ltd. (k)		123,868			6,412,646
Six Flags Entertainment Corp.		31,937			1,622,080
					43,928,604
Household Products 0.4%
Clorox Co.		36,555			5,551,608
Industrial Conglomerates 0.6%
Honeywell International, Inc.		47,895			8,103,834
Insurance 1.0%
Progressive Corp.		159,410			12,314,423
Interactive Media & Services 2.4%
Alphabet, Inc., Class C (k)		24,717			30,130,023
Internet & Direct Marketing Retail 0.8%
Amazon.com, Inc. (k)		5,892			10,227,982
IT Services 4.4%
Accenture PLC, Class A		90,967			17,497,502
Mastercard, Inc.		139,547			37,896,779
					55,394,281
Leisure Products 0.7%
Hasbro, Inc.		71,748			8,515,770
Life Sciences Tools & Services 0.6%
Thermo Fisher Scientific, Inc.		25,681			7,480,105
Machinery 1.4%
Deere & Co.		51,474			8,682,634
Parker-Hannifin Corp.		22,645			4,089,914
Stanley Black & Decker, Inc.		37,142			5,363,676
					18,136,224
Media 1.6%
Comcast Corp., Class A		435,866			19,648,839
Oil, Gas & Consumable Fuels 1.1%
EOG Resources, Inc.		61,181			4,540,854
Suncor Energy, Inc.		291,338			9,195,328
					13,736,182
Personal Products 0.5%
Estee Lauder Cos., Inc., Class A		30,962			6,159,890
Pharmaceuticals 3.4%
Bristol-Myers Squibb Co.		228,199			11,571,971
Eli Lilly & Co.		106,243			11,881,155
Merck & Co., Inc.		231,522			19,489,522
					42,942,648
Real Estate Management & Development 0.5%
CBRE Group, Inc., Class A (k)		118,800			6,297,588
Road & Rail 1.3%
CSX Corp.		243,211			16,847,226
Semiconductors & Semiconductor Equipment 3.3%
Intel Corp.		250,400			12,903,112
Lam Research Corp.		49,823			11,514,593
NVIDIA Corp.		34,908			6,076,436
Texas Instruments, Inc.		88,546			11,443,685
					41,937,826
Software 5.8%
Adobe, Inc. (k)		62,133			17,164,241
Microsoft Corp.		363,210			50,497,087
salesforce.com, Inc. (k)		38,337			5,690,744
					73,352,072
Specialty Retail 1.9%
Home Depot, Inc.		103,702			24,060,938
Technology Hardware, Storage & Peripherals 2.1%
Apple, Inc.		119,400			26,742,018
Textiles, Apparel & Luxury Goods 0.9%
NIKE, Inc., Class B		124,999			11,739,906
Tobacco 1.3%
Altria Group, Inc.		397,322			16,250,470
Total Common Stocks (Cost $567,745,217)					796,139,976
Convertible Preferred Stock 0.1%
Semiconductors & Semiconductor Equipment 0.1%
Broadcom, Inc.		1,409			1,444,769
Total Convertible Preferred Stock (Cost $1,409,000)					1,444,769
Short-Term Investments 1.9%
Affiliated Investment Company 1.8%
MainStay U.S. Government Liquidity Fund, 1.81% (l)		22,874,026			22,874,026
Unaffiliated Investment Company 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (l)(m)		1,203,400			1,203,400
Total Short-Term Investments (Cost $24,077,426)					24,077,426
Total Investments (Cost $1,040,751,731)		101.5	%		1,285,716,271
Other Assets, Less Liabilities		(1.5	)		(19,460,167	)
Net Assets		100.0	%	$	1,266,256,104

†	Percentages indicated are based on Portfolio net assets.
‡	Less than one-tenth of a percent.
(a)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b)	Fixed to floating rate - Rate shown was the rate in effect as of September 30, 2019.
(c)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $1,178,788. The Portfolio received cash collateral with a value of $1,203,400.
(d)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(e)	Step coupon - Rate shown was the rate in effect as of September 30, 2019.
(f)	Floating rate - Rate shown was the rate in effect as of September 30, 2019.
(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 September 30, 2019.
(h)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(i)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, the total market value of fair valued security was $2,000,000, which represented 0.2% of the Portfolio's net assets.
(j)	TBA - Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of September 30, 2019, the total net market value of these securities was $23,454,096, which represented 1.9% of the Portfolio's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.
(k)	Non-income producing security.
(l)	Current yield as of September 30, 2019.
(m)	Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

LIBOR — London Interbank Offered Rate

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—	$	13,386,785	$	—	$	13,386,785
Corporate Bonds		—		246,370,022		—		246,370,022
Mortgage-Backed Securities		—		20,207,866		—		20,207,866
U.S. Government & Federal Agencies		—		184,089,427		—		184,089,427
Total Long-Term Bonds		—		464,054,100		—		464,054,100
Common Stocks		796,139,976		—		—		796,139,976
Convertible Preferred Stocks		1,444,769		—		—		1,444,769
Short-Term Investments
Affiliated Investment Company		22,874,026		—		—		22,874,026
Unaffiliated Investment Company		1,203,400		—		—		1,203,400
Total Short-Term Investments		24,077,426		—		—		24,077,426
Total Investments in Securities	$	821,662,171	$	464,054,100	$	—	$	1,285,716,271

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

MainStay VP Large Cap Growth Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 99.2% †
Aerospace & Defense 3.8%
Boeing Co.		73,650		$	28,021,615
Northrop Grumman Corp.		43,800			16,415,802
					44,437,417
Automobiles 1.8%
Ferrari N.V. (a)		135,500			20,879,195
Biotechnology 1.3%
Exact Sciences Corp. (b)		161,800			14,621,866
Capital Markets 1.7%
Moody's Corp.		94,940			19,446,560
Chemicals 2.3%
Linde PLC		60,800			11,778,176
Sherwin-Williams Co.		27,170			14,939,968
					26,718,144
Entertainment 1.0%
Walt Disney Co.		85,800			11,181,456
Equity Real Estate Investment Trusts 1.4%
Equinix, Inc.		28,500			16,438,800
Food & Staples Retailing 0.9%
Costco Wholesale Corp.		37,250			10,732,098
Health Care Equipment & Supplies 4.6%
Abbott Laboratories		222,200			18,591,474
Intuitive Surgical, Inc. (b)		29,380			15,863,143
Stryker Corp.		88,200			19,077,660
					53,532,277
Health Care Providers & Services 1.5%
UnitedHealth Group, Inc.		78,210			16,996,597
Health Care Technology 1.1%
Veeva Systems, Inc., Class A (b)		83,050			12,680,905
Interactive Media & Services 10.0%
Alphabet, Inc. (b)
Class A		26,455			32,305,259
Class C		26,849			32,728,931
Facebook, Inc., Class A (b)		283,200			50,432,256
					115,466,446
Internet & Direct Marketing Retail 8.7%
Alibaba Group Holding, Ltd., Sponsored ADR (b)		83,250			13,921,897
Amazon.com, Inc. (b)		43,035			74,704,887
MercadoLibre, Inc. (b)		20,550			11,327,777
					99,954,561
IT Services 16.0%
Automatic Data Processing, Inc.		111,500			17,998,330
Fiserv, Inc. (b)		221,600			22,955,544
GoDaddy, Inc., Class A (b)		246,800			16,283,864
Mastercard, Inc., Class A		143,850			39,065,344
Pagseguro Digital, Ltd., Class A (b)		232,900			10,785,599
PayPal Holdings, Inc. (b)		232,050			24,038,060
Visa, Inc., Class A		314,700			54,131,547
					185,258,288
Leisure Products 0.2%
Peloton Interactive, Inc., Class AClass A (a)(b)		86,200			2,163,620
Life Sciences Tools & Services 1.5%
Thermo Fisher Scientific, Inc.		58,000			16,893,660
Machinery 0.9%
Fortive Corp.		146,200			10,023,472
Pharmaceuticals 3.8%
AstraZeneca PLC, Sponsored ADR		417,500			18,607,975
Zoetis, Inc.		205,550			25,609,475
					44,217,450
Professional Services 1.4%
CoStar Group, Inc. (b)		27,555			16,345,626
Road & Rail 1.0%
Union Pacific Corp.		69,750			11,298,105
Semiconductors & Semiconductor Equipment 4.4%
Microchip Technology, Inc.		158,540			14,729,951
NVIDIA Corp.		79,000			13,751,530
Texas Instruments, Inc.		98,650			12,749,526
Xilinx, Inc.		104,250			9,997,575
					51,228,582
Software 17.6%
Adobe, Inc. (b)		117,950			32,583,687
Intuit, Inc.		93,800			24,945,172
Microsoft Corp.		629,800			87,561,094
salesforce.com, Inc. (b)		295,850			43,915,974
Workday, Inc., Class A (b)		79,850			13,571,306
					202,577,233
Specialty Retail 3.6%
Five Below, Inc. (b)		107,500			13,555,750
Lowe's Cos., Inc.		256,000			28,149,760
					41,705,510
Technology Hardware, Storage & Peripherals 4.6%
Apple, Inc.		235,900			52,834,523
Textiles, Apparel & Luxury Goods 4.1%
NIKE, Inc., Class B		348,150			32,698,248
VF Corp.		165,450			14,723,395
					47,421,643
Total Common Stocks (Cost $885,391,296)					1,145,054,034
Short-Term Investments 1.6%
Affiliated Investment Company 0.9%
MainStay U.S. Government Liquidity Fund, 1.81% (c)		9,877,277			9,877,277
Unaffiliated Investment Company 0.7%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.32% (c)(d)		7,763,640			7,763,640
Total Short-Term Investments (Cost $17,640,917)					17,640,917
Total Investments (Cost $903,032,213)		100.8	%		1,162,694,951
Other Assets, Less Liabilities		(0.8	)		(8,715,297	)
Net Assets		100.0	%	$	1,153,979,654

†	Percentages indicated are based on Portfolio net assets.
(a)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $7,674,377. The Portfolio received cash collateral with a value of $7,763,640.
(b)	Non-income producing security.
(c)	Current yield as of September 30, 2019.
(d)	Represents security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:

ADR —American Depositary Receipt

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	1,145,054,034	$	—	$	—	$	1,145,054,034
Short-Term Investments
Affiliated Investment Company		9,877,277		—		—		9,877,277
Unaffiliated Investment Company		7,763,640		—		—		7,763,640
Total Short-Term Investments		17,640,917		—		—		17,640,917
Total Investments in Securities	$	1,162,694,951	$	—	$	—	$	1,162,694,951

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

MainStay VP MacKay Common Stock Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

Shares			Value
Common Stocks 98.7% †
Aerospace & Defense 2.5%
Arconic, Inc.	27,507		$	715,182
Boeing Co.	6,832			2,599,371
Curtiss-Wright Corp.	13,099			1,694,617
L3Harris Technologies, Inc.	13,407			2,797,236
Lockheed Martin Corp.	16,211			6,323,263
Northrop Grumman Corp.	10,820			4,055,228
Teledyne Technologies, Inc. (a)	2,323			747,983
				18,932,880
Airlines 0.3%
Delta Air Lines, Inc.	7,854			452,390
Southwest Airlines Co.	12,642			682,794
United Airlines Holdings, Inc. (a)	12,967			1,146,413
				2,281,597
Banks 3.8%
Bank of America Corp.	356,049			10,385,949
Citigroup, Inc.	19,542			1,349,962
JPMorgan Chase & Co.	107,956			12,705,342
Signature Bank	14,615			1,742,400
Wells Fargo & Co.	51,980			2,621,871
				28,805,524
Beverages 0.8%
Coca-Cola Co.	56,787			3,091,484
Molson Coors Brewing Co., Class B	8,724			501,630
PepsiCo., Inc.	17,926			2,457,655
				6,050,769
Biotechnology 2.3%
AbbVie, Inc.	44,983			3,406,113
Amgen, Inc.	17,436			3,374,040
Biogen, Inc. (a)	15,770			3,671,571
Exelixis, Inc. (a)	18,347			324,467
Gilead Sciences, Inc.	90,897			5,761,052
Incyte Corp. (a)	15,348			1,139,282
				17,676,525
Building Products 0.5%
Masco Corp.	88,793			3,700,892
Capital Markets 1.7%
Ameriprise Financial, Inc.	28,789			4,234,862
BlackRock, Inc.	704			313,731
Cboe Global Markets, Inc.	10,068			1,156,914
Intercontinental Exchange, Inc.	42,207			3,894,440
Raymond James Financial, Inc.	36,278			2,991,484
S&P Global, Inc.	3,232			791,775
				13,383,206
Chemicals 1.5%
Air Products & Chemicals, Inc.	7,478			1,659,069
CF Industries Holdings, Inc.	68,936			3,391,651
Dow, Inc. (a)	22,880			1,090,232
DuPont de Nemours, Inc.	22,891			1,632,357
Ecolab, Inc.	17,085			3,383,514
				11,156,823
Commercial Services & Supplies 1.3%
Clean Harbors, Inc. (a)	13,713			1,058,644
Republic Services, Inc.	39,722			3,437,939
Tetra Tech, Inc.	7,529			653,216
Waste Management, Inc.	40,967			4,711,205
				9,861,004
Communications Equipment 0.4%
Cisco Systems, Inc.	62,693			3,097,661
Construction & Engineering 0.2%
AECOM (a)	32,967			1,238,240
EMCOR Group, Inc.	4,439			382,287
				1,620,527
Consumer Finance 2.5%
American Express Co.	45,613			5,395,105
Capital One Financial Corp.	46,595			4,239,213
Discover Financial Services	51,585			4,183,028
SLM Corp.	104,613			923,210
Synchrony Financial	122,257			4,167,741
				18,908,297
Diversified Consumer Services 0.2%
H&R Block, Inc.	61,755			1,458,653
Diversified Financial Services 1.9%
Berkshire Hathaway, Inc., Class B (a)	70,752			14,717,831
Diversified Telecommunication Services 1.2%
AT&T, Inc.	129,830			4,912,767
Verizon Communications, Inc.	68,835			4,154,881
				9,067,648
Electric Utilities 1.3%
ALLETE, Inc.	8,016			700,679
American Electric Power Co., Inc.	14,244			1,334,520
Duke Energy Corp.	3,323			318,543
Entergy Corp.	18,071			2,120,812
Exelon Corp.	23,809			1,150,213
PNM Resources, Inc.	23,920			1,245,754
Southern Co.	56,813			3,509,339
				10,379,860
Electronic Equipment, Instruments & Components 0.8%
Arrow Electronics, Inc. (a)	36,320			2,708,746
Avnet, Inc.	52,086			2,317,046
Jabil, Inc.	37,398			1,337,726
				6,363,518
Energy Equipment & Services 0.2%
Schlumberger, Ltd.	51,985			1,776,328
Entertainment 1.3%
Netflix, Inc. (a)	13,374			3,579,150
Take-Two Interactive Software, Inc. (a)	15,637			1,959,941
Walt Disney Co.	33,753			4,398,691
				9,937,782
Equity Real Estate Investment Trusts 4.3%
American Campus Communities, Inc.	42,467			2,041,813
American Tower Corp.	18,545			4,100,856
Apartment Investment & Management Co., Class A	70,454			3,673,472
Crown Castle International Corp.	4,798			666,970
Duke Realty Corp.	34,106			1,158,581
Equinix, Inc.	544			313,779
Equity Residential	5,822			502,206
Essex Property Trust, Inc.	84			27,439
Host Hotels & Resorts, Inc.	225,510			3,899,068
Life Storage, Inc.	2,108			222,204
Medical Properties Trust, Inc.	60,657			1,186,451
Mid-America Apartment Communities, Inc.	25,209			3,277,422
Prologis, Inc.	56,273			4,795,585
Public Storage	8,997			2,206,694
Sabra Health Care REIT, Inc.	513			11,779
SBA Communications Corp.	7,862			1,895,921
Ventas, Inc.	24,868			1,816,110
Welltower, Inc.	10,788			977,932
				32,774,282
Food & Staples Retailing 2.1%
Costco Wholesale Corp.	12,298			3,543,177
Sysco Corp.	58,907			4,677,216
Walmart, Inc.	65,547			7,779,118
				15,999,511
Food Products 1.1%
Flowers Foods, Inc.	6,854			158,533
General Mills, Inc.	17,620			971,214
Hershey Co.	20,996			3,254,170
Tyson Foods, Inc., Class A	47,213			4,066,928
				8,450,845
Health Care Equipment & Supplies 2.7%
Abbott Laboratories	46,447			3,886,221
Cooper Cos., Inc.	5,573			1,655,181
Danaher Corp.	30,132			4,351,965
DENTSPLY SIRONA, Inc.	51,878			2,765,616
Edwards Lifesciences Corp. (a)	409			89,943
Hill-Rom Holdings, Inc.	15,903			1,673,473
Hologic, Inc. (a)	64,860			3,274,781
Intuitive Surgical, Inc. (a)	3,524			1,902,713
Medtronic PLC	9,965			1,082,398
				20,682,291
Health Care Providers & Services 3.5%
AmerisourceBergen Corp.	45,455			3,742,310
Anthem, Inc.	21,054			5,055,065
Cardinal Health, Inc.	7,430			350,622
Centene Corp. (a)	58,179			2,516,824
Cigna Corp. (a)	646			98,056
Encompass Health Corp.	5,343			338,105
HCA Healthcare, Inc.	23,695			2,853,352
McKesson Corp.	29,555			4,038,986
UnitedHealth Group, Inc.	37,234			8,091,693
				27,085,013
Health Care Technology 0.4%
Cerner Corp.	50,236			3,424,588
Hotels, Restaurants & Leisure 2.9%
Chipotle Mexican Grill, Inc. (a)	145			121,868
Cracker Barrel Old Country Store, Inc. (b)	1,037			168,668
Darden Restaurants, Inc.	31,050			3,670,731
Hilton Worldwide Holdings, Inc.	1,911			177,933
McDonald's Corp.	23,354			5,014,337
Norwegian Cruise Line Holdings, Ltd. (a)	36,818			1,906,068
Royal Caribbean Cruises, Ltd.	7,526			815,292
Starbucks Corp.	73,389			6,489,056
Wynn Resorts, Ltd.	11,585			1,259,521
Yum! Brands, Inc.	21,670			2,458,028
				22,081,502
Household Durables 1.0%
NVR, Inc. (a)	674			2,505,494
PulteGroup, Inc.	86,752			3,170,786
Toll Brothers, Inc.	44,382			1,821,881
				7,498,161
Household Products 2.1%
Kimberly-Clark Corp.	23,773			3,376,955
Procter & Gamble Co.	104,682			13,020,347
				16,397,302
Independent Power & Renewable Electricity Producers 0.5%
AES Corp.	240,033			3,922,139
Industrial Conglomerates 0.1%
Honeywell International, Inc.	4,372			739,742
Insurance 4.3%
Allstate Corp.	39,372			4,278,949
American International Group, Inc.	88,168			4,910,958
Brighthouse Financial, Inc. (a)	61,753			2,499,144
Everest Re Group, Ltd.	4,144			1,102,677
First American Financial Corp.	46,246			2,728,976
MetLife, Inc.	102,590			4,838,144
Old Republic International Corp.	119,125			2,807,776
Progressive Corp.	62,743			4,846,897
Prudential Financial, Inc.	34,935			3,142,403
Reinsurance Group of America, Inc.	11,919			1,905,610
				33,061,534
Interactive Media & Services 5.3%
Alphabet, Inc. (a)
Class A	9,584			11,703,406
Class C	10,290			12,543,510
Facebook, Inc., Class A (a)	91,741			16,337,237
				40,584,153
Internet & Direct Marketing Retail 4.0%
Amazon.com, Inc. (a)	12,642			21,945,374
Booking Holdings, Inc. (a)	233			457,288
eBay, Inc.	109,772			4,278,913
Expedia Group, Inc.	30,099			4,045,607
				30,727,182
IT Services 6.5%
Accenture PLC, Class A	11,247			2,163,360
Akamai Technologies, Inc. (a)	42,880			3,918,374
CACI International, Inc., Class A (a)	14,108			3,262,616
DXC Technology Co.	46,588			1,374,346
Fidelity National Information Services, Inc.	6,271			832,538
International Business Machines Corp.	51,654			7,511,525
Leidos Holdings, Inc.	43,633			3,747,202
Mastercard, Inc., Class A	27,474			7,461,114
MAXIMUS, Inc.	33,383			2,579,171
PayPal Holdings, Inc. (a)	67,386			6,980,516
VeriSign, Inc. (a)	5,415			1,021,431
Visa, Inc., Class A	53,161			9,144,224
				49,996,417
Life Sciences Tools & Services 0.6%
Illumina, Inc. (a)	4,485			1,364,427
IQVIA Holdings, Inc. (a)	22,315			3,333,415
Thermo Fisher Scientific, Inc.	397			115,634
				4,813,476
Machinery 0.8%
AGCO Corp.	21,933			1,660,328
Cummins, Inc.	26,388			4,292,536
				5,952,864
Media 1.9%
Charter Communications, Inc., Class A (a)	1,689			696,071
Comcast Corp., Class A	213,234			9,612,589
Fox Corp., Class B (a)	47,123			1,486,259
News Corp.
Class A	118,977			1,656,160
Class B	54,363			777,119
				14,228,198
Metals & Mining 0.7%
Nucor Corp.	640			32,582
Reliance Steel & Aluminum Co.	17,372			1,731,294
Steel Dynamics, Inc.	117,068			3,488,626
				5,252,502
Multi-Utilities 0.9%
CenterPoint Energy, Inc.	131,959			3,982,523
Consolidated Edison, Inc.	22,911			2,164,402
DTE Energy Co.	4,707			625,843
MDU Resources Group, Inc.	14,245			401,566
				7,174,334
Multiline Retail 0.5%
Dollar General Corp.	3,929			624,475
Target Corp.	30,814			3,294,325
				3,918,800
Oil, Gas & Consumable Fuels 3.9%
Chevron Corp.	86,256			10,229,962
ConocoPhillips	94,018			5,357,146
EOG Resources, Inc.	18,262			1,355,406
Exxon Mobil Corp.	81,641			5,764,671
HollyFrontier Corp.	74,538			3,998,218
Kinder Morgan, Inc.	20,696			426,544
Occidental Petroleum Corp.	4,673			207,808
Valero Energy Corp.	29,186			2,487,815
				29,827,570
Pharmaceuticals 2.5%
Johnson & Johnson	71,025			9,189,215
Merck & Co., Inc.	64,591			5,437,270
Mylan N.V. (a)	86,521			1,711,385
Pfizer, Inc.	75,260			2,704,092
				19,041,962
Professional Services 0.9%
ManpowerGroup, Inc.	40,617			3,421,576
Nielsen Holdings PLC	167,222			3,553,468
				6,975,044
Real Estate Management & Development 0.2%
CBRE Group, Inc., Class A (a)	23,502			1,245,841
Road & Rail 0.8%
Union Pacific Corp.	38,041			6,161,881
Semiconductors & Semiconductor Equipment 4.3%
Applied Materials, Inc.	69,133			3,449,737
Broadcom, Inc.	24,013			6,629,269
Intel Corp.	68,233			3,516,046
Lam Research Corp.	4,592			1,061,257
Micron Technology, Inc. (a)	106,598			4,567,724
NVIDIA Corp.	8,803			1,532,338
Qorvo, Inc. (a)	45,370			3,363,732
QUALCOMM, Inc.	81,377			6,207,438
Texas Instruments, Inc.	19,005			2,456,206
				32,783,747
Software 7.4%
Adobe, Inc. (a)	11,586			3,200,632
Cadence Design Systems, Inc. (a)	59,248			3,915,108
CDK Global, Inc.	52,086			2,504,816
Fortinet, Inc. (a)	7,044			540,697
Intuit, Inc.	1,568			416,994
j2 Global, Inc.	11,813			1,072,857
Microsoft Corp.	258,969			36,004,460
Oracle Corp.	27,072			1,489,772
salesforce.com, Inc. (a)	26,114			3,876,362
Symantec Corp.	132,766			3,137,261
Synopsys, Inc. (a)	2,625			360,281
				56,519,240
Specialty Retail 2.3%
Aaron's, Inc.	54,366			3,493,559
AutoZone, Inc. (a)	3,807			4,129,148
Best Buy Co., Inc.	52,314			3,609,143
Home Depot, Inc.	27,229			6,317,673
Ross Stores, Inc.	888			97,547
				17,647,070
Technology Hardware, Storage & Peripherals 4.3%
Apple, Inc.	144,974			32,469,827
HP, Inc.	42,980			813,181
				33,283,008
Textiles, Apparel & Luxury Goods 1.0%
NIKE, Inc., Class B	65,345			6,137,202
Skechers U.S.A., Inc., Class A (a)	35,990			1,344,227
				7,481,429
Tobacco 0.2%
Altria Group, Inc.	6,719			274,807
Philip Morris International, Inc.	14,240			1,081,243
				1,356,050
Total Common Stocks (Cost $662,289,914)				756,265,003
Exchange-Traded Fund 1.3%
SPDR S&P 500 ETF Trust	33,450			9,926,956
Total Exchange-Traded Fund (Cost $9,828,982)				9,926,956
Short-Term Investments 0.0%‡
Affiliated Investment Company 0.0% ‡
MainStay U.S. Government Liquidity Fund, 1.81% (c)	29,874			29,874
Unaffiliated Investment Company 0.0% ‡
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (c)(d)	37,121			37,121
Total Short-Term Investments (Cost $66,995)				66,995
Total Investments (Cost $672,185,891)	100.0	%		766,258,954
Other Assets, Less Liabilities	(0.0	)‡		(125,185	)
Net Assets	100.0	%	$	766,133,769

†	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 September 30, 2019, the aggregate market value of securities on loan was $165,407; the total market value of collateral held by the Portfolio was $168,383. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $131,262.
(c)	Current yield as of September 30, 2019.
(d)	Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:
ETF	—Exchange-Traded Fund
SPDR	—Standard & Poor's Depositary Receipt

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	756,265,003	$	—	$	—	$	756,265,003
Exchange-Traded Fund		9,926,956		—		—		9,926,956
Short-Term Investments
Affiliated Investment Company		29,874		—		—		29,874
Unaffiliated Investment Company		37,121		—		—		37,121
Total Short-Term Investments		66,995		—		—		66,995
Total Investments in Securities	$	766,258,954	$	—	$	—	$	766,258,954

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

MainStay VP MacKay Convertible Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Principal Amount		Value
Convertible Securities 89.2% †
Convertible Bonds 82.6%
Advertising 0.6%
Quotient Technology, Inc. 1.75%, due 12/1/22	$	5,756,000	$	5,437,678
Aerospace & Defense 1.4%
Aerojet Rocketdyne Holdings, Inc. 2.25%, due 12/15/23		6,133,000		12,246,834
Biotechnology 7.0%
BioMarin Pharmaceutical, Inc. 0.599%, due 8/1/24 (a)		15,124,000		14,904,655
Exact Sciences Corp. 1.00%, due 1/15/25		6,160,000		8,708,700
Illumina, Inc.
(zero coupon), due 8/15/23 (a)		7,893,000		8,771,096
0.50%, due 6/15/21		7,153,000		9,512,971
Intercept Pharmaceuticals, Inc. 3.25%, due 7/1/23		5,052,000		4,369,980
Ionis Pharmaceuticals, Inc. 1.00%, due 11/15/21		8,329,000		9,519,797
Medicines Co. 2.75%, due 7/15/23		5,185,000		6,273,850
Radius Health, Inc. 3.00%, due 9/1/24		444,000		404,750
				62,465,799
Building Materials 0.9%
Patrick Industries, Inc. 1.00%, due 2/1/23		9,317,000		8,450,852
Commercial Services 2.2%
Chegg, Inc. 0.125%, due 3/15/25 (b)		6,835,000		6,267,340
Euronet Worldwide, Inc. 0.75%, due 3/15/49 (a)(b)		7,730,000		9,068,257
Square, Inc. 0.50%, due 5/15/23		3,658,000		4,080,956
				19,416,553
Computers 2.9%
Lumentum Holdings, Inc. 0.25%, due 3/15/24		14,385,000		16,722,719
Nutanix, Inc. (zero coupon), due 1/15/23		1,844,000		1,725,293
Pure Storage, Inc. 0.125%, due 4/15/23		2,934,000		2,899,833
Western Digital Corp. 1.50%, due 2/1/24		4,634,000		4,460,225
				25,808,070
Diversified Financial Services 0.4%
LendingTree, Inc. 0.625%, due 6/1/22		2,437,000		3,909,678
Electric 1.0%
NRG Energy, Inc. 2.75%, due 6/1/48		7,722,000		8,697,725
Entertainment 0.2%
Live Nation Entertainment, Inc. 2.50%, due 3/15/23		1,447,000		1,700,081
Health Care - Products 6.2%
CONMED Corp. 2.625%, due 2/1/24 (b)		7,840,000		9,741,981
Danaher Corp. (zero coupon), due 1/22/21		6,483,000		35,742,271
NuVasive, Inc. 2.25%, due 3/15/21		3,296,000		3,905,760
Wright Medical Group, Inc. 1.625%, due 6/15/23		5,820,000		5,563,876
				54,953,888
Health Care - Services 4.5%
Anthem, Inc. 2.75%, due 10/15/42		6,698,000		22,439,247
Teladoc Health, Inc. 1.375%, due 5/15/25		12,046,000		17,883,860
				40,323,107
Internet 12.1%
Boingo Wireless, Inc. 1.00%, due 10/1/23 (b)		4,790,000		3,958,164
Booking Holdings, Inc. 0.90%, due 9/15/21 (a)		13,680,000		15,896,385
Etsy, Inc.
(zero coupon), due 3/1/23		6,134,000		10,347,575
0.125%, due 10/1/26 (b)		3,180,000		3,141,013
FireEye, Inc. 0.875%, due 6/1/24		3,663,000		3,450,660
IAC FinanceCo 2, Inc. 0.875%, due 6/15/26 (b)		6,209,000		6,493,538
MercadoLibre, Inc. 2.00%, due 8/15/28		3,691,000		5,436,774
Okta, Inc.
0.125%, due 9/1/25 (b)		4,025,000		3,659,362
0.25%, due 2/15/23		4,261,000		8,968,127
Palo Alto Networks, Inc. 0.75%, due 7/1/23		8,986,000		9,494,086
Q2 Holdings, Inc. 0.75%, due 6/1/26 (b)		2,800,000		3,104,640
RingCentral, Inc. (zero coupon), due 3/15/23		8,579,000		13,874,738
Snap, Inc. 0.75%, due 8/1/26 (b)		6,296,000		6,480,614
Wix.com, Ltd. (zero coupon), due 7/1/23		10,770,000		11,983,113
Zendesk, Inc. 0.25%, due 3/15/23		1,447,000		1,917,981
				108,206,770
Iron & Steel 0.5%
Cleveland-Cliffs, Inc. 1.50%, due 1/15/25		3,753,000		4,075,445
Lodging 0.5%
Caesars Entertainment Corp. 5.00%, due 10/1/24		2,616,000		4,449,274
Machinery - Diversified 1.4%
Chart Industries, Inc. 1.00%, due 11/15/24 (b)		10,263,000		12,892,791
Media 3.5%
DISH Network Corp. 3.375%, due 8/15/26		17,289,000		15,883,503
Liberty Media Corp-Liberty Formula One 1.00%, due 1/30/23		6,664,000		8,362,182
Liberty Media Corp. 1.375%, due 10/15/23		5,512,000		6,598,415
				30,844,100
Oil & Gas 1.6%
Ensco Jersey Finance, Ltd. 3.00%, due 1/31/24 (a)		11,037,000		7,505,160
Oasis Petroleum, Inc. 2.625%, due 9/15/23		2,348,000		1,744,219
Transocean, Inc. 0.50%, due 1/30/23		5,990,000		4,923,031
				14,172,410
Oil & Gas Services 3.5%
Helix Energy Solutions Group, Inc.
4.125%, due 9/15/23		5,115,000		5,989,947
4.25%, due 5/1/22		1,953,000		1,976,208
Newpark Resources, Inc. 4.00%, due 12/1/21		5,174,000		5,773,773
Oil States International, Inc. 1.50%, due 2/15/23		13,438,000		11,294,639
Weatherford International, Ltd. 5.875%, due 7/1/21 (c)(d)		16,859,000		5,942,797
				30,977,364
Pharmaceuticals 3.2%
DexCom, Inc. 0.75%, due 12/1/23 (b)		3,894,000		4,574,367
Herbalife Nutrition, Ltd. 2.625%, due 3/15/24		6,582,000		6,156,045
Neurocrine Biosciences, Inc. 2.25%, due 5/15/24		6,250,000		8,573,192
Pacira BioSciences, Inc. 2.375%, due 4/1/22		5,779,000		5,712,371
Supernus Pharmaceuticals, Inc. 0.625%, due 4/1/23		4,136,000		3,851,027
				28,867,002
Semiconductors 11.0%
Cypress Semiconductor Corp. 2.00%, due 2/1/23		3,980,000		4,835,700
Inphi Corp. 1.125%, due 12/1/20		9,461,000		14,783,199
Intel Corp. 3.25%, due 8/1/39		3,685,000		9,369,039
Microchip Technology, Inc.
1.625%, due 2/15/25		12,203,000		23,145,575
1.625%, due 2/15/27		5,198,000		6,704,451
Micron Technology, Inc. 3.125%, due 5/1/32		1,501,000		6,449,581
Novellus Systems, Inc. 2.625%, due 5/15/41		724,000		5,184,457
ON Semiconductor Corp. 1.00%, due 12/1/20		8,174,000		9,561,656
Rambus, Inc. 1.375%, due 2/1/23		6,552,000		6,524,182
Silicon Laboratories, Inc. 1.375%, due 3/1/22		9,006,000		11,748,031
				98,305,871
Software 13.1%
Akamai Technologies, Inc. 0.375%, due 9/1/27 (b)		7,080,000		7,230,617
Atlassian, Inc. 0.625%, due 5/1/23		5,325,000		8,754,699
Coupa Software, Inc. 0.125%, due 6/15/25 (b)		3,509,000		3,846,741
Envestnet, Inc. 1.75%, due 6/1/23		4,442,000		4,808,465
NICE Systems, Inc. 1.25%, due 1/15/24		13,581,000		24,290,858
Nuance Communications, Inc. 1.25%, due 4/1/25		8,331,000		8,206,035
ServiceNow, Inc. (zero coupon), due 6/1/22		6,076,000		11,644,456
Splunk, Inc. 0.50%, due 9/15/23		8,049,000		8,688,612
Twilio, Inc. 0.25%, due 6/1/23		2,263,000		3,782,084
Verint Systems, Inc. 1.50%, due 6/1/21		12,098,000		12,224,377
Workday, Inc. 0.25%, due 10/1/22		11,205,000		14,744,437
Workiva, Inc. 1.125%, due 8/15/26 (b)		1,960,000		1,797,850
Zynga, Inc. 0.25%, due 6/1/24 (b)		6,772,000		6,757,618
				116,776,849
Telecommunications 2.9%
Finisar Corp. 0.50%, due 12/15/36		6,207,000		6,203,850
InterDigital, Inc. 2.00%, due 6/1/24 (b)		2,860,000		2,818,883
Viavi Solutions Inc. 1.00%, due 3/1/24		9,569,000		11,781,831
Vonage Holdings Corp. 1.75%, due 6/1/24 (b)		5,148,000		5,335,922
				26,140,486
Transportation 2.0%
Atlas Air Worldwide Holdings, Inc. 2.25%, due 6/1/22		11,348,000		10,091,206
Echo Global Logistics, Inc. 2.50%, due 5/1/20		7,629,000		7,628,990
				17,720,196
Total Convertible Bonds (Cost $655,698,084)				736,838,823

	Shares
Convertible Preferred Stocks 6.6%
Banks 2.9%
Bank of America Corp. Series L 7.25%	8,636			12,947,178
Wells Fargo & Co. Series L 7.50%	8,264			12,581,857
				25,529,035
Chemicals 0.5%
A. Schulman, Inc. 6.00%	4,110			4,325,775
Equity Real Estate Investment Trusts 0.8%
Crown Castle International Corp. 6.875%	5,982			7,550,301
Health Care Equipment & Supplies 1.0%
Becton Dickinson & Co. 6.125%	146,239			9,053,657
Machinery 0.7%
Rexnord Corp. 5.75%	75,817			4,154,772
Stanley Black & Decker, Inc. 5.375%	20,480			2,057,830
				6,212,602
Semiconductors & Semiconductor Equipment 0.7%
Broadcom, Inc. 8.00%	6,025			6,177,949
Total Convertible Preferred Stocks (Cost $51,536,797)				58,849,319
Total Convertible Securities (Cost $707,234,881)				795,688,142
Common Stocks 3.1%
Air Freight & Logistics 0.4%
XPO Logistics, Inc. (e)	48,592			3,477,729
Airlines 1.0%
Delta Air Lines, Inc.	151,688			8,737,229
Banks 0.9%
Bank of America Corp.	267,678			7,808,167
Health Care Equipment & Supplies 0.8%
Teleflex, Inc.	21,245			7,217,989
Total Common Stocks (Cost $14,897,223)				27,241,114
Short-Term Investment 10.6%
Affiliated Investment Company 6.7%
MainStay U.S. Government Liquidity Fund, 1.81% (f)	59,830,051			59,830,051
Unaffiliated Investment Company 3.9%
State Street Navigator Securities Lending Government Money Market Portfolio,2.33% (f)(g)	34,492,935			34,492,935
Total Short-Term Investment (Cost $94,322,986)				94,322,986
Total Investments (Cost $816,455,090)	102.9	%		917,252,242
Other Assets, Less Liabilities	(2.9	)		(25,485,353	)
Net Assets	100.0	%	$	891,766,889

†	Percentages indicated are based on Portfolio net assets.
(a)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $47,450,541; the total market value of collateral held by the Portfolio was $48,153,397. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $13,660,462.
(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)	Issue in default.
(d)	Issue in non-accrual status.
(e)	Non-income producing security.
(f)	Current yield as of September 30, 2019.
(g)	Represents security purchased with cash collateral received for securities on loan.

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Convertible Securities
Convertible Bonds	$	—	$	736,838,823	$	—	$	736,838,823
Convertible Preferred Stocks (b)		54,523,544		4,325,775		—		58,849,319
Total Convertible Securities		54,523,544		741,164,598		—		795,688,142
Common Stocks		27,241,114		—		—		27,241,114
Short-Term Investments
Affiliated Investment Company		59,830,051		—		—		59,830,051
Unaffiliated Investment Company		34,492,935		—		—		34,492,935
Total Short-Term Investments		94,322,986		—		—		94,322,986
Total Investments in Securities	$	176,087,644	$	741,164,598	$	—	$	917,252,242

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.
(b)	The Level 2 security valued at $4,325,775 is held in Chemicals within the Convertible Preferred Stocks section of the Portfolio of Investments.

MainStay VP MacKay Government Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 92.0% †
Asset-Backed Securities 2.2%
Other Asset-Backed Securities 1.9%
PSNH Funding LLC Series 2018-1, Class A1 3.094%, due 2/1/26	$	389,081	$	398,337
Small Business Administration Participation Certificates
Series 2012-20L, Class 1 1.93%, due 12/1/32		526,458		526,301
Series 2014-20H, Class 1 2.88%, due 8/1/34		556,130		573,510
Series 2015-20G, Class 1 2.88%, due 7/1/35		1,460,943		1,509,848
Series 2014-20I, Class 1 2.92%, due 9/1/34		598,339		619,385
Series 2014-20C, Class 1 3.21%, due 3/1/34		1,041,271		1,095,094
				4,722,475
Utilities 0.3%
Atlantic City Electric Transition Funding LLC Series 2002-1, Class A4 5.55%, due 10/20/23		619,164		642,422
Total Asset-Backed Securities (Cost $5,234,092)				5,364,897
Corporate Bonds 3.7%
Agriculture 0.5%
Altria Group, Inc. 2.85%, due 8/9/22		1,170,000		1,183,967
Electric 1.7%
Consolidated Edison Co. of New York, Inc. 2.506% (3 Month LIBOR + 0.40%), due 6/25/21 (a)		1,550,000		1,555,227
Duke Energy Florida Project Finance LLC 2.538%, due 9/1/31		1,900,000		1,919,069
PECO Energy Co. 1.70%, due 9/15/21 (b)		670,000		666,167
				4,140,463
Pipelines 0.5%
Plains All American Pipeline, L.P. / PAA Finance Corp. 5.00%, due 2/1/21 (b)		1,200,000		1,232,011
Real Estate Investment Trusts 1.0%
Host Hotels & Resorts, L.P. 3.75%, due 10/15/23		2,350,000		2,445,074
Total Corporate Bonds (Cost $8,839,355)				9,001,515
Mortgage-Backed Securities 11.3%
Agency (Collateralized Mortgage Obligations) 7.9%
Federal Home Loan Mortgage Corporation
REMIC Series 4691, Class HA 2.50%, due 6/15/40		593,655		598,278
REMIC, Series 4900, Class BE
3.00%, due 3/25/49		665,635		683,012
REMIC, Series 4908, Class BD 3.00%, due 4/25/49		2,400,000		2,478,129
REMIC, Series 4911, Class MB 3.00%, due 9/25/49		1,785,000		1,829,066
Series 2019-1, Class A1 3.50%, due 5/25/29		469,594		493,305
REMIC Series 4818, Class BD 3.50%, due 3/15/45		619,179		643,068
REMIC Series 4884, Class BA 3.50%, due 6/15/48		541,041		563,725
REMIC Series 4888, Class BA 3.50%, due 9/15/48		434,976		454,934
REMIC Series 4877, Class AT 3.50%, due 11/15/48		561,124		591,550
REMIC Series 4877, Class BE 3.50%, due 11/15/48		818,718		864,784
Federal National Mortgage Association
REMIC, Series 2019-39, Class LA 3.00%, due 2/25/49		690,492		708,149
Series 2019-25, Class PA 3.00%, due 5/25/48		518,259		532,643
Series 2019-13, Class PE 3.00%, due 3/25/49		652,826		667,868
REMIC, Series 2019-58, Class LP 3.00%, due 10/25/49		1,315,000		1,342,813
Government National Mortgage Association
Series 2014-91, Class MA 3.00%, due 1/16/40		587,266		609,347
Series 2018-127, Class PB 3.00%, due 9/20/47		1,361,751		1,391,803
Series 2019-29, Class CB 3.00%, due 10/20/48		490,739		502,221
Series 2019-52, Class JL 3.00%, due 11/20/48		525,294		538,645
Series 2019-59, Class KA 3.00%, due 12/20/48		909,705		931,554
Series 2019-43, Class PL 3.00%, due 4/20/49		496,315		508,448
Series 2019-74, Class AT 3.00%, due 6/20/49		712,448		730,806
Series 2013-149, Class BA 3.25%, due 8/16/41		1,689,633		1,762,804
				19,426,952
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.1%
BXP Trust Series 2017-GM, Class A 3.379%, due 6/13/39 (c)		1,750,000		1,872,998
Four Times Square Trust Series 2006-4TS, Class A 5.401%, due 12/13/28 (c)		495,009		510,368
FREMF Mortgage Trust (c)(d)
Series 2013-K27, Class B 3.615%, due 1/25/46		1,000,000		1,037,332
Series 2014-K37, Class B 4.714%, due 1/25/47		1,215,000		1,320,866
One Bryant Park Trust Series 2019-OBP, Class A 2.516%, due 9/13/49 (c)		1,725,000		1,733,677
Wells Fargo Commercial Mortgage Trust Series 2018-1745, Class A 3.874%, due 6/15/36 (c)(d)		900,000		989,624
				7,464,865
Residential Mortgage (Collateralized Mortgage Obligation) 0.1%
Citigroup Mortgage Loan Trust, Inc. Series 2006-AR6, Class 1A1 4.539%, due 8/25/36 (d)		137,733		130,290
Whole Loan Collateral (Collateralized Mortgage Obligation) 0.2%
Chase Home Lending Mortgage Trust Series 2019-ATR1, Class A4 4.00%, due 4/25/49 (c)(e)		560,784		565,916
Total Mortgage-Backed Securities (Cost $27,140,263)
				27,588,023
U.S. Government & Federal Agencies 74.8%
Fannie Mae Strip (Collateralized Mortgage Obligations) 0.0% ‡ (f)
Series 360, Class 2, IO 5.00%, due 8/25/35		87,177		13,477
Series 361, Class 2 6.00%, due 10/25/35		18,752		4,134
				17,611
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 9.5%
2.50%, due 9/1/34		991,801		1,000,360
2.50%, due 8/1/46		1,632,194		1,631,721
3.00%, due 2/1/46		3,253,320		3,334,368
3.00%, due 4/1/47		3,309,942		3,391,073
3.00%, due 12/1/47		928,089		949,386
3.50%, due 8/1/38		848,484		879,749
3.50%, due 1/1/43		725,336		768,935
3.50%, due 1/1/44		415,324		436,371
3.50%, due 11/1/46		786,832		819,520
3.50%, due 2/1/48		907,166		937,052
4.00%, due 7/1/44		385,411		411,265
4.00%, due 3/1/45		354,229		378,244
4.00%, due 12/1/46		1,278,336		1,349,500
4.00%, due 2/1/48		775,360		813,064
4.00%, due 10/1/48		507,999		545,386
4.00%, due 3/1/49		1,382,123		1,435,838
4.50%, due 3/1/41		380,678		412,586
4.50%, due 8/1/44		233,578		258,722
4.50%, due 12/1/44		1,038,614		1,123,914
4.50%, due 7/1/45		687,003		743,185
4.50%, due 4/1/46		108,754		117,745
4.50%, due 8/1/47		227,394		248,926
5.00%, due 11/1/41		1,291,757		1,426,912
6.50%, due 4/1/37		34,739		39,039
				23,452,861
Federal National Mortgage Association (Mortgage Pass-Through Securities) 22.9%
2.50%, due 12/1/37		1,852,296		1,860,450
2.50%, due 1/1/57		873,979		862,135
3.00%, due 10/1/32		722,976		745,399
3.00%, due 4/1/44		2,352,103		2,399,543
3.00%, due 9/1/46		2,279,367		2,299,946
3.00%, due 10/1/46		2,043,776		2,062,452
3.00%, due 10/1/48		1,626,336		1,653,497
3.00%, due 2/1/57		810,951		829,159
3.00%, due 6/1/57		917,001		937,547
3.50%, due 3/1/37		479,252		502,752
3.50%, due 2/1/43		1,748,753		1,852,857
3.50%, due 5/1/43		623,097		654,224
3.50%, due 7/1/43		595,563		628,158
3.50%, due 11/1/44		990,124		1,039,788
3.50%, due 3/1/45		1,057,696		1,113,538
3.50%, due 8/1/46		863,432		908,009
3.50%, due 10/1/47		863,152		891,460
3.50%, due 2/1/48		516,531		532,152
4.00%, due 8/1/38		3,482,686		3,686,255
4.00%, due 1/1/46		1,043,236		1,112,630
4.00%, due 9/1/47		771,741		808,221
4.00%, due 8/1/48		1,207,680		1,257,545
4.00%, due 9/1/48		2,092,270		2,203,935
4.00%, due 4/1/49		641,061		665,262
4.50%, due 2/1/41		2,848,096		3,126,969
4.50%, due 4/1/41		6,835,701		7,550,854
4.50%, due 8/1/42		1,277,662		1,383,714
4.50%, due 12/1/43		333,784		360,819
4.50%, due 8/1/44		1,489,065		1,612,346
5.00%, due 9/1/41		2,435,300		2,689,155
5.00%, due 10/1/41		2,140,914		2,363,480
5.50%, due 7/1/41		3,773,387		4,266,670
6.00%, due 4/1/37		11,997		12,966
6.00%, due 7/1/39		865,787		996,438
6.50%, due 10/1/39		155,753		176,000
6.50%, due 8/1/47		14,818		15,936
				56,062,261
Overseas Private Investment Corporation 0.5%
5.142%, due 12/15/23		1,191,877		1,279,080
Tennessee Valley Authority 2.3%
4.65%, due 6/15/35		4,395,000		5,577,154
United States Treasury Bonds 3.0%
3.00%, due 5/15/45		2,790,000		3,284,898
3.00%, due 2/15/48		2,000,000		2,374,609
4.375%, due 11/15/39		1,200,000		1,683,328
				7,342,835
United States Treasury Notes 36.6%
1.625%, due 8/15/22		2,170,000		2,172,882
1.625%, due 5/15/26		380,000		380,178
1.625%, due 8/15/29		2,715,000		2,702,486
1.75%, due 9/30/22		3,070,000		3,085,230
1.75%, due 5/15/23		500,000		502,910
2.00%, due 8/31/21		3,295,000		3,315,336
2.25%, due 4/30/24		16,190,000		16,677,597
2.375%, due 4/30/20		18,700,000		18,753,324
2.375%, due 8/15/24		1,695,000		1,758,165
2.625%, due 7/31/20		12,150,000		12,225,463
2.625%, due 1/31/26		1,700,000		1,802,996
2.75%, due 4/30/23		7,105,000		7,393,363
2.75%, due 7/31/23		845,000		881,705
2.75%, due 8/31/23		1,325,000		1,384,056
2.875%, due 10/31/20		8,030,000		8,120,338
3.00%, due 10/31/25		7,805,000		8,431,839
				89,587,868
Total U.S. Government & Federal Agencies (Cost $177,075,653)				183,319,670
Total Long-Term Bonds (Cost $218,289,363)				225,274,105

	Shares
Short-Term Investments 7.5%
Affiliated Investment Company 0.8%
MainStay U.S. Government Liquidity Fund, 1.81% (g)		1,867,275	1,867,275
Total Affiliated Investment Company (Cost $1,867,275)			1,867,275
Unaffiliated Investment Company 0.0% ‡
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (g)(h)		103,715	103,715
Total Unaffiliated Investment Company (Cost $103,715)			103,715

		Principal Amount			Value
U.S. Government & Federal Agencies 6.7%
Federal Home Loan Bank, Discount Notes (i)
1.889%, due 11/26/19	$	3,500,000			3,489,764
1.907%, due 12/12/19		8,500,000			8,468,210
1.961%, due 11/12/19		4,500,000			4,490,130
Total U.S. Government & Federal Agencies (Cost $16,428,084)					16,448,104
Total Short-Term Investments (Cost $18,399,074)					18,419,094
Total Investments (Cost $236,688,437)		99.5	%		243,693,199
Other Assets, Less Liabilities		0.5			1,224,097
Net Assets		100.0	%	$	244,917,296

†	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 September 30, 2019.
(b)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $101,687. The Portfolio received cash collateral with a value of $103,715.
(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 September 30, 2019.
(e)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(f)	Collateralized Mortgage Obligation Interest Only Strip - Pays a fixed or variable rate of interest based on mortgage loans or mortgage pass-through securities. The principal amount of the underlying pool represents the notional amount on which the current interest was calculated. The value of these stripped securities may be particularly sensitive to changes in prevailing interest rates and are typically more sensitive to changes in prepayment rates than traditional mortgage-backed securities.
(g)	Current yield as of September 30, 2019.
(h)	Represents security purchased with cash collateral received for securities on loan.
(i)	Interest rate shown represents yield to maturity.

