MainStay VP Eagle Small Cap Growth Portfolio

Portfolio of Investments  March 31, 2020 (Unaudited) 

	Shares			Value
Common Stocks 98.8% †
Aerospace & Defense 3.9%
Aerojet Rocketdyne Holdings, Inc. (a)	151,128		$	6,321,684
AeroVironment, Inc. (a)	43,876			2,674,681
Cubic Corp.	57,930			2,393,088
Hexcel Corp.	87,623			3,258,700
				14,648,153
Auto Components 0.4%
Fox Factory Holding Corp. (a)	36,988			1,553,496
Banks 1.1%
Glacier Bancorp, Inc.	120,576			4,100,187
Biotechnology 11.5%
ACADIA Pharmaceuticals, Inc. (a)	70,734			2,988,511
Acceleron Pharma, Inc. (a)	43,703			3,927,589
Amicus Therapeutics, Inc. (a)	190,250			1,757,910
Arena Pharmaceuticals, Inc. (a)	65,403			2,746,926
Arrowhead Pharmaceuticals, Inc. (a)	48,240			1,387,865
Atara Biotherapeutics, Inc. (a)	87,624			745,680
Biohaven Pharmaceutical Holding Co., Ltd. (a)	57,421			1,954,037
Blueprint Medicines Corp. (a)	47,883			2,800,198
Dicerna Pharmaceuticals, Inc. (a)	170,241			3,127,327
Exact Sciences Corp. (a)	28,602			1,658,916
Global Blood Therapeutics, Inc. (a)	30,399			1,553,085
Halozyme Therapeutics, Inc. (a)	110,146			1,981,526
Insmed, Inc. (a)	103,408			1,657,630
Iovance Biotherapeutics, Inc. (a)	106,713			3,194,454
Karuna Therapeutics, Inc. (a)	28,828			2,075,616
Kura Oncology, Inc. (a)	127,111			1,264,754
Mirati Therapeutics, Inc. (a)	22,947			1,763,936
Momenta Pharmaceuticals, Inc. (a)	86,813			2,361,314
PTC Therapeutics, Inc. (a)	58,401			2,605,269
uniQure N.V. (a)	32,832			1,557,878
				43,110,421
Building Products 1.5%
Trex Co., Inc. (a)	70,019			5,611,323
Capital Markets 1.1%
PJT Partners, Inc., Class A	94,156			4,085,429
Chemicals 2.9%
Quaker Chemical Corp.	60,816			7,679,845
Sensient Technologies Corp.	71,332			3,103,655
				10,783,500
Commercial Services & Supplies 4.0%
Brink's Co.	49,315			2,566,846
IAA, Inc. (a)	92,307			2,765,517
MSA Safety, Inc.	47,560			4,813,072
Ritchie Brothers Auctioneers, Inc.	144,394			4,935,387
				15,080,822
Communications Equipment 1.2%
Lumentum Holdings, Inc. (a)	61,714			4,548,322
Construction Materials 0.9%
Summit Materials, Inc., Class A (a)	232,530			3,487,950
Consumer Finance 1.1%
FirstCash, Inc.	54,787			3,930,419
Distributors 1.0%
Pool Corp.	19,865			3,908,836
Diversified Consumer Services 1.0%
Chegg, Inc. (a)	108,414			3,879,053
Diversified Financial Services 0.9%
Diamond Eagle Acquisition Corp., Class A (a)(b)	276,977			3,417,896
Diversified Telecommunication Services 0.9%
Bandwidth, Inc., Class A (a)	48,284			3,249,030
Electrical Equipment 1.6%
Thermon Group Holdings, Inc. (a)	215,306			3,244,662
Vertiv Holdings Co. (a)(b)	329,159			2,847,225
				6,091,887
Electronic Equipment, Instruments & Components 3.6%
Cognex Corp.	125,279			5,289,279
Coherent, Inc. (a)	40,105			4,267,573
II-VI, Inc. (a)(b)	84,589			2,410,787
nLight, Inc. (a)	146,054			1,532,106
				13,499,745
Equity Real Estate Investment Trusts 1.0%
EastGroup Properties, Inc.	26,990			2,819,915
Seritage Growth Properties, Class A (a)(b)	120,047			1,093,628
				3,913,543
Food & Staples Retailing 2.1%
Casey's General Stores, Inc.	31,660			4,194,634
Grocery Outlet Holding Corp. (a)	111,733			3,836,911
				8,031,545
Food Products 1.9%
Freshpet, Inc. (a)	70,007			4,471,347
Simply Good Foods Co. (a)	144,202			2,777,331
				7,248,678
Health Care Equipment & Supplies 7.5%
CONMED Corp.	26,660			1,526,818
Establishment Labs Holdings, Inc. (a)	95,900			1,385,755
Haemonetics Corp. (a)	42,617			4,247,210
Insulet Corp. (a)	20,951			3,471,162
Novocure, Ltd. (a)	59,446			4,003,093
NuVasive, Inc. (a)	49,238			2,494,397
Penumbra, Inc. (a)	16,718			2,697,115
Quidel Corp. (a)	43,628			4,267,255
Tandem Diabetes Care, Inc. (a)	59,117			3,804,179
				27,896,984
Health Care Providers & Services 3.8%
Amedisys, Inc. (a)	26,170			4,803,242
AMN Healthcare Services, Inc. (a)	49,939			2,886,973
BioTelemetry, Inc. (a)	35,078			1,350,854
HealthEquity, Inc. (a)	50,709			2,565,368
LHC Group, Inc. (a)	18,429			2,583,746
				14,190,183
Health Care Technology 3.8%
Health Catalyst, Inc. (a)	62,866			1,643,946
Omnicell, Inc. (a)	49,818			3,267,064
Teladoc Health, Inc. (a)	59,452			9,215,655
				14,126,665
Hotels, Restaurants & Leisure 4.0%
Everi Holdings, Inc. (a)	677,871			2,236,974
Penn National Gaming, Inc. (a)	235,268			2,976,140
Planet Fitness, Inc., Class A (a)	102,614			4,997,302
Wingstop, Inc.	60,816			4,847,035
				15,057,451
Household Durables 1.7%
LGI Homes, Inc. (a)	30,357			1,370,619
Universal Electronics, Inc. (a)	133,242			5,112,495
				6,483,114
Insurance 2.6%
eHealth, Inc. (a)	45,274			6,375,484
Kinsale Capital Group, Inc.	30,490			3,187,120
				9,562,604
IT Services 1.0%
Evo Payments, Inc., Class A (a)	114,234			1,747,780
Verra Mobility Corp. (a)	258,053			1,842,499
				3,590,279
Leisure Products 0.7%
Yeti Holdings, Inc. (a)	125,397			2,447,749
Life Sciences Tools & Services 2.9%
NeoGenomics, Inc. (a)	208,880			5,767,177
PRA Health Sciences, Inc. (a)	23,288			1,933,835
Repligen Corp. (a)	33,690			3,252,433
				10,953,445
Machinery 3.9%
Chart Industries, Inc. (a)	101,317			2,936,167
John Bean Technologies Corp.	67,746			5,031,495
Kornit Digital, Ltd. (a)	96,591			2,404,150
Woodward, Inc.	71,722			4,263,156
				14,634,968
Media 0.5%
Sinclair Broadcast Group, Inc., Class A	107,320			1,725,706
Oil, Gas & Consumable Fuels 0.4%
Viper Energy Partners, L.P.	197,049			1,306,435
Pharmaceuticals 2.0%
Horizon Therapeutics PLC (a)	153,863			4,557,422
Odonate Therapeutics, Inc. (a)	45,485			1,255,841
Zogenix, Inc. (a)	64,130			1,585,935
				7,399,198
Professional Services 1.1%
Clarivate Analytics PLC (a)	199,907			4,148,070
Road & Rail 1.4%
Landstar System, Inc.	53,552			5,133,495
Semiconductors & Semiconductor Equipment 4.8%
Cabot Microelectronics Corp.	44,424			5,070,555
Entegris, Inc.	131,468			5,885,822
Lattice Semiconductor Corp. (a)	207,846			3,703,816
Silicon Laboratories, Inc. (a)	37,860			3,233,623
				17,893,816
Software 9.1%
AppFolio, Inc., Class A (a)	25,972			2,881,593
Everbridge, Inc. (a)	31,639			3,365,124
Medallia, Inc. (a)	110,215			2,208,708
Pegasystems, Inc.	97,924			6,975,126
Q2 Holdings, Inc. (a)	54,230			3,202,824
RealPage, Inc. (a)	136,931			7,247,758
SailPoint Technologies Holding, Inc. (a)	127,780			1,944,812
Smartsheet, Inc., Class A (a)	85,523			3,550,060
Tenable Holdings, Inc. (a)	119,302			2,607,942
				33,983,947
Specialty Retail 2.1%
Floor & Decor Holdings, Inc., Class A (a)	96,902			3,109,585
Genesco, Inc. (a)	77,769			1,037,439
MarineMax, Inc. (a)	231,103			2,408,093
National Vision Holdings, Inc. (a)	61,269			1,189,844
				7,744,961
Textiles, Apparel & Luxury Goods 1.4%
Deckers Outdoor Corp. (a)	16,282			2,181,788
Steven Madden, Ltd.	127,321			2,957,667
				5,139,455
Thrifts & Mortgage Finance 0.5%
NMI Holdings, Inc., Class A (a)	170,082			1,974,652
Total Common Stocks (Cost $387,641,517)				369,573,412
Short-Term Investments 2.8%
Affiliated Investment Company 1.2%
MainStay U.S. Government Liquidity Fund, 0.09% (c)	4,621,322			4,621,322
Unaffiliated Investment Company 1.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (c)(d)	5,812,812			5,812,812
Total Short-Term Investments (Cost $10,434,134)				10,434,134
Total Investments (Cost $398,075,651)	101.6	%		380,007,546
Other Assets, Less Liabilities	(1.6	)		(6,114,908	)
Net Assets	100.0	%	$	373,892,638

†	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 March 31, 2020, the aggregate market value of securities on loan was $5,955,161. The Portfolio received cash collateral with a value of $5,812,812.
(c)	Current yield as of March 31, 2020.
(d)	Represents a 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 March 31, 2020, 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	$	369,573,412	$	—	$	—	$	369,573,412
Short-Term Investments
Affiliated Investment Company		4,621,322		—		—		4,621,322
Unaffiliated Investment Company		5,812,812		—		—		5,812,812
Total Short-Term Investments		10,434,134		—		—		10,434,134
Total Investments in Securities	$	380,007,546	$	—	$	—	$	380,007,546

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

MainStay VP Large Cap Growth Portfolio
Portfolio of Investments March 31, 2020 (Unaudited)
		Shares			Value
	Common Stocks 99.2% †
	Automobiles 1.8%
	Ferrari N.V.		125,300		$	19,117,021
	Biotechnology 2.9%
	Amgen, Inc.		97,400			19,745,902
	BioMarin Pharmaceutical, Inc. (a)		141,100			11,922,950
						31,668,852
	Capital Markets 2.4%
	Moody’s Corp.		90,340			19,106,910
	MSCI, Inc.		25,200			7,281,792
						26,388,702
	Chemicals 2.1%
	Linde PLC		77,900			13,476,700
	Sherwin-Williams Co.		19,490			8,956,045
						22,432,745
	Containers & Packaging 1.2%
	Ball Corp.		199,600			12,906,136
	Entertainment 1.3%
	Netflix, Inc. (a)		37,800			14,193,900
	Equity Real Estate Investment Trusts 3.4%
	American Tower Corp.		81,500			17,746,625
	Equinix, Inc.		29,820			18,624,677
						36,371,302
	Health Care Equipment & Supplies 2.3%
	Abbott Laboratories		197,200			15,561,052
	Intuitive Surgical, Inc. (a)		18,930			9,374,325
						24,935,377
	Health Care Providers & Services 3.3%
	UnitedHealth Group, Inc.		143,210			35,713,710
	Health Care Technology 1.3%
	Veeva Systems, Inc., Class A (a)		89,850			14,049,845
	Hotels, Restaurants & Leisure 1.7%
	Chipotle Mexican Grill, Inc. (a)		13,700			8,965,280
	Luckin Coffee, Inc., ADR (a)(b)		339,200			9,222,848
						18,188,128
	Interactive Media & Services 10.0%
	Alphabet, Inc. (a)
	Class A		26,255			30,506,997
	Class C		26,649			30,987,724
	Facebook, Inc., Class A (a)		277,700			46,320,360
						107,815,081
	Internet & Direct Marketing Retail 9.9%
	Alibaba Group Holding, Ltd., Sponsored ADR (a)		118,350			23,016,708
	Amazon.com, Inc. (a)		42,935			83,711,228
						106,727,936
	IT Services 15.0%
	Automatic Data Processing, Inc.		102,250			13,975,530
	Fiserv, Inc. (a)		228,600			21,714,714
	GoDaddy, Inc., Class A (a)		239,900			13,700,689
	Mastercard, Inc., Class A		141,050			34,072,038
	PayPal Holdings, Inc. (a)		249,150			23,853,621
	Visa, Inc., Class A		308,600			49,721,632
	Wix.com, Ltd. (a)		48,450			4,884,729
						161,922,953
	Life Sciences Tools & Services 1.5%
	Thermo Fisher Scientific, Inc.		56,900			16,136,840
	Pharmaceuticals 4.8%
	AstraZeneca PLC, Sponsored ADR		412,700			18,431,182
	Eli Lilly & Co.		109,200			15,148,224
	Zoetis, Inc.		161,250			18,977,512
						52,556,918
	Professional Services 1.3%
	CoStar Group, Inc. (a)		24,905			14,624,465
	Road & Rail 1.4%
	Uber Technologies, Inc. (a)		122,600			3,422,992
	Union Pacific Corp.		81,250			11,459,500
						14,882,492
	Semiconductors & Semiconductor Equipment 2.1%
	NVIDIA Corp.		87,950			23,183,620
	Software 20.3%
	Adobe, Inc. (a)		120,700			38,411,568
	Atlassian Corp. PLC, Class A (a)		40,300			5,531,578
	Intuit, Inc.		115,050			26,461,500
	Microsoft Corp.		617,700			97,417,467
	salesforce.com, Inc. (a)		290,050			41,761,399
	Workday, Inc., Class A (a)		78,250			10,189,715
						219,773,227
	Specialty Retail 1.0%
	Home Depot, Inc.		55,800			10,418,418
	Technology Hardware, Storage & Peripherals 5.6%
	Apple, Inc.		239,500			60,902,455
	Textiles, Apparel & Luxury Goods 2.6%
	Lululemon Athletica, Inc. (a)		10,500			1,990,275
	NIKE, Inc., Class B		312,350			25,843,839
						27,834,114
	Total Common Stocks (Cost $862,035,620)					1,072,744,237
	Short-Term Investments 1.3%
	Affiliated Investment Company 1.0%
	MainStay U.S. Government Liquidity Fund, 0.09% (c)		11,304,897			11,304,897
	Unaffiliated Investment Company 0.3%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (c)(d)		2,957,220			2,957,220
	Total Short-Term Investments (Cost $14,262,117)					14,262,117
	Total Investments (Cost $876,297,737)		100.5	%		1,087,006,354
	Other Assets, Less Liabilities		(0.5	)		(5,195,416	)
	Net Assets		100.0	%	$	1,081,810,938

†	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 March 31, 2020, the aggregate market value of securities on loan was $8,708,429; the total market value of collateral held by the Portfolio was $9,119,423. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $6,162,203.
(c)	Current yield as of March 31, 2020.
(d)	Represents a 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 March 31, 2020, 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	$	1,072,744,237	$	—	$	—	$	1,072,744,237
Short-Term Investments
Affiliated Investment Company		11,304,897		—		—		11,304,897
Unaffiliated Investment Company		2,957,220		—		—		2,957,220
Total Short-Term Investments		14,262,117		—		—		14,262,117
Total Investments in Securities	$	1,087,006,354	$	—	$	—	$	1,087,006,354

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

MainStay VP MacKay Common Stock Portfolio

Portfolio of Investments  March 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 96.9% †
Aerospace & Defense 3.1%
Curtiss-Wright Corp.		3,870		$	357,627
Huntington Ingalls Industries, Inc.		16,219			2,955,264
Lockheed Martin Corp.		15,151			5,135,431
Northrop Grumman Corp.		11,742			3,552,542
Raytheon Co.		17,673			2,317,814
Textron, Inc.		57,729			1,539,632
TransDigm Group, Inc.		4,591			1,469,992
United Technologies Corp.		23,653			2,231,188
					19,559,490
Banks 3.0%
Bank of America Corp.		349,932			7,429,056
Citigroup, Inc.		13,945			587,364
Comerica, Inc.		426			12,499
JPMorgan Chase & Co.		107,591			9,686,418
Truist Financial Corp.		11,729			361,722
Wells Fargo & Co.		34,944			1,002,893
					19,079,952
Beverages 1.0%
Coca-Cola Co.		74,717			3,306,227
PepsiCo., Inc.		24,035			2,886,604
					6,192,831
Biotechnology 4.1%
AbbVie, Inc.		77,840			5,930,629
Amgen, Inc.		29,682			6,017,432
Biogen, Inc. (a)		13,970			4,419,829
Gilead Sciences, Inc.		56,527			4,225,958
Incyte Corp. (a)		41,007			3,002,943
Regeneron Pharmaceuticals, Inc. (a)		987			481,942
United Therapeutics Corp. (a)		15,248			1,445,892
					25,524,625
Building Products 0.6%
Masco Corp.		1,495			51,682
Owens Corning		54,796			2,126,633
Trane Technologies PLC		16,495			1,362,322
					3,540,637
Capital Markets 2.6%
Ameriprise Financial, Inc.		25,049			2,567,021
BlackRock, Inc.		1,977			869,821
Cboe Global Markets, Inc.		1,155			103,084
Intercontinental Exchange, Inc.		50,381			4,068,266
Moody's Corp.		12,346			2,611,179
S&P Global, Inc.		12,700			3,112,135
State Street Corp.		55,354			2,948,707
T. Rowe Price Group, Inc.		504			49,216
					16,329,429
Chemicals 0.4%
CF Industries Holdings, Inc.		5,922			161,078
Dow, Inc.		20,960			612,871
DuPont de Nemours, Inc.		20,943			714,156
Sherwin-Williams Co.		2,238			1,028,406
					2,516,511
Commercial Services & Supplies 0.6%
Republic Services, Inc.		17,751			1,332,390
Tetra Tech, Inc.		19,014			1,342,769
Waste Management, Inc.		12,134			1,123,123
					3,798,282
Communications Equipment 0.3%
Cisco Systems, Inc.		52,750			2,073,603
Consumer Finance 0.9%
American Express Co.		23,673			2,026,646
SLM Corp.		246,955			1,775,606
Synchrony Financial		126,057			2,028,257
					5,830,509
Distributors 0.4%
LKQ Corp. (a)		118,007			2,420,324
Diversified Financial Services 2.2%
Berkshire Hathaway, Inc., Class B (a)		70,079			12,812,544
Jefferies Financial Group, Inc.		95,630			1,307,262
					14,119,806
Diversified Telecommunication Services 1.2%
AT&T, Inc.		125,355			3,654,098
Verizon Communications, Inc.		69,758			3,748,098
					7,402,196
Electric Utilities 2.7%
Entergy Corp.		32,281			3,033,446
Evergy, Inc.		52,764			2,904,658
FirstEnergy Corp.		28,730			1,151,211
NextEra Energy, Inc.		16,137			3,882,885
NRG Energy, Inc.		75,042			2,045,645
Pinnacle West Capital Corp.		6,356			481,721
PPL Corp.		63,579			1,569,130
Southern Co.		32,796			1,775,575
					16,844,271
Electrical Equipment 0.3%
Acuity Brands, Inc.		18,022			1,543,765
Electronic Equipment, Instruments & Components 1.1%
Arrow Electronics, Inc. (a)		46,880			2,431,666
CDW Corp.		2,656			247,725
Jabil, Inc.		96,361			2,368,553
SYNNEX Corp.		24,936			1,822,822
Tech Data Corp. (a)		2,011			263,139
					7,133,905
Energy Equipment & Services 0.1%
Schlumberger, Ltd.		38,004			512,674
Entertainment 1.8%
Electronic Arts, Inc. (a)		32,682			3,273,756
Live Nation Entertainment, Inc. (a)		11,050			502,333
Netflix, Inc. (a)		4,744			1,781,372
Take-Two Interactive Software, Inc. (a)		27,174			3,223,108
Walt Disney Co.		24,705			2,386,503
					11,167,072
Equity Real Estate Investment Trusts 2.7%
American Tower Corp.		16,634			3,622,053
AvalonBay Communities, Inc.		9,037			1,329,975
Crown Castle International Corp.		5,293			764,309
CyrusOne, Inc.		16,780			1,036,165
Digital Realty Trust, Inc.		671			93,209
Equinix, Inc.		873			545,250
Equity Residential		16,581			1,023,213
Mid-America Apartment Communities, Inc.		7,298			751,913
Prologis, Inc.		33,384			2,683,072
Public Storage		8,793			1,746,378
SBA Communications Corp.		6,662			1,798,540
Welltower, Inc.		13,663			625,492
Weyerhaeuser Co.		61,989			1,050,714
					17,070,283
Food & Staples Retailing 2.8%
Costco Wholesale Corp.		19,579			5,582,560
Kroger Co.		97,329			2,931,550
Walgreens Boots Alliance, Inc.		50,588			2,314,401
Walmart, Inc.		61,584			6,997,174
					17,825,685
Food Products 0.8%
Hershey Co.		8,835			1,170,638
Lamb Weston Holdings, Inc.		12,202			696,734
Tyson Foods, Inc., Class A		55,389			3,205,361
					5,072,733
Health Care Equipment & Supplies 2.0%
Abbott Laboratories		15,898			1,254,511
Align Technology, Inc. (a)		16,717			2,907,922
DENTSPLY SIRONA, Inc.		71,998			2,795,683
Hill-Rom Holdings, Inc.		21,742			2,187,245
Hologic, Inc. (a)		75,683			2,656,473
Medtronic PLC		9,577			863,654
					12,665,488
Health Care Providers & Services 4.7%
AmerisourceBergen Corp.		19,894			1,760,619
Anthem, Inc.		14,415			3,272,782
Cardinal Health, Inc.		66,522			3,189,065
Cigna Corp.		27,228			4,824,257
DaVita, Inc. (a)		38,290			2,912,337
Humana, Inc.		13,715			4,306,784
UnitedHealth Group, Inc.		38,469			9,593,399
					29,859,243
Hotels, Restaurants & Leisure 0.3%
Darden Restaurants, Inc.		17,494			952,723
McDonald's Corp.		5,752			951,093
Starbucks Corp.		2,779			182,692
					2,086,508
Household Durables 0.5%
NVR, Inc. (a)		485			1,246,018
PulteGroup, Inc.		86,547			1,931,729
					3,177,747
Household Products 1.6%
Procter & Gamble Co.		93,782			10,316,020
Independent Power & Renewable Electricity Producers 0.4%
AES Corp.		197,182			2,681,675
Industrial Conglomerates 0.0% ‡
Honeywell International, Inc.		586			78,401
Insurance 2.6%
Allstate Corp.		38,124			3,497,115
American International Group, Inc.		37,226			902,730
Aon PLC		21,729			3,586,154
First American Financial Corp.		29,667			1,258,177
Marsh & McLennan Cos., Inc.		21,748			1,880,332
MetLife, Inc.		67,818			2,073,196
Travelers Cos., Inc.		21,042			2,090,523
Unum Group		50,666			760,497
					16,048,724
Interactive Media & Services 5.8%
Alphabet, Inc. (a)
Class A		9,144			10,624,871
Class C		10,124			11,772,288
Facebook, Inc., Class A (a)		84,937			14,167,492
					36,564,651
Internet & Direct Marketing Retail 4.8%
Amazon.com, Inc. (a)		13,172			25,681,712
Booking Holdings, Inc. (a)		2,471			3,324,286
Expedia Group, Inc.		23,798			1,339,113
					30,345,111
IT Services 4.4%
Accenture PLC, Class A		1,930			315,092
Akamai Technologies, Inc. (a)		33,296			3,046,251
CACI International, Inc., Class A (a)		12,918			2,727,636
Fidelity National Information Services, Inc.		6,028			733,246
International Business Machines Corp.		1,565			173,605
Leidos Holdings, Inc.		33,925			3,109,226
Mastercard, Inc., Class A		25,477			6,154,224
PayPal Holdings, Inc. (a)		33,709			3,227,300
Visa, Inc., Class A		49,156			7,920,015
					27,406,595
Life Sciences Tools & Services 0.8%
Charles River Laboratories International, Inc. (a)		5,312			670,427
IQVIA Holdings, Inc. (a)		21,910			2,363,213
PRA Health Sciences, Inc. (a)		13,426			1,114,895
Thermo Fisher Scientific, Inc.		2,300			652,280
					4,800,815
Machinery 0.3%
Cummins, Inc.		8,460			1,144,807
Dover Corp.		376			31,561
Ingersoll Rand, Inc. (a)		14,812			367,338
Stanley Black & Decker, Inc.		2,844			284,400
					1,828,106
Media 1.4%
Charter Communications, Inc., Class A (a)		10,943			4,774,540
Comcast Corp., Class A		112,916			3,882,052
					8,656,592
Metals & Mining 0.6%
Newmont Corp.		62,691			2,838,648
Reliance Steel & Aluminum Co.		8,601			753,362
					3,592,010
Multi-Utilities 0.4%
CenterPoint Energy, Inc.		29,527			456,192
Consolidated Edison, Inc.		14,191			1,106,898
Dominion Energy, Inc.		12,606			910,027
					2,473,117
Multiline Retail 1.0%
Dollar General Corp.		18,991			2,867,831
Target Corp.		39,756			3,696,115
					6,563,946
Oil, Gas & Consumable Fuels 1.1%
Chevron Corp.		21,671			1,570,281
ConocoPhillips		16,947			521,968
Exxon Mobil Corp.		58,473			2,220,220
HollyFrontier Corp.		5,895			144,486
Valero Energy Corp.		57,320			2,600,035
					7,056,990
Pharmaceuticals 5.4%
Bristol-Myers Squibb Co.		25,891			1,443,164
Catalent, Inc. (a)		24,380			1,266,541
Eli Lilly & Co.		17,166			2,381,268
Johnson & Johnson		94,745			12,423,912
Merck & Co., Inc.		94,763			7,291,065
Mylan N.V. (a)		36,480			543,917
Perrigo Co. PLC		58,913			2,833,126
Pfizer, Inc.		184,432			6,019,860
					34,202,853
Professional Services 0.7%
FTI Consulting, Inc. (a)		7,454			892,766
IHS Markit, Ltd.		24,200			1,452,000
ManpowerGroup, Inc.		41,054			2,175,451
					4,520,217
Real Estate Management & Development 0.6%
CBRE Group, Inc., Class A (a)		65,129			2,456,015
Jones Lang LaSalle, Inc.		13,587			1,372,015
					3,828,030
Road & Rail 0.2%
CSX Corp.		1,296			74,261
Union Pacific Corp.		7,253			1,022,963
					1,097,224
Semiconductors & Semiconductor Equipment 5.9%
Advanced Micro Devices, Inc. (a)		1,138			51,756
Applied Materials, Inc.		89,685			4,109,367
Broadcom, Inc.		23,059			5,467,289
Intel Corp.		178,878			9,680,877
Lam Research Corp.		17,204			4,128,960
NVIDIA Corp.		14,155			3,731,258
Qorvo, Inc. (a)		37,833			3,050,475
QUALCOMM, Inc.		71,670			4,848,476
Skyworks Solutions, Inc.		21,470			1,918,989
Texas Instruments, Inc.		1,394			139,302
					37,126,749
Software 9.5%
Adobe, Inc. (a)		9,222			2,934,809
Autodesk, Inc. (a)		11,338			1,769,862
CDK Global, Inc.		31,248			1,026,497
Citrix Systems, Inc.		3,633			514,251
Fortinet, Inc. (a)		33,611			3,400,425
Microsoft Corp.		234,303			36,951,926
NortonLifeLock, Inc.		167,797			3,139,482
Oracle Corp.		67,806			3,277,064
salesforce.com, Inc. (a)		25,454			3,664,867
ServiceNow, Inc. (a)		754			216,081
Synopsys, Inc. (a)		24,839			3,199,015
					60,094,279
Specialty Retail 2.0%
Best Buy Co., Inc.		47,102			2,684,814
Home Depot, Inc.		28,016			5,230,867
Lowe's Cos., Inc.		14,287			1,229,396
O'Reilly Automotive, Inc. (a)		10,315			3,105,331
TJX Cos., Inc.		10,758			514,340
					12,764,748
Technology Hardware, Storage & Peripherals 5.7%
Apple, Inc.		128,914			32,781,541
HP, Inc.		189,390			3,287,810
					36,069,351
Textiles, Apparel & Luxury Goods 0.6%
NIKE, Inc., Class B		21,454			1,775,104
Skechers U.S.A., Inc., Class A (a)		80,922			1,921,088
					3,696,192
Tobacco 0.9%
Philip Morris International, Inc.		72,854			5,315,428
Total Common Stocks (Cost $636,829,735)					610,475,393
Exchange-Traded Fund 3.0%
SPDR S&P 500 ETF Trust (b)		72,625			18,719,094
Total Exchange-Traded Fund (Cost $17,382,807)					18,719,094
Short-Term Investments 3.1%
Affiliated Investment Company 0.2%
MainStay U.S. Government Liquidity Fund, 0.09% (c)		1,282,430			1,282,430
Unaffiliated Investment Company 2.9%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (c)(d)		18,415,524			18,415,524
Total Short-Term Investments (Cost $19,697,954)					19,697,954
Total Investments (Cost $673,910,496)		103.0	%		648,892,441
Other Assets, Less Liabilities		(3.0	)		(18,859,942	)
Net Assets		100.0	%	$	630,032,499

†	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 March 31, 2020, the aggregate market value of securities on loan was $17,777,533; the total market value of collateral held by the Portfolio was $18,415,524.
(c)	Current yield as of March 31, 2020.
(d)	Represents a 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 March 31, 2020, 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	$	610,475,393	$	—	$	—	$	610,475,393
Exchange-Traded Fund		18,719,094		—		—		18,719,094
Short-Term Investments
Affiliated Investment Company		1,282,430		—		—		1,282,430
Unaffiliated Investment Company		18,415,524		—		—		18,415,524
Total Short-Term Investments		19,697,954		—		—		19,697,954
Total Investments in Securities	$	648,892,441	$	—	$	—	$	648,892,441

(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 March 31, 2020 (Unaudited)
		Shares			Value
	Common Stocks 97.4% †
	Aerospace & Defense 2.9%
	Curtiss-Wright Corp.		33,034		$	3,052,672
	Huntington Ingalls Industries, Inc.		19,987			3,641,831
	L3Harris Technologies, Inc.		13,969			2,516,096
	Spirit AeroSystems Holdings, Inc., Class A		56,195			1,344,746
	Teledyne Technologies, Inc. (a)		8,265			2,456,937
	Textron, Inc.		156,737			4,180,176
	TransDigm Group, Inc.		4,720			1,511,297
						18,703,755
	Air Freight & Logistics 0.3%
	XPO Logistics, Inc. (a)		36,174			1,763,483
	Automobiles 0.2%
	Thor Industries, Inc.		37,639			1,587,613
	Banks 1.3%
	Bank OZK		50,027			835,451
	Citizens Financial Group, Inc.		51,133			961,812
	Comerica, Inc.		32,500			953,550
	First Hawaiian, Inc.		5,571			92,088
	First Republic Bank		7,936			652,974
	Signature Bank		16,012			1,287,205
	Synovus Financial Corp.		98,589			1,731,223
	Texas Capital Bancshares, Inc. (a)		16,475			365,251
	Umpqua Holdings Corp.		3,716			40,504
	Wintrust Financial Corp.		35,180			1,156,015
						8,076,073
	Biotechnology 2.6%
	Alkermes PLC (a)		133,084			1,919,071
	Exelixis, Inc. (a)		249,426			4,295,116
	Incyte Corp. (a)		68,142			4,990,039
	Neurocrine Biosciences, Inc. (a)		40,539			3,508,650
	United Therapeutics Corp. (a)		23,726			2,249,818
						16,962,694
	Building Products 1.1%
	Owens Corning		92,915			3,606,031
	Trane Technologies PLC		40,608			3,353,815
						6,959,846
	Capital Markets 4.5%
	Ameriprise Financial, Inc.		39,318			4,029,309
	Cboe Global Markets, Inc.		14,393			1,284,575
	E*TRADE Financial Corp.		128,601			4,413,586
	Evercore, Inc., Class A		74,634			3,437,642
	Janus Henderson Group PLC		106,482			1,631,304
	Lazard, Ltd., Class A		116,085			2,734,963
	LPL Financial Holdings, Inc.		69,116			3,761,984
	Morningstar, Inc.		12,886			1,497,998
	Nasdaq, Inc.		13,018			1,236,059
	State Street Corp.		33,334			1,775,702
	T. Rowe Price Group, Inc.		34,677			3,386,209
						29,189,331
	Chemicals 0.1%
	Cabot Corp.		15,304			399,741
	CF Industries Holdings, Inc.		20,946			569,731
						969,472
	Commercial Services & Supplies 1.0%
	Cintas Corp.		12,553			2,174,431
	Clean Harbors, Inc. (a)		67,605			3,470,841
	Republic Services, Inc.		13,927			1,045,360
						6,690,632
	Communications Equipment 0.7%
	EchoStar Corp., Class A (a)		67,596			2,161,044
	Motorola Solutions, Inc.		17,196			2,285,692
						4,446,736
	Construction & Engineering 0.5%
	AECOM (a)		99,517			2,970,583
	Consumer Finance 0.8%
	SLM Corp.		264,965			1,905,098
	Synchrony Financial		213,873			3,441,217
						5,346,315
	Containers & Packaging 1.0%
	Ardagh Group S.A.		27,757			329,198
	Ball Corp.		44,957			2,906,920
	Crown Holdings, Inc. (a)		32,905			1,909,806
	Graphic Packaging Holding Co.		86,698			1,057,716
						6,203,640
	Distributors 0.6%
	LKQ Corp. (a)		176,639			3,622,866
	Diversified Consumer Services 0.6%
	Bright Horizons Family Solutions, Inc. (a)		15,477			1,578,654
	Frontdoor, Inc. (a)		61,281			2,131,353
						3,710,007
	Diversified Financial Services 1.2%
	Equitable Holdings, Inc.		47,384			684,699
	Jefferies Financial Group, Inc.		251,354			3,436,009
	Voya Financial, Inc.		95,329			3,865,591
						7,986,299
	Electric Utilities 2.9%
	Entergy Corp.		39,814			3,741,321
	Evergy, Inc.		59,572			3,279,439
	FirstEnergy Corp.		66,356			2,658,885
	NRG Energy, Inc.		102,162			2,784,936
	OGE Energy Corp.		37,963			1,166,603
	PG&E Corp. (a)		941			8,460
	Pinnacle West Capital Corp.		14,947			1,132,833
	PPL Corp.		153,907			3,798,425
						18,570,902
	Electrical Equipment 1.2%
	Acuity Brands, Inc.		39,674			3,398,475
	nVent Electric PLC		33,367			562,901
	Regal Beloit Corp.		56,742			3,571,909
						7,533,285
	Electronic Equipment, Instruments & Components 3.0%
	Arrow Electronics, Inc. (a)		72,515			3,761,353
	Avnet, Inc.		149,642			3,756,014
	CDW Corp.		52,027			4,852,559
	Jabil, Inc.		155,190			3,814,570
	SYNNEX Corp.		41,321			3,020,565
						19,205,061
	Entertainment 2.1%
	Lions Gate Entertainment Corp., Class B (a)		543,480			3,032,618
	Roku, Inc. (a)		9,241			808,403
	Take-Two Interactive Software, Inc. (a)		42,936			5,092,639
	Zynga, Inc., Class A (a)		642,531			4,401,337
						13,334,997
	Equity Real Estate Investment Trusts 6.4%
	Alexandria Real Estate Equities, Inc.		5,755			788,780
	American Campus Communities, Inc.		20,983			582,278
	American Homes 4 Rent, Class A		32,189			746,785
	Americold Realty Trust		7,853			267,316
	Apartment Investment & Management Co., Class A		18,943			665,847
	AvalonBay Communities, Inc.		19,949			2,935,894
	Boston Properties, Inc.		7,731			713,030
	Camden Property Trust		10,466			829,326
	CoreSite Realty Corp.		6,347			735,617
	CyrusOne, Inc.		14,666			905,626
	Digital Realty Trust, Inc.		27,936			3,880,590
	Duke Realty Corp.		41,799			1,353,452
	Equity LifeStyle Properties, Inc.		34,177			1,964,494
	Equity Residential		50,624			3,124,007
	Essex Property Trust, Inc.		6,845			1,507,543
	Extra Space Storage, Inc.		3,145			301,165
	Gaming and Leisure Properties, Inc.		48,909			1,355,268
	Healthpeak Properties, Inc.		16,120			384,462
	Invitation Homes, Inc.		93,033			1,988,115
	Life Storage, Inc.		15,052			1,423,167
	Mid-America Apartment Communities, Inc.		17,993			1,853,819
	OUTFRONT Media, Inc.		21,117			284,657
	Rayonier, Inc.		27,187			640,254
	Realty Income Corp.		19,950			994,707
	SBA Communications Corp.		15,633			4,220,441
	Sun Communities, Inc.		17,104			2,135,434
	UDR, Inc.		18,242			666,563
	Ventas, Inc.		6,845			183,446
	VICI Properties, Inc.		979			16,291
	W.P. Carey, Inc.		3,503			203,454
	Welltower, Inc.		23,698			1,084,894
	Weyerhaeuser Co.		130,294			2,208,483
						40,945,205
	Food & Staples Retailing 1.8%
	Casey’s General Stores, Inc.		3,860			511,411
	Kroger Co.		203,197			6,120,294
	Sprouts Farmers Market, Inc. (a)		238,438			4,432,562
	U.S. Foods Holding Corp. (a)		40,543			718,017
						11,782,284
	Food Products 2.8%
	Bunge, Ltd.		23,872			979,468
	Hershey Co.		19,409			2,571,692
	Ingredion, Inc.		28,268			2,134,234
	Lamb Weston Holdings, Inc.		66,519			3,798,235
	Pilgrim’s Pride Corp. (a)		197,115			3,571,724
	Tyson Foods, Inc., Class A		90,231			5,221,668
						18,277,021
	Health Care Equipment & Supplies 3.2%
	Align Technology, Inc. (a)		26,903			4,679,777
	DENTSPLY SIRONA, Inc.		77,215			2,998,258
	DexCom, Inc. (a)		2,654			714,643
	Envista Holdings Corp. (a)		192,058			2,869,346
	Hill-Rom Holdings, Inc.		30,266			3,044,760
	Hologic, Inc. (a)		50,684			1,779,008
	Insulet Corp. (a)		6,375			1,056,210
	ResMed, Inc.		6,965			1,025,875
	Varian Medical Systems, Inc. (a)		3,545			363,930
	West Pharmaceutical Services, Inc.		13,888			2,114,448
						20,646,255
	Health Care Providers & Services 4.1%
	AmerisourceBergen Corp.		59,344			5,251,944
	Cardinal Health, Inc.		110,976			5,320,189
	Centene Corp. (a)		104,780			6,224,980
	Chemed Corp.		1,283			555,796
	DaVita, Inc. (a)		58,693			4,464,190
	McKesson Corp.		32,398			4,382,153
						26,199,252
	Health Care Technology 0.3%
	Cerner Corp.		28,660			1,805,293
	Hotels, Restaurants & Leisure 2.8%
	Aramark		96,292			1,922,951
	Caesars Entertainment Corp. (a)		54,279			366,926
	Chipotle Mexican Grill, Inc. (a)		8,132			5,321,581
	Darden Restaurants, Inc.		42,821			2,332,032
	Domino’s Pizza, Inc.		14,337			4,646,191
	MGM Resorts International		95,976			1,132,517
	Norwegian Cruise Line Holdings, Ltd. (a)		88,577			970,804
	Six Flags Entertainment Corp.		25,529			320,134
	Wendy’s Co.		7,642			113,713
	Yum China Holdings, Inc.		13,794			588,038
						17,714,887
	Household Durables 1.3%
	D.R. Horton, Inc.		32,585			1,107,890
	Lennar Corp., Class B		4,405			127,393
	NVR, Inc. (a)		1,496			3,843,388
	PulteGroup, Inc.		134,716			3,006,861
						8,085,532
	Household Products 0.1%
	Church & Dwight Co., Inc.		8,063			517,483
	Independent Power & Renewable Electricity Producers 1.1%
	AES Corp.		213,420			2,902,512
	Vistra Energy Corp.		255,937			4,084,755
						6,987,267
	Industrial Conglomerates 0.2%
	Carlisle Cos., Inc.		9,115			1,141,927
	Insurance 2.4%
	American National Insurance Co.		17,784			1,465,046
	Arch Capital Group, Ltd. (a)		10,821			307,966
	Athene Holding, Ltd., Class A (a)		63,301			1,571,131
	Fidelity National Financial, Inc.		120,066			2,987,242
	First American Financial Corp.		79,246			3,360,823
	Kemper Corp.		7,065			525,424
	Mercury General Corp.		42,393			1,726,243
	Old Republic International Corp.		74,694			1,139,083
	Reinsurance Group of America, Inc.		2,506			210,855
	Willis Towers Watson PLC		12,096			2,054,505
						15,348,318
	Interactive Media & Services 0.9%
	IAC/InterActiveCorp (a)		27,676			4,960,369
	TripAdvisor, Inc.		46,197			803,366
						5,763,735
	Internet & Direct Marketing Retail 1.0%
	Expedia Group, Inc.		38,609			2,172,528
	Qurate Retail, Inc., Series A (a)		729,712			4,454,892
						6,627,420
	IT Services 6.0%
	Akamai Technologies, Inc. (a)		56,956			5,210,904
	Amdocs, Ltd.		77,024			4,234,009
	Booz Allen Hamilton Holding Corp.		65,870			4,521,317
	CACI International, Inc., Class A (a)		19,643			4,147,619
	DXC Technology Co.		78,410			1,023,251
	Euronet Worldwide, Inc. (a)		39,479			3,384,140
	Fiserv, Inc. (a)		34,045			3,233,935
	Genpact, Ltd.		49,357			1,441,224
	Global Payments, Inc.		9,705			1,399,752
	GoDaddy, Inc., Class A (a)		80,373			4,590,102
	Leidos Holdings, Inc.		53,533			4,906,300
	Sabre Corp.		118,216			701,021
						38,793,574
	Life Sciences Tools & Services 2.8%
	Avantor, Inc. (a)		190,518			2,379,570
	Bruker Corp.		67,411			2,417,358
	Charles River Laboratories International, Inc. (a)		32,436			4,093,747
	IQVIA Holdings, Inc. (a)		49,881			5,380,165
	PRA Health Sciences, Inc. (a)		46,519			3,862,938
						18,133,778
	Machinery 1.7%
	AGCO Corp.		75,725			3,578,006
	Allison Transmission Holdings, Inc.		8,730			284,685
	Crane Co.		45,931			2,258,886
	Cummins, Inc.		7,502			1,015,171
	Dover Corp.		1,079			90,571
	Ingersoll Rand, Inc. (a)		21,537			534,118
	Stanley Black & Decker, Inc.		433			43,300
	Timken Co.		99,740			3,225,592
						11,030,329
	Media 1.1%
	Altice U.S.A., Inc., Class A (a)		190,756			4,251,951
	Cable One, Inc.		1,182			1,943,220
	Fox Corp., Class B (a)		12,347			282,499
	Liberty Media Corp-Liberty SiriusXM, Class C (a)		12,264			387,788
						6,865,458
	Metals & Mining 1.2%
	Newmont Corp.		161,081			7,293,748
	Reliance Steel & Aluminum Co.		1,273			111,502
						7,405,250
	Multi-Utilities 1.5%
	CenterPoint Energy, Inc.		109,600			1,693,320
	Consolidated Edison, Inc.		22,530			1,757,340
	DTE Energy Co.		12,231			1,161,578
	MDU Resources Group, Inc.		110,024			2,365,516
	NiSource, Inc.		7,402			184,828
	Public Service Enterprise Group, Inc.		28,317			1,271,716
	Sempra Energy		522			58,981
	WEC Energy Group, Inc.		15,262			1,345,040
						9,838,319
	Multiline Retail 1.1%
	Dollar General Corp.		47,523			7,176,448
	Oil, Gas & Consumable Fuels 0.5%
	HollyFrontier Corp.		97,311			2,385,092
	Kosmos Energy, Ltd.		512,235			458,758
	PBF Energy, Inc., Class A		68,861			487,536
						3,331,386
	Personal Products 0.2%
	Nu Skin Enterprises, Inc., Class A		56,586			1,236,404
	Pharmaceuticals 2.2%
	Catalent, Inc. (a)		41,079			2,134,054
	Horizon Therapeutics PLC (a)		52,642			1,559,256
	Jazz Pharmaceuticals PLC (a)		16,320			1,627,757
	Mylan N.V. (a)		295,490			4,405,756
	Perrigo Co. PLC		92,746			4,460,155
						14,186,978
	Professional Services 3.1%
	CoreLogic, Inc.		12,814			391,340
	IHS Markit, Ltd.		96,319			5,779,140
	ManpowerGroup, Inc.		61,856			3,277,749
	Robert Half International, Inc.		37,366			1,410,567
	TransUnion		67,291			4,453,318
	Verisk Analytics, Inc.		34,217			4,769,165
						20,081,279
	Real Estate Management & Development 0.4%
	CBRE Group, Inc., Class A (a)		73,194			2,760,146
	Road & Rail 0.6%
	Landstar System, Inc.		599			57,420
	Schneider National, Inc., Class B		198,566			3,840,267
						3,897,687
	Semiconductors & Semiconductor Equipment 5.2%
	Advanced Micro Devices, Inc. (a)		120,771			5,492,665
	Entegris, Inc.		72,644			3,252,272
	KLA Corp.		39,623			5,695,410
	Lam Research Corp.		29,768			7,144,320
	MKS Instruments, Inc.		17,271			1,406,723
	Qorvo, Inc. (a)		56,061			4,520,198
	Skyworks Solutions, Inc.		41,588			3,717,136
	Teradyne, Inc.		37,246			2,017,616
						33,246,340
	Software 7.1%
	Alteryx, Inc., Class A (a)		4,864			462,907
	Anaplan, Inc. (a)		9,147			276,788
	Atlassian Corp. PLC, Class A (a)		16,983			2,331,087
	Cadence Design Systems, Inc. (a)		3,071			202,809
	CDK Global, Inc.		104,479			3,432,135
	Coupa Software, Inc. (a)		6,717			938,566
	Dropbox, Inc., Class A (a)		222,151			4,020,933
	Fair Isaac Corp. (a)		9,419			2,898,132
	Fortinet, Inc. (a)		55,115			5,575,985
	NortonLifeLock, Inc.		253,127			4,736,006
	Nuance Communications, Inc. (a)		203,757			3,419,043
	Palo Alto Networks, Inc. (a)		26,796			4,393,472
	RingCentral, Inc., Class A (a)		7,984			1,691,889
	SS&C Technologies Holdings, Inc.		85,359			3,740,431
	Synopsys, Inc. (a)		44,015			5,668,692
	Teradata Corp. (a)		47,010			963,235
	Zendesk, Inc. (a)		11,889			761,015
						45,513,125
	Specialty Retail 3.9%
	AutoNation, Inc. (a)		55,649			1,561,511
	AutoZone, Inc. (a)		6,250			5,287,500
	Best Buy Co., Inc.		82,253			4,688,421
	Burlington Stores, Inc. (a)		22,456			3,558,378
	Foot Locker, Inc.		133,606			2,946,012
	O’Reilly Automotive, Inc. (a)		18,715			5,634,151
	Ulta Salon Cosmetics & Fragrance Inc. (a)		8,580			1,507,506
						25,183,479
	Technology Hardware, Storage & Peripherals 0.1%
	Xerox Holdings Corp. (a)		43,152			817,299
	Textiles, Apparel & Luxury Goods 0.5%
	Skechers U.S.A., Inc., Class A (a)		143,110			3,397,431
	Thrifts & Mortgage Finance 0.3%
	MGIC Investment Corp.		171,555			1,089,374
	New York Community Bancorp, Inc.		117,799			1,106,133
						2,195,507
	Trading Companies & Distributors 0.3%
	HD Supply Holdings, Inc. (a)		46,592			1,324,610
	WESCO International, Inc. (a)		30,015			685,843
						2,010,453
	Water Utilities 0.1%
	American Water Works Co., Inc.		3,334			398,613
	Wireless Telecommunication Services 0.5%
	Telephone & Data Systems, Inc.		152,294			2,552,447
	United States Cellular Corp. (a)		25,375			743,234
						3,295,681
	Total Common Stocks (Cost $733,832,319)					626,470,433
	Exchange-Traded Funds 2.4%
	iShares Russell Mid-Cap ETF		300,481			12,971,765
	SPDR S&P 500 ETF Trust (b)		9,386			2,419,241
	Total Exchange-Traded Funds (Cost $18,976,411)					15,391,006
	Short-Term Investments 0.5%
	Affiliated Investment Company 0.5%
	MainStay U.S. Government Liquidity Fund, 0.09% (c)		3,227,707			3,227,707
	Unaffiliated Investment Company 0.0% ‡
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (c)(d)		133,233			133,233
	Total Short-Term Investments (Cost $3,360,940)					3,360,940
	Total Investments (Cost $756,169,670)		100.3	%		645,222,379
	Other Assets, Less Liabilities		(0.3	)		(1,938,336	)
	Net Assets		100.0	%	$	643,284,043

†	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 March 31, 2020, the aggregate market value of securities on loan was $1,823,324; the total market value of collateral held by the Portfolio was $1,878,026. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $1,744,793.
(c)	Current yield as of March 31, 2020.
(d)	Represents a 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 March 31, 2020, 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	$	626,470,433	$	—	$	—	$	626,470,433
Exchange-Traded Funds		15,391,006		—		—		15,391,006
Short-Term Investments
Affiliated Investment Company		3,227,707		—		—		3,227,707
Unaffiliated Investment Company		133,233		—		—		133,233
Total Short-Term Investments		3,360,940		—		—		3,360,940
Total Investments in Securities	$	645,222,379	$	—	$	—	$	645,222,379

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

MainStay VP MacKay International Equity Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 95.9% †
Argentina 1.6%
Globant S.A. (Software) (a)		76,586		$	6,730,378
Canada 1.9%
Constellation Software, Inc. (Software)		8,359			7,597,050
China 2.6%
Tencent Holdings, Ltd. (Interactive Media & Services)		214,138			10,441,705
Denmark 2.8%
Novo Nordisk A/S, Class B (Pharmaceuticals)		189,655			11,440,263
France 4.0%
Edenred (IT Services) (a)		171,545			7,179,715
Teleperformance S.E. (Professional Services) (a)		43,206			9,018,043
					16,197,758
Germany 12.0%
Carl Zeiss Meditec A.G. (Health Care Equipment & Supplies) (a)		51,756			5,028,696
Fresenius Medical Care A.G. & Co. KGaA (Health Care Providers & Services)		158,539			10,575,113
SAP S.E. (Software)		126,953			14,580,947
Scout24 A.G. (Interactive Media & Services) (b)		155,801			9,379,455
Symrise A.G. (Chemicals) (a)		94,850			8,982,814
					48,547,025
India 4.6%
HDFC Bank, Ltd. (Banks)		939,411			10,521,449
Housing Development Finance Corp., Ltd. (Thrifts & Mortgage Finance)		383,415			8,148,190
					18,669,639
Ireland 7.9%
Accenture PLC, Class A (IT Services)		85,422			13,945,996
ICON PLC (Life Sciences Tools & Services) (a)		133,895			18,209,720
					32,155,716
Israel 2.1%
Nice, Ltd., Sponsored ADR (Software) (a)		59,167			8,494,014
Japan 9.9%
CyberAgent, Inc. (Media)		189,400			7,349,902
Lion Corp. (Household Products)		369,900			7,935,935
MonotaRO Co., Ltd. (Trading Companies & Distributors)		176,900			4,700,486
Relo Group, Inc. (Real Estate Management & Development)		432,100			9,069,198
TechnoPro Holdings, Inc. (Professional Services)		161,000			7,476,950
ZOZO, Inc. (Internet & Direct Marketing Retail)		259,358			3,480,047
					40,012,518
Mexico 0.8%
Regional S.A.B. de C.V. (Banks)		1,203,044			3,164,504
Netherlands 6.6%
Koninklijke DSM N.V. (Chemicals)		96,162			10,927,285
Koninklijke Philips N.V. (Health Care Equipment & Supplies)		397,012			16,068,944
					26,996,229
Spain 6.1%
Amadeus IT Group S.A. (IT Services)		264,789			12,557,729
Industria de Diseno Textil S.A. (Specialty Retail)		469,571			12,190,886
					24,748,615
Sweden 2.7%
Hexagon AB, Class B (Electronic Equipment, Instruments & Components)		256,045			10,921,231
Switzerland 5.7%
Lonza Group A.G., Registered (Life Sciences Tools & Services)		28,274			11,763,430
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		181,848			11,452,787
					23,216,217
Taiwan 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Semiconductors & Semiconductor Equipment)		107,616			5,142,969
United Kingdom 20.2%
Big Yellow Group PLC (Equity Real Estate Investment Trusts)		330,759			4,116,736
Compass Group PLC (Hotels, Restaurants & Leisure)		969,867			15,153,796
Diageo PLC (Beverages)		337,355			10,805,034
Experian PLC (Professional Services)		347,313			9,668,566
HomeServe PLC (Commercial Services & Supplies)		477,575			6,255,817
Johnson Matthey PLC (Chemicals)		41,102			913,417
LivaNova PLC (Health Care Equipment & Supplies) (a)		113,712			5,145,468
Prudential PLC (Insurance)		1,477,703			18,862,928
St. James’s Place PLC (Capital Markets)		1,179,852			11,242,547
					82,164,309
United States 3.1%
STERIS PLC (Health Care Equipment & Supplies)		90,843			12,715,295
Total Common Stocks (Cost $428,303,069)					389,355,435
Short-Term Investment 0.2%
Affiliated Investment Company 0.2%
United States 0.2%
MainStay U.S. Government Liquidity Fund, 0.09% (c)		788,540			788,540
Total Short-Term Investment (Cost $788,540)					788,540
Total Investments (Cost $429,091,609)		96.1	%		390,143,975
Other Assets, Less Liabilities		3.9			15,686,362
Net Assets		100.0	%	$	405,830,337

†	Percentages indicated are based on Portfolio net assets.
(a)	Non-income producing security.
(b)	May be sold to institutional investors only under Rule 144A or securities offered pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.
(c)	Current yield as of March 31, 2020.

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 March 31, 2020, 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
China	$	—	$	10,441,706	$	—	$	10,441,706
Denmark		—		11,440,263		—		11,440,263
France		—		16,197,758		—		16,197,758
Germany		—		48,547,025		—		48,547,025
India		—		18,669,639		—		18,669,639
Japan		—		40,012,518		—		40,012,518
Netherlands		—		26,996,229		—		26,996,229
Spain		—		24,748,615		—		24,748,615
Sweden		—		10,921,232		—		10,921,232
Switzerland		11,452,787		11,763,430		—		23,216,217
United Kingdom		5,145,468		77,018,841		—		82,164,309
All Other Countries		75,999,926		—		—		75,999,925
Total Common Stocks		92,598,181		296,757,254		—		389,355,435
Short-Term Investment
Affiliated Investment Company		788,540		—		—		788,540
Total Investments in Securities	$	93,386,721	$	296,757,254	$	—	$	390,143,975

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

MainStay VP T. Rowe Price Equity Income Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

	Principal Amount			Value
Long-Term Bond 0.2%†
Convertible Bond 0.2%
Insurance 0.2%
AXA S.A. 7.25%, due 5/15/21 (a)	$	1,495,000		$	1,088,046
Total Long-Term Bond (Cost $1,495,246)					1,088,046
		Shares
Common Stocks 95.7%
Aerospace & Defense 3.5%
Boeing Co. (b)		51,473			7,676,683
L3Harris Technologies, Inc.		54,712			9,854,726
United Technologies Corp.		11,600			1,094,228
					18,625,637
Air Freight & Logistics 1.8%
United Parcel Service, Inc., Class B		105,948			9,897,662
Airlines 0.5%
Alaska Air Group, Inc. (b)		96,859			2,757,576
Banks 8.3%
Bank of America Corp.		31,248			663,395
Fifth Third Bancorp		427,278			6,345,078
JPMorgan Chase & Co.		143,949			12,959,728
PNC Financial Services Group, Inc.		45,684			4,372,872
U.S. Bancorp		95,719			3,297,520
Wells Fargo & Co.		596,038			17,106,291
					44,744,884
Biotechnology 3.2%
AbbVie, Inc.		115,200			8,777,088
Gilead Sciences, Inc.		112,417			8,404,295
					17,181,383
Building Products 0.4%
Johnson Controls International PLC		82,766			2,231,371
Capital Markets 4.5%
Franklin Resources, Inc.		146,552			2,445,953
Morgan Stanley		287,700			9,781,800
Northern Trust Corp.		20,331			1,534,177
Raymond James Financial, Inc.		47,600			3,008,320
State Street Corp.		136,336			7,262,619
					24,032,869
Chemicals 3.2%
Akzo Nobel N.V.		11,276			743,385
CF Industries Holdings, Inc.		214,528			5,835,162
Dow, Inc.		87,966			2,572,126
DuPont de Nemours, Inc.		215,499			7,348,516
PPG Industries, Inc.		10,722			896,359
					17,395,548
Commercial Services & Supplies 0.8%
Stericycle, Inc. (b)		84,300			4,095,294
Communications Equipment 1.5%
Cisco Systems, Inc.		202,192			7,948,168
Containers & Packaging 1.1%
International Paper Co.		191,252			5,953,675
Diversified Financial Services 0.6%
Equitable Holdings, Inc.		205,809			2,973,940
Diversified Telecommunication Services 2.2%
AT&T, Inc.		45,445			1,324,722
CenturyLink, Inc.		39,600			374,616
Telefonica S.A. (b)		257,087			1,180,244
Verizon Communications, Inc.		169,377			9,100,626
					11,980,208
Electric Utilities 5.1%
Edison International		127,399			6,980,191
NextEra Energy, Inc.		21,370			5,142,050
Southern Co.		286,587			15,515,820
					27,638,061
Electrical Equipment 0.8%
Emerson Electric Co.		66,907			3,188,119
nVent Electric PLC		74,298			1,253,407
					4,441,526
Energy Equipment & Services 0.1%
Halliburton Co.		89,100			610,335
Entertainment 0.5%
Walt Disney Co.		29,652			2,864,383
Equity Real Estate Investment Trusts 3.4%
Equity Residential		85,614			5,283,240
Rayonier, Inc.		191,143			4,501,418
SL Green Realty Corp.		57,819			2,491,999
Weyerhaeuser Co.		345,731			5,860,140
					18,136,797
Food & Staples Retailing 0.8%
Walmart, Inc.		39,475			4,485,149
Food Products 4.4%
Bunge, Ltd.		53,100			2,178,693
Conagra Brands, Inc.		320,565			9,405,377
Kellogg Co.		19,000			1,139,810
Mondelez International, Inc., Class A		5,300			265,424
Tyson Foods, Inc., Class A		179,182			10,369,262
					23,358,566
Health Care Equipment & Supplies 2.9%
Becton Dickinson & Co.		17,789			4,087,379
Medtronic PLC		98,745			8,904,824
Zimmer Biomet Holdings, Inc.		24,600			2,486,568
					15,478,771
Health Care Providers & Services 3.4%
Anthem, Inc.		35,766			8,120,313
CVS Health Corp.		167,937			9,963,702
					18,084,015
Hotels, Restaurants & Leisure 1.3%
Las Vegas Sands Corp.		113,740			4,830,538
McDonald’s Corp.		7,400			1,223,590
MGM Resorts International		47,500			560,500
Royal Caribbean Cruises, Ltd.		14,900			479,333
					7,093,961
Household Products 2.0%
Kimberly-Clark Corp.		83,075			10,622,800
Industrial Conglomerates 2.1%
General Electric Co.		1,394,981			11,076,149
Insurance 6.6%
American International Group, Inc.		288,868			7,005,049
Chubb, Ltd.		101,510			11,337,652
Loews Corp.		135,553			4,721,311
Marsh & McLennan Cos., Inc.		18,174			1,571,324
MetLife, Inc.		255,130			7,799,324
Willis Towers Watson PLC		17,640			2,996,154
					35,430,814
IT Services 0.2%
Cognizant Technology Solutions Corp., Class A		20,012			929,958
Leisure Products 0.5%
Mattel, Inc. (b)(c)		284,354			2,505,159
Machinery 0.9%
Flowserve Corp.		10,635			254,070
PACCAR, Inc.		41,100			2,512,443
Snap-On, Inc.		15,300			1,664,946
Stanley Black & Decker, Inc.		2,800			280,000
					4,711,459
Media 3.1%
Comcast Corp., Class A		195,997			6,738,377
Fox Corp., Class B		241,498			5,525,474
News Corp., Class A		478,791			4,297,149
					16,561,000
Multi-Utilities 3.3%
CenterPoint Energy, Inc.		217,400			3,358,830
NiSource, Inc.		407,968			10,186,961
Sempra Energy		36,705			4,147,298
					17,693,089
Multiline Retail 0.3%
Kohl’s Corp.		120,000			1,750,800
Oil, Gas & Consumable Fuels 7.6%
Chevron Corp.		18,343			1,329,134
Enbridge, Inc.		26,500			770,885
EOG Resources, Inc.		28,200			1,012,944
Exxon Mobil Corp.		170,364			6,468,721
Hess Corp.		16,180			538,794
Occidental Petroleum Corp.		216,000			2,501,280
Pioneer Natural Resources Co.		30,000			2,104,500
Suncor Energy, Inc.		21,800			344,440
Targa Resources Corp.		195,400			1,350,214
TC Energy Corp.		233,427			10,340,816
TOTAL S.A. (c)		332,081			12,877,924
TOTAL S.A., Sponsored ADR		31,300			1,165,612
					40,805,264
Pharmaceuticals 5.4%
Bristol-Myers Squibb Co.		42,700			2,380,098
GlaxoSmithKline PLC		113,680			2,132,336
GlaxoSmithKline PLC, Sponsored ADR		20,300			769,167
Johnson & Johnson		108,022			14,164,925
Pfizer, Inc.		290,976			9,497,456
					28,943,982
Professional Services 0.7%
Nielsen Holdings PLC		283,392			3,553,736
Semiconductors & Semiconductor Equipment 4.7%
Applied Materials, Inc.		90,800			4,160,456
NXP Semiconductors N.V.		16,600			1,376,638
QUALCOMM, Inc.		216,994			14,679,644
Texas Instruments, Inc.		51,655			5,161,884
					25,378,622
Software 1.8%
Microsoft Corp.		61,462			9,693,172
Technology Hardware, Storage & Peripherals 0.1%
Western Digital Corp.		16,605			691,100
Tobacco 2.1%
Philip Morris International, Inc.		153,147			11,173,605
Total Common Stocks (Cost $589,263,811)					513,530,488
Convertible Preferred Stocks 2.5%
Electric Utilities 0.8%
NextEra Energy, Inc. 5.279%		44,642			1,968,266
Southern Co. 6.75%		56,931			2,527,736
					4,496,002
Health Care Equipment & Supplies 0.9%
Becton Dickinson & Co. 6.125%		95,004			4,966,809
Multi-Utilities 0.8%
Sempra Energy
6.00%		33,680			3,116,074
6.75%		10,478			984,198
					4,100,272
Total Convertible Preferred Stocks (Cost $14,235,471)					13,563,083
Short-Term Investments 1.7%
Affiliated Investment Company 1.6%
MainStay U.S. Government Liquidity Fund, 0.09% (d)		8,277,008			8,277,008
Unaffiliated Investment Company 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (d)(e)		716,424			716,424
Total Short-Term Investments (Cost $8,993,432)					8,993,432
Total Investments (Cost $613,987,960)		100.1	%		537,175,049
Other Assets, Less Liabilities		(0.1	)		(629,755	)
Net Assets		100.0	%	$	536,545,294

†	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 March 31, 2020, the aggregate market value of securities on loan was $776,762; the total market value of collateral held by the Portfolio was $800,052. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $83,628.
(d)	Current yield as of March 31, 2020.
(e)	Represents a 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 March 31, 2020, 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 Bond
Convertible Bond	$	—	$	1,088,046	$	—	$	1,088,046
Common Stocks
Chemicals		16,652,163		743,385		—		17,395,548
Diversified Telecommunication Services		10,799,964		1,180,244		—		11,980,208
Oil, Gas, & Consumable Fuels		27,927,340		12,877,924		—		40,805,264
Pharmaceuticals		26,811,646		2,132,336		—		28,943,982
All Other Industries		414,405,486		—		—		414,405,486
Total Common Stocks		496,596,599		16,933,889		—		513,530,488
Convertible Preferred Stocks		13,563,083		—		—		13,563,083
Short-Term Investments
Affiliated Investment Company		8,277,008		—		—		8,277,008
Unaffiliated Investment Company		716,424		—		—		716,424
Total Short-Term Investments		8,993,432		—		—		8,993,432
Total Investments in Securities	$	519,153,114	$	18,021,935	$	—	$	537,175,049

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

MainStay VP Mellon Natural Resources Portfolio

Portfolio of Investments  March 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 97.9% †
Brazil 1.9%
Petroleo Brasileiro S.A., Sponsored ADR (Oil, Gas & Consumable Fuels)		544,276		$	2,933,648
Canada 9.1%
Barrick Gold Corp. (Metals & Mining)		565,048			10,351,679
Lundin Mining Corp. (Metals & Mining)		733,847			2,758,510
Norbord, Inc. (Paper & Forest Products)		96,688			1,143,932
					14,254,121
Denmark 4.3%
Orsted A/S (Electric Utilities) (a)		22,643			2,223,655
Vestas Wind Systems A/S (Electrical Equipment)		56,747			4,619,349
					6,843,004
France 3.1%
Air Liquide S.A. (Chemicals)		37,833			4,849,318
Luxembourg 2.2%
ArcelorMittal S.A. (Metals & Mining)		368,850			3,495,580
Norway 6.7%
Equinor ASA (Oil, Gas & Consumable Fuels)		437,493			5,510,970
Yara International ASA (Chemicals)		160,235			5,069,734
					10,580,704
South Africa 5.7%
Anglo American PLC (Metals & Mining)		515,475			9,007,556
United Kingdom 5.6%
BP PLC (Oil, Gas & Consumable Fuels)		2,065,838			8,788,428
United States 59.3%
Archer-Daniels-Midland Co. (Food Products)		205,337			7,223,756
Ball Corp. (Containers & Packaging)		60,827			3,933,074
Bunge, Ltd. (Food Products)		77,697			3,187,908
Casella Waste Systems, Inc., Class A (Commercial Services & Supplies) (b)		100,436			3,923,030
CF Industries Holdings, Inc. (Chemicals)		209,679			5,703,269
Clean Harbors, Inc. (Commercial Services & Supplies) (b)		47,703			2,449,072
Concho Resources, Inc. (Oil, Gas & Consumable Fuels)		83,844			3,592,715
ConocoPhillips (Oil, Gas & Consumable Fuels)		189,788			5,845,470
Covanta Holding Corp. (Commercial Services & Supplies)		201,428			1,722,209
First Solar, Inc. (Semiconductors & Semiconductor Equipment) (b)		78,052			2,814,555
FMC Corp. (Chemicals)		61,696			5,039,946
Freeport-McMoRan, Inc. (Metals & Mining)		915,226			6,177,776
Hess Corp. (Oil, Gas & Consumable Fuels)		103,123			3,433,996
Itron, Inc. (Electronic Equipment, Instruments & Components) (b)		31,793			1,775,003
Louisiana-Pacific Corp. (Paper & Forest Products)		136,254			2,340,844
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		122,280			2,888,254
Mosaic Co. (Chemicals)		273,477			2,959,021
Newmont Corp. (Metals & Mining)		193,744			8,772,728
NextEra Energy, Inc. (Electric Utilities)		23,012			5,537,147
PBF Energy, Inc., Class A (Oil, Gas & Consumable Fuels)		100,897			714,351
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		64,427			4,519,554
Schlumberger, Ltd. (Energy Equipment & Services)		169,406			2,285,287
Steel Dynamics, Inc. (Metals & Mining)		152,559			3,438,680
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		71,185			3,228,952
					93,506,597
Total Common Stocks (Cost $220,104,690)					154,258,956
Short-Term Investment 1.8%
Affiliated Investment Company 1.8%
United States 1.8%
MainStay U.S. Government Liquidity Fund, 0.09% (c)		2,890,640			2,890,640
Total Short-Term Investment (Cost $2,890,640)					2,890,640
Total Investments (Cost $222,995,330)		99.7	%		157,149,596
Other Assets, Less Liabilities		0.3			512,789
Net Assets		100.0	%	$	157,662,385

† Percentages indicated are based on Portfolio net assets.

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

(b) Non-income producing security.

(c) Current yield as of March 31, 2020.

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 March 31, 2020, 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
Denmark	$	—	$	6,843,004	$	—	$	6,843,004
France				4,849,318				4,849,318
Luxembourg		—		3,495,580		—		3,495,580
Norway		—		10,580,704		—		10,580,704
South Africa				9,007,556				9,007,556
United Kingdom		—		8,788,428		—		8,788,428
All Other Countries		110,694,366		—		—		110,694,366
Total Common Stocks		110,694,366		43,564,590		—		154,258,956
Short-Term Investment				—		—
Affiliated Investment Company		2,890,640						2,890,640
Total Investments in Securities	$	113,585,006	$	43,564,590	$	—	$	157,149,596

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

MainStay VP MacKay Growth Portfolio  

Portfolio of Investments March 31, 2020 (Unaudited)  

	Shares			Value
Common Stocks 99.1% †
Aerospace & Defense 2.2%
Boeing Co.		4,125		$	615,202
Huntington Ingalls Industries, Inc.		310			56,485
Lockheed Martin Corp.		18,980			6,433,271
Northrop Grumman Corp.		12,729			3,851,159
Raytheon Co.		950			124,593
Spirit AeroSystems Holdings, Inc., Class A		53,819			1,287,889
Textron, Inc.		2,982			79,530
					12,448,129
Automobiles 1.1%
Tesla, Inc. (a)		11,870			6,219,880
Beverages 0.9%
Coca-Cola Co.		41,542			1,838,234
PepsiCo., Inc.		25,232			3,030,363
					4,868,597
Biotechnology 6.3%
AbbVie, Inc.		80,889			6,162,933
Alexion Pharmaceuticals, Inc. (a)		4,158			373,347
Alkermes PLC (a)		102,919			1,484,092
Amgen, Inc.		37,917			7,686,913
Biogen, Inc. (a)		12,512			3,958,547
Exelixis, Inc. (a)		177,034			3,048,526
Incyte Corp. (a)		44,841			3,283,706
Regeneron Pharmaceuticals, Inc. (a)		7,300			3,564,517
United Therapeutics Corp. (a)		16,229			1,538,915
Vertex Pharmaceuticals, Inc. (a)		17,199			4,092,502
					35,193,998
Building Products 0.4%
Trane Technologies PLC		29,822			2,462,999
Capital Markets 2.8%
Evercore, Inc., Class A		64,309			2,962,073
LPL Financial Holdings, Inc.		59,382			3,232,162
Moody's Corp.		17,160			3,629,340
S&P Global, Inc.		22,770			5,579,788
					15,403,363
Commercial Services & Supplies 0.2%
Clean Harbors, Inc. (a)		25,188			1,293,152
Communications Equipment 0.7%
Cisco Systems, Inc.		105,091			4,131,127
Electrical Equipment 0.2%
Acuity Brands, Inc.		10,048			860,712
Electronic Equipment, Instruments & Components 1.3%
CDW Corp.		35,546			3,315,375
Jabil, Inc.		125,635			3,088,108
SYNNEX Corp.		10,947			800,226
					7,203,709
Entertainment 1.3%
Netflix, Inc. (a)		9,537			3,581,143
Roku, Inc. (a)		3,540			309,679
Take-Two Interactive Software, Inc. (a)		1,746			207,093
Zynga, Inc., Class A (a)		450,443			3,085,535
					7,183,450
Equity Real Estate Investment Trusts 2.6%
American Tower Corp.		21,210			4,618,477
Equinix, Inc.		8,449			5,276,992
SBA Communications Corp.		16,082			4,341,658
					14,237,127
Food & Staples Retailing 1.1%
Costco Wholesale Corp.		20,099			5,730,828
Sprouts Farmers Market, Inc. (a)		22,430			416,974
					6,147,802
Food Products 0.4%
Pilgrim's Pride Corp. (a)		110,410			2,000,629
Health Care Equipment & Supplies 0.8%
Align Technology, Inc. (a)		20,029			3,484,045
DexCom, Inc. (a)		48			12,925
Insulet Corp. (a)		2,514			416,519
West Pharmaceutical Services, Inc.		2,563			390,217
					4,303,706
Health Care Providers & Services 5.6%
AmerisourceBergen Corp.		42,504			3,761,604
Anthem, Inc.		16,436			3,731,629
Cardinal Health, Inc.		7,725			370,337
DaVita, Inc. (a)		40,553			3,084,461
Humana, Inc.		12,348			3,877,519
McKesson Corp.		24,352			3,293,852
UnitedHealth Group, Inc.		51,669			12,885,215
					31,004,617
Health Care Technology 0.3%
Cerner Corp.		23,943			1,508,170
Hotels, Restaurants & Leisure 1.2%
Domino's Pizza, Inc.		10,484			3,397,550
Starbucks Corp.		52,257			3,435,375
					6,832,925
Household Durables 0.5%
NVR, Inc. (a)		1,070			2,748,948
Industrial Conglomerates 0.6%
Carlisle Cos., Inc.		26,973			3,379,177
Interactive Media & Services 8.3%
Alphabet, Inc. (a)
Class A		10,532			12,237,657
Class C		12,179			14,161,863
Facebook, Inc., Class A (a)		120,131			20,037,851
					46,437,371
Internet & Direct Marketing Retail 8.4%
Amazon.com, Inc. (a)		19,272			37,575,004
Booking Holdings, Inc. (a)		2,927			3,937,752
eBay, Inc.		130,177			3,913,120
Expedia Group, Inc.		24,004			1,350,705
					46,776,581
IT Services 7.7%
Accenture PLC, Class A		8,800			1,436,688
Akamai Technologies, Inc. (a)		38,838			3,553,289
Booz Allen Hamilton Holding Corp.		49,136			3,372,695
Fidelity National Information Services, Inc.		3,454			420,145
GoDaddy, Inc., Class A (a)		59,626			3,405,241
Leidos Holdings, Inc.		21,450			1,965,892
Mastercard, Inc., Class A		49,528			11,963,984
PayPal Holdings, Inc. (a)		49,752			4,763,256
Visa, Inc., Class A		72,552			11,689,578
					42,570,768
Life Sciences Tools & Services 2.1%
Bruker Corp.		84,777			3,040,103
Charles River Laboratories International, Inc. (a)		25,530			3,222,142
IQVIA Holdings, Inc. (a)		30,834			3,325,755
PRA Health Sciences, Inc. (a)		23,728			1,970,373
Thermo Fisher Scientific, Inc.		687			194,833
					11,753,206
Machinery 0.5%
Allison Transmission Holdings, Inc.		90,776			2,960,205
Media 0.9%
Charter Communications, Inc., Class A (a)		10,479			4,572,092
Comcast Corp., Class A		3,913			134,529
Interpublic Group of Cos., Inc.		7,626			123,465
					4,830,086
Multiline Retail 1.2%
Dollar General Corp.		24,330			3,674,073
Target Corp.		32,367			3,009,160
					6,683,233
Pharmaceuticals 2.5%
Bristol-Myers Squibb Co.		1,939			108,080
Eli Lilly & Co.		31,961			4,433,630
Johnson & Johnson		37,193			4,877,118
Merck & Co., Inc.		60,932			4,688,108
					14,106,936
Professional Services 1.3%
CoreLogic, Inc.		28,637			874,574
ManpowerGroup, Inc.		38,118			2,019,873
Robert Half International, Inc.		31,665			1,195,353
TransUnion		49,071			3,247,519
					7,337,319
Road & Rail 0.2%
Union Pacific Corp.		8,099			1,142,283
Semiconductors & Semiconductor Equipment 5.1%
Advanced Micro Devices, Inc. (a)		11,801			536,709
Applied Materials, Inc.		86,730			3,973,969
Broadcom, Inc.		8,470			2,008,237
Lam Research Corp.		17,649			4,235,760
NVIDIA Corp.		27,174			7,163,066
Qorvo, Inc. (a)		36,733			2,961,782
QUALCOMM, Inc.		92,909			6,285,294
Texas Instruments, Inc.		10,188			1,018,087
					28,182,904
Software 18.4%
Adobe, Inc. (a)		30,062			9,566,931
Alteryx, Inc., Class A (a)		1,956			186,153
Anaplan, Inc. (a)		3,672			111,115
Atlassian Corp. PLC, Class A (a)		5,076			696,732
Autodesk, Inc. (a)		28,131			4,391,249
CDK Global, Inc.		62,251			2,044,945
Coupa Software, Inc. (a)		2,685			375,175
Dropbox, Inc., Class A (a)		175,795			3,181,889
Fair Isaac Corp. (a)		9,666			2,974,132
Fortinet, Inc. (a)		36,507			3,693,413
Intuit, Inc.		23,439			5,390,970
Microsoft Corp.		340,166			53,647,580
NortonLifeLock, Inc.		40,962			766,399
Oracle Corp.		25,523			1,233,527
Palo Alto Networks, Inc. (a)		19,475			3,193,121
RingCentral, Inc., Class A (a)		3,156			668,788
salesforce.com, Inc. (a)		35,546			5,117,913
ServiceNow, Inc. (a)		3,023			866,331
SS&C Technologies Holdings, Inc.		1,634			71,602
Synopsys, Inc. (a)		29,948			3,857,003
Zendesk, Inc. (a)		4,736			303,151
					102,338,119
Specialty Retail 2.7%
AutoZone, Inc. (a)		2,580			2,182,680
Best Buy Co., Inc.		49,345			2,812,665
Burlington Stores, Inc. (a)		21,787			3,452,368
Home Depot, Inc.		10,775			2,011,800
O'Reilly Automotive, Inc. (a)		12,603			3,794,133
Ross Stores, Inc.		8,446			734,549
					14,988,195
Technology Hardware, Storage & Peripherals 9.1%
Apple, Inc.		186,559			47,440,088
HP, Inc.		179,002			3,107,475
					50,547,563
Textiles, Apparel & Luxury Goods 0.2%
NIKE, Inc., Class B		13,921			1,151,824
Total Common Stocks (Cost $531,435,352)					551,238,810
Exchange-Traded Fund 0.9%
iShares Russell 1000 Growth ETF		33,552			5,054,609
Total Exchange-Traded Fund (Cost $4,528,277)					5,054,609
Short-Term Investment 0.2%
Affiliated Investment Company 0.2%
MainStay U.S. Government Liquidity Fund, 0.09%		988,201			988,201
Total Short-Term Investment (Cost $988,201)					988,201
Total Investments (Cost $536,951,830)		100.2	%		557,281,620
Other Assets, Less Liabilities		(0.2	)		(1,045,215	)
Net Assets		100.0	%	$	556,236,405

† Percentages indicated are based on Portfolio net assets.

(a) Non-income producing security.

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 March 31, 2020, 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	$	551,238,810	$	—	$	—	$	551,238,810
Exchange-Traded Fund		5,054,609		—		—		5,054,609
Short-Term Investment
Affiliated Investment Company		988,201		—		—		988,201
Total Investments in Securities	$	557,281,620	$	—	$	—	$	557,281,620

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

MainStay VP MacKay Convertible Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)  

	Principal Amount		Value
Convertible Securities 93.4% †
Convertible Bonds 86.7%
Advertising 0.6%
Quotient Technology, Inc. 1.75%, due 12/1/22	$	5,756,000	$	5,166,813
Aerospace & Defense 1.5%
Aerojet Rocketdyne Holdings, Inc. 2.25%, due 12/15/23		7,117,000		11,770,390
Auto Manufacturers 1.2%
Tesla, Inc. 1.25%, due 3/1/21		6,043,000		9,300,166
Biotechnology 8.2%
Apellis Pharmaceuticals, Inc. 3.50%, due 9/15/26 (a)		2,282,000		2,341,337
BioMarin Pharmaceutical, Inc. 0.599%, due 8/1/24 (b)		18,042,000		18,951,905
BridgeBio Pharma, Inc. 2.50%, due 3/15/27 (a)		4,381,000		4,200,729
Exact Sciences Corp. 1.00%, due 1/15/25		10,650,000		11,600,896
Illumina, Inc.
(zero coupon), due 8/15/23		7,893,000		7,633,006
0.50%, due 6/15/21 (b)		7,153,000		8,772,744
Intercept Pharmaceuticals, Inc. 3.25%, due 7/1/23		5,052,000		4,168,144
Ionis Pharmaceuticals, Inc. 1.00%, due 11/15/21 (b)		8,329,000		8,450,510
				66,119,271
Building Materials 1.1%
Patrick Industries, Inc. 1.00%, due 2/1/23		11,666,000		9,224,295
Commercial Services 2.6%
Chegg, Inc. 0.125%, due 3/15/25 (a)		6,835,000		6,479,580
Euronet Worldwide, Inc. 0.75%, due 3/15/49 (b)		7,730,000		7,058,456
Square, Inc.
0.125%, due 3/1/25 (a)		4,495,000		3,907,091
0.50%, due 5/15/23		3,658,000		3,789,713
				21,234,840
Computers 3.2%
Lumentum Holdings, Inc. 0.25%, due 3/15/24		16,147,000		21,847,553
Western Digital Corp. 1.50%, due 2/1/24		4,634,000		4,053,936
				25,901,489
Diversified Financial Services 0.3%
LendingTree, Inc. 0.625%, due 6/1/22		2,437,000		2,674,243
Electric 1.1%
NRG Energy, Inc. 2.75%, due 6/1/48		9,299,000		8,880,545
Energy - Alternate Sources 0.3%
Enphase Energy, Inc. 0.25%, due 3/1/25 (a)		2,995,000		2,394,451
Entertainment 0.5%
Live Nation Entertainment, Inc. 2.50%, due 3/15/23		4,439,000		4,230,501
Food 0.9%
Chefs’ Warehouse, Inc. 1.875%, due 12/1/24 (a)		10,997,000		6,838,759
Health Care - Products 6.2%
CONMED Corp. 2.625%, due 2/1/24		9,264,000		8,621,662
Danaher Corp. (zero coupon), due 1/22/21		6,483,000		34,187,994
Integra LifeSciences Holdings Corp. 0.50%, due 8/15/25 (a)		4,154,000		3,691,170
NuVasive, Inc. 2.25%, due 3/15/21		3,296,000		3,463,529
				49,964,355
Health Care - Services 5.7%
Anthem, Inc. 2.75%, due 10/15/42		7,296,000		23,077,977
Teladoc Health, Inc. 1.375%, due 5/15/25		7,708,000		22,440,579
				45,518,556
Internet 9.5%
Boingo Wireless, Inc. 1.00%, due 10/1/23		4,790,000		4,279,889
Booking Holdings, Inc. 0.90%, due 9/15/21 (b)		13,680,000		13,671,792
Etsy, Inc.
(zero coupon), due 3/1/23		6,134,000		7,740,001
0.125%, due 10/1/26 (a)		5,022,000		4,158,899
FireEye, Inc. 0.875%, due 6/1/24		3,663,000		3,095,235
IAC FinanceCo 2, Inc. 0.875%, due 6/15/26 (a)		7,897,000		7,305,288
Okta, Inc. 0.125%, due 9/1/25 (a)		7,065,000		6,777,984
Palo Alto Networks, Inc. 0.75%, due 7/1/23		8,986,000		8,695,692
Q2 Holdings, Inc. 0.75%, due 6/1/26 (a)		2,800,000		2,508,373
Snap, Inc. 0.75%, due 8/1/26 (a)		6,296,000		5,546,946
Wix.com, Ltd. (zero coupon), due 7/1/23 (b)		10,770,000		10,678,740
Zendesk, Inc. 0.25%, due 3/15/23		1,447,000		1,714,905
				76,173,744
Iron & Steel 0.3%
Cleveland-Cliffs, Inc. 1.50%, due 1/15/25		3,753,000		2,670,259
Lodging 0.3%
Caesars Entertainment Corp. 5.00%, due 10/1/24		2,616,000		2,799,216
Machinery - Diversified 1.5%
Chart Industries, Inc. 1.00%, due 11/15/24 (a)		15,599,000		12,268,983
Media 3.2%
DISH Network Corp. 3.375%, due 8/15/26		17,289,000		14,079,323
Liberty Media Corp-Liberty Formula One 1.00%, due 1/30/23		6,664,000		6,305,448
Liberty Media Corp. 1.375%, due 10/15/23		5,512,000		5,222,620
				25,607,391
Oil & Gas 0.4%
Ensco Jersey Finance, Ltd. 3.00%, due 1/31/24 (b)		11,037,000		3,035,162
Oasis Petroleum, Inc. 2.625%, due 9/15/23		2,348,000		328,435
				3,363,597
Oil & Gas Services 2.4%
Helix Energy Solutions Group, Inc. 4.125%, due 9/15/23		6,078,000		4,013,663
Newpark Resources, Inc. 4.00%, due 12/1/21		5,174,000		3,855,218
Oil States International, Inc. 1.50%, due 2/15/23		13,438,000		10,557,229
Weatherford International, Ltd. 11.00%, due 12/1/24 (a)		1,137,000		679,357
				19,105,467
Pharmaceuticals 2.9%
DexCom, Inc. 0.75%, due 12/1/23		5,379,000		9,416,745
Neurocrine Biosciences, Inc. 2.25%, due 5/15/24		6,250,000		8,040,755
Pacira BioSciences, Inc. 2.375%, due 4/1/22		5,779,000		5,583,762
				23,041,262
Semiconductors 10.1%
Inphi Corp. 1.125%, due 12/1/20		9,461,000		18,802,003
Microchip Technology, Inc.
1.625%, due 2/15/25		12,203,000		17,717,223
1.625%, due 2/15/27		5,198,000		5,347,929
Micron Technology, Inc. 3.125%, due 5/1/32		1,993,000		8,417,635
Novellus Systems, Inc. 2.625%, due 5/15/41		724,000		5,462,626
ON Semiconductor Corp.
1.00%, due 12/1/20		8,174,000		8,140,354
1.625%, due 10/15/23		1,450,000		1,443,800
Rambus, Inc. 1.375%, due 2/1/23		6,552,000		6,355,663
Silicon Laboratories, Inc. 1.375%, due 3/1/22		9,006,000		9,997,612
				81,684,845
Software 17.9%
Akamai Technologies, Inc. 0.375%, due 9/1/27 (a)		7,080,000		7,064,621
Atlassian, Inc. 0.625%, due 5/1/23		5,325,000		9,285,629
Coupa Software, Inc. 0.125%, due 6/15/25 (a)		3,509,000		3,885,781
Envestnet, Inc. 1.75%, due 6/1/23		7,583,000		7,788,025
Everbridge, Inc. 0.125%, due 12/15/24 (a)		3,415,000		3,882,428
j2 Global, Inc. 1.75%, due 11/1/26 (a)		3,285,000		3,013,988
MongoDB, Inc. 0.25%, due 1/15/26 (a)		4,445,000		4,331,097
NICE Systems, Inc. 1.25%, due 1/15/24		13,581,000		23,995,929
Nuance Communications, Inc. 1.25%, due 4/1/25		8,331,000		9,012,393
RingCentral, Inc. (zero coupon), due 3/15/23		6,593,000		17,285,593
ServiceNow, Inc. (zero coupon), due 6/1/22		6,076,000		12,948,753
Splunk, Inc. 0.50%, due 9/15/23		10,919,000		11,771,540
Twilio, Inc. 0.25%, due 6/1/23		2,263,000		3,168,802
Verint Systems, Inc. 1.50%, due 6/1/21		7,333,000		7,106,876
Workday, Inc. 0.25%, due 10/1/22		11,205,000		12,465,563
Zynga, Inc. 0.25%, due 6/1/24 (a)		6,772,000		6,961,823
				143,968,841
Telecommunications 2.6%
Infinera Corp. 2.50%, due 3/1/27 (a)		4,490,000		4,107,735
InterDigital, Inc. 2.00%, due 6/1/24 (a)		2,860,000		2,633,059
Viavi Solutions, Inc. 1.00%, due 3/1/24		9,569,000		10,124,597
Vonage Holdings Corp. 1.75%, due 6/1/24 (a)		5,148,000		4,179,108
				21,044,499
Transportation 2.2%
Atlas Air Worldwide Holdings, Inc. 2.25%, due 6/1/22		11,348,000		10,092,628
Echo Global Logistics, Inc. 2.50%, due 5/1/20		7,629,000		7,632,160
				17,724,788
Total Convertible Bonds (Cost $683,091,872)				698,671,566

	Shares
Convertible Preferred Stocks 6.7%
Banks 2.7%
Bank of America Corp. Series L 7.25%	8,636			10,933,349
Wells Fargo & Co. Series L 7.50%	8,264			10,528,501
				21,461,850
Chemicals 0.5%
Lyondellbasell Advanced Polymers, Inc. 6.00%	4,110			3,818,190
Equity Real Estate Investment Trusts 0.9%
Crown Castle International Corp. 6.875%	5,982			7,477,500
Health Care Equipment & Supplies 0.9%
Becton Dickinson & Co. 6.125%	146,239			7,645,375
Machinery 1.0%
Stanley Black & Decker, Inc. 5.25%	115,000			8,045,400
Semiconductors & Semiconductor Equipment 0.7%
Broadcom, Inc. 8.00%	6,025			5,629,519
Total Convertible Preferred Stocks (Cost $56,512,526)				54,077,834
Total Convertible Securities (Cost $739,604,398)				752,749,400
Common Stocks 2.3%
Airlines 0.5%
Delta Air Lines, Inc.	151,688			4,327,659
Banks 0.7%
Bank of America Corp.	267,678			5,682,804
Energy Equipment & Services 0.1%
Weatherford International PLC (c)	157,538			937,351
Health Care Equipment & Supplies 1.0%
Teleflex, Inc.	26,553			7,776,311
Total Common Stocks (Cost $17,450,182)				18,724,125
Short-Term Investments 6.1%
Affiliated Investment Company 4.0%
MainStay U.S. Government Liquidity Fund, 0.09% (d)	32,203,624			32,203,624
Unaffiliated Investment Company 2.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (d)(e)	16,712,355			16,712,355
Total Short-Term Investments (Cost $48,915,979)				48,915,979
Total Investments (Cost $805,970,559)	101.8	%		820,389,504
Other Assets, Less Liabilities	(1.8	)		(14,401,440	)
Net Assets	100.0	%	$	805,988,064

†	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)	All or a portion of this security was held on loan. As of March 31, 2020, the aggregate market value of securities on loan was $33,470,933; the total market value of collateral held by the Portfolio was $34,391,315. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $17,678,960.
(c)	Non-income producing security.
(d)	Current yield as of March 31, 2020.
(e)	Represents a 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 March 31, 2020, 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	$	—	$	698,671,566	$	—	$	698,671,566
Convertible Preferred Stocks		54,077,834		—		—		54,077,834
Total Convertible Securities		54,077,834		698,671,566		—		752,749,400
Common Stocks		18,724,125		—		—		18,724,125
Short-Term Investments
Affiliated Investment Company		32,203,624		—		—		32,203,624
Unaffiliated Investment Company		16,712,355		—		—		16,712,355
Total Short-Term Investments		48,915,979		—		—		48,915,979
Total Investments in Securities	$	121,717,938	$	698,671,566	$	—	$	820,389,504

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

MainStay VP Epoch U.S. Equity Yield Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 96.8% †
Aerospace & Defense 3.2%
General Dynamics Corp.		39,213		$	5,188,272
Lockheed Martin Corp.		31,448			10,659,299
Raytheon Co.		35,331			4,633,661
United Technologies Corp.		51,249			4,834,318
					25,315,550
Air Freight & Logistics 0.7%
United Parcel Service, Inc., Class B		56,283			5,257,958
Banks 4.3%
M&T Bank Corp.		59,802			6,185,321
People’s United Financial, Inc.		493,410			5,452,181
PNC Financial Services Group, Inc.		48,349			4,627,966
Truist Financial Corp.		259,899			8,015,285
U.S. Bancorp		170,071			5,858,946
Wells Fargo & Co.		125,794			3,610,288
					33,749,987
Beverages 3.7%
Coca-Cola Co.		199,450			8,825,662
Coca-Cola European Partners PLC		198,465			7,448,391
Molson Coors Beverage Co., Class B		96,675			3,771,292
PepsiCo., Inc.		71,827			8,626,423
					28,671,768
Biotechnology 3.2%
AbbVie, Inc.		168,768			12,858,434
Amgen, Inc.		61,757			12,519,997
					25,378,431
Capital Markets 2.8%
BlackRock, Inc.		21,249			9,348,923
CME Group, Inc.		50,473			8,727,286
Lazard, Ltd., Class A		169,669			3,997,402
					22,073,611
Chemicals 2.8%
Dow, Inc.		244,976			7,163,098
LyondellBasell Industries N.V., Class A		142,173			7,056,046
Nutrien, Ltd.		232,012			7,874,487
					22,093,631
Commercial Services & Supplies 2.0%
Republic Services, Inc.		104,440			7,839,266
Waste Management, Inc.		83,474			7,726,354
					15,565,620
Communications Equipment 1.4%
Cisco Systems, Inc.		276,867			10,883,642
Containers & Packaging 0.9%
Amcor PLC		873,985			7,096,758
Diversified Telecommunication Services 4.0%
AT&T, Inc.		455,185			13,268,643
Verizon Communications, Inc.		339,440			18,238,111
					31,506,754
Electric Utilities 9.9%
Alliant Energy Corp.		118,417			5,718,357
American Electric Power Co., Inc.		140,550			11,241,189
Duke Energy Corp.		161,125			13,031,790
Entergy Corp.		151,923			14,276,204
Evergy, Inc.		129,288			7,117,305
Eversource Energy		72,215			5,647,935
FirstEnergy Corp.		312,093			12,505,567
PPL Corp.		309,827			7,646,530
					77,184,877
Electrical Equipment 2.4%
Eaton Corp. PLC		135,501			10,527,073
Emerson Electric Co.		181,297			8,638,802
					19,165,875
Equity Real Estate Investment Trusts 1.9%
Iron Mountain, Inc.		329,037			7,831,081
Welltower, Inc.		149,089			6,825,294
					14,656,375
Food & Staples Retailing 1.4%
Walmart, Inc.		95,295			10,827,418
Food Products 0.5%
McCormick & Co., Inc.		30,601			4,321,167
Health Care Equipment & Supplies 1.0%
Medtronic PLC		89,699			8,089,056
Health Care Providers & Services 2.3%
CVS Health Corp.		125,426			7,441,524
UnitedHealth Group, Inc.		43,484			10,844,040
					18,285,564
Hotels, Restaurants & Leisure 2.0%
Las Vegas Sands Corp.		164,839			7,000,712
McDonald’s Corp.		51,249			8,474,022
					15,474,734
Household Durables 0.4%
Leggett & Platt, Inc.		131,618			3,511,568
Household Products 4.3%
Colgate-Palmolive Co.		76,098			5,049,863
Kimberly-Clark Corp.		109,067			13,946,398
Procter & Gamble Co.		131,828			14,501,080
					33,497,341
Industrial Conglomerates 1.2%
Honeywell International, Inc.		71,438			9,557,690
Insurance 5.1%
Allianz S.E., Sponsored ADR		418,539			7,094,236
Arthur J. Gallagher & Co.		120,359			9,810,462
Marsh & McLennan Cos., Inc.		61,732			5,337,349
MetLife, Inc.		357,902			10,941,064
Travelers Cos., Inc.		66,003			6,557,398
					39,740,509
IT Services 1.9%
Automatic Data Processing, Inc.		34,942			4,775,873
International Business Machines Corp.		47,367			5,254,421
Paychex, Inc.		77,262			4,861,325
					14,891,619
Media 0.7%
Comcast Corp., Class A		166,561			5,726,367
Multi-Utilities 6.3%
Ameren Corp.		121,912			8,878,851
CenterPoint Energy, Inc.		490,713			7,581,516
CMS Energy Corp.		89,686			5,269,053
Dominion Energy, Inc.		163,455			11,799,816
NiSource, Inc.		195,292			4,876,441
WEC Energy Group, Inc.		126,571			11,154,702
					49,560,379
Multiline Retail 1.2%
Target Corp.		97,452			9,060,112
Oil, Gas & Consumable Fuels 4.0%
Chevron Corp.		92,016			6,667,479
Enterprise Products Partners, L.P.		462,810			6,618,183
Exxon Mobil Corp.		173,550			6,589,694
Magellan Midstream Partners, L.P.		148,297			5,411,358
Phillips 66		107,885			5,788,030
					31,074,744
Pharmaceuticals 7.3%
Eli Lilly & Co.		31,306			4,342,769
Johnson & Johnson		142,870			18,734,543
Merck & Co., Inc.		223,463			17,193,243
Pfizer, Inc.		511,614			16,699,081
					56,969,636
Semiconductors & Semiconductor Equipment 5.2%
Analog Devices, Inc.		69,109			6,195,622
Broadcom, Inc.		19,750			4,682,725
Intel Corp.		157,828			8,541,651
KLA Corp.		40,378			5,803,934
Microchip Technology, Inc.		64,062			4,343,404
Texas Instruments, Inc.		114,535			11,445,482
					41,012,818
Software 2.2%
Microsoft Corp.		109,487			17,267,195
Specialty Retail 0.9%
Home Depot, Inc.		36,495			6,813,981
Technology Hardware, Storage & Peripherals 0.7%
Apple, Inc.		20,965			5,331,190
Textiles, Apparel & Luxury Goods 0.4%
Hanesbrands, Inc.		368,065			2,896,672
Tobacco 3.8%
Altria Group, Inc.		297,922			11,520,644
British American Tobacco PLC, Sponsored ADR		239,553			8,190,317
Philip Morris International, Inc.		137,442			10,027,768
					29,738,729
Trading Companies & Distributors 0.8%
Watsco, Inc.		37,272			5,890,094
Total Common Stocks (Cost $845,253,146)					758,139,420
Short-Term Investment 3.0%
Affiliated Investment Company 3.0%
MainStay U.S. Government Liquidity Fund, 0.09% (a)		23,411,945			23,411,945
Total Short-Term Investment (Cost $23,411,945)					23,411,945
Total Investments (Cost $868,665,091)		99.8	%		781,551,365
Other Assets, Less Liabilities		0.2			1,552,676
Net Assets		100.0	%	$	783,104,041

†	Percentages indicated are based on Portfolio net assets.
(a)	Current yield as of March 31, 2020.

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 March 31, 2020, for valuing the Portfolio’s assets:

Description		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Oter Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset Valuation Inputs
Investments in Securities (a)
Common Stocks	$	758,139,420	$	—	$	—	$	758,139,420
Short-Term Investment
Affiliated Investment Company		23,411,945		—		—		23,411,945
Total Investments in Securities	$	781,551,365	$	—	$	—	$	781,551,365

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

MainStay VP MacKay S&P 500 Index Portfolio  

Portfolio of Investments March 31, 2020 (Unaudited)  

	Shares		Value
Common Stocks 93.9% †
Aerospace & Defense 1.9%
Boeing Co.	48,484	$	7,230,904
General Dynamics Corp.	21,220		2,807,618
Howmet Aerospace, Inc.	35,133		564,236
Huntington Ingalls Industries, Inc.	3,749		683,105
L3Harris Technologies, Inc.	19,808		3,567,817
Lockheed Martin Corp.	22,539		7,639,594
Northrop Grumman Corp.	14,271		4,317,691
Raytheon Co.	25,258		3,312,587
Textron, Inc.	20,872		556,656
TransDigm Group, Inc.	4,502		1,441,495
United Technologies Corp.	73,962		6,976,836
			39,098,539
Air Freight & Logistics 0.5%
C.H. Robinson Worldwide, Inc.	12,278		812,804
Expeditors International of Washington, Inc.	15,484		1,033,093
FedEx Corp.	21,767		2,639,466
United Parcel Service, Inc., Class B	63,870		5,966,735
			10,452,098
Airlines 0.2%
Alaska Air Group, Inc.	11,181		318,323
American Airlines Group, Inc.	35,943		438,145
Delta Air Lines, Inc.	52,484		1,497,369
Southwest Airlines Co.	43,171		1,537,319
United Airlines Holdings, Inc. (a)	20,039		632,231
			4,423,387
Auto Components 0.1%
Aptiv PLC	23,236		1,144,141
BorgWarner, Inc.	18,730		456,450
			1,600,591
Automobiles 0.2%
Ford Motor Co.	355,439		1,716,770
General Motors Co.	113,952		2,367,923
Harley-Davidson, Inc.	14,215		269,090
			4,353,783
Banks 3.8%
Bank of America Corp.	717,421		15,230,848
Citigroup, Inc.	192,375		8,102,835
Citizens Financial Group, Inc.	39,623		745,309
Comerica, Inc.	13,139		385,498
Fifth Third Bancorp	64,682		960,528
First Republic Bank	15,619		1,285,131
Huntington Bancshares, Inc.	94,128		772,791
JPMorgan Chase & Co.	280,731		25,274,212
KeyCorp	89,774		930,956
M&T Bank Corp.	12,027		1,243,953
People’s United Financial, Inc.	39,612		437,713
PNC Financial Services Group, Inc.	39,153		3,747,725
Regions Financial Corp.	87,922		788,660
SVB Financial Group (a)	4,675		706,299
Truist Financial Corp.	121,630		3,751,069
U.S. Bancorp	126,528		4,358,890
Wells Fargo & Co.	340,725		9,778,807
Zions Bancorp., N.A.	15,062		403,059
			78,904,283
Beverages 1.8%
Brown-Forman Corp., Class B	16,508		916,359
Coca-Cola Co.	352,886		15,615,206
Constellation Brands, Inc., Class A	15,168		2,174,484
Molson Coors Beverage Co., Class B	17,037		664,613
Monster Beverage Corp. (a)	35,087		1,973,995
PepsiCo., Inc.	126,809		15,229,761
			36,574,418
Biotechnology 2.3%
AbbVie, Inc.	134,094		10,216,622
Alexion Pharmaceuticals, Inc. (a)	20,337		1,826,059
Amgen, Inc.	54,016		10,950,664
Biogen, Inc. (a)	15,896		5,029,176
Gilead Sciences, Inc.	114,862		8,587,083
Incyte Corp. (a)	16,190		1,185,594
Regeneron Pharmaceuticals, Inc. (a)	7,248		3,539,126
Vertex Pharmaceuticals, Inc. (a)	23,678		5,634,180
			46,968,504
Building Products 0.3%
A.O. Smith Corp.	12,548		474,440
Allegion PLC	8,469		779,317
Fortune Brands Home & Security, Inc.	12,687		548,713
Johnson Controls International PLC	70,311		1,895,584
Masco Corp.	25,894		895,156
Trane Technologies PLC	21,910		1,809,547
			6,402,757
Capital Markets 2.5%
Ameriprise Financial, Inc.	11,255		1,153,412
Bank of New York Mellon Corp.	73,553		2,477,265
BlackRock, Inc.	10,655		4,687,880
Cboe Global Markets, Inc.	10,129		904,013
Charles Schwab Corp.	103,933		3,494,228
CME Group, Inc.	32,663		5,647,759
E*TRADE Financial Corp.	20,569		705,928
Franklin Resources, Inc.	25,581		426,947
Goldman Sachs Group, Inc.	28,412		4,392,211
Intercontinental Exchange, Inc.	50,828		4,104,361
Invesco, Ltd.	33,923		308,021
MarketAxess Holdings, Inc.	3,425		1,139,052
Moody’s Corp.	14,757		3,121,106
Morgan Stanley	105,762		3,595,908
MSCI, Inc.	7,682		2,219,791
Nasdaq, Inc.	10,455		992,702
Northern Trust Corp.	19,312		1,457,284
Raymond James Financial, Inc.	11,207		708,282
S&P Global, Inc.	22,339		5,474,172
State Street Corp.	32,360		1,723,817
T. Rowe Price Group, Inc.	21,556		2,104,944
			50,839,083
Chemicals 1.6%
Air Products & Chemicals, Inc.	19,985		3,989,206
Albemarle Corp.	9,613		541,885
Celanese Corp.	11,017		808,538
CF Industries Holdings, Inc.	19,802		538,614
Corteva, Inc. (a)	67,922		1,596,167
Dow, Inc. (a)	67,407		1,970,981
DuPont de Nemours, Inc.	67,613		2,305,603
Eastman Chemical Co.	12,425		578,756
Ecolab, Inc.	22,706		3,538,276
FMC Corp.	11,830		966,393
International Flavors & Fragrances, Inc.	9,684		988,543
Linde PLC	49,030		8,482,190
LyondellBasell Industries N.V., Class A	23,412		1,161,938
Mosaic Co.	32,197		348,371
PPG Industries, Inc.	21,431		1,791,632
Sherwin-Williams Co.	7,447		3,422,045
			33,029,138
Commercial Services & Supplies 0.4%
Cintas Corp.	7,641		1,323,574
Copart, Inc. (a)	18,644		1,277,487
Republic Services, Inc.	19,200		1,441,152
Rollins, Inc.	12,772		461,580
Waste Management, Inc.	35,398		3,276,439
			7,780,232
Communications Equipment 0.9%
Arista Networks, Inc. (a)	4,936		999,787
Cisco Systems, Inc.	385,033		15,135,647
F5 Networks, Inc. (a)	5,453		581,453
Juniper Networks, Inc.	30,507		583,904
Motorola Solutions, Inc.	15,616		2,075,679
			19,376,470
Construction & Engineering 0.1%
Jacobs Engineering Group, Inc.	12,151		963,210
Quanta Services, Inc.	12,896		409,190
			1,372,400
Construction Materials 0.1%
Martin Marietta Materials, Inc.	5,663		1,071,609
Vulcan Materials Co.	11,998		1,296,624
			2,368,233
Consumer Finance 0.4%
American Express Co.	61,157		5,235,651
Capital One Financial Corp.	41,774		2,106,245
Discover Financial Services	28,571		1,019,128
Synchrony Financial	51,357		826,334
			9,187,358
Containers & Packaging 0.3%
Amcor PLC (a)	147,337		1,196,376
Avery Dennison Corp.	7,636		777,879
Ball Corp.	29,816		1,927,903
International Paper Co.	35,629		1,109,131
Packaging Corp. of America	8,585		745,436
Sealed Air Corp.	14,015		346,311
WestRock Co.	23,340		659,588
			6,762,624
Distributors 0.1%
Genuine Parts Co.	13,249		892,055
LKQ Corp. (a)	27,953		573,316
			1,465,371
Diversified Consumer Services 0.0% ‡
H&R Block, Inc.	18,204		256,312
Diversified Financial Services 1.6%
Berkshire Hathaway, Inc., Class B (a)	177,842		32,514,853
Diversified Telecommunication Services 1.9%
AT&T, Inc.	655,065		19,095,145
CenturyLink, Inc.	89,036		842,281
Verizon Communications, Inc.	375,977		20,201,244
			40,138,670
Electric Utilities 2.1%
Alliant Energy Corp.	22,378		1,080,634
American Electric Power Co., Inc.	44,786		3,581,984
Duke Energy Corp.	66,941		5,414,188
Edison International	33,112		1,814,207
Entergy Corp.	18,033		1,694,561
Evergy, Inc.	20,772		1,143,499
Eversource Energy	30,133		2,356,702
Exelon Corp.	88,119		3,243,660
FirstEnergy Corp.	48,975		1,962,428
NextEra Energy, Inc.	44,328		10,666,203
NRG Energy, Inc.	22,945		625,481
Pinnacle West Capital Corp.	10,185		771,921
PPL Corp.	68,896		1,700,353
Southern Co.	95,587		5,175,080
Xcel Energy, Inc.	47,558		2,867,748
			44,098,649
Electrical Equipment 0.4%
AMETEK, Inc.	20,710		1,491,534
Eaton Corp. PLC	37,680		2,927,359
Emerson Electric Co.	55,787		2,658,251
Rockwell Automation, Inc.	10,612		1,601,457
			8,678,601
Electronic Equipment, Instruments & Components 0.5%
Amphenol Corp., Class A	27,224		1,984,085
CDW Corp.	13,149		1,226,407
Corning, Inc.	70,101		1,439,875
FLIR Systems, Inc.	12,299		392,215
IPG Photonics Corp. (a)	3,233		356,535
Keysight Technologies, Inc. (a)	17,013		1,423,648
TE Connectivity, Ltd.	30,468		1,918,875
Zebra Technologies Corp., Class A (a)	4,902		900,007
			9,641,647
Energy Equipment & Services 0.2%
Baker Hughes Co.	58,839		617,810
Halliburton Co.	79,444		544,191
Helmerich & Payne, Inc.	9,925		155,326
National Oilwell Varco, Inc.	34,999		344,040
Schlumberger, Ltd.	125,434		1,692,105
TechnipFMC PLC	38,065		256,558
			3,610,030
Entertainment 1.9%
Activision Blizzard, Inc.	69,566		4,137,786
Electronic Arts, Inc. (a)	26,728		2,677,344
Live Nation Entertainment, Inc. (a)	12,810		582,342
Netflix, Inc. (a)	39,710		14,911,105
Take-Two Interactive Software, Inc. (a)	10,265		1,217,532
Walt Disney Co.	163,853		15,828,200
			39,354,309
Equity Real Estate Investment Trusts 2.8%
Alexandria Real Estate Equities, Inc.	11,149		1,528,082
American Tower Corp.	40,372		8,791,003
Apartment Investment & Management Co., Class A	13,503		474,630
AvalonBay Communities, Inc.	12,845		1,890,399
Boston Properties, Inc.	13,106		1,208,766
Crown Castle International Corp.	37,707		5,444,891
Digital Realty Trust, Inc.	21,702		3,014,625
Duke Realty Corp.	33,502		1,084,795
Equinix, Inc.	7,772		4,854,158
Equity Residential	31,617		1,951,085
Essex Property Trust, Inc.	6,023		1,326,505
Extra Space Storage, Inc.	11,804		1,130,351
Federal Realty Investment Trust	6,402		477,653
Healthpeak Properties, Inc.	46,157		1,100,844
Host Hotels & Resorts, Inc.	66,200		730,848
Iron Mountain, Inc.	26,040		619,752
Kimco Realty Corp.	39,436		381,346
Mid-America Apartment Communities, Inc.	10,343		1,065,639
Prologis, Inc.	67,125		5,394,836
Public Storage	13,619		2,704,870
Realty Income Corp.	32,601		1,625,486
Regency Centers Corp.	15,197		584,021
SBA Communications Corp.	10,259		2,769,622
Simon Property Group, Inc.	27,936		1,532,569
SL Green Realty Corp.	7,117		306,743
UDR, Inc.	26,559		970,466
Ventas, Inc.	33,792		905,626
Vornado Realty Trust	14,364		520,120
Welltower, Inc.	37,474		1,715,560
Weyerhaeuser Co.	67,562		1,145,176
			57,250,467
Food & Staples Retailing 1.6%
Costco Wholesale Corp.	40,267		11,481,330
Kroger Co.	72,449		2,182,164
Sysco Corp.	46,543		2,123,757
Walgreens Boots Alliance, Inc.	68,806		3,147,875
Walmart, Inc.	128,983		14,655,048
			33,590,174
Food Products 1.2%
Archer-Daniels-Midland Co.	50,515		1,777,118
Campbell Soup Co.	15,295		706,017
Conagra Brands, Inc.	44,133		1,294,862
General Mills, Inc.	55,087		2,906,941
Hershey Co.	13,511		1,790,208
Hormel Foods Corp.	25,183		1,174,535
J.M. Smucker Co.	10,344		1,148,184
Kellogg Co.	22,553		1,352,954
Kraft Heinz Co.	56,431		1,396,103
Lamb Weston Holdings, Inc.	13,212		754,405
McCormick & Co., Inc.	11,263		1,590,448
Mondelez International, Inc., Class A	130,798		6,550,364
Tyson Foods, Inc., Class A	26,726		1,546,634
			23,988,773
Gas Utilities 0.1%
Atmos Energy Corp.	11,166		1,108,002
Health Care Equipment & Supplies 3.5%
Abbott Laboratories	161,186		12,719,187
ABIOMED, Inc. (a)	4,115		597,333
Align Technology, Inc. (a)	6,592		1,146,678
Baxter International, Inc.	46,306		3,759,584
Becton Dickinson & Co.	24,651		5,664,060
Boston Scientific Corp. (a)	126,338		4,122,409
Cooper Cos., Inc.	4,497		1,239,688
Danaher Corp.	56,590		7,832,622
DENTSPLY SIRONA, Inc.	20,333		789,530
Edwards Lifesciences Corp. (a)	18,862		3,557,751
Hologic, Inc. (a)	24,046		844,015
IDEXX Laboratories, Inc. (a)	7,808		1,891,410
Intuitive Surgical, Inc. (a)	10,453		5,176,430
Medtronic PLC	121,684		10,973,463
ResMed, Inc.	13,207		1,945,259
STERIS PLC	7,707		1,078,749
Stryker Corp.	29,347		4,885,982
Teleflex, Inc.	4,193		1,227,962
Varian Medical Systems, Inc. (a)	8,259		847,869
Zimmer Biomet Holdings, Inc.	18,747		1,894,947
			72,194,928
Health Care Providers & Services 2.8%
AmerisourceBergen Corp.	13,793		1,220,681
Anthem, Inc.	23,202		5,267,782
Cardinal Health, Inc.	26,659		1,278,033
Centene Corp. (a)	52,934		3,144,809
Cigna Corp. (a)	33,948		6,014,907
CVS Health Corp.	117,951		6,998,033
DaVita, Inc. (a)	8,222		625,365
HCA Healthcare, Inc.	24,122		2,167,362
Henry Schein, Inc. (a)	13,095		661,559
Humana, Inc.	12,070		3,790,221
Laboratory Corp. of America Holdings (a)	8,861		1,119,942
McKesson Corp.	14,659		1,982,776
Quest Diagnostics, Inc.	12,214		980,784
UnitedHealth Group, Inc.	86,128		21,478,601
Universal Health Services, Inc., Class B	7,368		730,021
			57,460,876
Health Care Technology 0.1%
Cerner Corp.	28,877		1,818,962
Hotels, Restaurants & Leisure 1.4%
Carnival Corp.	36,316		478,282
Chipotle Mexican Grill, Inc. (a)	2,313		1,513,627
Darden Restaurants, Inc.	11,139		606,630
Hilton Worldwide Holdings, Inc.	25,718		1,754,996
Las Vegas Sands Corp.	30,702		1,303,914
Marriott International, Inc., Class A	24,794		1,854,839
McDonald’s Corp.	68,463		11,320,357
MGM Resorts International	44,971		530,658
Norwegian Cruise Line Holdings, Ltd. (a)	19,554		214,312
Royal Caribbean Cruises, Ltd.	15,585		501,369
Starbucks Corp.	107,363		7,058,044
Wynn Resorts, Ltd.	8,784		528,709
Yum! Brands, Inc.	27,598		1,891,291
			29,557,028
Household Durables 0.3%
D.R. Horton, Inc.	30,523		1,037,782
Garmin, Ltd.	13,103		982,201
Leggett & Platt, Inc.	11,923		318,106
Lennar Corp., Class A	25,794		985,331
Mohawk Industries, Inc. (a)	5,432		414,136
Newell Brands, Inc.	34,561		458,970
NVR, Inc. (a)	317		814,408
PulteGroup, Inc.	23,378		521,797
Whirlpool Corp.	5,762		494,379
			6,027,110
Household Products 1.8%
Church & Dwight Co., Inc.	22,410		1,438,274
Clorox Co.	11,405		1,975,916
Colgate-Palmolive Co.	77,818		5,164,002
Kimberly-Clark Corp.	31,218		3,991,846
Procter & Gamble Co.	225,523		24,807,530
			37,377,568
Independent Power & Renewable Electricity Producers 0.0% ‡
AES Corp.	60,209		818,842
Industrial Conglomerates 1.2%
3M Co.	52,176		7,122,546
General Electric Co.	791,515		6,284,629
Honeywell International, Inc.	64,958		8,690,731
Roper Technologies, Inc.	9,691		3,021,750
			25,119,656
Insurance 1.9%
Aflac, Inc.	65,985		2,259,326
Allstate Corp.	28,943		2,654,941
American International Group, Inc.	78,897		1,913,252
Aon PLC	21,390		3,530,206
Arthur J. Gallagher & Co.	17,191		1,401,238
Assurant, Inc.	5,544		577,075
Chubb, Ltd.	41,335		4,616,706
Cincinnati Financial Corp.	13,777		1,039,475
Everest Re Group, Ltd.	3,695		710,992
Globe Life, Inc.	9,103		655,143
Hartford Financial Services Group, Inc.	32,794		1,155,661
Lincoln National Corp.	18,157		477,892
Loews Corp.	22,602		787,228
Marsh & McLennan Cos., Inc.	45,921		3,970,330
MetLife, Inc.	71,247		2,178,021
Principal Financial Group, Inc.	23,516		736,991
Progressive Corp.	53,026		3,915,440
Prudential Financial, Inc.	36,460		1,901,024
Travelers Cos., Inc.	23,616		2,346,250
Unum Group	18,922		284,019
Willis Towers Watson PLC	11,699		1,987,075
WR Berkley Corp.	13,125		684,731
			39,783,016
Interactive Media & Services 4.9%
Alphabet, Inc. (a)
Class C	27,172		31,595,873
Class A	27,239		31,650,356
Facebook, Inc., Class A (a)	218,768		36,490,502
Twitter, Inc. (a)	70,110		1,721,902
			101,458,633
Internet & Direct Marketing Retail 3.9%
Amazon.com, Inc. (a)	37,860		73,816,399
Booking Holdings, Inc. (a)	3,805		5,118,942
eBay, Inc.	69,700		2,095,182
Expedia Group, Inc.	12,684		713,729
			81,744,252
IT Services 5.2%
Accenture PLC, Class A	57,786		9,434,142
Akamai Technologies, Inc. (a)	14,730		1,347,648
Alliance Data Systems Corp.	3,871		130,259
Automatic Data Processing, Inc.	39,357		5,379,315
Broadridge Financial Solutions, Inc.	10,449		990,879
Cognizant Technology Solutions Corp., Class A	50,090		2,327,682
DXC Technology Co.	23,759		310,055
Fidelity National Information Services, Inc.	55,637		6,767,685
Fiserv, Inc. (a)	51,771		4,917,727
FleetCor Technologies, Inc. (a)	7,852		1,464,712
Gartner, Inc. (a)	8,175		813,985
Global Payments, Inc.	27,193		3,922,046
International Business Machines Corp.	80,345		8,912,671
Jack Henry & Associates, Inc.	6,984		1,084,196
Leidos Holdings, Inc.	12,128		1,111,531
Mastercard, Inc., Class A	80,702		19,494,375
Paychex, Inc.	29,007		1,825,121
PayPal Holdings, Inc. (a)	106,720		10,217,373
VeriSign, Inc. (a)	9,447		1,701,310
Visa, Inc., Class A	155,620		25,073,494
Western Union Co.	38,445		697,008
			107,923,214
Leisure Products 0.0% ‡
Hasbro, Inc.	11,598		829,837
Life Sciences Tools & Services 1.0%
Agilent Technologies, Inc.	28,067		2,010,158
Illumina, Inc. (a)	13,333		3,641,509
IQVIA Holdings, Inc. (a)	16,523		1,782,171
Mettler-Toledo International, Inc. (a)	2,231		1,540,528
PerkinElmer, Inc.	10,074		758,371
Thermo Fisher Scientific, Inc.	36,549		10,365,296
Waters Corp. (a)	5,676		1,033,316
			21,131,349
Machinery 1.3%
Caterpillar, Inc.	50,372		5,845,167
Cummins, Inc.	13,724		1,857,132
Deere & Co.	28,557		3,945,435
Dover Corp.	13,191		1,107,252
Flowserve Corp.	11,897		284,219
Fortive Corp.	26,779		1,477,933
IDEX Corp.	6,879		950,059
Illinois Tool Works, Inc.	26,698		3,794,320
Ingersoll Rand, Inc. (a)	31,435		779,588
PACCAR, Inc.	31,414		1,920,338
Parker-Hannifin Corp.	11,649		1,511,225
Pentair PLC	15,241		453,572
Snap-On, Inc.	5,007		544,862
Stanley Black & Decker, Inc.	14,066		1,406,600
Westinghouse Air Brake Technologies Corp.	16,517		794,963
Xylem, Inc.	16,328		1,063,442
			27,736,107
Media 1.2%
Charter Communications, Inc., Class A (a)	13,999		6,107,904
Comcast Corp., Class A	412,707		14,188,867
Discovery, Inc. (a)
Class A   (b)	14,333		278,633
Class C	30,572		536,233
DISH Network Corp., Class A (a)	23,305		465,867
Fox Corp.
Class A	31,490		744,109
Class B   (a)	14,727		336,954
Interpublic Group of Cos., Inc.	35,119		568,576
News Corp.
Class A	35,415		317,850
Class B	11,044		99,285
Omnicom Group, Inc.	19,728		1,083,067
ViacomCBS, Inc., Class B	48,821		683,982
			25,411,327
Metals & Mining 0.3%
Freeport-McMoRan, Inc.	131,590		888,233
Newmont Corp.	74,361		3,367,066
Nucor Corp.	27,496		990,406
			5,245,705
Multi-Utilities 1.0%
Ameren Corp.	22,293		1,623,599
CenterPoint Energy, Inc.	45,549		703,732
CMS Energy Corp.	25,738		1,512,107
Consolidated Edison, Inc.	30,125		2,349,750
Dominion Energy, Inc.	76,530		5,524,701
DTE Energy Co.	17,509		1,662,830
NiSource, Inc.	34,910		871,703
Public Service Enterprise Group, Inc.	45,860		2,059,572
Sempra Energy	25,627		2,895,595
WEC Energy Group, Inc.	28,609		2,521,311
			21,724,900
Multiline Retail 0.5%
Dollar General Corp.	23,315		3,520,798
Dollar Tree, Inc. (a)	21,461		1,576,740
Kohl’s Corp.	14,432		210,563
Macy’s, Inc. (b)	28,017		137,563
Nordstrom, Inc. (b)	9,695		148,721
Target Corp.	46,340		4,308,230
			9,902,615
Oil, Gas & Consumable Fuels 2.3%
Apache Corp.	34,098		142,530
Cabot Oil & Gas Corp.	37,947		652,309
Chevron Corp.	172,180		12,476,163
Concho Resources, Inc.	18,237		781,455
ConocoPhillips	99,751		3,072,331
Devon Energy Corp.	35,273		243,736
Diamondback Energy, Inc.	14,788		387,446
EOG Resources, Inc.	52,637		1,890,721
Exxon Mobil Corp.	384,643		14,604,895
Hess Corp.	23,473		781,651
HollyFrontier Corp.	13,732		336,571
Kinder Morgan, Inc.	176,575		2,457,924
Marathon Oil Corp.	72,923		239,917
Marathon Petroleum Corp.	59,707		1,410,279
Noble Energy, Inc.	43,376		261,991
Occidental Petroleum Corp.	81,126		939,439
ONEOK, Inc.	37,455		816,893
Phillips 66	40,682		2,182,589
Pioneer Natural Resources Co.	15,160		1,063,474
Valero Energy Corp.	37,585		1,704,856
Williams Cos., Inc.	109,926		1,555,453
			48,002,623
Personal Products 0.2%
Coty, Inc., Class A	26,678		137,658
Estee Lauder Cos., Inc., Class A	20,285		3,232,212
			3,369,870
Pharmaceuticals 4.8%
Allergan PLC	29,752		5,269,079
Bristol-Myers Squibb Co.	206,167		11,491,749
Eli Lilly & Co.	77,054		10,688,931
Johnson & Johnson	240,765		31,571,514
Merck & Co., Inc.	231,451		17,807,840
Mylan N.V. (a)	46,788		697,609
Perrigo Co. PLC	12,340		593,431
Pfizer, Inc.	503,097		16,421,086
Zoetis, Inc.	43,312		5,097,389
			99,638,628
Professional Services 0.3%
Equifax, Inc.	10,964		1,309,650
IHS Markit, Ltd.	36,379		2,182,740
Nielsen Holdings PLC	32,258		404,515
Robert Half International, Inc.	10,513		396,866
Verisk Analytics, Inc.	14,829		2,066,866
			6,360,637
Real Estate Management & Development 0.1%
CBRE Group, Inc., Class A (a)	30,505		1,150,344
Road & Rail 0.9%
CSX Corp.	71,306		4,085,834
J.B. Hunt Transport Services, Inc.	7,747		714,506
Kansas City Southern	8,781		1,116,768
Norfolk Southern Corp.	23,890		3,487,940
Old Dominion Freight Line, Inc.	8,706		1,142,749
Union Pacific Corp.	63,273		8,924,024
			19,471,821
Semiconductors & Semiconductor Equipment 4.2%
Advanced Micro Devices, Inc. (a)	106,348		4,836,707
Analog Devices, Inc.	33,504		3,003,634
Applied Materials, Inc.	83,781		3,838,845
Broadcom, Inc.	36,481		8,649,645
Intel Corp.	390,598		21,139,164
KLA Corp.	14,444		2,076,180
Lam Research Corp.	13,108		3,145,920
Maxim Integrated Products, Inc.	24,604		1,196,000
Microchip Technology, Inc.	21,590		1,463,802
Micron Technology, Inc. (a)	100,111		4,210,669
NVIDIA Corp.	55,636		14,665,649
Qorvo, Inc. (a)	10,682		861,290
QUALCOMM, Inc.	103,572		7,006,646
Skyworks Solutions, Inc.	15,573		1,391,915
Texas Instruments, Inc.	84,676		8,461,673
Xilinx, Inc.	22,911		1,785,683
			87,733,422
Software 8.1%
Adobe, Inc. (a)	44,028		14,011,471
ANSYS, Inc. (a)	7,628		1,773,281
Autodesk, Inc. (a)	19,916		3,108,888
Cadence Design Systems, Inc. (a)	25,409		1,678,010
Citrix Systems, Inc.	10,464		1,481,179
Fortinet, Inc. (a)	12,872		1,302,260
Intuit, Inc.	23,588		5,425,240
Microsoft Corp.	693,522		109,375,355
NortonLifeLock, Inc.	50,444		943,807
Oracle Corp.	193,340		9,344,122
Paycom Software, Inc. (a)	4,459		900,763
salesforce.com, Inc. (a)	81,736		11,768,349
ServiceNow, Inc. (a)	16,992		4,869,567
Synopsys, Inc. (a)	13,630		1,755,408
			167,737,700
Specialty Retail 2.1%
Advance Auto Parts, Inc.	6,474		604,154
AutoZone, Inc. (a)	2,171		1,836,666
Best Buy Co., Inc.	21,037		1,199,109
CarMax, Inc. (a)	15,018		808,419
Gap, Inc. (b)	19,427		136,766
Home Depot, Inc.	99,327		18,545,344
L Brands, Inc.	21,057		243,419
Lowe’s Cos., Inc.	69,999		6,023,414
O’Reilly Automotive, Inc. (a)	6,940		2,089,287
Ross Stores, Inc.	33,076		2,876,620
Tiffany & Co.	9,860		1,276,870
TJX Cos., Inc.	109,646		5,242,175
Tractor Supply Co.	10,817		914,577
Ulta Beauty Inc. (a)	5,337		937,711
			42,734,531
Technology Hardware, Storage & Peripherals 5.0%
Apple, Inc. (c)	379,694		96,552,387
Hewlett Packard Enterprise Co.	118,413		1,149,790
HP, Inc.	130,900		2,272,424
NetApp, Inc.	20,199		842,096
Seagate Technology PLC	21,071		1,028,265
Western Digital Corp.	26,847		1,117,372
Xerox Holdings Corp. (a)	17,260		326,905
			103,289,239
Textiles, Apparel & Luxury Goods 0.6%
Capri Holdings, Ltd. (a)	13,747		148,330
Hanesbrands, Inc.	32,791		258,065
NIKE, Inc., Class B	113,540		9,394,300
PVH Corp.	6,725		253,129
Ralph Lauren Corp.	4,533		302,940
Tapestry, Inc.	25,150		325,693
Under Armour, Inc. (a)
Class C	17,627		142,074
Class A	17,064		157,159
VF Corp.	29,613		1,601,471
			12,583,161
Tobacco 0.8%
Altria Group, Inc.	169,430		6,551,858
Philip Morris International, Inc.	141,810		10,346,458
			16,898,316
Trading Companies & Distributors 0.2%
Fastenal Co.	52,008		1,625,250
United Rentals, Inc. (a)	6,998		720,094
W.W. Grainger, Inc.	4,009		996,237
			3,341,581
Water Utilities 0.1%
American Water Works Co., Inc.	16,384		1,958,871
Wireless Telecommunication Services 0.1%
T-Mobile U.S., Inc. (a)	28,674		2,405,749
Total Common Stocks(d) (Cost $914,585,399)			1,945,132,174
Short-Term Investments 6.5%
Affiliated Investment Company 0.3%
MainStay U.S. Government Liquidity Fund, 0.09% (e)	6,785,173		6,785,173
Total Affiliated Investment Company (Cost $6,785,173)			6,785,173

			Principal Amount
U.S. Government & Federal Agencies 6.2%
United States Treasury Bills 6.2% (f)
	(zero coupon), due 4/30/20		1,600,000	1,600,063
	1.50%, due 4/30/20 (c)	$	200,000	199,763
	1.52%, due 4/30/20 (c)		100,000	99,880
	1.536%, due 4/30/20 (c)		3,000,000	2,996,354
	1.57%, due 4/30/20 (c)		100,000	99,876
	0.043%, due 7/2/20		6,700,000	6,698,288
	0.101%, due 7/2/20		56,800,000	56,785,484
	0.123%, due 7/2/20		3,900,000	3,899,003
	0.259%, due 7/2/20		300,000	299,923
	0.404%, due 7/2/20		41,400,000	41,389,420
	0.521%, due 7/2/20		2,900,000	2,899,259
	0.646%, due 7/2/20		1,600,000	1,599,591
	0.004%, due 7/30/20 (c)		1,000,000	999,707
	0.388%, due 7/30/20 (c)		1,000,000	999,708
	0.562%, due 7/30/20 (c)		500,000	499,854
	0.077%, due 7/30/20 (c)		6,300,000	6,298,157
Total U.S. Government & Federal Agencies (Cost $127,351,109)				127,364,330

	Shares
Unaffiliated Investment Company 0.0% ‡
State Street Navigator Securities Lending Government Money Market Portfolio, 1.56% (e)(g)	304,505			304,505
Total Unaffiliated Investment Company (Cost $304,505)				304,505
Total Short-Term Investments (Cost $134,440,787)				134,454,008
Total Investments (Cost $1,049,026,186)	100.4	%		2,079,586,182
Other Assets, Less Liabilities	(0.4	)		(7,445,835	)
Net Assets	100.0	%	$	2,072,140,347

†	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 March 31, 2020, the aggregate market value of securities on loan was $706,877; the total market value of collateral held by the Portfolio was $767,448. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $462,943.
(c)	Represents a security which was maintained at the broker as collateral for futures contracts.
(d)	The combined market value of common stocks and notional value of Standard & Poor’s 500 Index futures contracts represents 100.2% of the Portfolio’s net assets.
(e)	Current yield as of March 31, 2020.
(f)	Interest rate shown represents yield to maturity.
(g)	Represents a security purchased with cash collateral received for securities on loan.

As of March 31, 2020, 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	976	June 2020	$	118,031,137	$	125,401,360		$	7,370,223

1. Represents the difference between the value of the contracts at the time they were opened and the value as of March 31, 2020.

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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	$	1,945,132,174	$	—	$	—	$	1,945,132,174
Short-Term Investments
Affiliated Investment Company		6,785,173		—		—		6,785,173
U.S. Government & Federal Agencies		—		127,364,330		—		127,364,330
Unaffiliated Investment Company		304,505		—		—		304,505
Total Short-Term Investments		7,089,678		127,364,330		—		134,454,008
Total Investments in Securities		1,952,221,852		127,364,330		—		2,079,586,182
Other Financial Instruments Futures Contracts (b)		7,370,223		—		—		7,370,223
Total Investments in Securities and Other Financial Instruments	$	1,959,592,075	$	127,364,330	$	—	$	2,086,956,405