The following abbreviations are used in the preceding pages:

IO	—Interest Only
LIBOR	—London Interbank Offered Rate
REMIC	—Real Estate Mortgage Investment Conduit

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

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—	$	5,364,897	$	—	$	5,364,897
Corporate Bonds		—		9,001,515		—		9,001,515
Mortgage-Backed Securities		—		27,588,023		—		27,588,023
U.S. Government & Federal Agencies		—		183,319,670		—		183,319,670
Total Long-Term Bonds		—		225,274,105		—		225,274,105
Short-Term Investments
Affiliated Investment Company		1,867,275		—		—		1,867,275
Unaffiliated Investment Company		103,715		—		—		103,715
U.S. Government & Federal Agencies		—		16,448,104		—		16,448,104
Total Short-Term Investments		1,970,990		16,448,104		—		18,419,094
Total Investments in Securities	$	1,970,990	$	241,722,209	$	—	$	243,693,199

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

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

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)		Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Purchases		Sales (a)			Transfers into Level 3		Transfers out of Level 3		Balance as of September 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2019
Long-Term Bonds
Mortgage-Backed Securities
Residential Mortgages (Collateralized Mortgage Obligations)	$	727,931	$	429	$	(60,825	)	$	27,389	$	-	$	(694,924	)	$	-	$	-	$	-	$	-

(a) Sales include principal reductions.

MainStay VP MacKay Growth Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 98.1% †
Aerospace & Defense 3.2%
Boeing Co.		14,497		$	5,515,674
HEICO Corp., Class A		3,846			374,254
L3Harris Technologies, Inc.		941			196,330
Lockheed Martin Corp.		20,652			8,055,519
Northrop Grumman Corp.		8,186			3,068,031
Spirit AeroSystems Holdings, Inc., Class A		49,708			4,087,986
					21,297,794
Air Freight & Logistics 0.0% ‡
United Parcel Service, Inc., Class B		2,017			241,677
Airlines 0.3%
Delta Air Lines, Inc.		2,780			160,128
United Airlines Holdings, Inc. (a)		17,455			1,543,197
					1,703,325
Banks 0.2%
Signature Bank		12,219			1,456,749
Beverages 1.0%
Coca-Cola Co.		55,022			2,995,398
PepsiCo., Inc.		27,772			3,807,541
					6,802,939
Biotechnology 2.8%
AbbVie, Inc.		94,693			7,170,154
Alkermes PLC (a)		82,717			1,613,809
Amgen, Inc.		14,242			2,755,969
Exelixis, Inc. (a)		13,503			238,801
Gilead Sciences, Inc.		34,413			2,181,096
Incyte Corp. (a)		52,214			3,875,845
United Therapeutics Corp. (a)		11,239			896,310
					18,731,984
Capital Markets 1.0%
LPL Financial Holdings, Inc.		49,633			4,064,943
Morningstar, Inc.		3,272			478,170
S&P Global, Inc.		9,569			2,344,213
					6,887,326
Chemicals 0.0% ‡
CF Industries Holdings, Inc.		322			15,843
Ecolab, Inc.		1,131			223,983
					239,826
Commercial Services & Supplies 0.5%
Cintas Corp.		4,262			1,142,642
Clean Harbors, Inc. (a)		28,121			2,170,941
					3,313,583
Communications Equipment 1.0%
Cisco Systems, Inc.		133,947			6,618,321
Construction & Engineering 0.3%
Fluor Corp.		95,609			1,829,000
Consumer Finance 1.1%
Discover Financial Services		8,203			665,181
SLM Corp.		290,724			2,565,640
Synchrony Financial		115,481			3,936,747
					7,167,568
Containers & Packaging 0.0% ‡
Berry Global Group, Inc. (a)		754			29,610
Diversified Consumer Services 0.3%
H&R Block, Inc.		67,903			1,603,869
Electronic Equipment, Instruments & Components 1.5%
Avnet, Inc.		19,945			887,254
CDW Corp.		37,308			4,597,838
Jabil, Inc.		119,560			4,276,661
					9,761,753
Entertainment 1.1%
Netflix, Inc. (a)		19,520			5,223,942
Take-Two Interactive Software, Inc. (a)		14,640			1,834,978
					7,058,920
Equity Real Estate Investment Trusts 3.3%
American Homes 4 Rent, Class A		61,252			1,585,814
American Tower Corp.		36,355			8,039,181
Brookfield Property REIT, Inc., Class A		40,809			832,096
Colony Capital, Inc.		292,989			1,763,794
Equity LifeStyle Properties, Inc.		3,653			488,041
OUTFRONT Media, Inc.		82,607			2,294,822
Public Storage		9,503			2,330,801
SBA Communications Corp.		19,129			4,612,958
					21,947,507
Food & Staples Retailing 1.8%
Costco Wholesale Corp.		21,594			6,221,447
Sysco Corp.		53,198			4,223,921
U.S. Foods Holding Corp. (a)		41,297			1,697,307
					12,142,675
Food Products 1.0%
Hershey Co.		14,263			2,210,623
Pilgrim's Pride Corp. (a)		117,584			3,767,979
TreeHouse Foods, Inc. (a)		12,969			719,131
					6,697,733
Health Care Equipment & Supplies 2.1%
Align Technology, Inc. (a)		2,465			445,968
Cooper Cos., Inc.		4,243			1,260,171
Danaher Corp.		276			39,863
Hill-Rom Holdings, Inc.		26,507			2,789,332
Hologic, Inc. (a)		33,210			1,676,773
IDEXX Laboratories, Inc. (a)		1,951			530,535
Intuitive Surgical, Inc. (a)		5,307			2,865,408
STERIS PLC		14,562			2,104,063
Varian Medical Systems, Inc. (a)		19,097			2,274,262
					13,986,375
Health Care Providers & Services 3.2%
AmerisourceBergen Corp.		49,296			4,058,540
Anthem, Inc.		10,054			2,413,965
Centene Corp. (a)		37,612			1,627,095
McKesson Corp.		25,770			3,521,728
UnitedHealth Group, Inc.		43,233			9,395,396
					21,016,724
Health Care Technology 1.0%
Cerner Corp.		66,487			4,532,419
Veeva Systems, Inc., Class A (a)		14,626			2,233,244
					6,765,663
Hotels, Restaurants & Leisure 3.5%
Aramark		26,263			1,144,541
Chipotle Mexican Grill, Inc. (a)		2,840			2,386,935
Darden Restaurants, Inc.		34,830			4,117,603
McDonald's Corp.		5,717			1,227,497
Starbucks Corp.		94,482			8,354,098
Wynn Resorts, Ltd.		16,922			1,839,760
Yum China Holdings, Inc.		91,877			4,173,972
					23,244,406
Household Durables 0.7%
NVR, Inc. (a)		1,131			4,204,323
Roku, Inc. (a)		1,837			186,933
					4,391,256
Household Products 0.2%
Procter & Gamble Co.		10,422			1,296,288
Insurance 2.5%
American International Group, Inc.		28,427			1,583,384
American National Insurance Co.		1,340			165,798
Aon PLC		29,177			5,647,792
Athene Holding, Ltd., Class A (a)		17,316			728,311
Brighthouse Financial, Inc. (a)		43,700			1,768,539
Everest Re Group, Ltd.		9,434			2,510,293
Progressive Corp.		55,922			4,319,975
					16,724,092
Interactive Media & Services 8.8%
Alphabet, Inc. (a)
Class A		11,917			14,552,325
Class C		13,867			16,903,873
Facebook, Inc., Class A (a)		130,027			23,155,208
IAC/InterActiveCorp (a)		7,189			1,566,986
TripAdvisor, Inc. (a)		12,036			465,553
Twitter, Inc. (a)		33,119			1,364,503
					58,008,448
Internet & Direct Marketing Retail 6.8%
Amazon.com, Inc. (a)		20,187			35,042,815
Booking Holdings, Inc. (a)		205			402,335
eBay, Inc.		127,226			4,959,269
Expedia Group, Inc.		32,626			4,385,261
					44,789,680
IT Services 9.3%
Accenture PLC, Class A		27,499			5,289,433
Akamai Technologies, Inc. (a)		47,116			4,305,460
Booz Allen Hamilton Holding Corp.		55,464			3,939,053
CACI International, Inc., Class A (a)		719			166,276
Euronet Worldwide, Inc. (a)		24,621			3,602,052
Fidelity National Information Services, Inc.		4,174			554,140
Genpact, Ltd.		46,643			1,807,416
GoDaddy, Inc., Class A (a)		38,763			2,557,583
International Business Machines Corp.		27,906			4,058,091
Mastercard, Inc., Class A		41,621			11,303,015
PayPal Holdings, Inc. (a)		88,066			9,122,757
Square, Inc., Class A (a)		15,408			954,526
VeriSign, Inc. (a)		545			102,803
Visa, Inc., Class A		80,652			13,872,950
					61,635,555
Life Sciences Tools & Services 1.0%
Bruker Corp.		17,208			755,947
Charles River Laboratories International, Inc. (a)		11,211			1,484,000
Illumina, Inc. (a)		6,788			2,065,045
IQVIA Holdings, Inc. (a)		12,102			1,807,797
PRA Health Sciences, Inc. (a)		5,600			555,688
Thermo Fisher Scientific, Inc.		161			46,895
					6,715,372
Machinery 0.0% ‡
Allison Transmission Holdings, Inc.		3,754			176,626
Media 1.9%
Altice U.S.A., Inc., Class A (a)		109,990			3,154,513
Charter Communications, Inc., Class A (a)		5,097			2,100,576
Comcast Corp., Class A		165,415			7,456,908
					12,711,997
Multiline Retail 0.2%
Target Corp.		14,837			1,586,224
Oil, Gas & Consumable Fuels 0.3%
PBF Energy, Inc., Class A		64,183			1,745,136
Personal Products 0.4%
Estee Lauder Cos., Inc., Class A		11,819			2,351,390
Pharmaceuticals 1.0%
Eli Lilly & Co.		7,883			881,556
Merck & Co., Inc.		70,782			5,958,429
					6,839,985
Professional Services 1.1%
ManpowerGroup, Inc.		24,125			2,032,290
Nielsen Holdings PLC		167,234			3,553,722
TransUnion		22,461			1,821,812
					7,407,824
Road & Rail 1.2%
Union Pacific Corp.		47,595			7,709,438
Semiconductors & Semiconductor Equipment 5.9%
Applied Materials, Inc.		51,272			2,558,473
Broadcom, Inc.		30,504			8,421,239
Cypress Semiconductor Corp.		50,867			1,187,236
Entegris, Inc.		80,367			3,782,071
KLA Corp.		718			114,485
Lam Research Corp.		2,462			568,993
Micron Technology, Inc. (a)		75,993			3,256,300
NVIDIA Corp.		16,750			2,915,673
QUALCOMM, Inc.		102,607			7,826,862
Teradyne, Inc.		46,928			2,717,600
Texas Instruments, Inc.		42,300			5,466,852
					38,815,784
Software 15.6%
Adobe, Inc. (a)		35,228			9,731,735
Cadence Design Systems, Inc. (a)		65,248			4,311,588
CDK Global, Inc.		85,361			4,105,010
Dropbox, Inc., Class A (a)		195,930			3,951,908
Fortinet, Inc. (a)		46,552			3,573,332
Intuit, Inc.		24,764			6,585,738
LogMeIn, Inc.		31,336			2,223,603
Microsoft Corp.		376,573			52,354,944
Oracle Corp.		38,670			2,128,010
Palo Alto Networks, Inc. (a)		7,291			1,486,125
salesforce.com, Inc. (a)		37,982			5,638,048
ServiceNow, Inc. (a)		11,546			2,930,952
Symantec Corp.		57,599			1,361,064
Synopsys, Inc. (a)		12,512			1,717,272
VMware, Inc., Class A		9,673			1,451,530
					103,550,859
Specialty Retail 2.9%
AutoNation, Inc. (a)		55,410			2,809,287
AutoZone, Inc. (a)		4,325			4,690,982
Best Buy Co., Inc.		55,888			3,855,713
Home Depot, Inc.		13,117			3,043,406
Lowe's Cos., Inc.		34,848			3,831,886
Williams-Sonoma, Inc.		11,210			762,056
					18,993,330
Technology Hardware, Storage & Peripherals 6.7%
Apple, Inc.		198,006			44,347,404
NCR Corp. (a)		442			13,949
					44,361,353
Textiles, Apparel & Luxury Goods 1.4%
NIKE, Inc., Class B		87,854			8,251,247
Skechers U.S.A., Inc., Class A (a)		17,142			640,254
					8,891,501
Total Common Stocks (Cost $553,408,169)					649,247,465
Exchange-Traded Fund 2.0%
iShares Russell 1000 Growth ETF		83,491			13,327,668
Total Exchange-Traded Funds (Cost $13,566,423)					13,327,668
Short-Term Investment 0.0%‡
Affiliated Investment Company 0.0% ‡
MainStay U.S. Government Liquidity Fund, 1.81% (b)		25,103			25,103
Total Short-Term Investment (Cost $25,103)					25,103
Total Investments (Cost $566,999,695)		100.1	%		662,600,236
Other Assets, Less Liabilities		(0.1	)		(350,391	)
Net Assets		100.0	%	$	662,249,845

†	Percentages indicated are based on Portfolio net assets.
‡	Less than one-tenth of a percent.
(a)	Non-income producing security.
(b)	Current yield as of September 30, 2019.

The following abbreviation is used in the preceding pages:  

ETF —Exchange-Traded Fund

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

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	649,247,465	$	—	$	—	$	649,247,465
Exchange-Traded Fund		13,327,668		—		—		13,327,668
Short-Term Investment
Affiliated Investment Company		25,103		—		—		25,103
Total Investments in Securities	$	662,600,236	$	—	$	—	$	662,600,236

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

MainStay VP MacKay High Yield Corporate Bond Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)  

	Principal Amount		Value
Long-Term Bonds 95.4% †
Convertible Bonds 0.6%
Auto Parts & Equipment 0.3%
Exide Technologies 7.25% (7.25% PIK), due 4/30/27 (a)(b)(c)(d)(e)	$	20,533,522	$	8,008,074
Real Estate Investment Trusts 0.3%
VEREIT, Inc. 3.75%, due 12/15/20		10,135,000		10,278,942
Total Convertible Bonds (Cost $18,772,776)				18,287,016
Corporate Bonds 93.3%
Advertising 1.2%
Lamar Media Corp.
5.375%, due 1/15/24		5,447,000		5,589,984
5.75%, due 2/1/26		8,465,000		8,949,621
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.00%, due 8/15/27 (c)		8,000,000		8,396,800
5.625%, due 2/15/24		12,030,000		12,375,862
				35,312,267
Aerospace & Defense 1.6%
F-Brasile S.p.A. / F-Brasile U.S. LLC 7.375%, due 8/15/26 (c)		5,287,000		5,498,480
TransDigm UK Holdings PLC 6.875%, due 5/15/26		7,637,000		8,209,775
TransDigm, Inc.
6.00%, due 7/15/22		2,760,000		2,801,400
6.25%, due 3/15/26 (c)		19,950,000		21,421,312
6.50%, due 7/15/24		3,050,000		3,145,313
Triumph Group, Inc. 7.75%, due 8/15/25		5,695,000		5,746,540
				46,822,820
Auto Manufacturers 1.4%
BCD Acquisition, Inc. 9.625%, due 9/15/23 (c)		6,410,000		6,554,225
Ford Holdings LLC 9.30%, due 3/1/30		6,970,000		8,712,869
J.B. Poindexter & Company, Inc. 7.125%, due 4/15/26 (c)		8,055,000		8,336,925
McLaren Finance PLC 5.75%, due 8/1/22 (c)		8,170,000		7,789,278
Navistar International Corp. 6.625%, due 11/1/25 (c)		3,581,000		3,634,715
Wabash National Corp. 5.50%, due 10/1/25 (c)		6,967,000		6,845,078
				41,873,090
Auto Parts & Equipment 3.3%
Adient Global Holdings, Ltd. 4.875%, due 8/15/26 (c)		6,000,000		4,875,000
Adient U.S. LLC 7.00%, due 5/15/26 (c)		4,000,000		4,180,000
American Axle & Manufacturing, Inc.
6.25%, due 4/1/25		4,000,000		3,885,000
6.25%, due 3/15/26		1,470,000		1,403,850
6.50%, due 4/1/27 (f)		3,315,000		3,157,537
Dana Financing Luxembourg S.A.R.L. 5.75%, due 4/15/25 (c)		4,265,000		4,353,925
Exide International Holdings, L.P. 10.75% (6.25% Cash and 4.50% PIK), due 10/31/21 (a)(b)(c)(d)(e)		9,481,532		9,272,938
Exide Technologies (a)(b)(c)(d)(e)
11.00% (3.00% Cash and 8.00% PIK), due 10/31/24		23,703,830		20,408,998
11.00% (3.00% Cash and 8.00% PIK), due 10/31/24		9,847,744		7,632,002
IHO Verwaltungs GmbH (a)(c)
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26		7,143,000		7,000,140
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27		6,116,000		6,192,450
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29		9,685,000		9,781,850
Meritor, Inc. 6.25%, due 2/15/24		2,000,000		2,057,500
Nexteer Automotive Group, Ltd. 5.875%, due 11/15/21 (c)		6,640,000		6,754,988
Tenneco, Inc. 5.00%, due 7/15/26		6,982,000		5,707,785
Titan International, Inc. 6.50%, due 11/30/23		1,320,000		1,049,400
				97,713,363
Building Materials 1.4%
Advanced Drainage Systems, Inc. 5.00%, due 9/30/27 (c)		1,740,000		1,763,908
BMC East LLC 5.50%, due 10/1/24 (c)		1,000,000		1,039,088
James Hardie International Finance DAC (c)
4.75%, due 1/15/25		3,300,000		3,399,000
5.00%, due 1/15/28		6,430,000		6,671,125
Patrick Industries, Inc. 7.50%, due 10/15/27 (c)		5,730,000		5,902,473
Summit Materials LLC / Summit Materials Finance Corp.
5.125%, due 6/1/25 (c)		3,270,000		3,351,750
6.125%, due 7/15/23		12,080,000		12,291,400
6.50%, due 3/15/27 (c)		5,135,000		5,481,612
				39,900,356
Chemicals 2.2%
Blue Cube Spinco LLC
9.75%, due 10/15/23		10,370,000		11,303,300
10.00%, due 10/15/25		7,000,000		7,835,362
Kissner Holdings, L.P. / Kissner Milling Co., Ltd. / BSC Holding, Inc. / Kissner USA 8.375%, due 12/1/22 (c)		6,635,000		6,916,988
Neon Holdings, Inc. 10.125%, due 4/1/26 (c)		3,400,000		3,425,500
NOVA Chemicals Corp. 4.875%, due 6/1/24 (c)		2,635,000		2,709,702
Olin Corp.
5.50%, due 8/15/22		3,261,000		3,440,355
5.625%, due 8/1/29		8,120,000		8,447,236
PolyOne Corp. 5.25%, due 3/15/23		8,976,000		9,682,860
TPC Group, Inc. 10.50%, due 8/1/24 (c)		11,178,000		11,653,065
				65,414,368
Coal 0.1%
Natural Resource Partners LP / NRP Finance Corp. 9.125%, due 6/30/25 (c)		3,465,000		3,322,069
Commercial Services 4.8%
Ashtead Capital, Inc. (c)
4.375%, due 8/15/27		2,500,000		2,571,875
5.25%, due 8/1/26		1,500,000		1,591,875
5.625%, due 10/1/24		5,645,000		5,814,350
Cimpress N.V. 7.00%, due 6/15/26 (c)		6,692,000		6,908,152
Flexi-Van Leasing, Inc. 10.00%, due 2/15/23 (c)		8,085,000		7,903,087
Gartner, Inc. 5.125%, due 4/1/25 (c)		14,007,000		14,654,824
Graham Holdings Co. 5.75%, due 6/1/26 (c)		10,288,000		11,059,600
Harsco Corp. 5.75%, due 7/31/27 (c)		4,970,000		5,175,261
IHS Markit, Ltd. (c)
4.75%, due 2/15/25		4,580,000		4,969,300
5.00%, due 11/1/22		20,705,000		22,053,581
Jaguar Holding Co. II / Pharmaceutical Product Development LLC 6.375%, due 8/1/23 (c)		4,615,000		4,770,756
Matthews International Corp. 5.25%, due 12/1/25 (c)		3,865,000		3,662,088
Nielsen Co. Luxembourg S.A.R.L. (c)
5.00%, due 2/1/25		5,835,000		5,762,062
5.50%, due 10/1/21		1,340,000		1,345,025
Nielsen Finance LLC / Nielsen Finance Co.
4.50%, due 10/1/20		2,000,000		2,005,180
5.00%, due 4/15/22 (c)		20,569,000		20,626,593
Ritchie Bros. Auctioneers, Inc. 5.375%, due 1/15/25 (c)		2,800,000		2,922,500
Service Corp. International 5.125%, due 6/1/29		701,000		749,194
United Rentals North America, Inc.
4.875%, due 1/15/28		4,560,000		4,742,400
5.25%, due 1/15/30		5,152,000		5,399,966
5.50%, due 5/15/27		2,239,000		2,373,340
6.50%, due 12/15/26		3,420,000		3,726,090
				140,787,099
Computers 0.2%
NCR Corp. 6.375%, due 12/15/23		6,300,000		6,473,250
Cosmetics & Personal Care 0.5%
Edgewell Personal Care Co.
4.70%, due 5/19/21		6,235,000		6,375,287
4.70%, due 5/24/22		7,320,000		7,551,678
				13,926,965
Distribution & Wholesale 0.1%
H&E Equipment Services, Inc. 5.625%, due 9/1/25		1,850,000		1,904,390
Diversified Financial Services 2.8%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.625%, due 10/30/20		1,740,000		1,781,203
5.00%, due 10/1/21		3,415,000		3,590,548
Allied Universal Holdco LLC / Allied Universal Finance Corp. 9.75%, due 7/15/27 (c)		5,710,000		5,950,505
Credit Acceptance Corp.
6.125%, due 2/15/21		3,700,000		3,709,250
6.625%, due 3/15/26 (c)		6,990,000		7,479,300
7.375%, due 3/15/23		6,530,000		6,774,875
Jefferies Finance LLC / JFIN Co-Issuer Corp. (c)
6.25%, due 6/3/26		5,000,000		5,162,500
7.25%, due 8/15/24		3,955,000		3,940,169
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. (c)
5.25%, due 3/15/22		6,685,000		6,958,083
5.875%, due 8/1/21		8,560,000		8,695,676
LPL Holdings, Inc. 5.75%, due 9/15/25 (c)		8,510,000		8,850,400
Ocwen Loan Servicing LLC 8.375%, due 11/15/22 (c)		3,210,000		2,680,350
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. 6.375%, due 12/15/22 (c)		5,480,000		5,699,200
VFH Parent LLC / Orchestra Co-Issuer, Inc. 6.75%, due 6/15/22 (c)		6,980,000		7,219,414
Werner FinCo, L.P. / Werner FinCo, Inc. 8.75%, due 7/15/25 (c)		4,250,000		3,633,750
				82,125,223
Electric 1.1%
AES Corp. 5.50%, due 4/15/25		2,000,000		2,077,500
Calpine Corp. (c)
5.875%, due 1/15/24		6,485,000		6,630,913
6.00%, due 1/15/22		8,255,000		8,282,654
Keystone Power Pass-Through Holders LLC / Conemaugh Power Pass-Through Holders 13.00% (7.625% Cash or 8.375% PIK), due 6/1/24 (a)(c)(e)		2,706,312		2,787,501
NRG Energy, Inc. 6.625%, due 1/15/27		7,000,000		7,583,450
Talen Energy Supply LLC 6.625%, due 1/15/28 (c)		2,000,000		1,965,000
Vistra Operations Co. LLC 5.00%, due 7/31/27 (c)		3,300,000		3,397,944
				32,724,962
Electrical Components & Equipment 0.4%
Energizer Holdings, Inc. 7.75%, due 1/15/27 (c)		4,555,000		5,075,181
WESCO Distribution, Inc. 5.375%, due 12/15/21		7,160,000		7,204,750
				12,279,931
Electrical Equipment 0.2%
Resideo Funding, Inc. 6.125%, due 11/1/26 (c)		5,469,000		5,769,795
Electronics 0.2%
Itron, Inc. 5.00%, due 1/15/26 (c)		6,365,000		6,557,860
Engineering & Construction 0.4%
Weekley Homes LLC / Weekley Finance Corp.
6.00%, due 2/1/23		7,219,000		7,198,065
6.625%, due 8/15/25		4,095,000		4,105,237
				11,303,302
Entertainment 1.6%
Boyne USA, Inc. 7.25%, due 5/1/25 (c)		3,950,000		4,303,920
Churchill Downs, Inc. (c)
4.75%, due 1/15/28		5,387,000		5,521,675
5.50%, due 4/1/27		7,890,000		8,372,079
International Game Technology PLC 6.25%, due 1/15/27 (c)		7,105,000		7,868,787
Jacobs Entertainment, Inc. 7.875%, due 2/1/24 (c)		2,193,000		2,341,028
Merlin Entertainments PLC 5.75%, due 6/15/26 (c)		9,050,000		9,361,094
Twin River Worldwide Holdings, Inc. 6.75%, due 6/1/27 (c)		8,100,000		8,505,000
				46,273,583
Food 2.0%
B&G Foods, Inc.
4.625%, due 6/1/21		2,190,000		2,190,438
5.25%, due 4/1/25		5,767,000		5,889,549
C&S Group Enterprises LLC 5.375%, due 7/15/22 (c)		17,633,000		17,831,371
Land O'Lakes Capital Trust I 7.45%, due 3/15/28 (c)		5,130,000		5,514,750
Land O'Lakes, Inc. 6.00%, due 11/15/22 (c)		7,880,000		8,353,460
Performance Food Group, Inc. 5.50%, due 10/15/27 (c)		4,610,000		4,852,025
Post Holdings, Inc. 5.50%, due 12/15/29 (c)		2,000,000		2,085,000
Simmons Foods, Inc. 7.75%, due 1/15/24 (c)		1,400,000		1,515,500
TreeHouse Foods, Inc. 6.00%, due 2/15/24 (c)		9,045,000		9,384,188
				57,616,281
Forest Products & Paper 1.3%
Mercer International, Inc.
5.50%, due 1/15/26		1,250,000		1,203,125
6.50%, due 2/1/24		6,005,000		6,155,125
7.375%, due 1/15/25		4,000,000		4,166,400
7.375%, due 1/15/25 (c)		1,000,000		1,041,600
7.75%, due 12/1/22		104,000		108,030
Schweitzer-Mauduit International, Inc. 6.875%, due 10/1/26 (c)		5,900,000		6,239,250
Smurfit Kappa Treasury Funding DAC 7.50%, due 11/20/25		15,843,000		19,170,030
				38,083,560
Gas 1.1%
AmeriGas Partners, L.P. / AmeriGas Finance Corp.
5.50%, due 5/20/25		2,050,000		2,201,187
5.625%, due 5/20/24		7,385,000		7,906,566
5.75%, due 5/20/27		6,430,000		6,928,325
5.875%, due 8/20/26		8,995,000		9,863,467
Rockpoint Gas Storage Canada, Ltd. 7.00%, due 3/31/23 (c)		5,100,000		5,125,500
				32,025,045
Health Care - Products 0.6%
Hill-Rom Holdings, Inc. (c)
4.375%, due 9/15/27		2,500,000		2,555,875
5.75%, due 9/1/23		4,705,000		4,830,624
Hologic, Inc. (c)
4.375%, due 10/15/25		4,080,000		4,182,000
4.625%, due 2/1/28		3,000,000		3,108,750
Teleflex, Inc. 4.625%, due 11/15/27		2,275,000		2,374,531
				17,051,780
Health Care - Services 4.8%
Acadia Healthcare Co., Inc.
5.625%, due 2/15/23		7,087,000		7,219,881
6.50%, due 3/1/24		2,500,000		2,600,000
AHP Health Partners, Inc. 9.75%, due 7/15/26 (c)		4,620,000		4,898,041
Catalent Pharma Solutions, Inc. (c)
4.875%, due 1/15/26		4,890,000		5,030,588
5.00%, due 7/15/27		220,000		228,250
Centene Corp.
4.75%, due 1/15/25		4,605,000		4,727,033
5.375%, due 6/1/26 (c)		3,885,000		4,064,681
5.625%, due 2/15/21		5,305,000		5,380,384
6.125%, due 2/15/24		6,315,000		6,568,863
Charles River Laboratories International, Inc. 5.50%, due 4/1/26 (c)		6,680,000		7,105,716
Eagle Holding Co. II LLC 7.625% (7.625% Cash or 8.317% PIK), due 5/15/22 (a)(c)		3,000,000		3,022,500
Encompass Health Corp.
4.75%, due 2/1/30		4,100,000		4,142,640
5.75%, due 11/1/24		6,398,000		6,464,859
HCA, Inc.
5.00%, due 3/15/24		1,536,000		1,677,233
5.25%, due 4/15/25		4,220,000		4,693,636
5.25%, due 6/15/26		1,675,000		1,865,141
5.375%, due 2/1/25		7,420,000		8,106,350
5.625%, due 9/1/28		2,090,000		2,328,887
5.875%, due 5/1/23		4,800,000		5,280,000
5.875%, due 2/15/26		9,015,000		10,076,967
7.50%, due 2/15/22		1,570,000		1,740,031
7.50%, due 11/6/33		6,000,000		7,200,000
7.58%, due 9/15/25		1,770,000		2,088,600
7.69%, due 6/15/25		9,195,000		11,056,987
8.36%, due 4/15/24		1,020,000		1,214,035
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. 9.75%, due 12/1/26 (c)		10,055,000		10,757,844
Tenet Healthcare Corp. 8.125%, due 4/1/22		3,380,000		3,655,639
WellCare Health Plans, Inc.
5.25%, due 4/1/25		4,455,000		4,638,769
5.375%, due 8/15/26 (c)		2,380,000		2,540,174
				140,373,729
Home Builders 2.6%
Ashton Woods USA LLC / Ashton Woods Finance Co. (c)
6.75%, due 8/1/25		2,237,000		2,231,408
9.875%, due 4/1/27		3,230,000		3,528,775
Brookfield Residential Properties, Inc. (c)
6.375%, due 5/15/25		3,520,000		3,590,400
6.50%, due 12/15/20		12,995,000		12,998,898
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. (c)
6.125%, due 7/1/22		4,100,000		4,163,976
6.25%, due 9/15/27		4,855,000		4,879,275
Century Communities, Inc.
5.875%, due 7/15/25		3,100,000		3,195,635
6.75%, due 6/1/27 (c)		6,775,000		7,276,350
Installed Building Products, Inc. 5.75%, due 2/1/28 (c)		5,230,000		5,393,437
M/I Homes, Inc. 5.625%, due 8/1/25		815,000		839,450
Mattamy Group Corp. 6.50%, due 10/1/25 (c)		3,225,000		3,386,250
New Home Co., Inc. 7.25%, due 4/1/22		5,400,000		5,076,000
Shea Homes, L.P. / Shea Homes Funding Corp. (c)
5.875%, due 4/1/23		2,445,000		2,500,013
6.125%, due 4/1/25		11,175,000		11,454,375
Taylor Morrison Communities, Inc. 5.75%, due 1/15/28 (c)		2,040,000		2,213,400
Williams Scotsman International, Inc. 7.875%, due 12/15/22 (c)		4,935,000		5,157,075
				77,884,717
Household Products & Wares 0.7%
Prestige Brands, Inc. 6.375%, due 3/1/24 (c)		12,915,000		13,431,600
Spectrum Brands, Inc. 5.75%, due 7/15/25		5,540,000		5,780,935
				19,212,535
Insurance 1.3%
American Equity Investment Life Holding Co. 5.00%, due 6/15/27		8,145,000		8,559,723
Fairfax Financial Holdings, Ltd. 8.30%, due 4/15/26		4,645,000		5,767,319
Fidelity & Guaranty Life Holdings, Inc. 5.50%, due 5/1/25 (c)		5,000,000		5,362,500
HUB International, Ltd. 7.00%, due 5/1/26 (c)		3,000,000		3,081,600
MGIC Investment Corp. 5.75%, due 8/15/23		9,545,000		10,439,844
USI, Inc. 6.875%, due 5/1/25 (c)		5,815,000		5,902,109
				39,113,095
Internet 2.5%
Cogent Communications Group, Inc. (c)
5.375%, due 3/1/22		2,870,000		2,984,800
5.625%, due 4/15/21		11,910,000		12,014,212
Netflix, Inc.
4.875%, due 4/15/28		1,692,000		1,721,525
5.375%, due 11/15/29 (c)		2,500,000		2,606,250
5.50%, due 2/15/22		7,455,000		7,902,300
5.75%, due 3/1/24		10,899,000		11,879,910
5.875%, due 2/15/25		3,320,000		3,645,825
5.875%, due 11/15/28		8,800,000		9,559,440
Symantec Corp. 5.00%, due 4/15/25 (c)		2,489,000		2,516,423
Uber Technologies, Inc. 7.50%, due 9/15/27 (c)		5,115,000		5,102,213
VeriSign, Inc.
4.75%, due 7/15/27		4,900,000		5,132,750
5.25%, due 4/1/25		9,025,000		9,853,495
				74,919,143
Investment Companies 1.0%
Compass Group Diversified Holdings LLC 8.00%, due 5/1/26 (c)		4,140,000		4,378,050
FS Energy & Power Fund 7.50%, due 8/15/23 (c)		17,875,000		18,053,750
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp. 6.25%, due 5/15/26 (c)		7,290,000		7,645,387
				30,077,187
Iron & Steel 1.3%
Allegheny Ludlum LLC 6.95%, due 12/15/25		7,400,000		7,696,000
Allegheny Technologies, Inc. 7.875%, due 8/15/23		1,928,000		2,091,437
Big River Steel LLC / BRS Finance Corp. 7.25%, due 9/1/25 (c)		19,084,000		20,133,620
Mineral Resources, Ltd. 8.125%, due 5/1/27 (c)		8,630,000		8,882,859
				38,803,916
Leisure Time 1.5%
Carlson Travel, Inc. (c)
6.75%, due 12/15/23 (f)		21,868,000		22,360,030
9.50%, due 12/15/24		15,253,000		15,367,397
Vista Outdoor, Inc. 5.875%, due 10/1/23		8,369,000		7,783,170
				45,510,597
Lodging 2.4%
Boyd Gaming Corp.
6.00%, due 8/15/26		9,000,000		9,494,167
6.375%, due 4/1/26		1,935,000		2,051,100
Choice Hotels International, Inc. 5.75%, due 7/1/22		8,283,000		8,924,933
Hilton Domestic Operating Co., Inc.
4.875%, due 1/15/30 (c)		8,000,000		8,446,800
5.125%, due 5/1/26		10,940,000		11,487,000
Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp. 6.75%, due 11/15/21 (c)		6,500,000		6,638,125
Marriott Ownership Resorts, Inc. / ILG LLC 6.50%, due 9/15/26		7,481,000		8,060,778
MGM Resorts International
5.50%, due 4/15/27		6,405,000		7,018,919
5.75%, due 6/15/25		7,680,000		8,459,904
				70,581,726
Machinery - Diversified 0.9%
Briggs & Stratton Corp. 6.875%, due 12/15/20		5,030,000		5,143,175
Colfax Corp. (c)
6.00%, due 2/15/24		4,540,000		4,804,909
6.375%, due 2/15/26		4,600,000		4,949,312
Stevens Holding Co., Inc. 6.125%, due 10/1/26 (c)		4,724,000		5,025,155
Tennant Co. 5.625%, due 5/1/25		6,770,000		7,040,800
				26,963,351
Media 6.9%
Altice Financing S.A. 7.50%, due 5/15/26 (c)		4,965,000		5,275,263
Altice France S.A. (c)
6.25%, due 5/15/24		1,459,000		1,505,688
7.375%, due 5/1/26		7,000,000		7,505,470
Block Communications, Inc. 6.875%, due 2/15/25 (c)		12,680,000		13,218,900
CCO Holdings LLC / CCO Holdings Capital Corp.
4.75%, due 3/1/30 (c)		5,440,000		5,522,742
5.00%, due 2/1/28 (c)		8,550,000		8,838,563
5.125%, due 2/15/23		5,130,000		5,213,363
5.125%, due 5/1/27 (c)		12,000,000		12,525,000
5.375%, due 5/1/25 (c)		1,961,000		2,034,538
5.375%, due 6/1/29 (c)		4,780,000		5,090,700
5.75%, due 1/15/24		5,118,000		5,233,155
5.75%, due 2/15/26 (c)		5,090,000		5,380,130
5.875%, due 4/1/24 (c)		8,005,000		8,352,897
5.875%, due 5/1/27 (c)		2,850,000		3,013,875
CSC Holdings LLC (c)
5.375%, due 7/15/23		6,840,000		7,019,550
5.75%, due 1/15/30		9,020,000		9,426,982
6.50%, due 2/1/29		2,660,000		2,956,524
Diamond Sports Group LLC / Diamond Sports Finance Co. (c)
5.375%, due 8/15/26		2,000,000		2,075,000
6.625%, due 8/15/27		3,100,000		3,216,250
DISH DBS Corp.
5.875%, due 7/15/22		7,655,000		7,961,200
5.875%, due 11/15/24		5,275,000		5,228,844
6.75%, due 6/1/21		5,500,000		5,787,650
7.75%, due 7/1/26		8,930,000		9,086,275
Meredith Corp. 6.875%, due 2/1/26		14,550,000		14,786,437
Quebecor Media, Inc. 5.75%, due 1/15/23		15,647,000		17,016,112
Sterling Entertainment Enterprises LLC 10.25%, due 1/15/25 (b)(d)(e)(g)		7,000,000		7,367,500
Videotron, Ltd.
5.00%, due 7/15/22		3,365,000		3,541,663
5.125%, due 4/15/27 (c)		5,890,000		6,228,675
5.375%, due 6/15/24 (c)		11,450,000		12,516,567
				202,925,513
Metal Fabricate & Hardware 2.0%
Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd. 7.375%, due 12/15/23 (c)		20,235,000		19,324,425
Novelis Corp. (c)
5.875%, due 9/30/26		20,805,000		21,818,203
6.25%, due 8/15/24		8,760,000		9,154,200
Optimas OE Solutions Holding LLC / Optimas OE Solutions, Inc. 8.625%, due 6/1/21 (c)		3,250,000		2,242,500
Park-Ohio Industries, Inc. 6.625%, due 4/15/27		5,325,000		5,085,375
				57,624,703
Mining 1.2%
Alcoa Nederland Holding B.V. (c)
6.75%, due 9/30/24		2,765,000		2,906,706
7.00%, due 9/30/26		5,745,000		6,233,497
Constellium S.E. (c)
5.875%, due 2/15/26		3,350,000		3,492,375
6.625%, due 3/1/25		1,650,000		1,720,125
First Quantum Minerals, Ltd. (c)
7.25%, due 4/1/23		7,480,000		7,367,800
7.50%, due 4/1/25		2,600,000		2,554,500
Hecla Mining Co. 6.875%, due 5/1/21		8,516,000		8,430,840
Joseph T. Ryerson & Son, Inc. 11.00%, due 5/15/22 (c)		2,450,000		2,581,688
				35,287,531
Miscellaneous - Manufacturing 0.9%
Amsted Industries, Inc. (c)
5.375%, due 9/15/24		900,000		919,125
5.625%, due 7/1/27		7,240,000		7,638,200
EnPro Industries, Inc. 5.75%, due 10/15/26		2,910,000		3,102,787
FXI Holdings, Inc. 7.875%, due 11/1/24 (c)		1,750,000		1,522,500
Gates Global LLC / Gates Global Co. 6.00%, due 7/15/22 (c)		5,855,000		5,833,044
Koppers, Inc. 6.00%, due 2/15/25 (c)		8,265,000		8,270,207
				27,285,863
Oil & Gas 6.5%
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (c)
7.00%, due 11/1/26		3,900,000		3,256,500
10.00%, due 4/1/22		4,206,000		4,204,738
California Resources Corp.
5.00%, due 1/15/20		6,330,000		5,823,600
8.00%, due 12/15/22 (c)		16,905,000		8,367,975
Callon Petroleum Co. 6.125%, due 10/1/24		8,080,000		7,958,800
Calumet Specialty Products Partners, L.P. / Calumet Finance Corp. 7.625%, due 1/15/22		1,362,000		1,314,330
CNX Resources Corp. 5.875%, due 4/15/22		4,493,000		4,313,280
Comstock Resources, Inc. 9.75%, due 8/15/26		20,370,000		17,025,042
Continental Resources, Inc. 5.00%, due 9/15/22		2,870,000		2,895,178
Energy Ventures Gom LLC / EnVen Finance Corp. 11.00%, due 2/15/23 (c)		4,020,000		4,050,150
Gulfport Energy Corp.
6.00%, due 10/15/24		13,395,000		9,689,273
6.375%, due 5/15/25		8,000,000		5,680,000
6.375%, due 1/15/26		3,321,000		2,324,700
Hess Infrastructure Partners L.P. / Hess Infrastructure Partners Finance Corp. 5.625%, due 2/15/26 (c)		3,300,000		3,448,500
Indigo Natural Resources LLC 6.875%, due 2/15/26 (c)		4,505,000		4,060,131
Matador Resources Co. 5.875%, due 9/15/26		5,835,000		5,846,087
Moss Creek Resources Holdings, Inc. 7.50%, due 1/15/26 (c)		4,065,000		2,992,856
Murphy Oil Corp. 6.875%, due 8/15/24		3,315,000		3,464,175
Murphy Oil USA, Inc.
4.75%, due 9/15/29		2,000,000		2,045,000
5.625%, due 5/1/27		2,994,000		3,158,670
6.00%, due 8/15/23		7,150,000		7,298,720
Oasis Petroleum, Inc. 6.875%, due 3/15/22		1,401,000		1,306,433
Parkland Fuel Corp. 5.875%, due 7/15/27 (c)		3,130,000		3,284,340
Parsley Energy LLC / Parsley Finance Corp. (c)
5.25%, due 8/15/25		3,210,000		3,257,219
5.625%, due 10/15/27		2,445,000		2,524,463
PDC Energy, Inc. 6.125%, due 9/15/24		5,783,000		5,768,543
PetroQuest Energy, Inc. 10.00% (10.00% PIK), due 2/15/24 (a)(b)(d)(e)		6,038,975		3,562,995
QEP Resources, Inc.
5.25%, due 5/1/23		749,000		694,712
5.625%, due 3/1/26		5,580,000		4,814,424
Range Resources Corp.
5.75%, due 6/1/21		7,035,000		6,982,238
5.875%, due 7/1/22		7,720,000		7,391,900
Rex Energy Corp. (Escrow Claim) 8.00%, due 10/1/20 (e)(g)(h)		40,580,000		182,610
Southwestern Energy Co.
6.20%, due 1/23/25		3,601,000		3,168,808
7.50%, due 4/1/26		8,100,000		7,067,250
SRC Energy, Inc. 6.25%, due 12/1/25		8,490,000		8,404,930
Sunoco, L.P. / Sunoco Finance Corp. 6.00%, due 4/15/27		4,000,000		4,259,920
Talos Production LLC / Talos Production Finance, Inc. 11.00%, due 4/3/22		9,828,857		10,025,434
Transocean Pontus, Ltd. 6.125%, due 8/1/25 (c)		1,780,000		1,806,700
Transocean Poseidon, Ltd. 6.875%, due 2/1/27 (c)		1,500,000		1,560,000
Transocean Sentry, Ltd. 5.375%, due 5/15/23 (c)		3,000,000		2,996,250
Ultra Resources, Inc. 6.875%, due 4/15/22 (c)		9,675,000		689,344
Whiting Petroleum Corp. 6.625%, due 1/15/26 (f)		4,000,000		2,700,000
				191,666,218
Oil & Gas Services 0.4%
Forum Energy Technologies, Inc. 6.25%, due 10/1/21		13,290,000		11,030,700
Nine Energy Service, Inc. 8.75%, due 11/1/23 (c)		2,287,000		1,852,470
				12,883,170
Pharmaceuticals 0.5%
Bausch Health Americas, Inc. 9.25%, due 4/1/26 (c)		1,435,000		1,630,504
Endo Dac / Endo Finance LLC / Endo Finco, Inc. (c)
6.00%, due 7/15/23		3,034,000		1,860,904
6.00%, due 2/1/25		6,060,000		3,575,400
Par Pharmaceutical, Inc. 7.50%, due 4/1/27 (c)		5,210,000		4,773,662
Vizient, Inc. 6.25%, due 5/15/27 (c)		2,325,000		2,493,563
				14,334,033
Pipelines 4.6%
ANR Pipeline Co.
7.375%, due 2/15/24		395,000		455,621
9.625%, due 11/1/21		5,950,000		6,792,014
Antero Midstream Partners, L.P. / Antero Midstream Finance Corp.
5.375%, due 9/15/24		3,810,000		3,427,857
5.75%, due 1/15/28 (c)		4,055,000		3,365,650
Cheniere Corpus Christi Holdings LLC 5.875%, due 3/31/25		3,000,000		3,337,890
Cheniere Energy Partners, L.P.
5.25%, due 10/1/25		4,630,000		4,803,625
5.625%, due 10/1/26		4,600,000		4,881,290
CNX Midstream Partners, L.P. / CNX Midstream Finance Corp. 6.50%, due 3/15/26 (c)		6,022,000		5,555,897
Delek Logistics Partners, L.P. / Delek Logistics Finance Corp. 6.75%, due 5/15/25		2,575,000		2,549,250
Genesis Energy, L.P. / Genesis Energy Finance Corp. 6.75%, due 8/1/22		11,065,000		11,226,549
Holly Energy Partners, L.P. / Holly Energy Finance Corp. 6.00%, due 8/1/24 (c)		6,340,000		6,617,375
MPLX, L.P.
4.875%, due 12/1/24		5,790,000		6,355,860
4.875%, due 6/1/25		9,383,000		10,322,257
6.25%, due 10/15/22 (c)		524,000		537,120
6.375%, due 5/1/24 (c)		2,440,000		2,559,335
NGPL PipeCo LLC (c)
4.375%, due 8/15/22		2,500,000		2,591,513
4.875%, due 8/15/27		5,280,000		5,659,659
Northwest Pipeline LLC 7.125%, due 12/1/25		2,195,000		2,702,285
NuStar Logistics, L.P. 6.75%, due 2/1/21		6,125,000		6,382,862
Plains All American Pipeline, L.P. 6.125%, due 11/15/22 (i)(j)		9,015,000		8,491,769
Ruby Pipeline LLC 6.00%, due 4/1/22 (c)		1,808,182		1,873,061
Sabine Pass Liquefaction LLC 5.875%, due 6/30/26		5,985,000		6,857,606
SemGroup Corp.
6.375%, due 3/15/25		3,001,000		3,106,035
7.25%, due 3/15/26		885,000		958,013
SemGroup Corp. / Rose Rock Finance Corp. 5.625%, due 7/15/22		1,359,000		1,379,399
Tallgrass Energy Partners, L.P. / Tallgrass Energy Finance Corp. 5.50%, due 9/15/24 (c)		9,560,000		9,512,200
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp. 5.875%, due 4/15/26		5,915,000		6,268,125
TransMontaigne Partners, L.P. / TLP Finance Corp. 6.125%, due 2/15/26		6,055,000		5,827,938
				134,398,055
Real Estate 1.2%
CBRE Services, Inc. 5.25%, due 3/15/25		2,295,000		2,569,657
Howard Hughes Corp. 5.375%, due 3/15/25 (c)		9,580,000		9,963,200
Kennedy-Wilson, Inc. 5.875%, due 4/1/24		7,505,000		7,699,680
Newmark Group, Inc. 6.125%, due 11/15/23		8,105,000		8,792,563
Realogy Group LLC / Realogy Co-Issuer Corp. 9.375%, due 4/1/27 (c)		7,599,000		7,059,623
				36,084,723
Real Estate Investment Trusts 4.6%
Crown Castle International Corp. 5.25%, due 1/15/23		24,840,000		27,045,019
CTR Partnership, L.P. / CareTrust Capital Corp. 5.25%, due 6/1/25		3,500,000		3,613,750
Equinix, Inc.
5.375%, due 1/1/22		5,715,000		5,843,588
5.375%, due 4/1/23		10,555,000		10,789,321
5.375%, due 5/15/27		16,710,000		18,015,469
5.75%, due 1/1/25		8,740,000		9,100,962
5.875%, due 1/15/26		14,253,000		15,163,909
MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc.
4.50%, due 9/1/26		2,000,000		2,120,000
5.625%, due 5/1/24		19,120,000		20,960,300
5.75%, due 2/1/27 (c)		6,655,000		7,472,234
MPT Operating Partnership, L.P. / MPT Finance Corp. 5.00%, due 10/15/27		6,070,000		6,358,325
Ryman Hospitality Properties, Inc. 4.75%, due 10/15/27 (c)		6,675,000		6,867,173
Starwood Property Trust, Inc. 5.00%, due 12/15/21		2,962,000		3,058,265
				136,408,315
Retail 3.5%
Asbury Automotive Group, Inc. 6.00%, due 12/15/24		16,060,000		16,622,100
Beacon Roofing Supply, Inc. 4.875%, due 11/1/25 (c)		9,570,000		9,377,164
Cumberland Farms, Inc. 6.75%, due 5/1/25 (c)		7,297,000		7,815,087
DriveTime Automotive Group, Inc. / Bridgecrest Acceptance Corp. 8.00%, due 6/1/21 (c)		10,520,000		10,704,100
Group 1 Automotive, Inc.
5.00%, due 6/1/22		6,735,000		6,802,350
5.25%, due 12/15/23 (c)		2,690,000		2,763,975
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (c)
4.75%, due 6/1/27		5,275,000		5,492,594
5.00%, due 6/1/24		10,600,000		10,997,500
5.25%, due 6/1/26		7,500,000		7,938,750
KGA Escrow, LLC 7.50%, due 8/15/23 (c)		5,350,000		5,604,125
L Brands, Inc.
5.625%, due 2/15/22		2,908,000		3,064,305
6.694%, due 1/15/27		4,399,000		4,322,017
Penske Automotive Group, Inc. 5.75%, due 10/1/22		6,670,000		6,759,245
Yum! Brands, Inc. 4.75%, due 1/15/30 (c)		5,080,000		5,245,913
				103,509,225
Semiconductors 0.3%
Micron Technology, Inc. 5.50%, due 2/1/25		7,643,000		7,854,374
Sensata Technologies, Inc. 4.375%, due 2/15/30 (c)		1,370,000		1,368,288
				9,222,662
Software 4.0%
ACI Worldwide, Inc. 5.75%, due 8/15/26 (c)		4,405,000		4,669,300
Ascend Learning LLC 6.875%, due 8/1/25 (c)		8,215,000		8,502,525
CDK Global, Inc.
5.25%, due 5/15/29 (c)		3,920,000		4,057,200
5.875%, due 6/15/26		10,900,000		11,594,875
Donnelley Financial Solutions, Inc. 8.25%, due 10/15/24		5,365,000		5,566,187
Fair Isaac Corp. 5.25%, due 5/15/26 (c)		3,590,000		3,832,325
IQVIA, Inc. 5.00%, due 10/15/26 (c)		9,792,000		10,257,120
MSCI, Inc. (c)
4.75%, due 8/1/26		3,570,000		3,739,575
5.25%, due 11/15/24		7,312,000		7,549,640
5.375%, due 5/15/27		6,230,000		6,650,525
5.75%, due 8/15/25		15,590,000		16,350,012
Open Text Corp. (c)
5.625%, due 1/15/23		1,882,000		1,926,698
5.875%, due 6/1/26		5,085,000		5,429,255
PTC, Inc. 6.00%, due 5/15/24		14,350,000		15,031,625
RP Crown Parent LLC 7.375%, due 10/15/24 (c)		7,110,000		7,394,400
SS&C Technologies, Inc. 5.50%, due 9/30/27 (c)		5,750,000		6,008,894
				118,560,156
Telecommunications 7.7%
Anixter, Inc. 5.125%, due 10/1/21		2,425,000		2,522,000
CenturyLink, Inc. 5.80%, due 3/15/22		9,925,000		10,458,469
CommScope Technologies LLC 6.00%, due 6/15/25 (c)		1,500,000		1,357,500
CommScope, Inc. 8.25%, due 3/1/27 (c)		8,924,000		8,686,956
Connect Finco SARL / Connect U.S. Finco LLC 6.75%, due 10/1/26 (c)		9,025,000		9,194,219
Frontier Communications Corp.
6.25%, due 9/15/21		5,500,000		2,447,500
10.50%, due 9/15/22		9,315,000		4,308,187
11.00%, due 9/15/25		7,995,000		3,657,713
Hughes Satellite Systems Corp.
5.25%, due 8/1/26		7,035,000		7,527,450
6.625%, due 8/1/26		6,460,000		7,012,072
7.625%, due 6/15/21		10,195,000		10,985,112
Inmarsat Finance PLC 4.875%, due 5/15/22 (c)		6,750,000		6,832,282
Level 3 Financing, Inc.
5.375%, due 5/1/25		6,300,000		6,525,477
5.625%, due 2/1/23		4,000,000		4,050,000
Level 3 Parent LLC 5.75%, due 12/1/22		1,920,000		1,927,680
QualityTech, L.P. / QTS Finance Corp. 4.75%, due 11/15/25 (c)		6,650,000		6,849,500
Sprint Capital Corp.
6.875%, due 11/15/28		30,530,000		33,283,806
8.75%, due 3/15/32		2,350,000		2,898,608
Sprint Communications, Inc. 7.00%, due 3/1/20 (c)		12,085,000		12,281,381
Sprint Corp. 7.875%, due 9/15/23		14,030,000		15,411,394
T-Mobile USA, Inc.
4.50%, due 2/1/26		3,345,000		3,443,009
4.75%, due 2/1/28		9,585,000		10,030,702
5.125%, due 4/15/25		7,520,000		7,783,200
5.375%, due 4/15/27		9,500,000		10,212,500
6.00%, due 4/15/24		6,840,000		7,096,500
6.375%, due 3/1/25		9,700,000		10,048,812
6.50%, due 1/15/24		7,505,000		7,785,012
6.50%, due 1/15/26		10,150,000		10,913,178
				225,530,219
Textiles 0.4%
Eagle Intermediate Global Holding B.V. / Ruyi U.S. Finance LLC 7.50%, due 5/1/25 (c)		12,445,000		11,169,388
Toys, Games & Hobbies 0.6%
Mattel, Inc. 6.75%, due 12/31/25 (c)		16,965,000		17,701,960
Transportation 0.1%
Teekay Corp. 9.25%, due 11/15/22 (c)		1,500,000		1,526,250
Trucking & Leasing 0.3%
Fortress Transportation & Infrastructure Investors LLC 6.75%, due 3/15/22 (c)		8,000,000		8,360,000
Utilities 0.1%
NextEra Energy Operating Partners, L.P. 3.875%, due 10/15/26 (c)		3,900,000		3,909,243
Total Corporate Bonds (Cost $2,705,871,303)				2,747,088,582
Loan Assignments 1.5%
Auto Parts & Equipment 0.1%
Dealer Tire LLC 2018 Term Loan B 7.544% (1 Month LIBOR + 5.50%), due 12/12/25 (k)		2,850,675		2,848,893
Banks 0.3%
Jane Street Group LLC 2018 Term Loan B 5.046% (1 Month LIBOR + 3.00%), due 8/25/22 (k)		10,219,038		10,193,491
Mining 0.1%
Aleris International, Inc. 2018 Term Loan 6.794% (1 Month LIBOR + 4.75%), due 2/27/23 (k)		2,962,500		2,960,648
Oil & Gas 0.2%
PetroQuest Energy, Inc. Term Loan Note 10.013%, due 3/2/20 (d)		4,893,078		4,893,078
Retail Stores 0.7%
Bass Pro Group LLC Term Loan B 7.044% (1 Month LIBOR + 5.00%), due 9/25/24 (k)		21,570,123		20,741,011
Software 0.0% ‡
RP Crown Parent LLC 2016 Term Loan B 4.804% (3 Month LIBOR + 2.75%), due 10/12/23 (k)		395,929		395,731
Transportation 0.1%
Commercial Barge Line Co. 2015 1st Lien Term Loan 10.794% (1 Month LIBOR + 8.75%), due 11/12/20 (k)		5,526,485		3,094,831
Total Loan Assignments (Cost $46,982,882)				45,127,683
Total Long-Term Bonds (Cost $2,771,626,961)				2,810,503,281