(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 Small Cap Core Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 97.2% †
Aerospace & Defense 1.5%
AAR Corp.		31,000		$	550,560
Aerojet Rocketdyne Holdings, Inc. (a)		1,200			51,920
Axon Enterprise, Inc. (a)		12,000			849,240
Ducommun, Inc. (a)		4,900			121,765
Maxar Technologies, Inc. (a)		1,100			12,039
Mercury Systems, Inc. (a)		11,200			799,008
Moog, Inc., Class A		23,100			1,167,243
Park Aerospace Corp.		8,800			108,298
Parsons Corp. (a)		1,100			35,156
Vectrus, Inc. (a)		27,300			1,130,493
					4,825,722
Air Freight & Logistics 0.1%
Hub Group, Inc., Class A (a)		9,700			441,059
Auto Components 0.1%
LCI Industries		4,000			267,320
Automobiles 0.3%
Winnebago Industries, Inc.		31,100			864,891
Banks 7.3%
Amalgamated Bank, Class A		14,400			155,808
Bancorp, Inc. (a)		145,800			885,006
Bank of N.T. Butterfield & Son, Ltd.		63,300			1,077,999
BCB Bancorp, Inc.		33,900			361,035
Boston Private Financial Holdings, Inc.		109,000			779,350
Bridge Bancorp, Inc.		32,990			698,068
Cadence Bancorp		98,900			647,795
Capstar Financial Holdings, Inc.		13,200			130,548
Cathay General Bancorp		11,200			257,040
Central Pacific Financial Corp.		6,000			95,400
Century Bancorp, Inc., Class A		8,300			516,592
Civista Bancshares, Inc.		16,200			242,352
ConnectOne Bancorp, Inc.		100			1,344
Customers Bancorp, Inc. (a)		73,700			805,541
Dime Community Bancshares, Inc.		10,300			141,213
Eagle Bancorp, Inc.		31,400			948,594
Esquire Financial Holdings, Inc. (a)		700			10,535
Farmers National Banc Corp.		11,400			132,582
Financial Institutions, Inc.		46,400			841,696
First BanCorp		164,800			876,736
First Business Financial Services, Inc.		19,800			306,900
First Financial Corp.		1,200			40,464
First Financial Northwest, Inc.		13,900			139,556
First Foundation, Inc.		96,300			984,186
First Internet Bancorp		43,300			710,986
First Merchants Corp.		22,400			593,376
First Midwest Bancorp, Inc.		34,500			456,608
First Northwest Bancorp		12,600			136,962
First of Long Island Corp.		18,400			319,240
Flushing Financial Corp.		77,800			1,039,408
Franklin Financial Network, Inc.		3,000			61,170
Great Southern Bancorp, Inc.		1,200			48,480
Hancock Whitney Corp.		28,948			565,065
Hanmi Financial Corp.		17,300			187,705
HBT Financial, Inc.		4,200			44,226
Hilltop Holdings, Inc.		47,900			724,248
Horizon Bancorp, Inc.		1,400			13,804
International Bancshares Corp.		6,700			180,096
Investar Holding Corp.		900			11,493
Investors Bancorp, Inc.		164,700			1,315,953
Lakeland Bancorp, Inc.		39,300			424,833
LCNB Corp.		2,600			32,760
Level One Bancorp, Inc.		495			8,910
Macatawa Bank Corp.		2,600			18,198
Mercantile Bank Corp.		600			12,180
Metrocity Bankshares, Inc.		800			9,193
Metropolitan Bank Holding Corp. (a)		23,200			624,776
MidWestOne Financial Group, Inc.		13,700			286,878
Northeast Bank (a)		6,400			74,624
Northrim BanCorp, Inc.		900			24,300
OFG Bancorp		35,200			393,536
Orrstown Financial Services, Inc.		12,700			174,879
Pacific Premier Bancorp, Inc.		2,800			52,752
PCB Bancorp		15,500			151,590
Peapack-Gladstone Financial Corp.		40,300			723,385
Preferred Bank / Los Angeles CA		2,300			77,786
QCR Holdings, Inc.		9,200			249,044
RBB Bancorp		50,000			686,000
Republic Bancorp, Inc., Class A		12,400			409,572
SB One Bancorp		1,600			27,200
Sierra Bancorp		500			8,790
SmartFinancial, Inc.		23,000			349,830
South Plains Financial, Inc.		14,100			218,409
UMB Financial Corp.		20,600			955,428
WesBanco, Inc.		27,800			658,860
West Bancorp., Inc.		4,100			67,035
					24,205,908
Beverages 1.0%
Boston Beer Co., Inc., Class A (a)		5,000			1,837,800
Coca-Cola Consolidated, Inc.		6,500			1,355,445
					3,193,245
Biotechnology 9.0%
ACADIA Pharmaceuticals, Inc. (a)		30,700			1,297,075
Acceleron Pharma, Inc. (a)		13,702			1,231,399
Aimmune Therapeutics, Inc. (a)(b)		3,300			47,586
Allakos, Inc. (a)(b)		7,600			338,124
Amicus Therapeutics, Inc. (a)		119,940			1,108,246
Apellis Pharmaceuticals, Inc. (a)		18,200			487,578
Arena Pharmaceuticals, Inc. (a)		18,683			784,686
Arrowhead Pharmaceuticals, Inc. (a)		26,400			759,528
Atara Biotherapeutics, Inc. (a)		40,200			342,102
Biohaven Pharmaceutical Holding Co., Ltd. (a)		13,600			462,808
Blueprint Medicines Corp. (a)		18,400			1,076,032
ChemoCentryx, Inc. (a)		14,300			574,574
Coherus Biosciences, Inc. (a)		12,300			199,506
Denali Therapeutics, Inc. (a)		9,200			161,092
Editas Medicine, Inc. (a)		31,300			620,679
Emergent BioSolutions, Inc. (a)		14,192			821,149
Enanta Pharmaceuticals, Inc. (a)		11,200			576,016
Epizyme, Inc. (a)		27,400			424,974
Esperion Therapeutics, Inc. (a)(b)		6,700			211,251
Fate Therapeutics, Inc. (a)		11,000			244,310
FibroGen, Inc. (a)		27,819			966,710
Forty Seven, Inc. (a)		6,800			648,856
Global Blood Therapeutics, Inc. (a)		18,400			940,056
Halozyme Therapeutics, Inc. (a)		53,100			955,269
Heron Therapeutics, Inc. (a)		35,400			415,596
Immunomedics, Inc. (a)		59,400			800,712
Insmed, Inc. (a)		36,690			588,141
Intercept Pharmaceuticals, Inc. (a)		9,200			579,232
Invitae Corp. (a)(b)		7,800			106,626
Iovance Biotherapeutics, Inc. (a)		35,100			1,050,718
Ironwood Pharmaceuticals, Inc. (a)(b)		53,852			543,367
Kodiak Sciences, Inc. (a)		8,500			405,450
Ligand Pharmaceuticals, Inc. (a)(b)		7,527			547,363
Madrigal Pharmaceuticals, Inc. (a)		5,700			380,532
Mirati Therapeutics, Inc. (a)		8,700			668,769
Momenta Pharmaceuticals, Inc. (a)		29,669			806,997
Myriad Genetics, Inc. (a)		27,110			387,944
Natera, Inc. (a)		22,100			659,906
Portola Pharmaceuticals, Inc. (a)		49,842			355,373
Principia Biopharma, Inc. (a)		3,600			213,768
Prothena Corp. PLC (a)		34,207			366,015
PTC Therapeutics, Inc. (a)		22,900			1,021,569
Ra Pharmaceuticals, Inc. (a)		12,300			590,523
Radius Health, Inc. (a)		28,133			365,729
REGENXBIO, Inc. (a)		15,500			501,890
Retrophin, Inc. (a)		33,100			482,929
Sangamo Therapeutics, Inc. (a)		68,100			433,797
Turning Point Therapeutics, Inc. (a)		10,100			451,066
Ultragenyx Pharmaceutical, Inc. (a)		19,244			855,011
Vanda Pharmaceuticals, Inc. (a)		31,500			326,340
Veracyte, Inc. (a)		8,000			194,480
Xencor, Inc. (a)		17,231			514,862
					29,894,311
Building Products 2.7%
Advanced Drainage Systems, Inc.		29,600			871,424
American Woodmark Corp. (a)		1,200			54,684
Builders FirstSource, Inc. (a)		79,700			974,731
Cornerstone Building Brands, Inc. (a)		49,000			223,440
CSW Industrials, Inc.		13,700			888,445
Insteel Industries, Inc.		9,200			121,900
JELD-WEN Holding, Inc. (a)		47,300			460,229
Masonite International Corp. (a)		23,500			1,115,075
Patrick Industries, Inc.		14,800			416,768
PGT Innovations, Inc. (a)		4,900			41,111
Quanex Building Products Corp.		5,700			57,456
Simpson Manufacturing Co., Inc.		18,700			1,159,026
Trex Co., Inc. (a)		14,600			1,170,044
Universal Forest Products, Inc.		39,900			1,483,881
					9,038,214
Capital Markets 2.4%
Ares Management Corp., Class A		40,500			1,252,665
Artisan Partners Asset Management, Inc., Class A		54,400			1,169,056
B. Riley Financial, Inc.		6,800			125,256
Brightsphere Investment Group, Inc. (a)		130,400			833,256
Cohen & Steers, Inc.		8,600			390,870
Federated Hermes, Inc.		50,300			958,215
GAMCO Investors, Inc., Class A		4,700			51,653
Houlihan Lokey, Inc.		8,500			443,020
INTL FCStone, Inc. (a)		31,300			1,134,938
Oppenheimer Holdings, Inc., Class A		4,400			86,944
Stifel Financial Corp.		33,400			1,378,752
Waddell & Reed Financial, Inc., Class A		13,000			147,940
					7,972,565
Chemicals 0.7%
Advanced Emissions Solutions, Inc. (b)		13,400			88,038
AdvanSix, Inc. (a)		2,800			26,712
Hawkins, Inc.		3,000			106,800
Innospec, Inc.		4,600			319,654
Koppers Holdings, Inc. (a)		2,000			24,740
Omnova Solutions, Inc. (a)		700			7,098
Orion Engineered Carbons S.A.		79,900			596,054
PolyOne Corp.		21,500			407,855
Tredegar Corp.		41,300			645,519
					2,222,470
Commercial Services & Supplies 1.9%
ACCO Brands Corp.		138,200			697,910
Casella Waste Systems, Inc., Class A (a)		8,800			343,728
Herman Miller, Inc.		52,100			1,156,620
HNI Corp.		21,300			536,547
Kimball International, Inc., Class B		57,300			682,443
Knoll, Inc.		64,400			664,608
McGrath RentCorp.		23,600			1,236,168
Steelcase, Inc., Class A		96,200			949,494
					6,267,518
Communications Equipment 2.0%
ADTRAN, Inc.		102,000			783,360
Calix, Inc. (a)		49,900			353,292
Comtech Telecommunications Corp.		36,000			478,440
DASAN Zhone Solutions, Inc. (a)		10,100			42,319
Digi International, Inc. (a)		12,700			121,158
Extreme Networks, Inc. (a)		125,400			387,486
Infinera Corp. (a)		27,100			143,630
InterDigital, Inc.		1,200			55,762
Lumentum Holdings, Inc. (a)		15,800			1,164,460
NETGEAR, Inc. (a)		2,200			50,248
NetScout Systems, Inc. (a)		61,300			1,450,971
Plantronics, Inc.		7,900			79,474
Ribbon Communications, Inc. (a)		173,600			526,008
Viavi Solutions, Inc. (a)		93,800			1,051,498
					6,688,106
Construction & Engineering 1.8%
Arcosa, Inc.		39,900			1,585,626
Comfort Systems USA, Inc.		36,400			1,330,420
EMCOR Group, Inc.		29,100			1,784,412
Great Lakes Dredge & Dock Corp. (a)		31,200			258,960
IES Holdings, Inc. (a)		100			1,765
MasTec, Inc. (a)		3,800			124,374
MYR Group, Inc. (a)		24,900			652,131
Sterling Construction Co., Inc. (a)		16,100			152,950
Willscot Corp. (a)		6,100			61,793
					5,952,431
Construction Materials 0.1%
Forterra, Inc. (a)		28,600			171,028
Summit Materials, Inc., Class A (a)		16,300			244,500
					415,528
Consumer Finance 0.1%
Elevate Credit, Inc. (a)		18,600			19,344
Enova International, Inc. (a)		31,500			456,435
					475,779
Diversified Consumer Services 0.8%
Chegg, Inc. (a)		19,500			697,710
Collectors Universe, Inc.		7,200			112,824
K12, Inc. (a)		39,500			744,970
Select Interior Concepts, Inc., Class A (a)		79,000			163,530
WW International, Inc. (a)		48,300			816,753
					2,535,787
Diversified Financial Services 0.6%
Alerus Financial Corp.		1,800			29,736
Cannae Holdings, Inc. (a)		39,600			1,326,204
FGL Holdings		61,500			602,700
Marlin Business Services Corp.		4,500			50,265
					2,008,905
Diversified Telecommunication Services 1.0%
ATN International, Inc.		9,100			534,261
Bandwidth, Inc., Class A (a)		2,500			168,225
Cincinnati Bell, Inc. (a)		57,300			838,872
Cogent Communications Holdings, Inc.		13,100			1,073,807
Consolidated Communications Holdings, Inc.		13,000			59,150
IDT Corp., Class B (a)		124,700			675,874
Iridium Communications Inc (a)		4,400			99,961
Ooma, Inc. (a)		1,800			21,474
					3,471,624
Electric Utilities 0.8%
Portland General Electric Co.		41,300			1,979,922
Spark Energy, Inc., Class A (b)		80,600			505,362
					2,485,284
Electrical Equipment 2.1%
Allied Motion Technologies, Inc.		6,200			146,940
Atkore International Group, Inc. (a)		50,200			1,057,714
AZZ, Inc.		38,100			1,071,372
Bloom Energy Corp., Class A (a)(b)		2,300			12,029
Encore Wire Corp.		28,700			1,205,113
Generac Holdings, Inc. (a)		24,600			2,291,982
Plug Power, Inc. (a)(b)		39,800			140,892
Powell Industries, Inc.		32,500			834,275
Preformed Line Products Co.		2,600			129,558
Sunrun, Inc. (a)		19,800			199,980
TPI Composites, Inc. (a)		600			8,605
Vivint Solar, Inc. (a)		2,000			8,740
					7,107,200
Electronic Equipment, Instruments & Components 2.2%
Anixter International, Inc. (a)		9,500			834,765
Arlo Technologies, Inc. (a)		5,400			13,122
Bel Fuse, Inc., Class B		18,400			179,216
Benchmark Electronics, Inc.		36,300			725,637
ePlus, Inc. (a)		15,400			964,348
Fitbit, Inc., Class A (a)		6,600			43,956
II-VI, Inc. (a)		4,400			126,636
Itron, Inc. (a)		5,000			279,150
KEMET Corp.		1,900			46,773
Kimball Electronics, Inc. (a)		43,500			475,020
Methode Electronics, Inc.		15,200			401,736
Novanta, Inc. (a)		2,900			231,652
Plexus Corp. (a)		3,800			207,328
Rogers Corp. (a)		2,300			217,166
Sanmina Corp. (a)		56,874			1,551,523
ScanSource, Inc. (a)		13,400			286,626
Tech Data Corp. (a)		2,100			274,785
Vishay Intertechnology, Inc.		33,600			484,176
					7,343,615
Energy Equipment & Services 0.1%
Cactus, Inc., Class A		4,300			49,880
Matrix Service Co. (a)		33,500			317,245
ProPetro Holding Corp. (a)		44,300			110,750
					477,875
Entertainment 0.0% ‡
Glu Mobile, Inc. (a)		14,000			88,060
Marcus Corp.		1,900			23,408
					111,468
Equity Real Estate Investment Trusts 6.5%
Agree Realty Corp.		9,400			581,860
Alexander’s, Inc.		1,000			275,950
American Assets Trust, Inc.		14,000			350,000
American Finance Trust, Inc.		12,400			77,500
Armada Hoffler Properties, Inc.		1,800			19,260
BRT Apartments Corp.		300			3,075
Community Healthcare Trust, Inc.		15,100			578,028
CorEnergy Infrastructure Trust, Inc.		22,800			419,064
Corepoint Lodging, Inc.		16,300			63,896
Diversified Healthcare Trust		117,800			427,614
EastGroup Properties, Inc.		14,500			1,514,960
First Industrial Realty Trust, Inc.		50,500			1,678,115
Four Corners Property Trust, Inc.		45,500			851,305
GEO Group, Inc.		63,827			776,136
Global Medical REIT, Inc.		16,000			161,920
Healthcare Realty Trust, Inc.		10,900			304,437
Industrial Logistics Properties Trust		48,000			841,920
Innovative Industrial Properties, Inc.		1,400			106,302
Lexington Realty Trust		131,400			1,304,802
LTC Properties, Inc.		7,200			219,056
Monmouth Real Estate Investment Corp.		35,100			422,955
National Health Investors, Inc.		20,200			1,000,304
National Storage Affiliates Trust		6,400			189,440
New Senior Investment Group, Inc.		21,700			55,552
Physicians Realty Trust		60,900			848,946
Piedmont Office Realty Trust, Inc., Class A		58,300			1,029,578
PotlatchDeltic Corp.		25,500			800,445
PS Business Parks, Inc.		6,900			935,088
QTS Realty Trust, Inc., Class A		12,600			730,926
Retail Value, Inc.		15,980			195,755
Rexford Industrial Realty, Inc.		40,800			1,673,208
RLJ Lodging Trust		44,900			346,628
Ryman Hospitality Properties, Inc.		14,400			516,240
Sabra Health Care REIT, Inc.		76,000			829,920
Safehold, Inc.		700			44,261
STAG Industrial, Inc.		8,900			200,428
Sunstone Hotel Investors, Inc.		58,800			512,148
Terreno Realty Corp.		8,400			434,700
Uniti Group, Inc.		28,700			173,061
Universal Health Realty Income Trust		1,000			100,810
Urstadt Biddle Properties, Inc., Class A		2,900			40,890
					21,636,483
Food & Staples Retailing 0.6%
Ingles Markets, Inc., Class A		18,200			658,112
Natural Grocers by Vitamin Cottage, Inc.		9,200			78,292
Performance Food Group Co. (a)		27,300			674,856
PriceSmart, Inc.		1,200			63,060
Rite Aid Corp. (a)(b)		7,700			115,500
SpartanNash Co.		25,600			366,592
					1,956,412
Food Products 1.5%
Alico, Inc.		1,400			43,456
Darling Ingredients, Inc. (a)		82,400			1,579,608
Fresh Del Monte Produce, Inc.		33,100			913,891
Freshpet, Inc. (a)		6,500			415,155
John B. Sanfilippo & Son, Inc.		11,700			1,045,980
Seneca Foods Corp., Class A (a)		17,400			692,172
Simply Good Foods Co. (a)		11,400			219,564
					4,909,826
Health Care Equipment & Supplies 4.2%
Axonics Modulation Technologies, Inc. (a)		400			10,075
Cerus Corp. (a)		8,000			37,200
CONMED Corp.		16,500			944,955
Cryoport, Inc. (a)(b)		900			15,363
Cutera, Inc. (a)		13,200			172,392
Glaukos Corp. (a)		1,400			43,204
Globus Medical, Inc., Class A (a)		38,100			1,620,393
Haemonetics Corp. (a)		16,600			1,654,356
Integer Holdings Corp. (a)		22,400			1,408,064
Irhythm Technologies, Inc. (a)		4,500			366,075
Lantheus Holdings, Inc. (a)		23,300			297,308
Meridian Bioscience, Inc.		9,200			77,280
Natus Medical, Inc. (a)		18,900			437,157
Neogen Corp. (a)		4,400			294,756
Nevro Corp. (a)		7,000			699,860
Novocure, Ltd. (a)		19,600			1,319,864
NuVasive, Inc. (a)		30,700			1,555,262
Quidel Corp. (a)		21,000			2,054,010
Shockwave Medical, Inc. (a)		2,500			82,950
Silk Road Medical, Inc. (a)		200			6,296
Tactile Systems Technology, Inc. (a)		500			20,080
Tandem Diabetes Care, Inc. (a)		11,100			714,285
Varex Imaging Corp. (a)		9,100			206,661
Zynex, Inc. (a)		3,900			42,536
					14,080,382
Health Care Providers & Services 2.9%
Amedisys, Inc. (a)		13,400			2,459,436
AMN Healthcare Services, Inc. (a)		27,500			1,589,775
Corvel Corp. (a)		11,100			605,061
Cross Country Healthcare, Inc. (a)		15,700			105,818
Ensign Group, Inc.		7,300			274,553
Hanger, Inc. (a)		30,900			481,422
Magellan Health, Inc. (a)		11,400			548,454
National Healthcare Corp.		12,500			896,625
R1 RCM, Inc. (a)		6,100			55,449
RadNet, Inc. (a)		44,100			463,491
Select Medical Holdings Corp. (a)		79,700			1,195,500
Tenet Healthcare Corp. (a)		68,900			992,160
					9,667,744
Health Care Technology 2.5%
Computer Programs & Systems, Inc.		12,900			287,025
HealthStream, Inc. (a)		45,300			1,084,935
HMS Holdings Corp. (a)		50,000			1,263,500
Inovalon Holdings, Inc., Class A (a)		79,000			1,316,140
Inspire Medical Systems, Inc. (a)		1,300			78,364
Livongo Health, Inc. (a)		2,000			57,163
NextGen Healthcare, Inc. (a)		15,000			156,600
Omnicell, Inc. (a)		24,800			1,626,384
Phreesia, Inc. (a)		400			8,381
Tabula Rasa Healthcare, Inc. (a)(b)		2,200			115,038
Teladoc Health, Inc. (a)		15,400			2,387,154
					8,380,684
Hotels, Restaurants & Leisure 1.1%
BBX Capital Corp.		19,900			45,969
Biglari Holdings, Inc., Class B (a)		190			9,766
Bloomin’ Brands, Inc.		32,900			234,906
Century Casinos, Inc. (a)		11,700			28,197
Churchill Downs, Inc.		9,100			936,845
Cracker Barrel Old Country Store, Inc.		1,100			91,542
Denny’s Corp. (a)		23,900			183,552
Eldorado Resorts, Inc. (a)(b)		6,900			99,360
Everi Holdings, Inc. (a)		104,400			344,520
J. Alexander’s Holdings, Inc. (a)		31,200			119,496
RCI Hospitality Holdings, Inc.		17,600			175,472
Red Rock Resorts, Inc., Class A		15,700			134,235
Ruth’s Hospitality Group, Inc.		26,000			173,680
Shake Shack, Inc., Class A (a)		4,900			184,926
Texas Roadhouse, Inc.		18,700			772,310
Wingstop, Inc.		1,200			95,640
					3,630,416
Household Durables 1.7%
Bassett Furniture Industries, Inc.		3,200			17,440
Beazer Homes USA, Inc. (a)		103,300			665,252
Green Brick Partners, Inc. (a)		48,000			386,400
Helen of Troy, Ltd. (a)		1,700			244,851
Installed Building Products, Inc. (a)		24,100			960,867
KB Home		24,400			441,640
M/I Homes, Inc. (a)		24,000			396,720
Meritage Homes Corp. (a)		1,100			40,856
Skyline Champion Corp. (a)		12,000			188,160
Taylor Morrison Home Corp. (a)		50,300			553,300
TopBuild Corp. (a)		9,200			659,088
TRI Pointe Group, Inc. (a)		113,600			996,272
Universal Electronics, Inc. (a)		3,700			141,969
					5,692,815
Household Products 0.4%
Central Garden & Pet Co., Class A (a)		53,400			1,365,438
Independent Power & Renewable Electricity Producers 0.9%
Atlantic Power Corp. (a)		69,900			149,586
Clearway Energy, Inc.
Class A		31,400			539,138
Class C		25,400			477,520
Ormat Technologies, Inc.		18,600			1,258,476
Sunnova Energy International, Inc. (a)		3,200			32,224
TerraForm Power, Inc., Class A		37,300			588,221
					3,045,165
Insurance 2.1%
American Equity Investment Life Holding Co.		39,000			733,200
CNO Financial Group, Inc.		36,600			453,474
Crawford & Co.
Class A		29,600			213,120
Class B		1,700			10,863
Donegal Group, Inc., Class A		300			4,560
eHealth, Inc. (a)		4,300			605,526
Employers Holdings, Inc.		23,100			935,781
Enstar Group, Ltd. (a)		6,200			986,110
Genworth Financial, Inc., Class A (a)		333,800			1,108,216
Hallmark Financial Services, Inc. (a)		73,100			295,324
Horace Mann Educators Corp.		1,300			47,567
Kinsale Capital Group, Inc.		3,500			365,855
National General Holdings Corp.		17,900			296,245
Palomar Holdings, Inc. (a)		800			46,528
ProSight Global, Inc. (a)		1,100			10,725
Stewart Information Services Corp.		19,900			530,733
Third Point Reinsurance, Ltd. (a)		26,400			195,624
Tiptree, Inc.		13,100			68,382
Trupanion, Inc. (a)(b)		1,300			33,839
					6,941,672
Interactive Media & Services 0.6%
Cargurus, Inc. (a)		13,500			255,690
DHI Group, Inc. (a)		206,900			446,904
Eventbrite, Inc., Class A (a)		1,700			12,410
Meet Group, Inc. (a)		121,500			713,205
Travelzoo (a)		61,000			239,730
Yelp, Inc. (a)		25,200			454,356
					2,122,295
Internet & Direct Marketing Retail 0.8%
1-800-Flowers.com, Inc., Class A (a)		64,200			849,366
PetMed Express, Inc.		11,500			330,970
Realreal, Inc. (The) (a)		1,100			8,369
Stamps.com, Inc. (a)		11,900			1,547,952
Stitch Fix, Inc., Class A (a)(b)		1,100			13,970
					2,750,627
IT Services 1.6%
Brightcove, Inc. (a)		10,600			73,882
CSG Systems International, Inc.		28,900			1,209,465
Endurance International Group Holdings, Inc. (a)		239,200			461,656
Limelight Networks, Inc. (a)		62,200			354,540
ManTech International Corp., Class A		14,500			1,053,715
Perspecta, Inc.		21,100			384,864
Science Applications International Corp.		16,400			1,223,932
TTEC Holdings, Inc.		1,200			44,064
Unisys Corp. (a)		24,000			296,400
Verra Mobility Corp. (a)		15,300			109,242
					5,211,760
Leisure Products 0.8%
Acushnet Holdings Corp.		31,800			817,896
Malibu Boats, Inc., Class A (a)		35,700			1,027,803
Marine Products Corp.		900			7,272
MasterCraft Boat Holdings, Inc. (a)		90,700			662,110
Yeti Holdings, Inc. (a)		9,400			183,488
					2,698,569
Life Sciences Tools & Services 1.1%
Luminex Corp.		3,800			103,312
Medpace Holdings, Inc. (a)		19,100			1,401,558
NanoString Technologies, Inc. (a)		3,200			76,960
NeoGenomics, Inc. (a)		17,500			483,175
Repligen Corp. (a)		10,600			1,023,324
Syneos Health, Inc. (a)		10,000			394,200
					3,482,529
Machinery 1.9%
Blue Bird Corp. (a)		67,000			732,310
Commercial Vehicle Group, Inc. (a)		116,800			176,368
EnPro Industries, Inc.		300			12,305
Evoqua Water Technologies Corp. (a)		16,200			181,602
L.B. Foster Co., Class A (a)		43,300			535,188
Lydall, Inc. (a)		43,000			277,780
Meritor, Inc. (a)		71,000			940,750
Miller Industries, Inc.		13,300			376,124
Mueller Industries, Inc.		25,800			617,652
Navistar International Corp. (a)		56,400			930,036
Park-Ohio Holdings Corp.		15,000			284,100
Spartan Motors, Inc.		200			2,582
SPX Corp. (a)		38,400			1,253,376
Wabash National Corp.		2,900			20,938
					6,341,111
Marine 0.1%
Costamare, Inc.		80,300			362,956
Media 0.3%
Cardlytics, Inc. (a)		1,600			55,936
Cumulus Media, Inc., Class A (a)		35,200			190,784
Emerald Expositions Events, Inc.		20,400			52,836
Entravision Communications Corp., Class A		252,500			512,575
Lee Enterprises, Inc. (a)		6,600			6,488
Tribune Publishing Co.		19,500			158,145
					976,764
Metals & Mining 0.3%
Coeur Mining, Inc. (a)		6,800			21,828
Hecla Mining Co.		21,300			38,766
Novagold Resources, Inc. (a)		42,700			315,126
Olympic Steel, Inc.		6,100			63,135
Ryerson Holding Corp. (a)		37,500			199,500
Schnitzer Steel Industries, Inc., Class A		1,700			22,168
Warrior Met Coal, Inc.		2,900			29,515
Worthington Industries, Inc.		10,000			262,500
					952,538
Mortgage Real Estate Investment Trusts 0.2%
Ellington Financial, Inc.		65,200			372,292
Exantas Capital Corp.		21,300			58,788
PennyMac Mortgage Investment Trust		33,500			355,770
					786,850
Multiline Retail 0.0% ‡
Big Lots, Inc.		6,400			91,008
Oil, Gas & Consumable Fuels 1.8%
Amplify Energy Corp.		30,800			17,430
Arch Coal, Inc., Class A		4,100			118,490
Ardmore Shipping Corp.		27,800			145,950
CVR Energy, Inc.		19,400			320,682
Diamond S Shipping, Inc. (a)		89,100			1,052,271
Dorian LPG, Ltd. (a)		122,800			1,069,588
Hallador Energy Co.		43,200			40,992
International Seaways, Inc.		23,600			563,804
NACCO Industries, Inc., Class A		400			11,308
Nordic American Tankers, Ltd.		245,400			1,111,662
Par Pacific Holdings, Inc. (a)		18,900			134,190
Penn Virginia Corp. (a)		2,300			7,107
Talos Energy, Inc. (a)		13,000			74,750
Teekay Tankers, Ltd., Class A (a)		1,100			24,464
World Fuel Services Corp.		54,100			1,362,238
					6,054,926
Paper & Forest Products 0.5%
Boise Cascade Co.		45,300			1,077,234
Neenah, Inc.		300			12,939
Verso Corp., Class A (a)		58,400			658,752
					1,748,925
Personal Products 0.5%
LifeVantage Corp. (a)		27,500			283,250
Nature’s Sunshine Products, Inc. (a)		500			4,065
USANA Health Sciences, Inc. (a)		20,800			1,201,408
					1,488,723
Pharmaceuticals 2.7%
Amneal Pharmaceuticals, Inc. (a)		3,700			12,876
Amphastar Pharmaceuticals, Inc. (a)		900			13,356
ANI Pharmaceuticals, Inc. (a)		3,200			130,368
Arvinas Holding Co. LLC (a)		3,200			128,960
Axsome Therapeutics, Inc. (a)		4,500			264,735
BioDelivery Sciences International, Inc. (a)		253,200			959,628
Collegium Pharmaceutical, Inc. (a)		19,600			320,068
Corcept Therapeutics, Inc. (a)		114,100			1,356,649
Endo International PLC (a)		49,500			183,150
Innoviva, Inc. (a)		106,700			1,254,792
Lannett Co., Inc. (a)(b)		21,300			148,035
Mallinckrodt PLC (a)(b)		8,900			17,622
Pacira BioSciences, Inc. (a)		38,700			1,297,611
Phibro Animal Health Corp., Class A		47,500			1,148,075
Prestige Consumer Healthcare, Inc. (a)		19,900			729,932
Reata Pharmaceuticals, Inc., Class A (a)		3,900			562,926
Revance Therapeutics, Inc. (a)		4,500			66,600
SIGA Technologies, Inc. (a)		22,600			108,028
Supernus Pharmaceuticals, Inc. (a)		16,200			291,438
					8,994,849
Professional Services 0.3%
Barrett Business Services, Inc.		12,900			511,356
FTI Consulting, Inc. (a)		2,400			287,448
Insperity, Inc.		2,500			93,250
					892,054
Real Estate 0.1%
Redfin Corp. (a)		14,500			223,590
Real Estate Management & Development 1.0%
Altisource Portfolio Solutions S.A. (a)(b)		73,500			563,745
Forestar Group, Inc. (a)		41,800			432,630
Marcus & Millichap, Inc. (a)		19,600			531,160
Newmark Group, Inc., Class A		199,500			847,875
RE/MAX Holdings, Inc., Class A		5,400			117,413
RMR Group, Inc., Class A		34,600			933,162
					3,425,985
Road & Rail 0.3%
ArcBest Corp.		52,700			923,304
Universal Logistics Holdings, Inc.		2,400			31,440
					954,744
Semiconductors & Semiconductor Equipment 4.9%
Advanced Energy Industries, Inc. (a)		23,068			1,118,567
Alpha & Omega Semiconductor, Ltd. (a)		42,200			270,502
Amkor Technology, Inc. (a)		141,600			1,103,064
Axcelis Technologies, Inc. (a)		63,300			1,159,023
Cabot Microelectronics Corp.		400			45,656
Cirrus Logic, Inc. (a)		30,100			1,975,463
Cohu, Inc.		29,600			366,448
Enphase Energy, Inc. (a)		19,500			629,655
FormFactor, Inc. (a)		70,000			1,406,300
Ichor Holdings, Ltd. (a)		42,700			818,132
Inphi Corp. (a)		10,000			791,700
Lattice Semiconductor Corp. (a)		5,900			105,720
MACOM Technology Solutions Holdings, Inc. (a)		1,300			25,119
NeoPhotonics Corp. (a)		84,800			614,800
Photronics, Inc. (a)		109,900			1,127,574
Rambus, Inc. (a)		85,600			950,160
Smart Global Holdings, Inc. (a)		34,200			831,060
Synaptics, Inc. (a)		24,320			1,407,398
Ultra Clean Holdings, Inc. (a)		14,600			201,480
Veeco Instruments, Inc. (a)		57,800			553,146
Xperi Corp.		55,600			773,396
					16,274,363
Software 5.6%
8x8, Inc. (a)		14,300			198,198
A10 Networks, Inc. (a)		14,200			88,182
ACI Worldwide, Inc. (a)		22,400			540,960
Agilysys, Inc. (a)		26,900			449,230
Altair Engineering, Inc., Class A (a)(b)		1,100			29,150
American Software, Inc., Class A		13,100			186,151
AppFolio, Inc., Class A (a)		4,900			543,655
Appian Corp. (a)(b)		6,000			241,380
Avaya Holdings Corp. (a)(b)		105,900			856,731
Blackbaud, Inc.		8,200			455,510
Blackline, Inc. (a)		7,700			405,097
Bottomline Technologies, Inc. (a)		36,600			1,341,390
Box, Inc., Class A (a)		24,700			346,788
Cloudera, Inc. (a)		27,700			217,999
CommVault Systems, Inc. (a)		26,200			1,060,576
Cornerstone OnDemand, Inc. (a)		9,600			304,800
Digital Turbine, Inc. (a)		2,100			9,051
Envestnet, Inc. (a)		10,500			564,690
Everbridge, Inc. (a)		6,800			723,248
Five9, Inc. (a)		13,600			1,039,856
ForeScout Technologies, Inc. (a)		1,300			41,067
j2 Global, Inc.		4,800			359,280
LivePerson, Inc. (a)		4,900			111,475
MicroStrategy, Inc., Class A (a)		11,100			1,310,910
Model N, Inc. (a)		3,300			73,293
Progress Software Corp.		42,600			1,363,200
PROS Holdings, Inc. (a)		4,500			139,635
Q2 Holdings, Inc. (a)		8,200			484,292
Rapid7, Inc. (a)		9,200			398,636
SailPoint Technologies Holding, Inc. (a)		13,200			200,904
SecureWorks Corp., Class A (a)		1,700			19,567
SPS Commerce, Inc. (a)		30,900			1,437,159
SVMK, Inc. (a)		12,100			163,471
Synchronoss Technologies, Inc. (a)		137,400			419,070
Telenav, Inc. (a)		133,100			574,992
Tenable Holdings, Inc. (a)		3,400			74,324
TiVo Corp.		78,400			555,072
Upland Software, Inc. (a)		1,400			37,548
Varonis Systems, Inc. (a)		5,100			324,717
Verint Systems, Inc. (a)		7,600			326,800
Workiva, Inc. (a)		5,300			171,349
Yext, Inc. (a)		12,800			130,432
Zix Corp. (a)		48,800			210,328
Zuora, Inc., Class A (a)		9,100			73,255
					18,603,418
Specialty Retail 2.5%
Aaron’s, Inc.		36,100			822,358
America’s Car-Mart, Inc. (a)		5,400			304,290
Asbury Automotive Group, Inc. (a)		9,900			546,777
Cato Corp., Class A		2,900			30,943
Citi Trends, Inc.		900			8,010
Group 1 Automotive, Inc.		17,600			778,976
Hibbett Sports, Inc. (a)		30,900			337,892
Lithia Motors, Inc., Class A		9,500			777,005
MarineMax, Inc. (a)		29,400			306,348
Murphy USA, Inc. (a)		18,400			1,552,224
Office Depot, Inc.		302,000			495,280
Rent-A-Center, Inc.		30,000			424,200
RH (a)		2,000			200,940
Signet Jewelers, Ltd.		16,500			106,425
Sleep Number Corp. (a)		34,900			668,684
Tilly’s, Inc., Class A		41,600			171,808
Zumiez, Inc. (a)		46,100			798,452
					8,330,612
Technology Hardware, Storage & Peripherals 0.1%
Avid Technology, Inc. (a)		4,100			27,593
Diebold Nixdorf, Inc. (a)		115,600			406,912
Sonim Technologies, Inc. (a)(b)		200			140
					434,645
Textiles, Apparel & Luxury Goods 1.1%
Crocs, Inc. (a)		34,300			582,757
Deckers Outdoor Corp. (a)		13,700			1,835,800
Rocky Brands, Inc.		46,200			893,970
Steven Madden, Ltd.		10,600			246,238
					3,558,765
Thrifts & Mortgage Finance 1.7%
Bridgewater Bancshares, Inc. (a)		18,400			179,400
Essent Group, Ltd.		25,300			666,402
Flagstar Bancorp, Inc.		49,700			985,551
FS Bancorp, Inc.		13,400			482,400
HomeStreet, Inc.		3,700			82,251
Luther Burbank Corp.		42,100			386,057
Merchants Bancorp		39,900			605,682
Mr. Cooper Group, Inc. (a)		16,500			121,471
NMI Holdings, Inc., Class A (a)		12,600			146,286
OP Bancorp.		16,900			126,074
Provident Financial Services, Inc.		5,500			70,730
Radian Group, Inc.		104,300			1,350,685
Riverview Bancorp, Inc.		17,700			88,677
Sterling Bancorp, Inc.		44,300			190,490
Territorial Bancorp, Inc.		1,300			31,915
TrustCo Bank Corp.		10,300			55,723
WSFS Financial Corp.		600			14,952
					5,584,746
Tobacco 0.8%
Universal Corp.		29,400			1,299,774
Vector Group, Ltd.		128,049			1,206,222
					2,505,996
Trading Companies & Distributors 0.9%
BMC Stock Holdings, Inc. (a)		63,900			1,132,947
General Finance Corp. (a)		3,700			23,088
GMS, Inc. (a)		47,500			747,175
H&E Equipment Services, Inc.		27,900			409,572
Rush Enterprises, Inc., Class B		1,700			51,867
Siteone Landscape Supply, Inc. (a)		7,000			515,340
Systemax, Inc.		2,000			35,460
					2,915,449
Water Utilities 1.7%
American States Water Co.		21,400			1,749,236
Artesian Resources Corp., Class A		6,300			235,494
California Water Service Group		14,000			704,480
Consolidated Water Co., Ltd.		51,400			842,960
Global Water Resources, Inc.		15,000			152,850
Middlesex Water Co.		7,000			420,840
Pure Cycle Corp. (a)		1,400			15,610
SJW Corp.		23,800			1,374,926
York Water Co.		4,500			195,570
					5,691,966
Wireless Telecommunication Services 0.0% ‡
Boingo Wireless, Inc. (a)		2,200			23,342
Total Common Stocks (Cost $433,494,593)					323,057,967
Exchange-Traded Fund 2.7%
iShares Russell 2000 ETF (b)		78,765			9,015,442
Total Exchange-Traded Fund (Cost $10,157,457)					9,015,442
Short-Term Investments 1.9%
Affiliated Investment Company 0.5%
MainStay U.S. Government Liquidity Fund, 0.09% (c)		1,658,916			1,658,916
Unaffiliated Investment Company 1.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (c)(d)		4,553,448			4,553,448
Total Short-Term Investments (Cost $6,212,364)					6,212,364
Total Investments (Cost $449,864,414)		101.8	%		338,285,773
Other Assets, Less Liabilities		(1.8	)		(6,113,563	)
Net Assets		100.0	%	$	332,172,210

†	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 March 31, 2020, the aggregate market value of securities on loan was $10,864,586; the total market value of collateral held by the Portfolio was $11,269,772. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $6,716,324.
(c)	Current yield as of March 31, 2020.
(d)	Represents a 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 March 31, 2020, 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	$	323,057,967	$	—	$	—	$	323,057,967
Exchange-Traded Fund		9,015,442		—		—		9,015,442
Short-Term Investments
Affiliated Investment Company		1,658,916		—		—		1,658,916
Unaffiliated Investment Company		4,553,448		—		—		4,553,448
Total Short-Term Investments		6,212,364		—		—		6,212,364
Total Investments in Securities	$	338,285,773	$	—	$	—	$	338,285,773

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

MainStay VP CBRE Global Infrastructure Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

	Shares			Value
Common Stocks 98.7% †
Australia 5.4%
APA Group (Utilities)		34,316		$	219,163
Atlas Arteria, Ltd. (Transportation)		123,737			431,024
Sydney Airport (Transportation)		22,430			78,480
Transurban Group (Transportation)		22,289			163,974
					892,641
Belgium 1.3%
Elia Group S.A. (Utilities)		2,212			216,740
Canada 6.1%
Enbridge, Inc. (Midstream / Pipelines)		16,800			489,209
Fortis, Inc. (Utilities)		13,700			528,316
					1,017,525
France 4.3%
Vinci S.A. (Transportation)		8,681			718,310
Germany 1.2%
Fraport A.G. Frankfurt Airport Services Worldwide (Transportation)		4,931			200,133
Hong Kong 2.5%
CLP Holdings, Ltd. (Utilities)		44,978			413,422
Italy 7.0%
Atlantia S.p.A. (Transportation)		15,967			200,143
Enel S.p.A. (Utilities)		96,423			671,144
Terna Rete Elettrica Nazionale S.p.A. (Utilities)		45,371			287,517
					1,158,804
Japan 3.4%
Chubu Electric Power Co., Inc. (Utilities)		25,600			360,899
East Japan Railway Co. (Rail)		2,600			197,014
					557,913
Mexico 1.2%
Promotora Y Operadora de Infraestructura S.A.B. de C.V. (Transportation)		30,500			204,645
Portugal 1.9%
EDP - Energias de Portugal S.A. (Utilities)		77,583			311,747
Singapore 1.1%
NetLink NBN Trust (Communications)		289,798			182,738
Spain 6.5%
Cellnex Telecom S.A. (Communications)		12,482			568,139
Ferrovial S.A. (Transportation)		10,210			245,173
Iberdrola S.A. (Utilities)		26,814			264,761
					1,078,073
United Kingdom 6.0%
National Grid PLC (Utilities)		57,097			669,205
United Utilities Group PLC (Utilities)		29,001			323,846
					993,051
United States 50.8%
AES Corp. (Utilities)		6,000			81,600
Ameren Corp. (Utilities)		5,300			385,999
American Electric Power Co., Inc. (Utilities)		9,400			751,812
American Tower Corp. (Communications)		2,725			593,369
Atmos Energy Corp. (Utilities)		4,300			426,689
Cheniere Energy, Inc. (Midstream / Pipelines) (a)		12,300			412,050
CMS Energy Corp. (Utilities)		6,400			376,000
Crown Castle International Corp. (Communications)		5,515			796,366
Edison International (Utilities)		9,000			493,110
Equinix, Inc. (Communications)		985			615,201
Essential Utilities, Inc. (Utilities)		9,500			386,650
Exelon Corp. (Utilities)		14,500			533,745
FirstEnergy Corp. (Utilities)		15,900			637,113
NextEra Energy, Inc. (Utilities)		3,000			721,860
NiSource, Inc. (Utilities)		7,600			189,772
Norfolk Southern Corp. (Transportation)		3,300			481,800
ONEOK, Inc. (Midstream / Pipelines)		3,700			80,697
Sempra Energy (Utilities)		1,900			214,681
Union Pacific Corp. (Transportation)		1,900			267,976
					8,446,490
Total Common Stocks (Cost $19,283,460)					16,392,232
Short-Term Investment 1.6%
Affiliated Investment Company 1.6%
United States 1.6%
MainStay U.S. Government Liquidity Fund, 0.09% (b)		271,857			271,857
Total Short-Term Investment (Cost $271,857)					271,857
Total Investments (Cost $19,555,317)		100.3	%		16,664,089
Other Assets, Less Liabilities		(0.3	)		(55,946	)
Net Assets		100.0	%	$	16,608,143

†	Percentages indicated are based on Portfolio net assets.
(a)	Non-income producing security.
(b)	Current yield as of March 31, 2020.

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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
Australia		—		892,641		—		892,641
Belgium		—		216,740		—		216,740
France		—		718,310		—		718,310
Germany		—		200,133		—		200,133
Hong Kong		—		413,422		—		413,422
Italy		—		1,158,804		—		1,158,804
Japan		—		557,913		—		557,913
Portugal		—		311,747		—		311,747
Singapore		—		182,738		—		182,738
Spain		—		1,078,073		—		1,078,073
United Kingdom		—		993,051		—		993,051
All Other Countries		9,668,660		—		—		9,668,660
Total Common Stocks		9,668,660		6,723,572		—		16,392,232
Short-Term Investment
Affiliated Investment Company		271,857		—		—		271,857
Total Investments in Securities	$	9,940,517	$	6,723,572	$	—	$	16,664,089

(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 March 31, 2020 (Unaudited)
		Shares			Value
	Common Stocks 93.3% †
	Electric Utilities 56.1%
	Alliant Energy Corp.		178,400		$	8,614,936
	American Electric Power Co., Inc.		362,700			29,008,746
	Duke Energy Corp.		486,500			39,348,120
	Edison International		1,208,187			66,196,566
	Entergy Corp.		458,398			43,075,660
	Evergy, Inc.		1,093,804			60,213,910
	Exelon Corp.		2,548,186			93,798,727
	FirstEnergy Corp.		1,167,818			46,794,467
	NextEra Energy, Inc.		265,033			63,772,240
	NRG Energy, Inc.		848,845			23,139,515
	PG&E Corp. (a)		961,576			8,644,568
	PNM Resources, Inc.		152,995			5,813,810
	Southern Co.		819,782			44,382,998
						532,804,263
	Gas Utilities 2.7%
	Atmos Energy Corp.		257,200			25,521,956
	Independent Power & Renewable Electricity Producers 9.4%
	AES Corp.		2,203,202			29,963,547
	Atlantica Yield PLC (Spain)		135,880			3,030,124
	Clearway Energy, Inc., Class C		1,398,624			26,294,131
	NextEra Energy Partners, L.P.		387,717			16,671,831
	Vistra Energy Corp.		849,574			13,559,201
						89,518,834
	Multi-Utilities 25.1%
	Ameren Corp.		292,029			21,268,472
	CenterPoint Energy, Inc.		1,574,648			24,328,312
	Consolidated Edison, Inc.		209,000			16,302,000
	Dominion Energy, Inc.		1,634,475			117,992,750
	Public Service Enterprise Group, Inc.		256,953			11,634,612
	Sempra Energy		417,243			47,144,287
						238,670,433
	Total Common Stocks (Cost $924,623,706)					886,515,486
	Short-Term Investment 3.0%
	Affiliated Investment Company 3.0%
	MainStay U.S. Government Liquidity Fund, 0.09% (b)		28,221,979			28,221,979
	Total Short-Term Investment (Cost $28,221,979)					28,221,979
	Total Investments (Cost $952,845,685)		96.3	%		914,737,465
	Other Assets, Less Liabilities		3.7			34,920,269
	Net Assets		100.0	%	$	949,657,734

†	Percentages indicated are based on Portfolio net assets.
(a)	Non-income producing security.
(b)	Current yield as of March 31, 2020.

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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	$	886,515,486	$	—	$	—	$	886,515,486
Short-Term Investment
Affiliated Investment Company		28,221,979		—		—		28,221,979
Total Investments in Securities	$	914,737,465	$	—	$	—	$	914,737,465

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

MainStay VP Emerging Markets Equity Portfolio
Portfolio of Investments  March 31, 2020 (Unaudited)
		Shares			Value
	Common Stocks 93.8% †
	Argentina 0.1%
	Banco Macro S.A., ADR (Banks)		1,200		$	20,376
	MercadoLibre, Inc. (Internet & Direct Marketing Retail) (a)		500			244,290
						264,666
	Brazil 3.8%
	Afya, Ltd., Class A (Diversified Consumer Services) (a)		36,000			686,160
	B3 S.A. - Brasil Bolsa Balcao (Capital Markets)		90,500			625,267
	Banco do Brasil S.A. (Banks)		117,400			630,144
	Banco Santander Brasil S.A. (Banks)		9,800			50,300
	BB Seguridade Participacoes S.A. (Insurance)		25,200			120,517
	Camil Alimentos S.A. (Food Products)		163,200			244,670
	Centrais Eletricas Brasileiras S.A. (Electric Utilities)		23,400			107,451
	Cia de Saneamento Do Parana (Water Utilities)		91,200			418,606
	Cosan S.A. (Oil, Gas & Consumable Fuels)		10,500			108,635
	Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household Durables)		320,100			870,463
	Enauta Participacoes S.A. (Oil, Gas & Consumable Fuels)		88,700			156,195
	Equatorial Energia S.A. (Electric Utilities)		200,000			677,431
	Hypera S.A. (Pharmaceuticals)		26,800			147,459
	IRB Brasil Resseguros S.A. (Insurance)		135,000			251,496
	Localiza Rent a Car S.A. (Road & Rail)		48,000			242,951
	Magazine Luiza S.A. (Multiline Retail)		113,000			847,919
	Marfrig Global Foods S.A. (Food Products) (a)		111,000			189,055
	Notre Dame Intermedica Participacoes S.A. (Health Care Providers & Services)		62,500			540,790
	Petroleo Brasileiro S.A. (Oil, Gas & Consumable Fuels)		15,000			40,819
	Qualicorp Consultoria e Corretora de Seguros S.A. (Health Care Providers & Services) (a)		82,900			376,521
	Raia Drogasil S.A. (Food & Staples Retailing)		30,300			593,918
	Vale S.A. (Metals & Mining)		172,875			1,437,936
	WEG S.A. (Electrical Equipment)		94,900			613,112
	Wiz Solucoes e Corretagem de Seguros S.A. (Insurance)		68,300			118,563
	XP, Inc, Class A (Capital Markets) (a)		38,000			733,020
						10,829,398
	Canada 0.3%
	Atlas Corp (Marine) (b)		41,900			322,211
	Pan American Silver Corp. (Metals & Mining)		42,000			601,860
	Suven Pharmaceuticals, Ltd. (Pharmaceuticals) (a)		38,021			101,522
						1,025,593
	Chile 0.2%
	Sociedad Quimica y Minera de Chile S.A., Sponsored ADR (Chemicals)		30,000			676,500
	China 41.1%
	21Vianet Group, Inc., ADR (IT Services) (a)		27,800			385,308
	AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components) (b)		80,000			412,271
	Agricultural Bank of China, Ltd., Class H (Banks)		433,000			173,027
	Aier Eye Hospital Group Co., Ltd., Class A (Health Care Providers & Services)		156,977			875,523
	Alibaba Group Holding, Ltd., Sponsored ADR (Internet & Direct Marketing Retail) (a)		88,119			17,137,383
	Alibaba Health Information Technology, Ltd. (Health Care Technology) (a)		730,000			1,212,273
	Anhui Conch Cement Co., Ltd., Class H (Construction Materials)		258,500			1,787,006
	ANTA Sports Products, Ltd. (Textiles, Apparel & Luxury Goods)		90,000			650,507
	Asia Cement China Holdings Corp. (Construction Materials)		97,000			98,162
	BAIC Motor Corp., Ltd., Class H (Automobiles) (c)		1,787,500			702,616
	Baidu, Inc., Sponsored ADR (Interactive Media & Services) (a)		13,400			1,350,586
	Bank of China, Ltd., Class H (Banks)		4,298,000			1,640,184
	Bank of Shanghai Co., Ltd., Class A (Banks)		779,942			908,058
	BYD Electronic International Co., Ltd. (Communications Equipment) (b)		346,500			575,015
	Central China Real Estate, Ltd. (Real Estate)		115,000			58,489
	Changyou.com, Ltd., ADR (Entertainment) (b)		1,900			20,330
	China Aoyuan Group, Ltd. (Real Estate Management & Development)		1,504,000			1,750,438
	China CITIC Bank Corp., Ltd., Class H (Banks)		1,728,000			850,956
	China Construction Bank Corp., Class H (Banks)		7,025,100			5,725,970
	China Everbright Bank Co., Ltd., Class H (Banks)		853,000			325,719
	China Evergrande Group (Real Estate Management & Development) (b)		476,000			783,558
	China Galaxy Securities Co., Ltd., Class H (Capital Markets)		327,500			158,059
	China Lesso Group Holdings, Ltd. (Building Products)		1,268,000			1,663,969
	China Life Insurance Co., Ltd., Class H (Insurance)		270,000			529,653
	China Lumena New Materials Corp. (Chemicals) (a)(d)(e)		6,500			0
	China Medical System Holdings, Ltd. (Pharmaceuticals)		341,000			367,603
	China Merchants Bank Co., Ltd., Class H (Banks)		514,000			2,307,544
	China Minsheng Banking Corp., Ltd., Class H (Banks)		1,137,500			842,288
	China Mobile, Ltd. (Wireless Telecommunication Services)		135,500			1,023,687
	China National Building Material Co., Ltd., Class H (Construction Materials)		1,754,000			1,903,994
	China Overseas Grand Oceans Group, Ltd. (Real Estate Management & Development)		438,000			254,640
	China Overseas Land & Investment, Ltd. (Real Estate Management & Development)		200,000			617,186
	China Shineway Pharmaceutical Group, Ltd. (Pharmaceuticals)		195,000			145,562
	China Tower Corp., Ltd., Class H (Diversified Telecommunication Services) (c)		6,499,839			1,451,194
	China Traditional Chinese Medicine Holdings Co., Ltd. (Pharmaceuticals)		1,410,000			640,041
	China Vanke Co., Ltd., Class H (Real Estate Management & Development)		75,900			248,609
	Chlitina Holding, Ltd. (Personal Products)		65,000			365,399
	CITIC, Ltd. (Industrial Conglomerates)		981,000			1,021,377
	CNOOC, Ltd. (Oil, Gas & Consumable Fuels)		1,402,000			1,461,691
	Consun Pharmaceutical Group, Ltd. (Pharmaceuticals)		147,000			66,372
	Contemporary Amperex Technology Co., Ltd., Class A (Electrical Equipment)		22,927			387,073
	Country Garden Services Holdings Co., Ltd. (Commercial Services & Supplies)		420,000			1,697,070
	ENN Energy Holdings, Ltd. (Gas Utilities)		114,000			1,096,338
	Geely Automobile Holdings, Ltd. (Automobiles)		479,930			703,377
	GF Securities Co., Ltd., Class H (Capital Markets)		116,600			124,403
	Great Wall Motor Co., Ltd., Class H (Automobiles)		1,314,000			837,206
	GSX Techedu, Inc., ADR (Diversified Consumer Services) (a)		3,000			127,136
	Guotai Junan Securities Co., Ltd., Class H (Capital Markets) (c)		150,200			222,808
	Haitong Securities Co., Ltd., Class H (Capital Markets)		436,800			397,677
	Hangzhou Tigermed Consulting Co., Ltd., Class A (Life Sciences Tools & Services)		87,919			790,485
	Hengli Petrochemical Co., Ltd., Class A (Chemicals)		373,936			660,126
	Hundsun Technologies, Inc., Class A (Software)		99,773			1,230,040
	Industrial & Commercial Bank of China, Ltd., Class H (Banks)		2,184,000			1,490,161
	JD.com, Inc., ADR (Internet & Direct Marketing Retail) (a)		96,452			3,906,306
	JinkoSolar Holding Co., Ltd., ADR (Semiconductors & Semiconductor Equipment) (a)(b)		4,600			68,310
	Kingsoft Corp., Ltd. (Software) (a)		26,000			84,358
	Lepu Medical Technology Beijing Co., Ltd., Class A (Health Care Equipment & Supplies)		179,997			915,145
	LexinFintech Holdings, Ltd., ADR (Consumer Finance) (a)(b)		11,100			98,457
	Longfor Group Holdings, Ltd. (Real Estate Management & Development) (c)		300,000			1,451,772
	Luckin Coffee, Inc., ADR (Hotels, Restaurants & Leisure) (a)(b)		25,000			679,750
	Luxshare Precision Industry Co., Ltd., Class A (Electronic Equipment, Instruments & Components)		219,930			1,175,847
	Luye Pharma Group, Ltd. (Pharmaceuticals) (c)		468,500			227,585
	Meituan Dianping, Class B (Internet & Direct Marketing Retail) (a)		62,000			744,032
	NetEase, Inc., ADR (Entertainment)		7,700			2,471,392
	New Oriental Education & Technology Group, Inc., Sponsored ADR (Diversified Consumer Services) (a)		11,900			1,288,056
	PICC Property & Casualty Co., Ltd., Class H (Insurance)		176,000			169,285
	Pinduoduo, Inc., ADR (Internet & Direct Marketing Retail) (a)		20,000			720,600
	Ping An Insurance Group Co. of China, Ltd., Class H (Insurance)		591,500			5,786,146
	Postal Savings Bank of China Co., Ltd., Class H (Banks) (c)		2,250,000			1,365,728
	Powerlong Real Estate Holdings, Ltd. (Real Estate)		593,000			346,595
	Ronshine China Holdings, Ltd. (Real Estate)		301,000			292,936
	Sany Heavy Industry Co., Ltd., Class A (Machinery)		569,906			1,397,876
	Semiconductor Manufacturing International Corp. (Semiconductors & Semiconductor Equipment) (a)		109,500			171,240
	Shandong Linglong Tyre Co., Ltd., Class A (Auto Components)		289,900			811,370
	Shandong Weigao Group Medical Polymer Co., Ltd., Class H (Health Care Equipment & Supplies)		128,000			161,279
	Shimao Property Holdings, Ltd. (Real Estate Management & Development)		380,000			1,330,022
	Sihuan Pharmaceutical Holdings Group, Ltd. (Pharmaceuticals)		3,111,000			312,415
	Silergy Corp. (Semiconductors & Semiconductor Equipment)		22,000			707,714
	Sinopec Engineering Group Co., Ltd., Class H (Construction & Engineering)		532,000			222,954
	Sunac China Holdings, Ltd. (Real Estate Management & Development)		37,000			170,168
	Sunny Optical Technology Group Co., Ltd. (Electronic Equipment, Instruments & Components)		135,800			1,811,293
	TAL Education Group, ADR (Diversified Consumer Services) (a)		4,300			229,018
	TCL Electronics Holdings, Ltd. (Household Durables)		264,000			110,160
	Tencent Holdings, Ltd. (Interactive Media & Services)		306,400			14,940,546
	Vipshop Holdings, Ltd., ADR (Internet & Direct Marketing Retail) (a)		119,000			1,854,020
	Weichai Power Co., Ltd., Class H (Machinery)		39,000			62,418
	Weiqiao Textile Co., Ltd., Class H (Textiles, Apparel & Luxury Goods)		200,500			38,669
	Wuxi Biologics Cayman, Inc. (Life Sciences Tools & Services) (a)(c)		78,000			1,005,542
	Xinyi Solar Holdings, Ltd. (Semiconductors & Semiconductor Equipment)		1,082,000			603,881
	Yantai Jereh Oilfield Services Group Co., Ltd., Class A (Energy Equipment & Services)		119,948			371,652
	Yanzhou Coal Mining Co., Ltd., Class H (Oil, Gas & Consumable Fuels)		676,000			527,918
	YiChang HEC ChangJiang Pharmaceutical Co., Ltd., Class H (Pharmaceuticals) (c)		81,000			380,978
	Yihai International Holding, Ltd. (Food Products)		156,000			1,176,149
	Yonyou Network Technology Co., Ltd., Class A (Software)		229,935			1,317,695
	Yuexiu Property Co., Ltd. (Real Estate Management & Development)		1,886,000			338,971
	Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)		2,200			93,786
	Zhejiang Dingli Machinery Co., Ltd., Class A (Machinery)		89,996			730,512
	Zhongsheng Group Holdings, Ltd. (Specialty Retail)		200,000			696,208
	Zoomlion Heavy Industry Science & Technology Co., Ltd., Class H (Machinery)		1,134,000			822,116
	ZTO Express Cayman, Inc., ADR (Air Freight & Logistics) (a)		38,000			1,006,240
						117,451,257
	Colombia 0.4%
	Bancolombia S.A., Sponsored ADR (Banks)		18,000			449,280
	Corp. Financiera Colombiana S.A. (Diversified Financial Services) (a)		9,604			60,953
	Ecopetrol S.A. (Oil, Gas & Consumable Fuels)		193,764			90,633
	Geopark, Ltd. (Oil, Gas & Consumable Fuels)		24,000			169,680
	Interconexion Electrica S.A. E.S.P. (Electric Utilities)		90,519			344,962
						1,115,508
	Egypt 0.2%
	Commercial International Bank Egypt S.A.E., GDR (Banks)		174,000			626,400
	Greece 0.3%
	FF Group (Textiles, Apparel & Luxury Goods) (a)(d)(e)		19,000			50,292
	Hellenic Telecommunications Organization S.A. (Diversified Telecommunication Services)		29,585			359,383
	Motor Oil Hellas Corinth Refineries S.A. (Oil, Gas & Consumable Fuels)		5,192			64,850
	Public Power Corp. S.A. (Electric Utilities) (a)		129,459			327,159
						801,684
	Hong Kong 0.9%
	China Metal Recycling Holdings, Ltd. (Metals & Mining) (a)(d)(e)		75,000			0
	China Resources Cement Holdings, Ltd. (Construction Materials)		236,000			280,347
	Kingboard Laminates Holdings, Ltd. (Electronic Equipment, Instruments & Components)		656,500			604,205
	Nine Dragons Paper Holdings, Ltd. (Paper & Forest Products)		850,000			771,793
	Xinyi Glass Holdings, Ltd. (Auto Components)		897,000			1,021,946
						2,678,291
	Hungary 0.1%
	OTP Bank Nyrt. (Banks)		13,652			396,022
	India 6.8%
	Alkem Laboratories, Ltd. (Pharmaceuticals)		8,131			246,702
	Asian Paints, Ltd. (Chemicals)		44,801			971,763
	Avanti Feeds, Ltd. (Food Products)		41,134			157,284
	Avenue Supermarts, Ltd. (Food & Staples Retailing) (a)(c)		15,236			446,180
	Axis Bank, Ltd. (Banks)		12,000			59,123
	Bajaj Finance, Ltd. (Consumer Finance)		31,000			892,963
	Bharti Airtel, Ltd. (Wireless Telecommunication Services) (a)		116,377			669,864
	Bharti Infratel, Ltd. (Diversified Telecommunication Services)		160,632			336,578
	Biocon, Ltd. (Biotechnology)		270,000			964,583
	Dr. Reddy's Laboratories, Ltd. (Pharmaceuticals)		4,455			182,476
	GlaxoSmithkline Consumer Healthcare, Ltd. (Food Products)		996			129,906
	HCL Technologies, Ltd. (IT Services)		32,010			181,950
	Hindustan Petroleum Corp., Ltd. (Oil, Gas & Consumable Fuels)		117,246			291,433
	Hindustan Unilever, Ltd. (Household Products)		60,998			1,836,059
	Housing Development Finance Corp., Ltd. (Thrifts & Mortgage Finance)		90,996			1,933,813
	ICICI Bank, Ltd. (Banks)		106,550			461,782
	ICICI Securities, Ltd. (Capital Markets) (c)		43,210			155,719
	Info Edge India, Ltd. (Interactive Media & Services)		18,000			484,355
	Infosys, Ltd. (IT Services)		104,900			878,859
	Ipca Laboratories, Ltd. (Pharmaceuticals)		8,627			157,827
	ITC, Ltd. (Tobacco)		153,215			340,017
	JSW Steel, Ltd. (Metals & Mining)		160,000			304,370
	Jubilant Foodworks, Ltd. (Hotels, Restaurants & Leisure)		18,000			350,053
	KEI Industries, Ltd. (Electrical Equipment)		3,174			11,257
	Maruti Suzuki India, Ltd. (Automobiles)		6,000			336,252
	Nestle India, Ltd. (Food Products)		835			179,592
	NMDC, Ltd. (Metals & Mining)		277,947			289,383
	Petronet LNG, Ltd. (Oil, Gas & Consumable Fuels)		504,509			1,324,191
	Power Grid Corp. of India, Ltd. (Electric Utilities)		22,979			47,829
	PVR, Ltd. (Entertainment)		15,000			234,967
	REC, Ltd. (Diversified Financial Services)		227,183			267,837
	Reliance Industries, Ltd. (Oil, Gas & Consumable Fuels)		230,440			3,349,958
	State Bank of India (Banks) (a)		52,357			135,617
	Strides Pharma Science, Ltd. (Pharmaceuticals)		9,308			39,670
	Tata Consultancy Services, Ltd. (IT Services)		11,386			271,792
	Tech Mahindra, Ltd. (IT Services)		21,015			154,800
	Titan Co., Ltd. (Textiles, Apparel & Luxury Goods)		21,000			257,534
						19,334,338
	Indonesia 0.7%
	PT Bank Rakyat Indonesia Persero Tbk (Banks)		1,800,000			330,999
	PT Gudang Garam Tbk (Tobacco)		173,400			436,545
	PT Indah Kiat Pulp & Paper Corp. Tbk (Paper & Forest Products)		1,816,300			444,636
	PT Indofood Sukses Makmur Tbk (Food Products)		2,168,800			842,457
						2,054,637
	Malaysia 1.4%
	AMMB Holdings BHD (Banks)		506,200			347,938
	Dialog Group BHD (Energy Equipment & Services)		1,500,000			1,047,038
	Hartalega Holdings BHD (Health Care Equipment & Supplies)		279,100			443,229
	Kuala Lumpur Kepong BHD (Food Products)		60,800			290,331
	Malayan Banking BHD (Banks)		404,900			694,500
	Serba Dinamik Holdings BHD (Energy Equipment & Services)		382,900			129,955
	Telekom Malaysia BHD (Diversified Telecommunication Services)		749,700			656,975
	Top Glove Corp. BHD (Health Care Equipment & Supplies)		298,500			444,337
						4,054,303
	Mexico 1.3%
	Aleatica, S.A.B. de C.V. (Transportation Infrastructure) (b)		57,600			42,491
	America Movil S.A.B. de C.V., Series L (Wireless Telecommunication Services)		722,600			429,494
	Credito Real S.A.B. de C.V. (Consumer Finance)		12,900			9,087
	Fibra Uno Administracion S.A. de C.V. (Equity Real Estate Investment Trusts)		39,500			31,004
	Gentera S.A.B. de C.V. (Consumer Finance)		197,900			76,499
	Grupo Financiero Banorte S.A.B. de C.V., Class O (Banks)		200,000			548,003
	Grupo Mexico S.A.B. de C.V., Series B (Metals & Mining)		473,000			877,111
	Kimberly-Clark de Mexico S.A.B. de C.V., Class A (Household Products)		768,600			1,168,330
	Wal-Mart de Mexico S.A.B. de C.V. (Food & Staples Retailing)		179,500			422,900
						3,604,919
	Peru 0.5%
	Credicorp, Ltd. (Banks)		2,400			343,368
	Southern Copper Corp. (Metals & Mining)		36,000			1,013,760
						1,357,128
	Philippines 0.8%
	Cebu Air, Inc. (Airlines)		44,360			39,479
	First Gen Corp. (Independent Power & Renewable Electricity Producers)		295,500			95,372
	Globe Telecom, Inc. (Wireless Telecommunication Services)		22,626			860,118
	GT Capital Holdings, Inc. (Industrial Conglomerates)		39,390			312,666
	Metro Pacific Investments Corp. (Diversified Financial Services)		6,911,000			326,517
	PLDT, Inc. (Wireless Telecommunication Services)		30,430			677,142
	Security Bank Corp. (Banks)		3,900			8,145
						2,319,439
	Poland 1.1%
	Asseco Poland S.A. (Software)		22,497			315,137
	Bank Polska Kasa Opieki S.A. (Banks)		1,744			23,615
	CD Projekt S.A. (Entertainment)		21,000			1,463,814
	Dino Polska S.A. (Food & Staples Retailing) (a)(c)		24,000			938,724
	Enea S.A. (Electric Utilities) (a)		94,574			108,063
	Eurocash S.A. (Food & Staples Retailing)		43,121			177,022
	PLAY Communications S.A. (Wireless Telecommunication Services) (c)		20,185			142,796
	Powszechny Zaklad Ubezpieczen S.A. (Insurance)		15,866			119,934
						3,289,105
	Republic of Korea 11.8%
	BNK Financial Group, Inc. (Banks)		14,334			51,767
	Celltrion, Inc. (Biotechnology) (a)		8,152			1,528,776
	Daelim Industrial Co., Ltd. (Construction & Engineering)		12,351			740,103
	Dongwon Industries Co., Ltd. (Food Products)		180			25,350
	Doosan Bobcat, Inc. (Machinery)		20,275			293,629
	Hana Financial Group, Inc. (Banks)		54,013			1,007,086
	Hotel Shilla Co., Ltd. (Specialty Retail)		6,800			389,573
	Hyundai Heavy Industries Holdings Co., Ltd. (Machinery)		2,442			391,617
	Hyundai Marine & Fire Insurance Co., Ltd. (Insurance)		16,000			293,961
	Hyundai Mobis Co., Ltd. (Auto Components)		3,445			474,411
	Industrial Bank of Korea (Banks)		56,530			344,789
	Kakao Corp. (Interactive Media & Services)		12,200			1,535,767
	KB Financial Group, Inc. (Banks)		69,673			1,944,019
	Kia Motors Corp. (Automobiles)		34,345			726,674
	Koh Young Technology, Inc. (Semiconductors & Semiconductor Equipment)		7,400			470,931
	Korea Investment Holdings Co., Ltd. (Capital Markets)		15,484			625,634
	LG Household & Health Care, Ltd. (Personal Products)		600			548,869
	Mcnex Co., Ltd. (Electronic Equipment, Instruments & Components)		1,476			31,180
	Meritz Securities Co., Ltd. (Capital Markets)		143,177			328,097
	NAVER Corp. (Interactive Media & Services)		8,000			1,100,507
	NCSoft Corp. (Entertainment)		4,664			2,468,943
	Orion Corp. (Food Products)		5,000			469,904
	POSCO (Metals & Mining)		3,607			473,279
	Samsung Biologics Co., Ltd. (Life Sciences Tools & Services) (a)(c)		2,864			1,122,354
	Samsung Electro-Mechanics Co., Ltd. (Electronic Equipment, Instruments & Components)		5,000			394,819
	Samsung Electronics Co., Ltd. (Technology Hardware, Storage & Peripherals)		286,375			11,129,710
	Samsung SDI Co., Ltd. (Electronic Equipment, Instruments & Components)		3,600			703,367
	Seegene, Inc. (Biotechnology)		1,659			151,885
	Shinhan Financial Group Co., Ltd. (Banks)		3,123			72,680
	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		55,075			3,725,721
	Woori Financial Group, Inc. (Banks)		10,787			66,792
						33,632,194
	Romania 0.1%
	NEPI Rockcastle PLC (Real Estate)		47,668			198,620
	Russia 4.2%
	Gazprom PAO, Sponsored ADR (Oil, Gas & Consumable Fuels)		215,810			984,094
	LUKOIL PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		5,727			338,809
	Magnitogorsk Iron & Steel Works PJSC, Registered, Sponsored GDR (Metals & Mining)		7,422			46,536
	MMC Norilsk Nickel PJSC (Metals & Mining)		4,400			1,092,885
	MMC Norilsk Nickel PJSC ADR (Metals & Mining)		23,611			572,803
	Mobile TeleSystems PJSC, Sponsored ADR (Wireless Telecommunication Services)		25,000			190,000
	Novatek PJSC, Sponsored GDR (Oil, Gas & Consumable Fuels)		2,834			326,760
	Polymetal International PLC (Metals & Mining)		95,000			1,610,588
	Polyus PJSC (Metals & Mining) (a)		12,500			1,704,148
	QIWI PLC, Sponsored ADR (IT Services) (b)		34,000			364,140
	Sberbank of Russia PJSC, Sponsored ADR (Banks)		123,813			1,163,842
	Surgutneftegas PJSC, Sponsored ADR (Oil, Gas & Consumable Fuels)		273,027			1,135,792
	Tatneft PJSC (Oil, Gas & Consumable Fuels)		110,000			771,709
	TCS Group Holding PLC (Banks)		68,000			786,080
	Yandex N.V., Class A (Interactive Media & Services) (a)		27,000			919,350
						12,007,536
	Singapore 0.1%
	IGG, Inc. (Entertainment) (b)		305,000			181,321
	South Africa 4.2%
	Absa Group, Ltd. (Banks)		9,070			37,955
	Anglo American Platinum, Ltd. (Metals & Mining)		5,558			233,548
	AngloGold Ashanti, Ltd. (Metals & Mining)		78,000			1,332,991
	Astral Foods, Ltd. (Food Products)		35,461			380,186
	Capitec Bank Holdings, Ltd. (Banks)		11,000			538,547
	Clicks Group, Ltd. (Food & Staples Retailing)		9,027			129,820
	DataTec, Ltd. (Electronic Equipment, Instruments & Components)		166,991			259,118
	Exxaro Resources, Ltd. (Oil, Gas & Consumable Fuels)		15,019			82,968
	Harmony Gold Mining Co., Ltd. (Metals & Mining) (a)		139,279			304,652
	Impala Platinum Holdings, Ltd. (Metals & Mining)   (b)		74,000			312,556
	Impala Platinum Holdings, Ltd. (Metals & Mining)		83,080			350,908
	Liberty Holdings, Ltd. (Insurance)		77,179			285,412
	Motus Holdings, Ltd. (Specialty Retail) (a)		44,529			67,305
	MTN Group, Ltd. (Wireless Telecommunication Services)		279,524			754,203
	Naspers, Ltd. (Internet & Direct Marketing Retail)		44,529			6,326,278
	Old Mutual, Ltd. (Insurance)		363,986			240,705
	Resilient REIT, Ltd. (Equity Real Estate Investment Trusts)		27,337			48,547
	Sibanye Stillwater, Ltd. (Metals & Mining) (a)		227,911			287,605
	Wilson Bayly Holmes-Ovcon, Ltd. (Construction & Engineering)		9,020			40,393
						12,013,697
	Spain 0.0% ‡
	Banco Santander S.A. (Banks) (a)		22,599			53,748
	Taiwan 11.7%
	Accton Technology Corp. (Communications Equipment)		172,000			912,416
	Airtac International Group (Machinery)		160,000			2,345,795
	Asia Cement Corp. (Construction Materials)		226,000			294,496
	ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment)		35,000			1,185,666
	Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals)		111,000			750,701
	Center Laboratories, Inc. (Pharmaceuticals)		184,687			241,702
	Chailease Holding Co., Ltd. (Diversified Financial Services)		400,000			1,210,640
	ChipMos Technologies, Inc. (Semiconductors & Semiconductor Equipment)		65,000			56,400
	CTBC Financial Holding Co., Ltd. (Banks)		1,636,000			968,540
	E.Sun Financial Holding Co., Ltd. (Banks)		1,722,443			1,381,549
	Fubon Financial Holding Co., Ltd. (Insurance)		68,000			84,449
	Globalwafers Co., Ltd. (Semiconductors & Semiconductor Equipment)		44,000			487,002
	Hon Hai Precision Industry Co., Ltd. (Electronic Equipment, Instruments & Components)		328,892			760,362
	International Games System Co., Ltd. (Entertainment)		21,000			379,848
	Largan Precision Co., Ltd. (Electronic Equipment, Instruments & Components)		9,200			1,143,698
	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		32,000			340,832
	Pou Chen Corp. (Textiles, Apparel & Luxury Goods)		164,000			139,131
	Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment)		577,000			1,615,907
	Taishin Financial Holding Co., Ltd. (Banks)		432,000			167,169
	Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)		1,598,000			14,263,769
	TXC Corp. (Electronic Equipment, Instruments & Components)		23,000			33,264
	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		1,973,000			882,628
	Walsin Technology Corp. (Electronic Equipment, Instruments & Components)		131,000			684,203
	Wei Chuan Foods Corp. (Food Products)		287,000			187,225
	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		54,000			462,143
	Wiwynn Corp. (Technology Hardware, Storage & Peripherals)		54,000			1,233,803
	Yageo Corp. (Electronic Equipment, Instruments & Components)		53,000			471,785
	Yuanta Financial Holding Co., Ltd. (Diversified Financial Services)		1,471,000			756,572
						33,441,695
	Thailand 1.0%
	Airports of Thailand PCL, NVDR (Transportation Infrastructure)		340,000			531,956
	Charoen Pokphand Foods PCL, NVDR (Food Products)		1,105,800			818,598
	JMT Network Services PCL, NVDR (Commercial Services & Supplies)		558,200			222,738
	Krung Thai Bank PCL, NVDR (Banks)		1,091,800			383,202
	PTT PCL, NVDR (Oil, Gas & Consumable Fuels)		205,900			192,877
	Srisawad Corp. PCL, NVDR (Consumer Finance)		476,700			617,148
						2,766,519
	Turkey 0.6%
	Enerjisa Enerji A/S (Electric Utilities) (c)		342,223			346,712
	Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)		126,207			141,446
	Haci Omer Sabanci Holding A/S (Diversified Financial Services)		336,140			374,387
	Tofas Turk Otomobil Fabrikasi A/S (Automobiles)		102,822			251,805
	Turk Hava Yollari AO (Airlines) (a)		140,000			187,482
	Turkiye Garanti Bankasi A/S (Banks) (a)		440,000			529,530
						1,831,362
	United States 0.1%
	EPAM Systems, Inc. (IT Services) (a)		1,600			297,056
	Total Common Stocks (Cost $298,129,095)					268,302,936
	Exchange-Traded Funds 1.5%
	United States 1.5%
	iShares MSCI Saudi Arabia ETF (Capital Markets)		48,296			1,155,723
	Xtrackers Harvest CSI 300 China A-Shares ETF (Capital Markets) (b)		115,845			2,999,227
	Total Exchange-Traded Funds (Cost $4,867,271)					4,154,950
	Preferred Stocks 2.4%
	Brazil 1.0%
	Itau Unibanco Holding S.A. 5.06%  (Banks)		80,000			355,497
	Itausa - Investimentos Itau S.A. 5.65%  (Banks)		525,800			887,448
	Petroleo Brasileiro S.A 3.09% (Oil, Gas & Consumable Fuels)		393,200			1,058,653
	Telefonica Brasil S.A. 4.89%  (Diversified Telecommunication Services)		49,100			467,273
						2,768,871
	Colombia 0.0% ‡
	Grupo Aval Acciones y Valores S.A. 3.97% (Banks)		309,868			68,427
	Republic of Korea 1.4%
	Amorepacific Corp. 1.21%  (Personal Products)		895			43,494
	Hyundai Motor Co. 1.30%  (Automobiles)		10,117			467,560
	Hyundai Motor Co. 1.43%  (Automobiles)		12,884			541,202
	LG Household & Health Care, Ltd. 1.18%  (Personal Products)		291			151,904
	Samsung Electronics Co., Ltd.   2.19% (Technology Hardware, Storage & Peripherals)		84,617			2,762,110
						3,966,270
	Total Preferred Stocks (Cost $9,881,294)					6,803,568
	Short-Term Investments 2.5%
	Affiliated Investment Company 1.5%
	MainStay U.S. Government Liquidity Fund, 0.09% (f)		4,422,895			4,422,895
	Unaffiliated Investment Company 1.0%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (f)(g)		2,842,603			2,842,603
	Total Short-Term Investments (Cost $7,265,498)					7,265,498
	Total Investments (Cost $320,143,158)		100.2	%		286,526,952
	Other Assets, Less Liabilities		(0.2	)		(560,745	)
	Net Assets		100.0	%	$	285,966,207

†	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 March 31, 2020, the aggregate market value of securities on loan was $6,253,142; the total market value of collateral held by the Portfolio was $6,443,991. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $3,601,388.
(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 March 31, 2020, the total market value of fair valued securities was $50,292, which represented less than one-tenth of a percent of the Portfolio's net assets.
(f)	Current yield as of March 31, 2020.
(g)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages:
ADR	—American Depositary Receipt
ETF	—Exchange-Traded Fund
GDR	—Global Depositary Receipt
NVDR	—Non-Voting Depositary Receipt
PCL	—Provision for Credit Losses

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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: (b)
Canada	$	1,025,593	$	—	$	—	$	1,025,593
China		31,436,678		86,014,579		—		117,451,257
Greece		—		751,392		50,292		801,684
Hong Kong		—		2,678,291		—		2,678,291
Hungary		—		396,022		—		396,022
India		182,476		19,151,862		—		19,334,338
Indonesia		—		2,054,637		—		2,054,637
Malaysia		—		4,054,303		—		4,054,303
Philippines		—		2,319,439		—		2,319,439
Poland		315,137		2,973,968		—		3,289,105
Republic of Korea		—		33,632,194		—		33,632,194
Romania		—		198,620		—		198,620
Russia		10,396,948		1,610,588		—		12,007,536
Singapore		—		181,321		—		181,321
South Africa		287,605		11,726,092		—		12,013,697
Taiwan		917,870		32,523,825		—		33,441,695
Thailand		—		2,766,519		—		2,766,519
Turkey		—		1,831,362		—		1,831,362
All Other Countries		18,825,323		—		—		18,825,323
Total Common Stocks (b)		63,072,493		205,180,151		50,292		268,302,936
Exchange-Traded Funds		4,154,950		—		—		4,154,950
Preferred Stocks		2,837,298		3,966,270		—		6,803,568
Short-Term Investments
Affiliated Investment Company		4,422,895		—		—		4,422,895
Unaffiliated Investment Company		2,842,603		—		—		2,842,603
Total Short-Term Investments		7,265,498		—		—		7,265,498
Total Investments in Securities	$	77,330,239	$	209,146,421	$	50,292	$	286,526,952

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.
(b)	The Level 3 securities valued at $0, $50,292 and $0 are held in China, Greece and Hong Kong, 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, 2019		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  March 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held as of March 31, 2020
Common Stocks
	$	51,150	$	-	$	(11,839	)	$	(44,525	)	$	204,190	$	(47,162	)	$	-	$	101,522	$	50,292	$	(44,525	)
Total	$	51,150	$	-	$	(11,839	)	$	(44,525	)	$	204,190	$	(47,162	)	$	-	$	101,522	$	50,292	$	(44,525	)

As of March 31, 2020, a security with a market value of $101,522 transferred from Level 3 to Level 1 as the the fair value obtained from an independent pricing service, utilized significant other observable inputs. As of December 31, 2019, the fair value obtained for this security, as determined by an independent pricing service, utilized significant unobservable inputs.

MainStay VP IQ Hedge Multi-Strategy Portfolio
Portfolio of Investments  March 31, 2020 (Unaudited)
		Shares			Value
	Exchange-Traded Funds 97.4% †
	Bonds 74.8%
	Bank Loan Funds 13.3%
	Invesco Senior Loan ETF (a)	1,636,519		$	33,483,179
	SPDR Blackstone / GSO Senior Loan ETF (a)	336,105			13,447,561
					46,930,740
	Emerging Bonds - Local Currency Funds 2.6%
	SPDR Bloomberg Barclays Convertible Securities ETF	125,828			6,022,128
	SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	25,347			620,748
	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	79,999			2,277,571
	WisdomTree Emerging Markets Local Debt Fund	3,254			96,091
					9,016,538
	Emerging Bonds - USD Funds 1.2%
	iShares JP Morgan USD Emerging Markets Bond ETF	38,381			3,710,675
	Vanguard Emerging Markets Government Bond ETF	6,397			450,349
					4,161,024
	Floating Rate - Investment Grade Funds 7.4%
	iShares Floating Rate Bond ETF	400,800			19,534,992
	SPDR Bloomberg Barclays Investment Grade Floating Rate ETF (a)	230,998			6,791,341
					26,326,333
	High Yield Corporate Bond Funds 6.6%
	iShares 0-5 Year High Yield Corporate Bond ETF	150,808			6,163,523
	iShares iBoxx High Yield Corporate Bond ETF	94,083			7,250,977
	SPDR Bloomberg Barclays High Yield Bond ETF	41,045			3,888,603
	SPDR Bloomberg Barclays Short Term High Yield Bond ETF (a)	171,634			4,043,697
	Xtrackers USD High Yield Corporate Bond ETF	48,871			2,153,745
					23,500,545
	Investment Grade Corporate Bond Funds 9.9%
	iShares Broad USD Investment Grade Corporate Bond ETF	13,047			730,893
	iShares iBoxx  Investment Grade Corporate Bond ETF (a)	47,544			5,872,160
	SPDR Portfolio Short Term Corporate Bond ETF	164,965			4,990,191
	Vanguard Intermediate-Term Corporate Bond ETF	58,214			5,069,857
	Vanguard Short-Term Corporate Bond ETF (a)	233,749			18,489,546
					35,152,647
	Mortgage-Backed Security Funds 4.2%
	iShares MBS ETF	90,809			10,028,946
	Vanguard Mortgage-Backed Securities ETF	91,451			4,984,079
					15,013,025
	U.S. Long Term Treasury Bond Funds 0.9%
	iShares 20+ Year Treasury Bond ETF	15,388			2,538,558
	SPDR Portfolio Long-Term Treasury ETF	5,938			280,511
	Vanguard Long-Term Treasury ETF	2,643			266,970
					3,086,039
	U.S. Ultra Short Term Treasury Bond Funds 28.7%
	Goldman Sachs Access Treasury 0-1 Year ETF	104,875			10,568,254
	Invesco Treasury Collateral ETF	18,518			1,966,426
	iShares Short Treasury Bond ETF	554,043			61,509,854
	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a)	297,282			27,239,950
					101,284,484
	Total Bonds (Cost $276,249,859)				264,471,375
	Equities 21.1%
	Asia ex Japan Equity Funds 3.8%
	iShares Core MSCI Pacific ETF	127,872			5,928,146
	iShares MSCI All Country Asia ex-Japan ETF (a)	99,298			5,930,076
	Vanguard FTSE Pacific ETF (a)	30,987			1,709,243
					13,567,465
	BRIC Equity Funds 0.7%
	iShares China Large-Cap ETF	27,105			1,017,522
	iShares MSCI China ETF	19,361			1,108,417
	SPDR S&P China ETF (a)	3,425			312,531
					2,438,470
	Broad Fund 0.1%
	FlexShares Global Upstream Natural Resources Index Fund (a)	12,709			286,334
	Emerging Equity Funds 0.2%
	iShares Core MSCI Emerging Markets ETF	10,197			412,672
	Vanguard FTSE Emerging Markets ETF	13,474			452,053
					864,725
	Emerging Small Cap Equity Fund 0.8%
	SPDR S&P Emerging Markets Small Cap ETF (a)	81,411			2,695,518
	Europe Equity Funds 2.2%
	iShares Core MSCI Europe ETF	35,455			1,314,672
	iShares MSCI Eurozone ETF (a)	55,487			1,692,908
	Vanguard FTSE Europe ETF (a)	107,567			4,655,500
					7,663,080
	International Equity Core Funds 2.4%
	iShares Core MSCI EAFE ETF	5,936			296,147
	Vanguard FTSE Developed Markets ETF	9,357			311,962
	Xtrackers MSCI EAFE Hedged Equity ETF (a)	291,152			7,802,874
					8,410,983
	International Large Cap Growth Fund 0.9%
	iShares MSCI EAFE Growth ETF (a)	44,968			3,197,675
	International Small Cap Equity Funds 4.2%
	Schwab International Small-Cap Equity ETF (a)	190,956			4,659,326
	Vanguard FTSE All World ex-U.S. Small-Cap ETF (a)	131,714			10,306,621
					14,965,947
	Japan Equity Fund 0.6%
	iShares MSCI Japan ETF (a)	42,898			2,118,732
	U.S. Large Cap Core Funds 0.9%
	Financial Select Sector SPDR Fund (a)	70,544			1,468,726
	Health Care Select Sector SPDR Fund (a)	17,685			1,566,537
	Invesco KBW Bank ETF	747			25,039
	SPDR S&P Bank ETF (a)	2,913			78,535
					3,138,837
	U.S. Large Cap Growth Funds 0.4%
	iShares Core S&P U.S. Growth ETF (a)	2,416			137,929
	Schwab U.S. Large-Cap Growth ETF (a)	2,067			164,637
	SPDR Portfolio S&P 500 Growth ETF (a)	3,188			113,939
	Vanguard Growth ETF (a)	5,365			840,642
					1,257,147
	U.S. Preferred 0.8%
	Invesco Preferred ETF	57,162			752,252
	iShares Preferred & Income Securities ETF	63,804			2,031,519
					2,783,771
	U.S. Small Cap Core Funds 0.7%
	iShares Russell 2000 ETF (a)	11,722			1,341,700
	Schwab U.S. Small-Cap ETF (a)	5,237			269,810
	Vanguard Small-Cap ETF (a)	7,595			876,767
					2,488,277
	U.S. Small Cap Growth Funds 2.4%
	iShares Russell 2000 Growth ETF (a)	20,607			3,259,409
	iShares S&P Small-Cap 600 Growth ETF (a)	12,963			1,787,079
	Vanguard Small-Cap Growth ETF (a)	23,094			3,471,029
					8,517,517
	Total Equities (Cost $91,980,847)				74,394,478
	Total Exchange-Traded Funds (Cost $368,230,706))				338,865,853
	Exchange-Traded Note 0.9%
	Volatility 0.9%
	iPath Series B S&P 500 VIX Short-Term Futures ETN (b)	68,407			3,163,824
	Total Exchange-Traded Note (Cost $1,257,635)				3,163,824
	Exchange-Traded Vehicles 0.5%
	Currencies 0.5%
	British Pound Fund 0.5%
	Invesco CurrencyShares British Pound Sterling Trust (b)	13,061			1,573,328
	Euro Fund 1.5%
	Invesco CurrencyShares Euro Trust (b)	51,441			5,365,296
	Total Exchange-Traded Vehicles (Cost $7,047,457)				6,938,624
	Short-Term Investments 12.0%
	Affiliated Investment Company 0.1%
	MainStay U.S. Government Liquidity Fund, 0.09% (c)	492,349			492,349
	Unaffiliated Investment Company 11.9%
	State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (c)(d)	42,078,331			42,078,331
	Total Short-Term Investments (Cost $42,570,680)				42,570,680
	Total Investments (Cost $419,106,478)	110.8	%		391,538,981
	Other Assets, Less Liabilities	(10.8	)		(38,118,607	)
	Net Assets	100.0	%	$	353,420,374

†	Percentages indicated are based on Portfolio net assets.
(a)	All or a portion of this security was held on loan. As of March 31, 2020, the aggregate market value of securities on loan was $95,437,441; the total market value of collateral held by the Portfolio was $97,824,094. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $55,745,763.
(b)	Non-income producing security.
(c)	Current yield as of March 31, 2020.
(d)	Represents a security purchased with cash collateral received for securities on loan.