	Shares
Common Stocks 1.6%
Auto Parts & Equipment 0.1%
American Tire Distributors, Inc. (d)(e)(l)		44,740			1,252,720
Exide Technologies (b)(d)(e)(g)(l)		2,173,379			2,042,976
					3,295,696
Electric Utilities 0.1%
Keycon Power Holdings LLC (e)(l)		11,280			3,384,000
Independent Power & Renewable Electricity Producers 0.8%
GenOn Energy, Inc. (d)(l)		115,826			23,744,330
PetroQuest Energy, Inc. (b)(d)(e)(l)		668,661			267,465
					24,011,795
Media 0.0% ‡
ION Media Networks, Inc. (b)(d)(e)(g)		725			287,571
Metals & Mining 0.1%
Neenah Enterprises, Inc. (b)(d)(e)(g)(l)		230,859			3,169,694
Oil, Gas & Consumable Fuels 0.5%
Talos Energy, Inc. (l)		637,880			12,968,100
Titan Energy LLC (l)		25,911			1,016
					12,969,116
Software 0.0% ‡
ASG Corp. (b)(d)(e)(l)		3,368			0
Total Common Stocks (Cost $62,822,541)					47,117,872
Short-Term Investments 2.3%
Unaffiliated Investment Companies 2.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 1.88% (m)		65,238,895			65,238,895
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (m)(n)		1,406,893			1,406,893
Total Unaffiliated Investment Companies (Cost $66,645,788)					66,645,788
Total Short-Term Investments (Cost $66,645,788)					66,645,788
Total Investments (Cost $2,901,095,290)		99.3	%		2,924,266,941
Other Assets, Less Liabilities		0.7			21,867,230
Net Assets		100.0	%	$	2,946,134,171

†	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)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(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)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, the total market value of fair valued securities was $91,910,341, which represented 3.1% of the Portfolio's net assets.
(e)	Illiquid security - As of September 30, 2019, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $69,627,044, which represented 2.4% of the Portfolio's net assets.
(f)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $1,362,123. The Portfolio received cash collateral with a value of $1,406,893.
(g)	Restricted security.
(h)	Issue in non-accrual status.
(i)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(j)	Fixed to floating rate - Rate shown was the rate in effect as of September 30, 2019.
(k)	Floating rate - Rate shown was the rate in effect as of September 30, 2019.
(l)	Non-income producing security.
(m)	Current yield as of September 30, 2019.
(n)	Represents security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:

LIBOR —London Interbank Offered Rate

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

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Convertible Bonds (b)	$	—	$	10,278,942	$	8,008,074	$	18,287,016
Corporate Bonds (c)		—		2,698,844,149		48,244,433		2,747,088,582
Loan Assignments		—		45,127,683		—		45,127,683
Total Long-Term Bonds		—		2,754,250,774		56,252,507		2,810,503,281
Common Stocks (d)		16,353,116		24,997,050		5,767,706		47,117,872
Short-Term Investments
Unaffiliated Investment Companies		66,645,788		—		—		66,645,788
Total Investments in Securities	$	82,998,904	$	2,779,247,824	$	62,020,213	$	2,924,266,941

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

(b) The Level 3 security valued at $8,008,074 is held in Auto Parts & Equipment within the Convertible Bonds section of the Portfolio of Investments.

(c) The Level 3 securities valued at $37,313,938, $7,367,500 and $3,562,995 are held in Auto Parts & Equipment, Media, and Oil & Gas, respectively, within the Corporate Bonds section of the Portfolio of Investments.

(d) The Level 3 securities valued at $2,042,976, $267,465, $287,571, $3,169,694 and $0 are held in Auto Parts & Equipment, Independent Power & Renewable Electricity Producers, Media, Metals & Mining, and Software, respectively, within the Common Stocks section of the Portfolio of Investments.

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

Investments in Securities	Balance as of December 31, 2018		Accrued Discounts (Premiums)			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Purchases			Sales			Transfers in to Level 3		Transfers out of Level 3			Balance as of September 30, 2019		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at September 30, 2019
Long-Term Bonds
Convertible Bonds	$	15,211,523	$	313,442		$	(20,435,825	)	$	13,619,918		$	9,704,586	(b)	$	(10,405,570	)	$	-	$	-		$	8,008,074	$	(710,915	)
Corporate Bonds		57,312,734		(460,079	)		(3,531,810	)		(9,255,912	)		50,406,584	(b)		(46,227,084	)		-		-			48,244,433		(7,631,320	)
Loan Assignments		7,095,644		-			-			-			-			-			-		(7,095,644	)		-		-
Common Stocks		5,812,876		-			-			(4,769,061	)		5,465,680			-			-		(741,789	)		5,767,706		(4,769,061	)
Total	$	85,432,777	$	(146,637	)	$	(23,967,635	)	$	(405,055	)	$	65,576,850		$	(56,632,654	)	$	-	$	(7,837,433	)	$	62,020,213	$	(13,111,296	)

(a) Purchases include PIK securities.

As of September 30, 2019, securities with a market value of $7,837,433 transferred from Level 3 to Level 2. The transfer occurred as a result of utilizing significant observable inputs. As of December 31, 2018, the fair value obtained for these securities, utilized significant unobservable inputs.

MainStay VP MacKay International Equity Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 96.1% †
Canada 4.5%
Bank of Nova Scotia (Banks)		200,656		$	11,397,037
Constellation Software, Inc. (Software)		9,440			9,427,887
					20,824,924
China 3.5%
Tencent Holdings, Ltd. (Interactive Media & Services)		382,018			16,094,306
Denmark 3.3%
Novo Nordisk A/S, Class B (Pharmaceuticals)		296,847			15,260,647
France 2.4%
Teleperformance S.E. (Professional Services)		50,833			11,020,143
Germany 9.0%
Carl Zeiss Meditec A.G. (Health Care Equipment & Supplies)		52,310			5,963,801
Fresenius Medical Care A.G. & Co. KGaA (Health Care Providers & Services)		166,122			11,171,694
Scout24 A.G. (Interactive Media & Services) (a)		242,681			13,833,885
Symrise A.G. (Chemicals)		112,576			10,940,132
					41,909,512
India 5.2%
HDFC Bank, Ltd. (Banks)		678,185			11,746,665
Housing Development Finance Corp., Ltd. (Thrifts & Mortgage Finance)		437,261			12,198,413
					23,945,078
Ireland 6.4%
Accenture PLC, Class A (IT Services)		59,408			11,427,129
ICON PLC (Life Sciences Tools & Services) (b)		122,409			18,035,742
					29,462,871
Italy 2.7%
Banca IFIS S.p.A. (Diversified Financial Services)		315,934			5,272,035
DiaSorin S.p.A. (Health Care Equipment & Supplies)		61,232			7,121,141
					12,393,176
Japan 14.5%
CyberAgent, Inc. (Media) (c)		198,400			7,614,890
Lion Corp. (Household Products)		475,100			9,363,590
MonotaRO Co., Ltd. (Trading Companies & Distributors)		249,200			6,513,195
Relo Group, Inc. (Real Estate Management & Development)		379,300			9,289,123
Takeda Pharmaceutical Co., Ltd. (Pharmaceuticals)		165,444			5,646,135
TechnoPro Holdings, Inc. (Professional Services)		170,600			10,097,942
Tsuruha Holdings, Inc. (Food & Staples Retailing)		43,040			4,685,140
ZOZO, Inc. (Internet & Direct Marketing Retail) (c)		617,358			14,228,496
					67,438,511
Mexico 1.4%
Regional S.A.B. de C.V. (Banks)		1,428,099			6,544,911
Netherlands 7.7%
GrandVision N.V. (Specialty Retail) (a)		76,866			2,302,278
IMCD N.V. (Trading Companies & Distributors)		119,456			8,834,145
Koninklijke DSM N.V. (Chemicals)		100,746			12,122,818
Koninklijke Philips N.V. (Health Care Equipment & Supplies)		270,029			12,508,523
					35,767,764
Spain 5.3%
Amadeus IT Group S.A. (IT Services)		157,334			11,270,076
Industria de Diseno Textil S.A. (Specialty Retail)		423,721			13,116,110
					24,386,186
Sweden 3.8%
Hexagon AB, Class B (Electronic Equipment, Instruments & Components)		370,325			17,854,059
Switzerland 3.7%
Sika A.G., Registered (Chemicals)		31,644			4,629,051
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		135,061			12,584,984
					17,214,035
Taiwan 1.4%
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment)		143,539			6,671,693
United Kingdom 20.1%
Big Yellow Group PLC (Equity Real Estate Investment Trusts)		463,413			5,920,110
Compass Group PLC (Hotels, Restaurants & Leisure)		419,241			10,788,946
Diageo PLC (Beverages)		159,018			6,516,698
Experian PLC (Professional Services)		180,200			5,758,470
HomeServe PLC (Commercial Services & Supplies)		617,582			9,005,863
Johnson Matthey PLC (Chemicals)		391,521			14,716,229
LivaNova PLC (Health Care Equipment & Supplies) (b)		139,193			10,271,051
Prudential PLC (Insurance)		945,177			17,141,593
St. James's Place PLC (Capital Markets)		1,106,525			13,325,004
					93,443,964
United States 1.2%
Samsonite International S.A. (Textiles, Apparel & Luxury Goods) (a)		2,597,640			5,501,719
Total Common Stocks (Cost $422,550,012)					445,733,499
Short-Term Investments 0.5%
Affiliated Investment Company 0.1%
United States 0.1%
MainStay U.S. Government Liquidity Fund, 1.81% (d)		425,985			425,985
Unaffiliated Investment Company 0.4%
United States 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (d)(e)		2,043,630			2,043,630
Total Short-Term Investments (Cost $2,469,615)					2,469,615
Total Investments (Cost $425,019,627)		96.6	%		448,203,114
Other Assets, Less Liabilities		3.4			15,628,482
Net Assets		100.0	%	$	463,831,596

†	Percentages indicated are based on Portfolio net assets.
(a)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b)	Non-income producing security.
(c)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $21,746,365; the total market value of collateral held by the Portfolio was $22,882,477. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $20,838,847.
(d)	Current yield as of September 30, 2019.
(e)	Represents security purchased with cash collateral received for securities on loan.

The following abbreviation is used in the preceding pages:   

ADR —American Depositary Receipt

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

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	445,733,499	$	—	$	—	$	445,733,499
Short-Term Investments
Affiliated Investment Company		425,985		—		—		425,985
Unaffiliated Investment Company		2,043,630		—		—		2,043,630
Total Short-Term Investments		2,469,615		—		—		2,469,615
Total Investments in Securities	$	448,203,114	$	—	$	—	$	448,203,114

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

MainStay VP MacKay Mid Cap Core Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 98.1% †
Aerospace & Defense 2.6%
Arconic, Inc.		75,865		$	1,972,490
Curtiss-Wright Corp.		31,507			4,076,061
HEICO Corp., Class A		11,865			1,154,583
Hexcel Corp.		14,778			1,213,717
L3Harris Technologies, Inc.		22,604			4,716,098
Spirit AeroSystems Holdings, Inc., Class A		69,049			5,678,590
Teledyne Technologies, Inc. (a)		13,207			4,252,522
					23,064,061
Airlines 0.8%
JetBlue Airways Corp. (a)		14,287			239,307
United Airlines Holdings, Inc. (a)		75,840			6,705,015
					6,944,322
Banks 1.4%
Bank OZK		108,593			2,961,331
East West Bancorp, Inc.		43,370			1,920,857
Fifth Third Bancorp		34,947			956,849
First Hawaiian, Inc.		78,735			2,102,225
Signature Bank		34,512			4,114,521
Synovus Financial Corp.		10,545			377,089
					12,432,872
Beverages 0.1%
Molson Coors Brewing Co., Class B		10,180			585,350
Biotechnology 1.5%
Alkermes PLC (a)		133,215			2,599,025
Exelixis, Inc. (a)		105,375			1,863,557
Incyte Corp. (a)		78,998			5,864,021
United Therapeutics Corp. (a)		32,975			2,629,756
					12,956,359
Building Products 1.0%
Fortune Brands Home & Security, Inc.		5,412			296,036
Masco Corp.		67,769			2,824,612
Owens Corning		87,484			5,528,989
					8,649,637
Capital Markets 2.7%
Ameriprise Financial, Inc.		48,901			7,193,337
Evercore, Inc., Class A		25,660			2,055,366
Janus Henderson Group PLC		82,852			1,860,856
LPL Financial Holdings, Inc.		69,436			5,686,808
Morningstar, Inc.		13,596			1,986,919
Raymond James Financial, Inc.		61,045			5,033,771
					23,817,057
Chemicals 0.9%
Cabot Corp.		22,181			1,005,243
CF Industries Holdings, Inc.		85,746			4,218,703
Huntsman Corp.		118,086			2,746,681
Olin Corp.		9,789			183,250
					8,153,877
Commercial Services & Supplies 2.6%
ADT, Inc. (b)		120,838			757,654
Cintas Corp.		21,572			5,783,453
Clean Harbors, Inc. (a)		68,905			5,319,466
IAA, Inc. (a)		119,620			4,991,743
KAR Auction Services, Inc.		203,873			5,005,082
Republic Services, Inc.		12,289			1,063,613
					22,921,011
Communications Equipment 0.3%
EchoStar Corp., Class A (a)		68,262			2,704,540
Construction & Engineering 0.6%
AECOM (a)		70,274			2,639,492
Fluor Corp.		145,479			2,783,013
					5,422,505
Consumer Finance 2.4%
Discover Financial Services		93,715			7,599,349
OneMain Holdings, Inc.		33,697			1,236,006
SLM Corp.		568,207			5,014,427
Synchrony Financial		219,985			7,499,289
					21,349,071
Containers & Packaging 1.4%
Ardagh Group S.A.		23,732			372,118
Ball Corp.		71,335			5,193,901
Berry Global Group, Inc. (a)		69,482			2,728,558
Silgan Holdings, Inc.		103,864			3,119,555
WestRock Co.		15,279			556,920
					11,971,052
Diversified Consumer Services 1.7%
Bright Horizons Family Solutions, Inc. (a)		2,365			360,663
Frontdoor, Inc. (a)		98,265			4,772,731
H&R Block, Inc.		208,926			4,934,832
Service Corporation International		6,032			288,390
ServiceMaster Global Holdings, Inc. (a)		84,818			4,741,326
					15,097,942
Diversified Financial Services 1.0%
AXA Equitable Holdings, Inc.		255,630			5,664,761
Voya Financial, Inc.		65,390			3,559,831
					9,224,592
Diversified Telecommunication Services 0.1%
CenturyLink, Inc.		46,753			583,477
Electric Utilities 1.6%
Entergy Corp.		51,510			6,045,214
Evergy, Inc.		863			57,441
FirstEnergy Corp.		4,602			221,954
Hawaiian Electric Industries, Inc.		1,908			87,024
PG&E Corp. (a)		60,851			608,510
Pinnacle West Capital Corp.		28,997			2,814,739
PPL Corp.		132,141			4,161,120
					13,996,002
Electrical Equipment 0.2%
Regal Beloit Corp.		21,936			1,598,038
Electronic Equipment, Instruments & Components 3.0%
Arrow Electronics, Inc. (a)		75,741			5,648,764
Avnet, Inc.		120,127			5,343,850
CDW Corp.		56,917			7,014,451
Jabil, Inc.		170,569			6,101,253
Keysight Technologies, Inc. (a)		22,536			2,191,626
					26,299,944
Energy Equipment & Services 0.2%
Patterson-UTI Energy, Inc.		245,377			2,097,973
Entertainment 0.7%
Lions Gate Entertainment Corp., Class B (a)		114,301			998,991
Live Nation Entertainment, Inc. (a)		9,512			631,026
Take-Two Interactive Software, Inc. (a)		27,411			3,435,695
Viacom, Inc., Class A (b)		29,501			774,696
					5,840,408
Equity Real Estate Investment Trusts 9.8%
Alexandria Real Estate Equities, Inc.		4,286			660,215
American Campus Communities, Inc.		42,592			2,047,823
American Homes 4 Rent, Class A		79,292			2,052,870
Americold Realty Trust		56,805			2,105,761
Apartment Investment & Management Co., Class A		41,843			2,181,694
Apple Hospitality REIT, Inc.		705			11,689
AvalonBay Communities, Inc.		9,829			2,116,479
Boston Properties, Inc.		7,722			1,001,234
Brandywine Realty Trust		71,049			1,076,392
Brookfield Property REIT, Inc., Class A		34,433			702,089
Camden Property Trust		20,861			2,315,780
Colony Capital, Inc.		303,466			1,826,865
Columbia Property Trust, Inc.		60,718			1,284,186
Corporate Office Properties Trust		56,524			1,683,285
CubeSmart		19,163			668,789
Digital Realty Trust, Inc.		13,511			1,753,863
Duke Realty Corp.		61,019			2,072,815
Empire State Realty Trust, Inc., Class A		109,754			1,566,190
EPR Properties		25,262			1,941,637
Equity LifeStyle Properties, Inc.		19,180			2,562,448
Equity Residential		42,426			3,659,667
Essex Property Trust, Inc.		3,509			1,146,215
Extra Space Storage, Inc.		8,370			977,783
Gaming and Leisure Properties, Inc.		56,246			2,150,847
HCP, Inc.		18,895			673,229
Healthcare Trust of America, Inc., Class A		37,888			1,113,149
Host Hotels & Resorts, Inc.		160,810			2,780,405
Invitation Homes, Inc.		95,406			2,824,972
Lamar Advertising Co., Class A		26,042			2,133,621
Life Storage, Inc.		17,465			1,840,986
Medical Properties Trust, Inc.		117,618			2,300,608
Mid-America Apartment Communities, Inc.		22,967			2,985,940
Outfront Media, Inc.		62,439			1,734,555
Park Hotels & Resorts, Inc.		37,610			939,122
Rayonier, Inc.		61,448			1,732,834
Realty Income Corp.		19,088			1,463,668
Retail Properties of America, Inc., Class A		133,404			1,643,537
SBA Communications Corp.		17,742			4,278,483
Service Properties Trust		9,108			234,895
SITE Centers Corp.		135,368			2,045,410
Sun Communities, Inc.		12,100			1,796,245
UDR, Inc.		5,934			287,680
Ventas, Inc.		59,325			4,332,505
VEREIT, Inc.		179,740			1,757,857
Weingarten Realty Investors		46,459			1,353,351
Welltower, Inc.		60,675			5,500,189
Weyerhaeuser Co.		36,840			1,020,468
WP Carey, Inc.		5,010			448,395
					86,788,720
Food & Staples Retailing 0.5%
Sprouts Farmers Market, Inc. (a)		47,368			916,097
U.S. Foods Holding Corp. (a)		86,666			3,561,973
					4,478,070
Food Products 2.6%
Bunge, Ltd.		101,340			5,737,871
Flowers Foods, Inc.		59,690			1,380,630
Hershey Co.		32,346			5,013,306
Pilgrim's Pride Corp. (a)		153,217			4,909,839
Seaboard Corp.		61			266,875
TreeHouse Foods, Inc. (a)		9,081			503,541
Tyson Foods, Inc., Class A		57,379			4,942,627
					22,754,689
Health Care Equipment & Supplies 3.4%
Cooper Cos., Inc.		9,876			2,933,172
DENTSPLY SIRONA, Inc.		75,554			4,027,784
Hill-Rom Holdings, Inc.		48,086			5,060,090
Hologic, Inc. (a)		125,539			6,338,464
IDEXX Laboratories, Inc. (a)		3,778			1,027,352
Integra LifeSciences Holdings Corp. (a)		18,921			1,136,584
ResMed, Inc.		6,654			899,022
STERIS PLC		41,114			5,940,562
Varian Medical Systems, Inc. (a)		12,224			1,455,756
Zimmer Biomet Holdings, Inc.		8,094			1,111,063
					29,929,849
Health Care Providers & Services 2.6%
AmerisourceBergen Corp.		73,382			6,041,540
Cardinal Health, Inc.		36,701			1,731,920
Centene Corp. (a)		149,654			6,474,032
McKesson Corp.		54,198			7,406,699
MEDNAX, Inc. (a)		51,408			1,162,849
					22,817,040
Health Care Technology 1.2%
Cerner Corp.		104,913			7,151,919
Veeva Systems, Inc., Class A (a)		25,445			3,885,197
					11,037,116
Hotels, Restaurants & Leisure 4.7%
Aramark		138,070			6,017,091
Caesars Entertainment Corp. (a)		262,711			3,063,210
Chipotle Mexican Grill, Inc. (a)		5,825			4,895,738
Darden Restaurants, Inc.		53,141			6,282,329
Extended Stay America, Inc.		322,266			4,717,974
Hilton Worldwide Holdings, Inc.		26,991			2,513,132
MGM Resorts International		89,370			2,477,336
Norwegian Cruise Line Holdings, Ltd. (a)		29,812			1,543,367
Royal Caribbean Cruises, Ltd.		7,327			793,734
Wynn Resorts, Ltd.		20,554			2,234,631
Yum China Holdings, Inc.		147,716			6,710,738
					41,249,280
Household Durables 2.1%
NVR, Inc. (a)		1,682			6,252,583
PulteGroup, Inc.		154,111			5,632,757
Roku, Inc. (a)		9,545			971,299
Toll Brothers, Inc.		136,954			5,621,962
					18,478,601
Independent Power & Renewable Electricity Producers 0.8%
AES Corp.		376,901			6,158,562
NRG Energy, Inc.		18,634			737,907
					6,896,469
Insurance 6.7%
American Financial Group, Inc.		3,636			392,143
American National Insurance Co.		10,062			1,244,971
Arch Capital Group, Ltd. (a)		3,560			149,449
Assurant, Inc.		20,621			2,594,534
Athene Holding, Ltd., Class A (a)		132,609			5,577,534
Brighthouse Financial, Inc. (a)		135,596			5,487,570
Cincinnati Financial Corp.		8,374			976,994
Everest Re Group, Ltd.		13,022			3,465,024
Fidelity National Financial, Inc.		135,934			6,036,829
First American Financial Corp.		92,202			5,440,840
Hanover Insurance Group, Inc.		26,883			3,643,722
Hartford Financial Services Group, Inc.		13,689			829,690
Kemper Corp.		33,386			2,602,439
Lincoln National Corp.		36,793			2,219,354
Mercury General Corp.		63,553			3,551,342
Old Republic International Corp.		235,106			5,541,448
Reinsurance Group of America, Inc.		37,485			5,993,102
Unum Group		92,430			2,747,020
Willis Towers Watson PLC		1,394			269,000
					58,763,005
Interactive Media & Services 1.2%
IAC/InterActiveCorp (a)		15,513			3,381,369
TripAdvisor, Inc. (a)		48,783			1,886,926
Twitter, Inc. (a)		131,607			5,422,208
					10,690,503
Internet & Direct Marketing Retail 1.3%
Expedia Group, Inc.		51,616			6,937,707
Qurate Retail, Inc., Series A (a)		455,067			4,694,016
					11,631,723
IT Services 6.9%
Akamai Technologies, Inc. (a)		69,925			6,389,746
Amdocs, Ltd.		87,336			5,773,783
Booz Allen Hamilton Holding Corp.		80,600			5,724,212
CACI International, Inc., Class A (a)		23,506			5,435,998
DXC Technology Co.		82,043			2,420,269
Euronet Worldwide, Inc. (a)		29,048			4,249,722
Fiserv, Inc. (a)		26,756			2,771,654
Genpact, Ltd.		125,967			4,881,221
Global Payments, Inc.		24,850			3,951,150
GoDaddy, Inc., Class A (a)		92,618			6,110,936
Leidos Holdings, Inc.		70,501			6,054,626
Square, Inc., Class A (a)		38,374			2,377,269
Switch, Inc., Class A (b)		19,423			303,387
VeriSign, Inc. (a)		24,657			4,651,050
					61,095,023
Life Sciences Tools & Services 2.1%
Avantor, Inc. (a)		164,130			2,412,711
Bruker Corp.		27,337			1,200,914
Charles River Laboratories International, Inc. (a)		25,046			3,315,339
IQVIA Holdings, Inc. (a)		50,692			7,572,371
PRA Health Sciences, Inc. (a)		41,263			4,094,528
					18,595,863
Machinery 1.9%
AGCO Corp.		35,171			2,662,445
Allison Transmission Holdings, Inc.		41,664			1,960,291
Cummins, Inc.		45,154			7,345,201
Timken Co.		108,036			4,700,646
					16,668,583
Media 1.5%
Altice U.S.A., Inc., Class A (a)		141,090			4,046,461
Fox Corp., Class B		79,083			2,494,278
John Wiley & Sons, Inc., Class A		33,154			1,456,787
News Corp.
Class A		290,074			4,037,830
Class B		98,246			1,404,426
					13,439,782
Metals & Mining 0.3%
Steel Dynamics, Inc.		98,143			2,924,661
Multi-Utilities 2.2%
CenterPoint Energy, Inc.		218,579			6,596,714
Consolidated Edison, Inc.		44,545			4,208,166
DTE Energy Co.		32,725			4,351,116
MDU Resources Group, Inc.		117,867			3,322,671
WEC Energy Group, Inc.		10,608			1,008,821
					19,487,488
Multiline Retail 0.7%
Dollar General Corp.		40,721			6,472,196
Oil, Gas & Consumable Fuels 1.4%
Devon Energy Corp.		119,137			2,866,436
HollyFrontier Corp.		69,482			3,727,015
PBF Energy, Inc., Class A		210,133			5,713,516
					12,306,967
Personal Products 0.4%
Nu Skin Enterprises, Inc., Class A		83,596			3,555,338
Pharmaceuticals 0.2%
Horizon Therapeutics PLC (a)		11,968			325,889
Mylan N.V. (a)		51,950			1,027,571
					1,353,460
Professional Services 2.5%
IHS Markit, Ltd. (a)		24,860			1,662,637
ManpowerGroup, Inc.		63,760			5,371,142
Nielsen Holdings PLC		256,227			5,444,824
TransUnion		61,372			4,977,883
Verisk Analytics, Inc.		31,192			4,932,703
					22,389,189
Real Estate Management & Development 0.9%
CBRE Group, Inc., Class A (a)		78,483			4,160,384
Jones Lang LaSalle, Inc.		27,657			3,845,982
					8,006,366
Road & Rail 0.2%
Schneider National, Inc., Class B		70,082			1,522,181
Semiconductors & Semiconductor Equipment 3.8%
Entegris, Inc.		120,780			5,683,907
KLA Corp.		12,754			2,033,625
Lam Research Corp.		22,915			5,295,886
MKS Instruments, Inc.		60,637			5,595,582
ON Semiconductor Corp. (a)		166,346			3,195,507
Qorvo, Inc. (a)		75,328			5,584,818
Teradyne, Inc.		101,854			5,898,365
					33,287,690
Software 5.8%
Atlassian Corp. PLC, Class A (a)		5,805			728,179
Cadence Design Systems, Inc. (a)		102,391			6,765,997
CDK Global, Inc.		117,950			5,672,216
Dropbox, Inc., Class A (a)		272,605			5,498,443
Fair Isaac Corp. (a)		1,946			590,650
Fortinet, Inc. (a)		74,673			5,731,899
LogMeIn, Inc.		39,022			2,769,001
New Relic, Inc. (a)		8,778			539,408
Nuance Communications, Inc. (a)		313,939			5,120,345
Palo Alto Networks, Inc. (a)		15,371			3,133,071
SS&C Technologies Holdings, Inc.		16,608			856,475
Symantec Corp.		267,065			6,310,746
Synopsys, Inc. (a)		51,311			7,042,435
					50,758,865
Specialty Retail 2.5%
AutoNation, Inc. (a)		102,533			5,198,423
AutoZone, Inc. (a)		7,119			7,721,410
Best Buy Co., Inc.		95,696			6,602,067
Williams-Sonoma, Inc.		36,545			2,484,329
					22,006,229
Technology Hardware, Storage & Peripherals 0.2%
Xerox Holdings Corp.		69,680			2,084,129
Textiles, Apparel & Luxury Goods 0.7%
Skechers U.S.A., Inc., Class A (a)		156,207			5,834,331
Thrifts & Mortgage Finance 0.1%
MGIC Investment Corp.		53,365			671,332
Trading Companies & Distributors 0.0% ‡
WESCO International, Inc. (a)		1,884			89,999
Transportation Infrastructure 0.1%
Macquarie Infrastructure Corp.		11,745			463,575
Wireless Telecommunication Services 0.0% ‡
Telephone & Data Systems, Inc.		16,582			427,816
Total Common Stocks (Cost $780,793,557)					864,666,218
Exchange-Traded Funds 1.8%
iShares Core S&P Mid-Cap ETF		75,174			14,525,872
SPDR S&P 500 ETF Trust		4,550			1,350,304
Total Exchange-Traded Funds (Cost $15,806,495)					15,876,176
Short-Term Investments 0.3%
Affiliated Investment Company 0.0% ‡
MainStay U.S. Government Liquidity Fund, 1.81% (c)		310,283			310,283
Unaffiliated Investment Company 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio,2.07% (c)(d)		2,238,581			2,238,581
Total Short-Term Investments (Cost $2,548,864)					2,548,864
Total Investments (Cost $799,148,916)		100.2	%		883,091,258
Other Assets, Less Liabilities		(0.2	)		(1,811,027	)
Net Assets		100.0	%	$	881,280,231

†	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 September 30, 2019, the aggregate market value of securities on loan was $2,924,330; the total market value of collateral held by the Portfolio was $3,034,089. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $795,508.
(c)	Current yield as of September 30, 2019.
(d)	Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
SPDR	—Standard & Poor's Depositary Receipt

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

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	864,666,218	$	—	$	—	$	864,666,218
Exchange-Traded Funds		15,876,176		—		—		15,876,176
Short-Term Investments
Affiliated Investment Company		310,283		—		—		310,283
Unaffiliated Investment Company		2,238,581		—		—		2,238,581
Total Short-Term Investments		2,548,864		—		—		2,548,864
Total Investments in Securities	$	883,091,258	$	—	$	—	$	883,091,258

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

MainStay VP MacKay Small Cap Core Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 99.2% †
Aerospace & Defense 1.6%
Aerojet Rocketdyne Holdings, Inc. (a)		44,400		$	2,242,644
Ducommun, Inc. (a)		40,600			1,721,440
Mercury Systems, Inc. (a)		12,800			1,038,976
Moog, Inc., Class A		26,200			2,125,344
Vectrus, Inc. (a)		42,500			1,727,625
					8,856,029
Air Freight & Logistics 0.1%
Radiant Logistics, Inc. (a)		50,200			259,534
Airlines 0.3%
SkyWest, Inc.		23,900			1,371,860
Auto Components 0.6%
Adient PLC		54,900			1,260,504
Dana, Inc.		150,300			2,170,332
					3,430,836
Banks 7.8%
Amalgamated Bank, Class A		1,100			17,622
Amerant Bancorp, Inc. (a)(b)		1,300			27,261
Bancorp, Inc. (a)		183,200			1,813,680
Bank of Commerce Holdings		5,600			60,984
BayCom Corp. (a)		7,700			174,867
BCB Bancorp, Inc.		31,500			404,460
Boston Private Financial Holdings, Inc.		43,700			509,324
Bridge Bancorp, Inc.		36,690			1,084,556
Cadence Bancorp		131,200			2,301,248
Capstar Financial Holdings, Inc.		10,900			180,722
Central Valley Community Bancorp		300			6,105
Century Bancorp, Inc., Class A		9,800			858,480
Civista Bancshares, Inc.		36,900			801,837
Coastal Financial Corp. (a)		1,100			16,621
ConnectOne Bancorp, Inc.		45,000			999,000
Customers Bancorp, Inc. (a)		88,700			1,839,638
Eagle Bancorp, Inc.		26,100			1,164,582
Esquire Financial Holdings, Inc. (a)		100			2,480
Farmers National Banc Corp.		26,800			388,064
Financial Institutions, Inc.		55,500			1,674,990
First Business Financial Services, Inc.		19,000			457,520
First Financial Northwest, Inc.		21,800			322,204
First Foundation, Inc.		121,000			1,848,275
First Internet Bancorp		51,500			1,102,615
First Midwest Bancorp, Inc.		112,900			2,199,292
First Northwest Bancorp		6,100			105,652
First of Long Island Corp.		30,400			691,600
Flushing Financial Corp.		43,300			874,877
Franklin Financial Network, Inc.		38,200			1,154,022
Great Southern Bancorp, Inc.		10,400			592,280
Hancock Whitney Corp.		59,700			2,286,211
Hanmi Financial Corp.		92,500			1,737,150
IberiaBank Corp.		16,200			1,223,748
Investar Holding Corp.		3,100			73,780
Lakeland Bancorp, Inc.		10,600			163,558
LCNB Corp.		8,000			141,920
Level One Bancorp, Inc.		3,000			72,360
Mercantile Bank Corp.		5,900			193,520
Metropolitan Bank Holding Corp. (a)		23,400			920,322
MidWestOne Financial Group, Inc.		29,300			894,236
Northeast Bank		10,300			228,351
OFG Bancorp		69,100			1,513,290
Orrstown Financial Services, Inc.		16,700			365,730
PCB Bancorp		18,200			299,390
Peapack-Gladstone Financial Corp.		43,800			1,227,714
Preferred Bank / Los Angeles CA		35,000			1,833,300
RBB Bancorp		53,400			1,051,446
Renasant Corp.		9,600			336,096
Republic Bancorp, Inc., Class A		15,200			660,440
SB One Bancorp		9,000			203,040
SmartFinancial, Inc. (a)		22,900			477,007
TriState Capital Holdings, Inc. (a)		30,100			633,304
Unity Bancorp, Inc.		1,000			22,150
WesBanco, Inc.		59,100			2,208,567
					42,441,488
Beverages 0.8%
Boston Beer Co., Inc., Class A (a)		6,300			2,293,704
Coca-Cola Consolidated, Inc.		6,900			2,096,703
Craft Brew Alliance, Inc. (a)		24,800			203,112
					4,593,519
Biotechnology 6.7%
ACADIA Pharmaceuticals, Inc. (a)		39,200			1,410,808
Acceleron Pharma, Inc. (a)		26,402			1,043,143
Aimmune Therapeutics, Inc. (a)(b)		28,700			600,978
Amicus Therapeutics, Inc. (a)		115,340			925,027
AnaptysBio, Inc. (a)		14,100			493,359
Arena Pharmaceuticals, Inc. (a)		19,983			914,622
Arrowhead Pharmaceuticals, Inc. (a)(b)		34,500			972,210
Atara Biotherapeutics, Inc. (a)		34,500			487,140
Audentes Therapeutics, Inc. (a)		23,500			660,115
Biohaven Pharmaceutical Holding Co., Ltd. (a)		15,000			625,800
Blueprint Medicines Corp. (a)		18,900			1,388,583
Editas Medicine, Inc. (a)(b)		31,400			714,036
Emergent BioSolutions, Inc. (a)		20,292			1,060,866
Enanta Pharmaceuticals, Inc. (a)		10,700			642,856
FibroGen, Inc. (a)		29,719			1,099,009
Global Blood Therapeutics, Inc. (a)		22,900			1,111,108
Halozyme Therapeutics, Inc. (a)		80,400			1,247,004
Heron Therapeutics, Inc. (a)		39,300			727,050
Immunomedics, Inc. (a)		71,800			952,068
Insmed, Inc. (a)		40,390			712,480
Intercept Pharmaceuticals, Inc. (a)(b)		11,900			789,684
Invitae Corp. (a)		35,000			674,450
Iovance Biotherapeutics, Inc. (a)		42,700			777,140
Ironwood Pharmaceuticals, Inc. (a)		67,152			576,500
Ligand Pharmaceuticals, Inc. (a)		7,827			779,099
Madrigal Pharmaceuticals, Inc. (a)(b)		5,900			508,698
Medicines Co. (a)(b)		26,700			1,335,000
Mirati Therapeutics, Inc. (a)		9,800			763,518
Momenta Pharmaceuticals, Inc. (a)		49,469			641,118
Myriad Genetics, Inc. (a)		29,310			839,145
Natera, Inc. (a)		22,600			741,280
OPKO Health, Inc. (a)(b)		233,600			488,224
Portola Pharmaceuticals, Inc. (a)(b)		30,842			827,182
Prothena Corp. PLC (a)		59,907			469,671
PTC Therapeutics, Inc. (a)		25,500			862,410
Radius Health, Inc. (a)		26,533			683,225
REGENXBIO, Inc. (a)		18,200			647,920
Repligen Corp. (a)		18,876			1,447,600
Retrophin, Inc. (a)		38,900			450,851
Sangamo Therapeutics, Inc. (a)		55,100			498,655
Spark Therapeutics, Inc. (a)		12,416			1,204,104
Spectrum Pharmaceuticals, Inc. (a)		74,115			614,784
Ultragenyx Pharmaceutical, Inc. (a)		24,144			1,032,880
Vanda Pharmaceuticals, Inc. (a)		30,400			403,712
Xencor, Inc. (a)		19,531			658,781
					36,503,893
Building Products 1.9%
American Woodmark Corp. (a)		22,900			2,036,039
Builders FirstSource, Inc. (a)		115,300			2,372,298
Patrick Industries, Inc. (a)		43,000			1,843,840
Quanex Building Products Corp.		97,700			1,766,416
Universal Forest Products, Inc.		56,200			2,241,256
					10,259,849
Capital Markets 1.2%
Donnelley Financial Solutions, Inc. (a)		13,400			165,088
Federated Investors, Inc., Class B		76,900			2,492,329
GAMCO Investors, Inc., Class A		2,100			41,055
INTL FCStone, Inc. (a)		41,700			1,712,202
Ladenburg Thalmann Financial Services, Inc.		169,200			401,004
Silvercrest Asset Management Group, Inc.		1,000			12,300
Waddell & Reed Financial, Inc., Class A (b)		113,000			1,941,340
					6,765,318
Chemicals 1.9%
AdvanSix, Inc. (a)		71,700			1,844,124
FutureFuel Corp.		21,700			259,098
Hawkins, Inc.		20,200			858,500
Koppers Holdings, Inc. (a)		17,500			511,175
Kraton Corp. (a)		29,200			942,868
Stepan Co.		19,300			1,873,258
Tredegar Corp.		94,100			1,836,832
Trinseo S.A.		46,900			2,014,355
					10,140,210
Commercial Services & Supplies 3.1%
ABM Industries, Inc.		60,800			2,208,256
Herman Miller, Inc.		53,800			2,479,642
Kimball International, Inc., Class B		40,900			789,370
Knoll, Inc.		66,400			1,683,240
LSC Communications, Inc.		15,700			21,666
McGrath RentCorp.		21,800			1,517,062
Quad/Graphics, Inc.		10,700			112,457
R.R. Donnelley & Sons Co.		221,900			836,563
Steelcase, Inc., Class A		123,700			2,276,080
Tetra Tech, Inc.		33,000			2,863,080
Viad Corp.		30,700			2,061,505
					16,848,921
Communications Equipment 0.8%
CalAmp Corp. (a)		9,400			108,288
Casa Systems, Inc. (a)		2,000			15,710
Clearfield, Inc. (a)		2,900			34,365
Comtech Telecommunications Corp.		6,400			208,000
DASAN Zhone Solutions, Inc. (a)		600			5,496
Digi International, Inc. (a)		1,900			25,878
Extreme Networks, Inc. (a)		111,300			809,708
InterDigital, Inc.		8,800			461,736
Lumentum Holdings, Inc. (a)		1,600			85,696
NetScout Systems, Inc. (a)		77,700			1,791,762
Plantronics, Inc.		3,600			134,352
Viavi Solutions, Inc. (a)		64,100			897,720
					4,578,711
Construction & Engineering 2.1%
EMCOR Group, Inc.		34,200			2,945,304
Great Lakes Dredge & Dock Corp. (a)		183,600			1,918,620
IES Holdings, Inc. (a)		2,300			47,357
MasTec, Inc. (a)		42,100			2,733,553
MYR Group, Inc. (a)		58,500			1,830,465
Sterling Construction Co., Inc. (a)		140,600			1,848,890
					11,324,189
Construction Materials 0.4%
U.S. Concrete, Inc. (a)		36,900			2,039,832
Consumer Finance 0.6%
Elevate Credit, Inc. (a)		72,600			305,646
Enova International, Inc. (a)		76,800			1,593,600
EZCORP, Inc., Class A (a)		57,600			371,808
FirstCash, Inc.		10,100			925,867
Green Dot Corp., Class A (a)		600			15,150
					3,212,071
Containers & Packaging 0.0% ‡
Myers Industries, Inc.		3,100			54,715
UFP Technologies, Inc. (a)		2,900			111,940
					166,655
Distributors 0.4%
Core-Mark Holding Co., Inc.		62,400			2,003,976
Weyco Group, Inc.		2,000			45,220
					2,049,196
Diversified Consumer Services 1.3%
Career Education Corp. (a)		103,100			1,638,259
Carriage Services, Inc.		9,900			202,356
Collectors Universe, Inc.		26,900			766,112
K12, Inc. (a)		69,500			1,834,800
Laureate Education, Inc., Class A (a)		96,300			1,596,173
Select Interior Concepts, Inc., Class A (a)		64,600			837,862
					6,875,562
Diversified Financial Services 0.2%
Cannae Holdings, Inc. (a)		47,200			1,296,584
Diversified Telecommunication Services 0.2%
ATN International, Inc.		1,700			99,229
IDT Corp., Class B (a)		64,300			677,079
Iridium Communications, Inc. (a)		20,400			434,112
					1,210,420
Electric Utilities 0.9%
Genie Energy, Ltd., Class B		47,900			357,334
Portland General Electric Co.		53,800			3,032,706
Spark Energy, Inc., Class A		154,600			1,631,030
					5,021,070
Electrical Equipment 1.2%
American Superconductor Corp. (a)(b)		65,900			516,656
Atkore International Group, Inc. (a)		66,500			2,018,275
AZZ, Inc.		18,700			814,572
Encore Wire Corp.		34,200			1,924,776
Generac Holdings, Inc. (a)		700			54,838
Powell Industries, Inc.		25,300			990,495
Preformed Line Products Co.		2,100			114,639
					6,434,251
Electronic Equipment, Instruments & Components 3.9%
Anixter International, Inc. (a)		15,500			1,071,360
AVX Corp.		9,300			141,360
Belden, Inc.		36,200			1,930,908
Benchmark Electronics, Inc.		59,200			1,720,352
CTS Corp.		2,100			67,956
ePlus, Inc. (a)		20,500			1,559,845
Insight Enterprises, Inc. (a)		37,300			2,077,237
Iteris, Inc. (a)		2,600			14,937
Itron, Inc. (a)		23,900			1,767,644
KEMET Corp.		13,400			243,612
Kimball Electronics, Inc. (a)		5,800			84,158
Knowles Corp. (a)		5,100			103,734
Methode Electronics, Inc.		10,800			363,312
Napco Security Technologies, Inc. (a)		800			20,416
OSI Systems, Inc. (a)		9,600			974,976
PC Connection, Inc.		12,600			490,140
Plexus Corp. (a)		8,100			506,331
Rogers Corp. (a)		3,700			505,827
Sanmina Corp. (a)		61,874			1,986,774
ScanSource, Inc. (a)		3,200			97,760
Tech Data Corp. (a)		23,400			2,439,216
TTM Technologies, Inc. (a)		114,200			1,392,669
Vishay Intertechnology, Inc.		96,700			1,637,131
					21,197,655
Energy Equipment & Services 0.8%
C&J Energy Services, Inc. (a)		69,500			745,735
Exterran Corp. (a)		55,800			728,748
FTS International, Inc. (a)		110,600			247,744
Keane Group, Inc. (a)		105,500			639,330
Matrix Service Co. (a)		86,900			1,489,466
ProPetro Holding Corp. (a)		74,000			672,660
					4,523,683
Entertainment 0.0% ‡
Marcus Corp.		100			3,701
Rosetta Stone, Inc. (a)		13,600			236,640
					240,341
Equity Real Estate Investment Trusts 5.4%
American Assets Trust, Inc.		44,900			2,098,626
Braemar Hotels & Resorts, Inc.		95,000			892,050
CareTrust REIT, Inc.		15,800			371,379
City Office REIT, Inc.		82,000			1,179,980
Corepoint Lodging, Inc.		23,500			237,585
EastGroup Properties, Inc.		23,200			2,900,464
Franklin Street Properties Corp.		13,000			109,980
GEO Group, Inc.		123,527			2,141,958
Gladstone Commercial Corp.		31,600			742,600
Industrial Logistics Properties Trust		24,200			514,250
Lexington Realty Trust		227,500			2,331,875
NexPoint Residential Trust, Inc.		26,200			1,225,112
Preferred Apartment Communities, Inc., Class A		2,700			39,015
PS Business Parks, Inc.		14,900			2,711,055
Retail Value, Inc.		11,600			429,664
Rexford Industrial Realty, Inc.		60,500			2,663,210
Ryman Hospitality Properties, Inc.		28,300			2,315,223
Summit Hotel Properties, Inc.		128,100			1,485,960
Sunstone Hotel Investors, Inc.		182,300			2,504,802
Uniti Group, Inc. (b)		115,200			894,528
Xenia Hotels & Resorts, Inc.		76,900			1,624,128
					29,413,444
Food & Staples Retailing 0.8%
Ingles Markets, Inc., Class A		5,600			217,616
Natural Grocers by Vitamin Cottage, Inc. (a)		87,300			872,127
Performance Food Group Co. (a)		64,200			2,953,842
SpartanNash Co.		10,800			127,764
Village Super Market, Inc., Class A		100			2,645
					4,173,994
Food Products 1.7%
Farmer Brothers Co. (a)		4,200			54,390
Fresh Del Monte Produce, Inc.		62,400			2,128,464
J&J Snack Foods Corp.		12,400			2,380,800
John B. Sanfilippo & Son, Inc.		19,900			1,922,340
Sanderson Farms, Inc.		15,000			2,269,950
Seneca Foods Corp., Class A (a)		12,700			395,986
Simply Good Foods Co. (a)		12,500			362,375
					9,514,305
Health Care Equipment & Supplies 4.8%
Accuray, Inc. (a)		209,300			579,761
AngioDynamics, Inc. (a)		26,900			495,498
CONMED Corp.		24,000			2,307,600
CryoLife, Inc. (a)		5,300			143,895
Cutera, Inc. (a)		27,500			803,825
Globus Medical, Inc., Class A (a)		25,700			1,313,784
Haemonetics Corp. (a)		16,800			2,119,152
Integer Holdings Corp. (a)		30,800			2,327,248
Invacare Corp.		31,400			235,500
Lantheus Holdings, Inc. (a)		80,700			2,022,745
Meridian Bioscience, Inc.		29,400			279,006
Natus Medical, Inc. (a)		47,100			1,499,664
NovoCure, Ltd. (a)		23,600			1,764,808
NuVasive, Inc. (a)		40,000			2,535,200
Orthofix Medical, Inc. (a)		37,000			1,961,740
RTI Surgical Holdings, Inc. (a)		68,700			195,795
SeaSpine Holdings Corp. (a)		53,700			655,677
Surmodics, Inc. (a)		17,700			809,598
Tandem Diabetes Care, Inc. (a)		39,000			2,300,220
Varex Imaging Corp. (a)		66,300			1,892,202
Zynex, Inc. (b)		6,300			59,913
					26,302,831
Health Care Providers & Services 2.0%
AMN Healthcare Services, Inc. (a)		23,500			1,352,660
Corvel Corp. (a)		6,000			454,200
Cross Country Healthcare, Inc. (a)		41,700			429,510
Ensign Group, Inc.		45,900			2,177,037
Hanger, Inc. (a)		40,700			829,466
Magellan Health, Inc. (a)		14,700			912,870
National Healthcare Corp.		4,800			392,880
Providence Service Corp. (a)		8,300			493,518
R1 RCM, Inc. (a)		161,200			1,439,516
RadNet, Inc. (a)		75,400			1,082,744
Tenet Healthcare Corp. (a)		51,700			1,143,604
Triple-S Management Corp., Class B (a)		12,114			162,328
					10,870,333
Health Care Technology 1.2%
Computer Programs & Systems, Inc.		35,100			793,611
HealthStream, Inc. (a)		50,200			1,299,678
HMS Holdings Corp. (a)		68,600			2,364,299
Inovalon Holdings, Inc., Class A (a)(b)		5,000			81,950
NextGen Healthcare, Inc. (a)		51,100			800,737
Omnicell, Inc. (a)		20,100			1,452,627
					6,792,902
Hotels, Restaurants & Leisure 1.8%
BBX Capital Corp.		7,900			36,893
Bloomin' Brands, Inc.		63,577			1,203,513
Century Casinos, Inc. (a)		57,500			444,475
Chuy's Holdings, Inc. (a)		21,800			539,768
Cracker Barrel Old Country Store, Inc. (b)		10,200			1,659,030
Denny's Corp. (a)		19,500			443,917
Everi Holdings, Inc. (a)		210,200			1,778,292
Habit Restaurants, Inc., Class A (a)		34,000			297,160
J. Alexander's Holdings, Inc. (a)		41,400			485,208
Lindblad Expeditions Holdings, Inc. (a)		2,700			45,252
RCI Hospitality Holdings, Inc.		20,800			430,144
SeaWorld Entertainment, Inc. (a)(b)		65,700			1,729,224
Texas Roadhouse, Inc.		5,000			262,600
Wingstop, Inc.		5,100			445,128
					9,800,604
Household Durables 4.1%
Bassett Furniture Industries, Inc.		7,600			116,280
Beazer Homes USA, Inc. (a)		126,800			1,889,320
Ethan Allen Interiors, Inc.		20,100			383,910
Flexsteel Industries, Inc.		14,400			213,408
Installed Building Products, Inc. (a)		33,000			1,892,220
KB Home		79,300			2,696,200
M/I Homes, Inc. (a)		52,200			1,965,330
MDC Holdings, Inc.		55,000			2,370,500
Meritage Homes Corp. (a)		34,700			2,441,145
Skyline Champion Corp. (a)		62,800			1,889,652
Taylor Morrison Home Corp. (a)		97,900			2,539,526
TopBuild Corp. (a)		24,200			2,333,606
TRI Pointe Group, Inc. (a)		8,900			133,856
Universal Electronics, Inc. (a)		23,800			1,211,420
					22,076,373
Household Products 0.4%
Central Garden & Pet Co., Class A (a)		70,300			1,949,068
Independent Power & Renewable Electricity Producers 0.1%
Atlantic Power Corp. (a)(b)		250,100			585,234
Insurance 3.1%
American Equity Investment Life Holding Co.		92,000			2,226,400
Argo Group International Holdings, Ltd.		32,300			2,268,752
Crawford & Co.
Class A		26,000			282,880
Class B		7,300			73,657
Donegal Group, Inc., Class A		3,300			48,378
eHealth, Inc. (a)		1,500			100,185
Employers Holdings, Inc.		37,900			1,651,682
Fednat Holding Co.		15,600			218,244
Genworth Financial, Inc., Class A (a)		502,600			2,211,440
Hallmark Financial Services, Inc. (a)		70,000			1,339,100
Heritage Insurance Holdings, Inc.		54,300			811,785
National General Holdings Corp.		85,300			1,963,606
Selective Insurance Group, Inc.		18,900			1,421,091
State Auto Financial Corp.		4,500			145,755
Stewart Information Services Corp.		50,300			1,951,137
Tiptree, Inc.		19,100			139,048
					16,853,140
Interactive Media & Services 0.4%
DHI Group, Inc. (a)		238,500			918,225
Liberty TripAdvisor Holdings, Inc., Class A (a)		6,900			64,929
Travelzoo (a)		91,200			974,928
					1,958,082
Internet & Direct Marketing Retail 0.5%
1-800-Flowers.com, Inc., Class A (a)		117,900			1,744,330
Lands' End, Inc. (a)(b)		41,700			473,087
Rubicon Project, Inc. (a)		53,800			468,598
					2,686,015
IT Services 2.2%
Brightcove, Inc. (a)		46,400			486,272
Cardtronics PLC, Class A (a)		27,500			831,600
Cass Information Systems, Inc.		2,900			156,571
CSG Systems International, Inc.		9,300			480,624
Endurance International Group Holdings, Inc. (a)		18,200			68,250
EVERTEC, Inc.		17,000			530,740
ExlService Holdings, Inc. (a)		2,200			147,312
KBR, Inc.		62,700			1,538,658
LiveRamp Holdings, Inc. (a)		18,500			794,760
MAXIMUS, Inc.		17,724			1,369,356
Perficient, Inc. (a)		44,900			1,732,242
Perspecta, Inc.		79,800			2,084,376
Science Applications International Corp.		15,900			1,388,865
Sykes Enterprises, Inc. (a)		10,800			330,912
TTEC Holdings, Inc.		3,700			177,156
Unisys Corp. (a)		14,400			106,992
					12,224,686
Leisure Products 0.2%
Malibu Boats, Inc., Class A (a)		2,400			73,632
MasterCraft Boat Holdings, Inc. (a)		52,800			788,040
					861,672
Life Sciences Tools & Services 0.9%
Fluidigm Corp. (a)		1,300			6,019
Medpace Holdings, Inc. (a)		27,600			2,319,504
Syneos Health, Inc. (a)		47,925			2,550,089
					4,875,612
Machinery 3.2%
Blue Bird Corp. (a)		15,600			296,946
Commercial Vehicle Group, Inc. (a)		250,500			1,806,105
EnPro Industries, Inc.		29,800			2,045,770
Hyster-Yale Materials Handling, Inc.		200			10,946
L.B. Foster Co., Class A (a)		69,400			1,503,898
Lydall, Inc. (a)		15,700			391,087
Meritor, Inc. (a)		106,600			1,972,100
Miller Industries, Inc.		39,400			1,312,020
Mueller Industries, Inc.		73,200			2,099,376
Navistar International Corp. (a)		61,800			1,737,198
Park-Ohio Holdings Corp.		36,300			1,083,918
Spartan Motors, Inc.		18,400			252,448
SPX Corp. (a)		12,100			484,121
TriMas Corp. (a)		26,800			821,420
Wabash National Corp.		128,300			1,861,633
					17,678,986
Marine 0.2%
Matson, Inc.		25,900			971,509
Safe Bulkers, Inc. (a)(b)		11,800			20,650
					992,159
Media 0.7%
Central European Media Enterprises, Ltd., Class A (a)		187,500			842,812
Entravision Communications Corp., Class A		296,100			941,598
Fluent, Inc. (a)		156,100			426,934
Lee Enterprises, Inc. (a)		68,300			139,332
Marchex, Inc., Class B (a)		30,000			94,200
Scholastic Corp.		39,900			1,506,624
					3,951,500
Metals & Mining 0.9%
Materion Corp.		23,900			1,466,504
Olympic Steel, Inc.		5,200			74,880
Ryerson Holding Corp. (a)		28,000			238,840
Schnitzer Steel Industries, Inc., Class A		75,300			1,555,698
Warrior Met Coal, Inc.		88,600			1,729,472
					5,065,394
Mortgage Real Estate Investment Trusts 0.3%
Cherry Hill Mortgage Investment Corp.		5,700			74,670
PennyMac Mortgage Investment Trust		70,600			1,569,438
					1,644,108
Oil, Gas & Consumable Fuels 2.8%
Adams Resources & Energy, Inc.		900			27,900
Amplify Energy Corp.		134,100			827,397
Clean Energy Fuels Corp. (a)		134,200			277,123
CONSOL Energy, Inc. (a)		2,300			35,949
Contura Energy, Inc. (a)		2,400			67,104
CVR Energy, Inc.		47,900			2,109,037
Delek U.S. Holdings, Inc.		66,600			2,417,580
Hallador Energy Co.		81,700			295,754
NACCO Industries, Inc., Class A		9,100			581,581
Overseas Shipholding Group, Inc., Class A (a)		162,200			283,850
Par Pacific Holdings, Inc. (a)		66,900			1,529,334
PDC Energy, Inc. (a)		30,400			843,600
Peabody Energy Corp.		91,500			1,346,880
QEP Resources, Inc.		80,600			298,220
REX American Resources Corp. (a)		13,200			1,007,556
Sandridge Energy, Inc. (a)		104,400			490,680
Teekay Tankers, Ltd., Class A (a)		149,200			193,960
World Fuel Services Corp.		59,300			2,368,442
					15,001,947
Personal Products 0.0% ‡
LifeVantage Corp. (a)		17,700			242,490
Nature's Sunshine Products, Inc. (a)		300			2,487
					244,977
Pharmaceuticals 2.1%
Akorn, Inc. (a)		371,000			1,409,800
Amphastar Pharmaceuticals, Inc. (a)		85,100			1,687,533
ANI Pharmaceuticals, Inc. (a)		24,400			1,778,272
Assertio Therapeutics, Inc. (a)		162,700			208,256
BioDelivery Sciences International, Inc. (a)		312,200			1,314,362
Endo International PLC (a)		61,500			197,415
Lannett Co., Inc. (a)(b)		8,800			98,560
Osmotica Pharmaceuticals PLC (a)(b)		4,000			15,360
Pacira BioSciences, Inc. (a)		55,400			2,109,078
Phibro Animal Health Corp., Class A		69,200			1,476,036
Siga Technologies, Inc. (a)		195,900			1,003,008
					11,297,680
Professional Services 1.4%
Barrett Business Services, Inc.		20,900			1,856,338
BG Staffing, Inc.		24,700			472,017
Heidrick & Struggles International, Inc.		53,800			1,468,740
Kelly Services, Inc., Class A		51,400			1,244,908
Kforce, Inc.		5,700			215,659
TriNet Group, Inc. (a)		22,400			1,393,056
TrueBlue, Inc. (a)		37,908			799,859
					7,450,577
Real Estate Management & Development 0.7%
Altisource Portfolio Solutions S.A. (a)(b)		69,900			1,413,378
Marcus & Millichap, Inc. (a)		24,300			862,407
RMR Group, Inc., Class A		38,700			1,760,076
					4,035,861
Road & Rail 0.2%
ArcBest Corp.		39,200			1,193,640
Universal Logistics Holdings, Inc.		100			2,328
					1,195,968
Semiconductors & Semiconductor Equipment 2.4%
Advanced Energy Industries, Inc. (a)		10,768			618,191
Alpha & Omega Semiconductor, Ltd. (a)		2,900			35,612
Amkor Technology, Inc. (a)		25,300			230,230
Cabot Microelectronics Corp.		1,900			268,299
CEVA, Inc. (a)		6,100			182,146
Cirrus Logic, Inc. (a)		41,500			2,223,570
Diodes, Inc. (a)		11,500			461,725
Enphase Energy, Inc. (a)		25,500			566,865
Ichor Holdings, Ltd. (a)		60,500			1,462,890
Inphi Corp. (a)		12,600			769,230
Lattice Semiconductor Corp. (a)		39,900			729,571
Nanometrics, Inc. (a)		6,000			195,720
NeoPhotonics Corp. (a)		4,700			28,623
Photronics, Inc. (a)		142,700			1,552,576
Rambus, Inc. (a)		29,800			391,125
Silicon Laboratories, Inc. (a)		10,200			1,135,770
Smart Global Holdings, Inc. (a)		4,800			122,304
Synaptics, Inc. (a)		34,020			1,359,099
Ultra Clean Holdings, Inc. (a)		10,200			149,277
Xperi Corp.		24,000			496,320
					12,979,143
Software 4.8%
A10 Networks, Inc. (a)		3,800			26,372
ACI Worldwide, Inc. (a)		63,600			1,992,270
Agilysys, Inc. (a)		6,700			171,587
Alarm.com Holdings, Inc. (a)		10,400			485,056
American Software, Inc., Class A		3,300			49,566
AppFolio, Inc., Class A (a)		1,000			95,140
Avaya Holdings Corp. (a)		102,800			1,051,644
Blackbaud, Inc.		13,800			1,246,692
Blackline, Inc. (a)		39,300			1,878,933
Channeladvisor Corp. (a)		7,700			71,841
Cision, Ltd. (a)		11,700			89,973
CommVault Systems, Inc. (a)		9,600			429,216
Cornerstone OnDemand, Inc. (a)		30,800			1,688,456
Digital Turbine, Inc. (a)		5,000			32,225
Ebix, Inc. (b)		39,300			1,654,530
Envestnet, Inc. (a)		1,700			96,390
Five9, Inc. (a)		19,000			1,021,060
j2 Global, Inc.		28,100			2,552,042
LivePerson, Inc. (a)		3,900			139,230
MicroStrategy, Inc., Class A (a)		11,800			1,750,766
Model N, Inc. (a)		6,800			188,768
OneSpan, Inc. (a)		7,400			107,300
Progress Software Corp.		46,800			1,781,208
Q2 Holdings, Inc. (a)		2,700			212,949
Qualys, Inc. (a)		9,500			717,915
Rimini Street, Inc. (a)		14,200			62,196
SPS Commerce, Inc. (a)		38,800			1,826,316
Synchronoss Technologies, Inc. (a)		10,900			58,860
Telaria, Inc. (a)		122,800			848,548
Telenav, Inc. (a)		2,100			10,038
TiVo Corp.		167,100			1,272,466
Upland Software, Inc. (a)		6,200			216,132
Verint Systems, Inc. (a)		18,200			778,596
Workiva, Inc. (a)		22,200			973,026
Zix Corp. (a)		79,400			574,856
					26,152,163
Specialty Retail 3.5%
America's Car-Mart, Inc. (a)		19,500			1,788,150
Asbury Automotive Group, Inc. (a)		21,800			2,230,794
Barnes & Noble Education, Inc. (a)		141,400			441,168
Group 1 Automotive, Inc.		24,400			2,252,364
Hibbett Sports, Inc. (a)		97,800			2,239,620
Lithia Motors, Inc., Class A		18,600			2,462,268
Murphy USA, Inc. (a)		26,800			2,286,040
Office Depot, Inc.		482,700			847,138
Rent-A-Center, Inc.		77,600			2,001,304
Sonic Automotive, Inc., Class A		60,100			1,887,741
Sportsman's Warehouse Holdings, Inc. (a)		10,600			54,908
Tilly's, Inc., Class A		30,800			290,752
Zumiez, Inc. (a)		14,000			443,450
					19,225,697
Technology Hardware, Storage & Peripherals 0.1%
AstroNova, Inc.		2,200			35,574
Avid Technology, Inc. (a)		40,200			248,838
Diebold Nixdorf, Inc. (a)		21,700			243,040
					527,452
Textiles, Apparel & Luxury Goods 1.0%
Crocs, Inc. (a)		6,200			172,112
Deckers Outdoor Corp. (a)		18,800			2,770,368
Delta Apparel, Inc. (a)		3,800			90,250
Fossil Group, Inc. (a)		900			11,259
Rocky Brands, Inc.		47,200			1,568,456
Vera Bradley, Inc. (a)		97,700			986,770
					5,599,215
Thrifts & Mortgage Finance 2.7%
Bridgewater Bancshares, Inc. (a)		24,300			290,142
Dime Community Bancshares, Inc.		86,400			1,849,824
Essent Group, Ltd.		59,200			2,822,064
Federal Agricultural Mortgage Corp., Class C		8,800			718,608
Flagstar Bancorp, Inc.		52,300			1,953,405
FS Bancorp, Inc.		12,800			672,000
Luther Burbank Corp.		73,200			829,356
Merchants Bancorp		12,300			203,442
NMI Holdings, Inc., Class A (a)		78,300			2,056,158
OP Bancorp.		2,700			26,406
Radian Group, Inc.		112,200			2,562,648
Riverview Bancorp, Inc.		8,200			60,516
Sterling Bancorp, Inc.		39,800			388,448
Territorial Bancorp, Inc.		10,800			308,664
					14,741,681
Tobacco 0.7%
Universal Corp.		35,600			1,951,236
Vector Group, Ltd.		169,050			2,013,386
					3,964,622
Trading Companies & Distributors 2.1%
BMC Stock Holdings, Inc. (a)		82,900			2,170,322
Foundation Building Materials, Inc. (a)		95,300			1,476,197
General Finance Corp. (a)		22,500			198,900
GMS, Inc. (a)		68,900			1,978,808
H&E Equipment Services, Inc.		41,400			1,194,804
Herc Holdings, Inc. (a)		43,200			2,009,232
Rush Enterprises, Inc., Class B		4,200			167,706
Titan Machinery, Inc. (a)		90,800			1,302,072
Veritiv Corp. (a)		29,600			535,168
Willis Lease Finance Corp. (a)		3,800			210,444
					11,243,653
Water Utilities 1.0%
American States Water Co.		28,300			2,543,038
Aquaventure Holdings, Ltd. (a)		16,100			312,823
Artesian Resources Corp., Class A		3,300			122,100
California Water Service Group		4,000			211,720
Consolidated Water Co., Ltd.		23,000			379,270
Middlesex Water Co.		7,700			500,192
SJW Corp.		19,400			1,324,826
					5,393,969
Total Common Stocks (Cost $544,200,837)					540,966,724
Exchange-Traded Fund 0.9%
iShares Russell 2000 ETF (b)		32,959			4,988,015
Total Exchange-Traded Fund (Cost $5,132,183)					4,988,015
Short-Term Investments 0.8%
Affiliated Investment Company 0.0% ‡
MainStay U.S. Government Liquidity Fund, 1.81% (c)		9,040			9,040
Unaffiliated Investment Company 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (c)(d)		4,590,769			4,590,769
Total Short-Term Investments (Cost $4,599,809)					4,599,809
Total Investments (Cost $553,932,829)		100.9	%		550,554,548
Other Assets, Less Liabilities		(0.9	)		(5,088,599	)
Net Assets		100.0	%	$	545,465,949

†	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 September 30, 2019, the aggregate market value of securities on loan was $14,883,573; the total market value of collateral held by the Portfolio was $15,189,308. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $10,598,539.
(c)	Current yield as of September 30, 2019.
(d)	Represents security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
REIT	—Real Estate Investment Trust

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

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	540,966,724	$	—	$	—	$	540,966,724
Exchange-Traded Fund		4,988,015		—		—		4,988,015
Short-Term Investments
Affiliated Investment Company		9,040		—		—		9,040
Unaffiliated Investment Company		4,590,769		—		—		4,590,769
Total Short-Term Investments		4,599,809		—		—		4,599,809
Total Investments in Securities	$	550,554,548	$	—	$	—	$	550,554,548

(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.