Swap Contracts

Open OTC total return equity swap contracts as of March 31, 2020 were as follows:

Swap Counterparty	Reference Obligation	Floating Rate 1	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)*			Unrealized Appreciation2
Bank of America Merrill Lynch	Consumer Discretionary Select Sector SPDR Fund	1 month LIBOR	10/04/2021	Monthly	$	(568	)	$	—
Morgan Stanley & Co.	Consumer Discretionary Select Sector SPDR Fund	Federal Fund Rate minus 0.05%	9/15/2020	Monthly		(568	)		—
Bank of America Merrill Lynch	Energy Select Sector SPDR Fund	1 month LIBOR	10/04/2021	Monthly		(561	)		—
Morgan Stanley & Co.	Energy Select Sector SPDR Fund	Federal Fund Rate minus 0.10%	9/15/2020	Monthly		(561	)		—
Bank of America Merrill Lynch	Financial Select Sector SPDR Fund	1 month LIBOR plus 0.50%	4/07/2120	Monthly		88			—
Morgan Stanley & Co.	Financial Select Sector SPDR Fund	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		88			—
Bank of America Merrill Lynch	Flexshares Global Upstream	1 month LIBOR plus 0.50%	10/04/2021	Monthly		17			—
Morgan Stanley & Co.	Flexshares Global Upstream	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		17			—
Bank of America Merrill Lynch	Goldman Sachs Access Treasury 0-1 Year ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		493			—
Morgan Stanley & Co.	Goldman Sachs Access Treasury 0-1 Year ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		493			—
Bank of America Merrill Lynch	Graniteshares Gold Trust	1 month LIBOR	10/04/2021	Monthly		(10	)		—
Morgan Stanley & Co.	Graniteshares Gold Trust	Federal Fund Rate minus 4.25%	9/15/2020	Monthly		(10	)		—
Morgan Stanley & Co.	Health Care Select Sector SPDR Fund	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		78			—
Bank of America Merrill Lynch	Health Care Select Sector SPDR Fund	1 month LIBOR plus 0.50%	4/07/2120	Monthly		78			—
Bank of America Merrill Lynch	Invesco CurrencyShares Australian Dollar Trust	1 month LIBOR	10/04/2021	Monthly		(875	)		—
Morgan Stanley & Co.	Invesco CurrencyShares Australian Dollar Trust	Federal Fund Rate minus 3.70%	9/15/2020	Monthly		(114	)		—
Bank of America Merrill Lynch	Invesco CurrencyShares British Pound Sterling Trust	1 month LIBOR plus 0.50%	10/04/2021	Monthly		76			—
Morgan Stanley & Co.	Invesco CurrencyShares British Pound Sterling Trust	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		76			—
Bank of America Merrill Lynch	Invesco CurrencyShares Euro Currency Trust	1 month LIBOR plus 0.50%	10/04/2021	Monthly		253			—
Morgan Stanley & Co.	Invesco CurrencyShares Euro Currency Trust	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		253			—
Bank of America Merrill Lynch	Invesco CurrencyShares Japanese Yen Trust	1 month LIBOR	10/04/2021	Monthly		(26	)		—
Morgan Stanley & Co.	Invesco CurrencyShares Japanese Yen Trust	Federal Fund Rate minus 3.15%	9/15/2020	Monthly		(26	)		—
Bank of America Merrill Lynch	Invesco DB US Dollar Index Bullish Fund	1 month LIBOR	10/04/2021	Monthly		(631	)		—
Morgan Stanley & Co.	Invesco DB US Dollar Index Bullish Fund	Federal Fund Rate minus 5.40%	9/15/2020	Monthly		(631	)		—
Bank of America Merrill Lynch	Invesco KBW Bank ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		2			—
Morgan Stanley & Co.	Invesco KBW Bank ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		2			—
Bank of America Merrill Lynch	Invesco Preferred ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		39			—
Morgan Stanley & Co.	Invesco Preferred ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		39			—
Bank of America Merrill Lynch	Invesco S&P 500 Low Volatility	1 month LIBOR	10/04/2021	Monthly		(722	)		—
Morgan Stanley & Co.	Invesco S&P 500 Low Volatility	Federal Fund Rate minus 1.70%	9/15/2020	Monthly		(722	)		—
Bank of America Merrill Lynch	Invesco Senior Loan ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		1,688			—
Morgan Stanley & Co.	Invesco Senior Loan ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		1,689			—
Bank of America Merrill Lynch	Invesco Treasury Collateral ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		92			—
Morgan Stanley & Co.	Invesco Treasury Collateral ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		92			—
Bank of America Merrill Lynch	iPath Series B S&P 500 VIX Short-Term Futures ETN	1 month LIBOR plus 0.50%	10/04/2021	Monthly		73			—
Morgan Stanley & Co.	iPath Series B S&P 500 VIX Short-Term Futures ETN	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		73			—
Bank of America Merrill Lynch	iShares 0-5 Year High Yield Corporate Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		324			—
Morgan Stanley & Co.	iShares 0-5 Year High Yield Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		324			—
Bank of America Merrill Lynch	iShares 20+ Year Treasury Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		112			—
Morgan Stanley & Co.	iShares 20+ Year Treasury Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		112			—
Bank of America Merrill Lynch	iShares 3-7 Year Treasury Bond ETF	1 month LIBOR	10/04/2021	Monthly		(1,293	)		—
Morgan Stanley & Co.	iShares 3-7 Year Treasury Bond ETF	Federal Fund Rate minus 2.40%	9/15/2020	Monthly		(1,293	)		—
Bank of America Merrill Lynch	iShares Broad USD Investment Grade Corporate Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		37			—
Morgan Stanley & Co.	iShares Broad USD Investment Grade Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		37			—
Morgan Stanley & Co.	iShares China Large-Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		103			—
Bank of America Merrill Lynch	iShares Core MSCI EAFE ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		16			—
Morgan Stanley & Co.	iShares Core MSCI EAFE ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		16			—
Bank of America Merrill Lynch	iShares Core MSCI Emerging Markets ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		23			—
Morgan Stanley & Co.	iShares Core MSCI Emerging Markets ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		23			—
Bank of America Merrill Lynch	iShares Core MSCI Europe ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		74			—
Morgan Stanley & Co.	iShares Core MSCI Europe ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		74			—
Bank of America Merrill Lynch	iShares Core MSCI Pacific ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		313			—
Morgan Stanley & Co.	iShares Core MSCI Pacific ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		313			—
Bank of America Merrill Lynch	iShares Core S&P U.S. Growth ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		7			—
Morgan Stanley & Co.	iShares Core S&P U.S. Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		7			—
Bank of America Merrill Lynch	iShares Core S&P U.S. Value ETF	1 month LIBOR	10/04/2021	Monthly		(267	)		—
Morgan Stanley & Co.	iShares Core S&P U.S. Value ETF	Federal Fund Rate minus 3.30%	9/15/2020	Monthly		(267	)		—
Bank of America Merrill Lynch	iShares Core US REIT ETF	1 month LIBOR	10/04/2021	Monthly		(21	)		—
Morgan Stanley & Co.	iShares Core US REIT ETF	Federal Fund Rate minus 4.00%	9/15/2020	Monthly		(21	)		—
Bank of America Merrill Lynch	iShares Edge MSCI Min Vol Emerging Markets ETF	1 month LIBOR	10/04/2021	Monthly		(720	)		—
Morgan Stanley & Co.	iShares Edge MSCI Min Vol Emerging Markets ETF	Federal Fund Rate minus 0.35%	9/15/2020	Monthly		(720	)		—
Bank of America Merrill Lynch	iShares Edge MSCI Min Vol USA ETF	1 month LIBOR	10/04/2021	Monthly		(2,180	)		—
Morgan Stanley & Co.	iShares Edge MSCI Min Vol USA ETF	Federal Fund Rate minus 0.55%	9/15/2020	Monthly		(2,180	)		—
Bank of America Merrill Lynch	iShares Edge MSCI USA Momentum Factor ETF	1 month LIBOR	10/04/2021	Monthly		(112	)		—
Morgan Stanley & Co.	iShares Edge MSCI USA Momentum Factor ETF	Federal Fund Rate minus 0.60%	9/15/2020	Monthly		(112	)		—
Bank of America Merrill Lynch	iShares Floating Rate Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		954			—
Morgan Stanley & Co.	iShares Floating Rate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		954			—
Bank of America Merrill Lynch	iShares iBoxx $ Investment Grade Corporate Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		294			—
Morgan Stanley & Co.	iShares iBoxx $ Investment Grade Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		294			—
Bank of America Merrill Lynch	iShares iBoxx High Yield Corporate Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		378			—
Morgan Stanley & Co.	iShares iBoxx High Yield Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		378			—
Bank of America Merrill Lynch	iShares JP Morgan USD Emerging Markets Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		207			—
Morgan Stanley & Co.	iShares JP Morgan USD Emerging Markets Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		207			—
Bank of America Merrill Lynch	iShares MBS ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		466			—
Morgan Stanley & Co.	iShares MBS ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		466			—
Bank of America Merrill Lynch	iShares MSCI All Country Asia ex Japan ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		317			—
Morgan Stanley & Co.	iShares MSCI All Country Asia ex Japan ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		317			—
Morgan Stanley & Co.	iShares MSCI China ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		112			—
Bank of America Merrill Lynch	iShares MSCI EAFE Growth ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		167			—
Morgan Stanley & Co.	iShares MSCI EAFE Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		167			—
Bank of America Merrill Lynch	iShares MSCI Eurozone ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		98			—
Morgan Stanley & Co.	iShares MSCI Eurozone ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		98			—
Bank of America Merrill Lynch	iShares MSCI Japan ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		107			—
Morgan Stanley & Co.	iShares MSCI Japan ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		107			—
Bank of America Merrill Lynch	iShares Russell 2000 ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		80			—
Morgan Stanley & Co.	iShares Russell 2000 ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		80			—
Bank of America Merrill Lynch	iShares Russell 2000 Growth ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		190			—
Morgan Stanley & Co.	iShares Russell 2000 Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		190			—
Bank of America Merrill Lynch	iShares Russell 2000 Value ETF	1 month LIBOR	10/04/2021	Monthly		(861	)		—
Morgan Stanley & Co.	iShares Russell 2000 Value ETF	Federal Fund Rate minus 0.65%	9/15/2020	Monthly		(861	)		—
Bank of America Merrill Lynch	iShares S&P Small CAP 600 Value ETF	1 month LIBOR	10/04/2021	Monthly		(584	)		—
Morgan Stanley & Co.	iShares S&P Small CAP 600 Value ETF	Federal Fund Rate minus 3.80%	9/15/2020	Monthly		(584	)		—
Bank of America Merrill Lynch	iShares S&P Small-Cap 600 Growth ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		105			—
Morgan Stanley & Co.	iShares S&P Small-Cap 600 Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		105			—
Bank of America Merrill Lynch	iShares Short Treasury Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		2,868			—
Morgan Stanley & Co.	iShares Short Treasury Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		2,868			—
Bank of America Merrill Lynch	iShares Silver Trust	1 month LIBOR	10/04/2021	Monthly		(137	)		—
Morgan Stanley & Co.	iShares Silver Trust	Federal Fund Rate minus 0.35%	9/15/2020	Monthly		(137	)		—
Bank of America Merrill Lynch	iShares U.S. Preferred Stock ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		108			—
Morgan Stanley & Co.	iShares U.S. Preferred Stock ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		108			—
Bank of America Merrill Lynch	Schwab Intermediate-Term U.S. Treasury ETF	1 month LIBOR	10/04/2021	Monthly		(704	)		—
Morgan Stanley & Co.	Schwab Intermediate-Term U.S. Treasury ETF	Federal Fund Rate minus 2.95%	9/15/2020	Monthly		(704	)		—
Bank of America Merrill Lynch	Schwab International Small-Cap Equity ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		271			—
Morgan Stanley & Co.	Schwab International Small-Cap Equity ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		271			—
Bank of America Merrill Lynch	Schwab U.S. Large Cap Growth ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		9			—
Morgan Stanley & Co.	Schwab U.S. Large Cap Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		9			—
Bank of America Merrill Lynch	Schwab U.S. Large Cap Value ETF	1 month LIBOR	10/04/2021	Monthly		(279	)		—
Morgan Stanley & Co.	Schwab U.S. Large Cap Value ETF	Federal Fund Rate minus 2.60%	9/15/2020	Monthly		(279	)		—
Bank of America Merrill Lynch	Schwab U.S. REIT ETF	1 month LIBOR	10/04/2021	Monthly		(76	)		—
Morgan Stanley & Co.	Schwab U.S. REIT ETF	Federal Fund Rate minus 1.50%	9/15/2020	Monthly		(76	)		—
Bank of America Merrill Lynch	Schwab US Small-Cap ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		16			—
Morgan Stanley & Co.	Schwab US Small-Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		16			—
Bank of America Merrill Lynch	SPDR Blackstone / GSO Senior Loan ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		715			—
Morgan Stanley & Co.	SPDR Blackstone / GSO Senior Loan ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		715			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		1,272			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		1,272			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Convertible Securities ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		325			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Convertible Securities ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		325			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		32			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Emerging Markets Local Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		32			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays High Yield Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		205			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays High Yield Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		205			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Invest	1 month LIBOR plus 0.50%	10/04/2021	Monthly		332			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Invest	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		332			—
Bank of America Merrill Lynch	SPDR Bloomberg Barclays Short Term High Yield Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		214			—
Morgan Stanley & Co.	SPDR Bloomberg Barclays Short Term High Yield Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		214			—
Bank of America Merrill Lynch	SPDR Dow Jones International Real Estate ETF	1 month LIBOR	10/04/2021	Monthly		(541	)		—
Morgan Stanley & Co.	SPDR Dow Jones International Real Estate ETF	Federal Fund Rate minus 0.65%	9/15/2020	Monthly		(541	)		—
Bank of America Merrill Lynch	SPDR Gold MiniShares Trust	1 month LIBOR	10/04/2021	Monthly		(20	)		—
Morgan Stanley & Co.	SPDR Gold MiniShares Trust	Federal Fund Rate minus 0.70%	9/15/2020	Monthly		(20	)		—
Bank of America Merrill Lynch	SPDR Gold Shares	1 month LIBOR	10/04/2021	Monthly		(704	)		—
Morgan Stanley & Co.	SPDR Gold Shares	Federal Fund Rate minus 0.35%	9/15/2020	Monthly		(704	)		—
Bank of America Merrill Lynch	SPDR Portfolio Long Term Treasury ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		12			—
Morgan Stanley & Co.	SPDR Portfolio Long Term Treasury ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		12			—
Bank of America Merrill Lynch	SPDR Portfolio S&P 500 Growth ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		6			—
Morgan Stanley & Co.	SPDR Portfolio S&P 500 Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		6			—
Bank of America Merrill Lynch	SPDR Portfolio S&P 500 Value ETF	1 month LIBOR	10/04/2021	Monthly		(169	)		—
Morgan Stanley & Co.	SPDR Portfolio S&P 500 Value ETF	Federal Fund Rate minus 2.90%	9/15/2020	Monthly		(169	)		—
Bank of America Merrill Lynch	SPDR Portfolio Short Term Corporate Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		240			—
Morgan Stanley & Co.	SPDR Portfolio Short Term Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		240			—
Bank of America Merrill Lynch	SPDR S&P Bank ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		5			—
Morgan Stanley & Co.	SPDR S&P Bank ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		5			—
Morgan Stanley & Co.	SPDR S&P China ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		32			—
Bank of America Merrill Lynch	SPDR S&P Emerging Markets Small Cap ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		158			—
Morgan Stanley & Co.	SPDR S&P Emerging Markets Small Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		158			—
Bank of America Merrill Lynch	Technology Select Sector SPDR Fund	1 month LIBOR	10/04/2021	Monthly		(419	)		—
Morgan Stanley & Co.	Technology Select Sector SPDR Fund	Federal Fund Rate minus 0.05%	9/15/2020	Monthly		(419	)		—
Bank of America Merrill Lynch	VanEck Vectors High-Yield Municipal Index ETF	1 month LIBOR	10/04/2021	Monthly		(74	)		—
Morgan Stanley & Co.	VanEck Vectors High-Yield Municipal Index ETF	Federal Fund Rate minus 2.60%	9/15/2020	Monthly		(74	)		—
Bank of America Merrill Lynch	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		121			—
Morgan Stanley & Co.	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		121			—
Bank of America Merrill Lynch	Vanguard Emerging Markets Government Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		24			—
Morgan Stanley & Co.	Vanguard Emerging Markets Government Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		24			—
Bank of America Merrill Lynch	Vanguard FTSE All World ex-U.S. Small-Cap ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		609			—
Morgan Stanley & Co.	Vanguard FTSE All World ex-U.S. Small-Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		609			—
Bank of America Merrill Lynch	Vanguard FTSE Developed Markets ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		17			—
Morgan Stanley & Co.	Vanguard FTSE Developed Markets ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		17			—
Bank of America Merrill Lynch	Vanguard FTSE Emerging Markets ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		26			—
Morgan Stanley & Co.	Vanguard FTSE Emerging Markets ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		26			—
Bank of America Merrill Lynch	Vanguard FTSE Europe ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		265			—
Morgan Stanley & Co.	Vanguard FTSE Europe ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		265			—
Bank of America Merrill Lynch	Vanguard FTSE Pacific ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		90			—
Morgan Stanley & Co.	Vanguard FTSE Pacific ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		90			—
Bank of America Merrill Lynch	Vanguard Growth ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		44			—
Morgan Stanley & Co.	Vanguard Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		44			—
Bank of America Merrill Lynch	Vanguard Intermediate-Term Corporate Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		256			—
Morgan Stanley & Co.	Vanguard Intermediate-Term Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		256			—
Bank of America Merrill Lynch	Vanguard Intermediate-Term Treasury ETF	1 month LIBOR	10/04/2021	Monthly		(661	)		—
Morgan Stanley & Co.	Vanguard Intermediate-Term Treasury ETF	Federal Fund Rate minus 6.55%	9/15/2020	Monthly		(661	)		—
Bank of America Merrill Lynch	Vanguard Long-Term Treasury ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		12			—
Morgan Stanley & Co.	Vanguard Long-Term Treasury ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		12			—
Bank of America Merrill Lynch	Vanguard Mortgage-Backed Securities ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		231			—
Morgan Stanley & Co.	Vanguard Mortgage-Backed Securities ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		231			—
Bank of America Merrill Lynch	Vanguard Real Estate ETF	1 month LIBOR	10/04/2021	Monthly		(471	)		—
Morgan Stanley & Co.	Vanguard Real Estate ETF	Federal Fund Rate minus 0.15%	9/15/2020	Monthly		(471	)		—
Bank of America Merrill Lynch	Vanguard Short-Term Corporate Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		897			—
Morgan Stanley & Co.	Vanguard Short-Term Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		897			—
Bank of America Merrill Lynch	Vanguard Small-Cap ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		53			—
Morgan Stanley & Co.	Vanguard Small-Cap ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		53			—
Bank of America Merrill Lynch	Vanguard Small-Cap Growth ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		199			—
Morgan Stanley & Co.	Vanguard Small-Cap Growth ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		199			—
Bank of America Merrill Lynch	Vanguard Small-Cap Value ETF	1 month LIBOR	10/04/2021	Monthly		(1,359	)		—
Morgan Stanley & Co.	Vanguard Small-Cap Value ETF	Federal Fund Rate minus 1.10%	9/15/2020	Monthly		(1,359	)		—
Bank of America Merrill Lynch	Vanguard Value ETF	1 month LIBOR	10/04/2021	Monthly		(2,187	)		—
Morgan Stanley & Co.	Vanguard Value ETF	Federal Fund Rate minus 0.35%	9/15/2020	Monthly		(2,187	)		—
Bank of America Merrill Lynch	WisdomTree Emerging Markets Local Debt Fund	1 month LIBOR plus 0.50%	10/04/2021	Monthly		5			—
Morgan Stanley & Co.	WisdomTree Emerging Markets Local Debt Fund	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		5			—
Bank of America Merrill Lynch	Xtrackers MSCI EAFE Hedged Equity ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		417			—
Morgan Stanley & Co.	Xtrackers MSCI EAFE Hedged Equity ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		417			—
Bank of America Merrill Lynch	Xtrackers MSCI Europe Hedged Equity ETF	1 month LIBOR	10/04/2021	Monthly		(589	)		—
Morgan Stanley & Co.	Xtrackers MSCI Europe Hedged Equity ETF	Federal Fund Rate minus 10.50%	9/15/2020	Monthly		(589	)		—
Bank of America Merrill Lynch	Xtrackers MSCI Japan Hedged Equity ETF	1 month LIBOR	10/04/2021	Monthly		(821	)		—
Morgan Stanley & Co.	Xtrackers MSCI Japan Hedged Equity ETF	Federal Fund Rate minus 6.85%	9/15/2020	Monthly		(820	)		—
Bank of America Merrill Lynch	Xtrackers USD High Yield Corporate Bond ETF	1 month LIBOR plus 0.50%	10/04/2021	Monthly		112			—
Morgan Stanley & Co.	Xtrackers USD High Yield Corporate Bond ETF	Federal Fund Rate plus 0.50%	9/15/2020	Monthly		112			—
					$	(1,606	)	$	—

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 March 31, 2020.
*	Notional amounts reflected as a positive value indicate a long position held by the Portfolio 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
REIT	—	Real Estate Investment Trust
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 March 31, 2020, 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	$	338,865,853	$	—	$	—	$	338,865,853
Exchange-Traded Note		3,163,824		—		—		3,163,824
Exchange-Traded Vehicle		6,938,624		—		—		6,938,624
Short-Term Investments
Affiliated Investment Company		492,349		—		—		492,349
Unaffiliated Investment Company		42,078,331		—		—		42,078,331
Total Short-Term Investments		42,570,680		—		—		42,570,680
Total Investments in Securities	$	391,538,981	$	—	$	—	$	391,538,981

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

MainStay VP Balanced Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 42.5% †
Asset-Backed Securities 4.9%
Automobile Asset-Backed Securities 0.1%
Avis Budget Rental Car Funding AESOP LLC Series 2019-3A, Class A 2.36%, due 3/20/26 (a)	$	500,000	$	437,741
Other Asset-Backed Securities 4.8%
AIMCO CLO Series 2017-AA, Class A 3.079% (3 Month LIBOR + 1.26%), due 7/20/29 (a)(b)		250,000		239,914
Apidos CLO XXV Series 2016-25A, Class A1R 2.989% (3 Month LIBOR + 1.17%), due 10/20/31 (a)(b)		400,000		375,947
Apidos CLO XXXII Series 2019-32A, Class A1 3.003% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(b)		500,000		469,258
ARES XLI CLO, Ltd. Series 2016-41A, Class AR 3.031% (3 Month LIBOR + 1.20%), due 1/15/29 (a)(b)		600,000		574,073
ARES XXIX CLO, Ltd. Series 2014-1A, Class A1R 3.026% (3 Month LIBOR + 1.19%), due 4/17/26 (a)(b)		52,477		52,037
Bain Capital Credit CLO, Ltd. Series 2016-2A, Class AR 2.971% (3 Month LIBOR + 1.14%), due 1/15/29 (a)(b)		400,000		385,512
Benefit Street Partners CLO IV, Ltd. Series 2014-IVA, Class A1 3.069% (3 Month LIBOR + 1.25%), due 1/20/29 (a)(b)		300,000		290,524
Benefit Street Partners CLO XVIII, Ltd. Series 2019-18A, Class A 3.249% (3 Month LIBOR + 1.34%), due 10/15/32 (a)(b)		250,000		232,293
Cedar Funding IV CLO, Ltd. Series 2014-4A, Class AR 3.036% (3 Month LIBOR + 1.23%), due 7/23/30 (a)(b)		750,000		715,051
Deutsche Bank Master Finance LLC Series 2019-1A, Class A2I 3.787%, due 5/20/49 (a)		545,875		527,583
Domino’s Pizza Master Issuer LLC Series 2017-1A, Class A2II 3.082%, due 7/25/47 (a)		1,270,750		1,226,693
Dryden CLO, Ltd. Series 2019-76A, Class A1 3.264% (3 Month LIBOR + 1.33%), due 10/20/32 (a)(b)		250,000		236,472
Elara HGV Timeshare Issuer LLC Series 2017-A, Class A 2.69%, due 3/25/30 (a)		91,080		88,950
ELFI Graduate Loan Program LLC Series 2019-A, Class A 2.54%, due 3/25/44 (a)		646,107		652,010
FOCUS Brands Funding LLC Series 2017-1A, Class A2I 3.857%, due 4/30/47 (a)		97,250		91,813
Galaxy XXII CLO, Ltd. Series 2016-22A, Class A1R 2.843% (3 Month LIBOR + 1.00%), due 7/16/28 (a)(b)		250,000		241,669
Highbridge Loan Management, Ltd. Series 2011A-17, Class AR 2.657% (3 Month LIBOR + 1.02%), due 5/6/30 (a)(b)		850,000		805,428
Hilton Grand Vacations Trust Series 2018-AA, Class A 3.54%, due 2/25/32 (a)		286,269		285,400
Magnetite XVIII, Ltd. (a)(b)
Series 2016-18A, Class AR 2.772% (3 Month LIBOR + 1.08%), due 11/15/28		400,000		385,093
Series 2019-23A, Class A 3.17% (3 Month LIBOR + 1.30%), due 10/25/32		250,000		234,894
MVW Owner Trust Series 2019-1A, Class A 2.89%, due 11/20/36 (a)		212,732		198,631
Navient Private Education Refi Loan Trust Series 2019-CA, Class A2 3.13%, due 2/15/68 (a)		300,000		295,341
Neuberger Berman CLO XIV, Ltd. Series 2013-14A, Class AR2 2.646% (3 Month LIBOR + 1.03%), due 1/28/30 (a)(b)		250,000		239,582
Neuberger Berman CLO, Ltd. Series 2017-24A, Class AR 1.804% (3 Month LIBOR + 1.02%), due 4/19/30 (a)(b)		250,000		238,336
Octagon Investment Partners 29, Ltd. Series 2016-1A, Class AR 2.981% (3 Month LIBOR + 1.18%), due 1/24/33 (a)(b)		350,000		321,516
Octagon Investment Partners 30, Ltd. Series 2017-1A, Class A1 3.139% (3 Month LIBOR + 1.32%), due 3/17/30 (a)(b)		350,000		332,329
Palmer Square CLO, Ltd. (a)(b)
Series 2015-1A, Class A1R2 2.916% (3 Month LIBOR + 1.22%), due 5/21/29		500,000		483,627
Series 2014-1A, Class A1R2 2.966% (3 Month LIBOR + 1.13%), due 1/17/31		250,000		238,266
Series-2015-2A, Class A2R2 3.369% (3 Month LIBOR + 1.55%), due 7/20/30		750,000		682,631
Regatta VI Funding, Ltd. Series 2016-1A, Class AR 2.899% (3 Month LIBOR + 1.08%), due 7/20/28 (a)(b)		650,000		631,690
Sierra Timeshare Receivables Funding Co. LLC Series 2019-1A, Class A 3.20%, due 1/20/36 (a)		114,953		114,066
SMB Private Education Loan Trust Series 2019-B, Class A2A 2.84%, due 6/15/37 (a)		500,000		472,516
SoFi Professional Loan Program LLC (a)
Series 2019-C, Class A2FX 2.37%, due 11/16/48		250,000		249,782
Series 2020-A, Class A2FX 2.54%, due 5/15/46		200,000		193,433
Series 2019-A, Class A1FX 3.18%, due 6/15/48		135,196		135,018
Taco Bell Funding, LLC Series 2018-1A, Class A2I 4.318%, due 11/25/48 (a)		395,000		385,129
THL Credit Wind River CLO, Ltd. Series 2017-4A, Class A 2.845% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(b)		250,000		236,684
TIAA CLO III, Ltd. Series 2017-2A, Class A 2.993% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(b)		350,000		323,648
TICP CLO XIII, Ltd. Series 2019 13A, Class A 3.131% (3 Month LIBOR + 1.30%), due 7/15/32 (a)(b)		350,000		333,393
Treman Park CLO, Ltd. Series 2015-1A, Class ARR 2.889% (3 Month LIBOR + 1.07%), due 10/20/28 (a)(b)		260,000		251,610
Voya CLO, Ltd. Series 2019-1A, Class AR 2.57% (3 Month LIBOR + 1.06%), due 4/15/31 (a)(b)		250,000		233,641
Westcott Park CLO, Ltd. Series 2016 1A, Class AR 3.029% (3 Month LIBOR + 1.21%), due 7/20/28 (a)(b)		400,000		386,363
				15,087,846
Total Asset-Backed Securities (Cost $16,255,780)				15,525,587
Corporate Bonds 20.0%
Aerospace & Defense 0.4%
BAE Systems Holdings, Inc. 3.85%, due 12/15/25 (a)		445,000		452,489
Boeing Co.
2.70%, due 2/1/27		325,000		298,013
2.95%, due 2/1/30		375,000		351,465
3.10%, due 5/1/26		240,000		220,786
				1,322,753
Apparel 0.2%
Nike, Inc. 2.85%, due 3/27/30		475,000		501,878
Auto Manufacturers 1.2%
Daimler Finance North America LLC 2.592% (3 Month LIBOR + 0.90%), due 2/15/22 (a)(b)		550,000		509,780
Ford Motor Credit Co. LLC
3.087%, due 1/9/23		425,000		391,000
3.664%, due 9/8/24		975,000		877,500
General Motors Financial Co., Inc. 4.35%, due 4/9/25		600,000		520,564
Volkswagen Group of America Finance LLC (a)
2.064% (3 Month LIBOR + 0.86%), due 9/24/21 (b)		275,000		251,858
3.20%, due 9/26/26		300,000		288,497
4.00%, due 11/12/21		925,000		915,046
				3,754,245
Banks 5.7%
Bank of America Corp. 4.45%, due 3/3/26		2,405,000		2,590,273
Canadian Imperial Bank of Commerce 2.25%, due 1/28/25		525,000		518,781
Citigroup, Inc. 4.60%, due 3/9/26		805,000		853,874
Fifth Third Bancorp 4.30%, due 1/16/24		875,000		927,029
Goldman Sachs Group, Inc.
2.60%, due 2/7/30		350,000		330,070
3.85%, due 1/26/27		550,000		567,094
HSBC Holdings PLC 2.292% (3 Month LIBOR + 0.60%), due 5/18/21 (b)		600,000		587,720
Huntington Bancshares, Inc. 2.625%, due 8/6/24		1,250,000		1,293,419
JPMorgan Chase & Co. 2.301% (SOFR + 1.16%), due 10/15/25 (b)		2,255,000		2,243,744
KeyBank N.A. 1.25%, due 3/10/23		950,000		931,566
Lloyds Banking Group PLC 2.907%, due 11/7/23 (c)		430,000		426,871
Mizuho Financial Group, Inc. (b)
1.623% (3 Month LIBOR + 0.85%), due 9/13/23		300,000		274,889
2.309% (3 Month LIBOR + 0.63%), due 5/25/24		1,430,000		1,299,012
Morgan Stanley
2.72%, due 7/22/25 (c)		550,000		551,075
3.625%, due 1/20/27		300,000		320,974
4.35%, due 9/8/26		695,000		736,193
Santander UK PLC 2.10%, due 1/13/23		200,000		193,656
Societe Generale S.A. 2.625%, due 1/22/25 (a)		1,600,000		1,540,291
Truist Bank 1.50%, due 3/10/25		400,000		386,387
Wells Fargo & Co. 2.164%, due 2/11/26 (c)		1,275,000		1,249,096
				17,822,014
Beverages 0.2%
Anheuser-Busch InBev Worldwide, Inc. 4.75%, due 1/23/29		660,000		728,541
Building Materials 0.5%
Masco Corp. 4.45%, due 4/1/25		1,000,000		995,124
Owens Corning 3.95%, due 8/15/29		600,000		566,399
				1,561,523
Chemicals 0.3%
Albemarle Corp. 2.742% (3 Month LIBOR + 1.05%), due 11/15/22 (a)(b)		575,000		547,536
NewMarket Corp. 4.10%, due 12/15/22		475,000		511,247
				1,058,783
Diversified Financial Services 0.6%
Ameriprise Financial, Inc. 3.00%, due 4/2/25		250,000		248,942
Blackstone Holdings Finance Co. LLC 2.50%, due 1/10/30 (a)		300,000		270,808
GE Capital International Funding Co. 3.373%, due 11/15/25		1,215,000		1,208,943
				1,728,693
Electric 2.5%
American Electric Power Co., Inc. 2.30%, due 3/1/30		350,000		326,360
Commonwealth Edison Co. 3.10%, due 11/1/24		475,000		485,247
DTE Electric Co. 2.65%, due 6/15/22		450,000		446,838
Electricite de France S.A. 2.35%, due 10/13/20 (a)		1,775,000		1,770,945
Emera U.S. Finance, L.P. 2.70%, due 6/15/21		875,000		885,117
Entergy Arkansas LLC 3.70%, due 6/1/24		450,000		472,225
Entergy Corp. 4.00%, due 7/15/22		875,000		897,995
Evergy, Inc. 4.85%, due 6/1/21		330,000		333,515
Exelon Corp.
2.85%, due 6/15/20		500,000		499,945
4.05%, due 4/15/30		250,000		252,500
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		600,000		624,299
NextEra Energy Capital Holdings, Inc. 3.25%, due 4/1/26		450,000		461,272
WEC Energy Group, Inc. 3.375%, due 6/15/21		400,000		401,603
				7,857,861
Electrical Equipment 0.1%
Carrier Global Corp. 2.722%, due 2/15/30 (a)		425,000		391,609
Food 0.2%
Conagra Brands, Inc. 4.85%, due 11/1/28		400,000		428,275
General Mills, Inc. 2.875%, due 4/15/30		150,000		149,700
Ingredion, Inc. 4.625%, due 11/1/20		175,000		175,106
				753,081
Insurance 0.3%
MET Tower Global Funding 1.561% (SOFR + 0.55%), due 1/17/23 (a)(b)		850,000		773,976
Prudential Financial, Inc. 2.10%, due 3/10/30		300,000		277,341
				1,051,317
Iron & Steel 0.3%
Carpenter Technology Corp. 4.45%, due 3/1/23		125,000		114,138
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		825,000		816,781
				930,919
Machinery - Diversified 0.1%
Deere & Co. 3.10%, due 4/15/30		400,000		423,382
Media 0.1%
Comcast Corp. 3.10%, due 4/1/25		325,000		345,223
Mining 0.2%
Anglo American Capital PLC (a)
5.375%, due 4/1/25		320,000		323,362
5.625%, due 4/1/30		400,000		405,649
				729,011
Oil & Gas 0.5%
Cenovus Energy, Inc. 4.25%, due 4/15/27		225,000		110,180
Helmerich & Payne, Inc. 4.65%, due 3/15/25		475,000		495,193
Occidental Petroleum Corp.
3.142% (3 Month LIBOR + 1.45%), due 8/15/22 (b)		375,000		251,309
4.85%, due 3/15/21		947,000		794,998
Petroleos Mexicanos 5.35%, due 2/12/28		50,000		34,875
				1,686,555
Oil & Gas Services 0.3%
Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)		1,075,000		1,017,243
Packaging & Containers 0.3%
WRKCo., Inc. 3.75%, due 3/15/25		800,000		804,219
Pharmaceuticals 1.6%
AbbVie, Inc. 2.95%, due 11/21/26 (a)		825,000		828,784
Bayer U.S. Finance II LLC 4.375%, due 12/15/28 (a)		600,000		640,732
Becton Dickinson & Co. 2.894%, due 6/6/22		1,413,000		1,410,363
Bristol-Myers Squibb Co. 3.20%, due 6/15/26 (a)		725,000		769,655
Cigna Corp. 4.125%, due 11/15/25		1,140,000		1,219,428
				4,868,962
Pipelines 1.0%
Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		1,000,000		939,372
Kinder Morgan, Inc. 5.00%, due 2/15/21 (a)		1,489,000		1,480,999
MPLX, L.P. 1.899% (3 Month LIBOR + 0.90%), due 9/9/21 (b)		400,000		377,974
Texas Eastern Transmission, L.P. 2.80%, due 10/15/22 (a)		200,000		196,482
				2,994,827
Real Estate 0.2%
Prologis, L.P. 2.25%, due 4/15/30		550,000		502,575
Real Estate Investment Trusts 1.6%
American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		775,000		764,293
Crown Castle International Corp. 3.30%, due 7/1/30		200,000		198,358
CyrusOne L.P. / CyrusOne Finance Corp. 3.45%, due 11/15/29		275,000		242,745
Healthpeak Properties, Inc. 3.25%, due 7/15/26		525,000		509,206
Highwoods Realty, L.P. 3.875%, due 3/1/27		1,175,000		1,169,847
Kimco Realty Corp. 3.80%, due 4/1/27		200,000		198,241
Realty Income Corp. 3.25%, due 10/15/22		550,000		552,266
SBA Tower Trust 2.836%, due 1/15/50 (a)		500,000		482,787
VEREIT Operating Partnership, L.P. 3.95%, due 8/15/27		1,015,000		944,566
				5,062,309
Retail 0.3%
CVS Health Corp.
3.75%, due 4/1/30		525,000		540,569
4.30%, due 3/25/28		390,000		417,161
				957,730
Software 0.7%
Fiserv, Inc.
3.20%, due 7/1/26		450,000		464,791
3.85%, due 6/1/25		475,000		500,873
4.20%, due 10/1/28		550,000		595,096
Oracle Corp. 2.80%, due 4/1/27		600,000		608,869
				2,169,629
Telecommunications 0.5%
AT&T, Inc. 4.35%, due 3/1/29		675,000		728,254
Verizon Communications, Inc.
3.376%, due 2/15/25		6,000		6,410
4.016%, due 12/3/29		787,000		883,883
				1,618,547
Transportation 0.1%
United Parcel Service, Inc., 4.45%, due 4/1/30		275,000		311,190
Total Corporate Bonds (Cost $63,973,190)				62,954,619
Foreign Government Bonds 0.2%
Colombia 0.1%
Colombia Government International Bond 3.875%, due 4/25/27		220,000		216,700
Mexico 0.1%
United Mexican States 3.75%, due 1/11/28		300,000		298,203
Philippines 0.0% ‡
Philippine Government International Bond 3.00%, due 2/1/28		200,000		208,487
Poland 0.0% ‡
Republic of Poland Government International Bond 5.00%, due 3/23/22		50,000		53,236
Total Foreign Government Bonds (Cost $748,313)				776,626
Mortgage-Backed Securities 4.1%
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.1%
Bank
Series 2020-BN26, Class A4 2.403%, due 3/15/63		750,000		739,214
Series 2020-BN25, Class AS 2.841%, due 1/15/63		500,000		460,658
Series 2017-BNK5, Class A2 2.987%, due 6/15/60		300,000		303,880
Series 2018-BN14, Class A2 4.128%, due 9/15/60		400,000		424,433
Benchmark Mortgage Trust
Series 2018-B1, Class A2 3.571%, due 1/15/51		200,000		206,570
Series 2018-B2, Class A2 3.662%, due 2/15/51		150,000		155,557
BX Commercial Mortgage Trust Series 2019-XL, Class A 1.625% (1 Month LIBOR + 0.92%), due 10/15/36 (a)(b)		477,700		454,381
CD Mortgage Trust Series 2017-CD4, Class A2 3.03%, due 5/10/50		600,000		608,512
CFCRE Commercial Mortgage Trust Series 2017-C8, Class A2 2.982%, due 6/15/50		900,000		911,382
Citigroup Commercial Mortgage Trust Series 2020-GC46, Class A5 2.717%, due 2/15/53		500,000		506,433
Colony Mortgage Capital, Ltd. Series 2019-IKPR, Class B 2.183% (1 Month LIBOR + 1.478%), due 11/15/38 (a)(b)		1,250,000		1,056,378
Credit Suisse Mortgage Trust Series 2020-WEST, Class A 3.04%, due 2/15/35 (a)		750,000		674,052
DBJPM Mortgage Trust Series 2017-C6, Class A2 2.917%, due 6/10/50		800,000		811,903
Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C33, Class A2 3.14%, due 5/15/50		1,000,000		1,016,821
Morgan Stanley Capital I Trust Series 2017-H1, Class A2 3.089%, due 6/15/50		900,000		914,961
UBS Commercial Mortgage Trust Series 2018-C8, Class A2 3.713%, due 2/15/51		500,000		518,256
				9,763,391
Whole Loan (Collateralized Mortgage Obligations) 1.0%
COLT Mortgage Loan Trust Series 2019-4, Class A1 2.579%, due 11/25/49 (a)(d)		405,732		393,551
JP Morgan Mortgage Trust Series 2019-1, Class A11 1.897% (1 Month LIBOR + 0.95%), due 5/25/49 (a)(b)		641,735		611,915
New Residential Mortgage Loan Trust Series 2020-NQM1, Class A1 2.464%, due 1/26/60 (a)(d)		296,078		292,278
Sequoia Mortgage Trust (a)(d) Series 2020-3, Class A1 3.00%, due 4/25/50		750,000		759,023
Series 2020-1, Class A1 3.50%, due 2/25/50		191,941		195,475
Series 2020-2, Class A1 3.50%, due 3/25/50		745,536		752,627
				3,004,869
Total Mortgage-Backed Securities (Cost $13,274,250)				12,768,260
U.S. Government & Federal Agencies 13.3%
Federal Farm Credit Bank 1.1%
1.55%, due 1/28/22		950,000		967,819
1.89%, due 3/4/26		1,100,000		1,101,892
2.03%, due 1/21/28		850,000		893,966
2.44%, due 10/16/28		500,000		496,926
				3,460,603
Federal Home Loan Bank 3.3%
1.625%, due 12/20/21		1,300,000		1,327,613
1.70%, due 5/15/20		500,000		500,829
2.375%, due 3/14/25		650,000		711,064
2.50%, due 12/10/27		1,050,000		1,159,954
2.875%, due 9/13/24		1,175,000		1,291,429
3.00%, due 3/10/28		300,000		341,551
3.125%, due 9/12/25		800,000		904,293
3.25%, due 6/9/28		800,000		942,788
3.25%, due 11/16/28		2,775,000		3,279,897
				10,459,418
Federal Home Loan Mortgage Corporation 0.9%
1.50%, due 2/12/25		1,300,000		1,356,532
1.875%, due 3/5/25		575,000		575,838
1.97%, due 2/6/25		875,000		876,004
				2,808,374
Federal National Mortgage Association 0.8%
1.625%, due 1/7/25		1,275,000		1,338,358
1.75%, due 7/2/24		525,000		549,119
2.00%, due 1/24/25		575,000		577,027
				2,464,504
United States Treasury Notes 7.2%
0.50%, due 3/31/25		150,000		150,938
0.625%, due 3/31/27		1,250,000		1,257,129
1.125%, due 2/28/22		3,500,000		3,558,105
1.375%, due 1/31/22		275,000		280,844
1.625%, due 11/15/22		15,415,000		15,960,546
1.75%, due 7/31/21		1,475,000		1,505,883
				22,713,445
Total U.S. Government & Federal Agencies (Cost $40,321,167)				41,906,344
Total Long-Term Bonds (Cost $134,572,700)				133,931,436

	Shares
Common Stocks 53.5%
Aerospace & Defense 1.2%
Curtiss-Wright Corp.	3,944	364,465
General Dynamics Corp.	3,815	504,763
Huntington Ingalls Industries, Inc.	3,073	559,931
L3Harris Technologies, Inc.	825	148,599
Raytheon Co.	4,059	532,338
Raytheon Technologies Corp.	6,259	590,412
Spirit AeroSystems Holdings, Inc., Class A	6,187	148,055
Textron, Inc.	18,121	483,287
TransDigm Group, Inc.	944	302,259
		3,634,109
Air Freight & Logistics 0.1%
FedEx Corp.	3,639	441,265
Airlines 0.4%
Delta Air Lines, Inc.	18,304	522,213
Southwest Airlines Co.	13,908	495,264
United Airlines Holdings, Inc. (e)	4,504	142,101
		1,159,578
Automobiles 0.4%
Ford Motor Co.	101,433	489,921
General Motors Co.	23,110	480,226
Thor Industries, Inc.	10,572	445,927
		1,416,074
Banks 2.0%
Bank of America Corp.	29,399	624,141
Bank OZK	30,499	509,333
Citigroup, Inc.	13,256	558,343
Comerica, Inc.	14,458	424,198
East West Bancorp, Inc.	6,118	157,477
Fifth Third Bancorp	7,862	116,751
First Hawaiian, Inc.	27,196	449,550
First Republic Bank	3,371	277,366
JPMorgan Chase & Co.	5,936	534,418
PNC Financial Services Group, Inc.	5,043	482,716
Signature Bank	4,060	326,383
Synovus Financial Corp.	4,251	74,647
Truist Financial Corp.	20,690	638,080
U.S. Bancorp	16,215	558,607
Wells Fargo & Co.	18,579	533,217
Wintrust Financial Corp.	1,427	46,891
		6,312,118
Beverages 0.7%
Coca-Cola Co.	12,490	552,682
Constellation Brands, Inc., Class A	3,849	551,793
Keurig Dr. Pepper, Inc.	20,239	491,201
PepsiCo., Inc.	4,460	535,646
		2,131,322
Biotechnology 1.1%
Alexion Pharmaceuticals, Inc. (e)	6,551	588,214
Alkermes PLC (e)	10,386	149,766
Amgen, Inc.	2,858	579,402
Biogen, Inc. (e)	1,974	624,534
Bluebird Bio, Inc. (e)	51	2,344
Exelixis, Inc. (e)	10,243	176,385
Gilead Sciences, Inc.	7,320	547,243
Regeneron Pharmaceuticals, Inc. (e)	1,166	569,346
United Therapeutics Corp. (e)	2,185	207,193
		3,444,427
Building Products 0.6%
Johnson Controls International PLC	22,618	609,781
Masco Corp.	7,113	245,897
Owens Corning	14,940	579,821
Trane Technologies PLC	5,974	493,393
		1,928,892
Capital Markets 3.0%
Ameriprise Financial, Inc.	7,782	797,499
Bank of New York Mellon Corp.	17,065	574,749
BlackRock, Inc.	1,623	714,071
Cboe Global Markets, Inc.	778	69,437
Charles Schwab Corp.	14,079	473,336
CME Group, Inc.	2,945	509,220
Evercore, Inc., Class A	10,300	474,418
Franklin Resources, Inc.	29,056	484,945
Goldman Sachs Group, Inc.	3,475	537,200
Intercontinental Exchange, Inc.	7,950	641,963
Janus Henderson Group PLC	24,160	370,131
Lazard, Ltd., Class A	17,640	415,599
Morgan Stanley	16,869	573,546
Nasdaq, Inc.	1,032	97,988
Raymond James Financial, Inc.	354	22,373
State Street Corp.	20,363	1,084,737
T. Rowe Price Group, Inc.	9,826	959,509
TD Ameritrade Holding Corp.	16,143	559,516
		9,360,237
Chemicals 1.6%
Air Products & Chemicals, Inc.	2,654	529,765
Cabot Corp.	11,030	288,104
CF Industries Holdings, Inc.	13,653	371,361
Corteva, Inc. (e)	21,274	499,939
Dow, Inc.	15,382	449,770
DuPont de Nemours, Inc.	14,291	487,323
FMC Corp.	3,723	304,132
Huntsman Corp.	40,108	578,758
Linde PLC	2,711	469,003
LyondellBasell Industries N.V., Class A	13,127	651,493
PPG Industries, Inc.	6,470	540,892
		5,170,540
Commercial Services & Supplies 0.5%
Clean Harbors, Inc. (e)	10,158	521,512
Republic Services, Inc.	7,133	535,403
Waste Management, Inc.	5,338	494,085
		1,551,000
Communications Equipment 0.1%
Motorola Solutions, Inc.	3,363	447,010
Construction & Engineering 0.2%
AECOM (e)	18,998	567,090
Fluor Corp.	30,722	212,289
		779,379
Consumer Finance 0.8%
American Express Co.	7,707	659,796
Capital One Financial Corp.	12,398	625,107
SLM Corp.	74,761	537,532
Synchrony Financial	40,222	647,172
		2,469,607
Containers & Packaging 0.1%
Ardagh Group S.A.	8,266	98,035
Crown Holdings, Inc. (e)	2,272	131,867
		229,902
Distributors 0.2%
LKQ Corp. (e)	30,250	620,427
Diversified Financial Services 0.7%
Berkshire Hathaway, Inc., Class B (e)	2,893	528,927
Equitable Holdings, Inc.	40,936	591,525
Jefferies Financial Group, Inc.	42,850	585,760
Voya Financial, Inc.	15,826	641,744
		2,347,956
Diversified Telecommunication Services 0.3%
AT&T, Inc.	15,193	442,876
Verizon Communications, Inc.	8,084	434,353
		877,229
Electric Utilities 3.0%
American Electric Power Co., Inc.	5,810	464,684
Duke Energy Corp.	6,340	512,779
Edison International	244	13,369
Entergy Corp.	11,146	1,047,390
Evergy, Inc.	16,264	895,333
Eversource Energy	4,301	336,381
Exelon Corp.	13,567	499,401
FirstEnergy Corp.	24,594	985,482
Hawaiian Electric Industries, Inc.	5,770	248,398
IDACORP, Inc.	4,478	393,124
NextEra Energy, Inc.	2,238	538,507
NRG Energy, Inc.	26,450	721,027
OGE Energy Corp.	4,231	130,019
PG&E Corp. (e)	14,962	134,508
Pinnacle West Capital Corp.	7,873	596,695
PPL Corp.	31,304	772,583
Southern Co.	9,408	509,349
Xcel Energy, Inc.	8,481	511,404
		9,310,433
Electrical Equipment 0.8%
Acuity Brands, Inc.	6,982	598,078
Eaton Corp. PLC	9,200	714,748
Emerson Electric Co.	12,319	587,000
Regal Beloit Corp.	9,386	590,849
		2,490,675
Electronic Equipment, Instruments & Components 0.7%
Arrow Electronics, Inc. (e)	12,102	627,731
Avnet, Inc.	21,830	547,933
Jabil, Inc.	23,949	588,666
SYNNEX Corp.	6,558	479,390
		2,243,720
Energy Equipment & Services 0.3%
Halliburton Co.	21,000	143,850
Patterson-UTI Energy, Inc.	103,576	243,404
Schlumberger, Ltd.	31,702	427,660
		814,914
Entertainment 0.8%
Activision Blizzard, Inc.	9,412	559,826
Electronic Arts, Inc. (e)	5,567	557,646
Lions Gate Entertainment Corp., Class B (e)	73,778	411,681
Take-Two Interactive Software, Inc. (e)	5,705	676,670
Walt Disney Co.	4,634	447,645
		2,653,468
Equity Real Estate Investment Trusts 3.9%
Alexandria Real Estate Equities, Inc.	2,447	335,386
American Campus Communities, Inc.	7,979	221,417
American Homes 4 Rent, Class A	11,214	260,165
Apartment Investment & Management Co., Class A	503	17,680
AvalonBay Communities, Inc.	4,823	709,801
Boston Properties, Inc.	2,975	274,384
Brandywine Realty Trust	6,764	71,157
Camden Property Trust	2,559	202,775
Columbia Property Trust, Inc.	12,714	158,925
CubeSmart	11,547	309,344
CyrusOne, Inc.	5,824	359,632
Digital Realty Trust, Inc.	6,618	919,306
Duke Realty Corp.	9,542	308,970
Equity Residential	12,679	782,421
Essex Property Trust, Inc.	1,231	271,115
Federal Realty Investment Trust	531	39,618
Gaming and Leisure Properties, Inc.	9,832	272,445
Healthpeak Properties, Inc.	8,304	198,050
Highwoods Properties, Inc.	5,805	205,613
Host Hotels & Resorts, Inc.	9,269	102,330
Hudson Pacific Properties, Inc.	1,892	47,981
Invitation Homes, Inc.	21,529	460,075
Iron Mountain, Inc.	5,565	132,447
Kilroy Realty Corp.	567	36,118
Kimco Realty Corp.	802	7,755
Life Storage, Inc.	3,009	284,501
Medical Properties Trust, Inc.	6,097	105,417
Mid-America Apartment Communities, Inc.	4,583	472,187
National Retail Properties, Inc.	1,401	45,098
Omega Healthcare Investors, Inc.	1,125	29,858
Paramount Group, Inc.	19,576	172,269
Prologis, Inc.	8,395	674,706
Public Storage	2,532	502,881
Rayonier, Inc.	9,957	234,487
Realty Income Corp.	6,765	337,303
Regency Centers Corp.	1,393	53,533
Simon Property Group, Inc.	8,109	444,860
SL Green Realty Corp.	41	1,767
STORE Capital Corp.	550	9,966
Sun Communities, Inc.	3,119	389,407
UDR, Inc.	3,781	138,158
Ventas, Inc.	13,708	367,374
VEREIT, Inc.	759	3,712
VICI Properties, Inc.	5,730	95,347
Vornado Realty Trust	1,800	65,178
W.P. Carey, Inc.	2,549	148,046
Welltower, Inc.	13,588	622,059
Weyerhaeuser Co.	27,890	472,736
		12,375,760
Food & Staples Retailing 1.0%
Kroger Co.	36,896	1,111,308
Sprouts Farmers Market, Inc. (e)	28,115	522,658
U.S. Foods Holding Corp. (e)	25,126	444,981
Walgreens Boots Alliance, Inc.	12,188	557,601
Walmart, Inc.	4,104	466,296
		3,102,844
Food Products 1.7%
Archer-Daniels-Midland Co.	1,110	39,050
Bunge, Ltd.	17,294	709,573
General Mills, Inc.	9,922	523,584
Ingredion, Inc.	7,399	558,624
Kraft Heinz Co.	19,583	484,483
Lamb Weston Holdings, Inc.	9,309	531,544
Mondelez International, Inc., Class A	11,188	560,295
Pilgrim’s Pride Corp. (e)	25,971	470,595
Seaboard Corp.	34	95,635
TreeHouse Foods, Inc. (e)	12,611	556,776
Tyson Foods, Inc., Class A	15,855	917,529
		5,447,688
Health Care Equipment & Supplies 1.4%
Abbott Laboratories	6,474	510,863
Baxter International, Inc.	6,532	530,333
Becton, Dickinson and Co.	2,027	465,744
Danaher Corp.	3,350	463,673
DENTSPLY SIRONA, Inc.	19,757	767,164
Hill-Rom Holdings, Inc.	6,755	679,553
Hologic, Inc. (e)	8,486	297,859
Medtronic PLC	6,388	576,070
Zimmer Biomet Holdings, Inc.	1,023	103,405
		4,394,664
Health Care Providers & Services 2.2%
Anthem, Inc.	3,042	690,656
Cardinal Health, Inc.	19,059	913,688
Centene Corp. (e)	5,570	330,914
Cigna Corp. (e)	4,021	712,441
CVS Health Corp.	8,836	524,240
DaVita, Inc. (e)	9,144	695,493
HCA Healthcare, Inc.	6,748	606,308
Henry Schein, Inc. (e)	3,668	185,307
Humana, Inc.	2,478	778,142
McKesson Corp.	7,903	1,068,960
MEDNAX, Inc. (e)	16,668	194,015
Universal Health Services, Inc., Class B	1,606	159,122
		6,859,286
Hotels, Restaurants & Leisure 1.4%
Aramark	24,762	494,497
Carnival Corp.	44,294	583,352
Extended Stay America, Inc.	60,302	440,808
Las Vegas Sands Corp.	9,360	397,519
McDonald’s Corp.	3,421	565,663
MGM Resorts International	12,964	152,975
Norwegian Cruise Line Holdings, Ltd. (e)	15,367	168,422
Royal Caribbean Cruises, Ltd.	8,756	281,681
Six Flags Entertainment Corp.	9,878	123,870
Yum China Holdings, Inc.	10,275	438,023
Yum! Brands, Inc.	9,404	644,456
		4,291,266
Household Durables 0.5%
D.R. Horton, Inc.	12,921	439,314
Lennar Corp., Class B	3,173	91,763
Mohawk Industries, Inc. (e)	1,187	90,497
PulteGroup, Inc.	23,390	522,065
Toll Brothers, Inc.	19,334	372,179
		1,515,818
Household Products 0.5%
Colgate-Palmolive Co.	7,757	514,755
Kimberly-Clark Corp.	4,175	533,857
Procter & Gamble Co.	4,801	528,110
		1,576,722
Independent Power & Renewable Electricity Producers 0.5%
AES Corp.	55,112	749,523
Vistra Energy Corp.	44,017	702,512
		1,452,035
Industrial Conglomerates 0.7%
3M Co.	3,450	470,959
General Electric Co.	66,571	528,574
Honeywell International, Inc.	4,516	604,196
Roper Technologies, Inc.	1,844	574,978
		2,178,707
Insurance 3.4%
Aflac, Inc.	18,261	625,257
Allstate Corp.	6,405	587,531
American International Group, Inc.	27,540	667,845
American National Insurance Co.	6,392	526,573
Arch Capital Group, Ltd. (e)	9,191	261,576
Athene Holding, Ltd., Class A (e)	17,764	440,903
Chubb, Ltd.	4,979	556,105
Everest Re Group, Ltd.	69	13,277
Fidelity National Financial, Inc.	24,392	606,873
First American Financial Corp.	14,637	620,755
Hartford Financial Services Group, Inc.	5,176	182,402
Kemper Corp.	6,758	502,592
Markel Corp. (e)	204	189,290
Marsh & McLennan Cos., Inc.	6,116	528,789
Mercury General Corp.	13,577	552,855
MetLife, Inc.	22,589	690,546
Old Republic International Corp.	40,393	615,993
Progressive Corp.	7,049	520,498
Prudential Financial, Inc.	13,552	706,601
Reinsurance Group of America, Inc.	6,019	506,439
Travelers Cos., Inc.	6,007	596,795
Willis Towers Watson PLC	747	126,878
		10,626,373
Interactive Media & Services 0.2%
IAC/InterActiveCorp (e)	2,249	403,088
TripAdvisor, Inc.	12,868	223,775
		626,863
Internet & Direct Marketing Retail 0.3%
Expedia Group, Inc.	4,724	265,819
Qurate Retail, Inc., Series A (e)	92,025	561,813
		827,632
IT Services 1.5%
Akamai Technologies, Inc. (e)	5,541	506,946
Amdocs, Ltd.	13,289	730,497
CACI International, Inc., Class A (e)	3,122	659,210
Cognizant Technology Solutions Corp., Class A	12,774	593,608
DXC Technology Co.	20,322	265,202
Fidelity National Information Services, Inc.	3,969	482,789
International Business Machines Corp.	4,856	538,676
Leidos Holdings, Inc.	10,000	916,500
Sabre Corp. (e)	10,130	60,071
		4,753,499
Life Sciences Tools & Services 0.7%
Agilent Technologies, Inc.	1,165	83,437
Avantor, Inc. (e)	46,217	577,250
IQVIA Holdings, Inc. (e)	8,111	874,853
Thermo Fisher Scientific, Inc.	1,837	520,973
		2,056,513
Machinery 1.3%
AGCO Corp.	12,680	599,130
Caterpillar, Inc.	4,428	513,825
Crane Co.	10,463	514,570
Cummins, Inc.	7,950	1,075,794
Deere & Co.	3,587	495,580
Dover Corp.	1,117	93,761
Ingersoll Rand, Inc. (e)	2,927	72,590
ITT, Inc.	304	13,790
PACCAR, Inc.	1,002	61,252
Parker-Hannifin Corp.	489	63,438
Stanley Black & Decker, Inc.	846	84,600
Timken Co.	16,783	542,762
		4,131,092
Media 0.5%
Charter Communications, Inc., Class A (e)	1,392	607,344
Comcast Corp., Class A	13,729	472,003
Fox Corp., Class B (e)	12,275	280,852
John Wiley & Sons, Inc., Class A	1,516	56,835
Liberty Media Corp-Liberty SiriusXM, Class C (e)	4,073	128,788
		1,545,822
Metals & Mining 0.7%
Newmont Corp.	33,988	1,538,977
Reliance Steel & Aluminum Co.	762	66,743
Southern Copper Corp.	19,681	554,217
		2,159,937
Multi-Utilities 1.6%
CenterPoint Energy, Inc.	1,231	19,019
Consolidated Edison, Inc.	16,247	1,267,266
Dominion Energy, Inc.	6,866	495,657
DTE Energy Co.	6,141	583,211
MDU Resources Group, Inc.	29,071	625,026
Public Service Enterprise Group, Inc.	9,918	445,417
Sempra Energy	3,434	388,008
WEC Energy Group, Inc.	15,218	1,341,162
		5,164,766
Multiline Retail 0.4%
Dollar General Corp.	3,559	537,444
Kohl’s Corp.	3,920	57,193
Target Corp.	5,497	511,056
		1,105,693
Oil, Gas & Consumable Fuels 1.8%
Chevron Corp.	7,501	543,522
Cimarex Energy Co.	2,802	47,158
ConocoPhillips	19,109	588,557
Devon Energy Corp.	15,145	104,652
EOG Resources, Inc.	11,775	422,958
Exxon Mobil Corp.	12,933	491,066
HollyFrontier Corp.	5,992	146,864
Kinder Morgan, Inc.	36,876	513,314
Kosmos Energy, Ltd.	34,642	31,025
Marathon Petroleum Corp.	24,472	578,029
Occidental Petroleum Corp.	41,976	486,082
PBF Energy, Inc., Class A	25,169	178,197
Phillips 66	9,663	518,420
Pioneer Natural Resources Co.	5,353	375,513
Valero Energy Corp.	16,294	739,096
Williams Cos., Inc.	270	3,820
		5,768,273
Personal Products 0.1%
Nu Skin Enterprises, Inc., Class A	13,285	290,277
Pharmaceuticals 1.9%
Allergan PLC	2,797	495,349
Bristol-Myers Squibb Co.	10,110	563,531
Catalent, Inc. (e)	15,145	786,783
Elanco Animal Health, Inc. (e)	11,204	250,857
Horizon Therapeutics PLC (e)	21,572	638,963
Jazz Pharmaceuticals PLC (e)	1,767	176,240
Johnson & Johnson	4,782	627,064
Merck & Co., Inc.	8,004	615,828
Mylan N.V. (e)	42,532	634,152
Perrigo Co. PLC	13,958	671,240
Pfizer, Inc.	18,656	608,932
		6,068,939
Professional Services 0.3%
IHS Markit, Ltd.	7,614	456,840
ManpowerGroup, Inc.	10,107	535,570
		992,410
Real Estate Management & Development 0.3%
CBRE Group, Inc., Class A (e)	8,847	333,620
Jones Lang LaSalle, Inc.	6,060	611,939
		945,559
Road & Rail 0.7%
CSX Corp.	11,152	639,010
Norfolk Southern Corp.	3,946	576,116
Schneider National, Inc., Class B	27,217	526,377
Uber Technologies, Inc. (e)	20,943	584,728
		2,326,231
Semiconductors & Semiconductor Equipment 1.5%
Analog Devices, Inc.	5,508	493,792
Applied Materials, Inc.	13,194	604,549
Intel Corp.	10,720	580,166
Lam Research Corp.	2,771	665,040
Micron Technology, Inc. (e)	13,895	584,424
MKS Instruments, Inc.	1,820	148,239
Qorvo, Inc. (e)	9,628	776,306
Skyworks Solutions, Inc.	9,350	835,703
		4,688,219
Software 0.7%
Autodesk, Inc. (e)	3,687	575,541
Citrix Systems, Inc.	1,516	214,590
NortonLifeLock, Inc.	42,485	794,894
Nuance Communications, Inc. (e)	8,138	136,556
SS&C Technologies Holdings, Inc.	12,358	541,527
		2,263,108
Specialty Retail 0.6%
Best Buy Co., Inc.	13,600	775,200
Foot Locker, Inc.	7,651	168,705
Home Depot, Inc.	3,273	611,102
Tiffany & Co.	3,465	448,717
		2,003,724
Technology Hardware, Storage & Peripherals 0.6%
Dell Technologies, Inc., Class C (e)	13,822	546,660
HP, Inc.	38,798	673,533
Xerox Holdings Corp.	30,051	569,166
		1,789,359
Textiles, Apparel & Luxury Goods 0.2%
Skechers U.S.A., Inc., Class A (e)	23,938	568,288
Tobacco 0.4%
Altria Group, Inc.	14,949	578,078
Philip Morris International, Inc.	8,861	646,498
		1,224,576
Trading Companies & Distributors 0.0% ‡
WESCO International, Inc. (e)	1,663	38,000
Water Utilities 0.0% ‡
American Water Works Co., Inc.	686	82,018
Wireless Telecommunication Services 0.4%
T-Mobile U.S., Inc. (e)	5,373	450,795
Telephone & Data Systems, Inc.	30,968	519,024
United States Cellular Corp. (e)	5,805	170,028
		1,139,847
Total Common Stocks (Cost $185,255,501)		168,216,090
Exchange-Traded Funds 3.5%
iShares Intermediate Government / Credit Bond ETF	34,317	3,936,846
iShares Russell 1000 Value ETF	50,619	5,020,392
iShares Russell Mid-Cap ETF	8,021	346,267
SPDR S&P 500 ETF Trust (f)	1,654	426,319
Vanguard Mid-Cap Value ETF	14,122	1,147,977
Total Exchange-Traded Funds (Cost $11,003,671)		10,877,801

		Principal Amount
Short-Term Investments 0.8%
Repurchase Agreements 0.7%
Fixed Income Clearing Corp. 0.00%, dated 3/31/20 due 4/1/20 Proceeds at Maturity $175,709 (Collateralized by a United States Treasury Note with a rate of 1.50% and a maturity date of 9/15/22, with a Principal Amount of $175,000 and a Market Value of $180,448)	$	175,709			175,709
RBC Capital Markets 0.01%, dated 3/31/20 due 4/1/20 Proceeds at Maturity $1,871,001 (Collateralized by a United States Treasury Note with a rate of 2.125% and a maturity date of 8/15/21, with a Principal Amount of $1,854,600 and a Market Value of $1,908,480)		1,871,000			1,871,000
Total Repurchase Agreements (Cost $2,046,709)					2,046,709
		Shares
Unaffiliated Investment Company 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (g)(h)		437,079			437,079
Total Unaffiliated Investment Company (Cost $437,079)					437,079
Total Short-Term Investments (Cost $2,483,788)					2,483,788
Total Investments (Cost $333,315,660)		100.3	%		315,509,115
Other Assets, Less Liabilities		(0.3	)		(862,910	)
Net Assets		100.0	%	$	314,646,205

†	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 March 31, 2020.
(c)	Fixed to floating rate - Rate shown was the rate in effect as of March 31, 2020.
(d)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of March 31, 2020.
(e)	Non-income producing security.
(f)	All or a portion of this security was held on loan. As of March 31, 2020, the aggregate market value of securities on loan was $421,937. The Portfolio received cash collateral with a value of $437,079.
(g)	Current yield as of March 31, 2020.
(h)	Represents a security purchased with cash collateral received for securities on loan.

Futures Contracts

As of March 31, 2020, 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
10-Year United States Treasury Note	34	June 2020	$	4,509,637	$	4,715,375		$	205,738
2-Year United States Treasury Note	33	June 2020		7,209,967		7,272,632			62,665
5-Year United States Treasury Note	91	June 2020		11,052,476		11,407,703			355,227
Total Long Contracts									623,630
Short Contracts
10-Year United States Treasury Ultra Note	(18)	June 2020		(2,664,835)		(2,808,562	)		(143,727	)
United States Treasury Ultra Bond	(1)	June 2020		(222,436)		(221,875	)		561
Total Short Contracts									(143,166	)
Net Unrealized Appreciation								$	480,464

1. Represents the difference between the value of the contracts at the time they were opened and the value as of March 31, 2020.