MainStay VP MacKay Unconstrained Bond Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 94.7% †
Asset-Backed Securities 5.9%
Auto Floor Plan Asset-Backed Securities 0.9%
Ford Credit Floorplan Master Owner Trust Series 2018-4, Class A 4.06%, due 11/15/30	$	4,530,000	$	5,011,358
Navistar Financial Dealer Note Master Owner Trust II Series 2018-1, Class A 2.775% (1 Month LIBOR + 0.63%), due 9/25/23 (a)(b)		4,085,000		4,090,033
				9,101,391
Automobile Asset-Backed Securities 1.1%
Santander Retail Auto Lease Trust Series 2019-B, Class A3 2.30%, due 1/20/23 (a)		2,325,000		2,338,498
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		3,400,000		3,475,209
Volkswagen Auto Loan Enhanced Trust Series 2018-1, Class A4 3.15%, due 7/22/24		3,290,000		3,365,897
World Omni Auto Receivables Trust Series 2019-A, Class A3 3.04%, due 5/15/24		2,430,000		2,484,102
				11,663,706
Credit Cards 1.8%
American Express Credit Account Master Trust
Series 2018-9, Class A 2.575% (1 Month LIBOR + 0.38%), due 4/15/26 (b)		1,970,000		1,969,019
Series 2019-1, Class A 2.87%, due 10/15/24		2,135,000		2,187,422
Capital One Multi-Asset Execution Trust
Series 2019-A3, Class A3 2.06%, due 8/15/28		4,310,000		4,284,326
Series 2019-A1, Class A1 2.84%, due 12/15/24		3,445,000		3,523,044
Citibank Credit Card Issuance Trust Series 2018-A2, Class A2 2.502% (1 Month LIBOR + 0.33%), due 1/20/25 (b)		4,945,000		4,951,488
Discover Card Execution Note Trust Series 2019-A1, Class A1 3.04%, due 7/15/24		2,505,000		2,570,653
				19,485,952
Home Equity 0.0% ‡
First NLC Trust Series 2007-1, Class A1 2.215% (1 Month LIBOR + 0.07%), due 8/25/37 (a)(b)		71,043		44,613
MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A1 2.195% (1 Month LIBOR + 0.05%), due 11/25/36 (b)		18,893		8,646
Morgan Stanley ABS Capital I Trust Series 2007-HE4, Class A2A 2.255% (1 Month LIBOR + 0.11%), due 2/25/37 (b)		19,135		8,591
				61,850
Other Asset-Backed Securities 2.1%
CNH Equipment Trust Series 2019-B, Class A4 2.64%, due 5/15/26		4,405,000		4,505,025
Daimler Trucks Retail Trust Series 2019-1, Class A3 2.77%, due 8/15/22 (a)		3,140,000		3,173,925
Dell Equipment Finance Trust Series 2018-2, Class A3 3.37%, due 10/22/23 (a)		4,080,000		4,147,331
Hilton Grand Vacations Trust Series 2019-AA, Class A 2.34%, due 7/25/33 (a)		3,129,017		3,125,279
John Deere Owner Trust Series 2019-B, Class A3 2.21%, due 12/15/23		4,400,000		4,428,967
JPMorgan Mortgage Acquisition Trust Series 2007-HE1, Class AF1 2.245% (1 Month LIBOR + 0.10%), due 3/25/47 (b)		25,126		17,848
Verizon Owner Trust Series 2019-A, Class A1A 2.93%, due 9/20/23		2,950,000		3,003,302
				22,401,677
Student Loans 0.0% ‡
KeyCorp Student Loan Trust Series 2000-A, Class A2 2.841% (3 Month LIBOR + 0.32%), due 5/25/29 (b)		49,675		49,448
Total Asset-Backed Securities (Cost $61,709,199)				62,764,024
Convertible Bonds 0.0%‡
Health Care - Products 0.0% ‡
Danaher Corp. (zero coupon), due 1/22/21		1,000		5,513
Total Convertible Bonds (Cost $1,571)				5,513
Corporate Bonds 63.2%
Advertising 0.1%
Lamar Media Corp. 5.00%, due 5/1/23		900,000		916,875
Aerospace & Defense 0.3%
L3Harris Technologies, Inc. 4.40%, due 6/15/28		3,270,000		3,673,655
Agriculture 0.8%
Altria Group, Inc. 3.80%, due 2/14/24 (c)		3,400,000		3,554,240
Bunge, Ltd. Finance Corp. 3.50%, due 11/24/20		4,435,000		4,482,984
				8,037,224
Airlines 1.4%
American Airlines Pass-Through Trust
Series 2015-2, Class AA, Pass Through Trust 3.60%, due 3/22/29		834,235		874,695
Series 2015-2, Class A 4.00%, due 3/22/29		417,119		442,147
Continental Airlines, Inc.
Series 2007-1, Class A 5.983%, due 10/19/23		556,524		587,300
Series 2005-ERJ1 9.798%, due 10/1/22		107,251		111,092
Delta Air Lines, Inc. Series 2019-1, Class AA 3.204%, due 10/25/25		3,695,000		3,860,174
Northwest Airlines, Inc. Series 2007-1, Class A 7.027%, due 5/1/21		4,193,840		4,208,519
U.S. Airways Group, Inc.
Series 2012-1, Class A 5.90%, due 4/1/26		1,164,204		1,295,992
Series 2010-1, Class A 6.25%, due 10/22/24		797,819		867,549
United Airlines, Inc.
Series 2014-2, Class B 4.625%, due 3/3/24		1,096,597		1,130,262
Series 2007-1, Pass Through Trust 6.636%, due 1/2/24		1,683,670		1,779,975
				15,157,705
Auto Manufacturers 1.6%
Daimler Finance North America LLC 2.837% (3 Month LIBOR + 0.55%), due 5/4/21 (a)(b)		2,335,000		2,333,718
Ford Motor Credit Co. LLC
2.681%, due 1/9/20 (c)		5,675,000		5,674,587
3.393% (3 Month LIBOR + 1.235%), due 2/15/23 (b)		1,230,000		1,192,584
4.25%, due 9/20/22		900,000		921,434
General Motors Financial Co., Inc. 3.45%, due 4/10/22		4,000,000		4,069,147
Volkswagen Group of America Finance LLC 3.875%, due 11/13/20 (a)		3,100,000		3,150,519
				17,341,989
Auto Parts & Equipment 0.4%
LKQ European Holdings B.V. 3.625%, due 4/1/26 (a)	EUR	2,835,000		3,237,229
ZF North America Capital, Inc. 4.00%, due 4/29/20 (a)	$	740,000		744,818
				3,982,047
Banks 13.0%
Bank of America Corp.
3.004%, due 12/20/23 (c)(d)		6,566,000		6,705,643
3.499%, due 5/17/22 (d)		6,150,000		6,272,009
3.50%, due 4/19/26 (c)		6,165,000		6,545,226
3.705%, due 4/24/28 (d)		1,695,000		1,802,767
5.526% (3 Month LIBOR + 3.387%), due 10/28/19 (b)(e)		276,000		276,359
6.30%, due 3/10/26 (d)(e)		1,810,000		2,036,250
8.57%, due 11/15/24		455,000		574,308
Bank of New York Mellon Corp. 2.661%, due 5/16/23 (d)		3,715,000		3,763,283
Barclays Bank PLC
5.14%, due 10/14/20		4,249,000		4,344,921
Series Reg S 10.00%, due 5/21/21	GBP	401,000		557,215
Barclays PLC 5.20%, due 5/12/26	$	1,725,000		1,832,440
Branch Banking & Trust Co. 2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (c)		2,700,000		2,682,257
Capital One Financial Corp. 5.55%, due 6/1/20 (c)(d)(e)		2,365,000		2,392,197
Citibank N.A. 3.165%, due 2/19/22 (d)		4,200,000		4,255,223
Citigroup, Inc.
2.35%, due 8/2/21		4,801,000		4,820,944
3.349% (3 Month LIBOR + 1.25%), due 7/1/26 (b)		10,035,000		10,182,845
5.50%, due 9/13/25 (c)		2,710,000		3,072,277
6.30%, due 5/15/24 (d)(e)		4,290,000		4,557,353
Citizens Bank N.A. 2.55%, due 5/13/21		1,145,000		1,152,855
Citizens Financial Group, Inc.
4.15%, due 9/28/22 (a)		1,450,000		1,504,635
4.30%, due 12/3/25		2,550,000		2,726,595
Discover Bank
7.00%, due 4/15/20		1,005,000		1,029,794
8.70%, due 11/18/19		420,000		423,248
Goldman Sachs Group, Inc.
2.30%, due 12/13/19		2,100,000		2,100,221
2.876%, due 10/31/22 (d)		2,300,000		2,326,247
3.328% (3 Month LIBOR + 1.17%), due 5/15/26 (b)		3,075,000		3,090,801
3.625%, due 1/22/23		2,813,000		2,925,453
5.25%, due 7/27/21		1,900,000		2,002,359
6.75%, due 10/1/37		1,828,000		2,467,588
Huntington Bancshares, Inc. 3.15%, due 3/14/21 (c)		3,910,000		3,962,618
Huntington National Bank 3.55%, due 10/6/23		1,445,000		1,514,378
JPMorgan Chase & Co. 3.54%, due 5/1/28 (d)		6,265,000		6,606,213
Lloyds Banking Group PLC
2.907%, due 11/7/23 (d)		1,160,000		1,162,241
4.582%, due 12/10/25		2,500,000		2,625,566
Morgan Stanley
3.625%, due 1/20/27		80,000		84,707
3.875%, due 4/29/24		6,015,000		6,398,936
3.875%, due 1/27/26 (c)		400,000		429,353
4.875%, due 11/1/22		1,931,000		2,070,900
5.00%, due 11/24/25		3,840,000		4,303,064
5.913% (3 Month LIBOR + 3.61%), due 1/15/20 (b)(e)		2,125,000		2,142,425
PNC Bank N.A. 2.45%, due 11/5/20		2,740,000		2,752,303
Royal Bank of Scotland Group PLC
6.00%, due 12/19/23		205,000		225,073
6.125%, due 12/15/22		970,000		1,049,599
Santander Holdings USA, Inc. 3.40%, due 1/18/23		5,055,000		5,172,751
Santander UK PLC 2.125%, due 11/3/20		3,000,000		2,997,076
Wells Fargo & Co.
3.00%, due 10/23/26		1,640,000		1,684,261
5.875%, due 6/15/25 (d)(e)		595,000		655,809
5.90%, due 6/15/24 (d)(e)		3,270,000		3,477,351
				137,737,937
Beverages 0.9%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, due 1/23/25		915,000		999,359
4.75%, due 1/23/29		1,833,000		2,130,425
Constellation Brands, Inc. 4.25%, due 5/1/23		2,985,000		3,191,147
Molson Coors Brewing Co. 2.10%, due 7/15/21		3,129,000		3,128,866
				9,449,797
Biotechnology 0.3%
Biogen, Inc. 3.625%, due 9/15/22		3,560,000		3,701,412
Building Materials 0.5%
Masco Corp. 7.125%, due 3/15/20		142,000		144,813
Standard Industries, Inc. (a)
4.75%, due 1/15/28		970,000		1,002,650
5.375%, due 11/15/24		3,680,000		3,790,400
				4,937,863
Chemicals 1.3%
Air Liquide Finance S.A. 1.75%, due 9/27/21 (a)		1,895,000		1,883,181
Ashland LLC 4.75%, due 8/15/22		2,525,000		2,644,937
Braskem Netherlands Finance B.V. (a)
3.50%, due 1/10/23		1,150,000		1,147,412
4.50%, due 1/10/28		1,015,000		1,016,269
Eastman Chemical Co. 2.70%, due 1/15/20		1,536,000		1,537,253
Orbia Advance Corp. S.A.B. de C.V. 4.00%, due 10/4/27 (a)		2,200,000		2,227,522
W.R. Grace & Co. 5.125%, due 10/1/21 (a)		2,915,000		3,028,248
				13,484,822
Commercial Services 1.4%
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		2,435,000		2,532,400
IHS Markit, Ltd.
4.125%, due 8/1/23		2,175,000		2,288,753
4.75%, due 2/15/25 (a)		3,105,000		3,368,925
PayPal Holdings, Inc. 2.40%, due 10/1/24		3,625,000		3,644,653
Service Corp. International 5.375%, due 5/15/24		530,000		546,981
University of Pennsylvania 3.61%, due 2/15/19		2,515,000		2,760,577
				15,142,289
Computers 0.8%
Dell International LLC / EMC Corp. (a)
4.90%, due 10/1/26		3,695,000		3,960,683
6.02%, due 6/15/26		625,000		702,862
Hewlett Packard Enterprise Co.
3.60%, due 10/15/20		2,000,000		2,025,755
4.40%, due 10/15/22		1,560,000		1,652,497
				8,341,797
Distribution & Wholesale 0.4%
H&E Equipment Services, Inc. 5.625%, due 9/1/25		3,000,000		3,088,200
KAR Auction Services, Inc. 2019 Term Loan B6 4.313% (1 Month LIBOR + 2.25%), due 9/19/26		412,787		414,851
Performance Food Group, Inc. 5.50%, due 10/15/27 (a)		975,000		1,026,187
				4,529,238
Diversified Financial Services 2.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.45%, due 12/16/21		2,200,000		2,287,520
4.625%, due 10/30/20		3,585,000		3,669,893
Air Lease Corp.
2.125%, due 1/15/20		2,215,000		2,213,873
2.625%, due 7/1/22		2,155,000		2,163,779
2.75%, due 1/15/23		1,040,000		1,052,058
Ally Financial, Inc.
3.75%, due 11/18/19		1,395,000		1,396,256
5.75%, due 11/20/25		3,570,000		3,998,471
8.00%, due 11/1/31		3,450,000		4,769,625
Discover Financial Services 3.85%, due 11/21/22		300,000		313,035
Protective Life Global Funding 2.161%, due 9/25/20 (a)		3,420,000		3,423,773
Springleaf Finance Corp. 6.125%, due 3/15/24		880,000		947,100
Synchrony Financial 4.50%, due 7/23/25		1,810,000		1,931,609
				28,166,992
Electric 3.3%
AEP Transmission Co. LLC 3.10%, due 12/1/26 (c)		3,360,000		3,513,168
Appalachian Power Co. 3.30%, due 6/1/27		1,400,000		1,463,757
Baltimore Gas & Electric Co. 2.40%, due 8/15/26		3,260,000		3,259,756
Berkshire Hathaway Energy Co. 2.375%, due 1/15/21		1,700,000		1,708,218
CMS Energy Corp.
3.875%, due 3/1/24 (c)		1,705,000		1,797,057
5.05%, due 3/15/22		1,350,000		1,429,175
Consolidated Edison, Inc. 2.00%, due 3/15/20		2,090,000		2,088,857
Duke Energy Corp. 4.875% (5 Year Treasury Constant Maturity Rate + 3.388%), due 9/16/24 (c)(e)		2,625,000		2,690,625
Duquesne Light Holdings, Inc. (a)
5.90%, due 12/1/21		1,494,000		1,588,493
6.40%, due 9/15/20		3,435,000		3,555,510
Entergy Arkansas LLC 3.50%, due 4/1/26		960,000		1,021,294
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		1,675,000		1,807,010
Florida Power & Light Co. 2.75%, due 6/1/23		2,155,000		2,211,312
Public Service Electric & Gas Co. 3.00%, due 5/15/27		2,635,000		2,743,789
Puget Energy, Inc. 5.625%, due 7/15/22		585,000		625,705
WEC Energy Group, Inc.
3.10%, due 3/8/22		2,165,000		2,213,428
4.271% (3 Month LIBOR + 2.113%), due 5/15/67 (b)		1,860,340		1,565,011
				35,282,165
Electronics 0.1%
Honeywell International, Inc. 1.40%, due 10/30/19		990,000		989,460
Entertainment 0.8%
Eldorado Resorts, Inc.
6.00%, due 4/1/25		3,417,000		3,604,935
7.00%, due 8/1/23		2,395,000		2,502,775
International Game Technology PLC 6.25%, due 2/15/22 (a)		2,595,000		2,738,419
				8,846,129
Environmental Controls 0.6%
Republic Services, Inc. 4.75%, due 5/15/23		3,665,000		3,969,619
Waste Management, Inc.
2.40%, due 5/15/23		505,000		510,632
4.60%, due 3/1/21		1,800,000		1,852,356
				6,332,607
Food 1.6%
JBS Investments II GmbH 7.00%, due 1/15/26 (a)		1,775,000		1,915,207
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc. 5.50%, due 1/15/30 (a)		1,435,000		1,521,071
Kerry Group Financial Services Unlimited Co. 3.20%, due 4/9/23 (a)		2,151,000		2,183,466
Mondelez International Holdings Netherlands B.V. 2.125%, due 9/19/22 (a)		3,500,000		3,490,472
Smithfield Foods, Inc. (a)
2.70%, due 1/31/20		4,725,000		4,722,204
3.35%, due 2/1/22		1,805,000		1,810,382
Sysco Corp. 3.30%, due 7/15/26		1,735,000		1,807,355
				17,450,157
Forest Products & Paper 0.6%
Georgia-Pacific LLC
5.40%, due 11/1/20 (a)		4,000,000		4,137,669
8.00%, due 1/15/24		2,180,000		2,683,848
				6,821,517
Health Care - Products 1.4%
Abbott Laboratories 3.40%, due 11/30/23 (c)		3,540,000		3,712,608
Baxter International, Inc. 2.60%, due 8/15/26		6,085,000		6,140,070
Becton Dickinson & Co.
2.675%, due 12/15/19		1,220,000		1,220,296
3.363%, due 6/6/24		2,245,000		2,341,733
Stryker Corp. 2.625%, due 3/15/21		1,500,000		1,511,113
				14,925,820
Home Builders 1.0%
D.R. Horton, Inc. 4.375%, due 9/15/22		3,350,000		3,511,894
KB Home 8.00%, due 3/15/20		1,925,000		1,971,585
Lennar Corp. 4.50%, due 11/15/19		1,300,000		1,300,000
MDC Holdings, Inc. 5.625%, due 2/1/20		1,072,000		1,081,380
Toll Brothers Finance Corp. 5.875%, due 2/15/22		2,475,000		2,632,781
				10,497,640
Home Furnishing 0.3%
Panasonic Corp. 2.536%, due 7/19/22 (a)		3,500,000		3,521,202
Housewares 0.2%
Scotts Miracle-Gro Co. 5.25%, due 12/15/26		1,960,000		2,058,000
Insurance 2.7%
Liberty Mutual Group, Inc. 4.25%, due 6/15/23 (a)		2,695,000		2,857,534
Lincoln National Corp. 4.481% (3 Month LIBOR + 2.358%), due 5/17/66 (b)		6,418,000		5,200,570
MassMutual Global Funding II (a)
2.50%, due 10/17/22		3,670,000		3,713,048
2.95%, due 1/11/25		2,995,000		3,095,506
Metropolitan Life Global Funding I 3.45%, due 10/9/21 (a)		2,610,000		2,681,544
Pricoa Global Funding I 2.55%, due 11/24/20 (a)		2,025,000		2,036,888
Principal Life Global Funding II 2.375%, due 11/21/21 (a)		5,550,000		5,567,069
Protective Life Corp. 8.45%, due 10/15/39		1,564,000		2,482,659
Prudential Financial, Inc. 5.625%, due 6/15/43 (d)		1,245,000		1,338,263
				28,973,081
Internet 2.4%
Booking Holdings, Inc. 3.60%, due 6/1/26		2,875,000		3,073,958
Expedia Group, Inc.
3.25%, due 2/15/30 (a)		2,315,000		2,308,398
3.80%, due 2/15/28		2,245,000		2,349,558
5.00%, due 2/15/26		315,000		353,862
GrubHub Holdings, Inc. 5.50%, due 7/1/27 (a)		1,985,000		2,025,296
Match Group, Inc. 5.00%, due 12/15/27 (a)		1,775,000		1,841,563
Tencent Holdings, Ltd. 3.80%, due 2/11/25 (a)		5,450,000		5,740,902
VeriSign, Inc. 4.625%, due 5/1/23		3,670,000		3,730,555
Weibo Corp. 3.50%, due 7/5/24		1,625,000		1,650,754
Zayo Group LLC / Zayo Capital, Inc. 5.75%, due 1/15/27 (a)		2,090,000		2,136,607
				25,211,453
Iron & Steel 0.9%
AK Steel Corp. 7.625%, due 10/1/21 (c)		2,860,000		2,817,100
ArcelorMittal 4.55%, due 3/11/26		3,205,000		3,353,402
Vale Overseas, Ltd. 6.25%, due 8/10/26		2,780,000		3,203,950
				9,374,452
Leisure Time 0.3%
NCL Corp., Ltd. 4.75%, due 12/15/21 (a)		807,000		820,800
Royal Caribbean Cruises, Ltd. 2.65%, due 11/28/20		2,630,000		2,640,607
				3,461,407
Lodging 0.7%
Boyd Gaming Corp. 6.375%, due 4/1/26		1,000		1,060
Marriott International, Inc. 3.75%, due 10/1/25		4,205,000		4,422,827
MGM Resorts International
6.00%, due 3/15/23		2,300,000		2,533,910
6.625%, due 12/15/21		475,000		514,591
				7,472,388
Machinery - Diversified 0.8%
CNH Industrial Capital LLC
4.375%, due 4/5/22		3,550,000		3,686,391
4.875%, due 4/1/21		4,355,000		4,508,209
				8,194,600
Media 2.3%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, due 7/23/22 (c)		2,770,000		2,916,314
Diamond Sports Group LLC / Diamond Sports Finance Co. 6.625%, due 8/15/27 (a)(f)		3,413,000		3,540,988
Grupo Televisa S.A.B. 5.25%, due 5/24/49		1,735,000		1,897,504
Sirius XM Radio, Inc. (a)
3.875%, due 8/1/22		2,545,000		2,583,970
5.375%, due 7/15/26		3,000,000		3,149,580
Sky, Ltd. 3.75%, due 9/16/24 (a)		1,105,000		1,182,460
Time Warner Entertainment Co., L.P. 8.375%, due 3/15/23		740,000		876,123
UPCB Finance IV, Ltd. 5.375%, due 1/15/25 (a)		5,335,000		5,481,712
Virgin Media Secured Finance PLC 5.25%, due 1/15/26 (a)		2,785,000		2,854,256
				24,482,907
Mining 0.5%
Anglo American Capital PLC 4.125%, due 4/15/21 (a)		3,300,000		3,366,330
Corp. Nacional del Cobre de Chile 3.00%, due 9/30/29 (a)		2,055,000		2,047,253
				5,413,583
Miscellaneous - Manufacturing 0.5%
Siemens Financieringsmaatschappij N.V. 2.70%, due 3/16/22 (a)		2,485,000		2,524,787
Textron Financial Corp. 3.893% (3 Month LIBOR + 1.735%), due 2/15/67 (a)(b)		3,720,000		2,813,325
				5,338,112
Oil & Gas 2.8%
Concho Resources, Inc. 4.30%, due 8/15/28		2,900,000		3,123,380
Gazprom Via Gaz Capital S.A. 7.288%, due 8/16/37 (a)		2,500,000		3,310,950
Marathon Petroleum Corp. 5.125%, due 12/15/26		5,755,000		6,468,679
Murphy Oil USA, Inc. 6.00%, due 8/15/23 (c)		4,348,000		4,438,439
Occidental Petroleum Corp. (zero coupon), due 10/10/36		6,555,000		3,237,383
Petrobras Global Finance B.V. 7.375%, due 1/17/27		1,464,000		1,768,234
Petroleos Mexicanos 6.75%, due 9/21/47		4,990,000		4,789,402
Valero Energy Corp. 4.00%, due 4/1/29		2,250,000		2,392,882
				29,529,349
Packaging & Containers 1.2%
Ball Corp. 5.00%, due 3/15/22		4,240,000		4,462,600
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, due 7/15/23 (a)		4,215,000		4,315,106
Sealed Air Corp. 4.875%, due 12/1/22 (a)		1,875,000		1,968,750
WestRock RKT Co. 4.00%, due 3/1/23		2,230,000		2,340,249
				13,086,705
Pharmaceuticals 1.9%
Allergan Funding SCS 3.45%, due 3/15/22		4,165,000		4,268,213
Bausch Health Cos., Inc. 5.50%, due 11/1/25 (a)		4,590,000		4,802,746
Bristol-Myers Squibb Co. 3.40%, due 7/26/29 (a)		3,280,000		3,503,439
Eli Lilly & Co. 2.35%, due 5/15/22		1,700,000		1,721,119
Syneos Health, Inc. / inVentiv Health, Inc. / inVentiv Health Clinical, Inc. 7.50%, due 10/1/24 (a)		3,095,000		3,203,325
Zoetis, Inc.
2.576% (3 Month LIBOR + 0.44%), due 8/20/21 (b)		1,655,000		1,651,652
3.25%, due 8/20/21 (c)		1,045,000		1,063,353
				20,213,847
Pipelines 0.9%
Enterprise Products Operating LLC
3.125%, due 7/31/29		2,345,000		2,401,275
4.20%, due 1/31/50		545,000		582,854
MPLX, L.P.
4.00%, due 3/15/28		2,500,000		2,606,435
4.125%, due 3/1/27		1,780,000		1,877,150
Spectra Energy Partners, L.P. 4.75%, due 3/15/24		818,000		891,108
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp. 5.25%, due 5/1/23		950,000		958,313
				9,317,135
Private Equity 0.2%
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp. 6.25%, due 5/15/26 (a)		2,440,000		2,558,950
Real Estate 0.1%
Realogy Group LLC / Realogy Co-Issuer Corp. 5.25%, due 12/1/21 (a)		640,000		636,800
Real Estate Investment Trusts 2.1%
American Tower Corp. 3.00%, due 6/15/23		5,000,000		5,114,651
Boston Properties, L.P. 3.20%, due 1/15/25		4,800,000		4,978,765
Crown Castle International Corp. 3.40%, due 2/15/21		1,255,000		1,272,209
Equinix, Inc.
5.75%, due 1/1/25		2,000,000		2,082,600
5.875%, due 1/15/26		2,275,000		2,420,395
ESH Hospitality, Inc. 5.25%, due 5/1/25 (a)		5,145,000		5,319,930
Host Hotels & Resorts, L.P. 3.75%, due 10/15/23		329,000		342,311
Iron Mountain, Inc. 6.00%, due 8/15/23		340,000		348,024
				21,878,885
Retail 1.3%
Alimentation Couche-Tard, Inc. (a)
2.35%, due 12/13/19		3,035,000		3,035,364
2.70%, due 7/26/22		1,650,000		1,661,043
Darden Restaurants, Inc. 3.85%, due 5/1/27		2,025,000		2,139,785
Dollar General Corp. 3.25%, due 4/15/23 (c)		4,115,000		4,251,060
Starbucks Corp. 4.45%, due 8/15/49		2,065,000		2,392,632
				13,479,884
Savings & Loans 0.3%
Nationwide Building Society 3.96%, due 7/18/30 (a)(d)		2,555,000		2,668,299
Semiconductors 0.7%
Broadcom, Inc. 3.625%, due 10/15/24 (a)		2,470,000		2,511,357
NXP B.V. / NXP Funding LLC (a)
4.625%, due 6/15/22		1,755,000		1,836,922
4.625%, due 6/1/23		1,065,000		1,133,651
ON Semiconductor Corp. 2019 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 9/19/26		1,886,148		1,892,959
				7,374,889
Software 1.0%
Fiserv, Inc.
2.75%, due 7/1/24		1,135,000		1,154,722
3.20%, due 7/1/26 (c)		720,000		745,125
Microsoft Corp. 3.30%, due 2/6/27		2,055,000		2,216,893
MSCI, Inc. 5.75%, due 8/15/25 (a)		4,005,000		4,200,244
PTC, Inc. 6.00%, due 5/15/24 (c)		2,569,000		2,691,027
				11,008,011
Special Purpose Entity 0.3%
CK Hutchison International (17) II, Ltd. 3.25%, due 9/29/27 (a)		3,260,000		3,363,668
Telecommunications 3.1%
AT&T, Inc.
3.20%, due 3/1/22 (f)		4,275,000		4,379,263
3.312% (3 Month LIBOR + 1.18%), due 6/12/24 (b)(c)		2,890,000		2,942,887
CommScope Technologies LLC 5.00%, due 3/15/27 (a)		1,600,000		1,320,000
CommScope, Inc. 5.00%, due 6/15/21 (a)		1,082,000		1,082,325
Crown Castle Towers LLC (a)
3.72%, due 7/15/43		1,550,000		1,598,585
4.241%, due 7/15/48		3,755,000		4,130,839
Hughes Satellite Systems Corp. 5.25%, due 8/1/26		540,000		577,800
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, due 9/20/29 (a)		4,750,000		5,049,297
T-Mobile USA, Inc.
4.50%, due 2/1/26		2,245,000		2,310,778
6.00%, due 3/1/23		1,200,000		1,222,428
6.50%, due 1/15/26		1,235,000		1,327,860
Telefonica Emisiones SAU
4.57%, due 4/27/23		1,781,000		1,919,646
5.462%, due 2/16/21		279,000		291,244
Verizon Communications, Inc.
3.258% (3 Month LIBOR + 1.10%), due 5/15/25 (b)		2,455,000		2,492,945
5.15%, due 9/15/23		1,722,000		1,926,701
				32,572,598
Transportation 0.5%
United Parcel Service, Inc. 2.50%, due 4/1/23 (c)		4,965,000		5,031,869
Total Corporate Bonds (Cost $654,283,484)				671,969,211
Loan Assignments 6.5% (b)
Advertising 0.7%
Outfront Media Capital LLC 2017 Term Loan B 4.042% (1 Month LIBOR + 2.00%), due 3/18/24		4,962,313		4,985,577
Syneos Health, Inc. 2018 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 8/1/24		2,765,597		2,760,411
				7,745,988
Chemicals, Plastics & Rubber 0.4%
Axalta Coating Systems U.S. Holdings, Inc. Term Loan B3 3.854% (3 Month LIBOR + 1.75%), due 6/1/24		4,309,939		4,309,939
Commercial Services 0.0% ‡
ServiceMaster Co. 2016 Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 11/8/23		460,299		462,601
Environmental Controls 0.4%
GFL Environmental, Inc. 2018 Term Loan B 5.044% (1 Month LIBOR + 3.00%), due 5/30/25		3,901,705		3,863,664
Food 0.1%
Post Holdings, Inc. 2017 Series A Incremental Term Loan 4.04% (1 Month LIBOR + 2.00%), due 5/24/24		1,577,352		1,580,310
Food - Wholesale 0.5%
U.S. Foods, Inc. 2016 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 6/27/23		5,103,563		5,117,383
Hand & Machine Tools 0.3%
Milacron LLC Amended Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 9/28/23		2,910,586		2,906,948
Health Care - Services 0.0% ‡
MPH Acquisition Holdings LLC 2016 Term Loan B 4.854% (3 Month LIBOR + 2.75%), due 6/7/23		457,507		434,632
Household Products & Wares 0.2%
Prestige Brands, Inc. Term Loan B4 4.044% (1 Month LIBOR + 2.00%), due 1/26/24		2,385,799		2,387,588
Internet 0.2%
Match Group, Inc. 2017 Term Loan B 4.659% (2 Month LIBOR + 2.50%), due 11/16/22		1,859,375		1,864,023
Leisure Time 0.3%
Bombardier Recreational Products, Inc. 2016 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 5/23/25		3,044,250		3,037,909
Lodging 0.5%
Boyd Gaming Corp. Term Loan B3 4.166% (1 Week LIBOR + 2.25%), due 9/15/23		435,161		436,249
Hilton Worldwide Finance LLC 2019 Term Loan B2 3.768% (1 Month LIBOR + 1.75%), due 6/22/26		4,271,113		4,296,027
MGM Growth Properties Operating Partnership, L.P. 2016 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 3/21/25		965,000		966,206
				5,698,482
Media 0.3%
Nielsen Finance LLC Term Loan B4 4.042% (1 Month LIBOR + 2.00%), due 10/4/23		2,932,500		2,930,406
Software 0.4%
IQVIA, Inc. 2018 USD Term Loan B3 3.854% (3 Month LIBOR + 1.75%), due 6/11/25		3,801,875		3,805,441
Support Services 1.0%
Advanced Disposal Services, Inc. Term Loan B3 4.197% (1 Week LIBOR + 2.25%), due 11/10/23		5,552,859		5,563,548
Change Healthcare Holdings, Inc. 2017 Term Loan B 4.544% (1 Month LIBOR + 2.50%), due 3/1/24		4,792,284		4,766,076
				10,329,624
Telecommunications 1.0%
Level 3 Financing, Inc. 2017 Term Loan B 4.294% (1 Month LIBOR + 2.25%), due 2/22/24		5,875,000		5,882,344
SBA Senior Finance II LLC 2018 Term Loan B 4.05% (1 Month LIBOR + 2.00%), due 4/11/25		4,223,576		4,223,576
				10,105,920
Transportation 0.2%
XPO Logistics, Inc. 2018 Term Loan B 4.044% (1 Month LIBOR + 2.00%), due 2/24/25		2,477,254		2,487,232
Total Loan Assignments (Cost $68,999,112)				69,068,090
Mortgage-Backed Securities 10.7%
Agency (Collateralized Mortgage Obligations) 2.6%
Federal Home Loan Mortgage Corporation
REMIC, Series 4908, Class BD 3.00%, due 4/25/49		2,690,000		2,777,570
REMIC, Series 4911, Class MB 3.00%, due 9/25/49		5,005,000		5,128,558
REMIC Series 4888, Class BA 3.50%, due 9/15/48		2,193,577		2,294,226
Federal National Mortgage Association
REMIC, Series 2019-39, Class LA 3.00%, due 2/25/49		3,313,367		3,398,097
Series 2019-25, Class PA 3.00%, due 5/25/48		2,679,299		2,753,663
Government National Mortgage Association
Series 2014-91, Class MA 3.00%, due 1/16/40		3,016,872		3,130,308
Series 2019-29, Class CB 3.00%, due 10/20/48		2,215,170		2,266,998
Series 2019-43, Class PL 3.00%, due 4/20/49		2,581,036		2,644,132
Series 2019-74, Class AT 3.00%, due 6/20/49		3,532,711		3,623,744
				28,017,296
Agency Collateral PAC CMO 0.6%
Federal National Mortgage Association REMIC, Series 2019-58, Class LP 3.00%, due 10/25/49		5,775,000		5,897,143
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 6.4%
Bank
Series 2019-BN21, Class A5 2.851%, due 10/17/52 (g)		6,315,000		6,504,292
Series 2019-BN19, Class A2 2.926%, due 8/15/61		4,035,000		4,194,946
Benchmark Mortgage Trust Series 2019-B12, Class A5 3.116%, due 8/15/52		3,752,000		3,952,424
BX Commercial Mortgage Trust Series 2018-IND, Class A 2.778% (1 Month LIBOR + 0.75%), due 11/15/35 (a)(b)		2,929,089		2,929,086
FREMF Mortgage Trust (a)(h)
Series 2013-K33, Class B 3.614%, due 8/25/46		3,090,000		3,223,390
Series 2013-K30, Class B 3.669%, due 6/25/45		4,220,000		4,402,881
Series 2013-K35, Class B 4.074%, due 12/25/46		2,375,000		2,519,341
Series 2012-K17, Class B 4.478%, due 12/25/44		2,510,000		2,620,103
GS Mortgage Securities Trust
Series 2019-GC42, Class A4 3.001%, due 9/1/52		1,490,000		1,553,280
Series 2019-GC40, Class A4 3.16%, due 7/10/52		2,699,000		2,849,162
Series 2019-BOCA, Class A 3.228% (1 Month LIBOR + 1.20%), due 6/15/38 (a)(b)		4,660,000		4,662,902
Hawaii Hotel Trust Series 2019-MAUI, Class A 3.178% (1 Month LIBOR + 1.15%), due 5/15/38 (a)(b)		2,480,000		2,482,319
Hudson Yards Mortgage Trust Series 2019-30HY, Class A 3.228%, due 7/10/39 (a)		2,825,000		2,997,511
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2018-AON, Class A 4.128%, due 7/5/31 (a)		3,643,000		3,899,631
Series 2013-C16, Class A4 4.166%, due 12/15/46		2,380,000		2,558,565
JPMBB Commercial Mortgage Securities Trust Series 2015-C28, Class A4 3.227%, due 10/15/48		3,250,000		3,405,986
One Bryant Park Trust Series 2019-OBP, Class A 2.516%, due 9/13/49 (a)		5,155,000		5,180,931
Wells Fargo Commercial Mortgage Trust (a)(h)
Series 2018-1745, Class A 3.874%, due 6/15/36		3,450,000		3,793,560
Series 2018-AUS, Class A 4.194%, due 8/17/36		4,200,000		4,696,638
				68,426,948
Whole Loan (Collateralized Mortgage Obligations) 1.1%
Chase Home Lending Mortgage Trust (a)(i)
Series 2019-ATR2, Class A3 3.50%, due 7/25/49		2,132,845		2,163,671
Series 2019-ATR1, Class A4 4.00%, due 4/25/49		2,925,667		2,952,443
Fannie Mae Connecticut Avenue Securities Series 2016-C06, Class 1M2 6.395% (1 Month LIBOR + 4.25%), due 4/25/29 (b)		1,840,000		1,966,738
Federal Home Loan Mortgage Corporation Series 2019-1, Class A1 3.50%, due 5/25/29		2,371,113		2,490,836
JP Morgan Mortgage Trust Series 2019-1, Class A3 4.00%, due 5/25/49 (a)(i)		1,619,633		1,642,852
				11,216,540
Total Mortgage-Backed Securities (Cost $111,370,260)				113,557,927
U.S. Government & Federal Agencies 8.4%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.2%
4.00%, due 2/1/49		2,457,633		2,557,629
Federal National Mortgage Association (Mortgage Pass-Through Securities) 4.1%
3.00%, due 10/1/48		3,252,671		3,306,994
3.50%, due 9/1/48 TBA (j)		9,376,000		9,616,993
4.00%, due 8/1/48		14,134,528		14,718,139
4.00%, due 2/1/49		5,331,041		5,541,697
4.50%, due 1/1/49		10,095,363		10,688,021
				43,871,844
United States Treasury Inflation - Indexed Notes 4.1% (k)
0.75%, due 7/15/28		12,305,723		12,910,500
0.875%, due 1/15/29		28,688,454		30,425,310
				43,335,810
Total U.S. Government & Federal Agencies (Cost $86,178,862)				89,765,283
Total Long-Term Bonds (Cost $982,542,488)				1,007,130,048

	Shares
Common Stocks 0.0%‡
Software 0.0% ‡
salesforce.com, Inc. (l)	1,267	188,074
Total Common Stocks (Cost $146,797)		188,074
Short-Term Investments 8.1%
Affiliated Investment Company 6.9%
MainStay U.S. Government Liquidity Fund, 1.81% (m)	73,834,781	73,834,781
Total Affiliated Investment Company (Cost $73,834,781)		73,834,781
Unaffiliated Investment Company 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (m)(n)	2,994,390	2,994,390
Total Unaffiliated Investment Company (Cost $2,994,390)		2,994,390

		Principal Amount
U.S. Governments 0.9%
United States Treasury Bills (o)	$	9,100,000			9,089,913
Total U.S. Governments (Cost $9,089,913)					9,089,913
Repurchase Agreement 0.0% ‡
Fixed Income Clearing Corp. 0.25%, dated 9/30/19 due 10/1/19 Proceeds at Maturity $152,889 (Collateralized by a United States Treasury Note with a rate of 2.375% and a maturity date of 9/30/22, with a Principal Amount of $155,000 and Market Value of $156,380)		152,888			152,888
Total Repurchase Agreement (Cost $152,888)					152,888
Total Short-Term Investments (Cost $86,071,972)					86,071,972
Total Investments, Before Investments Sold Short (Cost $1,068,761,257)		102.8	%		1,093,390,094
Investments Sold Short (2.1%)
Corporate Bonds Sold Short (2.1%)
Health Care Providers & Services (0.3%)
Davita, Inc. 5.00%, due 5/1/25		(3,015,000	)		(3,003,151	)
Internet & Direct Marketing Retail (0.8%)
Netflix, Inc. 4.375%, due 11/15/26		(8,495,000	)		(8,605,860	)
Metals & Mining (0.5%)
FMG Resources (August 2006) Pty, Ltd. 5.125%, due 5/15/24 (a)		(5,000,000	)		(5,200,000	)
Semiconductors & Semiconductor Equipment (0.5%)
Amkor Technology, Inc. 6.625%, due 9/15/27 (a)		(5,050,000	)		(5,504,500	)
Total Investments Sold Short (Proceeds $21,579,098)					(22,313,511	)
Total Investments, Net of Investments Sold Short (Cost $1,047,182,159)		100.7	%		1,071,076,583
Other Assets, Less Liabilities		(0.7	)		(7,733,551	)
Net Assets		100.0	%	$	1,063,343,032

†	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 September 30, 2019.
(c)	Security, or a portion thereof, was maintained in a segregated account at the Portfolio's custodian as collateral for securities sold short.
(d)	Fixed to floating rate - Rate shown was the rate in effect as of September 30, 2019.
(e)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(f)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $2,933,327. The Portfolio received cash collateral with a value of $2,994,390.
(g)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of September 30, 2019, the total market value of fair valued security was $6,504,292, which represented 0.6% of the Portfolio's net assets.
(h)	Collateral strip rate - A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of September 30, 2019.
(i)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(j)	TBA - Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of September 30, 2019, the total net market value of these securities was $9,616,993, which represented 0.9% of the Portfolio's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.
(k)	Treasury Inflation Protected Security - Pays a fixed rate of interest on a principal amount that is continuously adjusted for inflation based on the Consumer Price Index-Urban Consumers.
(l)	Non-income producing security.
(m)	Current yield as of September 30, 2019.
(n)	Represents security purchased with cash collateral received for securities on loan.
(o)	Interest rate shown represents yield to maturity.

Foreign Currency Forward Contracts

As of September 30, 2019, the Portfolio held the following foreign currency forward contracts¹:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	3,505,493	EUR	3,102,000	JPMorgan Chase Bank N.A.	11/1/19	$	116,824
USD	1,511,442	GBP	1,208,000	JPMorgan Chase Bank N.A.	11/1/19		24,333
Total unrealized appreciation							141,157

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.

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

Type	Number of Contracts	Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
2-Year United States Treasury Note	255	December 2019	$	55,005,599		$	54,952,500		$	(53,099	)
Euro Bund	19	December 2019		3,653,107			3,608,553			(44,554	)
Total Long Contracts										(97,653	)
Short Contracts
5-Year United States Treasury Note	(657)	December 2019		(78,675,512	)		(78,280,524	)		394,988
10-Year United States Treasury Note	(462)	December 2019		(60,785,584	)		(60,204,375	)		581,209
10-Year United States Treasury Ultra Note	(500)	December 2019		(71,906,953	)		(71,203,125	)		703,828
Euro-BTP	(24)	December 2019		(3,795,345	)		(3,815,001	)		(19,656	)
United States Treasury Long Bond	(5)	December 2019		(824,167	)		(811,563	)		12,604
United States Treasury Ultra Bond	(6)	December 2019		(1,175,423	)		(1,151,437	)		23,986
Total Short Contracts										1,696,959
Net Unrealized Appreciation									$	1,599,306

1.	As of September 30, 2019, cash in the amount of $2,201,758 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 September 30, 2019.

Swap Contracts

As of September 30, 2019, the Portfolio held the following centrally cleared interest rate swap agreements¹:

Notional Amount		Currency	Expiration Date	Payments made by Portfolio	Payments Received by Portfolio	Payment Frequency Paid/Received	Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)
$	330,000,000	USD	11/9/2019	Fixed 1.830%	3-Month USD-LIBOR	Semi-Annually/ Quarterly	$	(1,658	)	$	159,053		$	157,395
	50,000,000	USD	3/16/2023	Fixed 2.793%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		—			(2,114,768	)		(2,114,768	)
	50,000,000	USD	3/29/2023	Fixed 2.762%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		—			(2,087,468	)		(2,087,468	)
							$	(1,658	)	$	(4,043,183	)	$	(4,044,841	)

1. As of September 30,2019 cash in the amount of $ 1,612,715 was on deposit with a broker for centrally cleared swap agreements.

The following abbreviations are used in the preceding pages:

BTP	—Buoni del Tesoro Poliennali (Eurex Exchange index)
EUR	—Euro
GBP	—British Pound Sterling
LIBOR	—London Interbank Offered Rate
REMIC	—Real Estate Mortgage Investment Conduit
USD	—United States Dollar

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	62,764,024		$	—	$	62,764,024
Convertible Bonds		—			5,513			—		5,513
Corporate Bonds		—			671,969,211			—		671,969,211
Loan Assignments		—			69,068,090			—		69,068,090
Mortgage-Backed Securities		—			113,557,927			—		113,557,927
U.S. Government & Federal Agencies		—			89,765,283			—		89,765,283
Total Long-Term Bonds		—			1,007,130,048			—		1,007,130,048
Common Stocks		188,074			—			—		188,074
Short-Term Investments
Affiliated Investment Company		73,834,781			—			—		73,834,781
Unaffiliated Investment Company		2,994,390			—			—		2,994,390
U.S. Governments		—			9,089,913			—		9,089,913
Repurchase Agreement		—			152,888			—		152,888
Total Short-Term Investments		76,829,171			9,242,801			—		86,071,972
Total Investments in Securities		77,017,245			1,016,372,849			—		1,093,390,094
Other Financial Instruments
Foreign Currency Forward Contracts (b)		—			141,157			—		141,157
Futures Contracts (b)		1,716,615			—			—		1,716,615
Interest Rate Swap Contracts (b)		—			157,395			—		157,395
Total Other Financial Instruments		1,716,615			298,552			—		2,015,167
Total Investments in Securities and Other Financial Instruments	$	78,733,860		$	1,016,671,401		$	—	$	1,095,405,261
Liability Valuation Inputs
Long-Term Bonds Sold Short
Corporate Bonds Sold Short	$	—		$	(22,313,511	)	$	—	$	(22,313,511	)
Total Long-Term Bonds Sold Short		—			(22,313,511	)		—		(22,313,511	)
Other Financial Instruments
Futures Contracts (b)		(117,309	)		—			—		(117,309	)
Interest Rate Swap Contracts (b)		—			(4,202,237	)		—		(4,202,237	)
Total Other Financial Instruments		(117,309	)		(4,202,237	)		—		(4,319,546	)
Total Investments in Securities Sold Short and Other Financial Instruments	$	(117,309	)	$	(26,515,748	)	$	—	$	(26,633,057	)

(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.

MainStay VP Mellon Natural Resources Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

	Shares			Value
Common Stocks 97.7% †
Australia 4.6%
Newcrest Mining, Ltd. (Metals & Mining)		464,503		$	10,894,693
Austria 2.1%
OMV A.G. (Oil, Gas & Consumable Fuels)		91,775			4,925,487
Brazil 2.1%
Petroleo Brasileiro S.A., Sponsored ADR (Oil, Gas & Consumable Fuels)		390,156			5,126,650
Canada 9.7%
Barrick Gold Corp. (Metals & Mining)		601,069			10,416,526
Lundin Mining Corp. (Metals & Mining)		779,093			3,663,622
Nutrien, Ltd. (Chemicals) (a)		130,092			6,480,788
Teck Resources, Ltd., Class B (Metals & Mining)		167,557			2,719,450
					23,280,386
Denmark 2.9%
Orsted A/S (Electric Utilities) (b)		24,038			2,233,971
Vestas Wind Systems A/S (Electrical Equipment)		60,241			4,676,846
					6,910,817
France 8.6%
Air Liquide S.A. (Chemicals)		36,517			5,198,104
TOTAL S.A. (Oil, Gas & Consumable Fuels)		295,191			15,406,689
					20,604,793
Italy 0.9%
Saipem S.p.A. (Energy Equipment & Services) (c)		497,163			2,249,898
Norway 2.7%
Yara International ASA (Chemicals)		150,251			6,470,720
Portugal 1.7%
Galp Energia SGPS S.A. (Oil, Gas & Consumable Fuels)		268,339			4,043,483
Republic of Korea 1.3%
S-Oil Corp. (Oil, Gas & Consumable Fuels)		37,031			3,077,274
Russia 2.3%
Gazprom PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		782,146			5,399,936
South Africa 3.8%
Anglo American PLC (Metals & Mining)		396,852			9,130,505
United Kingdom 5.6%
BP PLC (Oil, Gas & Consumable Fuels)		2,103,786			13,342,245
United States 49.4%
Archer-Daniels-Midland Co. (Food Products)		201,046			8,256,959
Ball Corp. (Containers & Packaging)		121,031			8,812,267
Bunge, Ltd. (Food Products)		64,823			3,670,278
Casella Waste Systems, Inc., Class A (Commercial Services & Supplies) (c)		106,631			4,578,735
CF Industries Holdings, Inc. (Chemicals)		184,741			9,089,257
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)		42,092			2,858,047
Covanta Holding Corp. (Commercial Services & Supplies)		213,847			3,697,415
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		37,331			3,356,430
First Solar, Inc. (Semiconductors & Semiconductor Equipment) (c)		82,864			4,806,941
FMC Corp. (Chemicals)		106,724			9,357,560
Freeport-McMoRan, Inc. (Metals & Mining)		879,669			8,418,433
Helmerich & Payne, Inc. (Energy Equipment & Services)		73,754			2,955,323
Hess Corp. (Oil, Gas & Consumable Fuels)		109,487			6,621,774
Itron, Inc. (Electronic Equipment, Instruments & Components) (c)		33,747			2,495,928
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		91,888			5,582,196
Newmont Goldcorp Corp. (Metals & Mining)		205,686			7,799,613
NextEra Energy, Inc. (Electric Utilities)		26,543			6,184,254
Nutrien, Ltd. (Chemicals)		74,306			3,706,383
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		81,351			3,617,679
PBF Energy, Inc., Class A (Oil, Gas & Consumable Fuels)		107,116			2,912,484
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		21,909			2,755,495
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		75,568			6,441,416
					117,974,867
Total Common Stocks (Cost $232,725,700)					233,431,754
Short-Term Investment 2.0%
Affiliated Investment Company 2.0%
United States 2.0%
MainStay U.S. Government Liquidity Fund, 1.81%,  (d)		4,830,949			4,830,949
Total Short-Term Investment (Cost $4,830,949)					4,830,949
Total Investments (Cost $237,556,649)		99.7	%		238,262,703
Other Assets, Less Liabilities		0.3			612,225
Net Assets		100.0	%	$	238,874,928

†	Percentages indicated are based on Portfolio net assets.
(a)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $6,298,223. The Portfolio received non-cash collateral in the form of U.S. Treasury securities with a value of $6,629,022.
(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)	Non-income producing security.
(d)	Current yield as of September 30, 2019.

The following abbreviation is used in the preceding pages:  

ADR —American Depositary Receipt

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

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	233,431,754	$	—	$	—	$	233,431,754
Short-Term Investment
Affiliated Investment Company		4,830,949		—		—		4,830,949
Total Investments in Securities	$	238,262,703	$	—	$	—	$	238,262,703

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

MainStay VP Moderate Allocation Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)  

	Shares			Value
Affiliated Investment Companies 97.8% †
Equity Funds 56.1%
IQ 50 Percent Hedged FTSE International ETF (a)		839,733		$	17,079,917
IQ 500 International ETF		97,024			2,589,959
IQ Chaikin U.S. Large Cap ETF (a)		979,525			24,429,354
IQ Chaikin U.S. Small Cap ETF (a)		536,257			13,529,764
IQ Global Resources ETF (a)		572,454			15,182,568
MainStay Epoch Capital Growth Fund Class I (a)		901,628			11,567,886
MainStay Epoch International Choice Fund Class I (a)		1,122,938			38,617,834
MainStay Epoch U.S. All Cap Fund Class R6 (a)		1,495,285			42,705,347
MainStay MacKay International Opportunities Fund Class I (a)		3,442,002			26,159,216
MainStay MacKay U.S. Equity Opportunities Fund Class I (a)		4,454,366			37,906,652
MainStay MAP Equity Fund Class I (a)		1,234,143			52,636,189
MainStay VP Eagle Small Cap Growth Portfolio Initial Class (a)		1,033,530			14,303,526
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		5,267,935			45,240,422
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a)		2,711,338			45,096,652
MainStay VP Large Cap Growth Portfolio Initial Class (a)		1,969,216			52,167,757
MainStay VP MacKay Common Stock Portfolio Initial Class (a)		955,370			28,067,320
MainStay VP MacKay Growth Portfolio Initial Class (a)		1,384,743			45,613,872
MainStay VP MacKay International Equity Portfolio Initial Class		294,206			4,983,677
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		2,398,542			33,391,418
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		66,251			3,837,510
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		2,446,650			26,052,858
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		4,177,511			56,246,384
Total Equity Funds (Cost $612,866,218)					637,406,082
Fixed Income Funds 41.7%
IQ Enhanced Core Bond U.S. ETF (a)		1,389,331			26,918,288
IQ Enhanced Core Plus Bond U.S. ETF		206,875			4,074,403
IQ S&P High Yield Low Volatility Bond ETF (a)		180,069			4,559,347
MainStay MacKay High Yield Municipal Bond Fund Class I		1,422,331			18,532,976
MainStay MacKay Infrastructure Bond Fund (a)		1,342,655			11,801,938
MainStay MacKay Short Duration High Yield Fund Class I (a)		8,322,308			81,974,729
MainStay MacKay Short Term Municipal Fund Class I		1,792,352			17,242,424
MainStay MacKay Total Return Bond Fund Class R6		111,844			1,219,095
MainStay VP Bond Portfolio Initial Class (a)		5,185,307			77,508,643
MainStay VP Floating Rate Portfolio Initial Class (a)		3,797,123			33,724,129
MainStay VP Indexed Bond Portfolio Initial Class (a)		14,534,965			154,296,341
MainStay VP MacKay Convertible Portfolio Initial Class (a)		1,086,066			15,143,836
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class (a)		1,567,333			15,595,870
MainStay VP PIMCO Real Return Portfolio Initial Class (a)		1,237,349			10,892,019
Total Fixed Income Funds (Cost $458,345,639)					473,484,038
Total Affiliated Investment Companies (Cost $1,071,211,857)					1,110,890,120
Short-Term Investment 2.2%
Affiliated Investment Company 2.2%
MainStay U.S. Government Liquidity Fund, 1.81% (b)		25,552,214			25,552,214
Total Short-Term Investment (Cost $25,552,214)					25,552,214
Total Investments (Cost $1,096,764,071)		100.0	%		1,136,442,334
Other Assets, Less Liabilities		(0.0	)‡		(293,005	)
Net Assets		100.0	%	$	1,136,149,329

‡	Less than one-tenth of a percent.
†	Percentages indicated are based on Portfolio net assets.
(a)	As of September 30, 2019, the Portfolio's ownership exceeded 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class.
(b)	Current yield as of September 30, 2019.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange

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

Description		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments (a)
Affiliated Investment Companies
Equity Funds	$	637,406,082	$	—	$	—	$	637,406,082
Fixed Income Funds		473,484,038		—		—		473,484,038
Short-Term Investment		25,552,214		—		—		25,552,214
Total Investments in Securities	$	1,136,442,334	$	—	$	—	$	1,136,442,334

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

MainStay VP Moderate Growth Allocation Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)  

	Shares			Value
Affiliated Investment Companies 97.9% †
Equity Funds 76.2%
IQ 50 Percent Hedged FTSE International ETF (a)		1,927,104		$	39,196,717
IQ 500 International ETF (a)		634,534			16,938,251
IQ Chaikin U.S. Large Cap ETF (a)		2,060,432			51,387,174
IQ Chaikin U.S. Small Cap ETF (a)		1,274,275			32,149,958
IQ Global Resources ETF (a)		1,346,901			35,722,374
MainStay Epoch Capital Growth Fund Class I (a)		1,565,260			20,082,286
MainStay Epoch International Choice Fund Class I (a)		2,599,487			89,396,370
MainStay Epoch U.S. All Cap Fund Class R6 (a)		3,943,492			112,626,121
MainStay MacKay International Opportunities Fund Class I (a)		8,609,957			65,435,670
MainStay MacKay U.S. Equity Opportunities Fund Class I (a)		8,195,425			69,743,065
MainStay MAP Equity Fund Class I (a)		2,280,680			97,271,000
MainStay VP Eagle Small Cap Growth Portfolio Initial Class (a)		3,977,129			55,041,448
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		10,253,839			88,058,793
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a)		7,093,845			117,989,222
MainStay VP Large Cap Growth Portfolio Initial Class (a)		3,920,038			103,848,235
MainStay VP MacKay Common Stock Portfolio Initial Class (a)		1,612,992			47,387,246
MainStay VP MacKay Growth Portfolio Initial Class (a)		2,745,868			90,449,790
MainStay VP MacKay International Equity Portfolio Initial Class (a)		1,234,580			20,913,081
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		7,520,717			104,700,031
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		84,038			4,867,834
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		6,507,863			69,298,195
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		10,293,167			138,588,143
Total Equity Funds (Cost $1,440,074,720)					1,471,091,004
Fixed Income Funds 21.7%
IQ Enhanced Core Plus Bond U.S. ETF (a)		541,881			10,672,346
IQ S&P High Yield Low Volatility Bond ETF		88,976			2,252,872
MainStay MacKay High Yield Municipal Bond Fund Class I		2,286,418			29,792,025
MainStay MacKay Infrastructure Bond Fund (a)		2,846,926			25,024,478
MainStay MacKay Short Duration High Yield Fund Class I (a)		13,446,056			132,443,654
MainStay MacKay Short Term Municipal Fund Class I (a)		2,979,935			28,666,979
MainStay MacKay Total Return Bond Fund Class R6		29,699			323,716
MainStay VP Bond Portfolio Initial Class (a)		2,461,638			36,795,929
MainStay VP Floating Rate Portfolio Initial Class (a)		7,109,124			63,139,659
MainStay VP Indexed Bond Portfolio Initial Class (a)		2,378,625			25,250,360
MainStay VP MacKay Convertible Portfolio Initial Class (a)		1,808,409			25,216,006
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class (a)		2,262,092			22,509,125
MainStay VP PIMCO Real Return Portfolio Initial Class (a)		1,914,764			16,855,104
Total Fixed Income Funds (Cost $412,473,174)					418,942,253
Total Affiliated Investment Companies (Cost $1,852,547,894)					1,890,033,257
Short-Term Investment 2.2%
Affiliated Investment Company 2.2%
MainStay U.S. Government Liquidity Fund, 1.81% (b)		42,110,889			42,110,889
Total Short-Term Investment (Cost $42,110,889)					42,110,889
Total Investments (Cost $1,894,658,783)		100.1	%		1,932,144,146
Other Assets, Less Liabilities		(0.1	)‡		(1,643,052	)
Net Assets		100.0	%	$	1,930,501,094

†	Percentages indicated are based on Portfolio net assets.
‡	Less than one-tenth of a percent.
(a)	As of September 30, 2019, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class.
(b)	Current yield as of September 30, 2019.

The following abbreviations are used in the preceding pages:

ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments (a)
Affiliated Investment Companies
Equity Funds	$	1,471,091,004	$	—	$	—	$	1,471,091,004
Fixed Income Funds		418,942,253		—		—		418,942,253
Short-Term Investment		42,110,889		—		—		42,110,889
Total Investments in Securities	$	1,932,144,146	$	—	$	—	$	1,932,144,146

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

MainStay VP PIMCO Real Return Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 156.9% †
Asset-Backed Securities 6.4%
Other Asset-Backed Securities 6.4%
Argent Securities, Inc. Series 2006-W4, Class A2C 2.465% (1 Month LIBOR + 0.16%), due 5/25/36 (a)	$	329,448	$	122,919
Atrium CDO Corp. Series 2012-A, Class AR 3.422% (3 Month LIBOR + 0.83%), due 4/22/27 (a)(b)	300,000		299,985
Black Diamond CLO, Ltd. Series 2015-1A, Class A1R 0.65% (3 Month EURIBOR + 0.65%), due 10/3/29 (a)(b)	EUR	260,000	283,384
Catamaran CLO, Ltd. Series 2013-1A, Class AR 3.432% (3 Month LIBOR + 0.85%), due 1/27/28 (a)(b)	$	1,180,000	1,172,355
CIFC Funding, Ltd. Series 2015-2A, Class AR 3.377% (3 Month LIBOR + 0.78%), due 4/15/27 (a)(b)	1,446,620		1,443,144
Colony American Finance Trust Series 2017-1, Class A 2.968%, due 10/15/49 (b)	69,900		70,242
Countrywide Asset-Backed Certificates Series 2007-08, Class 1A1 2.335% (1 Month LIBOR + 0.19%), due 11/25/37 (a)	838,142		803,912
Credit-Based Asset Servicing & Securitization LLC Series 2007-CB6, Class A3 2.365% (1 Month LIBOR + 0.22%), due 7/25/37 (a)(b)	1,188,000		796,721
Halcyon Loan Advisors Funding, Ltd. Series 2015-1A, Class AR 3.512% (3 Month LIBOR + 0.92%), due 4/20/27 (a)(b)	250,066		249,876
Home Equity Asset Trust (a)
Series 2005-8, Class M2 2.595% (1 Month LIBOR + 0.45%), due 2/25/36	300,000		293,867
Series 2004-2, Class M1 2.94% (1 Month LIBOR + 0.795%), due 7/25/34	114,290		114,293
Jamestown CLO IV, Ltd. Series 2014-4A, Class A1AR 3.287% (3 Month LIBOR + 0.69%), due 7/15/26 (a)(b)	255,014		255,342
Jamestown CLO VII, Ltd. Series 2015-7A, Class A1R 3.41% (3 Month LIBOR + 0.83%), due 7/25/27 (a)(b)	1,450,000		1,445,383
Jubilee CDO B.V. Series 2015-16A, Class A1R 0.367% (3 Month EURIBOR + 0.80%), due 12/15/29 (a)(b)	EUR	1,660,000	1,807,769
KVK CLO, Ltd. Series 2013-1A, Class AR 2.90% (3 Month EURIBOR + 0.90%), due 1/14/28 (b)	$	1,660,000	1,652,908
Legacy Mortgage Asset Trust Series 2019-GS3, Class A1 3.75%, due 4/25/59 (b)(c)	189,561		191,911
Long Beach Mortgage Loan Trust Series 2006-7, Class 2A2 2.265% (1 Month LIBOR + 0.12%), due 8/25/36 (a)	286,282		157,137
Man GLG Euro CLO Series 2A, Class A1R 0.87% (3 Month EURIBOR + 0.87%), due 1/15/30 (a)(b)	EUR	250,000	273,750
Marathon CLO V, Ltd. Series 2013-5A, Class A1R 3.392% (3 Month LIBOR + 0.87%), due 11/21/27 (a)(b)	$	1,660,000	1,650,764
Marlette Funding Trust Series 2019-3A, Class A 2.69%, due 9/17/29 (b)	177,780		178,215
MASTR Asset Backed Securities Trust Series 2006-WMC4, Class A5 2.295% (1 Month LIBOR + 0.15%), due 10/25/36 (a)	133,519		59,182
New Century Home Equity Loan Trust Series 2004-04, Class M1 2.91% (1 Month LIBOR + 0.765%), due 2/25/35 (a)	83,911		83,162
New Residential Mortgage Loan Trust Series 2018-3A, Class A1 4.50%, due 5/25/58 (b)	247,552		261,626
OCP CLO, Ltd. (a)(b)
Series 2015-9A, Class A1R 3.397% (3 Month LIBOR + 0.80%), due 7/15/27	300,000		300,005
Series 2015-10A, Class A1R 3.406% (3 Month LIBOR + 0.82%), due 10/26/27	1,660,000		1,658,000
RASC Trust (a)
Series 2006-KS6, Class A4 2.395% (1 Month LIBOR + 0.25%), due 8/25/36	361,620		359,381
Series 2005-KS8, Class M4 3.03% (1 Month LIBOR + 0.59%), due 8/25/35	600,000		601,017
Residential Asset Securities Corp. Series 2006-EMX4, Class A4 2.605% (1 Month LIBOR + 0.23%), due 6/25/36 (a)	961,333		935,022
Saxon Asset Securities Trust Series 2007-03, Class A1 2.455% (1 Month LIBOR + 0.31%), due 9/25/47 (a)	193,869		188,393
Securitized Asset-Backed Receivables LLC Trust (a)
Series 2006-HE2, Class A2C 2.295% (1 Month LIBOR + 0.15%), due 7/25/36	235,802		128,988
Series 2006-HE1, Class A2C 2.305% (1 Month LIBOR + 0.16%), due 7/25/36	669,965		351,609
SLM Student Loan Trust
Series 2003-5, Class A5, Series Reg S (zero coupon) (3 Month EURIBOR + 0.27%), due 6/17/24 (a)	EUR	38,097	41,439
Series 2004-2, Class A5 (zero coupon) (3 Month EURIBOR + 0.18%), due 1/25/24 (a)	138,876		151,215
Series 2013-B, Class A2A 1.85%, due 6/17/30 (b)	$	7,346	7,344
Series 2004-3A, Class A6B 3.13% (3 Month LIBOR + 0.55%), due 10/25/64 (a)(b)	500,000		493,309
Series 2011-B, Class A3 4.445% (1 Month LIBOR + 2.25%), due 6/16/42 (a)(b)	155,290		156,655
Sofi Professional Loan Program LLC Series 2017-F, Class A1FX 2.05%, due 1/25/41 (b)	195,632		195,372
Soundview Home Equity Loan Trust (a)
Series 2007-OPT2, Class 2A3 2.325% (1 Month LIBOR + 0.18%), due 7/25/37	251,720		230,825
Series 2007-OPT1, Class 1A1 2.345% (1 Month LIBOR + 0.20%), due 6/25/37	372,483		294,053
SpringCastle Funding Asset-Backed Notes Series 2019-AA, Class A 3.20%, due 5/27/36 (b)	905,695		915,378
Stanwich Mortgage Loan Trust Series 2019-NPB1, Class A1 3.375%, due 8/15/24 (b)(c)	240,239		239,976
THL Credit Wind River CLO, Ltd. Series 2012-1A, Class AR2 3.183% (3 Month LIBOR + 0.88%), due 1/15/26 (a)(b)	400,000		400,017
Venture CLO, Ltd. Series 2018-35A, Class AS 3.742% (3 Month LIBOR + 1.15%), due 10/22/31 (a)(b)	200,000		199,945
Venture XX CLO, Ltd. Series 2015-20A, Class AR 3.417% (3 Month LIBOR + 0.82%), due 4/15/27 (a)(b)	944,738		942,496
Venture XXI CLO, Ltd. Series 2015-21A, Class AR 3.477% (3 Month LIBOR + 0.88%), due 7/15/27 (a)(b)	400,000		399,998
Voya CLO, Ltd. Series 2014-3A, Class A1R 3.30% (3 Month LIBOR + 0.72%), due 7/25/26 (a)(b)	386,206		386,207
Wachovia Mortgage Loan Trust LLC Series 2005-WMC1, Class M1 2.805% (1 Month LIBOR + 0.66%), due 10/25/35 (a)	23,400		23,397
Z Capital Credit Partners CLO, Ltd. Series 2015-1A, Class A1R 3.551% (3 Month LIBOR + 0.95%), due 7/16/27 (a)(b)	570,000		568,328
Total Asset-Backed Securities (Cost $23,952,961)			23,836,216
Corporate Bonds 14.8%
Agriculture 0.2%
BAT Capital Corp. 2.765% (3 Month LIBOR + 0.59%), due 8/14/20 (a)	500,000		500,958
Reynolds American, Inc. 4.00%, due 6/12/22	200,000		208,354
			709,312
Auto Manufacturers 1.1%
BMW U.S. Capital LLC (b) 2.00%, due 4/11/21	600,000		599,202
3.40%, due 8/13/21	600,000		614,737
FCE Bank PLC
Series Reg S 0.088% (3 Month EURIBOR + 0.50%), due 8/26/20 (a)	EUR	800,000	869,201
Series Reg S 1.875%, due 6/24/21	900,000		1,001,626
Ford Motor Credit Co. LLC 3.55%, due 10/7/22	$	400,000	399,998
Volkswagen Group of America Finance LLC 4.00%, due 11/12/21 (b)	600,000		620,082
			4,104,846
Banks 4.5%
Banco Bilbao Vizcaya Argentaria S.A. Series Reg S 5.875% (EUR 5 Year Interest Swap Rate + 5.66%), due 9/24/23 (a)(d)	EUR	400,000	461,049
Bank of America Corp. 5.875%, due 3/15/28 (d)(e)	$	190,000	205,200
Barclays Bank PLC 2.676% (3 Month LIBOR + 0.40%), due 10/25/19 (a)(b)	2,000,000		2,000,000
Cooperatieve Rabobank U.A. (a)(d)
Series Reg S 5.50% (EUR 5 Year Interest Swap Rate + 5.25%), due 6/29/20	EUR	200,000	224,395
Series Reg S 6.625% (EUR 5 Year Interest Swap Rate + 6.697%), due 6/29/21	200,000		237,553
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 9/15/22	$	300,000	311,964
Deutsche Bank A.G. 4.25%, due 10/14/21	1,400,000		1,422,220
Goldman Sachs Group, Inc. 3.319% (3 Month LIBOR + 1.20%), due 9/15/20 (a)	1,300,000		1,310,021
ING Bank N.V. 2.625%, due 12/5/22 (b)	400,000		408,840
Intesa Sanpaolo S.p.A. 6.50%, due 2/24/21 (b)	400,000		420,151
Lloyds Banking Group PLC (a)
2.959% (3 Month LIBOR + 0.80%), due 6/21/21	400,000		400,906
Series Reg S 6.375% (EUR 5 Year Interest Swap Rate + 5.29%), due 6/27/20 (d)	EUR	200,000	224,197
Nykredit Realkredit A/S
Series Reg S 1.00%, due 10/1/50	DKK	28,999,197	4,263,125
Series Reg S 2.50%, due 10/1/47	9,209		1,399
Realkredit Danmark A/S 2.50%, due 7/1/47	46,155		7,007
Royal Bank of Scotland Group PLC
3.656% (3 Month LIBOR + 1.55%), due 6/25/24 (a)	$	300,000	300,623
4.519%, due 6/25/24 (e)	200,000		210,327
State Bank of India Series Reg S 3.253% (3 Month LIBOR + 0.95%), due 4/6/20 (a)	700,000		700,954
Toronto-Dominion Bank 2.25%, due 3/15/21 (b)	600,000		603,026
UBS A.G. 2.682% (3 Month LIBOR + 0.58%), due 6/8/20 (a)(b)	800,000		802,145
UniCredit S.p.A. 7.83%, due 12/4/23 (b)	1,900,000		2,217,091
			16,732,193
Beverages 0.7%
Keurig Dr Pepper, Inc.
3.551%, due 5/25/21	1,000,000		1,021,374
4.057%, due 5/25/23	100,000		105,755
Pernod-Ricard S.A. 5.75%, due 4/7/21 (b)	1,600,000		1,683,709
			2,810,838
Biotechnology 0.3%
Amgen, Inc. 3.625%, due 5/15/22	400,000		413,811
Celgene Corp. 3.25%, due 8/15/22	600,000		618,197
			1,032,008
Commercial Services 0.1%
ERAC USA Finance LLC 4.50%, due 8/16/21 (b)	400,000		416,302
Computers 0.3%
EMC Corp. 2.65%, due 6/1/20	1,100,000		1,099,139
Diversified Financial Services 1.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%, due 10/30/20	100,000		102,368
Ally Financial, Inc.
4.125%, due 3/30/20	400,000		402,500
4.125%, due 2/13/22	200,000		204,500
4.25%, due 4/15/21	100,000		102,125
Avolon Holdings Funding, Ltd. 5.50%, due 1/15/23 (b)	100,000		106,701
BOC Aviation, Ltd. 2.375%, due 9/15/21 (b)	200,000		198,241
BRFkredit A/S Series Reg S 1.00%, due 10/1/50	DKK	18,399,591	2,706,908
Jyske Realkredit A/S 2.50%, due 10/1/47	30,588		4,646
Mitsubishi UFJ Lease & Finance Co., Ltd. 2.652%, due 9/19/22 (b)	$	200,000	200,622
National Rural Utilities Cooperative Finance Corp. 2.479% (3 Month LIBOR + 0.375%), due 6/30/21 (a)	100,000		100,360
Nordea Kredit Realkreditaktieselskab
Series Reg S 1.00%, due 10/1/50	DKK	11,800,000	1,735,560
2.50%, due 10/1/47	11,202		1,701
			5,866,232
Electric 0.8%
American Electric Power Co., Inc. 3.65%, due 12/1/21	$	100,000	102,998
Chugoku Electric Power Co., Inc. Series Reg S 2.701%, due 3/16/20	500,000		500,330
Consolidated Edison Co. of New York, Inc. 2.506% (3 Month LIBOR + 0.40%), due 6/25/21 (a)	100,000		100,337
Duke Energy Corp. 2.675% (3 Month LIBOR + 0.50%), due 5/14/21 (a)(b)(f)	800,000		803,208
IPALCO Enterprises, Inc. 3.45%, due 7/15/20	500,000		502,882
LG&E & KU Energy LLC 4.375%, due 10/1/21	100,000		103,269
NextEra Energy Capital Holdings, Inc. 2.544% (3 Month LIBOR + 0.40%), due 8/21/20 (a)	600,000		600,031
Southern Power Co. 2.706% (3 Month LIBOR + 0.55%), due 12/20/20 (a)(b)	300,000		300,025
			3,013,080
Food 0.2%
Campbell Soup Co. 3.30%, due 3/15/21	300,000		304,328
Conagra Brands, Inc. 3.25%, due 9/15/22	200,000		204,700
Danone S.A. 2.077%, due 11/2/21 (b)	200,000		199,706
			708,734
Gas 0.4%
Sempra Energy 2.569% (3 Month LIBOR + 0.45%), due 3/15/21 (a)	100,000		99,673
Southern Co. Gas Capital Corp. 3.50%, due 9/15/21	1,400,000		1,429,899
			1,529,572
Home Builders 0.2%
D.R. Horton, Inc. 4.00%, due 2/15/20	900,000		905,301
Home Furnishing 0.2%
Panasonic Corp. 2.536%, due 7/19/22 (b)	800,000		804,846
Machinery - Diversified 0.5%
John Deere Capital Corp. 2.449% (3 Month LIBOR + 0.29%), due 6/22/20 (a)	1,100,000		1,101,523
Wabtec Corp. 3.419% (3 Month LIBOR + 1.30%), due 9/15/21 (a)	600,000		600,018
			1,701,541
Media 0.5%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
3.579%, due 7/23/20	800,000		807,165
4.464%, due 7/23/22	600,000		631,693
DISH DBS Corp. 5.125%, due 5/1/20	300,000		303,375
			1,742,233
Miscellaneous - Manufacturing 0.1%
Textron, Inc. 2.731% (3 Month LIBOR + 0.55%), due 11/10/20 (a)	580,000		579,739
Oil & Gas 0.2%
Petrobras Global Finance B.V.
5.093%, due 1/15/30 (b)	543,000		566,430
6.125%, due 1/17/22	33,000		35,426
6.625%, due 1/16/34	GBP	100,000	145,640
			747,496
Pharmaceuticals 0.2%
Teva Pharmaceutical Finance Netherlands III B.V. 2.80%, due 7/21/23	$	800,000	646,000
Pipelines 0.6%
Enbridge, Inc. (a)
2.738% (3 Month LIBOR + 0.40%), due 1/10/20	600,000		600,102
2.819% (3 Month LIBOR + 0.70%), due 6/15/20	800,000		801,417
Florida Gas Transmission Co LLC 5.45%, due 7/15/20 (b)	700,000		716,156
Spectra Energy Partners, L.P. 2.827% (3 Month LIBOR + 0.70%), due 6/5/20 (a)	100,000		100,187
			2,217,862
Real Estate Investment Trusts 0.1%
American Tower Corp. 3.30%, due 2/15/21	300,000		304,286
Retail 0.3%
CVS Health Corp.
2.125%, due 6/1/21	800,000		799,194
3.70%, due 3/9/23	200,000		208,188
			1,007,382
Semiconductors 0.6%
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 2.375%, due 1/15/20	1,500,000		1,499,905
Broadcom, Inc. 3.125%, due 4/15/21 (b)	400,000		403,837
NXP B.V. / NXP Funding LLC 3.875%, due 9/1/22 (b)	400,000		412,803
			2,316,545
Software 0.2%
Activision Blizzard, Inc. 2.60%, due 6/15/22	200,000		202,044
Fidelity National Information Services, Inc. 2.25%, due 8/15/21	500,000		500,692
			702,736
Telecommunications 0.7%
AT&T, Inc.
2.888% (3 Month LIBOR + 0.75%), due 6/1/21 (a)	500,000		502,615
3.253% (3 Month LIBOR + 0.95%), due 7/15/21 (a)	800,000		807,038
5.15%, due 2/15/50	300,000		351,552
5.30%, due 8/15/58	100,000		118,560
Deutsche Telekom International Finance B.V. 1.95%, due 9/19/21 (b)	250,000		248,347
Sprint Corp. 7.25%, due 9/15/21	300,000		320,130
Telstra Corp., Ltd. 4.80%, due 10/12/21 (b)	300,000		314,417
			2,662,659
Transportation 0.1%
TTX Co. 2.60%, due 6/15/20 (b)	300,000		300,693
Trucking & Leasing 0.1%
Park Aerospace Holdings, Ltd. 5.25%, due 8/15/22 (b)	300,000		316,170
Penske Truck Leasing Co., L.P. / PTL Finance Corp. 3.65%, due 7/29/21 (b)	200,000		204,636
			520,806
Total Corporate Bonds (Cost $54,920,106)			55,182,381
Foreign Government Bonds 9.1%
Argentina 0.1%
Argentina Bocon 51.603% (BADLARPP Index + 0.00%), due 10/4/22 (f)	ARS	91,227	1,647
Argentina Bonar Bonds 55.469% (BADLARPP Index + 2.00%), due 4/3/22 (a)	2,854,000		30,720
Argentina POM Politica Monetaria 80.155% (ARLLMONP+ 0.00%), due 6/21/20	21,453,000		179,703
			212,070
Australia 0.6%
Australia Government Bond
Series Reg S 1.25%, due 2/21/22	AUD	980,000	790,566
Series Reg S 3.00%, due 9/20/25	1,450,000		1,454,697
			2,245,263
Canada 0.2%
Canadian Government Real Return Bond 4.25%, due 12/1/26	CAD	935,784	910,568
Japan 1.2%
Japanese Government CPI Linked Bond
0.10%, due 3/10/28	JPY	208,711,890	2,012,321
0.10%, due 3/10/29	263,344,530		2,540,285
			4,552,606
New Zealand 0.7%
New Zealand Government Inflation Linked Bond
Series Reg S 2.00%, due 9/20/25	NZD	1,800,000	1,362,950
Series Reg S 2.50%, due 9/20/35	800,000		698,018
Series Reg S 3.00%, due 9/20/30	500,000		436,273
			2,497,241
Peru 0.4%
Peru Government Bond (b)
Series Reg S 5.94%, due 2/12/29	PEN	1,300,000	437,206
Series Reg S 6.15%, due 8/12/32	2,600,000		883,269
			1,320,475
Qatar 0.1%
Qatar Government International Bond Series Reg S 3.875%, due 4/23/23	$	300,000	317,250
Spain 0.1%
Autonomous Community of Catalonia 4.95%, due 2/11/20	EUR	500,000	553,684
United Kingdom 5.7%
United Kingdom Gilt Inflation Linked
Series Reg S 0.125%, due 3/22/26	GBP	248,873	375,710
Series Reg S 0.125%, due 8/10/28	2,156,502		3,500,519
Series Reg S 0.625%, due 3/22/40	1,203,354		2,682,500
Series Reg S 1.25%, due 11/22/27	3,780,553		6,510,675
1.875%, due 11/22/22	5,597,889		8,050,219
			21,119,623
Total Foreign Government Bonds (Cost $34,556,773)			33,728,780
Mortgage-Backed Securities 4.6%
Agency (Collateralized Mortgage Obligations) 1.4%
Federal Home Loan Mortgage Corporation REMICS (Collateralized Mortgage Obligations) Series 4779, Class WF 2.752% (1 Month LIBOR + 0.35%), due 7/15/44 (a)	$	410,474	407,852
Federal Home Loan Mortgage Corporation Strips Series 278, Class F1 2.645% (1 Month LIBOR + 0.45%), due 9/15/42 (a)	556,004		558,842
Federal National Mortgage Association REMIC, Series 2019-5, Class FA 2.545% (1 Month LIBOR + 0.40%), due 3/25/49 (a)	1,630,824		1,623,563
Government National Mortgage Association (a)
REMIC, Series 2019-20, Class FE 2.572% (1 Month LIBOR + 0.40%), due 2/20/49	1,627,810		1,625,554
REMIC, Series 2018-H15, Class FG 3.03% (12 Month LIBOR + 0.15%), due 8/20/68	686,427		673,566
Government National Mortgage Association (Mortgage Pass-Through Securities) Series 2017-H10, Class FB 3.629% (12 Month LIBOR + 0.75%), due 4/20/67 (a)	370,146		376,504
			5,265,881
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.3%
CGGS Commercial Mortgage Trust Series 2018-WSS, Class A 2.928% (1 Month LIBOR + 0.90%), due 2/15/37 (a)(b)	1,000,000		995,621
Whole Loan (Collateralized Mortgage Obligations) 2.9%
BCAP LLC Trust Series 2011-RR5, Class 5A1 5.25%, due 8/26/37 (b)(g)	906,753		921,516
CHL Mortgage Pass-Through Trust Series 2007-1, Class A1 6.00%, due 3/25/37	43,286		35,995
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.606%, due 3/25/37 (h)	429,327		430,440
Citigroup Mortgage Loan Trust, Inc.
Series 2019-B, Class A1 3.258%, due 4/25/66 (b)(g)	294,500		294,482
Series 2004-NCM2, Class 1CB1 5.50%, due 8/25/34	264,799		269,225
Countrywide Alternative Loan Trust
Series 2005-29CB, Class A4 5.00%, due 7/25/35	59,380		51,316
Series 2007-1T1, Class 1A1 6.00%, due 3/25/37	802,583		561,408
Credit Suisse Mortgage Trust Series 2019-RPL4, Class A1 3.83%, due 8/26/58 (b)	291,237		294,565
Eurosail-UK PLC (a)
Series 2007-3X, Class A3A, Reg S 1.73% (3 Month LIBOR + 0.95%), due 6/13/45	GBP	194,060	237,040
Series 2007-3A, Class A3C 1.73% (3 Month LIBOR + 0.95%), due 6/13/45 (b)	51,743		62,865
Series 2007-3X, Class A3C, Reg S 1.73% (3 Month LIBOR + 0.95%), due 6/13/45	51,743		62,865
GreenPoint Mortgage Funding Trust Series 2006-AR4, Class A6A 3.325% (1 Month LIBOR + 0.18%), due 9/25/46 (a)	$	115,395	110,454
IndyMac Index Mortgage Loan Trust Series 2005-AR14, Class 1A1A 2.705% (1 Month LIBOR + 0.28%), due 7/25/35 (a)	1,174,109		1,063,652
Lehman XS Trust Series 2007-20N, Class A1 3.295% (1 Month LIBOR + 1.15%), due 12/25/37 (a)	58,005		57,361
Merrill Lynch Mortgage Investors Trust Series 2005-A4, Class 1A 4.488%, due 7/25/35 (h)	249,195		194,906
Onslow Bay Financial LLC Series 2018-1, Class A2 2.795% (1 Month LIBOR + 0.65%), due 6/25/57 (a)(b)	88,975		88,603
Paragon Mortgages No.13 PLC Series 13X, Class A1, Reg S 1.007% (3 Month LIBOR + 0.24%), due 1/15/39 (a)	GBP	2,048,428	2,382,466
Residential Asset Securitization Trust Series 2006-A10, Class A5 6.50%, due 9/25/36	$	269,843	185,789
Silverstone Master Issuer PLC Series 2019-1A, Class 2A 1.457%, due 1/21/70 (b)(g)	GBP	300,000	369,780
Towd Point Mortgage Funding Series 2019-GR4A, Class A1 1.798%, due 10/20/51 (b)	1,321,295		1,625,210
Trinity Square PLC Series 2015-1A, Class A 1.917% (3 Month LIBOR + 1.15%), due 7/15/51 (a)(b)	617,594		761,212
Washington Mutual Mortgage Pass-Through Certificates
Series 2007-HY1, Class A2A 2.178% (1 Month LIBOR + 0.16%), due 2/25/37 (a)	$	744,321	593,363
Series 2006-5, Class 2CB1 6.00%, due 7/25/36	49,946		41,043
			10,695,556
Total Mortgage-Backed Securities (Cost $17,711,629)			16,957,058
U.S. Government & Federal Agencies 122.0%
Federal National Mortgage Association (Mortgage Pass-Through Securities) 15.6%
3.00%, due 6/1/49 TBA (i)	21,400,000		21,700,320
3.50%, due 3/1/48	181,007		186,529
3.50%, due 9/1/48 TBA (i)	28,200,000		28,929,227
3.683% (12 Month Monthly Treasury Average Index + 1.20%), due 6/1/43 (a)(j)	278,116		283,763
4.00%, due 9/1/48 TBA (i)	5,800,000		6,021,125
4.225% (11th District Cost of Funds Index+ 1.927%), due 12/1/36 (a)(j)	281,263		291,374
4.726% (1 Year Treasury Constant Maturity Rate + 2.36%), due 11/1/34 (a)(j)	331,168		351,097
			57,763,435
United States Treasury Inflation - Indexed Bond 42.0%
0.375%, due 7/15/25	2,660,294		2,693,664
0.375%, due 7/15/27	8,988,216		9,122,954
0.625%, due 4/15/23 (k)	9,905,223		9,983,229
0.625%, due 2/15/43 (k)	1,986,302		2,023,869
0.75%, due 2/15/42	3,894,422		4,093,549
0.75%, due 2/15/45	2,941,650		3,070,467
0.875%, due 2/15/47	9,462,286		10,205,212
1.00%, due 2/15/46	5,392,195		5,967,761
1.00%, due 2/15/48	4,513,212		5,028,563
1.00%, due 2/15/49	4,832,714		5,423,232
1.375%, due 2/15/44	16,398,945		19,529,038
1.75%, due 1/15/28	16,684,495		18,726,965
2.00%, due 1/15/26	11,165,652		12,381,875
2.125%, due 2/15/40	3,513,520		4,649,083
2.125%, due 2/15/41	3,210,020		4,285,520
2.375%, due 1/15/25	20,277,914		22,555,742
2.375%, due 1/15/27	5,063,356		5,843,157
2.50%, due 1/15/29	6,930,768		8,362,368
3.375%, due 4/15/32	1,556,685		2,145,404
			156,091,652
United States Treasury Inflation - Indexed Notes 64.4%
0.125%, due 4/15/20 (j)	7,089,304		7,028,380
0.125%, due 4/15/21 (j)	35,125,422		34,736,852
0.125%, due 1/15/22 (j)	10,009,070		9,909,142
0.125%, due 4/15/22 (j)	41,406,465		40,971,266
0.125%, due 7/15/22 (j)	4,263,976		4,244,023
0.125%, due 1/15/23 (j)	8,272,820		8,200,692
0.125%, due 7/15/26 (j)	10,467,730		10,434,289
0.25%, due 1/15/25 (j)	10,585,918		10,607,168
0.25%, due 7/15/29	6,800,204		6,852,143
0.375%, due 7/15/23 (j)	6,319,186		6,354,736
0.375%, due 1/15/27 (j)	5,512,247		5,569,191
0.50%, due 1/15/28	15,613,981		15,960,058
0.625%, due 7/15/21 (j)	2,026,192		2,032,418
0.625%, due 1/15/24 (j)(k)	688,312		698,699
0.625%, due 1/15/26 (j)	38,428,210		39,363,759
0.75%, due 7/15/28	12,663,447		13,285,805
0.875%, due 1/15/29	11,745,636		12,456,741
1.125%, due 1/15/21	4,808,562		4,822,099
1.25%, due 7/15/20 (j)	5,635,004		5,657,749
			239,185,210
Total U.S. Government & Federal Agencies (Cost $447,245,633)			453,040,297
Total Long-Term Bonds (Cost $578,387,102)			582,744,732
Short-Term Investments 2.5%
	Shares
Affiliated Investment Company 0.2%
MainStay U.S. Government Liquidity Fund, 1.81% (l)	589,622		589,622
Total Affiliated Investment Company (Cost $589,622)			589,622
Foreign Government Bonds 0.9%
Argentina Treasury Bills
(zero coupon), due 2/26/20	ARS	790,000	10,149
(zero coupon), due 4/8/20	1,325,000		15,872
(zero coupon), due 5/13/20	7,370,000		76,770
(zero coupon), due 8/27/20	1,325,000		10,351
Brazil Letras do Tesouro Nacional (zero coupon), due 1/1/20	BRL	13,706,000	3,257,621
Total Foreign Government Bonds (Cost $3,833,301)			3,370,763

	Principal Amount
Repurchase Agreement 1.4%
Credit Agricole Corp. 2.50%, dated 9/30/19 due 10/1/19 Proceeds at Maturity $5,245,364 (Collateralized by a United States Treasury Note with a rate of 2.50% and a maturity date of 3/31/23, with a Principal Amount of $5,245,000 and a Market Value of $5,412,082)	$	5,300,000			5,300,000
Total Repurchase Agreement (Cost $5,300,000)					5,300,000
Total Short-Term Investments (Cost $9,722,923)					9,260,385
Total Investments Excluding Purchased Options (Cost $588,110,025)		159.4	%		592,005,117
Total Purchased Options (Cost $91,690)		0.0	%‡		92,999
Total Investments (Cost $588,201,715)		159.4	%		592,098,116
Other Assets, Less Liabilities		(59.4	)		(220,715,791	)
Net Assets		100.0	%	$	371,382,325

†	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 September 30, 2019.
(b)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(c)	Step coupon - Rate shown was the rate in effect as of September 30, 2019.
(d)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(e)	Fixed to floating rate - Rate shown was the rate in effect as of September 30, 2019.
(f)	Illiquid security - As of September 30, 2019, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $804,855, which represented 0.2% of the Portfolio's net assets.
(g)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(h)	Collateral strip rate - A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of September 30, 2019.
(i)	TBA - Securities purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement. As of September 30, 2019, the total net market value of these securities was $56,650,672, which represented 15.3% of the Portfolio's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.
(j)	Delayed delivery security.
(k)	Security, or a portion thereof, was maintained in a segregated account at the Portfolio’s custodian as collateral for swap contracts
(l)	Current yield as of September 30, 2019.

Foreign Currency Forward Contracts

As of September 30, 2019, the Portfolio held the following foreign currency forward contracts¹:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL	6,721,043	USD	1,613,928	Credit Suisse International*	10/2/19	$	3,671
BRL	6,721,043	USD	1,605,773	Credit Suisse International*	11/4/19		8,097
RUB	97,934,908	USD	1,474,257	Credit Suisse International*	11/15/19		27,265
USD	2,213,923	AUD	3,273,000	Bank of America, N.A.	11/4/19		2,258
USD	3,562,869	BRL	13,706,000	JPMorgan Chase Bank N.A.*	1/3/20		282,273
USD	4,211,478	DKK	27,443,538	Bank of America, N.A.	10/1/19		205,094
USD	8,633,280	DKK	58,209,890	Bank of America, N.A.	1/2/20		68,745
USD	5,976,593	DKK	39,070,000	JPMorgan Chase Bank N.A.	10/1/19		272,902
USD	13,428,114	EUR	12,136,000	Bank of America, N.A.	10/2/19		200,477
USD	10,185,973	EUR	9,210,000	JPMorgan Chase Bank N.A.	10/2/19		147,530
USD	6,349,049	EUR	5,801,000	JPMorgan Chase Bank N.A.	11/4/19		10,527
USD	13,104,562	GBP	10,621,000	Bank of America, N.A.	11/4/19		27,991
USD	2,816,153	JPY	302,200,000	Bank of America, N.A.	11/5/19		15,041
USD	4,759,296	JPY	505,500,000	JPMorgan Chase Bank N.A.	10/2/19		84,151
USD	1,770,836	KRW	2,107,950,170	JPMorgan Chase Bank N.A.*	12/18/19		4,571
USD	100,779	MXN	1,941,000	JPMorgan Chase Bank N.A.	10/9/19		2,538
USD	2,447,113	NZD	3,883,000	Bank of America, N.A.	11/4/19		13,793
USD	2,453,274	NZD	3,883,000	JPMorgan Chase Bank N.A.	10/2/19		21,740
USD	1,345,829	PEN	4,457,842	JPMorgan Chase Bank N.A.*	10/28/19		24,434
USD	850,776	SGD	1,172,458	JPMorgan Chase Bank N.A.	12/18/19		1,722
Total unrealized appreciation							1,424,820
AUD	3,273,000	USD	2,211,467	Bank of America, N.A.	10/2/19		(2,356	)
BRL	6,721,043	USD	1,622,872	JPMorgan Chase Bank N.A.*	10/2/19		(5,273	)
DKK	58,209,890	USD	8,563,426	Bank of America, N.A.	10/1/19		(65,570	)
DKK	8,155,044	USD	1,252,036	JPMorgan Chase Bank N.A.	10/1/19		(61,510	)
EUR	15,306,000	USD	16,923,716	Bank of America, N.A.	10/2/19		(240,936	)
EUR	6,040,000	USD	6,599,216	JPMorgan Chase Bank N.A.	10/2/19		(15,916	)
GBP	22,292,000	USD	27,615,267	Bank of America, N.A.	10/2/19		(206,149	)
IDR	26,087,434,400	USD	1,835,205	JPMorgan Chase Bank N.A.*	12/18/19		(12,414	)
JPY	505,500,000	USD	4,690,606	Bank of America, N.A.	10/2/19		(15,461	)
MXN	1,941,000	USD	99,079	JPMorgan Chase Bank N.A.	10/9/19		(837	)
MXN	1,941,000	USD	99,074	JPMorgan Chase Bank N.A.	1/22/20		(2,406	)
NZD	3,883,000	USD	2,445,293	Bank of America, N.A.	10/2/19		(13,758	)
RUB	16,339,075	USD	256,251	Bank of America, N.A.*	10/17/19		(4,795	)
USD	148,867	ARS	9,566,207	JPMorgan Chase Bank N.A.*	10/21/19		(6,234	)
USD	2,202,745	AUD	3,273,000	Bank of America, N.A.	10/2/19		(6,366	)
USD	1,609,060	BRL	6,721,043	Credit Suisse International*	10/2/19		(8,539	)
USD	1,613,928	BRL	6,721,043	JPMorgan Chase Bank N.A.*	10/2/19		(3,671	)
USD	899,887	CAD	1,199,000	Bank of America, N.A.	10/2/19		(5,136	)
USD	27,073,775	GBP	22,292,000	Bank of America, N.A.	10/2/19		(335,343	)
USD	148,246	MXN	2,979,219	JPMorgan Chase Bank N.A.	1/22/20		(128	)
USD	1,625,131	TWD	50,963,895	JPMorgan Chase Bank N.A.*	11/21/19		(22,202	)
USD	181,078	TWD	5,610,150	JPMorgan Chase Bank N.A.*	12/18/19		(554	)
ZAR	12,454,393	USD	880,736	Bank of America, N.A.	10/7/19		(58,934	)
Total unrealized depreciation							(1,094,488	)
Net unrealized appreciation						$	330,332

*	Non-deliverable forward.
1.	Foreign Currency Forward Contracts are subject to limitations such that they cannot be “sold or repurchased,” although the Portfolio would be able to exit the transaction through other means, such as through the execution of an offsetting transaction.

Future Contracts

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

Type	Number of Contracts		Expiration Date	Value at Trade Date			Current Notional Amount			Unrealized Appreciation (Depreciation)2
Long Contracts
5-Year United States Treasury Note		51	December 2019	$	6,109,308		$	6,076,570		$	(32,738	)
Euro Bund		110	December 2019		21,130,357			20,891,623			(238,734	)
Short-Term Euro-BTP		151	December 2019		18,563,129			18,546,802			(16,327	)
Total Long Contracts											(287,799	)
Short Contracts
10-Year Australia Government Bond		(7)	December 2019		(692,092	)		(696,174	)		(4,082	)
10-Year Japan Government Bond		(3)	December 2019		(4,305,424	)		(4,301,133	)		4,291
10-Year United States Treasury Note		(18)	December 2019		(2,372,319	)		(2,345,625	)		26,694
10-Year United States Treasury Ultra Note		(26)	December 2019		(3,646,183	)		(3,702,563	)		(56,380	)
2-Year United States Treasury Note		(7)	December 2019		(1,511,991	)		(1,508,500	)		3,491
3-Year Australia Government Bond		(13)	December 2019		(1,011,407	)		(1,015,112	)		(3,705	)
Euro BOBL		(21)	December 2019		(3,127,525	)		(3,104,887	)		22,638
Euro Schatz		(791)	December 2019		(97,073,306	)		(96,845,389	)		227,917
Euro-Buxl 30 Year Bond		(7)	December 2019		(1,606,362	)		(1,659,449	)		(53,087	)
Euro-OAT		(117)	December 2019		(21,950,126	)		(21,718,645	)		231,481
UK Long Gilt		(105)	December 2019		(17,232,364	)		(17,330,746	)		(98,382	)
United States Treasury Long Bond		(63)	December 2019		(10,318,413	)		(10,225,688	)		92,725
United States Treasury Ultra Bond		(1)	December 2019		(197,875	)		(191,906	)		5,969
Total Short Contracts											399,570
Net Unrealized Appreciation										$	111,771

1.	As of September 30, 2019, cash in the amount of $2,178,978 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 September 30, 2019.