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

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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	$	—		$	15,525,587	$	—	$	15,525,587
Corporate Bonds		—			62,954,619		—		62,954,619
Foreign Government Bonds		—			776,626		—		776,626
Mortgage-Backed Securities		—			12,768,260		—		12,768,260
U.S. Government & Federal Agencies		—			41,906,344		—		41,906,344
Total Long-Term Bonds		—			133,931,436		—		133,931,436
Common Stocks		168,216,090			—		—		168,216,090
Exchange-Traded Funds		10,877,801			—		—		10,877,801
Short-Term Investments
Repurchase Agreements		—			2,046,709		—		2,046,709
Unaffiliated Investment Company		437,079			—		—		437,079
Total Short-Term Investments		437,079			2,046,709		—		2,483,788
Total Investments in Securities		179,530,970			135,978,145		—		315,509,115
Other Financial Instruments
Futures Contracts (b)		623,630			—		—		623,630
Total Investments in Securities and Other Financial Instruments	$	180,154,600		$	135,978,145	$	—	$	316,132,745
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(143,166	)	$	—	$	—	$	(143,166	)

(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 Janus Henderson Balanced Portfolio  

Portfolio of Investments  March 31, 2020 (Unaudited)  

	Principal Amount			Value
Long-Term Bonds 51.2%†
Asset-Backed Securities 1.4%
Automobile Asset-Backed Securities 0.6%
Credit Acceptance Auto Loan Series 2018-2A, Class B 3.94%, due 7/15/27 (a)	$	387,000		$	380,120
Drive Auto Receivables Trust
Series 2019-2, Class A3 3.04%, due 3/15/23		689,000			690,863
Series 2017-3, Class D 3.53%, due 12/15/23 (a)		212,756			212,761
Series 2017-AA, Class D 4.16%, due 5/15/24 (a)		371,392			370,490
Series 2017-1, Class E 5.17%, due 9/16/24		1,590,000			1,588,939
Series 2017-2, Class E 5.27%, due 11/15/24		1,400,000			1,374,116
OneMain Direct Auto Receivables Trust (a)
Series 2018-1A, Class C 3.85%, due 10/14/25		181,000			179,036
Series 2018-1A, Class D 4.40%, due 1/14/28		180,000			179,315
Santander Drive Auto Receivables Trust Series 2016-3, Class E 4.29%, due 2/15/24		1,868,000			1,843,536
					6,819,176
Other Asset-Backed Securities 0.8%
Applebee's Funding LLC / IHOP Funding LLC Series 2019-1A, Class A2I 4.194%, due 6/7/49 (a)		1,022,000			929,509
Deutsche Bank Master Finance LLC (a)
Series 2019-1A, Class A2I 3.787%, due 5/20/49		464,490			448,925
Series 2019-1A, Class A2II 4.021%, due 5/20/49		256,065			245,251
Series 2019-1A, Class A23 4.352%, due 5/20/49		371,195			352,795
Domino's Pizza Master Issuer LLC (a)
Series 2017-1A, Class A2II 3.082%, due 7/25/47		196,478			189,666
Series 2019-1A, Class A2 3.668%, due 10/25/49		1,644,878			1,466,935
Series 2018-1A, Class A2I 4.116%, due 7/25/48		912,110			880,660
Series 2017-1A, Class A23 4.118%, due 7/25/47		210,163			203,463
Series 2018-1A, Class A2II 4.328%, due 7/25/48		499,395			472,642
Jack In The Box Funding LLC (a)
Series 2019-1A, Class A2I 3.982%, due 8/25/49		988,523			913,108
Series 2019-1A, Class A2II 4.476%, due 8/25/49		988,523			862,575
Series 2019-1A, Class A23 4.97%, due 8/25/49		988,523			818,823
Planet Fitness Master Issuer LLC Series 2019-1A, Class A2 3.858%, due 12/5/49 (a)		870,818			682,703
Preston Ridge Partners Mortgage LLC Series 2020-1A, Class A1 2.981%, due 2/25/25 (a)(b)		283,069			223,706
Taco Bell Funding LLC Series 2018-1A, Class A2II 4.94%, due 11/25/48 (a)		196,513			191,279
Wendy's Funding LLC (a)
Series 2018-1A, Class A2I 3.573%, due 3/15/48		316,710			289,042
Series 2019-1A, Class A2I 3.783%, due 6/15/49		512,513			487,620
Series 2018-1A, Class A2II 3.884%, due 3/15/48		88,953			80,526
					9,739,228
Total Asset-Backed Securities (Cost $17,857,441)					16,558,404
Corporate Bonds 21.1%
Aerospace & Defense 0.8%
Boeing Co.
2.25%, due 6/15/26		144,000			126,871
3.20%, due 3/1/29		1,030,000			948,915
3.25%, due 3/1/28		178,000			167,465
3.60%, due 5/1/34		1,195,000			1,067,247
General Dynamics Corp.
3.25%, due 4/1/25		861,000			912,092
3.50%, due 4/1/27		1,245,000			1,339,847
3.625%, due 4/1/30		1,014,000			1,127,287
4.25%, due 4/1/40		701,000			836,334
4.25%, due 4/1/50		244,000			307,243
Northrop Grumman Corp.
4.40%, due 5/1/30		862,000			1,000,662
5.15%, due 5/1/40		374,000			474,623
5.25%, due 5/1/50		482,000			651,802
					8,960,388
Apparel 0.2%
NIKE, Inc.
2.40%, due 3/27/25		413,000			429,163
2.75%, due 3/27/27		640,000			665,017
3.25%, due 3/27/40		478,000			500,964
3.375%, due 3/27/50		312,000			340,362
					1,935,506
Auto Manufacturers 0.2%
General Motors Co.
4.20%, due 10/1/27		396,000			327,215
5.00%, due 10/1/28		1,091,000			940,050
5.40%, due 4/1/48		378,000			275,289
General Motors Financial Co., Inc.
4.30%, due 7/13/25		223,000			197,489
4.35%, due 4/9/25		726,000			629,883
4.35%, due 1/17/27		405,000			323,871
					2,693,797
Banks 4.2%
Bank of America Corp.(c)
3.705%, due 4/24/28		2,007,000			2,052,100
3.97%, due 3/5/29		949,000			991,075
6.10%, due 3/17/25 (d)		512,000			517,120
6.25%, due 9/5/24 (d)		1,172,000			1,189,580
BNP Paribas S.A. (a)(c)
2.819%, due 11/19/25		534,000			527,468
3.052%, due 1/13/31		1,400,000			1,309,116
4.705%, due 1/10/25		758,000			789,722
CIT Bank N.A. 2.969%, due 9/27/25 (c)		1,826,000			1,539,738
CIT Group, Inc. 5.25%, due 3/7/25		502,000			489,450
Citigroup, Inc.(c)
3.887%, due 1/10/28		2,396,000			2,464,348
4.412%, due 3/31/31		4,922,000			5,407,692
5.90%, due 2/15/23 (d)		113,000			109,045
5.95%, due 1/30/23 (d)		890,000			862,428
5.95%, due 5/15/25 (d)		584,000			565,750
Citizens Financial Group, Inc.
3.75%, due 7/1/24		264,000			262,991
4.30%, due 12/3/25		684,000			715,876
4.35%, due 8/1/25		203,000			216,406
First Republic Bank 4.625%, due 2/13/47		391,000			422,709
Goldman Sachs Group, Inc. 3.50%, due 4/1/25		6,418,000			6,560,642
HSBC Holdings PLC 4.95%, due 3/31/30		404,000			441,167
JPMorgan Chase & Co.(c)
2.739%, due 10/15/30		918,000			930,060
3.782%, due 2/1/28		1,422,000			1,504,937
3.96%, due 1/29/27		2,044,000			2,198,148
4.452%, due 12/5/29		1,840,000			2,070,625
4.493%, due 3/24/31		1,778,000			2,055,365
Morgan Stanley
3.95%, due 4/23/27		1,401,000			1,475,449
4.35%, due 9/8/26		1,128,000			1,194,858
4.431%, due 1/23/30 (c)		1,504,000			1,669,667
Wells Fargo & Co.(c)
2.164%, due 2/11/26		2,686,000			2,631,430
2.879%, due 10/30/30		1,254,000			1,242,081
4.478%, due 4/4/31		2,286,000			2,587,637
5.875%, due 6/15/25 (d)		1,199,000			1,216,985
					48,211,665
Beverages 1.1%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc. 4.90%, due 2/1/46		1,134,000			1,235,112
Anheuser-Busch InBev Worldwide, Inc.
4.15%, due 1/23/25		2,101,000			2,255,443
4.75%, due 4/15/58		687,000			704,611
Coca-Cola Co.
2.95%, due 3/25/25		512,000			548,533
3.375%, due 3/25/27		1,104,000			1,217,894
3.45%, due 3/25/30		766,000			867,305
4.20%, due 3/25/50		827,000			1,080,034
Coca-Cola Femsa S.A.B. de C.V. 2.75%, due 1/22/30		651,000			636,011
Fomento Economico Mexicano S.A.B. de C.V. 3.50%, due 1/16/50		766,000			717,532
Keurig Dr Pepper, Inc. 4.597%, due 5/25/28		1,145,000			1,252,462
PepsiCo, Inc.
2.25%, due 3/19/25		782,000			811,965
2.625%, due 3/19/27		242,000			254,038
3.625%, due 3/19/50		652,000			774,083
3.875%, due 3/19/60		199,000			250,422
					12,605,445
Commercial Services 0.7%
Ecolab, Inc. 4.80%, due 3/24/30		568,000			638,026
Equifax, Inc. 2.60%, due 12/1/24		1,779,000			1,681,461
Global Payments, Inc.
3.20%, due 8/15/29		309,000			294,880
4.80%, due 4/1/26		902,000			897,515
IHS Markit, Ltd.(a)
4.75%, due 2/15/25		924,000			947,100
5.00%, due 11/1/22		119,000			125,031
PayPal Holdings, Inc.
2.40%, due 10/1/24		577,000			563,931
2.65%, due 10/1/26		1,726,000			1,689,676
2.85%, due 10/1/29		978,000			967,705
Verisk Analytics, Inc. 5.50%, due 6/15/45		374,000			475,038
					8,280,363
Computers 0.1%
Dell International LLC 5.875%, due 6/15/21 (a)		1,417,000			1,418,771
Cosmetics & Personal Care 0.2%
Procter & Gamble Co.
2.45%, due 3/25/25		312,000			327,829
2.80%, due 3/25/27		496,000			529,121
3.00%, due 3/25/30		287,000			318,775
3.55%, due 3/25/40		572,000			667,125
3.60%, due 3/25/50		304,000			373,558
					2,216,408
Diversified Financial Services 1.3%
CBOE Global Markets, Inc. 3.65%, due 1/12/27		745,000			780,128
Charles Schwab Corp.
4.20%, due 3/24/25		1,053,000			1,111,043
4.625%, due 3/22/30		1,256,000			1,383,307
Experian Finance PLC 2.75%, due 3/8/30 (a)		2,608,000			2,489,076
Mastercard, Inc.
3.30%, due 3/26/27		1,072,000			1,167,967
3.35%, due 3/26/30		1,359,000			1,504,996
3.85%, due 3/26/50		768,000			941,143
Raymond James Financial, Inc.
4.65%, due 4/1/30		480,000			499,320
4.95%, due 7/15/46		477,000			548,734
5.625%, due 4/1/24		358,000			390,816
Synchrony Financial
4.375%, due 3/19/24		250,000			245,930
5.15%, due 3/19/29		1,053,000			998,948
Visa, Inc.
1.90%, due 4/15/27		1,410,000			1,409,638
2.05%, due 4/15/30		929,000			927,653
2.70%, due 4/15/40		399,000			396,063
					14,794,762
Electric 1.2%
AEP Transmission Co. LLC 3.65%, due 4/1/50		634,000			652,999
Ameren Corp. 3.50%, due 1/15/31		2,105,000			2,110,265
Berkshire Hathaway Energy Co.(a)
3.70%, due 7/15/30		1,113,000			1,192,988
4.25%, due 10/15/50		1,168,000			1,322,687
Dominion Energy, Inc. 3.375%, due 4/1/30		1,436,000			1,421,568
NRG Energy, Inc.
3.75%, due 6/15/24 (a)		1,258,000			1,234,112
6.625%, due 1/15/27		1,343,000			1,396,720
7.25%, due 5/15/26		1,111,000			1,163,772
Oncor Electric Delivery Co. LLC
3.70%, due 11/15/28		797,000			852,753
3.80%, due 6/1/49		1,161,000			1,221,889
PPL WEM, Ltd. / Western Power Distribution, Ltd. 5.375%, due 5/1/21 (a)		756,000			771,651
					13,341,404
Electrical Equipment 0.1%
Carrier Global Corp.(a)
2.242%, due 2/15/25		601,000			583,833
2.493%, due 2/15/27		481,000			458,821
					1,042,654
Electronics 0.4%
Keysight Technologies, Inc. 3.00%, due 10/30/29		1,199,000			1,131,482
Trimble, Inc.
4.75%, due 12/1/24		1,238,000			1,300,732
4.90%, due 6/15/28		2,222,000			2,391,133
					4,823,347
Food 1.0%
Campbell Soup Co. 3.95%, due 3/15/25		594,000			616,139
General Mills, Inc.
2.875%, due 4/15/30		364,000			363,272
4.20%, due 4/17/28		1,047,000			1,152,769
J.M. Smucker Co.
2.375%, due 3/15/30		688,000			637,889
3.55%, due 3/15/50		323,000			295,739
JBS USA LUX S.A. / JBS USA Finance, Inc. 6.75%, due 2/15/28 (a)		314,000			335,195
Mars, Inc.(a)
2.70%, due 4/1/25		468,000			481,110
3.20%, due 4/1/30		570,000			594,964
4.20%, due 4/1/59		488,000			533,462
Mondelez International Holdings Netherlands B.V. 2.25%, due 9/19/24 (a)		1,028,000			1,016,303
Sysco Corp.
2.40%, due 2/15/30		299,000			245,353
2.50%, due 7/15/21		203,000			203,186
5.65%, due 4/1/25		459,000			477,847
5.95%, due 4/1/30		1,402,000			1,471,876
6.60%, due 4/1/40		1,139,000			1,228,068
6.60%, due 4/1/50		1,405,000			1,473,138
					11,126,310
Forest Products & Paper 0.1%
Georgia-Pacific LLC 3.163%, due 11/15/21 (a)		1,387,000			1,405,990
Health Care - Products 0.6%
Baxter International, Inc.(a)
3.75%, due 10/1/25		1,148,000			1,216,719
3.95%, due 4/1/30		1,002,000			1,074,341
Boston Scientific Corp.
3.75%, due 3/1/26		560,000			587,275
4.00%, due 3/1/29		291,000			308,156
4.70%, due 3/1/49		467,000			533,277
DH Europe Finance II S.A.R.L.
2.20%, due 11/15/24		543,000			527,487
2.60%, due 11/15/29		298,000			289,410
3.40%, due 11/15/49		383,000			372,592
Thermo Fisher Scientific, Inc.
4.133%, due 3/25/25		667,000			713,859
4.497%, due 3/25/30		1,566,000			1,760,399
					7,383,515
Health Care - Services 0.9%
Centene Corp.
3.375%, due 2/15/30 (a)		876,000			814,680
4.25%, due 12/15/27 (a)		1,372,000			1,344,560
4.625%, due 12/15/29 (a)		2,061,000			2,071,305
4.75%, due 5/15/22		64,000			64,320
5.375%, due 6/1/26 (a)		1,510,000			1,555,466
Cigna Corp.
2.40%, due 3/15/30		478,000			452,730
3.20%, due 3/15/40		217,000			200,791
3.40%, due 3/15/50		328,000			309,560
HCA, Inc.
3.50%, due 9/1/30		1,621,000			1,470,590
5.375%, due 2/1/25		545,000			557,262
5.375%, due 9/1/26		220,000			226,600
5.625%, due 9/1/28		310,000			324,477
5.875%, due 2/15/26		286,000			301,015
5.875%, due 2/1/29		459,000			485,392
					10,178,748
Home Builders 0.0% ‡
MDC Holdings, Inc. 5.50%, due 1/15/24		465,000			465,000
Household Products & Wares 0.1%
Avery Dennison Corp. 2.65%, due 4/30/30		1,251,000			1,166,239
Insurance 0.1%
Brown & Brown, Inc. 4.50%, due 3/15/29		697,000			750,411
Iron & Steel 0.2%
Allegheny Technologies, Inc. 5.875%, due 12/1/27		1,047,000			871,628
Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		469,000			464,327
Steel Dynamics, Inc. 5.50%, due 10/1/24		1,166,000			1,133,459
					2,469,414
Lodging 0.1%
Choice Hotels International, Inc. 3.70%, due 12/1/29		1,074,000			859,200
MGM Resorts International 7.75%, due 3/15/22 (e)		182,000			180,275
					1,039,475
Machinery - Diversified 0.4%
Otis Worldwide Corp. 2.056%, due 4/5/25 (a)		711,000			694,887
Wabtec Corp.
3.45%, due 11/15/26		273,000			251,767
4.40%, due 3/15/24 (b)		1,014,000			1,007,396
4.95%, due 9/15/28 (b)		2,348,000			2,157,549
					4,111,599
Media 1.0%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.80%, due 3/1/50		1,115,000			1,160,239
5.05%, due 3/30/29		2,266,000			2,449,547
5.375%, due 5/1/47		205,000			221,258
6.484%, due 10/23/45		256,000			308,818
Comcast Corp.
2.65%, due 2/1/30		475,000			488,673
3.10%, due 4/1/25		335,000			355,846
3.15%, due 3/1/26		584,000			612,001
3.30%, due 4/1/27		914,000			981,267
3.40%, due 4/1/30		914,000			990,684
3.75%, due 4/1/40		365,000			412,048
4.15%, due 10/15/28		660,000			741,057
4.25%, due 10/15/30		749,000			871,746
4.60%, due 10/15/38		406,000			496,952
4.95%, due 10/15/58		475,000			642,897
Fox Corp. 4.03%, due 1/25/24		429,000			445,650
					11,178,683
Metals & Mining 0.1%
Hudbay Minerals, Inc. 7.25%, due 1/15/23 (a)		992,000			863,040
Mining 0.1%
Constellium S.E. 5.75%, due 5/15/24 (a)		1,162,000			1,037,201
Miscellaneous - Manufacturing 0.2%
General Electric Co.
5.00%, due 1/21/21 (c)(d)		1,414,000			1,166,550
Series A 6.75%, due 3/15/32		542,000			643,632
					1,810,182
Oil & Gas 0.2%
Hess Corp. 4.30%, due 4/1/27		1,090,000			789,390
HollyFrontier Corp. 5.875%, due 4/1/26		996,000			863,206
WPX Energy, Inc. 4.50%, due 1/15/30		1,866,000			1,013,238
					2,665,834
Pharmaceuticals 0.5%
AbbVie, Inc. 2.60%, due 11/21/24 (a)		695,000			701,714
Allergan Finance LLC 3.25%, due 10/1/22		721,000			722,933
Allergan Funding SCS
3.45%, due 3/15/22		1,331,000			1,382,028
3.80%, due 3/15/25		857,000			877,434
Allergan, Inc. 2.80%, due 3/15/23		57,000			56,671
Bristol-Myers Squibb Co. 3.40%, due 7/26/29 (a)		513,000			566,184
Cigna Corp. 3.40%, due 9/17/21		186,000			189,492
Elanco Animal Health, Inc.
5.022%, due 8/28/23		450,000			455,212
5.65%, due 8/28/28		303,000			319,469
Pfizer, Inc. 2.625%, due 4/1/30		336,000			353,292
					5,624,429
Pipelines 0.5%
Cheniere Corpus Christi Holdings LLC 3.70%, due 11/15/29 (a)		2,344,000			1,751,085
Energy Transfer Operating, L.P.
4.95%, due 6/15/28		116,000			95,950
5.50%, due 6/1/27		401,000			349,023
5.875%, due 1/15/24		301,000			284,241
Hess Midstream Operations, L.P. 5.125%, due 6/15/28 (a)		1,605,000			1,127,994
Kinder Morgan, Inc.
4.30%, due 3/1/28		280,000			274,560
6.50%, due 9/15/20		59,000			59,132
NGPL PipeCo LLC 4.375%, due 8/15/22 (a)		747,000			712,921
Plains All American Pipeline, L.P. / PAA Finance Corp. 4.65%, due 10/15/25		818,000			658,228
					5,313,134
Real Estate 0.1%
Crown Castle International Corp. 3.10%, due 11/15/29		1,154,000			1,105,466
Jones Lang LaSalle, Inc. 4.40%, due 11/15/22		651,000			635,117
					1,740,583
Real Estate Investment Trusts 0.6%
Alexandria Real Estate Equities, Inc. 4.90%, due 12/15/30		1,155,000			1,253,341
Crown Castle International Corp.
3.30%, due 7/1/30		284,000			281,668
3.65%, due 9/1/27		548,000			554,993
4.15%, due 7/1/50		295,000			291,755
4.30%, due 2/15/29		636,000			658,844
Equinix, Inc.
2.625%, due 11/18/24		522,000			497,863
2.90%, due 11/18/26		437,000			400,212
3.20%, due 11/18/29		984,000			915,022
GLP Capital, L.P. / GLP Financing II, Inc.
3.35%, due 9/1/24		187,000			165,495
4.00%, due 1/15/30		1,262,000			1,061,090
5.25%, due 6/1/25		361,000			333,925
5.30%, due 1/15/29		86,000			73,547
5.375%, due 4/15/26		697,000			617,821
					7,105,576
Retail 1.4%
Alimentation Couche-Tard, Inc. 2.95%, due 1/25/30 (a)		316,000			293,399
AutoZone, Inc. 3.75%, due 4/18/29		984,000			996,285
CVS Health Corp.
3.00%, due 8/15/26		135,000			136,599
4.10%, due 3/25/25		1,369,000			1,448,173
4.125%, due 4/1/40		593,000			598,830
4.25%, due 4/1/50		293,000			304,138
4.30%, due 3/25/28		491,000			525,195
5.05%, due 3/25/48		617,000			704,940
Lowe's Cos., Inc.
4.00%, due 4/15/25		1,289,000			1,377,228
4.50%, due 4/15/30		1,333,000			1,468,999
5.00%, due 4/15/40		682,000			777,471
5.125%, due 4/15/50		932,000			1,125,248
McDonald's Corp.
2.625%, due 9/1/29		1,192,000			1,147,115
3.30%, due 7/1/25		363,000			377,426
3.50%, due 7/1/27		1,141,000			1,198,643
3.625%, due 9/1/49		607,000			612,430
Nordstrom, Inc. 4.375%, due 4/1/30		1,153,000			921,836
O'Reilly Automotive, Inc.
3.60%, due 9/1/27		25,000			24,000
3.90%, due 6/1/29		1,129,000			1,124,963
4.35%, due 6/1/28		192,000			197,527
Starbucks Corp. 4.45%, due 8/15/49		740,000			849,011
					16,209,456
Semiconductors 0.2%
Lam Research Corp. 4.00%, due 3/15/29		208,000			230,016
Marvell Technology Group, Ltd.
4.20%, due 6/22/23		440,000			449,843
4.875%, due 6/22/28		1,848,000			1,912,908
					2,592,767
Shipbuilding 0.3%
Huntington Ingalls Industries, Inc.(a)
3.844%, due 5/1/25		864,000			889,456
4.20%, due 5/1/30		1,289,000			1,336,068
5.00%, due 11/15/25		1,493,000			1,540,039
					3,765,563
Software 0.5%
Broadridge Financial Solutions, Inc. 2.90%, due 12/1/29		2,035,000			1,924,893
MSCI, Inc.(a)
3.625%, due 9/1/30		821,000			778,924
4.00%, due 11/15/29		104,000			103,312
Oracle Corp.
2.50%, due 4/1/25		918,000			926,682
2.80%, due 4/1/27		2,254,000			2,287,317
					6,021,128
Telecommunications 0.8%
AT&T, Inc.
3.60%, due 7/15/25		448,000			474,655
4.50%, due 3/9/48		640,000			693,072
4.75%, due 5/15/46		439,000			485,499
4.85%, due 3/1/39		581,000			651,583
5.25%, due 3/1/37		296,000			345,340
CenturyLink, Inc.
5.80%, due 3/15/22		419,000			424,242
6.45%, due 6/15/21		752,000			763,280
Level 3 Financing, Inc. 3.875%, due 11/15/29 (a)		1,299,000			1,219,163
T-Mobile USA, Inc. 6.375%, due 3/1/25		1,472,000			1,503,324
Verizon Communications, Inc.
2.625%, due 8/15/26		613,000			632,890
3.00%, due 3/22/27		535,000			563,633
3.15%, due 3/22/30		454,000			489,028
4.00%, due 3/22/50		323,000			381,991
4.522%, due 9/15/48		281,000			359,745
4.862%, due 8/21/46		381,000			497,223
					9,484,668
Toys, Games & Hobbies 0.3%
Hasbro, Inc.
3.00%, due 11/19/24		610,000			577,972
3.55%, due 11/19/26		811,000			773,678
3.90%, due 11/19/29		2,184,000			1,948,868
					3,300,518
Transportation 0.3%
United Parcel Service, Inc.
4.45%, due 4/1/30		631,000			714,040
5.30%, due 4/1/50		897,000			1,175,120
3.90%, due 4/1/25		727,000			789,298
5.20%, due 4/1/40		415,000			508,514
					3,186,972
Total Corporate Bonds (Cost $241,397,097)					242,320,945
Loan Assignments 0.2%
Biotechnology 0.2%
Elanco Animal Health, Inc. Term Loan B TBD, due 2/4/27		2,306,847			2,185,737
Total Loan Assignments (Cost $2,306,847)					2,185,737
Mortgage-Backed Securities 3.2%
Agency (Collateralized Mortgage Obligations) 0.3%
Federal National Mortgage Association
Series 2018-27, Class EA 3.00%, due 5/25/48		1,132,007			1,216,107
REMIC, Series 2019-71, Class P 3.00%, due 11/25/49		1,821,910			1,946,876
					3,162,983
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.1%
Bank
Series 2019-BN24, Class A3 2.96%, due 11/15/62		218,800			227,117
Series 2018-BN12, Class A4 4.255%, due 5/15/61 (f)		271,673			307,114
Bank of America Merrill Lynch Re-REMIC Trust Series 2013-FRR1, Class B2 (zero coupon), due 5/26/20 (a)		990,309			961,818
Barclays Commercial Mortgage Securities LLC Series 2015-SRCH, Class A2 4.197%, due 8/10/35 (a)		875,000			873,135
Benchmark Mortgage Trust Series 2020-B16, Class A5 2.732%, due 2/15/53		550,000			560,163
BX Commercial Mortgage Trust
Series 2018-IND, Class A 1.455% (1 Month LIBOR + 0.75%), due 11/15/35 (a)(g)		966,933			913,647
Series 2019-XL, Class A 1.625% (1 Month LIBOR + 0.92%), due 10/15/36 (a)(g)		1,128,328			1,073,248
Series 2019-XL, Class B 1.785% (1 Month LIBOR + 1.08%), due 10/15/36 (a)(g)		182,482			171,061
Series 2019-0C11, Class A 3.202%, due 12/9/41 (a)		1,129,000			1,019,396
Series 2019-0C11, Class B 3.605%, due 12/9/41 (a)		564,000			487,792
Series 2019-0C11, Class C 3.856%, due 12/9/41 (a)		564,000			466,045
Series 2019-0C11, Class D 4.076%, due 12/9/41 (a)(f)		847,000			664,614
Series 2019-OC11, Class E 4.076%, due 12/9/41 (f)		215,000			160,097
BXP Trust Series 2017-GM, Class A 3.379%, due 6/13/39 (a)		396,000			422,210
Great Wolf Trust (a)(g)
Series 2019-WOLF, Class A 1.739% (1 Month LIBOR + 1.034%), due 12/15/36		270,000			242,968
Series 2019-WOLF, Class B 2.039% (1 Month LIBOR + 1.334%), due 12/15/36		303,000			262,044
Series 2019-WOLF, Class C 2.338% (1 Month LIBOR + 1.633%), due 12/15/36		337,000			293,268
GS Mortgage Securities Trust
Series 2020-GC45, Class A5 2.911%, due 2/13/53		547,000			563,212
Series 2018-GS9, Class A4 3.992%, due 3/10/51 (f)		645,957			693,040
Series 2018-GS10, Class A5 4.155%, due 7/10/51 (f)		388,105			421,684
Morgan Stanley Capital I Trust
Series 2018-H3, Class A5 4.177%, due 7/15/51		561,262			616,950
Series 2018-H4, Class A4 4.31%, due 12/15/51		840,223			955,982
					12,356,605
Whole Loan (Collateralized Mortgage Obligations) 1.8%
Angel Oak Mortgage Trust Series 2018-2, Class A1 3.674%, due 7/27/48 (a)(f)		145,068			138,387
Arroyo Mortgage Trust Series 2018-1, Class A1 3.763%, due 4/25/48 (a)(f)		277,404			270,045
Chase Mortgage Finance Corporation Series 2019-ATR2, Class A11 1.847% (1 Month LIBOR + 0.90%), due 7/25/49 (a)(g)		164,168			155,656
Fannie Mae Connecticut Avenue Securities (Mortgage Pass-Through Securities) (g)
Series 2018-C01, Class 1M1 1.547% (1 Month LIBOR + 0.60%), due 7/25/30		79,982			79,427
Series 2018-C05, Class 1M1 1.667% (1 Month LIBOR + 0.72%), due 1/25/31		9,850			9,788
Series 2017-C03, Class 1M1 1.897% (1 Month LIBOR + 0.95%), due 10/25/29		36,037			34,942
Series 2017-C02, Class 2M1 2.097% (1 Month LIBOR + 1.15%), due 9/25/29		4,039			4,020
Series 2018-C06, Class 1M2 2.947% (1 Month LIBOR + 2.00%), due 3/25/31		1,211,966			1,066,215
Series 2019-R05, Class 1M2 2.947% (1 Month LIBOR + 2.00%), due 7/25/39 (a)		1,704,407			1,439,855
Series 2020-R02, Class 2M2 2.947% (1 Month LIBOR + 2.00%), due 1/25/40 (a)		1,507,000			977,491
Series 2019-R04, Class 2M2 3.047% (1 Month LIBOR + 2.10%), due 6/25/39 (a)		313,000			254,557
Series 2019-R07, Class 1M2 3.047% (1 Month LIBOR + 2.10%), due 10/25/39 (a)		1,403,277			1,130,667
Series 2019-R03, Class 1M2 3.097% (1 Month LIBOR + 2.15%), due 9/25/31 (a)		1,249,212			1,022,753
Series 2019-R02, Class 1M2 3.247% (1 Month LIBOR + 2.30%), due 8/25/31 (a)		474,618			392,772
Series 2018-C05, Class 1M2 3.297% (1 Month LIBOR + 2.35%), due 1/25/31		441,215			370,534
Series 2017-C07, Class 1M2 4.497% (1 Month LIBOR + 3.55%), due 7/25/29		754,346			690,082
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes (g)
REMIC, Series 2019-HQA4, Class M1 1.717% (1 Month LIBOR + 0.77%), due 11/25/49 (a)		175,273			169,445
Series 2017-DNA1, Class M1 2.147% (1 Month LIBOR + 1.20%), due 7/25/29		105,897			105,293
REMIC, Series 2020-DNA1, Class M2 2.647% (1 Month LIBOR + 1.70%), due 1/25/50 (a)		977,000			630,164
Series 2018-DNA1, Class M2 2.747% (1 Month LIBOR + 1.80%), due 7/25/30		482,925			395,998
Series 2019-DNA4, Class M2 2.897% (1 Month LIBOR + 1.95%), due 10/25/49 (a)		502,274			377,017
JP Morgan Mortgage Trust (a)(g)
Series 2019-5, Class A11 1.847% (1 Month LIBOR + 0.90%), due 11/25/49		100,658			95,808
Series 2019-LTV2, Class A11 1.847% (1 Month LIBOR + 0.90%), due 12/25/49		466,755			445,344
Series 2019-7, Class A11 1.847% (1 Month LIBOR + 0.90%), due 2/25/50		638,561			607,449
Mello Warehouse Securitization Trust (a)(g)
Series 2018-W1, Class A 1.797% (1 Month LIBOR + 0.85%), due 11/25/51		1,312,000			1,295,403
Series 2018-W1, Class B 1.997% (1 Month LIBOR + 1.05%), due 11/25/51		95,333			92,681
New Residential Mortgage Loan Trust Series 2018-2A, Class A1 4.50%, due 2/25/58 (a)(f)		349,154			364,269
Preston Ridge Partners Mortgage Trust (a)(b)
Series 2019-4A, Class A1 3.351%, due 11/25/24		504,935			497,177
Series 2019-GS1, Class A1 3.50%, due 10/25/24		536,490			533,500
Provident Funding Mortgage Trust Series 2020-1, Class A5 3.00%, due 2/25/50 (a)(f)		364,854			360,601
Sequoia Mortgage Trust (a)(f)
Series 2020-2, Class A19 3.50%, due 3/25/50		262,429			264,020
Series 2019-CH2, Class A1 4.50%, due 8/25/49		469,411			467,340
Spruce Hill Mortgage Loan Trust (a)(f)
Series 2020-SH1, Class A1 2.521%, due 1/28/50		245,678			227,887
Series 2020-SH1, Class A2 2.624%, due 1/28/50		484,987			449,885
Station Place Securitization Trust (g)
Series 2019-WL1, Class D 2.147% (1 Month LIBOR + 1.20%), due 8/25/52 (a)		261,333			258,038
Series 2019-WL1, Class E 2.347% (1 Month LIBOR + 1.40%), due 8/25/52 (a)		526,667			519,665
Series 2019-4, Class A 2.559% (1 Month LIBOR + 0.90%), due 6/24/20		1,862,000			1,852,646
Series 2020-1 2.559% (1 Month LIBOR + 0.90%), due 10/24/20		2,000,000			1,980,488
Towd Point Asset Funding LLC Series 2019-HE1, Class A1 1.847% (1 Month LIBOR + 0.90%), due 4/25/48 (a)(g)		403,708			391,596
Verus Securitization Trust Series 2020-1, Class A3 2.724%, due 1/25/60 (a)(f)		473,574			454,669
					20,873,574
Total Mortgage-Backed Securities (Cost $39,307,945)					36,393,162
U.S. Government & Federal Agencies 25.3%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 3.4%
2.50%, due 11/1/31		100,213			104,265
2.50%, due 12/1/31		120,345			125,212
2.50%, due 12/1/32		214,839			223,042
2.50%, due 12/1/33		2,028,213			2,105,521
2.50%, due 11/1/34		355,708			370,365
2.50%, due 11/1/34		326,897			340,377
2.50%, due 1/1/50		63,146			65,520
3.00%, due 2/1/31		382,126			401,524
3.00%, due 5/1/31		2,652,913			2,793,859
3.00%, due 9/1/32		359,351			377,578
3.00%, due 10/1/32		139,732			146,811
3.00%, due 1/1/33		191,455			201,102
3.00%, due 10/1/34		171,909			180,482
3.00%, due 10/1/34		394,383			414,319
3.00%, due 6/1/43		86,250			90,705
3.00%, due 1/1/45		321,737			339,797
3.00%, due 10/1/46		1,215,078			1,281,894
3.00%, due 8/1/49		291,765			306,761
3.00%, due 8/1/49		95,188			100,609
3.00%, due 9/1/49		127,476			133,634
3.00%, due 10/1/49		207,272			217,493
3.00%, due 10/1/49		87,835			92,079
3.00%, due 10/1/49		145,655			153,096
3.00%, due 11/1/49		115,978			122,007
3.00%, due 11/1/49		243,693			255,873
3.00%, due 11/1/49		598,273			627,575
3.00%, due 12/1/49		320,012			335,793
3.00%, due 12/1/49		202,763			212,559
3.00%, due 12/1/49		335,550			351,761
3.00%, due 1/1/50		56,652			59,403
3.00%, due 1/1/50		571,375			599,129
3.00%, due 2/1/50		212,263			222,716
3.00%, due 2/1/50		134,474			141,007
3.00%, due 3/1/50		119,802			125,622
3.00%, due 3/1/50		82,877			86,903
3.00%, due 3/1/50		117,830			123,554
3.50%, due 7/1/42		50,975			54,322
3.50%, due 8/1/42		66,465			70,924
3.50%, due 8/1/42		59,862			63,862
3.50%, due 2/1/43		342,445			365,371
3.50%, due 2/1/44		391,781			417,949
3.50%, due 12/1/44		852,424			914,388
3.50%, due 7/1/46		256,135			274,471
3.50%, due 7/1/46		1,023,360			1,100,817
3.50%, due 10/1/46		1,724,922			1,836,119
3.50%, due 2/1/47		1,066,905			1,135,525
3.50%, due 9/1/47		1,131,135			1,198,956
3.50%, due 9/1/47		637,439			675,620
3.50%, due 11/1/47		205,841			221,013
3.50%, due 11/1/47		377,966			406,431
3.50%, due 12/1/47		1,605,935			1,721,387
3.50%, due 12/1/47		482,294			516,833
3.50%, due 12/1/47		277,393			298,283
3.50%, due 2/1/48		458,432			492,906
3.50%, due 2/1/48		463,460			496,603
3.50%, due 3/1/48		283,106			302,124
3.50%, due 3/1/48		1,210,011			1,296,535
3.50%, due 4/1/48		102,293			109,133
3.50%, due 8/1/48		1,080,049			1,152,482
3.50%, due 11/1/48		1,377,784			1,470,255
3.50%, due 7/1/49		1,791,796			1,898,478
3.50%, due 8/1/49		144,620			153,910
3.50%, due 8/1/49		337,060			356,558
3.50%, due 8/1/49		64,324			68,029
3.50%, due 9/1/49		93,169			99,154
3.50%, due 9/1/49		554,740			586,265
3.50%, due 9/1/49		67,167			70,967
3.50%, due 1/1/50		125,228			133,535
3.50%, due 3/1/50		13,000			13,806
4.00%, due 3/1/47		66,545			71,900
4.00%, due 3/1/48		292,226			316,607
4.00%, due 4/1/48		14,161			15,102
4.00%, due 4/1/48		540,943			584,818
4.00%, due 5/1/48		1,276,173			1,364,928
4.00%, due 5/1/48		108,214			115,624
4.00%, due 6/1/49		45,220			48,251
4.00%, due 6/1/49		42,091			44,878
4.50%, due 5/1/44		798,148			886,565
4.50%, due 3/1/48		394,077			425,035
4.50%, due 12/1/48		425,326			469,705
5.00%, due 9/1/48		93,976			101,536
6.00%, due 4/1/40		683,251			797,311
					39,045,218
Federal National Mortgage Association (Mortgage Pass-Through Securities) 6.8%
2.50%, due 12/1/32		263,658			273,893
2.50%, due 10/1/34		421,122			437,967
2.50%, due 11/1/34		432,648			450,499
2.50%, due 1/1/35		1,169,909			1,213,787
2.50%, due 8/1/49 TBA (h)		184,000			190,612
2.50%, due 1/1/50		135,352			140,441
3.00%, due 10/1/34		220,295			231,278
3.00%, due 11/1/34		41,739			44,031
3.00%, due 12/1/34		40,376			42,539
3.00%, due 1/1/43		84,186			88,951
3.00%, due 2/1/43		29,493			31,360
3.00%, due 5/1/43		1,170,749			1,236,795
3.00%, due 5/1/43		115,919			123,258
3.00%, due 10/1/45		25,874			27,213
3.00%, due 10/1/45		45,283			47,619
3.00%, due 1/1/46		6,084			6,399
3.00%, due 3/1/46		119,438			125,609
3.00%, due 3/1/46		173,830			182,810
3.00%, due 9/1/46		1,574,366			1,663,778
3.00%, due 2/1/47		239,376			253,019
3.00%, due 2/1/47		13,515,600			14,283,883
3.00%, due 3/1/47		891,017			940,873
3.00%, due 8/1/49		298,768			315,782
3.00%, due 9/1/49		216,810			228,033
3.00%, due 9/1/49		175,632			184,064
3.00%, due 9/1/49		64,343			67,868
3.00%, due 9/1/49		409,988			431,375
3.00%, due 10/1/49		2,608,990			2,735,007
3.00%, due 12/1/49		147,303			154,456
3.00%, due 1/1/50		633,323			664,623
3.00%, due 1/1/50		301,822			316,484
3.00%, due 1/1/50		1,845,058			1,934,671
3.00%, due 3/1/50		1,622,720			1,701,548
3.00%, due 3/1/50		1,998,148			2,093,374
3.00%, due 2/1/57		1,265,287			1,344,543
3.00%, due 6/1/57		20,344			21,617
3.50%, due 7/1/33 TBA (h)		1,953,602			2,054,564
3.50%, due 10/1/42		432,291			463,213
3.50%, due 12/1/42		819,915			874,259
3.50%, due 2/1/43		1,248,386			1,331,923
3.50%, due 4/1/43		889,897			949,322
3.50%, due 11/1/43		424,468			452,811
3.50%, due 12/1/43		655,597			699,343
3.50%, due 4/1/44		530,839			570,801
3.50%, due 2/1/45		1,069,809			1,141,055
3.50%, due 2/1/45		116,275			124,038
3.50%, due 12/1/45		272,904			293,470
3.50%, due 5/1/46		166,198			176,879
3.50%, due 7/1/46		334,751			357,253
3.50%, due 7/1/46		533,862			572,126
3.50%, due 8/1/46		1,275,146			1,357,268
3.50%, due 8/1/46		2,033,428			2,164,603
3.50%, due 12/1/46		85,670			91,203
3.50%, due 8/1/47		133,519			144,067
3.50%, due 8/1/47		277,875			294,561
3.50%, due 8/1/47		186,096			197,957
3.50%, due 12/1/47		76,849			82,921
3.50%, due 12/1/47		37,535			40,500
3.50%, due 12/1/47		421,616			453,369
3.50%, due 12/1/47		305,334			325,884
3.50%, due 1/1/48		300,778			322,841
3.50%, due 1/1/48		482,211			517,434
3.50%, due 3/1/48		188,249			202,406
3.50%, due 3/1/48		57,280			61,419
3.50%, due 4/1/48		642,131			690,417
3.50%, due 4/1/48		679,934			723,664
3.50%, due 8/1/48 TBA (h)		100,165			105,857
3.50%, due 11/1/48		1,064,281			1,144,313
3.50%, due 1/1/49		243,642			259,466
3.50%, due 7/1/49		494,222			522,423
3.50%, due 1/1/50		189,310			201,873
3.50%, due 8/1/56		1,649,053			1,777,379
3.50%, due 2/1/57		1,806,323			1,953,564
4.00%, due 12/1/24 TBA (h)		558,459			587,255
4.00%, due 6/1/47		25,004			26,764
4.00%, due 6/1/47		56,289			60,422
4.00%, due 6/1/47		112,995			121,261
4.00%, due 6/1/47		60,812			65,298
4.00%, due 7/1/47		23,533			25,197
4.00%, due 7/1/47		36,099			38,644
4.00%, due 7/1/47		92,391			99,237
4.00%, due 7/1/47		103,462			111,107
4.00%, due 8/1/47		103,001			110,337
4.00%, due 8/1/47		182,117			195,528
4.00%, due 9/1/47		44,150			48,599
4.00%, due 10/1/47		259,542			278,642
4.00%, due 10/1/47		121,780			130,702
4.00%, due 10/1/47		202,663			223,103
4.00%, due 10/1/47		120,716			132,882
4.00%, due 10/1/47		189,914			209,033
4.00%, due 11/1/47		84,633			90,596
4.00%, due 11/1/47		332,410			356,875
4.00%, due 12/1/47		602,232			645,488
4.00%, due 1/1/48		2,141,546			2,329,140
4.00%, due 1/1/48		126,170			134,461
4.00%, due 1/1/48		1,039,748			1,126,867
4.00%, due 3/1/48		404,616			433,661
4.00%, due 5/1/48		1,047,368			1,119,099
4.00%, due 2/1/49		401,896			428,098
4.00%, due 9/1/49		1,787,904			1,960,492
4.50%, due 11/1/42		116,851			128,314
4.50%, due 10/1/44		326,779			362,049
4.50%, due 3/1/45		508,790			563,745
4.50%, due 6/1/45		267,506			297,078
4.50%, due 2/1/46		672,099			735,456
4.50%, due 5/1/47		33,180			36,180
4.50%, due 5/1/47		20,309			22,019
4.50%, due 5/1/47		101,746			111,444
4.50%, due 5/1/47		85,170			92,871
4.50%, due 5/1/47		84,095			91,648
4.50%, due 5/1/47		63,453			69,501
4.50%, due 5/1/47		52,011			56,714
4.50%, due 5/1/47		64,677			70,487
4.50%, due 5/1/47		19,505			21,364
4.50%, due 6/1/47		34,085			37,334
4.50%, due 6/1/47		403,055			439,222
4.50%, due 7/1/47		219,585			239,024
4.50%, due 7/1/47		180,559			196,349
4.50%, due 7/1/47		290,786			316,905
4.50%, due 8/1/47		42,456			45,985
4.50%, due 8/1/47		319,042			346,685
4.50%, due 9/1/47		273,014			295,723
4.50%, due 9/1/47		449,901			489,909
4.50%, due 9/1/47		194,657			211,983
4.50%, due 10/1/47		43,752			47,392
4.50%, due 10/1/47		22,471			24,487
4.50%, due 11/1/47		231,151			251,886
4.50%, due 3/1/48		318,158			345,787
4.50%, due 3/1/48		458,157			494,643
4.50%, due 4/1/48		306,467			335,129
4.50%, due 5/1/48		210,622			229,776
4.50%, due 5/1/48		206,718			223,114
4.50%, due 6/1/48		267,545			292,601
4.50%, due 6/1/48		223,268			240,605
4.50%, due 8/1/48		411,733			442,978
5.00%, due 7/1/44		478,752			528,155
5.00%, due 5/1/48		370,318			400,096
6.00%, due 2/1/37		38,757			45,088
					78,195,019
Government National Mortgage Association (Mortgage Pass-Through Securities) 1.9%
3.00%, due 7/1/49 TBA (h)		777,000			821,344
4.00%, due 1/15/45		1,005,057			1,097,380
4.00%, due 7/15/47		1,006,292			1,075,454
4.00%, due 8/15/47		202,851			216,778
4.00%, due 8/20/47		53,102			57,524
4.00%, due 8/20/47		110,061			117,775
4.00%, due 8/20/47		29,414			31,651
4.00%, due 11/15/47		223,950			239,223
4.00%, due 12/15/47		303,179			323,863
4.00%, due 5/20/48		5,261,544			5,605,580
4.00%, due 6/20/48		940,596			1,005,652
4.00%, due 4/20/49		5,330,277			5,682,822
4.50%, due 8/15/46		1,047,330			1,159,082
4.50%, due 2/20/48		176,248			189,643
4.50%, due 5/20/48		161,046			173,069
4.50%, due 5/20/48		665,426			715,677
5.00%, due 4/20/49		3,530,958			3,773,066
					22,285,583
United States Treasury Bonds 3.8%
2.00%, due 2/15/50		9,880,800			11,446,675
2.25%, due 8/15/49		13,560,000			16,519,364
2.375%, due 11/15/49		1,339,900			1,669,327
2.75%, due 8/15/42		10,903,000			14,077,647
					43,713,013
United States Treasury Notes 9.4%
0.375%, due 3/31/22		17,272,000			17,321,927
0.50%, due 3/31/25		31,400,600			31,593,174
1.125%, due 2/28/22		37,412,000			38,033,097
1.50%, due 9/15/22		2,613,000			2,693,636
1.50%, due 2/15/30 (e)		4,105,000			4,419,770
2.125%, due 5/31/21		13,118,000			13,425,453
					107,487,057
Total U.S. Government & Federal Agencies (Cost $281,158,776)					290,725,890
Total Long-Term Bonds (Cost $582,028,106)					588,184,138
		Shares
Common Stocks 47.9%
Aerospace & Defense 1.6%
Boeing Co.		46,202			6,890,566
General Dynamics Corp.		85,818			11,354,580
					18,245,146
Air Freight & Logistics 0.4%
United Parcel Service, Inc., Class B		44,505			4,157,657
Automobiles 0.2%
General Motors Co.		114,418			2,377,606
Banks 1.0%
Bank of America Corp.		264,103			5,606,907
U.S. Bancorp		172,151			5,930,602
					11,537,509
Beverages 0.4%
Monster Beverage Corp. (i)		91,123			5,126,580
Capital Markets 1.8%
Blackstone Group, Inc., Class A		183,162			8,346,692
CME Group, Inc.		53,724			9,289,417
Morgan Stanley		105,514			3,587,476
					21,223,585
Consumer Finance 0.7%
American Express Co.		72,087			6,171,368
Synchrony Financial		106,897			1,719,973
					7,891,341
Electronic Equipment, Instruments & Components 0.3%
Corning, Inc.		167,997			3,450,658
Entertainment 0.6%
Walt Disney Co.		68,778			6,643,955
Equity Real Estate Investment Trusts 1.1%
Crown Castle International Corp.		49,582			7,159,641
MGM Growth Properties LLC, Class A		145,079			3,434,020
OUTFRONT Media, Inc.		124,966			1,684,542
					12,278,203
Food & Staples Retailing 1.7%
Costco Wholesale Corp.		47,185			13,453,859
Sysco Corp.		127,409			5,813,673
					19,267,532
Food Products 0.5%
Hershey Co.		43,080			5,708,100
Health Care Equipment & Supplies 1.5%
Abbott Laboratories		131,366			10,366,091
Medtronic PLC		81,481			7,347,957
					17,714,048
Health Care Providers & Services 1.7%
UnitedHealth Group, Inc.		77,648			19,363,858
Hotels, Restaurants & Leisure 2.1%
Hilton Worldwide Holdings, Inc.		61,092			4,168,918
McDonald's Corp.		96,914			16,024,730
Starbucks Corp.		68,340			4,492,672
					24,686,320
Household Products 0.9%
Clorox Co.		15,632			2,708,244
Procter & Gamble Co.		65,556			7,211,160
					9,919,404
Industrial Conglomerates 0.5%
Honeywell International, Inc.		41,894			5,604,998
Insurance 1.2%
Marsh & McLennan Cos., Inc.		26,088			2,255,568
Progressive Corp.		157,632			11,639,547
					13,895,115
Interactive Media & Services 1.8%
Alphabet, Inc., Class C (i)		17,478			20,323,593
Internet & Direct Marketing Retail 1.4%
Amazon.com, Inc. (i)		8,513			16,597,966
IT Services 3.7%
Accenture PLC, Class A		79,567			12,990,108
Mastercard, Inc.		122,062			29,485,297
					42,475,405
Leisure Products 0.5%
Hasbro, Inc.		75,940			5,433,507
Life Sciences Tools & Services 0.7%
Thermo Fisher Scientific, Inc.		28,807			8,169,665
Machinery 0.5%
Deere & Co.		45,024			6,220,516
Media 1.1%
Comcast Corp., Class A		381,251			13,107,409
Multiline Retail 0.7%
Dollar General Corp.		53,503			8,079,488
Oil, Gas & Consumable Fuels 0.3%
Suncor Energy, Inc.		211,001			3,349,798
Personal Products 0.1%
Estee Lauder Cos., Inc., Class A		9,747			1,553,087
Pharmaceuticals 3.5%
Bristol-Myers Squibb Co.		199,606			11,126,038
Eli Lilly & Co.		92,929			12,891,111
Merck & Co., Inc.		210,709			16,211,951
					40,229,100
Real Estate Management & Development 0.4%
CBRE Group, Inc., Class A (i)		117,900			4,446,009
Road & Rail 0.6%
CSX Corp.		119,191			6,829,644
Semiconductors & Semiconductor Equipment 3.1%
Intel Corp.		219,021			11,853,417
Lam Research Corp.		39,196			9,407,040
NVIDIA Corp.		27,109			7,145,932
Texas Instruments, Inc.		68,672			6,862,393
					35,268,782
Software 6.0%
Adobe, Inc. (i)		54,349			17,296,026
Microsoft Corp.		288,879			45,559,107
salesforce.com, Inc. (i)		45,706			6,580,750
					69,435,883
Specialty Retail 1.5%
Home Depot, Inc.		90,710			16,936,464
Technology Hardware, Storage & Peripherals 2.0%
Apple, Inc.		91,106			23,167,345
Textiles, Apparel & Luxury Goods 0.7%
NIKE, Inc., Class B		98,196			8,124,737
Tobacco 1.1%
Altria Group, Inc.		335,602			12,977,729
Total Common Stocks (Cost $460,589,143)					551,817,742
Convertible Preferred Stocks 0.0%‡
Consumer Finance 0.0% ‡
Synchrony Financial (d) 5.625%		30,575			521,609
Total Convertible Preferred Stocks (Cost $768,809)					521,609
Short-Term Investments 2.3%
Affiliated Investment Company 1.9%
MainStay U.S. Government Liquidity Fund, 0.09% (j)		21,723,278			21,723,278
Unaffiliated Investment Company 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (j)(k)		4,708,463			4,708,463
Total Short-Term Investments (Cost $26,431,741)					26,431,741
Total Investments (Cost $1,069,817,799)		101.4	%		1,166,955,230
Other Assets, Less Liabilities		(1.4	)		(15,910,669	)
Net Assets		100.0	%	$	1,151,044,561

†	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)	Step coupon - Rate shown was the rate in effect as of March 31, 2020.
(c)	Fixed to floating rate - Rate shown was the rate in effect as of March 31, 2020.
(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 March 31, 2020, the aggregate market value of securities on loan was $4,600,045. The Portfolio received cash collateral with a value of $4,708,463.
(f)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of March 31, 2020.
(g)	Floating rate - Rate shown was the rate in effect as of March 31, 2020.
(h)	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 March 31, 2020, the total net market value of these securities was $3,759,633, which represented 0.3% of the Portfolio's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.
(i)	Non-income producing security.
(j)	Current yield as of March 31, 2020.
(k)	Represents a security purchased with cash collateral received for securities on loan.

The following abbreviations are used in the preceding pages: 

REMIC	—Real Estate Mortgage Investment Conduit
TBD	—To Be Determined

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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	$	—	$	16,558,404	$	—	$	16,558,404
Corporate Bonds		—		242,320,945		—		242,320,945
Loan Assignments		—		2,185,737		—		2,185,737
Mortgage-Backed Securities		—		36,393,162		—		36,393,162
U.S. Government & Federal Agencies		—		290,725,890		—		290,725,890
Total Long-Term Bonds		—		588,184,138		—		588,184,138
Common Stocks		551,817,742		—		—		551,817,742
Convertible Preferred Stocks		521,609		—		—		521,609
Short-Term Investments
Affiliated Investment Company		21,723,278		—		—		21,723,278
Unaffiliated Investment Company		4,708,463		—		—		4,708,463
Total Short-Term Investments		26,431,741		—		—		26,431,741
Total Investments in Securities	$	578,771,092	$	588,184,138	$	—	$	1,166,955,230

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

MainStay VP MacKay Government Portfolio

Portfolio of Investments  March 31, 2020 (Unaudited)

	Principal Amount		Value
Long-Term Bonds  95.0% †
Asset-Backed Securities 3.1%
Other Asset-Backed Securities 2.9%
FirstEnergy Ohio PIRB Special Purpose Trust Series 2013-1, Class A3 3.45%, due 1/15/36	$	547,429	$	561,204
PSNH Funding LLC Series 2018-1, Class A1 3.094%, due 2/1/26		343,288		346,682
Small Business Administration Participation Certificates
Series 2012-20L, Class 1 1.93%, due 12/1/32		484,395		486,611
Series 2014-20H, Class 1 2.88%, due 8/1/34		504,069		521,986
Series 2015-20G, Class 1 2.88%, due 7/1/35		1,347,755		1,400,952
Series 2014-20I, Class 1 2.92%, due 9/1/34		561,108		576,521
Series 2014-20C, Class 1 3.21%, due 3/1/34		956,143		999,171
Series 2018-20B, Class 1 3.22%, due 2/1/38		1,893,246		2,001,040
Series 2018-20D, Class 1 3.31%, due 4/1/38		2,247,311		2,387,338
				9,281,505
Utilities 0.2%
Atlantic City Electric Transition Funding LLC Series 2002-1, Class A4 5.55%, due 10/20/23		482,486		492,311
Total Asset-Backed Securities (Cost $9,625,237)				9,773,816
Corporate Bonds 3.4%
Agriculture 0.4%
Altria Group, Inc. 2.85%, due 8/9/22		1,170,000		1,175,694
Electric 2.0%
Consolidated Edison Co. of New York, Inc. 1.616% (3 Month LIBOR + 0.40%), due 6/25/21 (a)		1,550,000		1,505,143
Duke Energy Florida Project Finance LLC 2.538%, due 9/1/31		1,900,000		2,004,166
Monongahela Power Co. 4.10%, due 4/15/24 (b)		2,000,000		2,187,667
PECO Energy Co. 1.70%, due 9/15/21		670,000		663,436
				6,360,412
Pipelines 0.4%
Plains All American Pipeline, L.P. / PAA Finance Corp. 5.00%, due 2/1/21		1,200,000		1,170,661
Real Estate Investment Trusts 0.6%
Host Hotels & Resorts, L.P. 3.75%, due 10/15/23		2,350,000		2,062,611
Total Corporate Bonds (Cost $10,971,455)				10,769,378
Mortgage-Backed Securities 15.7%
Agency (Collateralized Mortgage Obligations) 10.9%
Federal Home Loan Mortgage Corporation
REMIC Series 4691, Class HA 2.50%, due 6/15/40		537,643		561,306
REMIC, Series 4935, Class JP 2.50%, due 7/25/49		853,531		890,977
REMIC, Series 4913, Class UA 3.00%, due 3/15/49		1,140,356		1,193,146
REMIC, Series 4908, Class BD 3.00%, due 4/25/49		2,400,000		2,554,908
REMIC, Series 4911, Class MB 3.00%, due 9/25/49		1,785,000		1,890,940
REMIC, Series 4926, Class BP 3.00%, due 10/25/49		3,080,000		3,254,195
REMIC Series 4818, Class BD 3.50%, due 3/15/45		587,765		615,467
REMIC Series 4888, Class BA 3.50%, due 9/15/48		420,806		438,154
REMIC Series 4877, Class AT 3.50%, due 11/15/48		545,516		593,404
REMIC Series 4877, Class BE 3.50%, due 11/15/48		865,854		911,104
REMIC, Series 4886, Class LA 4.00%, due 3/15/43		355,883		365,227
REMIC, Series 4837, Class BA 4.00%, due 6/15/43		2,375,189		2,456,333
Federal National Mortgage Association
REMIC, Series 2019-39, Class LA 3.00%, due 2/25/49		671,789		717,663
Series 2019-25, Class PA 3.00%, due 5/25/48		495,909		527,707
Series 2019-13, Class PE 3.00%, due 3/25/49		622,920		658,746
REMIC, Series 2019-58, Class LP 3.00%, due 10/25/49		1,350,000		1,406,106
REMIC, Series 2018-76, Class BC 3.50%, due 11/25/42		1,723,769		1,765,476
REMIC, Series 2019-6, Class KA 3.50%, due 3/25/46		1,261,738		1,325,508
REMIC, Series 2019-74, Class BA 3.50%, due 12/25/59		1,187,457		1,312,699
REMIC, Series 2020-10, Class DA 3.50%, due 3/25/60		1,240,876		1,353,024
Government National Mortgage Association
Series 2014-91, Class MA 3.00%, due 1/16/40		537,928		571,154
Series 2018-127, Class PB 3.00%, due 9/20/47		1,288,577		1,354,581
REMIC, Series 2019-3, Class A 3.00%, due 4/20/48		1,819,417		1,914,131
Series 2019-29, Class CB 3.00%, due 10/20/48		472,302		499,093
Series 2019-52, Class JL 3.00%, due 11/20/48		508,455		535,767
Series 2019-59, Class KA 3.00%, due 12/20/48		885,665		950,608
Series 2019-43, Class PL 3.00%, due 4/20/49		481,398		512,413
Series 2019-74, Class AT 3.00%, due 6/20/49		1,054,080		1,128,636
Series 2013-149, Class BA 3.25%, due 8/16/41		1,621,696		1,738,392
Seasoned Loans Structured Transaction Trust Series 2019-1, Class A1 3.50%, due 5/25/29		445,758		461,442
				34,458,307
Agency Collateral PAC CMO 0.6%
Government National Mortgage Association REMIC, Series 2014-63, Class PG 2.50%, due 7/20/43		1,745,148		1,807,785
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.6%
BXP Trust Series 2017-GM, Class A 3.379%, due 6/13/39 (b)		1,750,000		1,865,829
Four Times Square Trust Series 2006-4TS, Class A 5.401%, due 12/13/28 (b)		488,194		483,455
FREMF Mortgage Trust (b)(c)
Series 2013-K27, Class B 3.496%, due 1/25/46		1,000,000		983,413
Series 2014-K41, Class B 3.833%, due 11/25/47		2,700,000		2,733,887
Series 2016-K54, Class B 4.051%, due 4/25/48		695,000		678,007
Series 2010-K9, Class B 5.207%, due 9/25/45		2,180,000		2,185,828
One Bryant Park Trust Series 2019-OBP, Class A 2.516%, due 9/15/54 (b)		1,725,000		1,718,995
Wells Fargo Commercial Mortgage Trust Series 2018-1745, Class A 3.749%, due 6/15/36 (b)(c)		695,000		685,753
				11,335,167
Residential Mortgage (Collateralized Mortgage Obligation) 0.0% ‡
Citigroup Mortgage Loan Trust, Inc. Series 2006-AR6, Class 1A1 4.42%, due 8/25/36 (c)		116,704		93,459
Whole Loan (Collateralized Mortgage Obligations) 0.6%
Chase Home Lending Mortgage Trust Series 2019-ATR1, Class A4 4.00%, due 4/25/49 (b)(d)		314,830		314,832
Fannie Mae Connecticut Avenue Securities (Mortgage Pass-Through Securities) Series 2012-53, Class BK 1.75%, due 5/25/27		1,774,258		1,808,149
				2,122,981
Total Mortgage-Backed Securities (Cost $48,851,565)				49,817,699
U.S. Government & Federal Agencies 72.8%
Fannie Mae (Collateralized Mortgage Obligation) 0.0% ‡ (e)
Series 360, Class 2, IO 5.00%, due 8/25/35		79,938		12,258
Series 361, Class 2 6.00%, due 10/25/35		17,209		3,966
				16,224
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 10.0%
2.50%, due 9/1/34		916,676		951,006
2.50%, due 1/1/40		1,325,182		1,378,634
2.50%, due 8/1/46		1,551,237		1,615,154
2.50%, due 3/1/50		2,797,628		2,898,504
3.00%, due 2/1/46		3,001,897		3,172,934
3.00%, due 4/1/47		3,072,361		3,239,819
3.00%, due 9/1/49		848,116		889,091
3.00%, due 11/1/49		1,818,930		1,919,156
3.50%, due 1/1/43		672,660		725,888
3.50%, due 1/1/44		381,132		408,764
3.50%, due 1/1/48		2,338,166		2,480,347
3.50%, due 2/1/48		2,774,343		2,940,995
4.00%, due 7/1/44		348,879		376,714
4.00%, due 3/1/45		324,261		350,383
4.00%, due 12/1/46		1,129,128		1,221,222
4.00%, due 2/1/48		653,560		701,687
4.00%, due 10/1/48		1,216,953		1,319,285
4.00%, due 3/1/49		1,087,364		1,157,927
4.50%, due 3/1/41		336,701		370,571
4.50%, due 8/1/44		213,876		238,411
4.50%, due 12/1/44		953,265		1,043,899
4.50%, due 7/1/45		622,061		680,685
4.50%, due 4/1/46		98,341		107,673
4.50%, due 8/1/47		204,491		226,454
5.00%, due 11/1/41		1,188,762		1,322,541
6.50%, due 4/1/37		34,193		39,525
				31,777,269
Federal National Mortgage Association (Mortgage Pass-Through Securities) 22.9%
2.50%, due 12/1/37		2,157,714		2,253,995
2.50%, due 2/1/40		1,344,373		1,395,111
2.50%, due 1/1/47		3,125,999		3,253,271
2.50%, due 3/1/50		3,000,000		3,108,176
2.50%, due 3/1/50		3,070,000		3,183,667
2.50%, due 1/1/57		845,690		882,732
3.00%, due 10/1/32		629,151		669,567
3.00%, due 10/1/44		1,992,484		2,105,900
3.00%, due 9/1/46		2,058,724		2,136,599
3.00%, due 10/1/46		1,914,043		1,987,406
3.00%, due 10/1/48		43,285		45,323
3.00%, due 10/1/49		2,883,558		3,021,071
3.00%, due 3/1/50		2,000,000		2,100,278
3.00%, due 3/1/50		2,750,000		2,900,884
3.00%, due 2/1/57		762,817		810,598
3.00%, due 6/1/57		842,129		894,792
3.50%, due 3/1/37		454,839		494,060
3.50%, due 2/1/43		1,640,555		1,769,864
3.50%, due 5/1/43		576,463		618,360
3.50%, due 7/1/43		551,855		593,318
3.50%, due 11/1/44		910,130		976,277
3.50%, due 3/1/45		941,091		1,008,530
3.50%, due 8/1/46		765,849		820,033
3.50%, due 10/1/47		752,620		797,852
3.50%, due 2/1/48		464,022		491,715
3.50%, due 8/1/49		2,007,678		2,117,338
4.00%, due 8/1/38		3,064,629		3,322,140
4.00%, due 1/1/46		948,491		1,024,085
4.00%, due 9/1/47		651,603		697,369
4.00%, due 9/1/48		2,179,469		2,321,341
4.00%, due 9/1/48		1,620,934		1,742,391
4.00%, due 4/1/49		512,413		545,661
4.50%, due 2/1/41		2,599,318		2,862,121
4.50%, due 4/1/41		6,297,647		6,996,551
4.50%, due 8/1/42		1,172,710		1,283,839
4.50%, due 12/1/43		302,834		331,366
4.50%, due 8/1/44		1,353,023		1,481,238
5.00%, due 9/1/41		2,196,147		2,431,535
5.00%, due 10/1/41		1,933,411		2,147,697
5.50%, due 7/1/41		3,428,602		3,873,095
6.00%, due 4/1/37		10,435		11,779
6.00%, due 7/1/39		784,150		902,514
6.50%, due 10/1/39		139,673		162,280
6.50%, due 8/1/47		14,731		15,783
				72,589,502
Government National Mortgage Association (Mortgage Pass-Through Securities) 1.2%
4.00%, due 11/20/49		1,952,372		2,075,675
4.50%, due 7/20/49		1,739,257		1,845,892
				3,921,567
Overseas Private Investment Corporation 0.4%
5.142%, due 12/15/23		995,960		1,084,304
Tennessee Valley Authority 2.5%
3.875%, due 2/15/21		2,000,000		2,054,884
4.65%, due 6/15/35		4,395,000		5,874,905
				7,929,789
United States Treasury Bonds 2.7%
3.00%, due 5/15/45		2,790,000		3,800,503
3.00%, due 2/15/48		2,000,000		2,776,562
4.375%, due 11/15/39		1,200,000		1,900,969
				8,478,034
United States Treasury Notes 30.1%
1.50%, due 2/15/30 (f)		2,615,000		2,815,517
1.625%, due 8/15/22		2,170,000		2,240,525
1.625%, due 5/15/26		380,000		405,546
1.75%, due 9/30/22		3,070,000		3,184,286
1.75%, due 5/15/23		500,000		522,539
2.00%, due 8/31/21		6,595,000		6,763,482
2.25%, due 4/30/24		16,190,000		17,441,563
2.375%, due 4/30/20 (f)		18,700,000		18,734,178
2.375%, due 8/15/24		1,695,000		1,843,114
2.625%, due 7/31/20		12,150,000		12,255,363
2.625%, due 1/31/26		1,700,000		1,909,977
2.75%, due 4/30/23		7,105,000		7,641,483
2.75%, due 7/31/23		845,000		913,458
2.75%, due 8/31/23		1,325,000		1,434,468
2.875%, due 10/31/20		8,030,000		8,157,664
3.00%, due 10/31/25		7,805,000		8,897,090
				95,160,253
United States Treasury Inflation - Indexed Bond 1.6%
United States Treasury Inflation - Indexed Bonds 0.125%, due 1/15/30		4,792,189		4,934,044
United States Treasury Inflation - Indexed Note 1.4%
United States Treasury Inflation - Indexed Notes 0.875%, due 1/15/29		4,035,044		4,383,000
Total U.S. Government & Federal Agencies (Cost $218,941,438)				230,273,986
Total Long-Term Bonds (Cost $288,389,695)				300,634,879

Short-Term Investments 8.2%	Shares
Affiliated Investment Company 4.6%
MainStay U.S. Government Liquidity Fund, 0.09% (g)		14,464,911	14,464,911
Total Affiliated Investments Company (Cost $14,464,911)			14,464,911
Unaffiliated Investment Company 2.8%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (g)(i)		8,794,100	8,794,100
Total Unaffiliated Investment Company (Cost $8,794,100)			8,794,100

	Principal Amount
U.S. Government & Federal Agencies 0.8%
United States Treasury Bills (h) 0.239%, due 5/28/20	$	2,600,000			2,599,028
Total U.S. Government & Federal Agencies (Cost $2,599,028)					2,599,028
Total Short-Term Investments (Cost $25,858,039)					25,858,039
Total Investments (Cost $314,247,734)		103.2	%		326,492,918
Other Assets, Less Liabilities		(3.2	)		(9,975,583	)
Net Assets		100.0	%	$	316,517,335

†	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 March 31, 2020.
(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)	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 March 31, 2020.
(d)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of March 31, 2020.
(e)	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.
(f)	All or a portion of this security was held on loan. As of March 31, 2020, the aggregate market value of securities on loan was $8,613,791. The Portfolio received cash collateral with a value of $8,794,100.
(g)	Current yield as of March 31, 2020.
(h)	Interest rate shown represents yield to maturity.
(i)	Represents a security purchased with cash collateral received for securities on loan.

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 March 31, 2020, 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	$	—	$	9,773,816	$	—	$	9,773,816
Corporate Bonds		—		10,769,378		—		10,769,378
Mortgage-Backed Securities		—		49,817,699		—		49,817,699
U.S. Government & Federal Agencies		—		230,273,986		—		230,273,986
Total Long-Term Bonds		—		300,634,879		—		300,634,879
Short-Term Investments
Affiliated Investment Company		14,464,911		—		—		14,464,911
Unaffiliated Investment Company		8,794,100		—		—		8,794,100
U.S. Government & Federal Agencies		—		2,599,028		—		2,599,028
Total Short-Term Investments		23,259,011		2,599,028		—		25,858,039
Total Investments in Securities	$	23,259,011	$	303,233,907	$	—	$	326,492,918