Purchased Options on Futures Contracts

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts		Notional Amount		Premium Paid (Received)		Market Value
Put - 10-Year United States Treasury Note	Morgan Stanley & Co., LLC	$	118.00	11/22/2019		1	$	1,000	$	9	$	1
Put - 10-Year United States Treasury Note	Morgan Stanley & Co., LLC		117.00	11/22/2019		16		16,000		137		16
Put - 5-Year United States Treasury Note	Morgan Stanley & Co., LLC		111.50	11/22/2019		50		50,000		430		50
Put - 5-Year United States Treasury Note	Morgan Stanley & Co., LLC		110.50	11/22/2019		1		1,000		8		1
Put - Euro Bund	Morgan Stanley & Co., LLC		173.00	10/25/2019		50	EUR	5,000,000		17,846		19,074
Put - Euro Bund	Morgan Stanley & Co., LLC		151.00	11/22/2019		101		10,100,000		1,157		1,101
									$	19,587	$	20,243

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts		Notional Amount		Premium Paid (Received)		Market Value
Call - 10-Year United States Treasury Note	Morgan Stanley & Co., LLC	$	142.00	11/22/2019		32	$	32,000	$	275	$	32
Call - 10-Year United States Treasury Note	Morgan Stanley & Co., LLC		144.00	11/22/2019		7		7,000		60		7
Call - 10-Year United States Treasury Note	Morgan Stanley & Co., LLC		145.50	11/22/2019		16		16,000		138		16
Call - 2 -Year United States Treasury Note	Morgan Stanley & Co., LLC		110.63	11/22/2019		4		8,000		34		4
Call - 2-Year United States Treasury Note	Morgan Stanley & Co., LLC		110.25	11/22/2019		17		34,000		146		17
Call - Euro - OAT	Morgan Stanley & Co., LLC	EUR	200.000	11/22/2019		145	EUR	14,500,000		1,661		1,581
Call - Euro Schatz	Morgan Stanley & Co., LLC		115.00	11/22/2019		385		38,500,000		2,312		2,098
Call - United States Treasury Long Bond	Morgan Stanley & Co., LLC	$	192.00	11/22/2019		18	$	18,000		155		18
Call - United States Treasury Long Bond	Morgan Stanley & Co., LLC		195.00	11/22/2019		39		39,000		335		39
Call - United States Treasury Long Bond	Morgan Stanley & Co., LLC		198.00	11/22/2019		6		6,000		52		6
Call - United States Treasury Ultra Bond	Morgan Stanley & Co., LLC		255.00	11/22/2019		1		1,000		9		1
Call - United States Treasury Ultra Bond	Morgan Stanley & Co., LLC		245.00	11/22/2019		10		10,000		86		10
									$	5,263	$	3,829

Purchased Swaptions

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts		Notional Amount		Premium Paid (Received)		Market Value
Call - IRO 1-Year/1-Year Forward Swap Rate	Bank of America Securities, Inc.	$	1.50	03/10/2020		47,060,000	$	47,060,000	$	66,830	$	68,925
									$	66,830	$	68,925

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts		Notional Amount		Premium Paid (Received)		Market Value
Put - Markit CDX N.A. I.G. Series 32 5 Year	Credit Suisse International		1.20	10/16/2019		200,000		200,000	$	10	$	2
									$	10	$	2

Written Inflation-Capped Options

Description	Counterparty	Initial Index		Floating Rate	Expiration Date	Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
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 + 4.000%)10]	05/16/2024		(300,000	)		(300,000	)		(2,085	)		(8	)
Floor-OTC USA Non-Revised Consumer Price Index-Urban (CPI-U), American Style - Put	JPMorgan Chase Bank N.A.		234.781	Maximum of [0, Final Index/Initial Index]	10/02/2020		(1,900,000	)	$	(1,900,000	)	$	(35,068	)	$	(323	)
												$	(37,153	)	$	(331	)

Written Options on Futures Contracts

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Call -10-Year United States Treasury Note	Morgan Stanley & Co., LLC	$	130.00	10/25/2019		(37	)	$	(37,000	)	$	(29,448	)	$	(31,219	)
Call - Euro Bund	Morgan Stanley & Co., LLC		176.00	11/22/2019		(15	)	EUR	(1,500,000)			(32,194	)		(7,848	)
Call - Euro Bund	Morgan Stanley & Co., LLC		175.00	11/22/2019		(20	)		(2,000,000	)		(17,428	)		(17,875	)
Call - Euro Bund	Morgan Stanley & Co., LLC		173.00	11/22/2019		(7	)		(700,000	)		(10,449	)		(14,725	)
Call - Euro Bund	Morgan Stanley & Co., LLC		178.50	11/22/2019		(25	)		(2,500,000	)		(16,871	)		(2,997	)
											$	(106,390	)	$	(74,664	)

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Put -10-Year United States Treasury Note	Morgan Stanley & Co., LLC	$	130.00	10/25/2019		(37	)		(37,000	)	$	(33,494	)	$	(19,656	)
Put - Euro Bund	Morgan Stanley & Co., LLC		176.00	11/22/2019		(15	)	EUR	(1,500,000	)		(28,597	)		(36,459	)
Put - Euro Bund	Morgan Stanley & Co., LLC		175.00	11/22/2019		(20	)		(2,000,000	)		(40,769	)		(34,224	)
Put - Euro Bund	Morgan Stanley & Co., LLC		173.00	11/22/2019		(7	)		(700,000	)		(10,154	)		(5,188	)
Put - Euro Bund	Morgan Stanley & Co., LLC		170.50	10/25/2019		(50	)		(5,000,000	)		(5,422	)		(2,725	)
Put - Euro Schatz	Morgan Stanley & Co., LLC		112.20	11/22/2019		(88	)		(8,800,000	)		(8,245	)		(3,357	)
											$	(126,682	)	$	(101,609	)

Written Swaptions

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Call - IRO 5-Year/5-Year Forward Swap Rate	Bank of America Securities, Inc.		1.40	03/10/2020		(10,100,000	)		(10,100,000	)		(69,910	)		(82,554	)
											$	(69,910	)	$	(82,554	)

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Put-Markit CDX N.A. I.G. Series 32 5 Year	Bank of America Securities, Inc.	$	0.80	10/16/2019		(400,000	)	$	(400,000	)	$	(480	)	$	(29	)
Put-Markit CDX N.A. I.G. Series 32 5 Year	Bank of America Securities, Inc.		0.85	11/20/2019		(1,300,000	)		(1,300,000	)		(1,778	)		(305	)
											$	(2,258	)	$	(334	)

Swap Contracts

As of September 30, 2019, the Portfolio held the following centrally cleared interest rate swap agreements¹:

Notional Amount		Currency	Expiration Date	Payments made by Portfolio	Payments Received by Portfolio	Payment Frequency Paid/Received	Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation / (Depreciation)
$	4,800,000	USD	12/16/2022	3-Month USD-LIBOR	Fixed 2.25%	Quarterly/ Semi-Annually	$	(5,960	)	$	105,325		$	99,365
	50,000	USD	12/21/2026	Fixed 1.75%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		920			(792	)		128
	14,000,000	JPY	9/20/2027	Fixed 0.30%	6-Month JPY-LIBOR	Semi-Annually/ Semi-Annually		203			(4,092	)		(3,889	)
	50,000,000	JPY	3/20/2028	Fixed 0.30%	6-Month JPY-LIBOR	Semi-Annually/ Semi-Annually		749			(15,009	)		(14,260	)
	1,600,000	NZD	3/21/2028	Fixed 3.25%	3-Month NZD Bank Bill	Semi-Annually/ Quarterly		(4,014	)		(174,965	)		(178,979	)
	3,700,000	USD	6/20/2028	Fixed 2.25%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		(173,847	)		(213,841	)		(387,688	)
	106,980,000	JPY	3/20/2029	Fixed 0.45%	6-Month JPY-LIBOR	Semi-Annually/ Semi-Annually		4,635			(47,418	)		(42,783	)
	6,400,000	USD	9/12/2029	Fixed 1.75%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		(14,736	)		(30,255	)		(44,991	)
	610,000	USD	6/15/2046	Fixed 2.50%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		21,408			(104,126	)		(82,718	)
	2,310,000	USD	12/21/2046	Fixed 2.25%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		168,326			(270,449	)		(102,123	)
	1,170,000	USD	12/15/2047	Fixed 2.00%	12-Month USD-FFR	Annually/ Annually		(2,122	)		(138,638	)		(140,760	)
	490,000	USD	12/20/2047	Fixed 2.75%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		(23,571	)		(115,502	)		(139,073	)
	190,000	USD	6/20/2048	Fixed 2.50%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		(21,628	)		(34,296	)		(55,924	)
	200,000	USD	12/19/2048	Fixed 2.75%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		(4,075	)		(48,442	)		(52,517	)
	1,100,000	USD	12/11/2049	Fixed 2.25%	3 Month LIBOR BBA	Semi-Annually/ Quarterly		4,834			(139,450	)		(134,616	)
	100,000	USD	1/15/2050	Fixed 2.00%	3 Month LIBOR BBA	Semi-Annually/ Quarterly		719			(6,667	)		(5,948	)
	100,000	USD	1/16/2050	Fixed 1.625%	3 Month LIBOR BBA	Semi-Annually/ Quarterly		1,418			2,373			3,791
	600,000	USD	1/22/2050	Fixed 1.75%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		3,412			(3,871	)		(459	)
	1,400,000	USD	2/3/2050	Fixed 1.625%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		(13,965	)		33,000			19,035
	500,000	USD	3/12/2050	Fixed 2.25%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		1,239			(63,524	)		(62,285	)
							$	(56,055	)	$	(1,270,639	)	$	(1,326,694	)

Open OTC interest rate swap agreements as of September 30, 2019 were as follows:

Notional Amount		Currency	Expiration Date	Counterparty	Payments made by Portfolio	Payments Received by Portfolio	Payment Frequency Paid/Received	Upfront Premiums Received/ (Paid)		Value			Unrealized Appreciation / (Depreciation)
$	4,190,000	ILS	2/16/2020	Bank of America N.A.	Fixed 0.285%	3-Month TELBOR	Annually/ Quarterly	$	—	$	(2,001	)	$	(2,001	)
$	880,000	ILS	2/16/2028	Bank of America N.A.	3-Month TELBOR	Fixed 1.963%	Quarterly/ Annually		—		28,445			28,445
$	2,570,000	ILS	6/20/2020	Bank of America N.A.	Fixed 0.37%	3-Month TELBOR	Annually/ Quarterly		—		(1,581	)		(1,581	)
$	540,000	ILS	6/20/2028	Bank of America N.A.	3-Month TELBOR	Fixed 1.998%	Quarterly/ Annually		—		17,132			17,132
								$	—	$	41,995		$	41,995

As of September 30, 2019, the Portfolio held the following open centrally cleared inflation swap agreements¹:

Notional Amount		Currency	Expiration Date	Payments made by Portfolio	Payments Received by Portfolio	Payment Frequency Paid/Received	Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation / (Depreciation)
$	1,300,000	USD	11/23/2020	Fixed 2.027%	12-Month USD-CPI	At Maturity	$	—		$	(4,895	)	$	(4,895	)
	1,300,000	USD	11/25/2020	Fixed 2.021%	12-Month USD-CPI	At Maturity		—			(4,752	)		(4,752	)
	4,600,000	USD	9/20/2021	Fixed 1.58%	12-Month USD-CPI	At Maturity		—			(9,874	)		(9,874	)
	1,100,000	USD	4/27/2023	Fixed 2.263%	12-Month USD-CPI	At Maturity		—			(36,797	)		(36,797	)
	510,000	USD	5/9/2023	Fixed 2.263%	12-Month USD-CPI	At Maturity		—			(16,909	)		(16,909	)
	780,000	USD	5/10/2023	Fixed 2.281%	12-Month USD-CPI	At Maturity		—			(26,571	)		(26,571	)
	2,800,000	EUR	3/15/2024	Fixed 1.03%	12-Month EUR-CPI	At Maturity		998			(45,051	)		(44,053	)
	2,200,000	GBP	9/15/2024	UK RPI	Fixed 3.85%	At Maturity		(376	)		3,570			3,194
	560,000	EUR	12/15/2026	12-Month EUR-CPI	Fixed 1.385%	At Maturity		1,423			23,968			25,391
	800,000	EUR	6/15/2027	12-Month EUR-CPI	Fixed 1.36%	At Maturity		9,637			34,658			44,295
	1,100,000	USD	7/25/2027	12-Month USD-CPI	Fixed 2.067%	At Maturity		—			32,491			32,491
	600,000	USD	9/25/2027	12-Month USD-CPI	Fixed 2.15%	At Maturity		—			21,776			21,776
	1,200,000	USD	10/17/2027	12-Month USD-CPI	Fixed 2.155%	At Maturity		—			44,918			44,918
	3,900,000	EUR	11/15/2027	12-Month EUR-CPI	Fixed 1.52%	At Maturity		2,908			245,776			248,684
	1,000,000	EUR	3/15/2028	12-Month EUR-CPI	Fixed 1.535%	At Maturity		(112	)		66,067			65,955
	510,000	USD	5/9/2028	12-Month USD-CPI	Fixed 2.353%	At Maturity		—			34,634			34,634
	770,000	USD	5/9/2028	12-Month USD-CPI	Fixed 2.36%	At Maturity		—			52,926			52,926
	850,000	EUR	5/15/2028	12-Month EUR-CPI	Fixed 1.62%	At Maturity		(47	)		64,462			64,415
	3,460,000	GBP	6/15/2030	UK RPI	Fixed 3.40%	At Maturity		(11,815	)		(51,177	)		(62,992	)
	2,070,000	GBP	4/15/2031	UK RPI	Fixed 3.14%	At Maturity		167,222			(247,633	)		(80,411	)
	2,690,000	GBP	10/15/2031	UK RPI	Fixed 3.53%	At Maturity		2,914			(52,216	)		(49,302	)
	200,000	EUR	3/15/2033	Fixed 1.71%	12-Month EUR-CPI	At Maturity		350			(23,525	)		(23,175	)
	310,000	GBP	6/15/2039	UK RPI	Fixed 3.58%	At Maturity		(309	)		12,882			12,573
	350,000	GBP	6/15/2039	UK RPI	Fixed 3.59%	At Maturity		—			16,078			16,078
	920,000	GBP	6/15/2039	UK RPI	Fixed 3.60%	At Maturity		374			46,301			46,675
							$	173,167		$	181,107		$	354,274

As of September 30, 2019, the Portfolio held the following centrally cleared credit default swap contracts¹:

Reference Entity	Termination Date	Buy/Sell Protection2	Notional Amount (000)3		(Pay)/ Receive Fixed Rate4			Payment Frequency Paid/Received	Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation / (Depreciation)5
Daimler AG 0.625%, 03/05/20	12/20/2020	Sell		150		1.00	%	Quarterly	$	(1,176	)	$	1,714		$	538
General Electric Co. 2.70%, 10/09/22	12/20/2020	Sell		100		1.00	%	Quarterly		1,705			740			2,445
CDX North American High Yield Series 31	12/20/2023	Buy		2,390		5.00	%	Quarterly		115,833			(184,667	)		(68,834	)
General Electric Co. 2.70%, 10/09/22	12/20/2023	Selll		100		1.00	%	Quarterly		4,080			55			4,135
CDX North American High Yield Series 32	6/20/2024	Buy		8,019		5.00	%	Quarterly		570,959			(565,805	)		5,154
CDX North American High Yield Series 33	12/20/2024	Buy		300		5.00	%	Quarterly		20,178			(20,178	)		—
									$	711,579		$	(768,141	)	$	(56,562	)

As of September 30, 2019, the Portfolio held the following OTC credit default swap contracts:

Reference Entity	Counterparty	Termination Date	Buy/Sell Protection2	Notional Amount (000)3		(Pay)/ Receive Fixed Rate4			Payment Frequency Paid/ Received	Upfront Premiums Received/ (Paid)			Value			Unrealized Appreciation/ (Depreciation)5
United Mexican States	Bank of America N.A.	12/20/2023	Buy		2,300		1.00	%	Quarterly	$	(19,277	)	$	(7,892	)	$	(27,169	)
										$	(19,277	)	$	(7,892	)	$	(27,169	)

1	As of September 30, 2019, cash in the amount of $2,590,000 was on deposit with a broker for centrally cleared swap agreements.
2	Buy-Portfolio pays premium and buys credit protection. If a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Sell-Portfolio receives premium and sells credit protection. If a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
3	The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap contract.
4	The annual fixed rate represents the interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract.
5	Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at September 30, 2019.

The following abbreviations are used in the preceding pages:

ARS	—Argentine Peso
AUD	—Australian Dollar
BADLARPP	—Average rate on 30-day deposits of at least 1 million Argentinian Pesos
BRL	—Brazilian Real
BTP	—Buoni del Tesoro Poliennali (Eurex Exchange index)
CAD	—Canadian Dollar
COP	—Colombian Peso
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound Sterling
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
JPY	—Japanese Yen
KRW	—South Korean Won
LIBOR	—London Interbank Offered Rate
MXN	—Mexican Peso
NZD	—New Zealand Dollar
PEN	—Peruvian Sol
REMIC	—Real Estate Mortgage Investment Conduit
RUB	—New Russian Ruble
SGD	—Singapore Dollar
TBA	—TBA
TELBOR	—Tel Aviv Interbank Offered Rate
TWD	—New Taiwan Dollar
USD	—United States Dollar
ZAR	—South African Rand

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Asset-Backed Securities	$	—		$	23,836,216		$	—	$	23,836,216
Corporate Bonds		—			55,182,381			—		55,182,381
Foreign Government Bonds		—			33,728,780			—		33,728,780
Mortgage-Backed Securities		—			16,957,058			—		16,957,058
U.S. Government & Federal Agencies		—			453,040,297			—		453,040,297
Total Long-Term Bonds		—			582,744,732			—		582,744,732
Purchased Options		92,999			—			—		92,999
Short-Term Investments
Affiliated Investment Company		589,622			—			—		589,622
Foreign Government Bonds		—			3,370,763			—		3,370,763
Repurchase Agreements		—			5,300,000			—		5,300,000
Total Short-Term Investments		589,622			8,670,763			—		9,260,385
Total Investments in Securities		682,621			591,415,495			—		592,098,116
Other Financial Instruments
Credit Default Swap Contracts (b)		—			12,272			—		12,272
Foreign Currency Forward Contracts (b)		—			1,424,820			—		1,424,820
Futures Contracts (b)		615,206			—			—		615,206
Inflation Swap Contracts (b)		—			714,005			—		714,005
Interest Rate Swap Contracts (b)		—			167,896			—		167,896
Total Other Financial Instruments		615,206			2,318,993			—		2,934,199
Total Investments in Securities and Other Financial Instruments	$	1,297,827		$	593,734,488		$	—	$	595,032,315
Liability Valuation Inputs
Other Financial Instruments
Foreign Currency Forward Contracts (b)		—			(1,094,488	)		—		(1,094,488	)
Futures Contracts (b)		(503,435	)		—			—		(503,435	)
Credit Default Swap Contracts (b)		—			(96,003	)		—		(96,003	)
Inflation Swap Contracts (b)		—			(359,731	)		—		(359,731	)
Interest Rate Swap Contracts (b)		—			(1,452,595	)		—		(1,452,595	)
Written Options (b)		(259,161	)		(331	)		—		(259,492	)
Total Other Financial Instruments	$	(762,596	)	$	(3,003,148	)	$	—	$	(3,765,744	)

(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.

MainStay VP MacKay S&P 500 Index Portfolio

Portfolio of Investments September 30, 2019 (Unaudited)

	Shares		Value
Common Stocks 97.5% †
Aerospace & Defense 2.6%
Arconic, Inc.		34,480	$	896,480
Boeing Co.		47,583		18,103,904
General Dynamics Corp.		20,826		3,805,535
Huntington Ingalls Industries, Inc.		3,679		779,175
L3Harris Technologies, Inc.		19,875		4,146,720
Lockheed Martin Corp.		22,120		8,628,127
Northrop Grumman Corp.		14,006		5,249,309
Raytheon Co.		24,789		4,863,354
Textron, Inc.		20,484		1,002,897
TransDigm Group, Inc.		4,418		2,300,320
United Technologies Corp.		72,201		9,856,880
				59,632,701
Air Freight & Logistics 0.6%
C.H. Robinson Worldwide, Inc.		12,050		1,021,599
Expeditors International of Washington, Inc.		15,196		1,128,911
FedEx Corp.		21,363		3,109,812
United Parcel Service, Inc., Class B		62,160		7,448,011
				12,708,333
Airlines 0.4%
Alaska Air Group, Inc.		10,973		712,257
American Airlines Group, Inc.		35,275		951,367
Delta Air Lines, Inc.		51,509		2,966,918
Southwest Airlines Co.		43,061		2,325,725
United Airlines Holdings, Inc. (a)		19,667		1,738,760
				8,695,027
Auto Components 0.1%
Aptiv PLC		22,804		1,993,525
BorgWarner, Inc.		18,382		674,252
				2,667,777
Automobiles 0.3%
Ford Motor Co.		348,837		3,195,347
General Motors Co.		111,835		4,191,576
Harley-Davidson, Inc.		13,951		501,817
				7,888,740
Banks 5.3%
Bank of America Corp.		745,694		21,751,894
BB&T Corp.		68,198		3,639,727
Citigroup, Inc.		201,083		13,890,814
Citizens Financial Group, Inc.		39,796		1,407,584
Comerica, Inc.		13,295		877,337
Fifth Third Bancorp		65,022		1,780,302
First Republic Bank		14,974		1,447,986
Huntington Bancshares, Inc.		92,380		1,318,263
JPMorgan Chase & Co.		284,614		33,496,222
KeyCorp		89,302		1,593,148
M&T Bank Corp.		11,898		1,879,527
People's United Financial, Inc.		35,493		554,933
PNC Financial Services Group, Inc.		39,633		5,554,961
Regions Financial Corp.		88,814		1,405,037
SunTrust Banks, Inc.		39,516		2,718,701
SVB Financial Group (a)		4,588		958,663
U.S. Bancorp		127,643		7,063,764
Wells Fargo & Co.		356,898		18,001,935
Zions Bancorp., N.A.		15,752		701,279
				120,042,077
Beverages 1.9%
Brown-Forman Corp., Class B		16,201		1,017,099
Coca-Cola Co.		342,555		18,648,694
Constellation Brands, Inc., Class A		14,886		3,085,570
Molson Coors Brewing Co., Class B		16,721		961,458
Monster Beverage Corp. (a)		34,435		1,999,296
PepsiCo., Inc.		124,454		17,062,643
				42,774,760
Biotechnology 2.1%
AbbVie, Inc.		131,603		9,964,979
Alexion Pharmaceuticals, Inc. (a)		19,959		1,954,784
Amgen, Inc.		53,380		10,329,564
Biogen, Inc. (a)		16,418		3,822,439
Celgene Corp. (a)		63,086		6,264,440
Gilead Sciences, Inc.		112,729		7,144,764
Incyte Corp. (a)		15,889		1,179,441
Regeneron Pharmaceuticals, Inc. (a)		7,113		1,973,146
Vertex Pharmaceuticals, Inc. (a)		22,879		3,876,160
				46,509,717
Building Products 0.3%
A.O. Smith Corp.		12,315		587,548
Allegion PLC		8,312		861,539
Fortune Brands Home & Security, Inc.		12,451		681,070
Johnson Controls International PLC		70,827		3,108,597
Masco Corp.		25,765		1,073,885
				6,312,639
Capital Markets 2.6%
Affiliated Managers Group, Inc.		4,508		375,742
Ameriprise Financial, Inc.		11,649		1,713,568
Bank of New York Mellon Corp.		76,356		3,452,055
BlackRock, Inc.		10,457		4,660,057
Cboe Global Markets, Inc.		9,941		1,142,320
Charles Schwab Corp.		103,556		4,331,747
CME Group, Inc.		31,874		6,736,251
E*TRADE Financial Corp.		21,346		932,607
Franklin Resources, Inc.		25,106		724,559
Goldman Sachs Group, Inc.		28,805		5,969,260
Intercontinental Exchange, Inc.		49,884		4,602,797
Invesco, Ltd.		34,290		580,873
MarketAxess Holdings, Inc.		3,361		1,100,728
Moody's Corp.		14,483		2,966,553
Morgan Stanley		111,808		4,770,847
MSCI, Inc.		7,539		1,641,617
Nasdaq, Inc.		10,261		1,019,430
Northern Trust Corp.		19,128		1,785,025
Raymond James Financial, Inc.		10,999		906,978
S&P Global, Inc.		21,924		5,370,942
State Street Corp.		33,164		1,962,977
T. Rowe Price Group, Inc.		20,968		2,395,594
				59,142,527
Chemicals 1.9%
Air Products & Chemicals, Inc.		19,614		4,351,562
Albemarle Corp. (b)		9,434		655,852
Celanese Corp.		11,014		1,346,902
CF Industries Holdings, Inc.		19,434		956,153
Corteva, Inc. (a)		66,660		1,866,480
Dow, Inc. (a)		66,155		3,152,286
DuPont de Nemours, Inc.		66,357		4,731,917
Eastman Chemical Co.		12,194		900,283
Ecolab, Inc.		22,284		4,413,123
FMC Corp.		11,610		1,017,965
International Flavors & Fragrances, Inc. (b)		9,504		1,166,046
Linde PLC		48,119		9,321,613
LyondellBasell Industries N.V., Class A		22,977		2,055,752
Mosaic Co.		31,599		647,779
PPG Industries, Inc.		21,033		2,492,621
Sherwin-Williams Co.		7,309		4,019,000
				43,095,334
Commercial Services & Supplies 0.4%
Cintas Corp.		7,389		1,980,991
Copart, Inc. (a)		17,947		1,441,683
Republic Services, Inc.		18,843		1,630,862
Rollins, Inc.		12,535		427,067
Waste Management, Inc.		34,741		3,995,215
				9,475,818
Communications Equipment 1.1%
Arista Networks, Inc. (a)		4,844		1,157,328
Cisco Systems, Inc.		377,881		18,671,100
F5 Networks, Inc. (a)		5,352		751,528
Juniper Networks, Inc.		30,782		761,855
Motorola Solutions, Inc.		14,736		2,511,162
				23,852,973
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.		12,061		1,103,581
Quanta Services, Inc.		12,656		478,397
				1,581,978
Construction Materials 0.1%
Martin Marietta Materials, Inc.		5,558		1,523,448
Vulcan Materials Co.		11,775		1,780,851
				3,304,299
Consumer Finance 0.7%
American Express Co.		60,558		7,162,800
Capital One Financial Corp.		41,865		3,808,878
Discover Financial Services		28,327		2,297,036
Synchrony Financial		54,330		1,852,110
				15,120,824
Containers & Packaging 0.4%
Amcor PLC (a)		144,600		1,409,850
Avery Dennison Corp.		7,494		851,093
Ball Corp.		29,552		2,151,681
International Paper Co.		34,967		1,462,320
Packaging Corp. of America		8,426		893,999
Sealed Air Corp.		13,755		570,970
WestRock Co.		22,906		834,924
				8,174,837
Distributors 0.1%
Genuine Parts Co.		13,003		1,294,969
LKQ Corp. (a)		27,434		862,799
				2,157,768
Diversified Consumer Services 0.0% ‡
H&R Block, Inc.		17,866		421,995
Diversified Financial Services 1.6%
Berkshire Hathaway, Inc., Class B (a)		174,539		36,307,603
Diversified Telecommunication Services 2.1%
AT&T, Inc.		650,409		24,611,477
CenturyLink, Inc.		87,382		1,090,527
Verizon Communications, Inc.		368,153		22,221,715
				47,923,719
Electric Utilities 2.1%
Alliant Energy Corp.		21,142		1,140,188
American Electric Power Co., Inc.		43,954		4,118,050
Duke Energy Corp.		64,854		6,216,905
Edison International		31,874		2,403,937
Entergy Corp.		17,698		2,077,037
Evergy, Inc.		20,959		1,395,031
Eversource Energy		28,804		2,461,878
Exelon Corp.		86,482		4,177,945
FirstEnergy Corp.		48,065		2,318,175
NextEra Energy, Inc.		43,505		10,136,230
Pinnacle West Capital Corp.		9,996		970,312
PPL Corp.		64,289		2,024,461
Southern Co.		93,038		5,746,957
Xcel Energy, Inc.		46,675		3,028,741
				48,215,847
Electrical Equipment 0.5%
AMETEK, Inc.		20,325		1,866,241
Eaton Corp. PLC		37,385		3,108,563
Emerson Electric Co.		54,751		3,660,652
Rockwell Automation, Inc.		10,415		1,716,392
				10,351,848
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A		26,476		2,554,934
CDW Corp.		3,864		476,199
Corning, Inc.		69,506		1,982,311
FLIR Systems, Inc.		12,071		634,814
IPG Photonics Corp. (a)		3,173		430,259
Keysight Technologies, Inc. (a)		16,697		1,623,783
TE Connectivity, Ltd.		29,902		2,786,269
				10,488,569
Energy Equipment & Services 0.4%
Baker Hughes, a GE Co.		51,035		1,184,012
Halliburton Co.		77,968		1,469,697
Helmerich & Payne, Inc.		9,741		390,322
National Oilwell Varco, Inc.		34,349		728,199
Schlumberger, Ltd.		123,104		4,206,463
TechnipFMC PLC		37,358		901,822
				8,880,515
Entertainment 1.8%
Activision Blizzard, Inc.		68,274		3,613,060
Electronic Arts, Inc. (a)		26,232		2,566,014
Netflix, Inc. (a)		38,972		10,429,687
Take-Two Interactive Software, Inc. (a)		10,074		1,262,675
Viacom, Inc., Class B		31,507		757,113
Walt Disney Co.		160,344		20,896,030
				39,524,579
Equity Real Estate Investment Trusts 3.1%
Alexandria Real Estate Equities, Inc.		10,096		1,555,188
American Tower Corp.		39,404		8,713,407
Apartment Investment & Management Co., Class A		13,252		690,959
AvalonBay Communities, Inc.		12,431		2,676,767
Boston Properties, Inc.		12,795		1,659,000
Crown Castle International Corp.		37,007		5,144,343
Digital Realty Trust, Inc.		18,545		2,407,326
Duke Realty Corp.		32,173		1,092,917
Equinix, Inc.		7,550		4,354,840
Equity Residential		31,030		2,676,648
Essex Property Trust, Inc.		5,851		1,911,229
Extra Space Storage, Inc.		11,440		1,336,421
Federal Realty Investment Trust		6,205		844,749
HCP, Inc.		43,715		1,557,565
Host Hotels & Resorts, Inc.		64,970		1,123,331
Iron Mountain, Inc.		25,556		827,759
Kimco Realty Corp.		37,572		784,503
Macerich Co. (b)		9,808		309,835
Mid-America Apartment Communities, Inc.		10,151		1,319,731
Prologis, Inc.		56,178		4,787,489
Public Storage		13,366		3,278,279
Realty Income Corp.		28,326		2,172,038
Regency Centers Corp.		14,915		1,036,443
SBA Communications Corp.		10,068		2,427,898
Simon Property Group, Inc.		27,417		4,267,456
SL Green Realty Corp.		7,336		599,718
UDR, Inc.		26,066		1,263,680
Ventas, Inc.		33,164		2,421,967
Vornado Realty Trust		14,097		897,556
Welltower, Inc.		36,072		3,269,927
Weyerhaeuser Co.		66,307		1,836,704
				69,245,673
Food & Staples Retailing 1.6%
Costco Wholesale Corp.		39,146		11,278,354
Kroger Co.		71,103		1,833,035
Sysco Corp.		45,679		3,626,913
Walgreens Boots Alliance, Inc.		67,528		3,734,974
Walmart, Inc.		126,587		15,023,345
				35,496,621
Food Products 1.2%
Archer-Daniels-Midland Co.		49,577		2,036,127
Campbell Soup Co.		15,011		704,316
Conagra Brands, Inc.		43,313		1,328,843
General Mills, Inc.		53,718		2,960,936
Hershey Co.		13,260		2,055,168
Hormel Foods Corp.		24,715		1,080,787
J.M. Smucker Co.		10,152		1,116,923
Kellogg Co.		22,134		1,424,323
Kraft Heinz Co.		55,383		1,547,124
Lamb Weston Holdings, Inc.		12,967		942,960
McCormick & Co., Inc.		10,953		1,711,954
Mondelez International, Inc., Class A		128,369		7,101,373
Tyson Foods, Inc., Class A		26,230		2,259,452
				26,270,286
Gas Utilities 0.1%
Atmos Energy Corp.		10,521		1,198,237
Health Care Equipment & Supplies 3.5%
Abbott Laboratories		157,319		13,162,881
ABIOMED, Inc. (a)		4,039		718,498
Align Technology, Inc. (a)		6,470		1,170,552
Baxter International, Inc.		45,446		3,975,162
Becton Dickinson & Co.		24,029		6,078,376
Boston Scientific Corp. (a)		123,991		5,045,194
Cooper Cos., Inc.		4,413		1,310,661
Danaher Corp.		56,830		8,207,957
DENTSPLY SIRONA, Inc.		19,955		1,063,801
Edwards Lifesciences Corp. (a)		18,512		4,070,974
Hologic, Inc. (a)		23,793		1,201,308
IDEXX Laboratories, Inc. (a)		7,663		2,083,800
Intuitive Surgical, Inc. (a)		10,259		5,539,142
Medtronic PLC		119,424		12,971,835
ResMed, Inc.		12,788		1,727,787
Stryker Corp.		28,561		6,177,744
Teleflex, Inc.		4,115		1,398,071
Varian Medical Systems, Inc. (a)		8,106		965,343
Zimmer Biomet Holdings, Inc.		18,275		2,508,609
				79,377,695
Health Care Providers & Services 2.4%
AmerisourceBergen Corp.		13,537		1,114,501
Anthem, Inc.		22,771		5,467,317
Cardinal Health, Inc.		26,537		1,252,281
Centene Corp. (a)		36,816		1,592,660
Cigna Corp. (a)		33,612		5,101,965
CVS Health Corp.		115,760		7,300,983
DaVita, Inc. (a)		8,619		491,886
HCA Healthcare, Inc.		23,674		2,850,823
Henry Schein, Inc. (a)		13,197		838,010
Humana, Inc.		12,025		3,074,432
Laboratory Corp. of America Holdings (a)		8,696		1,460,928
McKesson Corp.		16,459		2,249,287
Quest Diagnostics, Inc.		11,987		1,282,969
UnitedHealth Group, Inc.		84,355		18,332,029
Universal Health Services, Inc., Class B		7,231		1,075,611
WellCare Health Plans, Inc. (a)		4,478		1,160,563
				54,646,245
Health Care Technology 0.1%
Cerner Corp.		28,341		1,932,006
Hotels, Restaurants & Leisure 1.9%
Carnival Corp.		35,641		1,557,868
Chipotle Mexican Grill, Inc. (a)		2,270		1,907,867
Darden Restaurants, Inc.		10,932		1,292,381
Hilton Worldwide Holdings, Inc.		25,533		2,377,378
Marriott International, Inc., Class A		24,333		3,026,295
McDonald's Corp.		67,600		14,514,396
MGM Resorts International		46,413		1,286,568
Norwegian Cruise Line Holdings, Ltd. (a)		19,191		993,518
Royal Caribbean Cruises, Ltd.		15,296		1,657,016
Starbucks Corp.		106,547		9,420,886
Wynn Resorts, Ltd.		8,621		937,275
Yum! Brands, Inc.		27,085		3,072,251
				42,043,699
Household Durables 0.4%
D.R. Horton, Inc.		29,956		1,578,981
Garmin, Ltd.		12,860		1,089,113
Leggett & Platt, Inc.		11,702		479,080
Lennar Corp., Class A		25,315		1,413,843
Mohawk Industries, Inc. (a)		5,331		661,417
Newell Brands, Inc.		33,919		634,964
NVR, Inc. (a)		306		1,137,509
PulteGroup, Inc.		22,944		838,603
Whirlpool Corp.		5,655		895,526
				8,729,036
Household Products 1.8%
Church & Dwight Co., Inc.		21,994		1,654,829
Clorox Co.		11,193		1,699,881
Colgate-Palmolive Co.		76,373		5,614,179
Kimberly-Clark Corp.		30,638		4,352,128
Procter & Gamble Co.		222,764		27,707,386
				41,028,403
Independent Power & Renewable Electricity Producers 0.1%
AES Corp.		59,091		965,547
NRG Energy, Inc.		22,519		891,752
				1,857,299
Industrial Conglomerates 1.3%
3M Co.		51,207		8,418,431
General Electric Co.		776,813		6,944,708
Honeywell International, Inc.		64,045		10,836,414
Roper Technologies, Inc.		9,257		3,301,046
				29,500,599
Insurance 2.4%
Aflac, Inc.		65,903		3,448,045
Allstate Corp.		29,302		3,184,541
American International Group, Inc.		77,432		4,312,962
Aon PLC		20,993		4,063,615
Arthur J. Gallagher & Co.		16,562		1,483,458
Assurant, Inc.		5,441		684,587
Chubb, Ltd.		40,567		6,549,137
Cincinnati Financial Corp.		13,521		1,577,495

Everest Re Group, Ltd.	3,626	964,842
Globe Life, Inc.	8,934	855,520
Hartford Financial Services Group, Inc.	32,185	1,950,733
Lincoln National Corp.	17,820	1,074,902
Loews Corp.	23,147	1,191,608
Marsh & McLennan Cos., Inc.	45,068	4,509,054
MetLife, Inc.	70,852	3,341,380
Principal Financial Group, Inc.	23,079	1,318,734
Progressive Corp.	52,041	4,020,167
Prudential Financial, Inc.	35,783	3,218,681
Travelers Cos., Inc.	23,177	3,446,188
Unum Group	18,571	551,930
Willis Towers Watson PLC	11,482	2,215,682
		53,963,261
Interactive Media & Services 4.7%
Alphabet, Inc. (a)
Class A	26,662	32,558,035
Class C	26,898	32,788,662
Facebook, Inc., Class A (a)	214,138	38,133,695
TripAdvisor, Inc. (a)	9,346	361,503
Twitter, Inc. (a)	68,808	2,834,890
		106,676,785
Internet & Direct Marketing Retail 3.4%
Amazon.com, Inc. (a)	36,985	64,202,631
Booking Holdings, Inc. (a)	3,784	7,426,516
eBay, Inc.	70,180	2,735,617
Expedia Group, Inc.	12,448	1,673,136
		76,037,900
IT Services 5.4%
Accenture PLC, Class A	56,713	10,908,746
Akamai Technologies, Inc. (a)	14,685	1,341,915
Alliance Data Systems Corp.	3,647	467,290
Automatic Data Processing, Inc.	38,626	6,235,009
Broadridge Financial Solutions, Inc.	10,173	1,265,827
Cognizant Technology Solutions Corp., Class A	49,160	2,962,628
DXC Technology Co.	23,318	687,881
Fidelity National Information Services, Inc.	54,604	7,249,227
Fiserv, Inc. (a)	50,809	5,263,304
FleetCor Technologies, Inc. (a)	7,706	2,209,927
Gartner, Inc. (a)	8,023	1,147,209
Global Payments, Inc.	25,634	4,075,806
International Business Machines Corp.	78,853	11,466,803
Jack Henry & Associates, Inc.	6,854	1,000,478
Leidos Holdings, Inc.	12,033	1,033,394
Mastercard, Inc., Class A	79,467	21,580,853
Paychex, Inc.	28,468	2,356,296
PayPal Holdings, Inc. (a)	104,738	10,849,810
VeriSign, Inc. (a)	9,272	1,748,977
Visa, Inc., Class A	153,721	26,441,549
Western Union Co.	37,731	874,227
		121,167,156
Leisure Products 0.1%
Hasbro, Inc.	10,447	1,239,954
Life Sciences Tools & Services 1.0%
Agilent Technologies, Inc.	27,546	2,110,850
Illumina, Inc. (a)	13,085	3,980,719
IQVIA Holdings, Inc. (a)	16,216	2,422,346
Mettler-Toledo International, Inc. (a)	2,190	1,542,636
PerkinElmer, Inc.	9,887	842,076
Thermo Fisher Scientific, Inc.	35,647	10,382,902
Waters Corp. (a)	5,942	1,326,432
		22,607,961
Machinery 1.5%
Caterpillar, Inc.	50,077	6,325,226
Cummins, Inc.	14,045	2,284,700
Deere & Co.	28,027	4,727,594
Dover Corp.	12,946	1,288,904
Flowserve Corp.	11,676	545,386
Fortive Corp.	26,282	1,801,894
IDEX Corp.	6,751	1,106,354
Illinois Tool Works, Inc.	26,202	4,100,351
Ingersoll-Rand PLC	21,503	2,649,385
PACCAR, Inc.	30,831	2,158,478
Parker-Hannifin Corp.	11,433	2,064,914
Pentair PLC	14,958	565,412
Snap-On, Inc.	4,914	769,238
Stanley Black & Decker, Inc.	13,507	1,950,546
Wabtec Corp.	16,210	1,164,851
Xylem, Inc.	16,025	1,275,910
		34,779,143
Media 1.4%
CBS Corp., Class B	29,128	1,175,897
Charter Communications, Inc., Class A (a)	14,391	5,930,819
Comcast Corp., Class A	403,717	18,199,562
Discovery, Inc. (a)
Class A	14,067	374,604
Class C	30,883	760,339
DISH Network Corp., Class A (a)	21,415	729,609
Fox Corp.
Class A	31,549	994,898
Class B (a)	14,453	455,848
Interpublic Group of Cos., Inc.	34,467	743,109
News Corp.
Class A	34,327	477,832
Class B	10,839	154,943
Omnicom Group, Inc.	19,362	1,516,045
		31,513,505
Metals & Mining 0.2%
Freeport-McMoRan, Inc.	129,146	1,235,927
Newmont Goldcorp Corp.	72,980	2,767,402
Nucor Corp.	26,985	1,373,806
		5,377,135
Multi-Utilities 1.1%
Ameren Corp.	21,879	1,751,414
CenterPoint Energy, Inc.	44,703	1,349,137
CMS Energy Corp.	25,260	1,615,377
Consolidated Edison, Inc.	29,565	2,793,006
Dominion Energy, Inc.	73,160	5,928,886
DTE Energy Co.	16,316	2,169,375
NiSource, Inc.	33,232	994,301
Public Service Enterprise Group, Inc.	45,008	2,794,097
Sempra Energy	24,438	3,607,293
WEC Energy Group, Inc.	28,078	2,670,218
		25,673,104
Multiline Retail 0.5%
Dollar General Corp.	22,882	3,636,865
Dollar Tree, Inc. (a)	21,062	2,404,438
Kohl's Corp.	14,164	703,384
Macy's, Inc.	27,497	427,304
Nordstrom, Inc. (b)	9,515	320,370
Target Corp.	45,479	4,862,160
		12,354,521
Oil, Gas & Consumable Fuels 4.0%
Apache Corp.	33,465	856,704
Cabot Oil & Gas Corp.	37,242	654,342
Chevron Corp.	168,982	20,041,265
Cimarex Energy Co.	9,031	432,946
Concho Resources, Inc.	17,898	1,215,274
ConocoPhillips	98,816	5,630,536
Devon Energy Corp.	35,979	865,655
Diamondback Energy, Inc.	14,513	1,304,864
EOG Resources, Inc.	51,659	3,834,131
Exxon Mobil Corp.	376,619	26,593,068
Hess Corp.	23,037	1,393,278
HollyFrontier Corp.	13,477	722,906
Kinder Morgan, Inc.	173,295	3,571,610
Marathon Oil Corp.	71,569	878,152
Marathon Petroleum Corp.	58,598	3,559,828
Noble Energy, Inc.	42,570	956,122
Occidental Petroleum Corp.	79,619	3,540,657
ONEOK, Inc.	36,759	2,708,771
Phillips 66	39,926	4,088,422
Pioneer Natural Resources Co.	14,878	1,871,206
Valero Energy Corp.	36,887	3,144,248
Williams Cos., Inc.	107,884	2,595,689
		90,459,674
Personal Products 0.2%
Coty, Inc., Class A	26,182	275,173
Estee Lauder Cos., Inc., Class A	19,691	3,917,524
		4,192,697
Pharmaceuticals 4.2%
Allergan PLC	29,199	4,913,900
Bristol-Myers Squibb Co.	145,603	7,383,528
Eli Lilly & Co.	75,623	8,456,920
Johnson & Johnson	234,917	30,393,561
Merck & Co., Inc.	227,904	19,184,959
Mylan N.V. (a)	45,919	908,278
Nektar Therapeutics (a)	4,680	85,246
Perrigo Co. PLC	12,111	676,884
Pfizer, Inc.	492,329	17,689,381
Zoetis, Inc.	42,508	5,296,072
		94,988,729
Professional Services 0.3%
Equifax, Inc.	10,760	1,513,609
IHS Markit, Ltd. (a)	35,703	2,387,817
Nielsen Holdings PLC	31,659	672,754
Robert Half International, Inc.	10,464	582,426
Verisk Analytics, Inc.	14,554	2,301,569
		7,458,175
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A (a)	29,938	1,587,013
Road & Rail 0.9%
CSX Corp.	71,047	4,921,426
J.B. Hunt Transport Services, Inc.	7,603	841,272
Kansas City Southern	8,953	1,190,838
Norfolk Southern Corp.	23,446	4,212,308
Union Pacific Corp.	62,712	10,158,090
		21,323,934
Semiconductors & Semiconductor Equipment 3.8%
Advanced Micro Devices, Inc. (a)	96,626	2,801,188
Analog Devices, Inc.	32,882	3,673,906
Applied Materials, Inc.	82,225	4,103,027
Broadcom, Inc.	35,433	9,781,988
Intel Corp.	394,322	20,319,413
KLA Corp.	14,176	2,260,363
Lam Research Corp.	12,865	2,973,230
Maxim Integrated Products, Inc.	24,147	1,398,353
Microchip Technology, Inc.	21,189	1,968,670
Micron Technology, Inc. (a)	98,252	4,210,098
NVIDIA Corp.	54,208	9,435,987
Qorvo, Inc. (a)	10,484	777,284
QUALCOMM, Inc.	108,208	8,254,106
Skyworks Solutions, Inc.	15,284	1,211,257
Texas Instruments, Inc.	83,103	10,740,232
Xilinx, Inc.	22,485	2,156,311
		86,065,413
Software 6.5%
Adobe, Inc. (a)	43,210	11,936,763
ANSYS, Inc. (a)	7,486	1,657,101
Autodesk, Inc. (a)	19,546	2,886,944
Cadence Design Systems, Inc. (a)	24,937	1,647,837
Citrix Systems, Inc.	10,953	1,057,184
Fortinet, Inc. (a)	12,633	969,709
Intuit, Inc.	23,150	6,156,511
Microsoft Corp.	679,642	94,490,627
Oracle Corp.	195,972	10,784,339
salesforce.com, Inc. (a)	78,063	11,587,672
Symantec Corp.	50,611	1,195,938
Synopsys, Inc. (a)	13,377	1,835,993
		146,206,618
Specialty Retail 2.3%
Advance Auto Parts, Inc.	6,354	1,050,951
AutoZone, Inc. (a)	2,183	2,367,725
Best Buy Co., Inc.	20,646	1,424,367
CarMax, Inc. (a)	14,739	1,297,032
Gap, Inc.	19,066	330,986
Home Depot, Inc.	97,482	22,617,774
L Brands, Inc.	20,666	404,847
Lowe's Cos., Inc.	68,699	7,554,142
O'Reilly Automotive, Inc. (a)	6,811	2,714,252
Ross Stores, Inc.	32,462	3,565,951
Tiffany & Co.	9,677	896,380
TJX Cos., Inc.	107,609	5,998,126
Tractor Supply Co.	10,616	960,111
Ulta Beauty, Inc. (a)	5,238	1,312,905
		52,495,549
Technology Hardware, Storage & Peripherals 4.1%
Apple, Inc.	378,125	84,688,656
Hewlett Packard Enterprise Co.	116,214	1,762,966
HP, Inc.	131,908	2,495,699
NetApp, Inc.	21,177	1,112,004
Seagate Technology PLC	21,074	1,133,571
Western Digital Corp.	26,348	1,571,395
Xerox Holdings Corp. (a)	16,939	506,646
		93,270,937
Textiles, Apparel & Luxury Goods 0.7%
Capri Holdings, Ltd. (a)	13,492	447,395
Hanesbrands, Inc.	32,182	493,028
NIKE, Inc., Class B	111,431	10,465,599
PVH Corp.	6,600	582,318
Ralph Lauren Corp.	4,614	440,499
Tapestry, Inc.	25,533	665,135
Under Armour, Inc. (a)
Class A	16,747	333,935
Class C	17,300	313,649
VF Corp.	29,063	2,586,316
		16,327,874
Tobacco 0.8%
Altria Group, Inc.	166,283	6,800,975
Philip Morris International, Inc.	138,488	10,515,394
		17,316,369
Trading Companies & Distributors 0.2%
Fastenal Co.	51,042	1,667,542
United Rentals, Inc. (a)	6,868	856,028
W.W. Grainger, Inc.	3,935	1,169,285
		3,692,855
Water Utilities 0.1%
American Water Works Co., Inc.	16,080	1,997,618
Wireless Telecommunication Services 0.1%
T-Mobile U.S., Inc. (a)	28,141	2,216,667
Total Common Stocks (c) (Cost $866,862,369)		2,197,569,150
Short-Term Investments 4.6%
Affiliated Investment Company 0.0% ‡
MainStay U.S. Government Liquidity Fund, 1.81% (d)	419,464	419,464
Total Affiliated Investment Company (Cost $419,464)		419,464

	Principal Amount
U.S. Government & Federal Agencies 2.4%
United States Treasury Bills (g)
1.81%, due 1/9/20		400,000	397,998
1.823%, due 1/9/20	$	700,000	696,497
1.875%, due 1/9/20		1,800,000	1,790,993
1.876%, due 1/9/20		1,300,000	1,293,495
1.877%, due 10/3/19 (b)		400,000	399,959
1.888%, due 1/9/20		200,000	198,999
1.91%, due 10/3/19 (b)		1,900,000	1,899,801
1.911%, due 10/3/19 (b)		400,000	399,958
1.921%, due 10/3/19 (b)		1,700,000	1,699,822
1.937%, due 10/3/19 (b)		3,700,000	3,699,608
1.947%, due 10/3/19 (b)		1,200,000	1,199,872
1.968%, due 10/3/19 (b)		300,000	299,968
1.983%, due 10/3/19 (b)		1,900,000	1,899,794
1.986%, due 10/3/19 (b)		200,000	199,978
1.991%, due 10/3/19 (b)		700,000	699,924
1.993%, due 10/3/19 (b)		100,000	99,989
2.026%, due 10/3/19 (b)		900,000	899,900
2.03%, due 10/3/19 (b)		500,000	499,945
2.037%, due 10/3/19 (b)		900,000	899,900
2.05%, due 10/3/19 (b)		500,000	499,944
2.051%, due 10/3/19 (b)		100,000	99,989
2.052%, due 10/3/19 (b)		500,000	499,944
2.072%, due 10/3/19 (b)		500,000	499,944
2.093%, due 10/3/19 (b)		200,000	199,977
2.099%, due 10/3/19 (b)		400,000	399,954
2.105%, due 10/24/19 (e)		4,000,000	3,994,723
2.109%, due 10/3/19 (b)		900,000	899,896
2.116%, due 10/3/19 (b)		300,000	299,965
2.125%, due 10/3/19 (b)		500,000	499,942
2.13%, due 10/3/19 (b)		500,000	499,942
2.146%, due 10/3/19 (b)		1,100,000	1,099,871
2.164%, due 10/3/19 (b)		400,000	399,953
2.176%, due 10/3/19 (b)		400,000	399,953
2.178%, due 10/3/19 (b)		500,000	499,941
2.212%, due 10/3/19 (b)		24,300,000	24,297,070
2.235%, due 10/3/19 (b)		300,000	299,963
Total U.S. Government & Federal Agencies (Cost $54,567,070)			54,567,371

	Shares
Unaffiliated Investment Company 2.2%
State Street Navigator Securities Lending Government Money Market Portfolio,2.07% (d)(f)		48,577,655			48,577,655
Total Unaffiliated Investment Company (Cost $48,577,655)					48,577,655
Total Short-Term Investments (Cost $103,564,189)					103,564,490
Total Investments (Cost $970,426,558)		102.1	%		2,301,133,640
Other Assets, Less Liabilities		(2.1	)		(46,581,637	)
Net Assets		100.0	%	$	2,254,552,003

†	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 September 30, 2019, the aggregate market value of securities on loan was $48,323,480; the total market value of collateral held by the Portfolio was $49,271,630. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $693,975.
(c)	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.
(d)	Current yield as of September 30, 2019.
(e)	Represents a security which was maintained at the broker as collateral for futures contracts.
(f)	Represents security purchased with cash collateral received for securities on loan.
(g)	Interest rate shown represents yield to maturity.

As of September 30, 2019, the Portfolio held the following futures contracts:

Type	Number of Contracts		Expiration Date	Value at Trade Date		Current Notional Amount		Unrealized Appreciation (Depreciation)1
Long Contracts
S&P 500 Index Mini		369	December 2019	$	55,446,727	$	54,953,325	$	(493,402	)

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

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)	$	2,197,569,150		$	—	$	—	$	2,197,569,150
Common Stocks
Short-Term Investments
Affiliated Investment Company		419,464			—		—		419,464
Unaffiliated Investment Company		48,577,655			—		—		48,577,655
U.S. Government & Federal Agencies		—			54,567,371		—		54,567,371
Total Short-Term Investments		48,997,119			54,567,371		—		103,564,490
Total Investments in Securities	$	2,246,566,269		$	54,567,371	$	—	$	2,301,133,640
Liability Valuation Inputs
Other Financial Instruments Futures Contracts (b)	$	(493,402	)	$	—	$	—	$	(493,402	)

(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.

MainStay VP T. Rowe Price Equity Income Portfolio

Portfolio of Investments  September 30, 2019 (Unaudited)

	Principal Amount			Value
Long-Term Bonds 0.4% †
Convertible Bonds 0.2%
Insurance 0.2%
AXA S.A. 7.25%, due 5/15/21 (a)	$	1,495,000		$	1,598,386
Total Convertible Bonds (Cost $1,495,246)					1,598,386
Corporate Bonds 0.2%
Toys, Games & Hobbies 0.2%
Mattel, Inc. 6.75%, due 12/31/25 (a)		1,077,000			1,123,785
Total Corporate Bonds (Cost $1,042,226)					1,123,785
Total Long-Term Bonds (Cost $2,537,472)					2,722,171
		Shares
Common Stocks 95.8%
Aerospace & Defense 3.9%
Boeing Co.		36,273			13,800,788
L3Harris Technologies, Inc.		60,512			12,625,224
United Technologies Corp.		8,800			1,201,376
					27,627,388
Air Freight & Logistics 1.5%
United Parcel Service, Inc., Class B		88,948			10,657,749
Airlines 1.4%
Alaska Air Group, Inc.		83,659			5,430,306
Delta Air Lines, Inc.		49,516			2,852,121
Southwest Airlines Co.		33,400			1,803,934
					10,086,361
Banks 11.3%
Bank of America Corp.		15,100			440,467
Citigroup, Inc.		68,554			4,735,710
Fifth Third Bancorp		342,778			9,385,262
JPMorgan Chase & Co.		188,749			22,213,870
PNC Financial Services Group, Inc.		53,284			7,468,285
U.S. Bancorp		153,419			8,490,208
Wells Fargo & Co.		523,480			26,404,331
					79,138,133
Beverages 0.1%
PepsiCo., Inc.		6,341			869,351
Biotechnology 1.5%
AbbVie, Inc.		47,000			3,558,840
Gilead Sciences, Inc.		111,617			7,074,285
					10,633,125
Building Products 1.1%
Johnson Controls International PLC		169,866			7,455,419
Capital Markets 4.1%
Ameriprise Financial, Inc.		2,100			308,910
Bank of New York Mellon Corp.		45,613			2,062,164
Franklin Resources, Inc.		137,395			3,965,220
Morgan Stanley		278,500			11,883,595
Northern Trust Corp.		22,631			2,111,925
State Street Corp.		146,423			8,666,777
					28,998,591
Chemicals 3.4%
Akzo Nobel N.V.		11,276			1,005,222
CF Industries Holdings, Inc.		137,153			6,747,927
Corteva, Inc.		93,899			2,629,172
Dow, Inc.		108,666			5,177,935
DuPont de Nemours, Inc.		101,499			7,237,894
PPG Industries, Inc.		7,122			844,028
					23,642,178
Commercial Services & Supplies 0.6%
Stericycle, Inc. (b)		80,500			4,099,865
Communications Equipment 1.3%
Cisco Systems, Inc.		179,692			8,878,582
Construction Materials 0.1%
Vulcan Materials Co.		3,500			529,340
Containers & Packaging 0.8%
International Paper Co.		139,252			5,823,519
Diversified Financial Services 0.3%
AXA Equitable Holdings, Inc.		86,000			1,905,760
Diversified Telecommunication Services 2.8%
AT&T, Inc.		45,445			1,719,639
CenturyLink, Inc.		64,300			802,464
Telefonica S.A.		437,850			3,341,120
Verizon Communications, Inc.		231,177			13,953,844
					19,817,067
Electric Utilities 5.6%
Duke Energy Corp.		9,182			880,187
Edison International		119,604			9,020,534
Evergy, Inc.		61,259			4,077,399
NextEra Energy, Inc.		30,661			7,143,706
PG&E Corp. (b)		110,809			1,108,090
Southern Co.		275,270			17,003,428
					39,233,344
Electrical Equipment 0.8%
Emerson Electric Co.		58,207			3,891,720
nVent Electric PLC		73,398			1,617,692
					5,509,412
Electronic Equipment, Instruments & Components 0.2%
TE Connectivity, Ltd.		14,061			1,310,204
Entertainment 0.4%
Walt Disney Co.		24,028			3,131,329
Equity Real Estate Investment Trusts 3.3%
Equity Residential		84,114			7,255,674
Rayonier, Inc.		145,643			4,107,133
SL Green Realty Corp.		48,619			3,974,603
Weyerhaeuser Co.		297,500			8,240,750
					23,578,160
Food & Staples Retailing 0.8%
Walmart, Inc.		49,575			5,883,561
Food Products 3.8%
Bunge, Ltd.		59,600			3,374,552
Conagra Brands, Inc.		286,365			8,785,678
Kellogg Co.		21,900			1,409,265
Tyson Foods, Inc., Class A		149,669			12,892,488
					26,461,983
Health Care Equipment & Supplies 2.2%
Becton Dickinson & Co.		9,657			2,442,835
Medtronic PLC		97,245			10,562,752
Zimmer Biomet Holdings, Inc.		17,600			2,415,952
					15,421,539
Health Care Providers & Services 2.6%
Anthem, Inc.		34,166			8,203,257
CVS Health Corp.		161,937			10,213,366
					18,416,623
Hotels, Restaurants & Leisure 1.1%
Las Vegas Sands Corp.		110,840			6,402,118
MGM Resorts International		40,400			1,119,888
					7,522,006
Household Products 1.7%
Kimberly-Clark Corp.		86,075			12,226,954
Industrial Conglomerates 1.5%
General Electric Co.		1,157,600			10,348,944
Insurance 7.0%
American International Group, Inc.		221,868			12,358,048
Brighthouse Financial, Inc. (b)		40,217			1,627,582
Chubb, Ltd.		84,310			13,611,006
Loews Corp.		119,453			6,149,440
Marsh & McLennan Cos., Inc.		25,674			2,568,684
MetLife, Inc.		190,930			9,004,259
Willis Towers Watson PLC		21,440			4,137,277
					49,456,296
IT Services 0.5%
Cognizant Technology Solutions Corp., Class A		61,330			3,696,052
Leisure Products 0.4%
Mattel, Inc. (b)(c)		255,154			2,906,204
Machinery 0.7%
Flowserve Corp.		6,135			286,566
PACCAR, Inc.		29,500			2,065,295
Snap-On, Inc.		16,300			2,551,602
					4,903,463
Media 3.1%
Comcast Corp., Class A		192,897			8,695,797
Fox Corp., Class B (b)		217,998			6,875,657
News Corp., Class A		429,891			5,984,082
					21,555,536
Metals & Mining 0.2%
Nucor Corp.		26,300			1,338,933
Multi-Utilities 1.9%
NiSource, Inc.		345,968			10,351,363
Sempra Energy		22,448			3,313,549
					13,664,912
Multiline Retail 0.5%
Kohl's Corp.		68,600			3,406,676
Oil, Gas & Consumable Fuels 8.9%
Chevron Corp.		34,343			4,073,080
Equitrans Midstream Corp.		46,476			676,226
Exxon Mobil Corp.		184,264			13,010,881
Hess Corp.		32,630			1,973,462
Occidental Petroleum Corp.		195,500			8,693,885
Pioneer Natural Resources Co.		28,900			3,634,753
Targa Resources Corp.		50,300			2,020,551
TC Energy Corp.		250,605			12,978,833
Total S.A.		302,188			15,771,878
					62,833,549
Pharmaceuticals 5.5%
Allergan PLC		34,000			5,721,860
Bristol-Myers Squibb Co.		99,800			5,060,858
GlaxoSmithKline PLC		139,039			2,982,487
Johnson & Johnson		107,322			13,885,320
Pfizer, Inc.		298,576			10,727,836
					38,378,361
Professional Services 0.8%
Nielsen Holdings PLC		253,392			5,384,580
Semiconductors & Semiconductor Equipment 4.1%
Applied Materials, Inc.		93,400			4,660,660
NXP Semiconductors N.V.		14,900			1,625,888
QUALCOMM, Inc.		214,311			16,347,643
Texas Instruments, Inc.		49,855			6,443,260
					29,077,451
Software 1.6%
Microsoft Corp.		81,962			11,395,177
Specialty Retail 0.3%
L Brands, Inc.		91,820			1,798,754
Technology Hardware, Storage & Peripherals 0.3%
Hewlett Packard Enterprise Co.		42,200			640,174
Western Digital Corp.		24,405			1,455,514
					2,095,688
Tobacco 1.6%
Philip Morris International, Inc.		149,247			11,332,325
Water Utilities 0.2%
Aqua America, Inc.		19,414			1,176,488
Total Common Stocks (Cost $579,504,796)					673,606,932
Convertible Preferred Stocks 2.0%
Electric Utilities 0.4%
Southern Co. 6.75%		56,931			3,046,378
Health Care Equipment & Supplies 0.8%
Becton Dickinson & Co. 6.125%		95,004			5,881,698
Multi-Utilities 0.8%
Sempra Energy
6.00%		33,680			3,980,976
6.75%		10,478			1,232,841
					5,213,817
Total Convertible Preferred Stocks (Cost $12,059,173)					14,141,893
Short-Term Investments 1.1%
Affiliated Investment Company 0.8%
MainStay U.S. Government Liquidity Fund, 1.81% (d)		5,405,279			5,405,279
Unaffiliated Investment Company 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 2.07% (d)(e)		1,774,818			1,774,818
Total Short-Term Investments (Cost $7,180,097)					7,180,097
Total Investments (Cost $601,281,538)		99.3	%		697,651,093
Other Assets, Less Liabilities		0.7			5,225,835
Net Assets		100.0	%	$	702,876,928

†	Percentages indicated are based on Portfolio net assets.
(a)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(b)	Non-income producing security.
(c)	All or a portion of this security was held on loan. As of September 30, 2019, the aggregate market value of securities on loan was $2,863,870; the total market value of collateral held by the Portfolio was $2,917,975. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,143,157.
(d)	Current yield as of September 30, 2019.
(e)	Represents security purchased with cash collateral received for securities on loan.

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

Type	Number of Contracts		Expiration Date	Value at Trade Date		Current Notional Amount		Unrealized Appreciation (Depreciation)2
Long Contracts
Standard & Poor’s 500 Index Mini		6	December 2019	$	902,244	$	893,550	$	(8,694	)

1. As of September 30, 2019, cash in the amount of $37,800 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 September 30, 2019.

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

Description	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Long-Term Bonds
Convertible Bonds	$	—		$	1,598,386	$	—	$	1,598,386
Corporate Bonds		—			1,123,785		—		1,123,785
Total Long-Term Bonds		—			2,722,171		—		2,722,171
Common Stocks		673,606,932			—		—		673,606,932
Convertible Preferred Stocks		14,141,893			—		—		14,141,893
Short-Term Investments
Affiliated Investment Company		5,405,279			—		—		5,405,279
Unaffiliated Investment Company		1,774,818			—		—		1,774,818
Total Short-Term Investments		7,180,097			—		—		7,180,097
Total Investments in Securities	$	694,928,922		$	2,722,171	$	—	$	697,651,093
Liability Valuation Inputs
Other Financial Instruments Futures Contracts (b)	$	(8,694	)	$	—	$	—	$	(8,694	)

(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.

MainStay VP Funds Trust

NOTES TO PORTFOLIOS OF INVESTMENTS September 30, 2019 (Unaudited)

SECURITIES VALUATION.

Investments are usually valued as of the close of regular trading on the New York Stock Exchange (the "Exchange") (generally 4:00 p.m. Eastern time) on each day the Portfolios are open for business ("valuation date").

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

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

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

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

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

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

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

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

• Benchmark yields	• Reported trades
• Broker/dealer quotes	• Issuer spreads
• Two-sided markets	• Benchmark securities
• Bids/offers	• Reference data (corporate actions or material event notices)
• Industry and economic events	• Comparable bonds
• Equity and credit default swap curves	• Monthly payment information

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

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

Certain securities held by certain Portfolios may principally trade in foreign markets. Events may occur between the time the foreign markets close and the time at which each of the Portfolios' net asset values ("NAVs") are calculated. These events may include, but are not limited to, situations relating to a single issuer in a market sector, significant fluctuations in U.S. or foreign markets, natural disasters, armed conflicts, governmental actions or other developments not tied directly to the securities markets. Should the Manager or the Subadvisor(s) conclude that such events may have affected the accuracy of the last price of such securities reported on the local foreign market, the Subcommittee may, pursuant to procedures adopted by the Board, adjust the value of the local price to reflect the estimated impact on the price of such securities as a result of such events. In this instance, securities are generally categorized as Level 3 in the hierarchy. Additionally, certain foreign equity securities are also fair valued whenever the movement of a particular index exceeds certain thresholds. In such cases, the securities are fair valued by applying factors provided by a third-party vendor in accordance with valuation procedures adopted by the Board and are generally categorized as Level 2 in the hierarchy. As of September 30, 2019, no foreign equity securities held by the Portfolios were fair valued in such a manner.

Investments in Underlying Portfolios/Funds are valued at their respective NAVs at the close of business each day. Securities held by the Underlying Portfolios/Funds are valued using policies consistent with those used by the Underlying Portfolios/Funds, as described in the paragraphs below. These securities are generally categorized as Level 1 in the hierarchy.

Equity securities, rights, warrants and shares of Exchange-Traded Funds are valued at the last quoted sales prices as of the close of regular trading on the relevant exchange on each valuation date. Securities that are not traded on the valuation date are valued at the mean of the last quoted bid and ask prices. Prices are normally taken from the principal market in which each security trades. Futures contracts are valued at the last posted settlement price on the market where such futures are primarily traded. Options contracts are valued at the last posted settlement price on the market where such options are primarily traded. Investments in mutual funds, including money market funds, are valued at their respective NAVs as of the close of the Exchange on the valuation date. These securities are generally categorized as Level 1 in the hierarchy.

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

Foreign currency forward contracts are valued at their fair market values measured on the basis of the mean between the last current bid and ask prices based on dealer or exchange quotations and are generally categorized as Level 2 in the hierarchy.

Swaps are marked to market daily based upon quotations from pricing agents, brokers, or market makers. These securities are generally categorized as Level 2 in the hierarchy.

Total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, are based on a notional principal amount. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and these securities are generally categorized as Level 2 in the hierarchy.

Loan assignments, participations and commitments are valued at the average of bid quotations obtained from the engaged independent pricing service and are generally categorized as Level 2 in the hierarchy. Certain loan assignments, participations and commitments may be valued by utilizing significant unobservable inputs obtained from the pricing service and are generally categorized as Level 3 in the hierarchy.

Unfunded commitments represent the remaining obligation of the Portfolio to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market.

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

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

The valuation techniques and significant amounts of unobservable inputs used in the fair valuation measurement of the Portfolio's Level 3 securities are outlined in the table below. A significant increase or decrease in any of those inputs in isolation would result in a significantly higher or lower fair value measurement at period end.

MainStay VP MacKay High Yield Corporate Bond Fund

Asset Class	Fair Value at 9/30/19*		Valuation Technique	Unobservable Inputs	Inputs/Range
Convertible Bonds	$	8,008,074	Income Approach	Spread Adjustment	12.00%
Corporate Bonds		37,313,938	Income Approach	Spread Adjustment	1.18% - 6.03%
		3,562,995	Market Approach	Asset Coverage at $50 Crude, $3.00 Natural Gas	$0.95
				PIK Discount Spread	3.00%
Common Stocks		2,042,976	Market Approach	Estimated Enterprise Value	$848.1m - $974.0m
				Estimated Volatility	25.00%
		267,465	Market Approach	Asset Coverage at $50 Crude, $3.00 Natural Gas, Implied Equity Value	$13.30M
				Liquidity Discount	25.00%
		287,571	Market Approach	EBITDA Multiple	6.00x
		3,169,694	Market Approach	EBITDA Multiple	5.75x
				Discount Rate	10.00%
		0	Qualitative Assessment		$0.00
	$	54,652,713

* The table above does not include a Level 3 investment that was valued by a broker without adjustment. As of September 30, 2019, the value of this investment was $7,367,500. The input for this investment was not readily available or cannot be reasonably estimated.

A portfolio security or other asset may be determined to be illiquid under procedures approved by the Board. Illiquidity of a security might prevent the sale of such security at a time when the Manager or the Subadvisor(s) might wish to sell, and these securities could have the effect of decreasing the overall level of a Portfolio’s liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, requiring a Portfolio to rely on judgments that may be somewhat subjective in measuring value, which could vary materially from the amount that a Portfolio could realize upon disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to a Portfolio. Under the supervision of the Board, the Manager or the Subadvisor(s) determine the liquidity of a Portfolio’s investments; in doing so, the Manager or the Subadvisor(s) may consider various factors, including: (i) the frequency of trades and quotations, (ii) the number of dealers and prospective purchasers, (iii) dealer undertakings to make a market, and (iv) the nature of the security and the market in which it trades (e.g., the time needed to dispose of the security, the method of soliciting offers and the mechanics of transfer). Illiquid securities often valued in accordance with methods deemed reasonable in good faith in such a manner as the Board deems appropriate to reflect their fair value. The liquidity of each Portfolio’s investments, as shown in their respective accompanying Portfolio of Investments was determined as of September 30, 2019 and can change at any time in response to, among other relevant factors, market conditions or events or developments with respect to an individual issuer or instrument. As of September 30, 2019, securities deemed to be illiquid under procedures approved by the Board are shown in the Portfolio of Investments.

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

MainStay VP Conservative Allocation Portfolio  

Affiliated Investment Companies	Value, Beginning of Period			Purchases at Cost			Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income			Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	25,399		$	88		$	(22,067	)	$	(1,813	)	$	4,484		$	6,091	$	393		$	—		299
IQ 500 International ETF		1,531			7,113			(7,270	)		125			(1	)		1,498		71			—		56
IQ Chaikin U.S. Large Cap ETF		30,169			11,761			(40,438	)		183			3,801			5,476		183			—		220
IQ Chaikin U.S. Small Cap ETF		10,379			331			(2,278	)		(279	)		1,652			9,805		120			—		389
IQ Enhanced Core Plus Bond U.S. ETF		21,369			4,774			(18,003	)		(214	)		1,032			8,958		376			—		455
IQ Global Resources ETF		6,396			27			(683	)		30			303			6,073		—			—		229
IQ S&P High Yield Low Volatility Bond ETF		8,548			57			(407	)		(15	)		752			8,935		275			—		353
MainStay Cushing MLP Premier Fund Class I		4,813			810			(6,362	)		140			599			—		119			—		—
MainStay Epoch Capital Growth Fund Class I		6,923			135			(903	)		166			1,199			7,520		—			—		586
MainStay Epoch Global Choice Fund Class I(b)		8,314			—			(8,753	)		(755	)		1,194			—		—			—		—
MainStay Epoch International Choice Fund Class I		16,403			60			(4,920	)		114			1,733			13,390		—			—		389
MainStay Epoch U.S. All Cap Fund Class R6		11,653			2,071			(2,557	)		212			2,484			13,863		—			—		485
MainStay Epoch U.S. Equity Yield Fund Class R6		860			10			(969	)		24			75			—		10			—		—
MainStay MacKay High Yield Municipal Bond Fund Class I		11,989			406			(702	)		15			606			12,314		351			—		945
MainStay MacKay Infrastructure Bond Fund		—			8,177			(8	)		0	(a)		9			8,178		31			—		930
MainStay MacKay International Opportunities Fund Class I		13,950			76			(7,133	)		(1,752	)		2,841			7,982		—			—		1,050
MainStay MacKay Short Duration High Yield Fund Class I		15,786			47,587			(1,700	)		4			540			62,217		1,138			—		6,317
MainStay MacKay Short Term Municipal Fund Class I		9,836			3,056			(1,917	)		21			66			11,062		148			—		1,150
MainStay MacKay Total Return Bond Fund Class R6		0	(a)		0	(a)		(0	)(a)		—			0	(a)		—		0	(a)		—		—
MainStay MacKay U.S. Equity Opportunities Fund Class I		11,991			375			(2,172	)		(67	)		1,778			11,905		—			—		1,399
MainStay MAP Equity Fund Class I		12,621			8,689			(3,887	)		399			2,699			20,521		—			—		481
MainStay U.S. Government Liquidity Fund		—			114,210			(96,946	)		—			—			17,264		385			—		17,264
MainStay VP Bond Portfolio Initial Class		16,614			30,177			(3,691	)		130			2,753			45,983		—			—		3,076
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class		13,919			2,256			(18,011	)		(1,076	)		2,912			—		—			—		—
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		9,899			208			(2,117	)		439			935			9,364		—			—		677
MainStay VP Emerging Markets Equity Portfolio Initial Class		34,558			323			(17,772	)		243			2,419			19,771		—			—		2,302
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		13,529			2,458			(2,049	)		182			2,463			16,583		—			—		997
MainStay VP Epoch U.S. Small Cap Portfolio Initial Class(c)		13,871			1,949			(17,791	)		92			1,879			—		1,830			1,708		—
MainStay VP Floating Rate Portfolio Initial Class		36,304			9,365			(6,760	)		(170	)		1,141			39,880		1,571			—		4,490
MainStay VP Indexed Bond Portfolio Initial Class		237,874			35,846			(63,620	)		714			16,832			227,646		—			—		21,445
MainStay VP Large Cap Growth Portfolio Initial Class		7,988			10,541			(2,177	)		579			1,524			18,455		—			—		697
MainStay VP MacKay Common Stock Portfolio Initial Class		4,184			5,213			(1,092	)		(34	)		973			9,244		—			—		315
MainStay VP MacKay Convertible Portfolio Initial Class		7,269			72			(503	)		43			915			7,796		60			—		559
MainStay VP MacKay Growth Portfolio Initial Class		7,209			8,556			(2,126	)		498			1,350			15,487		—			—		470
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class		12,850			42			(14,183	)		1,191			100			—		—			—		—
MainStay VP MacKay International Equity Portfolio Initial Class		73			2,649			(276	)		22			239			2,707		—			—		160
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		21,931			242			(5,356	)		249			3,285			20,351		—			—		1,462
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		3,054			1			(561	)		(1	)		587			3,080		—			—		53
MainStay VP MacKay Small Cap Core Portfolio Initial Class		11,841			17,066			(7,594	)		(251	)		(924	)		20,138		—			—		1,891
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class		14,943			305			(7,840	)		(34	)		525			7,899		296			—		794
MainStay VP PIMCO Real Return Portfolio Initial Class		7,434			21			(372	)		(21	)		566			7,628		—			—		867
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		21,730			1,194			(4,260	)		189			3,649			22,502		—			—		1,671
	$	726,004		$	338,297		$	(408,226	)	$	(478	)	$	71,969		$	727,566	$	7,357		$	1,708

MainStay VP Cushing Renaissance Advantage Portfolio

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	7,333	$	121,070	$	(124,644	)	$	—	$	—	$	3,759	$	82	$	—		3,759

MainStay VP Eagle Small Cap Growth Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	11,324	$	110,471	$	(109,767	)	$	—	$	—	$	12,028	$	163	$	—		12,028

MainStay VP Emerging Markets Equity Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	1,319	$	32,397	$	(30,310	)	$	—	$	—	$	3,406	$	29	$	—		3,406

MainStay VP Epoch U.S. Equity Yield Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	17,828	$	138,173	$	(133,058	)	$	—	$	—	$	22,943	$	332	$	—		22,943

MainStay VP Fidelity Institutional AM® Utilities Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	3,972	$	250,003	$	(251,316	)	$	—	$	—	$	2,659	$	165	$	—		2,659

MainStay VP Floating Rate Portfolio

Affiliated Investment Company		Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions	Shares End of Period
MainStay MacKay High Yield Corporate Bond Fund Class I	$	2,628	$	—	$	(14	)	$	—	$	151	$	2,765	$	123	$	—	492

MainStay VP Growth Allocation Portfolio  

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	37,974	$	—	$	(20,197	)	$	(1,544	)	$	5,517		$	21,750	$	853	$	—		1,069
IQ 500 International ETF		50		49,185		(12,861	)		491			193			37,058		699		—		1,388
IQ Chaikin U.S. Large Cap ETF		34,408		24,063		(18,404	)		(754	)		7,493			46,806		888		—		1,877
IQ Chaikin U.S. Small Cap ETF		28,911		580		(18,528	)		(88	)		3,861			14,736		287		—		584
IQ Global Resources ETF		20,457		124		(5,403	)		249			913			16,340		—		—		616
MainStay Cushing MLP Premier Fund Class I		6,710		224		(7,855	)		(261	)		1,182			—		224		—		—
MainStay Epoch Capital Growth Fund Class I		8,619		696		(595	)		101			1,592			10,413		—		—		812
MainStay Epoch Global Choice Fund Class I(b)		13,172		—		(13,895	)		(1,414	)		2,137			—		—		—		—
MainStay Epoch International Choice Fund Class I		60,487		387		(11,112	)		(543	)		7,663			56,882		—		—		1,658
MainStay Epoch U.S. All Cap Fund Class R6		68,629		364		(12,797	)		(352	)		15,176			71,020		—		—		2,487
MainStay Epoch U.S. Equity Yield Fund Class R6		561		4		(631	)		21			45			—		4		—		—
MainStay MacKay International Opportunities Fund Class I		59,629		47		(24,501	)		(2,388	)		7,299			40,086		—		—		5,274
MainStay MacKay U.S. Equity Opportunities Fund Class I		49,595		586		(26,933	)		(17	)		7,326			30,557		—		—		3,591
MainStay MAP Equity Fund Class I		58,443		11,114		(5,554	)		(517	)		13,053			76,539		—		—		1,795
MainStay U.S. Government Liquidity Fund		3,010		59,124		(19,199	)		—			—			42,935		251		—		42,935
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class		18,574		—		(20,457	)		(1,584	)		3,467			—		—		—		—
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		28,490		23,692		(3,692	)		224			2,638			51,352		—		—		3,711
MainStay VP Emerging Markets Equity Portfolio Initial Class		79,111		862		(29,158	)		5,331			1,041			57,187		—		—		6,659
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		62,098		12,381		(5,730	)		480			10,992			80,221		—		—		4,823
MainStay VP Epoch U.S. Small Cap Portfolio Initial Class(c)		44,338		5,382		(57,402	)		(811	)		8,493			—		5,272		4,922		—
MainStay VP Large Cap Growth Portfolio Initial Class		36,462		52,035		(7,881	)		2,126			8,024			90,766		—		—		3,426
MainStay VP MacKay Common Stock Portfolio Initial Class		29,983		8,086		(1,548	)		(197	)		5,389			41,713		—		—		1,420
MainStay VP MacKay Growth Portfolio Initial Class		37,469		35,249		(4,821	)		897			7,837			76,631		—		—		2,326
MainStay VP MacKay International Equity Portfolio Initial Class		13,002		6,060		(749	)		136			1,679			20,128		—		—		1,188
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		70,849		67		(26,406	)		(4,806	)		15,617			55,321		—		—		3,974
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		1,739		—		(945	)		23			296			1,113		—		—		19
MainStay VP MacKay Small Cap Core Portfolio Initial Class		36,904		49,547		(35,876	)		(1,485	)		(2,849	)		46,241		—		—		4,342
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		87,355		5,123		(22,008	)		(1,361	)		16,586			85,695		—		—		6,365
	$	997,029	$	344,982	$	(415,138	)	$	(8,043	)	$	152,660		$	1,071,490	$	8,478	$	4,922

MainStay VP Income Builder Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	20,625	$	157,633	$	(148,697	)	$	—	$	—	$	29,561	$	459	$	—		29,561

MainStay VP IQ Hedge Multi-Strategy Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	—	$	24,443	$	(22,156	)	$	—	$	—	$	2,287	$	48	$	—		2,287

MainStay VP Janus Henderson Balanced Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	7,540	$	324,127	$	(308,793	)	$	—	$	—	$	22,874	$	383	$	—		22,874

MainStay VP Large Cap Growth Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	8,968	$	282,202	$	(281,293	)	$	—	$	—	$	9,877	$	177	$	—		9,877

MainStay VP MacKay Common Stock Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	644	$	25,910	$	(26,524	)	$	—	$	—	$	30	$	4	$	—		30

MainStay VP MacKay Convertible Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	32,141	$	146,542	$	(118,853	)	$	—	$	—	$	59,830	$	947	$	—		59,830

MainStay VP MacKay Government Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	5,194	$	94,723	$	(98,050	)	$	—	$	—	$	1,867	$	77	$	—		1,867

MainStay VP MacKay Growth Portfolio

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	342	$	108,872	$	(109,189	)	$	—	$	—	$	25	$	9	$	—		25

MainStay VP MacKay International Equity Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	880	$	26,697	$	(27,151	)	$	—	$	—	$	426	$	13	$	—		426

MainStay VP MacKay Mid Cap Core Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	2,713	$	32,271	$	(34,674	)	$	—	$	—	$	310	$	14	$	—		310

MainStay VP MacKay Small Cap Core Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	947	$	45,338	$	(46,276	)	$	—	$	—	$	9	$	66	$	—		9

MainStay VP MacKay Unconstrained Bond Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	7,374	$	441,188	$	(374,727	)	$	—	$	—	$	73,835	$	754	$	—		73,835

MainStay VP Mellon Natural Resources Portfolio  

Affiliated Investment Company	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	4,510	$	82,382	$	(82,061	)	$	—	$	—	$	4,831	$	75	$	—		4,831

MainStay VP Moderate Allocation Portfolio  

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	40,178	$	43	$	(27,673	)	$	(2,249	)	$	6,781		$	17,080	$	785	$	—		840
IQ 500 International ETF		1,435		15,104		(14,220	)		281			(10	)		2,590		168		—		97
IQ Chaikin U.S. Large Cap ETF		49,445		33,412		(65,652	)		32			7,192			24,429		542		—		980
IQ Chaikin U.S. Small Cap ETF		14,029		41		(2,383	)		(201	)		2,044			13,530		165		—		536
IQ Enhanced Core Bond U.S. ETF		19,262		24,230		(18,001	)		739			688			26,918		624		—		1,389
IQ Enhanced Core Plus Bond U.S. ETF		6,785		—		(2,956	)		31			214			4,074		115		—		207
IQ Global Resources ETF		15,369		24		(1,009	)		47			752			15,183		—		—		573
IQ S&P High Yield Low Volatility Bond ETF		4,366		95		(275	)		(11	)		384			4,559		139		—		180
MainStay Cushing MLP Premier Fund Class I		7,483		246		(8,775	)		(1,020	)		2,066			—		245		—		—
MainStay Epoch Capital Growth Fund Class I		10,195		47		(648	)		107			1,867			11,568		—		—		902
MainStay Epoch Global Choice Fund Class I(b)		14,811		—		(15,620	)		(1,693	)		2,502			—		—		—		—
MainStay Epoch International Choice Fund Class I		45,385		57		(11,964	)		(443	)		5,583			38,618		—		—		1,123
MainStay Epoch U.S. All Cap Fund Class R6		41,173		259		(7,369	)		(64	)		8,706			42,705		—		—		1,495
MainStay Epoch U.S. Equity Yield Fund Class R6		2,770		38		(3,173	)		172			193			—		38		—		—
MainStay MAP Equity Fund Class I		42,699		10,074		(9,054	)		(995	)		9,912			52,636		—		—		1,234
MainStay MacKay High Yield Municipal Bond Fund Class I		19,083		919		(2,452	)		74			909			18,533		549		—		1,422
MainStay MacKay Infrastructure Bond Fund		—		12,065		-279			3			13			11802		45		—		1343
MainStay MacKay International Opportunities Fund Class I		42,403		50		(19,692	)		(2,665	)		6,063			26,159		—		—		3,442
MainStay MacKay Short Duration High Yield Fund Class I		24,633		61,932		(5,487	)		(104	)		1,001			81,975		1,734		—		8,322
MainStay MacKay Short Term Municipal Fund Class I		15,039		14,386		(12,349	)		135			31			17,242		241		—		1,792
MainStay MacKay Total Return Bond Fund Class R6		1,198		27		(85	)		(1	)		80			1,219		26		—		112
MainStay MacKay U.S. Equity Opportunities Fund Class I		38,297		442		(6,343	)		(158	)		5,669			37,907		—		—		4,454
MainStay U.S. Government Liquidity Fund		12,668		156,711		(143,827	)		—			—			25,552		616		—		25,552
MainStay VP Bond Portfolio Initial Class		82,880		751		(13,150	)		(35	)		7,063			77,509		—		—		5,185
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class		21,424		35		(23,754	)		(3,583	)		5,878			—		—		—		—
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		14,078		120		(1,796	)		57			1,845			14,304		—		—		1,034
MainStay VP Emerging Markets Equity Portfolio Initial Class		66,782		361		(27,166	)		3,825			1,438			45,240		—		—		5,268
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		40,445		3,466		(6,168	)		582			6,772			45,097		—		—		2,711
MainStay VP Epoch U.S. Small Cap Portfolio Initial Class(c)		28,248		3,197		(35,706	)		(326	)		4,587			—		3,198		2,985		—
MainStay VP Floating Rate Portfolio Initial Class		30,736		12,627		(10,454	)		(177	)		992			33,724		1,386		—		3,797
MainStay VP Indexed Bond Portfolio Initial Class		123,717		46,449		(25,605	)		901			8,834			154,296		—		—		14,535
MainStay VP Large Cap Growth Portfolio Initial Class		29,530		22,501		(7,864	)		1,886			6,115			52,168		—		—		1,969
MainStay VP MacKay Common Stock Portfolio Initial Class		19,290		8,423		(3,126	)		60			3,420			28,067		—		—		956
MainStay VP MacKay Convertible Portfolio Initial Class		13,940		148		(770	)		58			1,768			15,144		115		—		1,086
MainStay VP MacKay Growth Portfolio Initial Class		26,406		18,844		(5,942	)		1,348			4,958			45,614		—		—		1,385
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class		5,828		128		(6,539	)		328			255			—		—		—		—
MainStay VP MacKay International Equity Portfolio Initial Class		4,593		66		(270	)		46			549			4,984		—		—		294
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		49,625		—		(23,425	)		(3,628	)		10,819			33,391		—		—		2,399
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		3,458		—		(312	)		7			685			3,838		—		—		66
MainStay VP MacKay Small Cap Core Portfolio Initial Class		15,762		28836		(15,713	)		(532	)		(2,300	)		26,053		—		—		2,447
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class		30,403		592		(16,390	)		(600	)		1,591			15,596		592		—		1,567
MainStay VP PIMCO Real Return Portfolio Initial Class		10,030		883		(766	)		(32	)		777			10,892		—		—		1,237
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		56,005		369		(9,901	)		(847	)		10,620			56,246		—		—		4,178
	$	1,141,886	$	477,998	$	(614,103	)	$	(8,645	)	$	139,306		$	1,136,442	$	11,323	$	2,985

MainStay VP Moderate Growth Allocation Portfolio  

Affiliated Investment Companies	Value, Beginning of Period		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss) on Sales			Change in Unrealized Appreciation/ (Depreciation)			Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
IQ 50 Percent Hedged FTSE International ETF	$	65,286	$	264	$	(33,897	)	$	(2,885	)	$	10,429		$	39,197	$	1,522	$	—		1,927
IQ 500 International ETF		11,649		34,622		(31,058	)		1,317			408			16,938		489		—		635
IQ Chaikin U.S. Large Cap ETF		84,880		64,172		(110,496	)		(440	)		13,271			51,387		1,064		—		2,060
IQ Chaikin U.S. Small Cap ETF		33,168		—		(5,386	)		(89	)		4,457			32,150		394		—		1,274
IQ Enhanced Core Plus Bond U.S. ETF		18,942		—		(8,959	)		265			424			10,672		322		—		542
IQ Global Resources ETF		35,691		67		(1,881	)		83			1,762			35,722		—		—		1,347
IQ S&P High Yield Low Volatility Bond ETF		1,940		401		(253	)		(12	)		177			2,253		61		—		89
MainStay Cushing MLP Premier Fund Class I		12,812		422		(15,006	)		(2,537	)		4,309			—		422		—		—
MainStay Epoch Capital Growth Fund Class I		17,773		40		(1,183	)		205			3,247			20,082		—		—		1,565
MainStay Epoch Global Choice Fund Class I(b)		19,455		—		(20,521	)		(2,082	)		3,148			—		—		—		—
MainStay Epoch International Choice Fund Class I		99,019		229		(21,317	)		(354	)		11,820			89,397		—		—		2,599
MainStay Epoch U.S. All Cap Fund Class R6		108,406		19		(18,592	)		(696	)		23,489			112,626		—		—		3,943
MainStay Epoch U.S. Equity Yield Fund Class R6		4,356		60		(4,992	)		295			281			—		60		—		—
MainStay MAP Equity Fund Class I		82,298		11,694		(13,680	)		(1,116	)		18,075			97,271		—		—		2,281
MainStay MacKay High Yield Municipal Bond Fund Class I		29,120		4,474		(5,433	)		165			1,466			29,792		900		—		2,286
MainStay MacKay Infrastructure Bond Fund		—		26,561		1,580			15			28			25,025		97		—		2,847
MainStay MacKay International Opportunities Fund Class I		103,590		56		(46,765	)		(5,044	)		13,599			65,436		—		—		8,610
MainStay MacKay Short Duration High Yield Fund Class I		36,828		107,362		(13,175	)		(79	)		1,508			132,444		2,899		—		13,446
MainStay MacKay Short Term Municipal Fund Class I		22,933		25,987		(20,538	)		208			77			28,667		412		—		2,980
MainStay MacKay Total Return Bond Fund Class R6		512		8		(221	)		(3	)		27			323		8		—		30
MainStay MacKay U.S. Equity Opportunities Fund Class I		75,294		105		(16,563	)		(855	)		11,762			69,743		—		—		8,195
MainStay U.S. Government Liquidity Fund		23,397		236,790		(218,076	)		—			—			42,111		984		—		42,111
MainStay VP Bond Portfolio Initial Class		26,863		20,448		(12,601	)		56			2,030			36,796		—		—		2,462
MainStay VP Cushing Renaissance Advantage Portfolio Initial Class		35,858		—		(39,561	)		(6,099	)		9,802			—		—		—		—
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		56,466		481		(9,694	)		228			7,561			55,042		—		—		3,977
MainStay VP Emerging Markets Equity Portfolio Initial Class		136,060		1,275		(59,707	)		7,366			3,065			88,059		—		—		10,254
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		103,137		12,418		(16,227	)		1,358			17,303			117,989		—		—		7,094
MainStay VP Epoch U.S. Small Cap Portfolio Initial Class(c)		86,198		10,357		(111,169	)		(3,844	)		18,458			—		10,357		9,669		—
MainStay VP Floating Rate Portfolio Initial Class		39,126		37,593		(14,570	)		(395	)		1,386			63,140		2,204		—		7,109
MainStay VP Indexed Bond Portfolio Initial Class		—		26,105		(1,006	)		11			140			25,250		—		—		2,379
MainStay VP Large Cap Growth Portfolio Initial Class		44,250		60,788		(14,362	)		3,823			9,349			103,848		—		—		3,920
MainStay VP MacKay Common Stock Portfolio Initial Class		44,667		718		(5,232	)		(725	)		7,959			47,387		—		—		1,613
MainStay VP MacKay Convertible Portfolio Initial Class		23,875		253		(2,016	)		136			2,968			25,216		193		—		1,808
MainStay VP MacKay Growth Portfolio Initial Class		45,550		44,036		(10,464	)		2,317			9,011			90,450		—		—		2,746
MainStay VP MacKay High Yield Corporate Bond Portfolio Initial Class		2,247		2,540		(5,031	)		95			149			—		—		—		—
MainStay VP MacKay International Equity Portfolio Initial Class		19,667		91		(1,383	)		232			2,306			20,913		—		—		1,235
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		128,581		73		(43,630	)		(9,346	)		29,022			104,700		—		—		7,521
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		4,316		—		(315	)		6			861			4,868		—		—		84
MainStay VP MacKay Small Cap Core Portfolio Initial Class		39,126		94,595		(53,071	)		(5,589	)		(5,763	)		69,298		—		—		6,508
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class		52,841		888		(32,792	)		(485	)		2,057			22,509		888		—		2,262
MainStay VP PIMCO Real Return Portfolio Initial Class		17,901		565		(2,925	)		(10	)		1,324			16,855		—		—		1,915
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		136,004		529		(21,984	)		(1,858	)		25,897			138,588		—		—		10,293
	$	1,930,082	$	827,086	$	(1,064,152	)	$	(26,362	)	$	268,649		$	1,932,144	$	23,276	$	9,669

MainStay VP MacKay S&P 500 Index Portfolio  

Affiliated Investment Company		Value, Beginning of Period	Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	782	$	223,147	$	(223,510)	$	—	$	—	$	419	$	24	$	—		419

MainStay VP PIMCO Real Return Portfolio  

Affiliated Investment Company		Value, Beginning of Period	Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	864	$	61,945	$	(62,219)	$	—	$	—	$	590	$	0(a)	$	—		590

MainStay VP T. Rowe Price Equity Income Portfolio  

Affiliated Investment Company		Value, Beginning of Period	Purchases at Cost		Proceeds from Sales		Net Realized Gain/(Loss) on Sales		Change in Unrealized Appreciation/ (Depreciation)		Value, End of Period		Dividend Income		Other Distributions		Shares End of Period
MainStay U.S. Government Liquidity Fund	$	11,669	$	79,538	$	(85,802)	$	—	$	—	$	5,405	$	168	$	—		5,405

(a) Less than $500.

(b) Reorganized into the MainStay Epoch Capital Growth Fund Class I on February 28, 2019

(c) Reorganized into the MainStay VP MacKay Small Cap Core Portfolio Initial Class on May 1, 2019.