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

MainStay VP Indexed Bond Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 93.4% †
Asset-Backed Securities 0.4%
Automobile 0.4%
Ally Auto Receivables Trust Series 2018-3, Class A3 3.00%, due 1/17/23	$	86,492	$	87,103
BMW Vehicle Lease Trust Series 2018-1, Class A3 3.26%, due 7/20/21		200,000		200,198
Ford Credit Floorplan Master Owner Trust Series 2017-2, Class A1 2.16%, due 9/15/22		300,000		297,163
GM Financial Securitized Term Auto Receivables Trust Series 2018-3, Class A3 3.02%, due 5/16/23		700,000		708,327
Honda Auto Receivables Owner Trust Series 2018-3, Class A3 2.95%, due 8/22/22		789,570		796,834
Hyundai Auto Lease Securitization Trust Series 2018-B, Class A3 3.04%, due 10/15/21 (a)		92,665		92,410
Total Asset-Backed Securities (Cost $2,168,506)				2,182,035
Corporate Bonds 23.7%
Aerospace & Defense 0.3%
Boeing Co. 3.25%, due 3/1/28		460,000		432,775
General Dynamics Corp. 3.00%, due 5/11/21		255,000		256,962
Lockheed Martin Corp. 4.07%, due 12/15/42		255,000		294,502
Northrop Grumman Corp. 7.75%, due 2/15/31		210,000		297,162
Raytheon Co. 3.15%, due 12/15/24		255,000		265,155
Rockwell Collins, Inc. 3.50%, due 3/15/27		210,000		217,028
United Technologies Corp. 3.65%, due 8/16/23		6,000		6,309
				1,769,893
Apparel 0.0% ‡
Nike, Inc. 3.625%, due 5/1/43		65,000		70,918
Auto Manufacturers 0.4%
Ford Motor Credit Co. LLC 3.219%, due 1/9/22		1,300,000		1,212,250
General Motors Financial Co., Inc. 4.35%, due 1/17/27		1,250,000		999,603
Toyota Motor Credit Corp. 2.25%, due 10/18/23		290,000		284,307
				2,496,160
Banks 5.8%
Bank of America Corp.
3.248%, due 10/21/27		405,000		414,928
3.30%, due 1/11/23		835,000		865,093
3.419%, due 12/20/28 (b)		510,000		526,084
4.083%, due 3/20/51 (b)		520,000		595,237
5.625%, due 7/1/20		375,000		377,352
Bank of New York Mellon Corp.
2.05%, due 5/3/21		95,000		95,441
2.50%, due 4/15/21		610,000		609,641
3.00%, due 2/24/25		410,000		420,104
Bank of Nova Scotia 2.70%, due 3/7/22		720,000		731,465
Barclays PLC 5.25%, due 8/17/45		270,000		298,777
BNP Paribas S.A. 3.25%, due 3/3/23		445,000		458,696
Citigroup, Inc.
2.65%, due 10/26/20		610,000		611,071
3.375%, due 3/1/23		915,000		932,776
4.45%, due 9/29/27		1,235,000		1,289,370
4.65%, due 7/30/45		170,000		194,467
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. 5.25%, due 5/24/41		405,000		534,560
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 6/9/23		335,000		338,651
Fifth Third Bank 2.25%, due 6/14/21		470,000		470,439
Goldman Sachs Group, Inc.
2.60%, due 12/27/20		525,000		525,001
2.905%, due 7/24/23 (b)		1,420,000		1,414,766
3.85%, due 1/26/27		1,125,000		1,159,965
4.80%, due 7/8/44		350,000		391,903
HSBC Holdings PLC
2.65%, due 1/5/22		1,060,000		1,058,533
3.90%, due 5/25/26		1,250,000		1,271,466
JPMorgan Chase & Co.
4.25%, due 10/1/27		1,340,000		1,458,756
4.26%, due 2/22/48 (b)		500,000		578,351
Keybank N.A. 2.40%, due 6/9/22		335,000		335,412
KfW
1.50%, due 4/20/20		830,000		830,158
2.125%, due 3/7/22		2,730,000		2,808,705
Lloyds Banking Group PLC 3.75%, due 1/11/27		1,140,000		1,150,862
Mitsubishi UFJ Financial Group, Inc. 3.455%, due 3/2/23		510,000		523,157
Morgan Stanley
2.50%, due 4/21/21		450,000		451,289
3.625%, due 1/20/27		1,500,000		1,604,869
4.10%, due 5/22/23		555,000		566,487
National Australia Bank, Ltd. 2.50%, due 5/22/22		335,000		336,045
PNC Bank N.A. 2.625%, due 2/17/22		335,000		338,424
Royal Bank of Canada 2.75%, due 2/1/22		330,000		337,484
Royal Bank of Scotland Group PLC 3.875%, due 9/12/23		270,000		277,112
State Street Corp. 4.375%, due 3/7/21		350,000		357,935
Sumitomo Mitsui Banking Corp. 2.65%, due 7/23/20		1,355,000		1,344,211
Toronto-Dominion Bank 2.50%, due 12/14/20		445,000		446,834
Truist Financial Corp.
2.05%, due 5/10/21		705,000		703,972
2.75%, due 4/1/22		255,000		256,684
Wells Fargo & Co.
2.55%, due 12/7/20		300,000		300,718
3.00%, due 4/22/26		1,450,000		1,475,296
3.50%, due 3/8/22		355,000		361,900
4.75%, due 12/7/46		500,000		552,624
Westpac Banking Corp. 2.80%, due 1/11/22		445,000		449,274
				33,432,345
Beverages 0.6%
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide, Inc.
2.50%, due 7/15/22		97,000		97,319
4.60%, due 4/15/48		1,265,000		1,338,312
Coca Cola Co. 2.25%, due 9/1/26		290,000		298,327
Constellation Brands, Inc. 3.60%, due 2/15/28		100,000		97,807
Diageo Capital PLC 5.875%, due 9/30/36		218,000		281,364
Keurig Dr. Pepper, Inc. 4.985%, due 5/25/38		65,000		72,306
Molson Coors Beverage Co. 4.20%, due 7/15/46		65,000		58,104
PepsiCo, Inc.
2.75%, due 3/1/23		330,000		344,732
2.85%, due 2/24/26		210,000		221,300
4.45%, due 4/14/46		475,000		613,850
				3,423,421
Biotechnology 0.2%
Amgen, Inc.
2.70%, due 5/1/22		180,000		184,351
3.125%, due 5/1/25		255,000		270,526
3.375%, due 2/21/50		180,000		187,606
Baxalta, Inc. 3.60%, due 6/23/22		39,000		39,480
Gilead Sciences, Inc.
3.65%, due 3/1/26		440,000		475,802
4.60%, due 9/1/35		180,000		222,927
				1,380,692
Building Materials 0.0% ‡
Johnson Controls International PLC 6.00%, due 1/15/36		50,000		58,681
Chemicals 0.2%
DuPont de Nemours, Inc. 4.493%, due 11/15/25		375,000		403,851
Ecolab, Inc. 2.70%, due 11/1/26		210,000		212,840
Mosaic Co. 4.05%, due 11/15/27		405,000		345,058
Nutrien, Ltd. 5.875%, due 12/1/36		210,000		239,420
Sherwin-Williams Co. 3.95%, due 1/15/26		255,000		268,177
				1,469,346
Computers 0.7%
Apple, Inc.
2.15%, due 2/9/22		180,000		184,125
2.90%, due 9/12/27		250,000		266,770
3.35%, due 2/9/27		16,000		17,439
4.25%, due 2/9/47		180,000		230,327
4.50%, due 2/23/36		745,000		923,078
Dell International LLC / EMC Corp.(a)
5.45%, due 6/15/23		445,000		457,305
6.02%, due 6/15/26		300,000		309,624
Hewlett Packard Enterprise Co. 4.40%, due 10/15/22		180,000		183,447
IBM Corp.
1.875%, due 8/1/22		200,000		201,788
3.45%, due 2/19/26		175,000		186,277
3.50%, due 5/15/29		1,040,000		1,128,244
				4,088,424
Cosmetics & Personal Care 0.1%
Procter & Gamble Co. 2.70%, due 2/2/26		210,000		223,856
Unilever Capital Corp. 3.10%, due 7/30/25		100,000		106,294
				330,150
Diversified Financial Services 0.6%
American Express Co.
2.50%, due 8/1/22		300,000		301,945
3.40%, due 2/27/23		365,000		373,948
Capital One Financial Co. 3.05%, due 3/9/22		565,000		564,253
GE Capital International Funding Co. 3.373%, due 11/15/25		1,425,000		1,417,895
Visa, Inc.
2.80%, due 12/14/22		405,000		421,820
4.30%, due 12/14/45		175,000		220,377
				3,300,238
Electric 1.5%
American Electric Power Co., Inc. 2.15%, due 11/13/20		525,000		521,118
CenterPoint Energy Houston Electric LLC 4.25%, due 2/1/49		250,000		287,344
Commonwealth Edison Co. 3.65%, due 6/15/46		390,000		412,446
Consolidated Edison Co. of New York, Inc. 5.85%, due 3/15/36		565,000		635,081
DTE Electric Co. 3.375%, due 3/1/25		180,000		183,982
Duke Energy Carolinas LLC
3.875%, due 3/15/46		690,000		774,879
4.00%, due 9/30/42		210,000		236,175
Edison International 2.95%, due 3/15/23		180,000		170,912
Emera U.S. Finance, L.P. 2.70%, due 6/15/21		180,000		182,081
Exelon Corp. 2.85%, due 6/15/20		375,000		374,959
Florida Power & Light Co.
2.75%, due 6/1/23		120,000		123,977
3.80%, due 12/15/42		800,000		890,462
Kentucky Utilities Co. 3.25%, due 11/1/20		260,000		259,111
MidAmerican Energy Co. 3.95%, due 8/1/47		330,000		354,988
National Rural Utilities Cooperative Finance Corp. 2.70%, due 2/15/23		90,000		90,918
Ohio Power Co. Series G 6.60%, due 2/15/33		165,000		228,771
PPL Electric Utilities Corp. 3.95%, due 6/1/47		100,000		106,070
San Diego Gas & Electric Co. 4.15%, due 5/15/48		210,000		225,872
Sempra Energy 3.80%, due 2/1/38		210,000		196,955
Southern California Edison Co. 4.125%, due 3/1/48		210,000		223,895
Southern Co.
2.95%, due 7/1/23		180,000		181,071
4.40%, due 7/1/46		750,000		779,957
Virginia Electric & Power Co. 4.00%, due 1/15/43		365,000		386,817
Xcel Energy, Inc. 3.30%, due 6/1/25		730,000		740,334
				8,568,175
Environmental Controls 0.1%
Republic Services, Inc. 3.20%, due 3/15/25		255,000		262,780
Waste Management, Inc. 3.15%, due 11/15/27		255,000		263,198
				525,978
Food 0.1%
General Mills, Inc.
3.15%, due 12/15/21		180,000		182,327
4.20%, due 4/17/28		65,000		71,566
Sysco Corp. 3.25%, due 7/15/27		255,000		233,044
Tyson Foods, Inc. 5.10%, due 9/28/48		250,000		309,767
				796,704
Forest Products & Paper 0.1%
Fibria Overseas Finance, Ltd. 5.50%, due 1/17/27		405,000		388,800
International Paper Co. 3.80%, due 1/15/26		260,000		268,459
				657,259
Gas 0.0% ‡
NiSource, Inc. 3.49%, due 5/15/27		210,000		212,297
Health Care - Products 0.3%
Abbott Laboratories
3.75%, due 11/30/26		150,000		167,401
4.90%, due 11/30/46		100,000		136,470
Boston Scientific Corp. 4.70%, due 3/1/49		200,000		228,384
Medtronic, Inc. 4.625%, due 3/15/45		349,000		466,106
Stryker Corp. 3.65%, due 3/7/28		210,000		223,531
Thermo Fisher Scientific, Inc. 2.95%, due 9/19/26		290,000		293,196
				1,515,088
Health Care - Services 0.6%
Aetna, Inc. 6.625%, due 6/15/36		210,000		261,266
Anthem, Inc. 4.375%, due 12/1/47		255,000		274,127
Laboratory Corporation of America Holdings 3.60%, due 2/1/25		255,000		264,050
UnitedHealth Group, Inc.
3.10%, due 3/15/26		500,000		527,809
3.75%, due 7/15/25		1,475,000		1,593,972
4.25%, due 4/15/47		250,000		294,300
				3,215,524
Household Products & Wares 0.1%
Clorox Co. 3.90%, due 5/15/28		210,000		231,061
Kimberly-Clark Corp. 2.75%, due 2/15/26		210,000		214,757
				445,818
Housewares 0.0% ‡
Newell Brands, Inc. 4.10%, due 4/1/23		175,000		177,616
Insurance 0.7%
Allstate Corp. 5.35%, due 6/1/33		210,000		256,583
American International Group, Inc. 6.25%, due 5/1/36		350,000		408,112
Berkshire Hathaway Finance Corp. 4.30%, due 5/15/43		355,000		426,563
Chubb INA Holdings, Inc. 3.35%, due 5/3/26		180,000		190,588
Marsh & McLennan Cos., Inc. 2.75%, due 1/30/22		390,000		393,677
Metlife, Inc. 3.60%, due 11/13/25		1,390,000		1,444,114
Progressive Corp. 3.75%, due 8/23/21		300,000		306,439
Prudential Financial, Inc.
4.418%, due 3/27/48		125,000		125,167
4.50%, due 11/15/20		330,000		332,277
				3,883,520
Internet 0.2%
Alphabet, Inc. 3.375%, due 2/25/24		300,000		329,908
Amazon.com, Inc. 3.875%, due 8/22/37		810,000		967,603
				1,297,511
Machinery - Construction & Mining 0.1%
Caterpillar, Inc. 5.30%, due 9/15/35		260,000		311,173
Machinery - Diversified 0.0% ‡
Deere & Co. 3.90%, due 6/9/42		145,000		159,264
Media 1.1%
Charter Communications Operating LLC / Charter Communications Operating Capital
4.908%, due 7/23/25		750,000		796,195
5.75%, due 4/1/48		700,000		793,718
Comcast Corp.
1.625%, due 1/15/22		615,000		624,747
2.65%, due 2/1/30		625,000		642,991
3.40%, due 7/15/46		1,215,000		1,312,804
Discovery Communications LLC 3.95%, due 3/20/28		350,000		343,113
TWDC Enterprises 18 Corp. 2.35%, due 12/1/22		510,000		518,346
Walt Disney Co.
3.00%, due 9/15/22		615,000		630,847
6.40%, due 12/15/35		410,000		575,013
				6,237,774
Mining 0.2%
Barrick North America Finance LLC 5.70%, due 5/30/41		100,000		123,078
BHP Billiton Finance USA, Ltd. 3.85%, due 9/30/23		430,000		441,583
Rio Tinto Finance USA, Ltd. 3.75%, due 6/15/25		405,000		425,391
				990,052
Miscellaneous - Manufacturing 0.2%
3M Co. 4.00%, due 9/14/48		250,000		288,382
Eaton Corp. 4.00%, due 11/2/32		210,000		217,015
General Electric Co. 4.125%, due 10/9/42		44,000		41,539
Ingersoll-Rand Luxembourg Finance S.A. 2.625%, due 5/1/20		375,000		375,049
Parker-Hannifin Corp.
3.50%, due 9/15/22		240,000		242,926
4.20%, due 11/21/34		65,000		67,407
				1,232,318
Multi-National 1.3%
Asian Development Bank 2.75%, due 3/17/23		1,000,000		1,061,696
European Investment Bank
2.25%, due 8/15/22		1,525,000		1,585,513
2.375%, due 5/24/27		570,000		627,934
Inter-American Development Bank 1.75%, due 4/14/22		915,000		937,111
International Bank for Reconstruction & Development
2.00%, due 1/26/22		1,525,000		1,564,086
3.00%, due 9/27/23		1,000,000		1,079,440
Japan Bank for International Cooperation 2.875%, due 6/1/27		576,000		643,481
				7,499,261
Oil & Gas 1.0%
BP Capital Markets America, Inc. 3.588%, due 4/14/27		250,000		248,618
Canadian Natural Resources, Ltd. 6.25%, due 3/15/38		100,000		77,838
Cenovus Energy, Inc. 5.25%, due 6/15/37		300,000		133,399
Chevron Corp. 3.191%, due 6/24/23		410,000		428,595
ConocoPhillips Co. 5.95%, due 3/15/46		615,000		732,179
Devon Energy Corp. 4.75%, due 5/15/42		210,000		125,787
EOG Resources, Inc. 3.90%, due 4/1/35		180,000		181,091
Equinor ASA 5.10%, due 8/17/40		360,000		428,031
Exxon Mobil Corp. 4.114%, due 3/1/46		390,000		461,044
Hess Corp. 7.125%, due 3/15/33		100,000		80,361
Marathon Petroleum Corp. 5.125%, due 3/1/21		1,020,000		988,949
Occidental Petroleum Corp.
3.00%, due 2/15/27		880,000		407,906
5.55%, due 3/15/26		320,000		169,250
Petroleos Mexicanos 6.50%, due 6/2/41		1,000,000		635,870
Shell International Finance B.V.
2.375%, due 8/21/22		290,000		291,642
3.75%, due 9/12/46		510,000		545,384
				5,935,944
Oil & Gas Services 0.0% ‡
Halliburton Co. 3.80%, due 11/15/25		28,000		26,427
Pharmaceuticals 1.7%
AbbVie, Inc.
3.20%, due 11/6/22		440,000		448,910
3.75%, due 11/14/23		70,000		72,528
4.70%, due 5/14/45		930,000		1,044,567
Allergan Funding SCS
3.80%, due 3/15/25		200,000		204,769
4.75%, due 3/15/45		100,000		107,783
AstraZeneca PLC 6.45%, due 9/15/37		440,000		623,983
Becton Dickinson & Co. 3.70%, due 6/6/27		131,000		132,236
Bristol-Myers Squibb Co.(a)
2.75%, due 2/15/23		25,000		25,847
3.40%, due 7/26/29		1,280,000		1,412,701
3.55%, due 8/15/22		155,000		163,389
3.625%, due 5/15/24		510,000		538,899
Cigna Corp.
3.90%, due 2/15/22 (a)		405,000		414,565
4.125%, due 11/15/25		225,000		240,677
4.90%, due 12/15/48		250,000		299,947
CVS Health Corp.
2.75%, due 12/1/22		330,000		332,301
2.80%, due 7/20/20		300,000		300,055
3.75%, due 4/1/30		125,000		128,707
4.25%, due 4/1/50		275,000		285,454
4.30%, due 3/25/28		85,000		90,920
Eli Lilly & Co. 3.95%, due 3/15/49		250,000		314,989
GlaxoSmithKline Capital, Inc. 3.875%, due 5/15/28		255,000		286,430
Johnson & Johnson
3.55%, due 3/1/36		300,000		339,006
4.95%, due 5/15/33		250,000		332,250
Merck & Co., Inc. 3.70%, due 2/10/45		210,000		248,366
Mylan, Inc.
4.20%, due 11/29/23		50,000		47,430
5.20%, due 4/15/48		65,000		58,280
Novartis Capital Corp. 4.00%, due 11/20/45		260,000		330,008
Pfizer, Inc.
3.00%, due 6/15/23		155,000		157,942
3.20%, due 9/15/23		25,000		26,323
4.00%, due 12/15/36		440,000		502,787
4.10%, due 9/15/38		70,000		82,333
				9,594,382
Pipelines 1.0%
Enbridge, Inc. 4.50%, due 6/10/44		210,000		193,959
Energy Transfer Operating, L.P. 4.05%, due 3/15/25		2,430,000		2,109,003
Enterprise Products Operating LLC
3.70%, due 2/15/26		400,000		399,307
4.80%, due 2/1/49		350,000		349,957
Kinder Morgan Energy Partners, L.P. 5.80%, due 3/15/35		255,000		270,942
Kinder Morgan, Inc. 4.30%, due 6/1/25		515,000		525,532
MPLX, L.P. 4.125%, due 3/1/27		755,000		643,332
Phillips 66 Partners, L.P. 4.68%, due 2/15/45		412,000		336,981
Plains All American Pipeline, L.P. / PAA Finance Corp. 3.65%, due 6/1/22		180,000		164,516
TransCanada PipeLines, Ltd.
4.875%, due 1/15/26		260,000		284,157
4.875%, due 5/15/48		500,000		518,572
Williams Cos., Inc. 3.35%, due 8/15/22		250,000		239,284
				6,035,542
Real Estate 0.0% ‡
Prologis, L.P. 3.75%, due 11/1/25		180,000		191,001
Real Estate Investment Trusts 0.2%
American Tower Corp. 5.00%, due 2/15/24		170,000		179,934
AvalonBay Communities, Inc. 2.90%, due 10/15/26		180,000		181,987
ERP Operating, L.P.
3.25%, due 8/1/27		210,000		209,131
4.625%, due 12/15/21		225,000		229,982
Realty Income Corp. 4.65%, due 3/15/47		125,000		131,823
Simon Property Group, L.P. 4.25%, due 11/30/46		368,000		334,460
				1,267,317
Retail 0.7%
Home Depot, Inc. 4.25%, due 4/1/46		750,000		891,403
Lowe’s Cos., Inc. 4.05%, due 5/3/47		360,000		356,426
McDonald’s Corp. 3.375%, due 5/26/25		1,310,000		1,363,635
Target Corp. 3.50%, due 7/1/24		250,000		266,545
Walmart, Inc.
2.85%, due 7/8/24		225,000		236,539
3.30%, due 4/22/24		65,000		68,982
4.30%, due 4/22/44		550,000		677,220
				3,860,750
Semiconductors 0.5%
Applied Materials, Inc. 5.10%, due 10/1/35		210,000		282,555
Broadcom Corp. / Broadcom Cayman Finance, Ltd.
2.20%, due 1/15/21		300,000		296,027
3.00%, due 1/15/22		180,000		177,997
Intel Corp. 3.70%, due 7/29/25		1,260,000		1,389,415
QUALCOMM, Inc. 4.65%, due 5/20/35		210,000		265,358
Texas Instruments, Inc. 2.625%, due 5/15/24		300,000		312,770
				2,724,122
Software 0.7%
Fidelity National Information Services, Inc. 3.50%, due 4/15/23		63,000		64,728
Fiserv, Inc. 4.20%, due 10/1/28		550,000		595,096
Microsoft Corp.
2.40%, due 2/6/22		410,000		421,421
3.30%, due 2/6/27		365,000		405,031
4.25%, due 2/6/47		1,105,000		1,423,938
Oracle Corp.
2.95%, due 5/15/25		405,000		418,580
4.00%, due 7/15/46		180,000		200,808
5.375%, due 7/15/40		300,000		400,712
				3,930,314
Sovereign 0.1%
Svensk Exportkredit A.B. 2.375%, due 3/9/22		400,000		413,128
Telecommunications 1.3%
AT&T, Inc.
3.60%, due 7/15/25		260,000		275,469
4.25%, due 3/1/27		1,150,000		1,221,494
5.15%, due 11/15/46		1,500,000		1,761,787
Cisco Systems, Inc. 2.95%, due 2/28/26		410,000		436,325
Deutsche Telekom International Finance B.V. 8.75%, due 6/15/30		210,000		283,492
Telefonica Emisiones SAU 7.045%, due 6/20/36		300,000		357,463
Verizon Communications, Inc.
4.016%, due 12/3/29		515,000		578,399
5.50%, due 3/16/47		850,000		1,163,734
Vodafone Group PLC 4.375%, due 5/30/28		1,155,000		1,219,834
				7,297,997
Transportation 1.0%
Burlington Northern Santa Fe LLC 3.25%, due 6/15/27		831,000		859,178
Canadian National Railway Co. 6.25%, due 8/1/34		210,000		283,992
CSX Corp.
3.35%, due 9/15/49		500,000		472,773
3.70%, due 11/1/23		615,000		647,026
FedEx Corp.
2.625%, due 8/1/22		260,000		257,770
3.20%, due 2/1/25		505,000		511,667
Norfolk Southern Corp.
3.942%, due 11/1/47		541,000		564,001
4.80%, due 8/15/43		40,000		44,017
Union Pacific Corp. 2.75%, due 3/1/26		1,455,000		1,464,590
United Parcel Service, Inc. 3.40%, due 11/15/46		405,000		395,386
				5,500,400
Total Corporate Bonds (Cost $133,983,966)				136,322,924
Foreign Government Bonds 1.7%
Canada 0.3%
Province of Ontario Canada 2.50%, due 4/27/26		970,000		1,045,665
Province of Quebec Canada 2.50%, due 4/20/26		650,000		703,073
				1,748,738
Colombia 0.1%
Republic of Colombia 6.125%, due 1/18/41		545,000		626,412
Mexico 0.7%
United Mexican States 4.125%, due 1/21/26		3,630,000		3,720,786
Panama 0.1%
Panama Government International Bond 3.75%, due 3/16/25		750,000		778,132
Peru 0.2%
Peruvian Government International Bond 7.35%, due 7/21/25		920,000		1,170,700
Philippines 0.1%
Philippine Government International Bond 5.00%, due 1/13/37		400,000		474,197
Republic of Korea 0.2%
Korea Development Bank
2.25%, due 5/18/20		500,000		500,905
3.25%, due 2/19/24		850,000		901,105
				1,402,010
Total Foreign Government Bonds (Cost $9,602,354)				9,920,975
Mortgage-Backed Securities 1.2%
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 1.2%
Bank Series 2018-BN14, Class A3 3.966%, due 9/15/60		800,000		887,021
Benchmark Mortgage Trust
Series 2018-B1, Class A2 3.571%, due 1/15/51		100,000		103,285
Series 2018-B1, Class A5 3.666%, due 1/15/51 (c)		800,000		876,990
Series 2018-B6, Class A3 3.995%, due 10/10/51		900,000		991,367
CFCRE Commercial Mortgage Trust
Series 2016-C6, Class A3 3.217%, due 11/10/49 (c)		300,000		304,961
Series 2017-C8, Class A3 3.305%, due 6/15/50		200,000		204,928
Citigroup Commercial Mortgage Trust
Series 2017-P8, Class A4 3.465%, due 9/15/50		300,000		313,583
Series 2015-GC35, Class A4 3.818%, due 11/10/48		300,000		321,651
CSAIL Commercial Mortgage Trust Series 2017-CX9, Class A5 3.446%, due 9/15/50		300,000		309,128
GS Mortgage Securities Trust
Series 2016-GS3, Class A4 2.85%, due 10/10/49		300,000		300,832
Series 2014-GC22, Class A5 3.862%, due 6/10/47		300,000		317,447
Series 2018-GS9, Class A4 3.992%, due 3/10/51 (c)		800,000		858,311
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A4 2.918%, due 2/15/46		300,000		300,924
Morgan Stanley Capital I Trust Series 2018-H3, Class A4 3.914%, due 7/15/51		500,000		540,356
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class A4 3.789%, due 9/15/48		300,000		313,531
WFRBS Commercial Mortgage Trust Series 2012-C8, Class A3 3.001%, due 8/15/45		200,000		202,707
Total Mortgage-Backed Securities (Cost $6,809,392)				7,147,022
U.S. Government & Federal Agencies 66.4%
Federal Home Loan Bank 0.1%
Federal Home Loan Bank 3.25%, due 11/16/28		700,000		827,362
Federal Home Loan Mortgage Corporation 0.4%
1.875%, due 11/17/20		400,000		404,168
2.00%, due 5/28/24		1,300,000		1,300,871
2.375%, due 1/13/22		500,000		517,533
				2,222,572
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 5.6%
2.50%, due 10/1/31		61,471		63,867
2.50%, due 2/1/32		351,533		364,992
2.50%, due 2/1/33		430,003		446,495
2.50%, due 4/1/33		557,540		578,922
2.50%, due 6/1/33		89,097		92,508
2.50%, due 7/1/33		222,538		231,087
3.00%, due 9/1/27		197,828		207,158
3.00%, due 4/1/32		249,472		262,156
3.00%, due 6/1/32		66,039		69,396
3.00%, due 9/1/32		32,808		34,475
3.00%, due 10/1/32		144,599		151,950
3.00%, due 5/1/33		224,545		235,880
3.00%, due 9/1/33		249,815		261,629
3.00%, due 9/1/36		137,822		147,148
3.00%, due 11/1/37		143,126		151,381
3.00%, due 12/1/37		229,303		242,003
3.00%, due 9/1/46		1,088,063		1,147,026
3.00%, due 12/1/46		73,779		77,678
3.00%, due 2/1/47		78,712		82,998
3.00%, due 3/1/47		356,756		375,654
3.00%, due 4/1/47		104,739		110,384
3.00%, due 1/1/48		939,520		991,493
3.00%, due 2/1/48		601,476		633,357
3.00%, due 3/1/48		514,044		543,641
3.00%, due 4/1/48		678,685		717,486
3.00%, due 6/1/48		790,216		831,793
3.50%, due 12/1/25		46,036		48,454
3.50%, due 5/1/33		205,429		217,103
3.50%, due 9/1/33		62,753		66,101
3.50%, due 2/1/37		190,797		203,471
3.50%, due 1/1/38		229,531		244,418
3.50%, due 6/1/43		205,165		220,179
3.50%, due 9/1/44		199,357		213,842
3.50%, due 8/1/45		432,922		460,912
3.50%, due 8/1/46		597,744		637,017
3.50%, due 8/1/47		73,603		77,999
3.50%, due 9/1/47		168,235		178,323
3.50%, due 11/1/47		321,611		341,632
3.50%, due 12/1/47		754,525		795,850
3.50%, due 12/1/47		6,051,347		6,414,011
3.50%, due 1/1/48		75,504		80,028
3.50%, due 3/1/48		919,500		975,514
3.50%, due 5/1/48		321,287		340,415
3.50%, due 6/1/48		579,932		614,411
3.50%, due 8/1/48		639,511		675,868
3.50%, due 9/1/48		615,345		650,655
3.50%, due 11/1/48		217,493		229,588
3.50%, due 12/1/48		553,695		585,976
4.00%, due 4/1/46		457,968		494,024
4.00%, due 5/1/46		155,368		167,539
4.00%, due 4/1/47		137,108		147,198
4.00%, due 6/1/47		376,271		403,442
4.00%, due 8/1/47		660,898		710,189
4.00%, due 10/1/47		162,955		175,341
4.00%, due 12/1/47		433,095		464,868
4.00%, due 1/1/48		140,495		151,251
4.00%, due 5/1/48		265,953		283,319
4.00%, due 9/1/48		1,028,794		1,096,037
4.00%, due 12/1/48		586,056		624,366
4.50%, due 5/1/38		126,507		137,666
4.50%, due 9/1/46		28,775		31,359
4.50%, due 9/1/46		57,777		63,010
4.50%, due 10/1/46		227,811		248,448
4.50%, due 2/1/47		50,548		55,007
4.50%, due 11/1/47		67,324		72,997
4.50%, due 2/1/48		131,727		142,498
4.50%, due 4/1/48		188,657		203,480
4.50%, due 6/1/48		119,989		129,135
4.50%, due 7/1/48		415,899		447,992
4.50%, due 8/1/48		419,684		452,154
4.50%, due 1/1/49		655,856		705,014
5.00%, due 9/1/38		69,484		77,213
5.00%, due 11/1/41		119,918		132,840
5.00%, due 3/1/47		234,040		253,327
5.00%, due 9/1/48		362,031		391,196
5.00%, due 1/1/49		228,596		246,863
5.50%, due 1/1/29		76,183		83,249
5.50%, due 7/1/38		120,311		135,977
				32,051,323
Federal National Mortgage Association 0.6%
1.375%, due 9/6/22		725,000		742,473
1.875%, due 4/5/22		300,000		308,940
1.875%, due 9/24/26		1,650,000		1,755,327
2.875%, due 10/30/20		650,000		659,808
				3,466,548
Federal National Mortgage Association (Mortgage Pass-Through Securities) 12.4%
2.50%, due 10/1/27		216,339		224,390
2.50%, due 4/1/30		181,736		188,486
2.50%, due 10/1/31		322,089		334,398
2.50%, due 2/1/32		266,482		276,666
2.50%, due 2/1/32		271,896		282,281
2.50%, due 8/1/32		474,584		493,810
2.50%, due 3/1/33		318,477		332,346
2.50%, due 6/1/33		321,617		333,800
2.50%, due 4/1/46		80,894		84,198
2.50%, due 10/1/46		169,686		176,573
3.00%, due 4/1/25		69,344		72,527
3.00%, due 11/1/31		218,668		229,729
3.00%, due 1/1/32		316,652		332,670
3.00%, due 6/1/32		185,909		195,237
3.00%, due 1/1/33		178,199		187,191
3.00%, due 2/1/33		244,763		257,344
3.00%, due 4/1/33		400,834		420,855
3.00%, due 5/1/33		409,139		429,788
3.00%, due 9/1/33		126,202		132,018
3.00%, due 9/1/34		2,226,821		2,329,739
3.00%, due 2/1/37		209,919		223,679
3.00%, due 1/1/38		673,709		711,642
3.00%, due 9/1/42		1,310,017		1,384,735
3.00%, due 3/1/43		8,317,590		8,790,623
3.00%, due 12/1/43		957,558		1,010,506
3.00%, due 10/1/44		830,465		877,722
3.00%, due 10/1/46		183,124		193,016
3.00%, due 12/1/46		1,711,329		1,803,877
3.00%, due 2/1/47		261,904		275,493
3.00%, due 8/1/47		964,000		1,017,991
3.00%, due 10/1/47		831,742		878,667
3.00%, due 11/1/47		229,161		241,499
3.00%, due 6/1/48		171,380		180,270
3.00%, due 9/1/49		2,827,090		2,961,938
3.50%, due 7/1/21		17,585		18,473
3.50%, due 3/1/22		41,176		43,255
3.50%, due 5/1/26		53,402		56,207
3.50%, due 11/1/31		57,792		60,907
3.50%, due 5/1/33		126,712		133,574
3.50%, due 6/1/33		270,837		285,129
3.50%, due 7/1/33		131,401		138,329
3.50%, due 9/1/33		191,728		201,929
3.50%, due 5/1/45		888,370		953,399
3.50%, due 9/1/45		136,771		145,422
3.50%, due 12/1/45		503,929		540,236
3.50%, due 12/1/45		321,398		341,975
3.50%, due 1/1/46		300,486		322,484
3.50%, due 1/1/46		306,029		325,928
3.50%, due 4/1/46		153,650		163,451
3.50%, due 9/1/46		545,104		584,175
3.50%, due 10/1/46		305,862		324,408
3.50%, due 10/1/46		148,406		157,369
3.50%, due 1/1/47		280,242		297,092
3.50%, due 7/1/47		78,713		83,382
3.50%, due 7/1/47		295,740		317,185
3.50%, due 10/1/47		288,522		305,655
3.50%, due 11/1/47		1,045,133		1,107,447
3.50%, due 11/1/47		798,891		846,465
3.50%, due 11/1/47		394,807		418,380
3.50%, due 12/1/47		75,362		79,579
3.50%, due 8/1/48		642,538		679,241
3.50%, due 9/1/48		791,725		836,828
3.50%, due 2/1/49		1,558,980		1,647,424
3.50%, due 9/1/49		6,411,630		6,770,109
4.00%, due 5/1/24		80,915		85,114
4.00%, due 11/1/29		190,856		200,758
4.00%, due 2/1/37		53,181		57,739
4.00%, due 8/1/38		542,175		582,557
4.00%, due 8/1/44		272,580		294,632
4.00%, due 2/1/45		328,795		355,332
4.00%, due 9/1/45		62,451		67,491
4.00%, due 5/1/46		294,455		317,004
4.00%, due 9/1/46		110,528		119,321
4.00%, due 9/1/46		129,598		139,375
4.00%, due 2/1/47		50,392		54,242
4.00%, due 4/1/47		29,534		31,620
4.00%, due 5/1/47		229,799		246,018
4.00%, due 5/1/47		220,678		237,014
4.00%, due 6/1/47		691,565		741,662
4.00%, due 10/1/47		75,927		81,422
4.00%, due 11/1/47		71,074		76,006
4.00%, due 12/1/47		189,128		201,696
4.00%, due 1/1/48		494,048		527,788
4.00%, due 1/1/48		70,169		74,781
4.00%, due 1/1/48		409,227		438,463
4.00%, due 2/1/48		211,090		226,344
4.00%, due 6/1/48		866,797		925,070
4.00%, due 7/1/48		281,532		299,943
4.00%, due 7/1/48		682,992		727,226
4.00%, due 7/1/48		1,064,312		1,132,986
4.00%, due 8/1/48		188,894		201,394
4.00%, due 8/1/48		3,840,028		4,101,244
4.00%, due 9/1/48		186,081		198,149
4.00%, due 9/1/48		670,726		713,998
4.00%, due 10/1/48		128,578		137,283
4.00%, due 11/1/48		318,426		339,048
4.00%, due 1/1/49		240,346		255,965
4.00%, due 9/1/49		3,705,734		3,949,637
4.50%, due 7/1/46		62,174		67,702
4.50%, due 12/1/46		61,778		67,377
4.50%, due 4/1/47		430,080		468,090
4.50%, due 5/1/47		29,745		32,309
4.50%, due 7/1/47		94,635		102,786
4.50%, due 7/1/47		408,444		441,151
4.50%, due 8/1/47		29,583		32,029
4.50%, due 2/1/48		381,753		412,001
4.50%, due 4/1/48		140,104		151,142
4.50%, due 4/1/48		108,696		117,098
4.50%, due 4/1/48		50,446		54,344
4.50%, due 5/1/48		331,022		357,667
4.50%, due 6/1/48		183,996		198,197
4.50%, due 8/1/48		360,036		388,187
4.50%, due 10/1/48		125,830		135,268
4.50%, due 9/1/49		1,687,486		1,817,108
5.00%, due 8/1/31		181,612		195,593
5.00%, due 6/1/39		173,713		192,725
5.00%, due 6/1/40		39,071		43,305
5.00%, due 7/1/47		132,001		142,610
5.00%, due 1/1/48		217,567		238,229
5.00%, due 4/1/48		93,270		101,139
5.00%, due 5/1/48		188,713		203,751
5.00%, due 9/1/48		162,793		176,840
5.50%, due 8/1/27		67,799		74,265
5.50%, due 6/1/36		98,743		111,635
5.50%, due 5/1/44		106,294		120,237
5.50%, due 9/1/48		414,396		454,307
				71,086,555
Government National Mortgage Association (Mortgage Pass-Through Securities) 6.9%
2.50%, due 4/20/47		78,151		82,031
3.00%, due 6/15/45		49,316		52,158
3.00%, due 10/15/45		30,352		32,076
3.00%, due 11/20/45		803,475		862,501
3.00%, due 8/20/46		306,882		328,526
3.00%, due 9/20/46		162,395		173,877
3.00%, due 10/20/46		1,009,637		1,080,027
3.00%, due 1/20/47		1,137,010		1,214,524
3.00%, due 5/20/47		194,297		207,549
3.00%, due 12/20/47		669,154		713,068
3.00%, due 2/20/48		759,224		808,689
3.00%, due 3/20/48		905,996		964,828
3.00%, due 5/15/48		179,025		189,302
3.00%, due 7/1/49 TBA (d)		4,500,000		4,756,816
3.50%, due 11/20/42		285,356		303,976
3.50%, due 9/20/44		423,307		450,094
3.50%, due 3/15/45		32,964		35,192
3.50%, due 4/15/45		52,697		56,196
3.50%, due 7/20/45		1,116,868		1,187,563
3.50%, due 11/20/45		511,791		544,154
3.50%, due 7/20/46		57,984		61,969
3.50%, due 10/20/46		58,344		62,501
3.50%, due 11/20/46		718,574		765,704
3.50%, due 1/20/47		836,259		881,618
3.50%, due 5/20/47		692,531		735,933
3.50%, due 9/20/47		738,240		788,025
3.50%, due 10/20/47		1,313,186		1,395,070
3.50%, due 12/20/47		644,467		680,856
3.50%, due 5/15/48		106,694		113,383
3.50%, due 7/20/48		353,398		374,305
3.50%, due 9/20/48		400,845		424,788
3.50%, due 10/20/48		417,597		441,128
3.50%, due 4/20/49		2,487,003		2,620,775
3.50%, due 7/20/49		3,199,998		3,371,462
4.00%, due 8/15/46		87,395		93,723
4.00%, due 12/20/46		46,768		50,118
4.00%, due 1/20/47		387,137		413,613
4.00%, due 2/20/47		102,884		109,899
4.00%, due 3/20/47		79,949		85,790
4.00%, due 4/20/47		176,320		189,934
4.00%, due 5/20/47		148,110		158,725
4.00%, due 7/20/47		59,509		64,403
4.00%, due 11/15/47		165,380		175,710
4.00%, due 11/20/47		715,462		767,931
4.00%, due 12/20/47		158,174		168,497
4.00%, due 4/20/48		700,035		752,637
4.00%, due 5/20/48		298,425		317,939
4.00%, due 6/20/48		121,781		130,204
4.00%, due 8/20/48		801,815		859,767
4.00%, due 9/20/48		424,562		452,024
4.00%, due 3/20/49		125,098		133,305
4.00%, due 7/15/49		444,768		472,224
4.00%, due 7/20/49		3,576,201		3,794,717
4.50%, due 8/15/46		71,590		78,147
4.50%, due 8/20/46		142,509		155,530
4.50%, due 2/15/47		26,813		29,236
4.50%, due 4/15/47		48,616		53,240
4.50%, due 4/20/47		152,669		165,152
4.50%, due 8/15/47		391,682		428,745
4.50%, due 8/15/47		260,332		285,929
4.50%, due 11/20/47		148,583		160,647
4.50%, due 1/20/48		362,608		386,765
4.50%, due 3/20/48		162,906		173,371
4.50%, due 5/20/48		155,811		166,856
4.50%, due 6/20/48		267,648		286,425
4.50%, due 8/20/48		487,791		517,511
5.00%, due 8/20/45		161,117		175,978
5.00%, due 11/20/46		97,399		107,686
5.00%, due 4/15/47		48,321		52,439
5.00%, due 11/20/47		124,562		134,988
5.00%, due 12/15/47		71,781		77,660
5.00%, due 3/20/48		92,150		99,741
5.00%, due 6/20/48		211,924		227,923
				39,715,793
United States Treasury Bonds 8.3%
2.25%, due 8/15/49		1,375,000		1,675,083
2.375%, due 11/15/49		915,000		1,139,961
2.75%, due 8/15/47		1,035,000		1,371,294
2.75%, due 11/15/47		300,000		397,934
2.875%, due 5/15/43		1,950,000		2,573,619
2.875%, due 11/15/46		140,000		189,410
2.875%, due 5/15/49		3,500,000		4,775,723
3.00%, due 2/15/47		815,000		1,129,157
3.00%, due 5/15/47		1,175,000		1,628,752
3.00%, due 2/15/48		5,950,000		8,260,273
3.00%, due 8/15/48		2,790,000		3,875,484
3.00%, due 2/15/49		2,145,000		2,988,504
3.125%, due 5/15/48		7,900,000		11,192,387
3.375%, due 11/15/48		1,550,000		2,299,752
3.625%, due 2/15/44		150,000		222,176
4.50%, due 2/15/36		1,900,000		2,913,977
4.625%, due 2/15/40		750,000		1,226,543
				47,860,029
United States Treasury Notes 32.1%
1.375%, due 9/15/20		775,000		779,511
1.50%, due 7/15/20		460,000		461,941
1.50%, due 8/15/22		9,275,000		9,552,888
1.50%, due 9/15/22		3,400,000		3,504,922
1.50%, due 10/31/24		3,100,000		3,260,207
1.50%, due 1/31/27		2,400,000		2,553,187
1.50%, due 2/15/30		200,000		215,336
1.625%, due 10/15/20		2,450,000		2,469,811
1.625%, due 8/31/22		700,000		722,969
1.625%, due 11/15/22		8,000,000		8,283,125
1.625%, due 10/31/26		900,000		963,387
1.625%, due 8/15/29		4,150,000		4,504,209
1.75%, due 11/15/20		3,950,000		3,991,660
1.75%, due 7/31/21		25,300,000		25,829,719
1.75%, due 6/15/22		900,000		930,445
1.75%, due 6/30/22		1,925,000		1,991,172
1.75%, due 7/15/22		2,000,000		2,068,516
1.75%, due 6/30/24		2,875,000		3,044,580
1.75%, due 7/31/24		14,650,000		15,529,000
1.75%, due 11/15/29		5,600,000		6,152,125
1.875%, due 12/15/20		1,875,000		1,898,730
1.875%, due 9/30/22		950,000		988,520
1.875%, due 8/31/24		650,000		692,885
2.00%, due 4/30/24		5,885,000		6,278,559
2.00%, due 5/31/24		1,400,000		1,495,703
2.125%, due 7/31/24		150,000		161,332
2.125%, due 5/31/26		5,645,000		6,196,270
2.25%, due 2/15/21		3,000,000		3,056,953
2.375%, due 3/15/21		150,000		153,281
2.375%, due 4/30/26		200,000		222,391
2.375%, due 5/15/29		2,125,000		2,444,497
2.50%, due 6/30/20		925,000		930,509
2.50%, due 2/15/22		17,450,000		18,195,033
2.50%, due 3/31/23		100,000		106,598
2.625%, due 7/31/20		55,000		55,477
2.625%, due 6/15/21		925,000		952,858
2.625%, due 7/15/21		4,965,000		5,123,259
2.625%, due 6/30/23		1,900,000		2,042,648
2.625%, due 12/31/23		150,000		162,902
2.75%, due 9/30/20		775,000		785,172
2.75%, due 8/15/21		3,700,000		3,830,945
2.75%, due 9/15/21		2,300,000		2,384,813
2.75%, due 4/30/23		5,425,000		5,834,630
2.75%, due 5/31/23		1,700,000		1,831,418
2.75%, due 7/31/23		4,675,000		5,053,748
2.75%, due 8/31/23		4,000,000		4,330,469
2.75%, due 6/30/25		275,000		308,236
2.875%, due 11/15/21		375,000		391,245
2.875%, due 9/30/23		2,875,000		3,132,290
2.875%, due 10/31/23		5,300,000		5,779,898
2.875%, due 11/30/23		600,000		655,992
2.875%, due 5/31/25		300,000		337,758
2.875%, due 7/31/25		1,425,000		1,608,914
				184,232,643
Total U.S. Government & Federal Agencies (Cost $354,742,686)				381,462,825
Total Long-Term Bonds (Cost $507,306,904)				537,035,781

	Shares
Exchange-Traded Funds 4.0%
iShares Intermediate-Term Corporate Bond ETF	135,779	7,456,983
iShares Long-Term Corporate Bond ETF	195,206	12,419,006
iShares Short-Term Corporate Bond ETF	54,601	2,858,908
Total Exchange-Traded Funds (Cost $23,426,514)		22,734,897

		Principal Amount
Short-Term Investments 2.9%
Repurchase Agreements 2.9%
Fixed Income Clearing Corp. 0.00%, dated 3/31/20 due 4/1/20 Proceeds at Maturity $13,437,958 (Collateralized by a United States Treasury Note with a rate of 1.50% and a maturity date of 9/15/22, with a Principal Amount of $13,295,000 and a Market Value of $13,708,873)	$	13,437,958			13,437,958
RBC Capital Markets 0.01%, dated 3/31/20 due 4/1/20 Proceeds at Maturity $3,000,001 (Collateralized by a United States Treasury Note with a rate of 2.125% and a maturity date of 8/15/21, with a Principal Amount of $2,973,700 and a Market Value of $3,060,092)		3,000,000			3,000,000
Total Repurchase Agreements (Cost $16,437,958)					16,437,958
Total Short-Term Investments (Cost $16,437,958)					16,437,958
Total Investments (Cost $547,171,376)		100.3	%		576,208,636
Other Assets, Less Liabilities		(0.3	)		(1,596,671	)
Net Assets		100.0	%	$	574,611,965

†	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 March 31, 2020.
(c)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of March 31, 2020.
(d)	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 March 31, 2020, the total net market value of these securities was $4,756,816, 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.

Futures Contracts

As of March 31, 2020, 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	179	June 2020	$	21,786,762		$	22,439,328			652,566
10-Year United States Treasury Note	90	June 2020		12,032,213			12,481,875		$	449,662
10-Year United States Treasury Ultra Note	72	June 2020		10,799,414			11,234,250			434,836
Total Long Contracts										1,537,064
Short Contracts
2-Year United States Treasury Note	(35)	June 2020		(7,612,795	)		(7,713,399	)		(100,604	)
United States Treasury Long Bond	(4)	June 2020		(664,087	)		(716,250	)		(52,163	)
United States Treasury Ultra Bond	(8)	June 2020		(1,614,485	)		(1,775,000	)		(160,515	)
Total Short Contracts										(313,282	)
Net Unrealized Appreciation									$	1,223,782

1. As of March 31, 2020, cash in the amount of $482,343 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 March 31, 2020.

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 March 31, 2020, 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	$	—		$	2,182,035	$	—	$	2,182,035
Corporate Bonds		—			136,322,924		—		136,322,924
Foreign Government Bonds		—			9,920,975		—		9,920,975
Mortgage-Backed Securities		—			7,147,022		—		7,147,022
U.S. Government & Federal Agencies		—			381,462,825		—		381,462,825
Total Long-Term Bonds		—			537,035,781		—		537,035,781
Exchange-Traded Funds		22,734,897			—		—		22,734,897
Short-Term Investments
Repurchase Agreements		—			16,437,958		—		16,437,958
Total Investments in Securities		22,734,897			553,473,739		—		576,208,636
Other Financial Instruments
Futures Contracts (b)		1,537,064			—		—		1,537,064
Total Investments in Securities and Other Financial Instruments	$	24,271,962		$	553,473,739	$	—	$	577,745,701
Liability Valuation Inputs
Other Financial Instruments
Futures Contracts (b)	$	(313,282	)	$	—	$	—	$	(313,282	)

(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  March 31, 2020 (Unaudited)
			Principal Amount		Value
	Long-Term Bonds 97.7% †
	Asset-Backed Securities 11.1%
	Automobile Asset-Backed Securities 0.2%
	Avis Budget Rental Car Funding AESOP LLC Series 2019-3A, Class A 2.36%, due 3/20/26 (a)	$	2,000,000	$	1,750,964
	Home Equity 0.1%
	Chase Funding Trust Series 2002-2, Class 1A5 6.333%, due 4/25/32 (b)		83,787		82,987
	Morgan Stanley Mortgage Loan Trust Series 2006-17XS, Class A3A 5.651%, due 10/25/46 (b)		936,264		366,163
					449,150
	Other Asset-Backed Securities 10.8%
	AIMCO CLO Series 2015-AA, Class BR 3.131% (3 Month LIBOR + 1.30%), due 1/15/28 (a)(c)		2,000,000		1,886,980
	Apidos CLO XXV Series 2016-25A, Class A1R 2.989% (3 Month LIBOR + 1.17%), due 10/20/31 (a)(c)		1,300,000		1,221,827
	Apidos CLO XXXII Series 2019-32A, Class A1 3.003% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(c)		2,200,000		2,064,735
	Ares CLO, Ltd. Series 2015-38A, Class BR 3.366%, due 4/20/30 (a)		1,500,000		1,329,995
	Ares XLI CLO, Ltd. Series 2016-41A, Class AR 3.031% (3 Month LIBOR + 1.20%), due 1/15/29 (a)(c)		2,500,000		2,391,972
	Ares XXXIV CLO, Ltd. Series 2015-2A, Class AR2 2.946% (3 Month LIBOR + 1.25%), due 4/17/33 (a)(c)		2,000,000		1,881,212
	Bain Capital Credit CLO, Ltd. Series 2016-2A, Class AR 2.971% (3 Month LIBOR + 1.14%), due 1/15/29 (a)(c)		1,600,000		1,542,046
	Benefit Street Partners CLO IV, Ltd. Series 2014-IVA, Class A1 3.069% (3 Month LIBOR + 1.25%), due 1/20/29 (a)(c)		1,600,000		1,549,459
	Benefit Street Partners CLO XVIII, Ltd. Series 2019-18A, Class A 3.249% (3 Month LIBOR + 1.34%), due 10/15/32 (a)(c)		1,000,000		929,173
	Capital Automotive REIT (a)
	Series 2020-A1, Class A1 2.69%, due 2/15/50		992,990		951,284
	Series 2017-1A, Class A1 3.87%, due 4/15/47		2,075,628		1,818,951
	Cedar Funding IV CLO, Ltd. Series 2014-4A, Class AR 3.036% (3 Month LIBOR + 1.23%), due 7/23/30 (a)(c)		2,600,000		2,478,845
	Cedar Funding Ltd. Series 2017-8A, Class A1 3.086% (3 Month LIBOR + 1.25%), due 10/17/30 (a)(c)		1,250,000		1,173,826
	Deutsche Bank Master Finance LLC Series 2019-1A, Class A2I 3.787%, due 5/20/49 (a)		2,605,313		2,518,008
	Driven Brands Funding LLC Series 2019-1A, Class A2 4.641%, due 4/20/49		2,970,000		2,840,991
	Dryden CLO, Ltd. Series 2019-76A, Class A1 3.264% (3 Month LIBOR + 1.33%), due 10/20/32 (a)(c)		1,875,000		1,773,542
	Elara HGV Timeshare Issuer LLC Series 2017-A, Class A 2.69%, due 3/25/30 (a)		455,402		444,751
	ELFI Graduate Loan Program LLC Series 2019-A, Class A 2.54%, due 3/25/44 (a)		2,369,059		2,390,703
	FOCUS Brands Funding LLC Series 2017-1A, Class A2I 3.857%, due 4/30/47 (a)		486,250		459,064
	Galaxy XV CLO, Ltd. Series 2013-15A, Classs AR 3.031% (3 Month LIBOR + 1.20%), due 10/15/30 (a)(c)		1,750,000		1,652,908
	Galaxy XXII CLO, Ltd. Series 2016-22A, Class A1R 2.843% (3 Month LIBOR + 1.00%), due 7/16/28 (a)(c)		1,500,000		1,450,015
	Grippen Park CLO, Ltd. Series 2017-1A, Classs B 3.469%, due 1/20/30 (a)		750,000		693,277
	Highbridge Loan Management, Ltd. Series 2010A-16, Class A1R 2.959% (3 Month LIBOR + 1.14%), due 1/20/28 (a)(c)		1,000,000		956,770
	Hilton Grand Vacations Trust Series 2018-AA, Class A 3.54%, due 2/25/32 (a)		1,359,777		1,355,648
	JPMorgan Mortgage Acquisition Corp. Series 2007-CH2, Class AF3 5.552%, due 10/25/30 (b)		600,044		397,269
	Magnetite VII, Ltd. Series 2012-7A, Classs A1R2 2.631% (3 Month LIBOR + 0.80%), due 1/15/28 (a)(c)		470,000		451,572
	Magnetite XVIII, Ltd. (a)(c)
	Series 2016-18A, Class AR 2.772% (3 Month LIBOR + 1.08%), due 11/15/28		1,900,000		1,829,191
	Series 2019-23A, Class A 3.17% (3 Month LIBOR + 1.30%), due 10/25/32		1,000,000		939,578
	MVW Owner Trust (a)
	Series 2014-1A, Class A 2.25%, due 9/22/31		202,071		199,613
	Series 2019-1A, Class A 2.89%, due 11/20/36		1,063,659		993,153
	Navient Private Education Refi Loan Trust Series 2019-CA, Class A2 3.13%, due 2/15/68 (a)		1,600,000		1,575,150
	Neuberger Berman CLO XIV, Ltd. (a)(c)
	Series 2013-14A, Class AR2 2.646% (3 Month LIBOR + 1.03%), due 1/28/30		1,500,000		1,437,495
	Series 2013-14A, Class AR2 3.116% (3 Month LIBOR + 1.50%), due 1/28/30		1,000,000		921,619
	Neuberger Berman Loan Advisers CLO 24, Ltd. Series 2017-24A, Class BR 2.284% (3 Month LIBOR + 1.50%), due 4/19/30 (a)(c)		1,000,000		924,326
	Octagon Investment Partners 29, Ltd. Series 2016-1A, Class AR 2.981% (3 Month LIBOR + 1.18%), due 1/24/33 (a)(c)		1,200,000		1,102,342
	Octagon Investment Partners LLC Series 2017-1A, Class B1 3.519% (3 Month LIBOR + 1.70%), due 7/20/30 (a)(c)		1,200,000		1,082,902
	Palmer Square CLO, Ltd. (a)(c)
	Series 2015-1A, Class A1R2 2.916% (3 Month LIBOR + 1.22%), due 5/21/29		2,200,000		2,127,959
	Series 2014-1A, Class A1R2 2.966% (3 Month LIBOR + 1.13%), due 1/17/31		750,000		714,799
	Series-2015-2A, Class A2R2 3.369% (3 Month LIBOR + 1.55%), due 7/20/30		2,000,000		1,820,350
	Palmer Square Loan Funding, Ltd. Series 2019-3A, Class A2 3.295% (3 Month LIBOR + 1.60%), due 8/20/27 (a)(c)		3,000,000		2,856,921
	Regatta VI Funding, Ltd. Series 2016-1A, Class AR 2.899% (3 Month LIBOR + 1.08%), due 7/20/28 (a)(c)		2,800,000		2,721,127
	Shackleton CLO, Ltd. (a)(c)
	Series 2019-14A, Class A1 3.049% (3 Month LIBOR + 1.23%), due 7/20/30		2,000,000		1,881,904
	Series 2019-15A, Class B 3.903% (3 Month LIBOR + 2.00%), due 1/15/30		1,500,000		1,383,310
	Sierra Receivables Funding Co. LLC (a)
	Series 2018-2A, Class A 3.50%, due 6/20/35		556,941		537,013
	Series 2018-3A, Class A 3.69%, due 9/20/35		277,074		277,057
	Sierra Timeshare Receivables Funding LLC Series 2019-1A, Class A 3.20%, due 1/20/36 (a)		459,812		456,263
	SMB Private Education Loan Trust Series 2019-B, Class A2A 2.84%, due 6/15/37 (a)		3,000,000		2,835,096
	SoFi Professional Loan Program LLC (a)
	Series 2019-C, Class A2FX 2.37%, due 11/16/48		1,250,000		1,248,908
	Series 2020-A, Class A2FX 2.54%, due 5/15/46		800,000		773,733
	Series 2018-D, Class A1FX 3.12%, due 2/25/48		276,405		277,637
	Series 2019-A, Class A1FX 3.18%, due 6/15/48		675,984		675,093
	Taco Bell Funding, LLC Series 2018-1A, Class A2I 4.318%, due 11/25/48 (a)		1,975,000		1,925,645
	THL Credit Wind River CLO, Ltd. Series 2017-4A, Class A 2.845% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(c)		2,243,000		2,123,531
	TIAA CLO III, Ltd. Series 2017-2A, Class A 2.993% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(c)		2,400,000		2,219,304
	TICP CLO XIII, Ltd. Series 2019 13A, Class A 3.131% (3 Month LIBOR + 1.30%), due 7/15/32 (a)(c)		1,500,000		1,428,826
	TICP CLO XV, Ltd. Series 2020-15A, Class A 2.915% (3 Month LIBOR + 1.28%), due 4/20/33 (a)(c)		2,000,000		1,851,736
	Treman Park CLO, Ltd. Series 2015-1A, Class ARR 2.889% (3 Month LIBOR + 1.07%), due 10/20/28 (a)(c)		1,245,000		1,204,823
	Voya CLO, Ltd. (a)(c)
	Series  2019-1A, Class AR 2.57% (3 Month LIBOR + 1.06%), due 4/15/31		1,500,000		1,401,846
	Series  2019-1A, Class AR 2.768% (3 Month LIBOR + 1.55%), due 4/15/31		2,000,000		1,746,064
	VSE VOI Mortgage LLC Series 2016-A, Class A 2.54%, due 7/20/33 (a)		1,202,060		1,178,751
	Westcott Park CLO, Ltd. Series 2016 1A, Class AR 3.029% (3 Month LIBOR + 1.21%), due 7/20/28 (a)(c)		1,850,000		1,786,930
					87,064,818
	Total Asset-Backed Securities (Cost $94,323,421)				89,264,932
	Corporate Bonds 35.7%
	Aerospace & Defense 0.7%
	Boeing Co.
	2.70%, due 2/1/27		1,825,000		1,673,457
	2.95%, due 2/1/30		2,500,000		2,343,103
	3.10%, due 5/1/26		1,925,000		1,770,889
					5,787,449
	Apparel 0.2%
	NIKE, Inc. 3.25%, due 3/27/40		1,500,000		1,572,063
	Auto Manufacturers 1.2%
	Daimler Finance North America LLC 2.592% (3 Month LIBOR + 0.90%), due 2/15/22 (a)(c)		3,000,000		2,780,619
	Ford Motor Credit Co. LLC
	3.087%, due 1/9/23		825,000		759,000
	3.664%, due 9/8/24		1,800,000		1,620,000
	General Motors Co. 5.15%, due 4/1/38		1,500,000		1,084,834
	Volkswagen Group of America Finance LLC (a)
	2.064% (3 Month LIBOR + 0.86%), due 9/24/21 (c)		1,975,000		1,808,801
	3.20%, due 9/26/26		1,275,000		1,226,110
					9,279,364
	Banks 9.6%
	Banco del Estado de Chile 2.704%, due 1/9/25 (a)		1,275,000		1,186,719
	Bank of America Corp.
	2.015%, due 2/13/26 (d)		3,625,000		3,548,684
	4.083%, due 3/20/51 (d)		2,890,000		3,308,142
	4.45%, due 3/3/26		1,570,000		1,690,947
	BNP Paribas S.A. 3.052%, due 1/13/31 (a)(d)		1,700,000		1,589,641
	Canadian Imperial Bank of Commerce 2.25%, due 1/28/25		2,300,000		2,272,755
	Citigroup, Inc.
	4.60%, due 3/9/26		1,500,000		1,591,070
	4.75%, due 5/18/46		2,750,000		3,076,188
	Credit Suisse Group A.G. 4.194%, due 4/1/31 (a)(d)		425,000		435,205
	Fifth Third Bancorp 4.30%, due 1/16/24		3,875,000		4,105,412
	Goldman Sachs Group, Inc.
	2.60%, due 2/7/30		4,900,000		4,620,985
	5.15%, due 5/22/45		975,000		1,125,839
	JPMorgan Chase & Co.
	2.005%, due 3/13/26 (d)		4,000,000		3,977,614
	5.40%, due 1/6/42		1,925,000		2,548,659
	Lloyds Bank PLC 6.50%, due 9/14/20 (a)		8,150,000		8,256,314
	Mizuho Financial Group, Inc. (c)
	1.623% (3 Month LIBOR + 0.85%), due 9/13/23		1,375,000		1,259,910
	2.309% (3 Month LIBOR + 0.63%), due 5/25/24		8,270,000		7,512,468
	Morgan Stanley
	2.699%, due 1/22/31 (d)		2,675,000		2,615,397
	2.72%, due 7/22/25 (d)		2,075,000		2,079,058
	3.622%, due 4/1/31 (d)		2,675,000		2,797,892
	4.35%, due 9/8/26		1,556,000		1,648,226
	Societe Generale S.A. 2.625%, due 1/22/25 (a)		5,275,000		5,078,146
	Sumitomo Mitsui Financial Group, Inc. 2.348%, due 1/15/25		2,500,000		2,482,360
	Truist Bank
	1.50%, due 3/10/25		3,225,000		3,115,242
	2.25%, due 3/11/30		850,000		777,200
	Wells Fargo & Co. 2.164%, due 2/11/26 (d)		4,590,000		4,496,747
					77,196,820
	Beverages 0.5%
	Anheuser-Busch InBev Worldwide, Inc. 4.75%, due 1/23/29		3,750,000		4,139,437
	Building Materials 1.5%
	Carrier Global Corp.(a)
	2.722%, due 2/15/30		3,275,000		3,017,693
	3.577%, due 4/5/50		3,575,000		3,062,226
	Masco Corp. 4.50%, due 5/15/47		3,000,000		2,612,585
	Owens Corning 3.95%, due 8/15/29		3,378,000		3,188,829
					11,881,333
	Chemicals 1.0%
	Albemarle Corp. 2.742% (3 Month LIBOR + 1.05%), due 11/15/22 (a)(c)		2,500,000		2,380,594
	NewMarket Corp. 4.10%, due 12/15/22		5,536,000		5,958,444
					8,339,038
	Diversified Financial Services 0.7%
	Ameriprise Financial, Inc. 3.00%, due 4/2/25		1,500,000		1,493,655
	GE Capital International Funding Co. 4.418%, due 11/15/35		3,410,000		3,638,745
					5,132,400
	Electric 4.1%
	American Electric Power Co., Inc. 2.30%, due 3/1/30		4,250,000		3,962,947
	Appalachian Power Co. 6.375%, due 4/1/36		1,750,000		2,059,355
	Arizona Public Service Co. 5.50%, due 9/1/35		1,275,000		1,432,217
	Dayton Power & Light Co. 3.95%, due 6/15/49 (a)		1,025,000		1,033,581
	Electricite de France S.A. 5.00%, due 9/21/48 (a)		3,420,000		3,857,958
	Entergy Corp. 4.00%, due 7/15/22		3,700,000		3,797,236
	Entergy Mississippi LLC 3.85%, due 6/1/49		2,500,000		2,546,109
	Evergy, Inc. 4.85%, due 6/1/21		385,000		389,101
	Exelon Corp.
	3.497%, due 6/1/22		2,750,000		2,664,591
	4.05%, due 4/15/30		1,200,000		1,212,000
	FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		3,455,000		3,594,924
	Florida Power & Light Co. 2.85%, due 4/1/25		1,400,000		1,459,639
	NextEra Energy Capital Holdings, Inc. 3.25%, due 4/1/26		1,800,000		1,845,088
	Ohio Edison Co. 6.875%, due 7/15/36		2,500,000		3,320,514
					33,175,260
	Food 0.8%
	Conagra Brands, Inc. 4.85%, due 11/1/28		2,300,000		2,462,580
	General Mills, Inc. 2.875%, due 4/15/30		825,000		823,350
	Ingredion, Inc. 4.625%, due 11/1/20		1,475,000		1,475,897
	Kroger Co. 7.70%, due 6/1/29		1,000,000		1,380,639
					6,142,466
	Gas 0.2%
	NiSource, Inc. 5.65%, due 2/1/45		1,125,000		1,291,894
	Insurance 0.8%
	MET Tower Global Funding 1.561% (SOFRRATE + 0.55%), due 1/17/23 (a)(c)		3,375,000		3,073,139
	Prudential Financial, Inc. 2.10%, due 3/10/30		3,500,000		3,235,647
					6,308,786
	Iron & Steel 0.6%
	Carpenter Technology Corp. 4.45%, due 3/1/23		1,825,000		1,666,419
	Reliance Steel & Aluminum Co. 4.50%, due 4/15/23		3,550,000		3,514,630
					5,181,049
	Machinery - Diversified 0.3%
	Deere & Co. 3.75%, due 4/15/50		2,150,000		2,454,298
	Media 1.0%
	Charter Communications Operating LLC / Charter Communications Operating Capital 4.908%, due 7/23/25		1,700,000		1,804,709
	Comcast Corp. 4.60%, due 10/15/38		3,000,000		3,672,055
	Fox Corp.
	4.709%, due 1/25/29		1,200,000		1,315,103
	5.576%, due 1/25/49		1,250,000		1,494,974
					8,286,841
	Mining 0.4%
	Anglo American Capital PLC (a)
	5.375%, due 4/1/25		1,500,000		1,515,759
	5.625%, due 4/1/30		1,875,000		1,901,482
					3,417,241
	Miscellaneous - Manufacturing 0.1%
	3M Co. 3.70%, due 4/15/50		625,000		706,397
	Oil & Gas 1.1%
	Cenovus Energy, Inc. 4.25%, due 4/15/27		2,000,000		979,375
	Helmerich & Payne, Inc. 4.65%, due 3/15/25		2,900,000		3,023,284
	Occidental Petroleum Corp.
	3.142% (3 Month LIBOR + 1.45%), due 8/15/22 (c)		3,600,000		2,412,563
	4.85%, due 3/15/21		2,369,000		1,988,754
	Petroleos Mexicanos 5.35%, due 2/12/28		1,100,000		767,261
					9,171,237
	Oil & Gas Services 0.6%
	Schlumberger Holdings Corp. 3.75%, due 5/1/24 (a)		4,725,000		4,471,136
	Packaging & Containers 0.4%
	Packaging Corp. of America 4.05%, due 12/15/49		1,525,000		1,510,709
	WRKCo., Inc. 3.75%, due 3/15/25		1,825,000		1,834,624
					3,345,333
	Pharmaceuticals 1.8%
	AbbVie, Inc.(a)
	2.95%, due 11/21/26		2,575,000		2,586,811
	4.25%, due 11/21/49		1,600,000		1,699,746
	Bayer U.S. Finance II LLC 4.375%, due 12/15/28 (a)		2,825,000		3,016,778
	Becton Dickinson & Co. 2.894%, due 6/6/22		2,500,000		2,495,335
	CVS Health Corp.
	3.75%, due 4/1/30		1,400,000		1,441,517
	4.25%, due 4/1/50		2,325,000		2,413,386
	4.30%, due 3/25/28		1,050,000		1,123,126
					14,776,699
	Pipelines 2.4%
	Energy Transfer Operating, L.P. 6.05%, due 6/1/41		1,300,000		1,131,941
	Energy Transfer Partners, L.P. / Regency Energy Finance Corp. 5.875%, due 3/1/22		4,800,000		4,508,985
	Enterprise Products Operating LLC 5.10%, due 2/15/45		2,600,000		2,556,570
	Kinder Morgan Energy Partners, L.P. 6.375%, due 3/1/41		400,000		402,159
	Kinder Morgan, Inc. 5.00%, due 2/15/21 (a)		4,500,000		4,475,819
	MPLX, L.P. 1.899% (3 Month LIBOR + 0.90%), due 9/9/21 (c)		1,750,000		1,653,637
	Tennessee Gas Pipeline Co. LLC 2.90%, due 3/1/30 (a)		2,275,000		1,921,766
	Texas Eastern Transmission, L.P. 2.80%, due 10/15/22 (a)		2,350,000		2,308,663
					18,959,540
	Real Estate 0.3%
	Prologis, L.P. 2.25%, due 4/15/30		2,725,000		2,490,031
	Real Estate Investment Trusts 2.7%
	American Campus Communities Operating Partnership, L.P. 3.30%, due 7/15/26		3,000,000		2,958,554
	Crown Castle International Corp.
	3.30%, due 7/1/30		1,250,000		1,239,738
	4.15%, due 7/1/50		1,800,000		1,780,200
	CyrusOne L.P. / CyrusOne Finance Corp. 3.45%, due 11/15/29		1,275,000		1,125,455
	Healthpeak Properties, Inc. 3.25%, due 7/15/26		2,050,000		1,988,329
	Highwoods Realty, L.P.
	3.05%, due 2/15/30		1,410,000		1,273,313
	3.875%, due 3/1/27		3,590,000		3,574,255
	Kimco Realty Corp. 3.80%, due 4/1/27		975,000		966,424
	SBA Tower Trust 2.836%, due 1/15/50 (a)		2,000,000		1,931,148
	VEREIT Operating Partnership, L.P. 3.95%, due 8/15/27		4,870,000		4,532,056
					21,369,472
	Software 0.7%
	Fiserv, Inc.
	3.20%, due 7/1/26		1,310,000		1,353,057
	3.85%, due 6/1/25		1,475,000		1,555,342
	Oracle Corp. 3.60%, due 4/1/50		2,775,000		2,775,070
					5,683,469
	Telecommunications 1.4%
	AT&T, Inc. 4.85%, due 3/1/39		2,000,000		2,242,971
	Deutsche Telekom A.G 3.625%, due 1/21/50 (a)		2,900,000		2,856,039
	Orange S.A. 5.375%, due 1/13/42		895,000		1,144,406
	Telefonica Emisiones SAU 5.213%, due 3/8/47		750,000		840,568
	Verizon Communications, Inc. 4.272%, due 1/15/36		3,250,000		3,774,647
					10,858,631
	Transportation 0.6%
	Norfolk Southern Corp. 5.64%, due 5/17/29		1,400,000		1,614,247
	Union Pacific Corp. 3.25%, due 2/5/50		775,000		770,480
	United Parcel Service, Inc. 5.30%, due 4/1/50		2,000,000		2,620,112
					5,004,839
	Total Corporate Bonds (Cost $287,703,834)				286,422,523
	Foreign Government Bonds 0.3%
	Mexico 0.2%
	United Mexican States 3.75%, due 1/11/28		1,850,000		1,838,919
	Poland 0.1%
	Republic of Poland Government International Bond 5.00%, due 3/23/22		350,000		372,653
	Total Foreign Government Bonds (Cost $2,192,441)				2,211,572
	Mortgage-Backed Securities 8.0%
	Commercial Mortgage Loans (Collateralized Mortgage Obligations) 4.1%
	Bank
	Series 2020-BN26, Class A4 2.403%, due 3/15/63		4,000,000		3,942,475
	Series 2020-BN25, Class AS 2.841%, due 1/15/63		2,500,000		2,303,290
	BX Commercial Mortgage Trust (a)(c)
	Series 2019-XL, Class A 1.625% (1 Month LIBOR + 0.92%), due 10/15/36		2,388,501		2,271,906
	Series 2019-IMC, Class A 1.705% (1 Month LIBOR + 1.00%), due 4/15/34		800,000		727,147
	Citigroup Commercial Mortgage Trust Series 2020-GC46, Class A5 2.717%, due 2/15/53		3,750,000		3,798,250
	Colony Mortgage Capital, Ltd. Series 2019-IKPR, Class B 2.183% (1 Month LIBOR + 1.478%), due 11/15/38 (a)(c)		6,000,000		5,070,615
	COMM Mortgage Trust
	Series 2016-COR1, Class A4 3.091%, due 10/10/49		3,000,000		3,036,651
	Series 2015-LC19, Class A4 3.183%, due 2/10/48		1,400,000		1,453,966
	Credit Suisse Mortgage Trust Series 2020-WEST, Class A 3.04%, due 2/15/35 (a)		5,000,000		4,493,679
	CSAIL Commercial Mortgage Trust 2018-CX11, Class A4 3.766%, due 4/15/51		2,000,000		2,091,264
	GS Mortgage Securities Trust Series 2015-GC32, Class AS 4.018%, due 7/10/48 (e)		3,000,000		3,062,862
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class AS 3.652%, due 3/15/48		1,000,000		1,003,391
					33,255,496
	Whole Loan (Collateralized Mortgage Obligations) 3.9%
	COLT Mortgage Loan Trust (a)(e)
	Series 2019-4, Class A1 2.579%, due 11/25/49		2,649,429		2,569,891
	Series 2019-3, Class A1 2.764%, due 8/25/49		981,160		949,110
	JP Morgan Mortgage Trust (a)
	Series 2019-1, Class A11 1.897% (1 Month LIBOR + 0.95%), due 5/25/49 (c)		1,357,517		1,294,435
	Series 2014-2, Class 1A1 3.00%, due 6/25/29 (e)		1,490,295		1,477,957
	New Residential Mortgage Loan Trust Series 2020-NQM1, Class A1 2.464%, due 1/26/60 (a)(e)		1,184,313		1,169,112
	Seasoned Credit Risk Transfer Trust
	Series 2018-3, Class MA 3.50%, due 8/25/57		2,414,424		2,549,089
	Series 2019-2, Class MA 3.50%, due 8/25/58		3,240,393		3,432,902
	Series 2019-2, Class M55D 4.00%, due 8/25/58		2,285,775		2,469,718
	Series 2019-4, Class M55D 4.00%, due 2/25/59		2,144,192		2,319,601
	Series 2017-4, Class M45T 4.50%, due 6/25/57		1,194,270		1,294,517
	Seasoned Loans Structured Transaction Trust Series 2019-1, Class A1 3.50%, due 5/25/29		3,844,317		3,979,579
	Sequoia Mortgage Trust (a)(e)
	Series 2020-3, Class A1 3.00%, due 4/25/50		3,500,000		3,542,106
	Series 2020-1, Class A1 3.50%, due 2/25/50		911,719		928,505
	Series 2020-2, Class A1 3.50%, due 3/25/50		3,479,168		3,512,260
					31,488,782
	Total Mortgage-Backed Securities (Cost $66,851,728)				64,744,278
	Municipal Bonds 0.6%
	Texas 0.6%
	San Antonio Water System, Revenue Bonds 5.502%, due 5/15/29		2,000,000		2,443,120
	Texas Transportation Commission State Highway Fund, Revenue Bonds 5.178%, due 4/1/30		2,150,000		2,591,825
	Total Municipal Bonds (Cost $4,651,334)				5,034,945
	U.S. Government & Federal Agencies 42.0%
	Federal Farm Credit Bank 2.1%
	1.55%, due 1/28/22		5,600,000		5,705,040
	1.89%, due 3/4/26		5,000,000		5,008,598
	2.03%, due 1/21/28		3,800,000		3,996,556
	2.44%, due 10/16/28		2,300,000		2,285,858
					16,996,052
	Federal Home Loan Bank 6.1%
	1.625%, due 12/20/21		5,800,000		5,923,196
	2.00%, due 2/20/25		3,000,000		3,005,066
	2.375%, due 3/14/25		3,200,000		3,500,622
	2.50%, due 12/10/27		3,000,000		3,314,153
	2.875%, due 9/13/24		3,500,000		3,846,810
	3.00%, due 3/10/28		1,900,000		2,163,158
	3.125%, due 9/12/25		3,100,000		3,504,137
	3.125%, due 12/12/25		4,000,000		4,602,111
	3.25%, due 6/9/28		4,000,000		4,713,941
	3.25%, due 11/16/28		12,550,000		14,833,409
					49,406,603
	Federal Home Loan Mortgage Corporation 1.2%
	1.875%, due 3/5/25		2,700,000		2,703,938
	1.97%, due 2/6/25		4,200,000		4,204,819
	6.25%, due 7/15/32		1,600,000		2,476,685
					9,385,442
	Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 4.6%
	3.50%, due 1/1/47		2,852,676		3,052,489
	3.50%, due 11/1/47		785,659		833,014
	3.50%, due 2/1/48		2,007,749		2,127,835
	3.50%, due 5/1/48		5,004,151		5,298,157
	3.50%, due 5/1/49		4,042,283		4,294,503
	3.50%, due 11/1/49		3,905,596		4,150,522
	4.00%, due 4/1/48		4,508,812		4,803,421
	4.00%, due 6/1/48		2,751,898		2,935,207
	4.00%, due 5/1/49		5,933,060		6,410,701
	4.50%, due 4/1/22		4,756		4,957
	4.50%, due 4/1/23		4,184		4,397
	4.50%, due 11/1/39		715,739		782,417
	4.50%, due 8/1/40		112,757		123,360
	4.50%, due 9/1/40		583,414		637,016
	4.50%, due 9/1/40		108,175		118,415
	4.50%, due 11/1/40		334,752		362,248
	4.50%, due 7/1/41		158,928		173,751
	4.50%, due 2/1/47		215,360		234,360
	4.50%, due 10/1/47		236,283		256,193
	5.00%, due 3/1/25		47,370		49,783
	5.50%, due 9/1/21		11,312		11,471
	5.50%, due 9/1/22		9,934		10,017
	6.00%, due 7/1/21		22,276		22,689
	6.50%, due 11/1/35		4,390		4,868
	6.50%, due 8/1/37		26,182		32,008
					36,733,799
	Federal National Mortgage Association 2.0%
	1.625%, due 1/7/25		5,925,000		6,219,426
	1.75%, due 7/2/24		2,525,000		2,641,001
	2.00%, due 1/24/25		2,650,000		2,659,342
	6.25%, due 5/15/29		3,000,000		4,295,160
					15,814,929
	Federal National Mortgage Association (Mortgage Pass-Through Securities) 11.2%
	2.50%, due 5/1/43		498,728		519,160
	2.50%, due 8/1/49 TBA (f)		3,100,000		3,211,406
	2.91%, due 4/1/26		3,750,000		4,088,813
	3.00%, due 9/1/42		1,824,666		1,928,738
	3.00%, due 11/1/46		2,446,968		2,580,870
	3.00%, due 2/1/47		2,337,026		2,463,191
	3.00%, due 7/1/47		1,235,579		1,302,735
	3.00%, due 5/1/48		3,991,131		4,220,396
	3.00%, due 7/1/48		1,466,488		1,546,389
	3.00%, due 8/1/49 TBA (f)		5,300,000		5,556,098
	3.00%, due 9/1/49		2,492,380		2,626,463
	3.00%, due 12/1/49		2,715,220		2,850,578
	3.00%, due 12/1/49		2,665,511		2,793,491
	3.00%, due 3/1/50		1,498,342		1,572,797
	3.00%, due 3/1/50		3,800,000		3,984,593
	3.00%, due 3/1/50		2,500,000		2,621,245
	3.082%, due 7/1/29 (e)		2,000,000		2,229,956
	3.46%, due 5/1/28		2,000,000		2,286,050
	3.50%, due 10/1/47		2,162,956		2,293,214
	3.50%, due 10/1/47		1,795,371		1,902,912
	3.50%, due 7/1/49		3,117,795		3,321,429
	3.50%, due 7/1/49		10,109,003		10,758,061
	3.50%, due 11/1/49		2,712,000		2,887,460
	4.00%, due 6/1/46		2,082,252		2,266,830
	4.00%, due 6/1/47		1,485,282		1,584,153
	4.00%, due 3/1/48		3,050,909		3,265,627
	4.00%, due 6/1/49		7,493,893		7,981,680
	4.50%, due 5/1/24		151,875		160,245
	4.50%, due 11/1/35		147,030		160,804
	4.50%, due 4/1/41		398,002		436,049
	4.50%, due 5/1/41		587,409		643,551
	4.50%, due 7/1/41		480,490		526,530
	4.50%, due 9/1/41		141,440		153,683
	4.50%, due 3/1/44		225,875		246,551
	4.50%, due 8/1/44		1,114,880		1,220,578
	4.50%, due 11/1/44		207,460		225,049
	4.50%, due 3/1/46		118,730		129,461
	4.50%, due 12/1/46		247,113		269,506
	4.50%, due 2/1/47		145,392		158,406
	4.50%, due 7/1/47		291,509		316,619
	4.50%, due 2/1/48		190,876		206,000
	5.00%, due 12/1/23		16,737		17,583
	5.00%, due 12/1/23		74,070		77,723
	5.50%, due 1/1/21		350		354
	5.50%, due 12/1/21		1,896		1,943
	5.50%, due 1/1/22		7,772		7,971
	5.50%, due 2/1/22		490		501
	6.50%, due 10/1/36		17,583		21,013
	6.50%, due 10/1/36		12,668		14,430
	6.50%, due 8/1/37		6,268		7,218
	7.00%, due 9/1/37		42,903		51,148
	7.00%, due 10/1/37		565		671
	7.00%, due 11/1/37		6,231		7,411
	7.50%, due 7/1/28		11,451		12,737
					89,718,070
	Government National Mortgage Association (Mortgage Pass-Through Securities) 2.8%
	3.00%, due 1/20/50		6,258,241		6,552,541
	3.50%, due 6/20/42		760,568		813,455
	3.50%, due 8/20/43		1,030,124		1,100,117
	3.50%, due 11/20/43		998,810		1,065,617
	3.50%, due 4/20/45		726,131		771,965
	3.50%, due 12/20/45		1,180,976		1,255,768
	3.50%, due 2/20/46		556,365		595,715
	3.50%, due 10/20/46		797,464		854,282
	3.50%, due 11/20/46		927,432		988,261
	3.50%, due 1/20/47		800,973		844,417
	3.50%, due 5/20/47		1,216,014		1,292,224
	4.00%, due 1/20/42		904,480		985,948
	4.00%, due 2/20/42		353,355		385,237
	4.00%, due 8/20/43		1,153,859		1,252,473
	4.00%, due 10/20/43		339,044		369,547
	4.00%, due 3/15/44		43,036		46,749
	4.00%, due 6/20/44		325,124		354,355
	4.00%, due 7/15/44		326,931		356,798
	4.00%, due 8/20/44		289,872		315,967
	4.00%, due 9/20/44		298,854		325,761
	4.00%, due 12/20/44		201,487		219,606
	4.00%, due 1/20/45		156,480		170,543
	4.00%, due 4/20/45		204,583		222,991
	4.00%, due 7/15/45		175,335		189,826
	4.00%, due 9/20/45		101,142		110,227
	4.50%, due 6/15/39		830,183		918,808
	4.50%, due 6/15/40		244,148		270,340
					22,629,538
	Tennessee Valley Authority 0.4%
	5.25%, due 9/15/39		2,000,000		3,059,756
	United States Treasury Bonds 3.4%
	2.375%, due 11/15/49		21,030,000		26,200,423
	4.25%, due 5/15/39		825,000		1,283,197
					27,483,620
	United States Treasury Notes 8.2%
	0.625%, due 3/31/27		4,040,000		4,058,622
	1.125%, due 2/28/22		19,800,000		20,128,711
	1.625%, due 11/15/22		11,900,000		12,321,148
	1.75%, due 7/15/22		27,100,000		28,028,387
	2.625%, due 2/15/29		1,300,000		1,519,476
					66,056,344
	Total U.S. Government & Federal Agencies (Cost $324,778,948)				337,284,153
	Total Long-Term Bonds (Cost $780,501,706)				784,962,403
	Exchange-Traded Funds 1.1%
	iShares Intermediate-Term Corporate Bond ETF		123,408		6,777,567
	iShares Long-Term Corporate Bond ETF		33,238		2,114,602
	Total Exchange-Traded Funds (Cost $9,147,995)				8,892,169

		Principal Amount
Short-Term Investments 1.4%
Repurchase Agreements 1.4%
Fixed Income Clearing Corp. 0.00%, dated 3/30/20 due 3/31/20 Proceeds at Maturity $8,567,097 (Collateralized by a United States Treasury Note with a rate of 1.50% and a maturity date of 9/15/22, with a Principal Amount of $8,475,000 and a Market Value of $8,738,827)	$	8,567,097			8,567,097
RBC Capital Markets 0.01%, dated 3/31/20 due 4/1/20 Proceeds at Maturity $2,619,001 (Collateralized by United States Treasury Note with a rate of 2.125% and a maturity date of 8/15/21, with a Principal Amount of $2,596,000 and a Market Value of $2,671,419)		2,619,000			2,619,000
Total Repurchase Agreements (Cost $11,186,097)					11,186,097
Total Short-Term Investments (Cost $11,186,097)					11,186,097
Total Investments (Cost $803,152,803)		100.2	%		805,040,669
Other Assets, Less Liabilities		(0.2	)		(1,723,032	)
Net Assets		100.0	%	$	803,317,637

†	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 March 31, 2020.
(c)	Floating rate - Rate shown was the rate in effect as of March 31, 2020.
(d)	Fixed to floating rate - Rate shown was the rate in effect as of March 31, 2020.
(e)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of March 31, 2020.
(f)	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 March 31, 2020, the total net market value of these securities was $8,767,504, which represented 1.1% of the Portfolio's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.

Futures Contracts

As of March 31, 2020, 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	175	June 2020	$	38,109,369		$	38,566,992		$	457,623
5-Year United States Treasury Note	407	June 2020		49,427,005			51,021,265			1,594,260
10-Year United States Treasury Note	39	June 2020		5,171,746			5,408,813			237,067
United States Treasury Ultra Bond	120	June 2020		24,272,732			26,625,000			2,352,268
Total Long Contracts										4,641,218
Short Contracts
10-Year United States Treasury Ultra Note	(262)	June 2020		(38,567,757	)		(40,880,188	)		(2,312,431	)
Total Short Contracts										(2,312,431	)
Net Unrealized Appreciation									$	2,328,787

1.	As of March 31, 2020, cash in the amount of $1,623,032 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 March 31, 2020.

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 March 31, 2020, 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	$	—		$	89,264,932	$	—	$	89,264,932
Corporate Bonds		—			286,422,523		—		286,422,523
Foreign Government Bonds		—			2,211,572		—		2,211,572
Mortgage-Backed Securities		—			64,744,278		—		64,744,278
Municipal Bonds		—			5,034,945		—		5,034,945
U.S. Government & Federal Agencies		—			337,284,153		—		337,284,153
Total Long-Term Bonds		—			784,962,403		—		784,962,403
Exchange-Traded Funds		8,892,169			—		—		8,892,169
Short-Term Investments
Repurchase Agreements		—			11,186,097		—		11,186,097
Total Short-Term Investments		—			11,186,097		—		11,186,097
Total Investments in Securities		8,892,169			796,148,500		—		805,040,669
Other Financial Instruments Futures Contracts (b)		4,641,218			—		—		4,641,218
Total Investments in Securities and Other Financial Instruments	$	13,533,387		$	796,148,500	$	—	$	809,681,887
Liability Valuation Inputs
Other Financial Instruments Futures Contracts (b)	$	(2,312,431	)	$	—	$	—	$	(2,312,431	)

(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 High Yield Corporate Bond Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 92.9%†
Convertible Bonds 0.4%
Real Estate Investment Trusts 0.4%
VEREIT, Inc. 3.75%, due 12/15/20	$	10,135,000	$	9,904,006
Total Convertible Bonds (Cost $10,162,221)				9,904,006
Corporate Bonds 90.5%
Advertising 1.5%
Lamar Media Corp.
3.75%, due 2/15/28 (a)		6,320,000		5,924,242
4.00%, due 2/15/30 (a)		4,000,000		3,720,000
5.75%, due 2/1/26		8,465,000		8,591,975
National CineMedia LLC 5.875%, due 4/15/28 (a)		2,000,000		1,380,000
Outfront Media Capital LLC / Outfront Media Capital Corp.
4.625%, due 3/15/30 (a)		1,500,000		1,335,000
5.00%, due 8/15/27 (a)		8,000,000		7,360,000
5.625%, due 2/15/24		12,030,000		11,909,700
				40,220,917
Aerospace & Defense 1.5%
F-Brasile S.p.A. / F-Brasile U.S. LLC 7.375%, due 8/15/26 (a)		5,587,000		5,559,065
SSL Robotics LLC 9.75%, due 12/31/23 (a)		1,750,000		1,802,500
TransDigm UK Holdings PLC 6.875%, due 5/15/26		7,637,000		7,102,410
TransDigm, Inc.
6.25%, due 3/15/26 (a)		19,950,000		19,875,187
6.50%, due 7/15/24		3,050,000		2,873,375
Triumph Group, Inc. 7.75%, due 8/15/25		2,975,000		2,156,875
				39,369,412
Auto Manufacturers 1.2%
BCD Acquisition, Inc. 9.625%, due 9/15/23 (a)		6,410,000		5,304,275
Ford Holdings LLC 9.30%, due 3/1/30		6,970,000		6,651,959
J.B. Poindexter & Company, Inc. 7.125%, due 4/15/26 (a)		8,055,000		7,454,218
McLaren Finance PLC 5.75%, due 8/1/22 (a)		8,170,000		4,983,700
Navistar International Corp. 6.625%, due 11/1/25 (a)		2,881,000		2,398,432
Wabash National Corp. 5.50%, due 10/1/25 (a)		6,967,000		5,538,765
				32,331,349
Auto Parts & Equipment 2.5%
Adient Global Holdings, Ltd. 4.875%, due 8/15/26 (a)		6,300,000		4,314,555
Adient U.S. LLC 7.00%, due 5/15/26 (a)		4,000,000		3,700,000
American Axle & Manufacturing, Inc.
6.25%, due 4/1/25		4,000,000		3,300,000
6.50%, due 4/1/27		700,000		528,395
Dana Financing Luxembourg S.A.R.L. 5.75%, due 4/15/25 (a)		1,000,000		870,000
Exide International Holdings, L.P. 10.75% (6.25% Cash and 4.50% PIK), due 10/31/21 (a)(b)(c)(d)(e)		9,640,347		8,338,900
Exide Technologies(a)(b)(c)(d)(e)
11.00% (3.00% Cash and 8.00% PIK), due 10/31/24		24,651,983		11,093,392
11.00% (3.00% Cash and 8.00% PIK), due 10/31/24		10,241,653		563,291
IHO Verwaltungs GmbH (a)(e)
4.75% (4.75% Cash or 5.50% PIK), due 9/15/26		7,143,000		5,571,540
6.00% (6.00% Cash or 6.75% PIK), due 5/15/27		9,191,000		6,433,700
6.375% (6.375% Cash or 7.125% PIK), due 5/15/29		10,105,000		7,730,325
Meritor, Inc. 6.25%, due 2/15/24		2,000,000		1,900,220
Nexteer Automotive Group, Ltd. 5.875%, due 11/15/21 (a)		6,640,000		6,647,008
Tenneco, Inc. 5.00%, due 7/15/26		6,982,000		4,381,205
				65,372,531
Building Materials 1.4%
BMC East LLC 5.50%, due 10/1/24 (a)		705,000		680,325
Griffon Corp. 5.75%, due 3/1/28 (a)		1,790,000		1,682,600
James Hardie International Finance DAC (a)
4.75%, due 1/15/25		3,300,000		3,110,283
5.00%, due 1/15/28		7,041,000		6,653,745
Patrick Industries, Inc. 7.50%, due 10/15/27 (a)		5,210,000		5,105,800
Summit Materials LLC / Summit Materials Finance Corp.
5.125%, due 6/1/25 (a)		3,270,000		3,041,100
6.125%, due 7/15/23		12,080,000		11,959,200
6.50%, due 3/15/27 (a)		5,135,000		4,852,575
				37,085,628
Chemicals 2.3%
Blue Cube Spinco LLC
9.75%, due 10/15/23		9,120,000		9,473,400
10.00%, due 10/15/25		7,000,000		7,385,700
Innophos Holdings, Inc. 9.375%, due 2/15/28 (a)		4,685,000		4,544,450
Neon Holdings, Inc. 10.125%, due 4/1/26 (a)		5,400,000		4,837,131
NOVA Chemicals Corp. 4.875%, due 6/1/24 (a)		2,635,000		2,312,213
Olin Corp.
5.50%, due 8/15/22		3,261,000		3,000,120
5.625%, due 8/1/29		8,120,000		7,472,430
PolyOne Corp. 5.25%, due 3/15/23		8,976,000		8,527,200
TPC Group, Inc. 10.50%, due 8/1/24 (a)		15,103,000		12,441,096
				59,993,740
Coal 0.1%
Natural Resource Partners LP / NRP Finance Corp. 9.125%, due 6/30/25 (a)		3,465,000		2,685,375
Commercial Services 5.0%
Ashtead Capital, Inc. (a)
4.00%, due 5/1/28		1,000,000		862,000
4.25%, due 11/1/29		3,000,000		2,541,165
4.375%, due 8/15/27		1,090,000		1,008,250
5.25%, due 8/1/26		1,500,000		1,428,750
Cimpress PLC 7.00%, due 6/15/26 (a)		8,542,000		7,516,960
Gartner, Inc. 5.125%, due 4/1/25 (a)		14,007,000		13,691,842
Graham Holdings Co. 5.75%, due 6/1/26 (a)		11,107,000		10,884,860
Harsco Corp. 5.75%, due 7/31/27 (a)		4,970,000		4,598,940
IHS Markit, Ltd.(a)
4.75%, due 2/15/25		3,950,000		4,048,750
5.00%, due 11/1/22		20,705,000		21,754,312
Jaguar Holding Co. II / Pharmaceutical Product Development LLC 6.375%, due 8/1/23 (a)		4,615,000		4,695,763
Korn Ferry 4.625%, due 12/15/27 (a)		4,375,000		3,800,781
Matthews International Corp. 5.25%, due 12/1/25 (a)		3,134,000		2,773,653
Nielsen Co. Luxembourg S.A.R.L.(a)
5.00%, due 2/1/25		5,835,000		5,411,962
5.50%, due 10/1/21		1,340,000		1,313,200
Nielsen Finance LLC / Nielsen Finance Co.
4.50%, due 10/1/20		2,000,000		1,940,000
5.00%, due 4/15/22 (a)		18,214,000		16,790,029
Ritchie Bros. Auctioneers, Inc. 5.375%, due 1/15/25 (a)		2,800,000		2,792,972
Service Corp. International 5.125%, due 6/1/29		2,801,000		2,857,020
United Rentals North America, Inc.
3.875%, due 11/15/27		4,495,000		4,247,775
4.00%, due 7/15/30		3,000,000		2,685,000
4.875%, due 1/15/28		3,450,000		3,346,500
5.25%, due 1/15/30		3,834,000		3,832,850
5.50%, due 5/15/27		2,239,000		2,259,711
6.50%, due 12/15/26		3,420,000		3,471,300
				130,554,345
Computers 0.2%
NCR Corp. 6.375%, due 12/15/23		4,860,000		4,799,201
Cosmetics & Personal Care 0.5%
Edgewell Personal Care Co.
4.70%, due 5/19/21		4,820,000		4,705,284
4.70%, due 5/24/22		7,320,000		7,117,236
				11,822,520
Distribution & Wholesale 0.2%
Performance Food Group, Inc. 5.50%, due 10/15/27 (a)		4,610,000		4,275,775
Univar Solutions U.S.A., Inc. 5.125%, due 12/1/27 (a)		1,000,000		910,000
				5,185,775
Diversified Financial Services 2.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%, due 10/30/20		1,740,000		1,687,890
Allied Universal Holdco LLC / Allied Universal Finance Corp. 9.75%, due 7/15/27 (a)		5,710,000		5,381,104
Credit Acceptance Corp.
5.125%, due 12/31/24 (a)		2,175,000		1,979,250
6.625%, due 3/15/26		7,590,000		7,208,223
Jefferies Finance LLC / JFIN Co-Issuer Corp.(a)
6.25%, due 6/3/26		5,000,000		4,625,000
7.25%, due 8/15/24		3,955,000		3,401,300
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.(a)
5.25%, due 3/15/22		6,685,000		5,983,075
5.875%, due 8/1/21		8,560,000		7,190,400
LPL Holdings, Inc.(a)
4.625%, due 11/15/27		1,535,000		1,403,942
5.75%, due 9/15/25		8,510,000		8,169,600
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. 6.375%, due 12/15/22 (a)		5,480,000		5,288,200
Werner FinCo, L.P. / Werner FinCo, Inc. 8.75%, due 7/15/25 (a)		4,250,000		3,740,000
				56,057,984
Electric 0.8%
AES Corp. 5.50%, due 4/15/25		2,000,000		1,960,000
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)(d)(e)		2,868,690		2,868,690
NextEra Energy Operating Partners, L.P. 3.875%, due 10/15/26 (a)		4,500,000		4,275,000
NRG Energy, Inc. 6.625%, due 1/15/27		7,000,000		7,280,000
Vistra Operations Co. LLC 5.00%, due 7/31/27 (a)		3,300,000		3,349,500
				19,733,190
Electrical Components & Equipment 0.3%
WESCO Distribution, Inc. 5.375%, due 12/15/21		7,160,000		6,730,400
Electrical Equipment 0.2%
Resideo Funding, Inc. 6.125%, due 11/1/26 (a)		5,469,000		4,771,703
Electronics 0.2%
Itron, Inc. 5.00%, due 1/15/26 (a)		6,365,000		6,046,750
Energy - Alternate Sources 0.1%
Terraform Power Operating LLC 4.75%, due 1/15/30 (a)		2,665,000		2,585,050
Engineering & Construction 0.4%
Weekley Homes LLC / Weekley Finance Corp.
6.00%, due 2/1/23		7,219,000		6,785,860
6.625%, due 8/15/25		4,423,000		3,980,700
				10,766,560
Entertainment 1.6%
Boyne USA, Inc. 7.25%, due 5/1/25 (a)		3,950,000		3,772,250
Churchill Downs, Inc.(a)
4.75%, due 1/15/28		6,067,000		5,278,290
5.50%, due 4/1/27		8,051,000		7,589,436
International Game Technology PLC 6.25%, due 1/15/27 (a)		6,725,000		5,850,750
Jacobs Entertainment, Inc. 7.875%, due 2/1/24 (a)		2,193,000		1,847,603
Live Nation Entertainment, Inc. 4.75%, due 10/15/27 (a)		3,020,000		2,687,800
Merlin Entertainments PLC 5.75%, due 6/15/26 (a)		10,050,000		8,492,250
Twin River Worldwide Holdings, Inc. 6.75%, due 6/1/27 (a)		8,100,000		6,075,000
				41,593,379
Food 1.7%
B&G Foods, Inc. 5.25%, due 4/1/25		5,767,000		5,626,631
Kraft Heinz Foods Co.
3.95%, due 7/15/25		3,000,000		2,985,562
6.50%, due 2/9/40		3,000,000		3,273,512
6.875%, due 1/26/39		5,688,000		6,506,072
Land O'Lakes Capital Trust I 7.45%, due 3/15/28 (a)		5,130,000		5,130,000
Land O'Lakes, Inc. 6.00%, due 11/15/22 (a)		7,880,000		8,175,500
Post Holdings, Inc. 4.625%, due 4/15/30 (a)		2,000,000		1,915,000
Simmons Foods, Inc. 7.75%, due 1/15/24 (a)		1,400,000		1,400,000
TreeHouse Foods, Inc. 6.00%, due 2/15/24 (a)		9,045,000		8,977,072
				43,989,349
Forest Products & Paper 1.3%
Mercer International, Inc.
5.50%, due 1/15/26		1,250,000		949,813
6.50%, due 2/1/24		6,005,000		5,104,250
7.375%, due 1/15/25		5,000,000		4,162,550
Schweitzer-Mauduit International, Inc. 6.875%, due 10/1/26 (a)		5,600,000		5,572,000
Smurfit Kappa Treasury Funding DAC 7.50%, due 11/20/25		15,843,000		18,932,385
				34,720,998
Gas 0.8%
AmeriGas Partners, L.P. / AmeriGas Finance Corp.
5.625%, due 5/20/24		6,885,000		6,368,625
5.75%, due 5/20/27		5,430,000		5,050,579
5.875%, due 8/20/26		6,885,000		6,594,453
Rockpoint Gas Storage Canada, Ltd. 7.00%, due 3/31/23 (a)		5,100,000		3,710,301
				21,723,958
Health Care - Products 0.6%
Hill-Rom Holdings, Inc. 4.375%, due 9/15/27 (a)		2,025,000		1,994,625
Hologic, Inc.(a)
4.375%, due 10/15/25		4,080,000		4,040,383
4.625%, due 2/1/28		3,000,000		3,007,500
Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics S.A. 7.25%, due 2/1/28 (a)		4,500,000		3,869,550
Teleflex, Inc. 4.625%, due 11/15/27		2,275,000		2,272,498
				15,184,556
Health Care - Services 4.9%
Acadia Healthcare Co., Inc.
5.625%, due 2/15/23		7,087,000		6,678,718
6.50%, due 3/1/24		2,000,000		1,945,020
AHP Health Partners, Inc. 9.75%, due 7/15/26 (a)		5,890,000		5,096,922
Catalent Pharma Solutions, Inc.(a)
4.875%, due 1/15/26		4,890,000		4,743,300
5.00%, due 7/15/27		220,000		213,400
Centene Corp.
4.25%, due 12/15/27 (a)		2,590,000		2,538,200
4.625%, due 12/15/29 (a)		6,300,000		6,331,500
4.75%, due 1/15/25		4,605,000		4,616,467
5.25%, due 4/1/25 (a)		4,455,000		4,477,275
5.375%, due 6/1/26 (a)		3,885,000		4,001,977
5.375%, due 8/15/26 (a)		2,380,000		2,427,600
Charles River Laboratories International, Inc. 5.50%, due 4/1/26 (a)		5,525,000		5,690,750
Encompass Health Corp.
4.75%, due 2/1/30		4,100,000		4,018,000
5.75%, due 11/1/24		4,072,000		4,091,138
HCA, Inc.
3.50%, due 9/1/30		8,300,000		7,529,856
5.00%, due 3/15/24		1,536,000		1,590,357
5.25%, due 4/15/25		4,220,000		4,425,816
5.375%, due 2/1/25		7,420,000		7,586,950
5.625%, due 9/1/28		2,090,000		2,187,603
5.875%, due 5/1/23		4,800,000		5,004,000
5.875%, due 2/15/26		9,015,000		9,488,288
7.50%, due 11/6/33		6,000,000		6,000,000
7.58%, due 9/15/25		2,007,000		2,067,210
7.69%, due 6/15/25		9,195,000		9,470,850
8.36%, due 4/15/24		1,955,000		2,013,650
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. 9.75%, due 12/1/26 (a)		10,055,000		9,523,593
Select Medical Corp. 6.25%, due 8/15/26 (a)		2,550,000		2,550,000
				126,308,440
Holding Company - Diversified 0.3%
Stena International S.A. 6.125%, due 2/1/25 (a)		8,870,000		7,450,800
Home Builders 2.6%
Adams Homes, Inc. 7.50%, due 2/15/25 (a)		3,925,000		3,748,375
Ashton Woods USA LLC / Ashton Woods Finance Co.(a)
6.625%, due 1/15/28		2,000,000		1,580,000
6.75%, due 8/1/25		2,237,000		1,789,600
9.875%, due 4/1/27		3,230,000		3,230,000
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. (a)
4.875%, due 2/15/30		1,500,000		1,139,550
6.25%, due 9/15/27		4,855,000		4,211,227
6.375%, due 5/15/25		3,520,000		3,168,000
Century Communities, Inc.
5.875%, due 7/15/25		3,100,000		2,611,781
6.75%, due 6/1/27		6,775,000		5,741,135
Installed Building Products, Inc. 5.75%, due 2/1/28 (a)		5,230,000		4,981,575
M/I Homes, Inc.
4.95%, due 2/1/28 (a)		3,000,000		2,546,250
5.625%, due 8/1/25		815,000		729,425
New Home Co., Inc. 7.25%, due 4/1/22		5,400,000		4,590,000
PulteGroup, Inc. 7.875%, due 6/15/32		3,595,000		3,954,500
Shea Homes, L.P. / Shea Homes Funding Corp.(a)
4.75%, due 2/15/28		6,000,000		5,122,500
5.875%, due 4/1/23		2,445,000		2,480,917
6.125%, due 4/1/25		11,175,000		11,063,250
Taylor Morrison Communities, Inc. 5.75%, due 1/15/28 (a)		2,040,000		1,821,547
Williams Scotsman International, Inc. 7.875%, due 12/15/22 (a)		4,441,000		4,332,195
				68,841,827
Household Products & Wares 0.9%
Prestige Brands, Inc.(a)
5.125%, due 1/15/28		4,245,000		4,203,824
6.375%, due 3/1/24		12,915,000		13,237,875
Spectrum Brands, Inc. 5.75%, due 7/15/25		5,540,000		5,179,900
				22,621,599
Insurance 1.3%
American Equity Investment Life Holding Co. 5.00%, due 6/15/27		8,145,000		7,831,460
Fairfax Financial Holdings, Ltd. 8.30%, due 4/15/26		4,645,000		5,563,519
Fidelity & Guaranty Life Holdings, Inc. 5.50%, due 5/1/25 (a)		5,000,000		4,939,000
MGIC Investment Corp. 5.75%, due 8/15/23		9,545,000		8,638,225
USI, Inc. 6.875%, due 5/1/25 (a)		5,890,000		5,477,700
				32,449,904
Internet 3.0%
Cogent Communications Group, Inc.(a)
5.375%, due 3/1/22		2,870,000		2,884,350
5.625%, due 4/15/21		11,910,000		11,731,350
GrubHub Holdings, Inc. 5.50%, due 7/1/27 (a)		3,525,000		3,119,625
Netflix, Inc.
4.875%, due 4/15/28		1,692,000		1,742,760
4.875%, due 6/15/30 (a)		3,000,000		3,045,450
5.375%, due 11/15/29 (a)		2,500,000		2,594,125
5.50%, due 2/15/22		7,455,000		7,585,462
5.75%, due 3/1/24		10,899,000		11,661,930
5.875%, due 2/15/25		3,320,000		3,505,920
5.875%, due 11/15/28		8,800,000		9,402,800
NortonLifeLock, Inc. 5.00%, due 4/15/25 (a)		2,489,000		2,512,904
Uber Technologies, Inc. 7.50%, due 9/15/27 (a)		5,115,000		5,049,528
VeriSign, Inc.
4.75%, due 7/15/27		4,900,000		5,078,360
5.25%, due 4/1/25		9,025,000		9,295,750
				79,210,314
Investment Companies 1.1%
Compass Group Diversified Holdings LLC 8.00%, due 5/1/26 (a)		4,690,000		4,502,400
FS Energy & Power Fund 7.50%, due 8/15/23 (a)		18,275,000		16,287,594
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp. 6.25%, due 5/15/26		7,290,000		6,889,050
				27,679,044
Iron & Steel 1.4%
Allegheny Ludlum LLC 6.95%, due 12/15/25		7,400,000		6,808,000
Allegheny Technologies, Inc.
5.875%, due 12/1/27		2,000,000		1,665,000
7.875%, due 8/15/23		1,928,000		1,859,961
Big River Steel LLC / BRS Finance Corp. 7.25%, due 9/1/25 (a)		19,084,000		17,366,440
Mineral Resources, Ltd. 8.125%, due 5/1/27 (a)		9,130,000		8,553,623
				36,253,024
Leisure Time 1.2%
Carlson Travel, Inc.(a)
6.75%, due 12/15/23 (f)		21,868,000		14,870,240
9.50%, due 12/15/24		15,253,000		10,066,980
Vista Outdoor, Inc. 5.875%, due 10/1/23		8,369,000		6,923,757
				31,860,977
Lodging 2.0%
Boyd Gaming Corp.
4.75%, due 12/1/27 (a)		5,430,000		4,479,750
6.00%, due 8/15/26		9,300,000		7,998,000
6.375%, due 4/1/26		1,935,000		1,673,775
Choice Hotels International, Inc. 5.75%, due 7/1/22		8,283,000		7,578,945
Hilton Domestic Operating Co., Inc.
4.875%, due 1/15/30		8,000,000		6,800,000
5.125%, due 5/1/26		11,615,000		10,918,100
Marriott Ownership Resorts, Inc. / ILG LLC 6.50%, due 9/15/26		7,481,000		6,508,470
MGM Resorts International
5.50%, due 4/15/27		2,966,000		2,699,060
5.75%, due 6/15/25		5,039,000		4,509,905
				53,166,005
Machinery - Diversified 0.9%
Briggs & Stratton Corp. 6.875%, due 12/15/20		5,030,000		3,760,428
Colfax Corp. (a)
6.00%, due 2/15/24		4,540,000		4,381,100
6.375%, due 2/15/26		4,600,000		4,531,000
Stevens Holding Co., Inc. 6.125%, due 10/1/26 (a)		4,724,000		4,666,910
Tennant Co. 5.625%, due 5/1/25		6,770,000		6,516,125
				23,855,563
Media 8.1%
Allen Media LLC / Allen Media Co-Issuer, Inc. 10.50%, due 2/15/28 (a)		5,860,000		4,797,289
Altice Financing S.A. 7.50%, due 5/15/26 (a)		2,000,000		1,937,800
Altice France S.A. 7.375%, due 5/1/26 (a)		7,000,000		6,948,550
Block Communications, Inc. 4.875%, due 3/1/28 (a)		4,430,000		4,119,900
CCO Holdings LLC / CCO Holdings Capital Corp.(a)
4.50%, due 8/15/30		15,080,000		14,778,400
4.50%, due 5/1/32		8,180,000		7,977,136
4.75%, due 3/1/30		7,715,000		7,676,425
5.00%, due 2/1/28		8,550,000		8,571,375
5.125%, due 5/1/27		12,000,000		12,031,200
5.375%, due 5/1/25		1,961,000		2,010,417
5.375%, due 6/1/29		4,780,000		4,911,928
5.75%, due 2/15/26		5,090,000		5,154,388
5.875%, due 4/1/24		8,005,000		8,205,125
5.875%, due 5/1/27		2,850,000		2,935,500
CSC Holdings LLC(a)
5.375%, due 7/15/23		6,840,000		6,839,932
5.75%, due 1/15/30		9,020,000		9,096,309
6.50%, due 2/1/29		2,660,000		2,868,783
Diamond Sports Group LLC / Diamond Sports Finance Co. 6.625%, due 8/15/27 (a)		2,600,000		1,738,750
DISH DBS Corp.
5.875%, due 7/15/22		7,655,000		7,454,592
5.875%, due 11/15/24		540,000		525,150
6.75%, due 6/1/21		5,500,000		5,577,000
7.75%, due 7/1/26		12,720,000		13,069,800
LCPR Senior Secured Financing DAC 6.75%, due 10/15/27 (a)		15,606,000		15,371,910
Meredith Corp. 6.875%, due 2/1/26		14,550,000		12,764,715
Quebecor Media, Inc. 5.75%, due 1/15/23		15,647,000		15,879,984
Sterling Entertainment Enterprises LLC 10.25%, due 1/15/25 (b)(c)(d)(g)		7,000,000		7,245,000
Videotron, Ltd.
5.00%, due 7/15/22		3,365,000		3,356,588
5.125%, due 4/15/27 (a)		5,890,000		5,890,000
5.375%, due 6/15/24 (a)		11,450,000		11,503,815
				211,237,761
Metal Fabricate & Hardware 2.0%
Advanced Drainage Systems, Inc. 5.00%, due 9/30/27 (a)		1,740,000		1,548,600
Arconic Corp. 6.125%, due 2/15/28 (a)		5,405,000		5,526,612
Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd. 7.375%, due 12/15/23 (a)		20,535,000		19,155,048
Novelis Corp. 5.875%, due 9/30/26 (a)		20,805,000		20,417,299
Optimas OE Solutions Holding LLC / Optimas OE Solutions, Inc. 8.625%, due 6/1/21 (a)		3,250,000		1,901,250
Park-Ohio Industries, Inc. 6.625%, due 4/15/27		5,325,000		4,208,960
				52,757,769
Mining 1.4%
Alcoa Nederland Holding B.V.(a)
6.75%, due 9/30/24		2,765,000		2,681,221
7.00%, due 9/30/26		5,745,000		5,342,850
Compass Minerals International, Inc.(a)
4.875%, due 7/15/24		2,250,000		2,115,000
6.75%, due 12/1/27		7,990,000		7,212,972
Constellium S.E.(a)
5.875%, due 2/15/26		3,350,000		2,914,500
6.625%, due 3/1/25		1,650,000		1,485,000
First Quantum Minerals, Ltd. (a)
7.25%, due 4/1/23		7,480,000		6,297,225
7.50%, due 4/1/25		2,600,000		2,163,694
Joseph T. Ryerson & Son, Inc. 11.00%, due 5/15/22 (a)		1,450,000		1,348,500
Novelis Corp. 4.75%, due 1/30/30 (a)		4,595,000		4,089,550
				35,650,512
Miscellaneous - Manufacturing 0.9%
Amsted Industries, Inc.(a)
4.625%, due 5/15/30		2,615,000		2,333,887
5.625%, due 7/1/27		7,240,000		7,043,905
EnPro Industries, Inc. 5.75%, due 10/15/26		2,910,000		2,800,875
Foxtrot Escrow Issuer LLC / Foxtrot Escrow Corp. 12.25%, due 11/15/26 (a)		3,990,000		3,112,200
FXI Holdings, Inc. 7.875%, due 11/1/24 (a)		1,750,000		1,181,863
Koppers, Inc. 6.00%, due 2/15/25 (a)		8,265,000		6,612,000
				23,084,730
Oil & Gas 4.0%
Ascent Resources Utica Holdings LLC / ARU Finance Corp.(a)
7.00%, due 11/1/26		3,900,000		1,083,869
10.00%, due 4/1/22		4,206,000		2,460,510
California Resources Corp. 8.00%, due 12/15/22 (a)		16,905,000		253,575
Callon Petroleum Co. 6.125%, due 10/1/24		8,080,000		1,434,200
CNX Resources Corp. 5.875%, due 4/15/22		2,133,000		1,951,695
Comstock Resources, Inc. 9.75%, due 8/15/26		20,370,000		14,509,551
Continental Resources, Inc. 5.00%, due 9/15/22		2,870,000		1,830,888
CVR Energy, Inc. 5.25%, due 2/15/25 (a)		2,575,000		2,002,062
Energy Ventures Gom LLC / EnVen Finance Corp. 11.00%, due 2/15/23 (a)		5,648,000		3,275,840
EQT Corp. 6.125%, due 2/1/25		4,200,000		3,234,420
Gulfport Energy Corp.
6.00%, due 10/15/24		15,745,000		3,857,525
6.375%, due 5/15/25		8,500,000		2,061,250
6.375%, due 1/15/26		5,051,000		987,041
Indigo Natural Resources LLC 6.875%, due 2/15/26 (a)		4,505,000		2,973,300
Matador Resources Co. 5.875%, due 9/15/26		3,100,000		908,300
Moss Creek Resources Holdings, Inc. 7.50%, due 1/15/26 (a)		4,065,000		1,178,850
Murphy Oil Corp. 6.875%, due 8/15/24		3,315,000		1,964,138
Murphy Oil USA, Inc.
4.75%, due 9/15/29		2,000,000		1,875,000
5.625%, due 5/1/27		2,994,000		2,933,521
Parkland Fuel Corp. 5.875%, due 7/15/27 (a)		3,130,000		2,934,062
Parsley Energy LLC / Parsley Finance Corp.(a)
4.125%, due 2/15/28		3,000,000		2,040,000
5.25%, due 8/15/25		3,210,000		2,439,600
5.625%, due 10/15/27		2,445,000		1,723,725
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, due 2/15/28 (a)		8,125,000		5,362,500
PDC Energy, Inc. 6.125%, due 9/15/24		5,783,000		3,086,676
PetroQuest Energy, Inc. 10.00% (10.00% PIK), due 2/15/24 (b)(c)(d)(e)		6,340,923		634
QEP Resources, Inc.
5.25%, due 5/1/23		1,249,000		462,130
5.625%, due 3/1/26		5,580,000		2,036,700
Range Resources Corp.
5.875%, due 7/1/22		2,903,000		2,090,160
9.25%, due 2/1/26 (a)		6,738,000		4,042,800
Rex Energy Corp. (Escrow Claim) 8.00%, due 10/1/20 (d)(g)		40,580,000		304,350
Southwestern Energy Co.
6.20%, due 1/23/25		7,455,000		5,076,482
7.50%, due 4/1/26		8,420,000		5,515,100
Sunoco, L.P. / Sunoco Finance Corp. 6.00%, due 4/15/27		4,000,000		3,440,000
Talos Production LLC / Talos Production Finance, Inc. 11.00%, due 4/3/22		9,828,857		6,044,747
Transocean Pontus, Ltd. 6.125%, due 8/1/25 (a)		1,670,000		1,352,700
Transocean Poseidon, Ltd. 6.875%, due 2/1/27 (a)		1,500,000		1,215,000
Transocean Sentry, Ltd. 5.375%, due 5/15/23 (a)		3,000,000		2,520,000
Ultra Resources, Inc. 6.875%, due 4/15/22 (a)		9,675,000		120,938
Viper Energy Partners, L.P. 5.375%, due 11/1/27 (a)		2,000,000		1,680,000
Whiting Petroleum Corp.
6.25%, due 4/1/23		4,040,000		303,000
6.625%, due 1/15/26		4,550,000		307,125
				104,873,964
Oil & Gas Services 0.2%
Forum Energy Technologies, Inc. 6.25%, due 10/1/21		13,290,000		4,186,350
Nine Energy Service, Inc. 8.75%, due 11/1/23 (a)		5,657,000		1,414,816
				5,601,166
Packaging & Containers 0.3%
ARD Finance S.A. 6.50% (6.50% Cash or 7.25% PIK), due 6/30/27 (a)(e)		3,950,000		3,392,655
Cascades, Inc. / Cascades U.S.A., Inc. (a)
5.125%, due 1/15/26		2,810,000		2,718,675
5.375%, due 1/15/28		2,325,000		2,220,375
				8,331,705
Pharmaceuticals 0.9%
Bausch Health Americas, Inc. 9.25%, due 4/1/26 (a)		1,435,000		1,516,508
Bausch Health Cos., Inc.(a)
5.00%, due 1/30/28		3,430,000		3,247,181
5.25%, due 1/30/30		2,645,000		2,501,006
6.125%, due 4/15/25		1,500,000		1,477,500
7.00%, due 1/15/28		1,750,000		1,796,200
Endo Dac / Endo Finance LLC / Endo Finco, Inc.(a)
6.00%, due 7/15/23		3,034,000		2,197,769
6.00%, due 2/1/25		6,060,000		4,120,800
Par Pharmaceutical, Inc. 7.50%, due 4/1/27 (a)		5,080,000		5,054,600
Vizient, Inc. 6.25%, due 5/15/27 (a)		2,325,000		2,267,840
				24,179,404
Pipelines 4.0%
ANR Pipeline Co.
7.375%, due 2/15/24		395,000		428,264
9.625%, due 11/1/21		5,950,000		6,248,782
Antero Midstream Partners, L.P. / Antero Midstream Finance Corp.
5.375%, due 9/15/24		3,810,000		2,646,807
5.75%, due 1/15/28 (a)		4,055,000		2,595,200
Cheniere Corpus Christi Holdings LLC 5.875%, due 3/31/25		3,000,000		2,512,879
Cheniere Energy Partners, L.P.
5.25%, due 10/1/25		4,630,000		4,259,600
5.625%, due 10/1/26		4,600,000		4,232,000
CNX Midstream Partners, L.P. / CNX Midstream Finance Corp. 6.50%, due 3/15/26 (a)		6,022,000		4,155,180
Hess Midstream Operations L.P. 5.625%, due 2/15/26 (a)		3,300,000		2,330,015
Holly Energy Partners, L.P. / Holly Energy Finance Corp. 5.00%, due 2/1/28 (a)		2,845,000		2,382,687
MPLX, L.P.
4.875%, due 12/1/24		5,790,000		4,727,555
4.875%, due 6/1/25		8,383,000		6,902,312
6.25%, due 10/15/22 (a)		524,000		471,716
6.375%, due 5/1/24 (a)		2,440,000		2,188,836
NGPL PipeCo LLC(a)
4.375%, due 8/15/22		2,500,000		2,385,947
4.875%, due 8/15/27		5,280,000		4,699,415
Northwest Pipeline LLC 7.125%, due 12/1/25		2,195,000		2,225,912
NuStar Logistics, L.P. 6.75%, due 2/1/21		6,125,000		4,869,375
Plains All American Pipeline, L.P. 6.125%, due 11/15/22 (h)(i)		14,265,000		7,132,500
Rockies Express Pipeline LLC(a)
3.60%, due 5/15/25		2,800,000		1,934,798
4.80%, due 5/15/30		5,000,000		2,991,726
Ruby Pipeline LLC 6.50%, due 4/1/22 (a)		1,686,477		1,488,502
Sabine Pass Liquefaction LLC 5.875%, due 6/30/26		5,985,000		5,415,229
Tallgrass Energy Partners, L.P. / Tallgrass Energy Finance Corp.(a)
5.50%, due 9/15/24		9,560,000		5,258,000
6.00%, due 3/1/27		4,365,000		2,313,450
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp.
5.50%, due 3/1/30 (a)		6,000,000		4,634,400
5.875%, due 4/15/26		5,915,000		4,909,450
TransMontaigne Partners, L.P. / TLP Finance Corp. 6.125%, due 2/15/26		8,055,000		6,444,000
				102,784,537
Private Equity 0.4%
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp.
4.75%, due 9/15/24		3,570,000		3,283,365
5.25%, due 5/15/27		7,615,000		7,034,356
				10,317,721
Real Estate 1.2%
CBRE Services, Inc. 5.25%, due 3/15/25		2,295,000		2,470,831
Howard Hughes Corp. 5.375%, due 3/15/25 (a)		8,580,000		8,301,150
Kennedy-Wilson, Inc. 5.875%, due 4/1/24		7,505,000		6,714,723
Newmark Group, Inc. 6.125%, due 11/15/23		8,105,000		8,244,636
Realogy Group LLC / Realogy Co-Issuer Corp. 9.375%, due 4/1/27 (a)		7,599,000		6,404,361
				32,135,701
Real Estate Investment Trusts 4.4%
Crown Castle International Corp. 5.25%, due 1/15/23		24,840,000		25,897,412
CTR Partnership, L.P. / CareTrust Capital Corp. 5.25%, due 6/1/25		3,500,000		3,447,500
Equinix, Inc.
5.375%, due 5/15/27		16,710,000		16,524,519
5.875%, due 1/15/26		14,253,000		14,543,334
MGM Growth Properties Operating Partnership, L.P. / MGP Finance Co-Issuer, Inc.
4.50%, due 9/1/26		2,000,000		1,660,000
5.625%, due 5/1/24		19,120,000		18,355,200
5.75%, due 2/1/27		6,655,000		5,789,850
MPT Operating Partnership, L.P. / MPT Finance Corp. 5.00%, due 10/15/27		7,226,000		7,009,220
Ryman Hospitality Properties, Inc. 4.75%, due 10/15/27 (a)		8,675,000		6,506,250
SBA Communications Corp. 3.875%, due 2/15/27 (a)		4,200,000		4,210,500
Starwood Property Trust, Inc. 5.00%, due 12/15/21		2,962,000		2,710,230
VICI Properties, L.P. / VICI Note Co., Inc. (a)
3.75%, due 2/15/27		2,810,000		2,648,425
4.125%, due 8/15/30		3,340,000		3,127,075
4.625%, due 12/1/29		1,640,000		1,496,303
				113,925,818
Retail 2.6%
Asbury Automotive Group, Inc.(a)
4.50%, due 3/1/28		2,160,000		1,836,000
4.75%, due 3/1/30		1,600,000		1,360,000
Beacon Roofing Supply, Inc. 4.875%, due 11/1/25 (a)		6,960,000		6,281,400
Group 1 Automotive, Inc. 5.00%, due 6/1/22		6,735,000		6,196,200
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC(a)
4.75%, due 6/1/27		5,275,000		4,958,500
5.00%, due 6/1/24		10,600,000		10,388,000
5.25%, due 6/1/26		7,500,000		7,489,500
KGA Escrow, LLC 7.50%, due 8/15/23 (a)		5,350,000		4,868,500
L Brands, Inc.
5.625%, due 2/15/22		2,908,000		2,704,440
6.694%, due 1/15/27		4,399,000		3,176,078
Lithia Motors, Inc. 4.625%, due 12/15/27 (a)		2,430,000		2,187,243
Penske Automotive Group, Inc. 5.75%, due 10/1/22		6,670,000		6,169,750
TPro Acquisition Corp. 11.00%, due 10/15/24 (a)		1,962,000		1,863,900
Yum! Brands, Inc. 4.75%, due 1/15/30 (a)		8,767,000		8,240,980
				67,720,491
Software 5.0%
ACI Worldwide, Inc. 5.75%, due 8/15/26 (a)		4,405,000		4,360,950
Ascend Learning LLC 6.875%, due 8/1/25 (a)		8,215,000		7,968,550
Camelot Finance S.A. 4.50%, due 11/1/26 (a)		4,405,000		4,272,850
CDK Global, Inc.
5.25%, due 5/15/29 (a)		4,070,000		4,151,400
5.875%, due 6/15/26		10,900,000		11,515,850
Fair Isaac Corp. 5.25%, due 5/15/26 (a)		3,590,000		3,554,100
IQVIA, Inc. 5.00%, due 10/15/26 (a)		9,792,000		9,987,840
MSCI, Inc.(a)
3.625%, due 9/1/30		3,215,000		3,050,231
4.00%, due 11/15/29		9,150,000		9,089,427
4.75%, due 8/1/26		3,570,000		3,516,450
5.375%, due 5/15/27		6,230,000		6,323,450
5.75%, due 8/15/25		15,590,000		16,094,492
Open Text Corp. (a)
3.875%, due 2/15/28		4,560,000		4,286,400
5.875%, due 6/1/26		5,085,000		5,333,657
Open Text Holdings, Inc. 4.125%, due 2/15/30 (a)		3,680,000		3,460,120
PTC, Inc.
3.625%, due 2/15/25 (a)		3,400,000		3,179,000
4.00%, due 2/15/28 (a)		5,160,000		4,955,148
6.00%, due 5/15/24		12,350,000		12,708,397
RP Crown Parent LLC 7.375%, due 10/15/24 (a)		7,110,000		6,774,408
SS&C Technologies, Inc. 5.50%, due 9/30/27 (a)		5,000,000		5,211,050
				129,793,770
Telecommunications 7.4%
Anixter, Inc. 5.125%, due 10/1/21		2,425,000		2,412,875
CenturyLink, Inc. 5.80%, due 3/15/22		9,925,000		10,049,162
CommScope Technologies LLC 6.00%, due 6/15/25 (a)		1,500,000		1,372,800
CommScope, Inc. 8.25%, due 3/1/27 (a)		8,924,000		8,601,844
Connect Finco SARL / Connect U.S. Finco LLC 6.75%, due 10/1/26 (a)		11,925,000		9,853,031
Frontier Communications Corp.
6.25%, due 9/15/21		5,500,000		1,320,000
10.50%, due 9/15/22		4,335,000		1,127,100
11.00%, due 9/15/25		1,425,000		374,063
Hughes Satellite Systems Corp.
5.25%, due 8/1/26		7,035,000		6,964,650
6.625%, due 8/1/26		6,460,000		6,543,431
7.625%, due 6/15/21		8,695,000		8,868,900
Level 3 Financing, Inc.
5.375%, due 5/1/25		6,300,000		6,268,500
5.625%, due 2/1/23		4,000,000		3,980,000
QualityTech, L.P. / QTS Finance Corp. 4.75%, due 11/15/25 (a)		6,650,000		6,417,250
Sprint Capital Corp. 6.875%, due 11/15/28		31,715,000		36,224,873
Sprint Corp.
7.25%, due 2/1/28 (a)		2,000,000		2,010,000
7.875%, due 9/15/23		14,030,000		15,399,047
T-Mobile USA, Inc.
4.50%, due 2/1/26		3,345,000		3,420,262
4.75%, due 2/1/28		9,585,000		9,985,653
5.125%, due 4/15/25		7,520,000		7,688,974
5.375%, due 4/15/27		9,500,000		9,785,000
6.00%, due 4/15/24		6,840,000		6,973,380
6.375%, due 3/1/25		9,700,000		9,906,416
6.50%, due 1/15/24		7,505,000		7,617,575
6.50%, due 1/15/26		10,150,000		10,657,500
				193,822,286
Textiles 0.2%
Eagle Intermediate Global Holding B.V. / Ruyi U.S. Finance LLC 7.50%, due 5/1/25 (a)		10,745,000		6,178,375
Toys, Games & Hobbies 0.9%
Mattel, Inc.(a)
5.875%, due 12/15/27		5,980,000		6,146,244
6.75%, due 12/31/25		16,965,000		17,251,709
				23,397,953
Transportation 0.1%
Teekay Corp. 9.25%, due 11/15/22 (a)		1,500,000		1,500,000
Trucking & Leasing 0.3%
Fortress Transportation & Infrastructure Investors LLC 6.75%, due 3/15/22 (a)		8,000,000		7,404,560
Total Corporate Bonds (Cost $2,672,229,420)				2,357,720,390
Loan Assignments 2.0%
Aerospace & Defense 0.1%
TransDigm, Inc. 2020 Term Loan F TBD, due 12/9/25		2,800,000		2,583,000
Automobile 0.2%
Dealer Tire LLC 2020 Term Loan B 5.239% (1 Month LIBOR + 4.25%), due 12/12/25 (j)		5,985,000		4,847,850
Beverage, Food & Tobacco 0.3%
United Natural Foods, Inc. Term Loan B 5.239% (1 Month LIBOR + 4.25%), due 10/22/25 (j)		9,461,401		8,023,268
Chemicals, Plastics & Rubber 0.4%
Innophos, Inc. 2020 Term Loan B 4.755% (1 Month LIBOR + 3.75%), due 2/4/27 (j)		1,900,000		1,567,500
SCIH Salt Holdings, Inc. Term Loan B 5.241% (3 Month LIBOR + 4.50%), due 3/16/27 (j)		10,000,000		8,675,000
				10,242,500
Electronics 0.0% ‡
RP Crown Parent LLC 2016 Term Loan B 3.75% (1 Month LIBOR + 2.75%), due 10/12/23 (j)		393,893		374,198
Media 0.1%
Coral-U.S. Co-Borrower LLC 2020 Term Loan B5 3.239% (1 Month LIBOR + 2.25%), due 1/31/28 (j)		2,250,000		1,972,501
Mining, Steel, Iron & Non-Precious Metals 0.1%
Aleris International, Inc. 2018 Term Loan 5.739% (1 Month LIBOR + 4.75%), due 2/27/23 (j)		2,947,500		2,638,012
Oil & Gas 0.1%
PetroQuest Energy, Inc. Term Loan Note 10.013%, due 11/8/23 (b)(c)(d)		4,893,078		4,012,324
Retail Store 0.7%
Bass Pro Group LLC Term Loan B 6.072% (1 Month LIBOR + 5.00%), due 9/25/24 (j)		21,460,072		18,026,460
Total Loan Assignments (Cost $60,527,456)				52,720,113
Total Long-Term Bonds (Cost $2,742,919,097)				2,420,344,509

	Shares
Common Stocks 1.3%
Auto Parts & Equipment 0.0% ‡
ATD New Holdings, Inc. (c)(d)(k)		44,740			626,360
Exide Technologies (b)(c)(d)(g)(k)		7,037,072			0
					626,360
Electric Utilities 0.0% ‡
Keycon Power Holdings LLC (c)(d)(k)		11,280			128,254
Independent Power & Renewable Electricity Producers 1.0%
GenOn Energy, Inc. (g)(k)		115,826			25,481,720
PetroQuest Energy, Inc. (b)(c)(d)		668,661			0
					25,481,720
Media 0.0% ‡
ION Media Networks, Inc. (b)(c)(d)(g)		725			287,571
Metals & Mining 0.1%
Neenah Enterprises, Inc. (b)(c)(d)(k)		230,859			2,957,304
Oil, Gas & Consumable Fuels 0.2%
Talos Energy, Inc. (k)		637,880			3,667,810
Titan Energy LLC (k)		25,911			793
					3,668,603
Software 0.0% ‡
ASG Corp. (b)(c)(d)		3,368			0
Total Common Stocks (Cost $72,538,436)					33,149,812
Short-Term Investment 4.2%
Unaffiliated Investment Company 4.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.32% (l)		109,120,597			109,120,597
Total Short-Term Investment (Cost $109,120,597)					109,120,597
Total Investments (Cost $2,924,578,130)		98.4	%		2,562,614,918
Other Assets, Less Liabilities		1.6			41,476,582
Net Assets		100.0	%	$	2,604,091,500

†	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)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(c)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of March 31, 2020, the total market value of fair valued securities was $35,253,030, which represented 1.4% of the Portfolio's net assets.
(d)	Illiquid security - As of March 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $38,426,070, which represented 1.5% of the Portfolio's net assets.
(e)	PIK ("Payment-in-Kind") - issuer may pay interest or dividends with additional securities and/or in cash.
(f)	All or a portion of this security was held on loan. As of March 31, 2020, the aggregate market value of securities on loan was $15,409,218. The Portfolio received non-cash collateral in the form of U.S. Treasury securities with a value of $15,721,500.
(g)	Restricted security.
(h)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(i)	Fixed to floating rate - Rate shown was the rate in effect as of March 31, 2020.
(j)	Floating rate - Rate shown was the rate in effect as of March 31, 2020.
(k)	Non-income producing security.
(l)	Current yield as of March 31, 2020.

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 March 31, 2020, 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	$	—	$	9,904,006	$	—	$	9,904,006
Corporate Bonds (b)		—		2,330,479,173		27,241,217		2,357,720,390
Loan Assignments (c)		—		48,707,789		4,012,324		52,720,113
Total Long-Term Bonds		—		2,389,090,968		31,253,541		2,420,344,509
Common Stocks (d)		3,668,603		26,108,080		3,373,129		33,149,812
Short-Term Investment
Unaffiliated Investment Company		109,120,597		—		—		109,120,597
Total Investments in Securities	$	112,789,200	$	2,415,199,048	$	34,626,670	$	2,562,614,918

(a)	For a complete listing of investments and their industries, see the Portfolio of Investments.
(b)	The Level 3 securities valued at $19,995,583, $7,245,000 and $634 are held in Auto Parts & Equipment, Media and Oil & Gas, respectively, within the Corporate Bonds section of the Portfolio of Investments.
(c)	The Level 3 security valued at $4,012,324 is held in Oil & Gas within the Loan Assignments section of the Portfolio of Investments.
(d)	The Level 3 securities valued at $0, $0, $128,254, $287,571, $2,957,304 and $0 are held in Auto Parts & Equipment, Independent Power & Renewable Electricity Producers, Electric Utilities, 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, 2019		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 March 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 21, 2020
Long-Term Bonds
Corporate Bonds	$	47,173,493	$	(104,017	)	$	-	$	(20,130,207	)	$	301,948	(a)	$	-	$	-	$	-	$	27,241,217	$	(20,130,207	)
Loan Assignments		4,893,078		-			-		(880,754	)		-			-		-		-		4,012,324		(880,754	)
Common Stocks		9,085,645		-			-		(8,983,716	)		-			-		3,271,200		-		3,373,129		(8,983,716	)
Total	$	61,152,216	$	(104,017	)	$	-	$	(29,994,677	)	$	301,948		$	-	$	3,271,200	$	-	$	34,626,670	$	(29,994,677	)

(a) Purchases include PIK securities.

As of March 31, 2020, a security with a market value of $3,271,200 transferred from Level 2 to Level 3. The transfer occurred as a result of utilizing significant unobservable inputs. As of December 31, 2019, the fair value obtained for this security, utilized significant observable inputs.

MainStay VP Income Builder Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

		Principal Amount		Value
Long-Term Bonds 54.2% †
Asset-Backed Securities 1.9%
Auto Floor Plan Asset-Backed Securities 0.2%
Ford Credit Floorplan Master Owner Trust Series 2018-4, Class A 4.06%, due 11/15/30	$	1,210,000	$	1,147,574
Automobile Asset-Backed Securities 0.8%
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A 2.33%, due 8/20/26 (a)		515,000		453,218
CarMax Auto Owner Trust Series 2019-3, Class A3 2.18%, due 8/15/24		905,000		908,355
Ford Credit Auto Owner Trust Series 2020-1, Class A 2.04%, due 8/15/31 (a)		680,000		629,116
Santander Retail Auto Lease Trust Series 2019-B, Class A3 2.30%, due 1/20/23 (a)		650,000		643,032
Santander Revolving Auto Loan Trust Series 2019-A, Class A 2.51%, due 1/26/32 (a)		445,000		426,000
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		430,000		435,585
Volkswagen Auto Lease Trust Series 2019-A, Class A3 1.99%, due 11/21/22		1,000,000		1,014,436
				4,509,742
Credit Cards 0.1%
Capital One Multi-Asset Execution Trust Series 2019-A3, Class A3 2.06%, due 8/15/28		700,000		699,741
Home Equity 0.1%
JPMorgan Mortgage Acquisition Trust Series 2007-HE1, Class AF1 1.047% (1 Month LIBOR + 0.10%), due 3/25/47 (b)		154,167		92,188
MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A1 0.997% (1 Month LIBOR + 0.05%), due 11/25/36 (b)		227,517		88,748
				180,936
Other Asset-Backed Securities 0.7%
American Tower Trust I Series 2013, Class 2A 3.07%, due 3/15/48 (a)		825,000		810,693
Carrington Mortgage Loan Trust Series 2007-HE1, Class A3 1.137% (1 Month LIBOR + 0.19%), due 6/25/37 (b)		1,620,000		1,402,667
DLL Securitization Trust Series 2019-MT3, Class A3 2.08%, due 2/21/23 (a)		880,000		856,964
MVW Owner Trust Series 2019-2A, Class A 2.22%, due 10/20/38 (a)		823,813		756,306
				3,826,630
Student Loans 0.0% ‡
KeyCorp Student Loan Trust Series 2000-A, Class A2 1.999% (3 Month LIBOR + 0.32%), due 5/25/29 (b)		30,201		30,027
Total Asset-Backed Securities (Cost $10,915,085)				10,394,650
Convertible Bonds 0.4%
Machinery - Diversified 0.2%
Chart Industries, Inc. 1.00%, due 11/15/24 (a)		1,245,000		979,222
Semiconductors 0.2%
ON Semiconductor Corp. 1.625%, due 10/15/23		1,289,000		1,283,488
Total Convertible Bonds (Cost $2,286,214)				2,262,710
Corporate Bonds 30.8%
Aerospace & Defense 0.2%
L3Harris Technologies, Inc. 4.40%, due 6/15/28		810,000		862,241
Agriculture 0.3%
Altria Group, Inc. 3.80%, due 2/14/24		1,300,000		1,317,663
JBS Investments II GmbH 7.00%, due 1/15/26 (Austria) (a)		460,000		458,427
				1,776,090
Airlines 0.5%
Delta Air Lines, Inc. Series 2019-1, Class AA 3.204%, due 10/25/25		920,000		898,130
U.S. Airways Group, Inc.
Series 2012-1, Class A 5.90%, due 4/1/26		631,823		636,674
Series 2010-1, Class A 6.25%, due 10/22/24		338,435		348,273
United Airlines, Inc.
Series 2014-2, Class B 4.625%, due 3/3/24		290,438		271,737
Series 2007-1, Pass Through Trust 6.636%, due 1/2/24		388,961		355,970
				2,510,784
Auto Manufacturers 0.9%
Daimler Finance North America LLC 2.301% (3 Month LIBOR + 0.55%), due 5/4/21 (Germany) (a)(b)		685,000		658,530
Ford Motor Credit Co. LLC
4.063%, due 11/1/24		780,000		707,850
4.25%, due 9/20/22		305,000		283,650
5.875%, due 8/2/21		150,000		147,000
General Motors Financial Co., Inc.
3.15%, due 6/30/22		320,000		288,238
3.45%, due 4/10/22		1,500,000		1,411,248
Toyota Motor Credit Corp. 1.059% (3 Month LIBOR + 0.17%), due 9/18/20 (b)		1,765,000		1,747,992
				5,244,508
Banks 7.8%
Bank of America Corp.
2.496%, due 2/13/31 (c)		650,000		628,503
2.738%, due 1/23/22 (c)		1,150,000		1,153,254
3.004%, due 12/20/23 (c)		734,000		748,824
3.458%, due 3/15/25 (c)		1,425,000		1,469,480
3.499%, due 5/17/22 (c)		1,635,000		1,654,427
3.705%, due 4/24/28 (c)		555,000		567,472
4.078%, due 4/23/40 (c)		785,000		847,896
4.20%, due 8/26/24		325,000		345,675
4.30%, due 1/28/25 (c)(d)		1,461,000		1,256,460
6.30%, due 3/10/26 (c)(d)		735,000		771,750
BNP Paribas S.A. 3.052%, due 1/13/31 (France) (a)(c)		885,000		827,548
Citibank N.A. 3.40%, due 7/23/21		1,340,000		1,367,463
Citigroup, Inc.
3.352%, due 4/24/25 (c)		780,000		799,265
3.668%, due 7/24/28 (c)		430,000		445,174
3.70%, due 1/12/26		545,000		562,767
3.98%, due 3/20/30 (c)		565,000		602,115
4.05%, due 7/30/22		105,000		106,579
5.30%, due 5/6/44		436,000		511,954
6.625%, due 6/15/32		190,000		228,717
Citizens Financial Group, Inc. 4.30%, due 12/3/25		1,190,000		1,245,456
Credit Suisse Group A.G. 2.593%, due 9/11/25 (Switzerland) (a)(c)		365,000		346,765
Goldman Sachs Group, Inc.
2.60%, due 2/7/30		1,195,000		1,126,954
2.862% (3 Month LIBOR + 1.17%), due 5/15/26 (b)		815,000		749,194
2.905%, due 7/24/23 (c)		310,000		308,857
2.908%, due 6/5/23 (c)		285,000		285,819
3.625%, due 1/22/23		1,330,000		1,364,875
5.25%, due 7/27/21		1,295,000		1,336,537
6.75%, due 10/1/37		159,000		210,479
HSBC Holdings PLC 3.973%, due 5/22/30 (United Kingdom) (c)		465,000		476,315
Huntington Bancshares, Inc. 3.15%, due 3/14/21		1,295,000		1,298,347
JPMorgan Chase & Co.(c)
3.207%, due 4/1/23		1,540,000		1,566,511
3.54%, due 5/1/28		1,275,000		1,312,048
4.60%, due 2/1/25 (d)		1,409,000		1,233,157
Lloyds Banking Group PLC (United Kingdom)
4.582%, due 12/10/25		508,000		513,823
4.65%, due 3/24/26		1,075,000		1,097,466
Morgan Stanley
3.125%, due 1/23/23		1,560,000		1,597,637
4.875%, due 11/1/22		495,000		519,446
5.00%, due 11/24/25		1,150,000		1,258,945
5.441% (3 Month LIBOR + 3.61%), due 7/15/20 (b)(d)		645,000		543,412
6.25%, due 8/9/26		881,000		1,069,506
7.25%, due 4/1/32		100,000		142,936
PNC Bank N.A. 2.55%, due 12/9/21		815,000		812,571
PNC Financial Services Group, Inc. 2.55%, due 1/22/30		810,000		783,410
Royal Bank of Scotland Group PLC 6.00%, due 12/19/23		70,000		73,379
Toronto-Dominion Bank 1.80%, due 7/13/21 (Canada)		1,535,000		1,542,115
Truist Bank 2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b)		760,000		726,244
U.S. Bank N.A. 1.986% (3 Month LIBOR + 0.29%), due 5/21/21 (b)		1,300,000		1,278,080
Wells Fargo & Co. 2.406%, due 10/30/25 (c)		525,000		517,235
Wells Fargo Bank N.A.
2.60%, due 1/15/21		985,000		989,295
3.55%, due 8/14/23		1,015,000		1,062,677
Westpac Banking Corp. 1.972% (3 Month LIBOR + 0.28%), due 5/15/20 (Australia) (b)		700,000		698,999
				42,983,813
Beverages 0.4%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.15%, due 1/23/25		250,000		268,377
4.75%, due 1/23/29		495,000		546,406
Coca-Cola Co. 4.20%, due 3/25/50		330,000		430,969
Diageo Capital PLC 1.932% (3 Month LIBOR + 0.24%), due 5/18/20 (United Kingdom) (b)		950,000		948,630
				2,194,382
Biotechnology 0.2%
Biogen, Inc. 3.625%, due 9/15/22		1,240,000		1,273,577
Building Materials 0.5%
Builders FirstSource, Inc. 5.00%, due 3/1/30 (a)		715,000		643,500
Cemex S.A.B. de C.V. 3.125%, due 3/19/26 (Mexico) (a)	EUR	1,515,000		1,381,026
Standard Industries, Inc. 5.375%, due 11/15/24 (a)	$	1,000,000		965,000
				2,989,526
Chemicals 0.4%
Air Liquide Finance S.A. 1.75%, due 9/27/21 (France) (a)		610,000		607,310
Braskem Netherlands Finance B.V. 4.50%, due 1/10/28 (Netherlands) (a)		745,000		595,449
Huntsman International LLC 4.50%, due 5/1/29		731,000		623,203
Orbia Advance Corp. S.A.B. de C.V. 4.00%, due 10/4/27 (Mexico) (a)		625,000		543,750
				2,369,712
Commercial Services 0.7%
Ashtead Capital, Inc. 4.00%, due 5/1/28 (United Kingdom) (a)		380,000		327,560
California Institute of Technology 3.65%, due 9/1/19		775,000		801,859
Cintas Corp. No 2 3.70%, due 4/1/27		1,065,000		1,093,779
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		710,000		660,300
PayPal Holdings, Inc. 2.40%, due 10/1/24		1,120,000		1,094,632
				3,978,130
Computers 0.5%
Apple, Inc.
1.55%, due 8/4/21		545,000		548,363
2.75%, due 1/13/25		715,000		754,153
Dell International LLC / EMC Corp.(a)
4.90%, due 10/1/26		680,000		669,250
5.30%, due 10/1/29		318,000		324,399
8.10%, due 7/15/36		470,000		540,036
				2,836,201
Distribution & Wholesale 0.2%
Performance Food Group, Inc. 5.50%, due 10/15/27 (a)		941,000		872,778
Diversified Financial Services 1.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland)
4.45%, due 12/16/21		285,000		262,087
4.625%, due 10/30/20		1,600,000		1,552,083
Air Lease Corp.
2.30%, due 2/1/25		1,215,000		926,483
2.75%, due 1/15/23		500,000		421,430
3.50%, due 1/15/22		340,000		307,296
4.25%, due 9/15/24		420,000		354,322
Allied Universal Holdco LLC / Allied Universal Finance Corp. 6.625%, due 7/15/26 (a)		650,000		638,625
Ally Financial, Inc.
3.875%, due 5/21/24		310,000		279,000
8.00%, due 11/1/31		1,130,000		1,309,331
Avolon Holdings Funding, Ltd. 2.875%, due 2/15/25 (a)		1,040,000		806,077
Capital One Financial Corp. 4.20%, due 10/29/25		165,000		163,104
Caterpillar Financial Services Corp. 2.90%, due 3/15/21		1,735,000		1,749,282
				8,769,120
Electric 1.3%
CMS Energy Corp. 5.05%, due 3/15/22		430,000		444,014
Connecticut Light & Power Co. 4.00%, due 4/1/48		450,000		501,692
Duke Energy Ohio, Inc. 4.30%, due 2/1/49		565,000		653,026
Duquesne Light Holdings, Inc.(a)
3.616%, due 8/1/27		865,000		851,238
6.40%, due 9/15/20		925,000		944,822
Entergy Louisiana LLC 4.00%, due 3/15/33		790,000		875,224
Evergy, Inc. 5.292%, due 6/15/22 (e)		500,000		515,958
Public Service Electric & Gas Co. 3.00%, due 5/15/27		800,000		817,404
Puget Energy, Inc. 5.625%, due 7/15/22		350,000		349,968
Southern California Edison Co.
3.70%, due 8/1/25		330,000		339,591
4.00%, due 4/1/47		520,000		541,611
WEC Energy Group, Inc. 3.804% (3 Month LIBOR + 2.113%), due 5/15/67 (b)		480,000		385,812
				7,220,360
Electrical Equipment 0.2%
Carrier Global Corp. 2.493%, due 2/15/27 (a)		1,100,000		1,049,277
Environmental Controls 0.3%
Republic Services, Inc. 4.75%, due 5/15/23		580,000		612,465
Waste Management, Inc. 2.40%, due 5/15/23		810,000		796,563
				1,409,028
Food 1.3%
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc. 5.50%, due 1/15/30 (a)		485,000		500,763
Kerry Group Financial Services Unlimited Co. 3.20%, due 4/9/23 (Ireland) (a)		1,290,000		1,364,246
Kraft Heinz Foods Co. 5.00%, due 7/15/35		501,000		498,098
Mondelez International Holdings Netherlands B.V. 2.00%, due 10/28/21 (Netherlands) (a)		1,110,000		1,105,329
Nestle Holdings, Inc. 3.10%, due 9/24/21 (a)		1,615,000		1,634,064
Smithfield Foods, Inc. 3.35%, due 2/1/22 (a)		565,000		549,613
Sysco Corp. 3.30%, due 2/15/50		465,000		336,748
Tyson Foods, Inc. 3.95%, due 8/15/24		965,000		977,220
				6,966,081
Gas 0.1%
Southern California Gas Co. 4.30%, due 1/15/49		325,000		357,063
Health Care - Products 0.4%
Abbott Laboratories 3.40%, due 11/30/23		535,000		561,441
Becton Dickinson & Co. 4.669%, due 6/6/47		635,000		684,258
Stryker Corp. 2.625%, due 3/15/21		1,220,000		1,221,680
				2,467,379
Health Care - Services 0.3%
Cigna Holding Co. 4.375%, due 12/15/20		135,000		135,821
Laboratory Corp. of America Holdings 2.30%, due 12/1/24		1,225,000		1,207,425
NYU Langone Hospitals 3.38%, due 7/1/55		630,000		584,729
				1,927,975
Holding Company - Diversified 0.2%
CK Hutchison International (17) II, Ltd. 3.25%, due 9/29/27 (Hong Kong) (a)		925,000		953,265
Insurance 1.9%
Equitable Holdings, Inc. 5.00%, due 4/20/48		830,000		783,260
Jackson National Life Global Funding 1.248% (3 Month LIBOR + 0.48%), due 6/11/21 (a)(b)		1,895,000		1,817,869
Liberty Mutual Group, Inc. 4.25%, due 6/15/23 (a)		295,000		300,339
MassMutual Global Funding II(a)
2.50%, due 10/17/22		1,270,000		1,265,084
2.95%, due 1/11/25		365,000		372,534
Peachtree Corners Funding Trust 3.976%, due 2/15/25 (a)		425,000		422,807
Pricoa Global Funding I 2.55%, due 11/24/20 (a)		765,000		768,904
Principal Life Global Funding II 2.375%, due 11/21/21 (a)		1,470,000		1,441,548
Protective Life Corp. 8.45%, due 10/15/39		725,000		1,027,482
Reliance Standard Life Global Funding II 2.50%, due 10/30/24 (United Kingdom) (a)		950,000		909,734
Voya Financial, Inc. 3.65%, due 6/15/26		310,000		310,466
Willis North America, Inc.
2.95%, due 9/15/29		1,055,000		1,001,713
3.875%, due 9/15/49		185,000		190,566
				10,612,306
Internet 0.5%
Expedia Group, Inc.
3.25%, due 2/15/30		1,305,000		1,092,409
3.80%, due 2/15/28		157,000		135,710
5.00%, due 2/15/26		22,000		19,874
Tencent Holdings, Ltd. (China) (a)
3.595%, due 1/19/28		440,000		465,302
3.925%, due 1/19/38		675,000		758,755
Weibo Corp. 3.50%, due 7/5/24		465,000		464,857
				2,936,907
Iron & Steel 0.3%
ArcelorMittal S.A. 4.55%, due 3/11/26 (Luxembourg)		800,000		717,432
Vale Overseas, Ltd. (Brazil)
6.25%, due 8/10/26		435,000		469,809
6.875%, due 11/21/36		305,000		338,705
				1,525,946
Leisure Time 0.0% ‡
NCL Corp., Ltd. 3.625%, due 12/15/24 (a)		260,000		165,828
Lodging 0.6%
Hilton Domestic Operating Co., Inc. 4.875%, due 1/15/30		695,000		590,750
Las Vegas Sands Corp. 3.20%, due 8/8/24		555,000		500,930
Marriott International, Inc.
2.30%, due 1/15/22		890,000		834,207
3.60%, due 4/15/24		920,000		855,278
Sands China, Ltd. (Macao)
4.60%, due 8/8/23		355,000		362,984
5.125%, due 8/8/25		460,000		441,007
				3,585,156
Machinery - Diversified 0.4%
CNH Industrial Capital LLC
4.20%, due 1/15/24		545,000		532,387
4.875%, due 4/1/21		1,445,000		1,412,298
John Deere Capital Corp. 3.65%, due 10/12/23		135,000		142,333
				2,087,018
Media 0.8%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.875%, due 4/1/24 (a)		619,000		634,475
Comcast Corp.
3.25%, due 11/1/39		675,000		696,792
4.70%, due 10/15/48		555,000		719,003
Diamond Sports Group LLC / Diamond Sports Finance Co. 6.625%, due 8/15/27 (a)(f)		1,330,000		889,437
Grupo Televisa S.A.B. 5.25%, due 5/24/49 (Mexico)		480,000		493,375
Sky, Ltd. 3.75%, due 9/16/24 (United Kingdom) (a)		340,000		352,343
Time Warner Entertainment Co., L.P. 8.375%, due 3/15/23		355,000		400,730
				4,186,155
Metal Fabricate & Hardware 0.3%
Precision Castparts Corp. 3.25%, due 6/15/25		1,455,000		1,462,383
Mining 0.2%
Anglo American Capital PLC 4.875%, due 5/14/25 (United Kingdom) (a)		455,000		455,326
Corp. Nacional del Cobre de Chile 3.00%, due 9/30/29 (Chile) (a)		635,000		585,115
				1,040,441
Miscellaneous - Manufacturing 0.3%
Siemens Financieringsmaatschappij N.V. 2.70%, due 3/16/22 (Germany) (a)		760,000		759,239
Textron Financial Corp. 3.427% (3 Month LIBOR + 1.735%), due 2/15/67 (a)(b)		1,295,000		731,675
				1,490,914
Oil & Gas 0.6%
BP Capital Markets America, Inc. 3.00%, due 2/24/50		345,000		320,476
Gazprom PJSC Via Gaz Capital S.A. 7.288%, due 8/16/37 (Luxembourg) (a)		640,000		816,602
Marathon Petroleum Corp. 5.125%, due 12/15/26		450,000		445,513
Valero Energy Corp.
3.65%, due 3/15/25		1,000,000		970,134
6.625%, due 6/15/37		415,000		435,113
WPX Energy, Inc. 4.50%, due 1/15/30		465,000		252,495
				3,240,333
Packaging & Containers 0.2%
Berry Global, Inc. 4.875%, due 7/15/26 (a)		84,000		84,840
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, due 7/15/23 (New Zealand) (a)		1,060,000		1,049,400
				1,134,240
Pharmaceuticals 0.8%
AbbVie, Inc. 4.05%, due 11/21/39 (a)		1,125,000		1,157,185
Allergan Funding SCS 3.45%, due 3/15/22		1,005,000		1,043,530
Bausch Health Cos., Inc. 5.75%, due 8/15/27 (a)		465,000		478,764
Bristol-Myers Squibb Co. 3.625%, due 5/15/24 (a)		1,400,000		1,479,329
				4,158,808
Pipelines 0.6%
Enterprise Products Operating LLC
3.125%, due 7/31/29		630,000		579,489
3.95%, due 1/31/60		595,000		499,987
4.20%, due 1/31/50		160,000		152,650
Southern Natural Gas Co. LLC 4.80%, due 3/15/47 (a)		315,000		287,457
Spectra Energy Partners, L.P. 4.75%, due 3/15/24		795,000		763,806
Transcontinental Gas Pipe Line Co. LLC 4.60%, due 3/15/48		840,000		832,630
Western Midstream Operating L.P. 5.25%, due 2/1/50		350,000		145,030
				3,261,049
Real Estate Investment Trusts 1.3%
Alexandria Real Estate Equities, Inc. 3.375%, due 8/15/31		825,000		802,705
American Tower Corp. 3.375%, due 10/15/26		1,080,000		1,070,007
Crown Castle International Corp.
3.40%, due 2/15/21		920,000		926,189
5.25%, due 1/15/23		1,290,000		1,344,914
Digital Realty Trust, L.P.
2.75%, due 2/1/23		45,000		44,745
3.70%, due 8/15/27		1,295,000		1,285,725
Equinix, Inc. 2.625%, due 11/18/24		740,000		705,782
GLP Capital, L.P. / GLP Financing II, Inc. 3.35%, due 9/1/24		505,000		446,925
Kilroy Realty, L.P. 3.45%, due 12/15/24		720,000		706,505
				7,333,497
Retail 1.1%
Alimentation Couche-Tard, Inc. 3.55%, due 7/26/27 (Canada) (a)		1,035,000		1,012,360
CVS Health Corp.
4.00%, due 12/5/23		1,355,000		1,428,179
4.78%, due 3/25/38		400,000		442,296
CVS Pass-Through Trust 5.789%, due 1/10/26 (a)		28,573		31,663
McDonald's Corp. 3.35%, due 4/1/23		1,085,000		1,120,912
O'Reilly Automotive, Inc. 3.55%, due 3/15/26		1,000,000		1,010,031
Starbucks Corp.
3.35%, due 3/12/50		375,000		353,444
4.45%, due 8/15/49		475,000		544,973
				5,943,858
Semiconductors 0.4%
Broadcom, Inc. 3.125%, due 10/15/22 (a)		945,000		935,962
Intel Corp. 4.75%, due 3/25/50		515,000		691,554
NXP B.V. / NXP Funding LLC 4.625%, due 6/15/22 (Netherlands) (a)		590,000		610,423
				2,237,939
Software 0.3%
Fiserv, Inc.
2.75%, due 7/1/24		325,000		326,236
3.20%, due 7/1/26		205,000		211,738
salesforce.com, Inc.
3.25%, due 4/11/23		510,000		530,090
3.70%, due 4/11/28		690,000		763,863
				1,831,927
Telecommunications 1.7%
AT&T, Inc.
2.875% (EUAM DB05 + 3.14%), due 3/2/25 (b)(d)	EUR	800,000		789,535
4.35%, due 3/1/29	$	320,000		345,246
4.90%, due 8/15/37		670,000		746,470
CommScope Technologies LLC 6.00%, due 6/15/25 (a)		475,000		434,720
CommScope, Inc. 5.00%, due 6/15/21 (a)		76,000		75,240
Crown Castle Towers LLC 4.241%, due 7/15/48 (a)		990,000		1,000,922
Level 3 Financing, Inc. 3.40%, due 3/1/27 (a)		1,050,000		999,443
Sprint Communications, Inc. 6.00%, due 11/15/22		530,000		549,875
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, due 9/20/29 (a)		1,545,000		1,575,900
Telefonica Emisiones SAU (Spain)
5.134%, due 4/27/20		800,000		800,056
5.462%, due 2/16/21		175,000		177,437
Verizon Communications, Inc. 2.792% (3 Month LIBOR + 1.10%), due 5/15/25 (b)		985,000		897,851
Vodafone Group PLC 4.25%, due 9/17/50		685,000		704,071
				9,096,766
Toys, Games & Hobbies 0.1%
Hasbro, Inc. 2.60%, due 11/19/22		500,000		493,397
Transportation 0.1%
XPO Logistics, Inc. 6.50%, due 6/15/22 (a)		277,000		277,693
Total Corporate Bonds (Cost $172,974,758)				169,113,851
Foreign Bonds 0.1%
Banks 0.1%
Barclays Bank PLC Series Reg S 10.00%, due 5/21/21 (United Kingdom)	GBP	525,000		690,942
Total Foreign Bonds (Cost $838,061)				690,942
Foreign Government Bonds 0.6%
Brazil 0.2%
Brazilian Government International Bond 4.625%, due 1/13/28 (Brazil)	$	1,161,000		1,236,465
Mexico 0.4%
Mexico Government International Bond 3.25%, due 4/16/30 (Mexico)		2,031,000		1,909,140
Total Foreign Government Bonds (Cost $3,242,713)				3,145,605
Loan Assignments 1.1% (b)
Buildings & Real Estate 0.2%
Realogy Group LLC 2018 Term Loan B 3.831% (1 Month LIBOR + 2.25%), due 2/8/25		1,245,164		1,058,390
Containers, Packaging & Glass 0.2%
BWAY Holding Co. 2017 Term Loan B 5.084% (3 Month LIBOR + 3.25%), due 4/3/24		1,273,453		1,034,680
Ecological 0.3%
Advanced Disposal Services, Inc. Term Loan B3 2.894% (1 Week LIBOR + 2.25%), due 11/10/23		1,623,685		1,607,448
Finance 0.2%
Alliant Holdings Intermediate, LLC 2018 Term Loan B 3.989% (1 Month LIBOR + 3.00%), due 5/9/25		1,268,544		1,162,832
Personal & Nondurable Consumer Products (Manufacturing Only) 0.1%
Prestige Brands, Inc. Term Loan B4 2.989% (1 Month LIBOR + 2.00%), due 1/26/24		514,312		476,596
Telecommunications 0.1%
Level 3 Financing, Inc. 2019 Term Loan B 2.739% (1 Month LIBOR + 1.75%), due 3/1/27		718,508		668,213
Total Loan Assignments (Cost $6,531,976)				6,008,159
Mortgage-Backed Securities 8.6%
Agency (Collateralized Mortgage Obligations) 5.2%
Federal Home Loan Mortgage Corporation
REMIC Series 4691, Class HA 2.50%, due 6/15/40		823,026		859,251
REMIC, Series 4911, Class MB 3.00%, due 9/25/49		610,000		646,203
REMIC, Series 4926, Class BP 3.00%, due 10/25/49		1,910,000		2,018,023
REMIC Series 4818, Class BD 3.50%, due 3/15/45		857,165		897,563
REMIC Series 4888, Class BA 3.50%, due 9/15/48		606,455		631,457
REMIC Series 4877, Class AT 3.50%, due 11/15/48		813,488		884,900
REMIC Series 4877, Class BE 3.50%, due 11/15/48		1,277,986		1,344,774
Federal Home Loan Mortgage Corporation (Collateralized Mortgage Obligations) REMIC, Series 4958, Class DL 4.00%, due 1/25/50		1,775,000		1,959,115
Federal National Mortgage Association
REMIC Series 2013-77, Class CY 3.00%, due 7/25/43		746,000		810,173
Series 2019-25, Class PA 3.00%, due 5/25/48		729,829		776,626
Series 2019-13, Class PE 3.00%, due 3/25/49		926,535		979,824
REMIC Series 2019-13, Class CA 3.50%, due 4/25/49		1,277,010		1,409,681
REMIC, Series 2019-74, Class BA 3.50%, due 12/25/59		1,326,312		1,466,200
Federal National Mortgage Association (Collateralized Mortgage Obligations) REMIC, Series 2020-10, Class DA 3.50%, due 3/25/60		1,186,278		1,293,491
Government National Mortgage Association
Series 2017-123, Class AB 2.50%, due 1/20/47		705,384		733,965
Series 2014-91, Class MA 3.00%, due 1/16/40		769,875		817,426
Series 2018-127, Class PB 3.00%, due 9/20/47		1,915,453		2,013,567
REMIC Series 2019-29, Class AP 3.00%, due 10/20/48		1,273,662		1,337,446
Series 2019-29, Class CB 3.00%, due 10/20/48		775,253		819,229
Series 2019-52, Class JL 3.00%, due 11/20/48		755,037		795,594
Series 2019-59, Class KA 3.00%, due 12/20/48		1,299,617		1,394,914
Series 2019-43, Class PL 3.00%, due 4/20/49		1,609,435		1,713,127
Series 2019-74, Class AT 3.00%, due 6/20/49		30,744		32,919
Series 2013-149, Class BA 3.25%, due 8/16/41		2,309,688		2,475,892
Seasoned Loans Structured Transaction Trust Series 2019-1, Class A1 3.50%, due 5/25/29		643,465		666,106
				28,777,466
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 3.1%
Bank
Series 2019-BN21, Class A5 2.851%, due 10/17/52		1,200,000		1,234,439
Series 2019-BN19, Class A2 2.926%, due 8/15/61		1,205,000		1,248,719
Bayview Commercial Asset Trust Series 2006-4A, Class A1 1.177% (1 Month LIBOR + 0.23%), due 12/25/36 (a)(b)		45,738		37,647
Benchmark Mortgage Trust
Series 2019-B14, Class A5 3.049%, due 12/15/62		975,000		1,019,271
Series 2019-B12, Class A5 3.116%, due 8/15/52		1,119,000		1,170,664
BX Commercial Mortgage Trust (a)
Series 2019-0C11, Class B 3.605%, due 12/9/41		350,000		302,708
Series 2019-0C11, Class C 3.856%, due 12/9/41		980,000		809,795
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, due 8/15/48		415,000		434,568
Four Times Square Trust Series 2006-4TS, Class A 5.401%, due 12/13/28 (a)		442,138		437,846
FREMF Mortgage Trust (a)(g)
Series 2013-K33, Class B 3.499%, due 8/25/46		1,094,000		1,100,469
Series 2014-K41, Class B 3.833%, due 11/25/47		330,000		334,142
Series 2013-K35, Class B 3.939%, due 12/25/46		820,000		836,716
GS Mortgage Securities Trust
Series 2019-GC42, Class A4 3.001%, due 9/1/52		475,000		492,723
Series 2019-GC40, Class A4 3.16%, due 7/10/52		788,000		827,436
Hawaii Hotel Trust Series 2019-MAUI, Class A 1.855% (1 Month LIBOR + 1.15%), due 5/15/38 (a)(b)		640,000		523,829
Hudson Yards Mortgage Trust Series 2019-30HY, Class A 3.228%, due 7/10/39 (a)		760,000		802,523
JP Morgan Chase Commercial Mortgage Securities Trust Series 2013-C16, Class A4 4.166%, due 12/15/46		880,000		933,606
Morgan Stanley Bank of America Merrill Lynch Trust Series-2015-C23, Class A3 3.451%, due 7/15/50		485,000		507,238
One Bryant Park Trust Series 2019-OBP, Class A 2.516%, due 9/15/54 (a)		1,545,000		1,539,622
Wells Fargo Commercial Mortgage Trust (a)(g)
Series 2018-1745, Class A 3.749%, due 6/15/36		940,000		927,494
Series 2018-AUS, Class A 4.058%, due 8/17/36		1,200,000		1,230,369
				16,751,824
Whole Loan (Collateralized Mortgage Obligations) 0.3%
Chase Home Lending Mortgage Trust (a)(h)
Series 2019-ATR2, Class A3 3.50%, due 7/25/49		176,756		179,014
Series 2019-ATR1, Class A4 4.00%, due 4/25/49		459,818		459,820
JP Morgan Mortgage Trust (a)(h)
Series 2019-2, Class A4 4.00%, due 8/25/49		218,995		216,604
Series 2019-3, Class A3 4.00%, due 9/25/49		329,332		334,317
Series 2019-5, Class A4 4.00%, due 11/25/49		250,298		250,463
				1,440,218
Total Mortgage-Backed Securities (Cost $46,056,977)				46,969,508
Municipal Bonds 0.2%
California 0.2%
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds Series N 3.006%, due 5/15/50		1,115,000		1,017,716
New York 0.0% ‡
New York State Thruway Authority, Revenue Bonds Series M 2.90%, due 1/1/35		175,000		173,268
Total Municipal Bonds (Cost $1,290,000)				1,190,984
U.S. Government & Federal Agencies 10.5%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 1.6%
2.50%, due 1/1/40		351,074		365,235
3.50%, due 1/1/48		4,115,171		4,365,412
4.00%, due 2/1/49		601,706		647,886
5.00%, due 12/1/44		1,383,472		1,535,678
5.00%, due 12/1/48		1,673,210		1,804,638
				8,718,849
Federal National Mortgage Association (Mortgage Pass-Through Securities) 2.3%
2.50%, due 2/1/40		352,216		365,509
3.00%, due 3/1/50		1,430,000		1,508,460
3.50%, due 3/1/37		1,862,674		2,023,292
3.50%, due 2/1/42		1,487,155		1,609,750
4.00%, due 5/1/48		1,583,752		1,693,165
4.00%, due 9/1/48		2,408,107		2,588,548
4.00%, due 1/1/49		580,936		627,307
4.00%, due 2/1/49		455,850		490,569
5.00%, due 9/1/33		1,709,952		1,892,963
6.00%, due 4/1/37		9,358		10,564
				12,810,127
United States Treasury Bonds 1.3%
4.375%, due 11/15/39		3,457,000		5,476,374
4.375%, due 5/15/40		705,000		1,121,143
4.50%, due 5/15/38		485,000		768,138
				7,365,655
United States Treasury Notes 4.5%
1.375%, due 1/31/22		13,740,000		14,031,975
1.375%, due 1/31/25		7,440,000		7,794,272
1.50%, due 1/31/27		1,795,000		1,909,571
1.50%, due 2/15/30 (f)		1,055,000		1,135,897
				24,871,715
United States Treasury Inflation - Indexed Note 0.8% (i)
0.875%, due 1/15/29		3,805,199		4,133,335
Total U.S. Government & Federal Agencies (Cost $54,532,489)				57,899,681
Total Long-Term Bonds (Cost $298,668,273)				297,676,090

	Shares
Common Stocks 37.1%
Aerospace & Defense 0.9%
BAE Systems PLC (United Kingdom)		498,959			3,219,608
Lockheed Martin Corp.		5,266			1,784,911
					5,004,519
Air Freight & Logistics 0.6%
Deutsche Post A.G., Registered (Germany)		64,644			1,783,558
United Parcel Service, Inc., Class B		13,219			1,234,919
					3,018,477
Auto Components 0.3%
Cie Generale des Etablissements Michelin SCA (France)		19,804			1,762,662
Banks 1.4%
Commonwealth Bank of Australia (Australia)		27,263			1,029,789
Lloyds Banking Group PLC (United Kingdom)		1,922,228			758,018
People's United Financial, Inc.		120,335			1,329,702
PNC Financial Services Group, Inc.		9,491			908,478
Royal Bank of Canada (Canada)		26,863			1,663,929
Truist Financial Corp.		42,032			1,296,267
Wells Fargo & Co.		33,134			950,946
					7,937,129
Beverages 0.8%
Coca-Cola Co.		34,744			1,537,422
Coca-Cola European Partners PLC (United Kingdom)		34,619			1,299,251
PepsiCo., Inc.		14,914			1,791,172
					4,627,845
Biotechnology 0.9%
AbbVie, Inc.		38,219			2,911,906
Amgen, Inc.		9,321			1,889,646
					4,801,552
Capital Markets 1.0%
BlackRock, Inc.		3,140			1,381,506
CME Group, Inc.		6,553			1,133,079
Lazard, Ltd., Class A		45,336			1,068,116
Macquarie Group, Ltd. (Australia)		15,175			826,172
Singapore Exchange, Ltd. (Singapore)		200,600			1,291,642
					5,700,515
Chemicals 1.2%
BASF S.E. (Germany)		41,123			1,987,620
Dow, Inc. (j)		47,541			1,390,099
LyondellBasell Industries N.V., Class A		27,880			1,383,684
Nutrien, Ltd. (f)		54,659			1,855,126
					6,616,529
Commercial Services & Supplies 0.0% ‡
Quad/Graphics, Inc.		6			15
Communications Equipment 0.5%
Cisco Systems, Inc.		62,794			2,468,432
Construction & Engineering 0.2%
Vinci S.A. (France)		15,089			1,248,540
Diversified Telecommunication Services 2.5%
AT&T, Inc.		104,813			3,055,299
BCE, Inc. (Canada)		70,337			2,885,351
Deutsche Telekom A.G., Registered (Germany)		86,538			1,145,810
TELUS Corp. (Canada)		133,774			2,115,023
Verizon Communications, Inc.		88,908			4,777,027
					13,978,510
Electric Utilities 3.2%
American Electric Power Co., Inc.		26,970			2,157,061
Duke Energy Corp.		46,693			3,776,530
Entergy Corp.		26,162			2,458,443
FirstEnergy Corp.		69,763			2,795,403
Fortis, Inc. (Canada)		47,018			1,813,165
PPL Corp.		87,285			2,154,194
Terna Rete Elettrica Nazionale S.p.A. (Italy)		380,407			2,410,647
					17,565,443
Electrical Equipment 0.7%
Eaton Corp. PLC		26,524			2,060,649
Emerson Electric Co.		31,609			1,506,169
					3,566,818
Equity Real Estate Investment Trusts 0.7%
Iron Mountain, Inc.		88,387			2,103,611
Welltower, Inc.		39,405			1,803,961
					3,907,572
Food Products 1.1%
Danone S.A. (France)		27,117			1,748,901
Nestle S.A., Registered (Switzerland)		23,557			2,427,978
Orkla ASA (Norway)		207,136			1,772,553
					5,949,432
Gas Utilities 0.6%
Snam S.p.A. (Italy)		763,387			3,525,803
Health Care Providers & Services 0.3%
UnitedHealth Group, Inc.		5,677			1,415,730
Hotels, Restaurants & Leisure 0.5%
Las Vegas Sands Corp.		42,154			1,790,281
McDonald's Corp.		6,101			1,008,800
					2,799,081
Household Durables 0.2%
Leggett & Platt, Inc.		33,643			897,595
Household Products 0.7%
Kimberly-Clark Corp.		17,855			2,283,119
Procter & Gamble Co.		15,338			1,687,180
					3,970,299
Industrial Conglomerates 0.2%
Siemens A.G., Registered (Germany)		15,603			1,342,924
Insurance 2.6%
Allianz S.E., Registered (Germany)		18,175			3,133,033
Assicurazioni Generali S.p.A. (Italy)		112,741			1,535,864
AXA S.A. (France)		161,133			2,790,326
MetLife, Inc.		55,506			1,696,818
Muenchener Rueckversicherungs-Gesellschaft A.G., Registered (Germany)		11,660			2,357,002
SCOR S.E. (France)		50,003			1,101,743
Tokio Marine Holdings, Inc. (Japan)		33,900			1,554,740
					14,169,526
IT Services 0.5%
International Business Machines Corp.		25,281			2,804,421
Media 0.2%
Comcast Corp., Class A		34,999			1,203,266
ION Media Networks, Inc. (j)(k)(l)(m)(n)		8			3,173
					1,206,439
Multi-Utilities 2.3%
Ameren Corp.		19,152			1,394,840
CenterPoint Energy, Inc.		135,068			2,086,801
Dominion Energy, Inc.		53,812			3,884,688
National Grid PLC (United Kingdom)		306,761			3,595,391
WEC Energy Group, Inc.		16,016			1,411,490
					12,373,210
Multiline Retail 0.3%
Target Corp.		16,524			1,536,236
Oil, Gas & Consumable Fuels 1.8%
Chevron Corp.		14,914			1,080,668
Enterprise Products Partners, L.P.		121,945			1,743,814
Exxon Mobil Corp.		27,541			1,045,732
Magellan Midstream Partners, L.P.		41,015			1,496,637
Pembina Pipeline Corp. (Canada)		54,829			1,028,555
Phillips 66		22,880			1,227,512
TOTAL S.A. (France)		61,643			2,390,483
					10,013,401
Personal Products 0.6%
Unilever PLC (United Kingdom)		61,416			3,100,498
Pharmaceuticals 4.9%
AstraZeneca PLC, Sponsored ADR (United Kingdom)		46,524			2,077,762
GlaxoSmithKline PLC (United Kingdom)		138,376			2,595,567
Johnson & Johnson		20,093			2,634,795
Merck & Co., Inc.		40,592			3,123,149
Novartis A.G., Registered (Switzerland)		36,608			3,025,470
Novo Nordisk A/S, Class B (Denmark)		30,174			1,820,139
Pfizer, Inc.		109,234			3,565,398
Roche Holding A.G. (Switzerland)		5,915			1,923,049
Sanofi (France)		33,271			2,929,204
Takeda Pharmaceutical Co., Ltd. (Japan)		111,600			3,415,249
					27,109,782
Semiconductors & Semiconductor Equipment 1.6%
Broadcom, Inc.		5,254			1,245,724
Intel Corp.		35,253			1,907,892
KLA Corp.		12,353			1,775,620
Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Taiwan)		31,185			1,490,331
Texas Instruments, Inc.		22,880			2,286,399
					8,705,966
Software 0.8%
Microsoft Corp.		26,148			4,123,801
Specialty Retail 0.2%
Home Depot, Inc.		6,271			1,170,858
Technology Hardware, Storage & Peripherals 0.4%
Samsung Electronics Co., Ltd., GDR (Republic of Korea) (a)		2,097			2,082,321
Textiles, Apparel & Luxury Goods 0.1%
Hanesbrands, Inc.		98,302			773,637
Tobacco 1.7%
Altria Group, Inc.		74,913			2,896,886
British American Tobacco PLC (United Kingdom)		70,474			2,406,572
British American Tobacco PLC, Sponsored ADR (United Kingdom)		24,999			854,716
Philip Morris International, Inc.		43,134			3,147,056
					9,305,230
Trading Companies & Distributors 0.3%
Watsco, Inc.		9,745			1,540,002
Wireless Telecommunication Services 0.3%
Rogers Communications, Inc., Class B (Canada)		33,219			1,386,545
Total Common Stocks (Cost $227,737,138)					203,507,295
Short-Term Investments 4.2%
Affiliated Investment Company 3.6%
MainStay U.S. Government Liquidity Fund, 0.09% (o)		20,011,489			20,011,489
Unaffiliated Investment Company 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (o)(p)		3,378,830			3,378,830
Total Short-Term Investments (Cost $23,390,319)					23,390,319
Total Investments (Cost $549,795,730)		95.5	%		524,573,704
Other Assets, Less Liabilities		4.5			24,808,121
Net Assets		100.0	%	$	549,381,825

†	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 March 31, 2020.
(c)	Fixed to floating rate - Rate shown was the rate in effect as of March 31, 2020.
(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 March 31, 2020.
(f)	All or a portion of this security was held on loan. As of March 31, 2020, the aggregate market value of securities on loan was $3,360,606. The Portfolio received cash collateral with a value of $3,378,830.
(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 March 31, 2020.
(h)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of March 31, 2020.
(i)	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.
(j)	Non-income producing security.
(k)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(l)	Illiquid security - As of March 31, 2020, 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.
(m)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of March 31, 2020, the total market value of fair valued security was $3,173, which represented less than one-tenth of a percent of the Portfolio's net assets.
(n)	Restricted security.
(o)	Current yield as of March 31, 2020.
(p)	Represents a security purchased with cash collateral received for securities on loan.

Foreign Currency Forward Contracts

As of March 31, 2020, the Portfolio held the following foreign currency forward contracts¹:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
JPY	2,059,000,000	USD	18,971,888	JPMorgan Chase Bank N.A.	5/7/20	$	208,310
USD	6,975,597	CAD	9,193,000	JPMorgan Chase Bank N.A.	5/4/20		440,647
USD	26,096,907	EUR	23,573,000	JPMorgan Chase Bank N.A.	5/4/20		66,201
USD	17,526,849	GBP	13,443,000	JPMorgan Chase Bank N.A.	5/4/20		817,600
Total unrealized appreciation							1,532,758
EUR	16,421,000	USD	18,488,568	JPMorgan Chase Bank N.A.	5/4/20		(355,524	)
Total unrealized depreciation							(355,524	)
Net unrealized appreciation						$	1,177,234

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 March 31, 2020, 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
10-Year United States Treasury Note	72	June 2020	$	9,943,624		$	9,985,500		$	41,876
2-Year United States Treasury Note	164	June 2020		35,718,442			36,142,781			424,339
Nikkei 225	210	June 2020		18,242,038			18,207,161			(34,877	)
S&P 500 Index Mini	415	June 2020		55,583,419			53,321,275			(2,262,144	)
United States Treasury Long Bond	10	June 2020		1,746,211			1,790,625			44,414
United States Treasury Ultra Bond	130	June 2020		26,007,797			28,843,750			2,835,953
Total Long Contracts										1,049,561
Short Contracts
10-Year United States Treasury Ultra Note	(37)	June 2020		(5,405,664	)		(5,773,156	)		(367,492	)
5-Year United States Treasury Note	(118)	June 2020		(14,664,549	)		(14,792,406	)		(127,857	)
Total Short Contracts										(495,349	)
Net Unrealized Appreciation									$	554,212

1.	As of March 31, 2020, cash in the amount of $8,422,154 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 March 31, 2020.

The following abbreviations are used in the preceding pages:   

ADR	—American Depositary Receipt
CAD	—Canadian Dollar
EUAM	—European Union Advisory Mission
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 March 31, 2020, 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	$	—		$	10,394,650		$	—	$	10,394,650
Convertible Bonds		—			2,262,710			—		2,262,710
Corporate Bonds		—			169,113,851			—		169,113,851
Foreign Bonds		—			690,942			—		690,942
Foreign Government Bonds		—			3,145,605			—		3,145,605
Loan Assignments		—			6,008,159			—		6,008,159
Mortgage-Backed Securities		—			46,969,508			—		46,969,508
Municipal Bonds		—			1,190,984			—		1,190,984
U.S. Government & Federal Agencies		—			57,899,681			—		57,899,681
Total Long-Term Bonds		—			297,676,090			—		297,676,090
Common Stocks (b)
Aerospace & Defense		—			3,219,608			—		3,219,608
Air Freight & Logistics		—			1,783,558			—		1,783,558
Auto Components		—			1,762,662			—		1,762,662
Banks		—			1,787,807			—		1,787,807
Beverages		—			1,299,251			—		1,299,251
Capital Markets		—			2,117,814			—		2,117,814
Chemicals		—			1,987,620			—		1,987,620
Construction & Engineering		—			1,248,540			—		1,248,540
Diversified Telecommunication Services		—			1,145,810			—		1,145,810
Electric Utilities		—			2,410,647			—		2,410,647
Food Products		—			5,949,432			—		5,949,432
Gas Utilities		—			3,525,803			—		3,525,803
Industrial Conglomerates		—			1,342,924			—		1,342,924
Insurance		—			12,472,708			—		12,472,708
Multi-Utilities		—			3,595,391			—		3,595,391
Oil, Gas & Consumable Fuels		—			2,390,483			—		2,390,483
Personal Products		—			3,100,498			—		3,100,498
Pharmaceuticals		—			15,708,678			—		15,708,678
Tobacco		—			2,406,572			—		2,406,572
All Other Industries		134,248,316			—			3,173		134,251,489
Total Common Stocks		134,248,316			69,255,806			3,173		203,507,295
Short-Term Investments
Affiliated Investment Company		20,011,489			—			—		20,011,489
Unaffiliated Investment Company		3,378,830			—			—		3,378,830
Total Short-Term Investments		23,390,319			—			—		23,390,319
Total Investments in Securities		157,638,635			366,931,896			3,173		524,573,704
Other Financial Instruments
Foreign Currency Forward Contracts (c)		—			1,532,758			—		1,532,758
Futures Contracts (c)		3,346,582			—			—		3,346,582
Total Other Financial Instruments		3,346,582			1,532,758			—		4,879,340
Total Investments in Securities and Other Financial Instruments	$	160,985,217		$	368,464,654		$	3,173	$	529,453,044
Liability Valuation Inputs
Other Financial Instruments
Foreign Currency Forward Contracts (c)	$	—		$	(355,524	)	$	—	$	(355,524	)
Futures Contracts (c)		(2,792,370	)		—			—		(2,792,370	)
Total Other Financial Instruments	$	(2,792,370	)	$	(355,524	)	$	—	$	(3,147,894	)

(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, 2019		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 March 31, 2020			Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2020
Common Stocks	$	3,173	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	3,173	$	-
Total	$	3,173	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	3,173	$	-

MainStay VP Floating Rate Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

	Principal Amount		Value
Long-Term Bonds 90.6% †
Corporate Bonds 3.8%
Auto Parts & Equipment 0.1%
Cooper-Standard Automotive, Inc. 5.625%, due 11/15/26 (a)	$	400,000	$	292,000
Chemicals 0.3%
Alpha 3 B.V. / Alpha U.S. Bidco, Inc. 6.25%, due 2/1/25 (a)		400,000		368,500
Element Solutions, Inc. 5.875%, due 12/1/25 (a)		1,200,000		1,176,000
Starfruit Finco B.V. / Starfruit U.S. Holdco LLC 8.00%, due 10/1/26 (a)		500,000		474,575
				2,019,075
Commercial Services 0.4%
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		850,000		790,500
Prime Security Services Borrower LLC / Prime Finance, Inc. 6.25%, due 1/15/28 (a)		1,750,000		1,509,375
Refinitiv U.S. Holdings, Inc. 8.25%, due 11/15/26 (a)		500,000		527,500
				2,827,375
Distribution & Wholesale 0.1%
IAA, Inc. 5.50%, due 6/15/27 (a)		500,000		483,750
KAR Auction Services, Inc. 5.125%, due 6/1/25 (a)		350,000		334,250
				818,000
Electric 0.9%
Clearway Energy Operating LLC 5.75%, due 10/15/25		1,630,000		1,613,700
NRG Energy, Inc. 7.25%, due 5/15/26		1,300,000		1,361,750
Vistra Energy Corp. 8.125%, due 1/30/26 (a)		1,250,000		1,298,125
Vistra Operations Co. LLC 5.00%, due 7/31/27 (a)		1,500,000		1,522,500
				5,796,075
Entertainment 0.1%
Scientific Games International, Inc. 7.00%, due 5/15/28 (a)		900,000		553,500
Environmental Controls 0.2%
Advanced Disposal Services, Inc. 5.625%, due 11/15/24 (a)		800,000		810,000
GFL Environmental, Inc. 8.50%, due 5/1/27 (a)		228,000		229,072
				1,039,072
Food 0.1%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons, L.P. / Albertsons LLC 4.875%, due 2/15/30 (a)		300,000		299,250
Post Holdings, Inc. 5.50%, due 12/15/29 (a)		240,000		248,952
				548,202
Household Products & Wares 0.1%
Prestige Brands, Inc. 6.375%, due 3/1/24 (a)		300,000		307,500
Housewares 0.0% ‡
Scotts Miracle-Gro Co. 5.25%, due 12/15/26		200,000		190,000
Lodging 0.1%
Boyd Gaming Corp. 4.75%, due 12/1/27 (a)		400,000		330,000
Machinery - Diversified 0.0% ‡
RBS Global, Inc. / Rexnord LLC 4.875%, due 12/15/25 (a)		300,000		280,500
Media 0.0% ‡
iHeartCommunications, Inc.
6.375%, due 5/1/26		105,206		99,552
8.375%, due 5/1/27		190,685		166,014
				265,566
Miscellaneous - Manufacturing 0.1%
Koppers, Inc. 6.00%, due 2/15/25 (a)		500,000		400,000
Oil & Gas 0.0% ‡
EP Energy LLC / Everest Acquisition Finance, Inc. 8.00%, due 2/15/25 (a)(b)(c)		200,000		300
Oil & Gas Services 0.0% ‡
USA Compression Partners, L.P. / USA Compression Finance Corp. 6.875%, due 4/1/26		360,000		225,000
Packaging & Containers 0.0% ‡
Plastipak Holdings, Inc. 6.25%, due 10/15/25 (a)		220,000		196,900
Pharmaceuticals 0.2%
Bausch Health Cos., Inc.(a)
5.50%, due 11/1/25		300,000		303,090
6.50%, due 3/15/22		1,000,000		1,010,000
				1,313,090
Pipelines 0.1%
Energy Transfer Operating, L.P. 4.25%, due 3/15/23		600,000		543,300
Real Estate Investment Trusts 0.0% ‡
Ryman Hospitality Properties, Inc. 4.75%, due 10/15/27 (a)		300,000		225,000
Telecommunications 1.0%
Sprint Corp. 7.25%, due 2/1/28 (a)		6,000,000		6,030,000
Telesat Canada / Telesat LLC 4.875%, due 6/1/27 (a)		600,000		572,880
				6,602,880
Total Corporate Bonds (Cost $26,113,540)				24,773,335
Floating Rate Loans 76.7% (d)
Aerospace & Defense 1.0%
Dynasty Acquisition Co., Inc.
2020 Term Loan B1 4.95% (3 Month LIBOR + 3.50%), due 4/6/26		1,548,278		1,187,529
2020 CAD Term Loan B2 4.95% (3 Month LIBOR + 3.50%), due 4/6/26		832,407		638,457
Science Applications International Corp. 2018 Term Loan B 2.864% (1 Month LIBOR + 1.875%), due 10/31/25		888,750		825,797
TransDigm, Inc.
2020 Term Loan E 3.239% (1 Month LIBOR + 2.25%), due 5/30/25		980,044		904,090
2020 Term Loan F 3.239% (1 Month LIBOR + 2.25%), due 12/9/25		3,133,086		2,890,272
				6,446,145
Automobile 2.1%
American Axle and Manufacturing, Inc. Term Loan B 3.20% (1 Month LIBOR + 2.25%), due 4/6/24		1,824,728		1,512,243
AP Exhaust Acquisition, LLC (e)
2019 Term Loan B 6.71% (3 Month LIBOR + 5.00%), due 5/10/24		303,654		83,505
2019 Term Loan B 6.72% (6 Month LIBOR + 5.00%), due 5/10/24		303,654		83,505
Autokiniton US Holdings, Inc. 2018 Term Loan B 7.364% (1 Month LIBOR + 6.375%), due 5/22/25 (e)(f)		1,775,924		1,420,739
Belron Finance U.S. LLC
2018 Term Loan B 3.957% (3 Month LIBOR + 2.25%), due 11/13/25		987,500		928,250
Term Loan B 3.992% (3 Month LIBOR + 2.25%), due 11/7/24		977,500		918,850
2019 USD Term Loan B 4.27% (3 Month LIBOR + 2.50%), due 10/30/26		1,246,875		1,172,062
Chassix, Inc.
2017 1st Lien Term Loan 7.25% (3 Month LIBOR + 5.50%), due 11/15/23		712,917		513,300
2017 1st Lien Term Loan 7.346% (3 Month LIBOR + 5.50%), due 11/15/23		753,333		542,400
IAA, Inc. Term Loan B 3.25% (1 Month LIBOR + 2.25%), due 6/28/26		1,418,750		1,340,719
KAR Auction Services, Inc. 2019 Term Loan B6 3.188% (1 Month LIBOR + 2.25%), due 9/19/26		743,756		684,256
Mavis Tire Express Services Corp. 2018 1st Lien Term Loan 4.70% (1 Month LIBOR + 3.25%), due 3/20/25		1,579,345		1,216,096
Truck Hero, Inc. 1st Lien Term Loan 4.739% (1 Month LIBOR + 3.75%), due 4/22/24 (e)		1,723,099		1,286,581
Wand NewCo 3, Inc. 2020 Term Loan 4.072% (6 Month LIBOR + 3.00%), due 2/5/26		2,183,528		1,965,175
				13,667,681
Banking 1.6%
Apollo Commercial Real Estate Finance, Inc. Term Loan B 3.455% (1 Month LIBOR + 2.75%), due 5/15/26		1,488,750		1,161,225
Broadstreet Partners, Inc. 2020 Term Loan B 4.239% (1 Month LIBOR + 3.25%), due 1/27/27		2,560,354		2,249,911
Brookfield Property REIT, Inc. 1st Lien Term Loan B 3.489% (1 Month LIBOR + 2.50%), due 8/27/25		3,435,032		2,383,912
Edelman Financial Center LLC 2018 1st Lien Term Loan 4.179% (1 Month LIBOR + 3.25%), due 7/21/25		1,678,750		1,418,544
Greenhill & Co., Inc. Term Loan B 3.862% (1 Month LIBOR + 3.25%), due 4/12/24 (e)(f)		716,940		623,738
Jane Street Group LLC 2020 Term Loan 4.613% (3 Month LIBOR + 3.00%), due 1/31/25		1,866,264		1,642,312
Russell Investments U.S. Inst’l Holdco, Inc. Term Loan B 3.822% (6 Month LIBOR + 2.75%), due 6/1/23		867,733		789,637
				10,269,279
Beverage, Food & Tobacco 1.8%
8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan 4.297% (1 Month LIBOR + 3.50%), due 10/1/25		1,580,000		1,447,675
Advantage Sales & Marketing, Inc.
Term Loan B2 4.70% (3 Month LIBOR + 3.25%), due 7/25/21		972,500		791,372
2014 2nd Lien Term Loan 7.95% (3 Month LIBOR + 6.50%), due 7/25/22 (e)		625,000		452,083
American Seafoods Group LLC
2017 1st Lien Term Loan 3.77% (1 Month LIBOR + 2.75%), due 8/21/23		625,650		575,598
2017 1st Lien Term Loan 3.81% (3 Month LIBOR + 2.75%), due 8/21/23		19,862		18,273
Arctic Glacier U.S.A., Inc. 2018 Term Loan B 4.95% (1 Month LIBOR + 3.50%), due 3/20/24		619,218		507,759
ASP MSG Acquisition Co., Inc. 2017 Term Loan B 5.00% (1 Month LIBOR + 4.00%), due 8/16/23 (e)(f)		1,588,121		1,079,923
CHG PPC Parent LLC 2018 Term Loan B 3.739% (1 Month LIBOR + 2.75%), due 3/31/25		1,719,375		1,530,244
Hearthside Food Solutions LLC 2018 Term Loan B 4.677% (1 Month LIBOR + 3.687%), due 5/23/25		1,276,019		1,071,856
U.S. Foods, Inc. 2019 Term Loan B 3.072% (6 Month LIBOR + 2.00%), due 9/13/26		1,990,000		1,824,167
United Natural Foods, Inc. Term Loan B 5.239% (1 Month LIBOR + 4.25%), due 10/22/25		2,970,000		2,518,560
				11,817,510
Biotechnology 0.3%
Elanco Animal Health, Inc. Term Loan B TBD, due 2/4/27		2,100,000		1,989,750
Broadcasting & Entertainment 3.0%
Charter Communications Operating, LLC 2019 Term Loan B1 2.74% (1 Month LIBOR + 1.75%), due 4/30/25		4,887,500		4,661,453
Clear Channel Outdoor Holdings, Inc. Term Loan B 4.489% (1 Month LIBOR + 3.50%), due 8/21/26		1,741,250		1,554,066
Diamond Sports Group LLC Term Loan 4.18% (1 Month LIBOR + 3.25%), due 8/24/26		3,980,000		3,064,600
Entercom Media Corp. 2019 Term Loan 3.489% (1 Month LIBOR + 2.50%), due 11/18/24		892,267		789,656
Gray Television, Inc. 2018 Term Loan C 4.015% (1 Month LIBOR + 2.50%), due 1/2/26		2,506,446		2,381,124
Nielsen Finance LLC Term Loan B4 3.005% (1 Month LIBOR + 2.00%), due 10/4/23		1,207,941		1,113,319
Terrier Media Buyer, Inc. Term Loan B 5.70% (3 Month LIBOR + 4.25%), due 12/17/26		831,250		708,641
Univision Communications, Inc. Term Loan C5 3.75% (1 Month LIBOR + 2.75%), due 3/15/24		4,050,910		3,375,757
WideOpenWest Finance LLC 2017 Term Loan B 4.25% (1 Month LIBOR + 3.25%), due 8/18/23		1,935,375		1,736,999
				19,385,615
Buildings & Real Estate 2.8%
American Bath Group LLC 2018 Term Loan B 5.25% (1 Month LIBOR + 4.25%), due 9/30/23 (e)(f)		982,381		825,200
Core & Main L.P.
2017 Term Loan B 4.33% (1 Month LIBOR + 2.75%), due 8/1/24		1,561,907		1,354,954
2017 Term Loan B 4.33% (3 Month LIBOR + 2.75%), due 8/1/24		1,008,854		875,181
Cushman & Wakefield U.S. Borrower LLC 2020 Term Loan B 3.739% (1 Month LIBOR + 2.75%), due 8/21/25		2,962,500		2,636,625
Hamilton Holdco, LLC 2018 Term Loan B 3.46% (3 Month LIBOR + 2.00%), due 1/2/27		368,438		342,647
Jeld-Wen, Inc. 2017 1st Lien Term Loan 3.45% (3 Month LIBOR + 2.00%), due 12/14/24		763,672		679,668
NCI Building Systems, Inc. 2018 Term Loan 4.561% (1 Month LIBOR + 3.75%), due 4/12/25		2,555,977		2,198,141
Realogy Group LLC 2018 Term Loan B 3.831% (1 Month LIBOR + 2.25%), due 2/8/25		2,834,652		2,409,454
SIWF Holdings, Inc.
1st Lien Term Loan 5.322% (6 Month LIBOR + 4.25%), due 6/15/25		1,272,148		1,068,604
2nd Lien Term Loan 9.572% (6 Month LIBOR + 8.50%), due 6/15/26		120,000		99,000
SMG U.S. Midco 2, Inc. 2020 Term Loan 3.429% (3 Month LIBOR + 2.50%), due 1/23/25 (e)(f)		1,844,128		1,346,213
SRS Distribution, Inc.
2018 1st Lien Term Loan 4.07% (6 Month LIBOR + 3.00%), due 5/23/25		2,062,019		1,707,352
2018 1st Lien Term Loan 4.072% (1 Month LIBOR + 3.00%), due 5/23/25		5,247		4,344
VC GB Holdings, Inc. 2017 1st Lien Term Loan 4.45% (3 Month LIBOR + 3.00%), due 2/28/24 (e)(f)		1,185,059		971,749
Wilsonart LLC 2017 Term Loan B 4.71% (3 Month LIBOR + 3.25%), due 12/19/23		2,471,638		1,861,967
				18,381,099
Cargo Transport 0.2%
Genesee & Wyoming, Inc. Term Loan 3.45% (3 Month LIBOR + 2.00%), due 12/30/26		1,500,000		1,430,625
Chemicals, Plastics & Rubber 2.5%
Allnex USA, Inc. Term Loan B3 4.863% (3 Month LIBOR + 3.25%), due 9/13/23 (e)		945,392		642,866
Cabot Microelectronics Corp. 2019 Term Loan B1 3.00% (1 Month LIBOR + 2.00%), due 11/17/25		795,792		759,982
Emerald Performance Materials LLC (e)
New 1st Lien Term Loan 4.50% (1 Month LIBOR + 3.50%), due 8/1/21		1,647,740		1,411,565
New 2nd Lien Term Loan 8.75% (1 Month LIBOR + 7.75%), due 8/1/22 (f)		700,000		560,000
Encapsys, LLC 2020 Term Loan B2 4.25% (1 Month LIBOR + 3.25%), due 11/7/24		1,457,956		1,137,205
Flex Acquisition Co., Inc.
1st Lien Term Loan 4.58% (1 Month LIBOR + 3.00%), due 12/29/23		31,645		27,690
1st Lien Term Loan 4.91% (3 Month LIBOR + 3.00%), due 12/29/23		843,089		737,703
Flint Group U.S. LLC 1st Lien Term Loan B2 4.801% (3 Month LIBOR + 3.00%), due 9/7/21 (e)		1,757,063		1,221,159
Ineos U.S. Finance LLC 2017  Term Loan B 2.989% (1 Month LIBOR + 2.00%), due 4/1/24		1,460,063		1,293,616
Innophos, Inc. 2020 Term Loan B 4.755% (1 Month LIBOR + 3.75%), due 2/4/27		1,500,000		1,237,500
Minerals Technologies, Inc.
2017 Term Loan B 2.87% (1 Month LIBOR + 2.25%), due 2/14/24		32,223		29,000
2017 Term Loan B 3.18% (1 Month LIBOR + 2.25%), due 2/14/24		603,532		543,179
2017 Term Loan B 3.217% (1 Month LIBOR + 2.25%), due 2/14/24 (e)		25,778		23,200
2017 Term Loan B 3.46% (3 Month LIBOR + 2.25%), due 2/14/24		80,557		72,501
PQ Corp. 2018 Term Loan B 4.027% (3 Month LIBOR + 2.25%), due 2/7/27		1,227,861		1,089,727
TricorBraun Holdings, Inc. 2016 1st Lien Term Loan 5.20% (3 Month LIBOR + 3.75%), due 11/30/23		1,477,112		1,211,232
Tronox Finance LLC
Term Loan B 3.74% (1 Month LIBOR + 2.75%), due 9/23/24		1,478,142		1,300,765
Term Loan B 3.93% (3 Month LIBOR + 2.75%), due 9/23/24		1,042,988		917,830
Univar, Inc. 2019 USD Term Loan B5 3.45% (3 Month LIBOR + 2.00%), due 7/1/26		598,500		538,650
Venator Materials Corp. Term Loan B 3.989% (1 Month LIBOR + 3.00%), due 8/8/24		1,950,000		1,677,000
Zep, Inc. 2017 1st Lien Term Loan 5.072% (3 Month LIBOR + 4.00%), due 8/12/24 (e)		104,632		69,057
				16,501,427
Containers, Packaging & Glass 3.4%
Altium Packaging LLC Term Loan B 3.989% (1 Month LIBOR + 3.00%), due 6/14/26 (e)		992,513		840,328
Anchor Glass Container Corp.
2017 1st Lien Term Loan 3.76% (1 Month LIBOR + 2.75%), due 12/7/23		2,023,794		1,096,222
2017 1st Lien Term Loan 4.20% (3 Month LIBOR + 2.75%), due 12/7/23		97,697		52,919
Berry Global, Inc. 2019 Term Loan Y 2.863% (1 Month LIBOR + 2.00%), due 7/1/26		3,220,650		3,004,867
BWAY Holding Co. 2017 Term Loan B 5.084% (3 Month LIBOR + 3.25%), due 4/3/24		2,895,115		2,352,281
Charter NEX US, Inc.
2017 Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 5/16/24		916,862		777,041
Incremental Term Loan 4.489% (1 Month LIBOR + 3.50%), due 5/16/24		858,265		742,399
Clearwater Paper Corp. Term Loan B 4.25% (3 Month LIBOR + 3.25%), due 7/26/26		2,493,750		2,319,187
Consolidated Container Co. LLC 2017 1st Lien Term Loan 3.75% (1 Month LIBOR + 2.75%), due 5/22/24		1,950,113		1,794,103
Fort Dearborn Co.
2016 1st Lien Term Loan 5.52% (1 Month LIBOR + 4.00%), due 10/19/23		29,762		25,000
2016 1st Lien Term Loan 5.91% (3 Month LIBOR + 4.00%), due 10/19/23		1,394,131		1,171,070
2016 2nd Lien Term Loan 10.408% (3 Month LIBOR + 8.50%), due 10/21/24 (e)(f)		1,000,000		850,000
Klockner-Pentaplast of America, Inc. 2017 Term Loan B2 5.25% (1 Month LIBOR + 4.25%), due 6/30/22		2,437,500		1,715,391
Reynolds Consumer Products LLC Term Loan 3.501% (3 Month LIBOR + 1.75%), due 2/4/27		1,500,000		1,404,375
Reynolds Group Holdings, Inc. 2017 Term Loan 3.739% (1 Month LIBOR + 2.75%), due 2/5/23		2,045,546		1,930,484
Tank Holding Corp. 2020 Term Loan 4.489% (1 Month LIBOR + 3.50%), due 3/26/26		2,241,244		1,910,660
Trident TPI Holdings, Inc. 2017 Term Loan B1 4.323% (3 Month LIBOR + 3.25%), due 10/17/24		729,867		598,491
				22,584,818
Diversified/Conglomerate Manufacturing 2.9%
Allied Universal Holdco LLC 2019 Term Loan B 5.239% (1 Month LIBOR + 4.25%), due 7/10/26		997,500		910,219
EWT Holdings III Corp. 2020 Term Loan 3.739% (1 Month LIBOR + 2.75%), due 12/20/24		1,983,333		1,804,833
Filtration Group Corp. 2018 1st Lien Term Loan 3.989% (1 Month LIBOR + 3.00%), due 3/29/25		1,791,315		1,547,249
Gardner Denver, Inc. 2020 USD Term Loan 2.739% (1 Month LIBOR + 1.75%), due 3/1/27		3,400,563		3,179,527
GYP Holdings III Corp. 2018 Term Loan B 3.739% (1 Month LIBOR + 2.75%), due 6/1/25		411,685		370,517
Hyster-Yale Group, Inc. Term Loan B 4.239% (1 Month LIBOR + 3.25%), due 5/30/23 (e)(f)		1,389,583		1,181,146
Iron Mountain, Inc. 2018 Term Loan B 2.739% (1 Month LIBOR + 1.75%), due 1/2/26		1,837,500		1,745,625
LTI Holdings, Inc. 2018 Add On 1st Lien Term Loan 4.489% (1 Month LIBOR + 3.50%), due 9/6/25		1,082,216		788,213
Pre-Paid Legal Services, Inc. 2018 1st Lien Term Loan 4.239% (1 Month LIBOR + 3.25%), due 5/1/25		2,983,610		2,513,692
Quikrete Holdings, Inc. 2016 1st Lien Term Loan 3.489% (1 Month LIBOR + 2.50%), due 2/1/27		2,330,951		1,992,962
Red Ventures LLC 2020 Term Loan B 3.489% (1 Month LIBOR + 2.50%), due 11/8/24		3,031,238		2,505,824
TRC Cos., Inc. Term Loan 4.95% (3 Month LIBOR + 3.50%), due 6/21/24 (e)		877,500		774,394
				19,314,201
Diversified/Conglomerate Service 4.4%
Applied Systems, Inc.
2017 1st Lien Term Loan 4.70% (3 Month LIBOR + 3.25%), due 9/19/24		1,930,645		1,752,750
2017 2nd Lien Term Loan 8.45% (3 Month LIBOR + 7.00%), due 9/19/25		460,000		414,000
BidFair MergerRight, Inc. Term Loan B 6.50% (1 Month LIBOR + 5.50%), due 1/15/27		2,327,672		1,803,946
Blackhawk Network Holdings, Inc. 2018 1st Lien Term Loan 3.989% (1 Month LIBOR + 3.00%), due 6/15/25		982,500		792,550
BrightView Landscapes LLC 2018 1st Lien Term Loan B 3.294% (1 Month LIBOR + 2.50%), due 8/15/25		1,104,693		1,043,935
Change Healthcare Holdings, Inc. 2017 Term Loan B 3.50% (1 Month LIBOR + 2.50%), due 3/1/24		1,600,105		1,450,763
CCC Information Services, Inc. 2017 1st Lien Term Loan 3.75% (1 Month LIBOR + 2.75%), due 4/29/24		947,564		859,576
Element Materials Technology Group US Holdings, Inc. 2017 Term Loan B 4.95% (3 Month LIBOR + 3.50%), due 6/28/24 (e)		979,956		806,014
Greeneden U.S. Holdings II LLC 2018 Term Loan B 4.239% (1 Month LIBOR + 3.25%), due 12/1/23		1,448,182		1,288,882
IRI Holdings, Inc. 2018 1st Lien Term Loan 6.113% (3 Month LIBOR + 4.50%), due 12/1/25		3,209,375		2,535,406
Mitchell International, Inc. 2017 1st Lien Term Loan 4.239% (1 Month LIBOR + 3.25%), due 11/29/24		971,272		795,229
MKS Instruments, Inc. 2019 Term Loan B6 2.739% (1 Month LIBOR + 1.75%), due 2/2/26		702,283		629,948
Monitronics International, Inc. Takeback Term Loan 7.75% (1 Month LIBOR + 6.50%), due 3/29/24 (e)(f)		958,540		716,509
MX Holdings U.S., Inc. 2018 Term Loan B1C 3.739% (1 Month LIBOR + 2.75%), due 7/31/25		2,217,792		1,862,945
Prime Security Services Borrower LLC 2019 Term Loan B1 4.606% (1 Month LIBOR + 3.25%), due 9/23/26		5,534,702		4,953,558
Sophia L.P. 2017 Term Loan B 4.70% (3 Month LIBOR + 3.25%), due 9/30/22		1,752,888		1,653,557
TruGreen, Ltd. Partnership 2019 Term Loan 4.75% (1 Month LIBOR + 3.75%), due 3/19/26		1,742,128		1,585,336
Verint Systems, Inc.
2018 Term Loan B 3.58% (1 Month LIBOR + 2.00%), due 6/28/24		1,254,779		1,198,314
2018 Term Loan B 3.76% (3 Month LIBOR + 2.00%), due 6/28/24		1,176,471		1,123,530
Verscend Holding Corp. 2018 Term Loan B 5.489% (1 Month LIBOR + 4.50%), due 8/27/25		985,000		925,900
WEX, Inc. Term Loan B3 3.239% (1 Month LIBOR + 2.25%), due 5/15/26		962,775		825,580
				29,018,228
Ecological 0.3%
Advanced Disposal Services, Inc. Term Loan B3 2.894% (1 Week LIBOR + 2.25%), due 11/10/23		2,038,157		2,017,775
Electronics 13.4%
Almonde, Inc.
1st Lien Term Loan 5.277% (3 Month LIBOR + 3.50%), due 6/13/24		2,709,556		2,313,283
2nd Lien Term Loan 9.027% (3 Month LIBOR + 7.25%), due 6/13/25		1,400,000		1,043,000
ASG Technologies Group, Inc. 2018 Term Loan 4.50% (1 Month LIBOR + 3.50%), due 7/31/24 (e)(f)		1,495,086		1,196,069
Banff Merger Sub Inc. 2018  Term Loan B 5.239% (1 Month LIBOR + 4.25%), due 10/2/25		2,419,744		2,044,684
Barracuda Networks, Inc. 1st Lien Term Loan 4.517% (3 Month LIBOR + 3.25%), due 2/12/25		1,968,712		1,791,528
Camelot U.S. Acquisition 1 Co. Term Loan B 4.239% (1 Month LIBOR + 3.25%), due 10/31/26		1,890,000		1,679,738
Castle U.S. Holding Corp. USD Term Loan B 5.20% (1 Month LIBOR + 3.75%), due 1/29/27		1,444,043		1,247,292
Cologix, Inc. 2017 1st Lien Term Loan 4.00% (1 Month LIBOR + 3.00%), due 3/20/24		1,930,202		1,647,910
Colorado Buyer, Inc.
Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 5/1/24		972,500		632,125
2nd Lien Term Loan 8.25% (1 Month LIBOR + 7.25%), due 5/1/25		800,000		282,666
CommScope, Inc. 2019 Term Loan B 4.239% (1 Month LIBOR + 3.25%), due 4/6/26		4,289,691		4,032,309
Compuware Corp. 2018 Term Loan B 4.989% (1 Month LIBOR + 4.00%), due 8/22/25		617,128		586,271
DCert Buyer, Inc. 2019 Term Loan B 4.989% (1 Month LIBOR + 4.00%), due 10/16/26		2,000,000		1,773,334
Dell International LLC 2019 Term Loan B 2.99% (1 Month LIBOR + 2.00%), due 9/19/25		3,253,620		3,099,073
Diebold, Inc. 2017 Term Loan B 3.813% (1 Month LIBOR + 2.75%), due 11/6/23		1,144,195		978,287
ECI Macola Max Holdings LLC 1st Lien Term Loan 5.70% (3 Month LIBOR + 4.25%), due 9/27/24		2,203,006		1,931,303
EIG Investors Corp. 2018 1st Lien Term Loan 5.388% (3 Month LIBOR + 3.75%), due 2/9/23		3,773,836		3,037,938
Epicor Software Corp. 1st Lien Term Loan 4.25% (1 Month LIBOR + 3.25%), due 6/1/22		3,110,365		2,830,432
Flexential Intermediate Corp. 2017 1st Lien Term Loan 4.95% (3 Month LIBOR + 3.50%), due 8/1/24		1,170,000		836,550
Flexera Software LLC 2018 1st Lien Term Loan 4.50% (1 Month LIBOR + 3.50%), due 2/26/25		1,425,874		1,279,722
Go Daddy Operating Co. LLC 2017 Repriced Term Loan 2.739% (1 Month LIBOR + 1.75%), due 2/15/24		2,223,760		2,103,677
Hyland Software, Inc.
2018 1st Lien Term Loan 4.239% (1 Month LIBOR + 3.25%), due 7/1/24		3,618,843		3,329,335
2017 2nd Lien Term Loan 7.989% (1 Month LIBOR + 7.00%), due 7/7/25		608,333		559,667
Infor (U.S.), Inc. Term Loan B6 3.75% (1 Month LIBOR + 2.75%), due 2/1/22		1,671,136		1,601,784
Informatica LLC 2020 USD Term Loan B 4.243% (1 Month LIBOR + 3.25%), due 2/25/27		2,000,000		1,740,000
Kronos, Inc. 2017 Term Loan B 4.763% (3 Month LIBOR + 3.00%), due 11/1/23		1,533,084		1,401,814
MA FinanceCo. LLC Term Loan B3 3.489% (1 Month LIBOR + 2.50%), due 6/21/24		352,345		314,761
McAfee LLC
2018 Term Loan B 4.691% (1 Month LIBOR + 3.75%), due 9/30/24		4,598,285		4,238,087
2017 2nd Lien Term Loan 9.50% (1 Month LIBOR + 8.50%), due 9/29/25		312,500		292,188
MH Sub I LLC 2017 1st Lien Term Loan 4.822% (6 Month LIBOR + 3.75%), due 9/13/24		4,063,722		3,454,164
Project Alpha Intermediate Holding, Inc.
2017 Term Loan B 5.38% (6 Month LIBOR + 3.50%), due 4/26/24		1,446,282		1,301,654
2019 Incremental Term Loan B 6.13% (6 Month LIBOR + 4.25%), due 4/26/24		595,500		532,973
Project Leopard Holdings, Inc.
2019 Term Loan 5.70% (3 Month LIBOR + 4.25%), due 7/7/23 (e)		991,231		872,283
2018 Term Loan 5.95% (1 Month LIBOR + 4.50%), due 7/7/23		1,097,369		965,685
Refinitiv US Holdings, Inc. 2018 Term Loan 4.239% (1 Month LIBOR + 3.25%), due 10/1/25		2,451,275		2,345,054
Rocket Software, Inc. 2018 Term Loan 5.239% (1 Month LIBOR + 4.25%), due 11/28/25		891,000		721,710
RP Crown Parent LLC 2016 Term Loan B 3.75% (1 Month LIBOR + 2.75%), due 10/12/23		2,322,000		2,205,900
Seattle Spinco, Inc. Term Loan B3 3.489% (1 Month LIBOR + 2.50%), due 6/21/24		2,379,469		2,125,658
Solera LLC Term Loan B 4.363% (3 Month LIBOR + 2.75%), due 3/3/23		1,916,783		1,775,420
SS&C Technologies, Inc.
2018 Term Loan B3 2.739% (1 Month LIBOR + 1.75%), due 4/16/25		2,498,108		2,348,221
2018 Term Loan B5 2.739% (1 Month LIBOR + 1.75%), due 4/16/25		1,969,687		1,845,597
STG-Fairway Holdings LLC Term Loan B 4.572% (3 Month LIBOR + 3.50%), due 1/31/27 (e)(f)		500,000		450,000
Surf Holdings LLC USD Term Loan 4.814% (3 Month LIBOR + 3.50%), due 3/5/27		1,750,000		1,548,750
Tempo Acquisition LLC Term Loan 3.739% (1 Month LIBOR + 2.75%), due 5/1/24		4,393,572		3,888,311
Tibco Software, Inc.
2020 2nd Lien Term Loan TBD, due 3/3/28		400,000		372,000
2020 Term Loan B 4.74% (1 Month LIBOR + 3.75%), due 6/30/26		1,000,000		940,000
Ultimate Software Group, Inc. Term Loan B 4.739% (1 Month LIBOR + 3.75%), due 5/4/26		1,741,250		1,623,716
Veritas Bermuda, Ltd. Repriced Term Loan B 5.95% (3 Month LIBOR + 4.50%), due 1/27/23		2,201,526		1,846,530
Vertafore, Inc. 2018 1st Lien Term Loan 4.239% (1 Month LIBOR + 3.25%), due 7/2/25		395,000		349,081
Vertiv Group Corp. Term Loan B 4.581% (1 Month LIBOR + 3.00%), due 3/2/27		2,000,000		1,790,000
VS Buyer LLC Term Loan B 4.863% (3 Month LIBOR + 3.25%), due 2/28/27		1,000,000		955,000
Web.com Group, Inc.
2018 Term Loan B 4.945% (3 Month LIBOR + 3.75%), due 10/10/25		1,453,881		1,190,365
2018 2nd Lien Term Loan 8.945% (3 Month LIBOR + 7.75%), due 10/9/26		969,724		732,142
Western Digital Corp. 2018 Term Loan B4 3.353% (3 Month LIBOR + 1.75%), due 4/29/23		1,241,810		1,185,929
Xerox Business Services LLC Term Loan B 3.489% (1 Month LIBOR + 2.50%), due 12/7/23		1,453,607		1,104,741
				88,315,711
Finance 1.5%
Amentum Government Services Holdings LLC Term Loan B 4.989% (1 Month LIBOR + 4.00%), due 2/1/27		625,000		581,250
Brand Energy & Infrastructure Services, Inc. 2017 Term Loan 6.085% (3 Month LIBOR + 4.25%), due 6/21/24		2,680,059		2,144,047
Deerfield Dakota Holding, LLC 2018 Term Loan B 4.25% (1 Month LIBOR + 3.25%), due 2/13/25		3,879,167		3,336,083
iStar, Inc.
2016 Term Loan B 3.52% (1 Month LIBOR + 2.75%), due 6/28/23		224,351		199,672
2016 Term Loan B 3.68% (1 Month LIBOR + 2.75%), due 6/28/23		406,235		361,549
ON Semiconductor Corp. 2019 Term Loan B 2.989% (1 Month LIBOR + 2.00%), due 9/19/26		492,513		459,268
Transplace Holdings, Inc. 1st Lien Term Loan 4.822% (6 Month LIBOR + 3.75%), due 10/7/24 (e)(f)		1,173,060		1,055,754
USS Ultimate Holdings, Inc. 1st Lien Term Loan 5.671% (6 Month LIBOR + 3.75%), due 8/25/24		2,056,183		1,716,913
				9,854,536
Healthcare, Education & Childcare 6.7%
Acadia Healthcare Co., Inc 2018 Term Loan B4 3.50% (1 Month LIBOR + 2.50%), due 2/16/23		723,448		643,869
Agiliti Health, Inc. Term Loan 4.625% (1 Month LIBOR + 3.00%), due 1/4/26		891,000		850,905
AHP Health Partners, Inc. 2018 Term Loan 5.50% (1 Month LIBOR + 4.50%), due 6/30/25		1,288,746		1,130,875
Akorn, Inc. Term Loan B 15.375% (PIK + 0.75%), due 4/16/21 (g)		174,491		132,613
Alliance Healthcare Services, Inc. 2017 Term Loan B 5.50% (1 Month LIBOR + 4.50%), due 10/24/23 (e)(f)		843,750		641,250
Alvogen Pharma U.S., Inc. 2020 Extended Term Loan 6.32% (6 Month LIBOR + 5.25%), due 12/31/23		1,283,715		1,065,483
Amneal Pharmaceuticals LLC 2018 Term Loan B 4.50% (1 Month LIBOR + 3.50%), due 5/4/25		2,210,105		1,895,165
Athenahealth, Inc. 2019 Term Loan B 5.284% (3 Month LIBOR + 4.50%), due 2/11/26		741,880		689,948
Avantor Funding, Inc. Term Loan B3 3.25% (1 Month LIBOR + 2.25%), due 11/21/24		743,622		699,005
Carestream Dental Equipment, Inc. 2017 1st Lien Term Loan 4.322% (1 Month LIBOR + 3.25%), due 9/1/24		975,000		780,000
Carestream Health, Inc. (e)
1st Lien Term Loan 7.322% (3 Month LIBOR + 6.25%), due 2/28/21		1,974,246		1,789,983
2nd Lien Term Loan 11.572% (PIK + 1.00%), due 6/7/21 (f)(g)		1,350,970		1,143,258
Compassus Intermediate, Inc. Term Loan B 6.072% (6 Month LIBOR + 5.00%), due 12/31/26 (e)(f)		1,558,594		1,449,492
Da Vinci Purchaser Corp. 2019 Term Loan 5.872% (3 Month LIBOR + 4.00%), due 1/8/27		1,916,667		1,763,333
DaVita, Inc. 2020 Term Loan B 2.739% (1 Month LIBOR + 1.75%), due 8/12/26		2,736,267		2,581,211
Emerald TopCo, Inc. Term Loan 4.489% (1 Month LIBOR + 3.50%), due 7/24/26		2,487,500		2,226,313
Envision Healthcare Corp. 2018 1st Lien Term Loan 4.739% (1 Month LIBOR + 3.75%), due 10/10/25		1,851,563		935,039
eResearchTechnology, Inc. 2020 1st Lien Term Loan 5.95% (3 Month LIBOR + 4.50%), due 2/4/27		1,200,000		1,052,000
ExamWorks Group, Inc.
2017 Term Loan 4.25% (6 Month LIBOR + 3.25%), due 7/27/23		2,906,734		2,601,527
2017 Term Loan 4.25% (3 Month LIBOR + 3.25%), due 7/27/23		7,530		6,740
Gentiva Health Services, Inc. 2020 Term Loan 4.25% (1 Month LIBOR + 3.25%), due 7/2/25		1,286,878		1,203,231
Grifols Worldwide Operations U.S.A., Inc. USD 2019 Term Loan B 2.684% (1 Week LIBOR + 2.00%), due 11/15/27		997,500		945,962
HCA, Inc. Term Loan B12 2.739% (1 Month LIBOR + 1.75%), due 3/13/25		2,474,937		2,345,003
Jaguar Holding Co. II 2018 Term Loan 3.50% (1 Month LIBOR + 2.50%), due 8/18/22		2,644,922		2,520,391
Ortho-Clinical Diagnostics S.A. 2018 Term Loan B 4.765% (1 Month LIBOR + 3.25%), due 6/30/25		1,915,060		1,610,565
RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B 4.739% (1 Month LIBOR + 3.75%), due 11/17/25		1,594,745		1,479,126
RPI 2019 Intermediate Finance Trust 2020 Term Loan B1 2.739% (1 Month LIBOR + 1.75%), due 2/11/27		3,192,000		2,926,001
Select Medical Corp. 2017 Term Loan B 3.43% (1 Month LIBOR + 2.50%), due 3/6/25		3,048,392		2,880,730
Sound Inpatient Physicians 2018 1st Lien Term Loan 3.739% (1 Month LIBOR + 2.75%), due 6/27/25 (e)		491,250		431,072
Team Health Holdings, Inc. 1st Lien Term Loan 3.75% (1 Month LIBOR + 2.75%), due 2/6/24		2,880,343		1,785,812
U.S. Anesthesia Partners, Inc. 2017 Term Loan 4.00% (1 Month LIBOR + 3.00%), due 6/23/24		2,824,618		2,104,340
				44,310,242
Home and Office Furnishings, Housewares & Durable Consumer Products 0.2%
Serta Simmons Bedding LLC
1st Lien Term Loan 4.50% (1 Month LIBOR + 3.50%), due 11/8/23		2,669,599		1,036,693
1st Lien Term Loan 4.50% (1 Month LIBOR + 3.50%), due 11/8/23		762,257		296,010
				1,332,703
Hotels, Motels, Inns & Gaming 4.6%
Affinity Gaming LLC Initial Term Loan 4.25% (1 Month LIBOR + 3.25%), due 7/1/23		2,469,718		1,852,288
Aimbridge Acquisition Co., Inc. 2019 Term Loan B 5.017% (3 Month LIBOR + 3.75%), due 2/2/26		2,238,750		1,567,125
AP Gaming I LLC 2018 Incremental Term Loan 4.95% (3 Month LIBOR + 3.50%), due 2/15/24		1,848,836		1,423,604
Caesars Entertainment Operating Co. Exit Term Loan 2.989% (1 Month LIBOR + 2.00%), due 10/7/24		1,351,389		1,094,625
Caesars Resort Collection LLC 2017 1st Lien Term Loan B 3.739% (1 Month LIBOR + 2.75%), due 12/23/24		1,915,102		1,538,920
Churchill Downs, Inc. 2017 Term Loan B 2.99% (1 Month LIBOR + 2.00%), due 12/27/24		1,962,387		1,736,712
CityCenter Holdings LLC 2017 Term Loan B 3.239% (1 Month LIBOR + 2.25%), due 4/18/24		2,820,250		2,453,618
Everi Payments, Inc. Term Loan B 3.822% (3 Month LIBOR + 2.75%), due 5/9/24		2,955,113		2,334,539
Golden Entertainment, Inc. 2017 1st Lien Term Loan 3.96% (1 Month LIBOR + 3.00%), due 10/21/24		1,600,000		1,200,000
Hilton Worldwide Finance LLC 2019 Term Loan B2 2.697% (1 Month LIBOR + 1.75%), due 6/22/26		235,804		218,512
PCI Gaming Authority Term Loan 3.489% (1 Month LIBOR + 2.50%), due 5/29/26		658,702		517,081
Penn National Gaming, Inc. 2018 1st Lien Term Loan B 3.239% (1 Month LIBOR + 2.25%), due 10/15/25		329,167		246,692
Scientific Games International, Inc.
2018 Term Loan B5 3.74% (1 Month LIBOR + 2.75%), due 8/14/24		1,042,732		836,793
2018 Term Loan B5 4.246% (2 Month LIBOR + 2.75%), due 8/14/24		4,289,636		3,442,433
Station Casinos LLC 2020 Term Loan B 3.24% (1 Month LIBOR + 2.25%), due 2/8/27		2,649,901		2,188,818
UFC Holdings, LLC 2019 Term Loan 4.25% (1 Month LIBOR + 3.25%), due 4/29/26		4,542,264		3,951,769
Wyndham Destinations, Inc. 2018 1st Lien Term Loan 3.239% (1 Month LIBOR + 2.25%), due 5/30/25		1,977,443		1,562,180
Wyndham Hotels & Resorts, Inc. Term Loan B 2.739% (1 Month LIBOR + 1.75%), due 5/30/25		2,469,943		2,126,209
				30,291,918
Insurance 2.9%
Acrisure LLC 2020 Term Loan B 5.207% (3 Month LIBOR + 3.50%), due 2/15/27		992,386		823,680
AmWINS Group, Inc.
2017 Term Loan B 3.75% (1 Month LIBOR + 2.75%), due 1/25/24		1,597,426		1,466,637
2017 Term Loan B 3.77% (1 Month LIBOR + 2.75%), due 1/25/24		320,020		293,819
AssuredPartners, Inc. 2020 Term Loan B 4.489% (1 Month LIBOR + 3.50%), due 2/12/27		3,213,461		2,827,845
Asurion LLC
2017 Term Loan B4 3.989% (1 Month LIBOR + 3.00%), due 8/4/22		2,832,337		2,591,588
2018 Term Loan B6 3.989% (1 Month LIBOR + 3.00%), due 11/3/23		1,636,216		1,554,405
2018 Term Loan B7 3.989% (1 Month LIBOR + 3.00%), due 11/3/24		460,547		426,774
2017 2nd Lien Term Loan 7.489% (1 Month LIBOR + 6.50%), due 8/4/25		966,667		889,333
Hub International, Ltd. 2018 Term Loan B 4.544% (3 Month LIBOR + 2.75%), due 4/25/25		1,430,171		1,331,847
NFP Corp. 2020 Term Loan 4.239% (1 Month LIBOR + 3.25%), due 2/15/27		1,459,874		1,255,492
Sedgwick Claims Management Services, Inc.
2018 Term Loan B 4.239% (1 Month LIBOR + 3.25%), due 12/31/25		1,967,538		1,715,038
2019 Term Loan B 4.989% (1 Month LIBOR + 4.00%), due 9/3/26		992,500		891,595
USI, Inc. 2017 Repriced Term Loan 3.989% (3 Month LIBOR + 3.00%), due 5/16/24		2,925,000		2,628,844
				18,696,897
Leisure, Amusement, Motion Pictures & Entertainment 2.7%
Alterra Mountain Co. Term Loan B1 3.739% (1 Month LIBOR + 2.75%), due 7/31/24		3,450,834		3,036,734
Boyd Gaming Corp. Term Loan B3 2.934% (1 Week LIBOR + 2.25%), due 9/15/23		1,419,399		1,230,146
Cineworld, Ltd. Incremental Term Loan TBD, due 2/5/27		3,000,000		1,822,500
Creative Artists Agency LLC 2019 Term Loan B 4.739% (1 Month LIBOR + 3.75%), due 11/27/26		1,496,250		1,309,219
DHX Media, Ltd. Term Loan B 5.25% (1 Month LIBOR + 4.25%), due 12/29/23		698,207		607,440
Fitness International LLC
2018 Term Loan A 3.32% (6 Month LIBOR + 2.25%), due 1/8/25		1,243,125		947,883
2018 Term Loan A 3.327% (3 Month LIBOR + 2.25%), due 1/8/25		15,938		12,152
2018 Term Loan B 4.322% (6 Month LIBOR + 3.25%), due 4/18/25		270,764		201,719
Life Time Fitness, Inc. 2017 Term Loan B 4.363% (3 Month LIBOR + 2.75%), due 6/10/22		1,780,150		1,312,225
Lions Gate Capital Holdings LLC 2018 Term Loan B 3.239% (1 Month LIBOR + 2.25%), due 3/24/25		1,042,860		933,360
Marriott Ownership Resorts, Inc. 2019 Term Loan B 2.739% (1 Month LIBOR + 1.75%), due 8/29/25		1,492,491		1,291,004
TKC Holdings, Inc. 2017 1st Lien Term Loan 4.75% (1 Month LIBOR + 3.75%), due 2/1/23		2,021,774		1,597,201
Travel Leaders Group LLC 2018 Term Loan B 4.959% (1 Month LIBOR + 4.00%), due 1/25/24		1,670,250		1,252,687
William Morris Endeavor Entertainment LLC
2018 1st Lien Term Loan 3.74% (1 Month LIBOR + 2.75%), due 5/18/25		1,409,494		1,108,803
2018 1st Lien Term Loan 4.031% (3 Month LIBOR + 2.75%), due 5/18/25		1,258,001		989,628
				17,652,701
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 1.2%
Advanced Drainage Systems, Inc. Term Loan B 3.813% (1 Month LIBOR + 2.25%), due 7/31/26		694,554		638,989
Altra Industrial Motion Corp. 2018 Term Loan B 2.989% (1 Month LIBOR + 2.00%), due 10/1/25		2,173,402		1,956,062
Blount International, Inc. 2018 Term Loan B 4.75% (1 Month LIBOR + 3.75%), due 4/12/23		3,339		3,173
Columbus McKinnon Corp. 2018 Term Loan B 3.95% (3 Month LIBOR + 2.50%), due 1/31/24		891,058		801,952
CPM Holdings, Inc.
2018 1st Lien Term Loan 5.353% (1 Month LIBOR + 3.75%), due 11/17/25		1,481,250		1,192,406
2018 2nd Lien Term Loan 9.853% (1 Month LIBOR + 8.25%), due 11/15/26 (e)		1,000,000		820,000
Ingersoll-Rand Services Co. 2020 USD Spinco Term Loan TBD, due 3/1/27		873,070		811,955
Rexnord LLC 2019 Term Loan B 2.679% (1 Month LIBOR + 1.75%), due 8/21/24		1,027,720		939,079
Welbilt, Inc. 2018 Term Loan B 3.489% (1 Month LIBOR + 2.50%), due 10/23/25		1,284,178		1,001,659
				8,165,275
Mining, Steel, Iron & Non-Precious Metals 1.2%
American Rock Salt Co. LLC 2018 1st Lien Term Loan 4.50% (1 Month LIBOR + 3.50%), due 3/21/25		1,620,016		1,377,014
Covia Holdings Corp. Term Loan 5.874% (3 Month LIBOR + 4.00%), due 6/1/25		1,403,571		617,571
Gates Global LLC 2017 Repriced Term Loan B 3.75% (1 Month LIBOR + 2.75%), due 4/1/24		2,400,513		2,124,454
GrafTech Finance, Inc. 2018 Term Loan B 4.50% (1 Month LIBOR + 3.50%), due 2/12/25		2,458,333		2,114,167
MRC Global (US) Inc. 2018 1st Lien Term Loan B 3.989% (1 Month LIBOR + 3.00%), due 9/20/24		1,466,221		1,172,977
U.S. Silica Co. 2018 Term Loan B 5.00% (1 Month LIBOR + 4.00%), due 5/1/25		1,469,910		687,183
				8,093,366
Oil & Gas 1.1%
Apergy Corp. (f)
2018 1st Lien Term Loan 3.64% (1 Month LIBOR + 2.50%), due 5/9/25 (e)		339,759		288,795
2018 1st Lien Term Loan 4.75% (PRIME + 1.50%), due 5/9/25		43,373		36,867
Buckeye Partners, L.P. 2019 Term Loan B 4.265% (1 Month LIBOR + 2.75%), due 11/1/26		1,375,000		1,261,563
Fleet U.S. Bidco, Inc. Term Loan B 4.322% (6 Month LIBOR + 3.25%), due 10/7/26		1,243,750		1,119,375
GIP III Stetson I, L.P. 2018 Term Loan B 5.174% (1 Month LIBOR + 4.25%), due 7/18/25 (e)		1,578,015		710,107
Keane Group Holdings LLC 2018 1st Lien Term Loan 4.50% (1 Month LIBOR + 3.50%), due 5/25/25		982,500		638,625
Lucid Energy Group II LLC 2018 1st Lien Term Loan 4.00% (1 Month LIBOR + 3.00%), due 2/17/25		1,372,000		745,453
Medallion Midland Acquisition LLC 1st Lien Term Loan 4.25% (1 Month LIBOR + 3.25%), due 10/30/24		586,500		322,575
PES Holdings LLC 2018 Term Loan C TBD (PIK + 6.99%), due 12/31/22 (e)(f)(g)		1,103,756		331,127
Prairie ECI Acquiror L.P. Term Loan B 6.20% (3 Month LIBOR + 4.75%), due 3/11/26		1,185,525		604,618
Seadrill Partners Finco LLC Term Loan B 7.45% (3 Month LIBOR + 6.00%), due 2/21/21 (e)		872,935		139,670
Summit Midstream Partners Holdings LLC Term Loan B 7.00% (1 Month LIBOR + 6.00%), due 5/13/22 (e)(f)		587,985		252,833
Traverse Midstream Partners LLC 2017 Term Loan 5.00% (1 Month LIBOR + 4.00%), due 9/27/24		1,313,333		731,089
				7,182,697
Personal & Nondurable Consumer Products (Manufacturing Only) 0.9%
American Builders & Contractors Supply Co., Inc. 2019 Term Loan 2.989% (1 Month LIBOR + 2.00%), due 1/15/27		2,736,250		2,448,944
Prestige Brands, Inc. Term Loan B4 2.989% (1 Month LIBOR + 2.00%), due 1/26/24		507,570		470,349
Revlon Consumer Products Corp.
2016 Term Loan B 4.95% (3 Month LIBOR + 3.50%), due 9/7/23		6,458		2,454
2016 Term Loan B 5.11% (3 Month LIBOR + 3.50%), due 9/7/23		2,486,458		944,854
SRAM LLC 2018 Term Loan B 3.787% (1 Month LIBOR + 2.75%), due 3/15/24		808,287		759,789
Varsity Brands, Inc. 2017 Term Loan B 4.50% (1 Month LIBOR + 3.50%), due 12/15/24		1,955,035		1,515,152
				6,141,542
Personal Transportation 0.1%
Uber Technologies, Inc. 2018 Incremental Term Loan 4.489% (1 Month LIBOR + 3.50%), due 7/13/23		582,875		539,160
Personal, Food & Miscellaneous Services 1.6%
Aramark Services, Inc. 2018 Term Loan B3 2.739% (1 Month LIBOR + 1.75%), due 3/11/25		3,182,663		2,943,963
Golden Nugget, Inc. 2017 Incremental Term Loan B 3.584% (3 Month LIBOR + 2.50%), due 10/4/23		2,384,613		1,836,152
IRB Holding Corp.
2020 Term Loan B 3.75% (1 Month LIBOR + 2.75%), due 2/5/25		3,446,009		2,653,427
2020 Term Loan B 3.95% (3 Month LIBOR + 2.75%), due 2/5/25		8,813		6,786
KFC Holding Co. 2018 Term Loan B 2.362% (1 Month LIBOR + 1.75%), due 4/3/25		1,896,047		1,772,804
Weight Watchers International, Inc. 2017 Term Loan B 6.72% (3 Month LIBOR + 4.75%), due 11/29/24		1,457,354		1,384,487
				10,597,619
Printing & Publishing 0.8%
Getty Images, Inc. 2019 Term Loan B 5.50% (1 Month LIBOR + 4.50%), due 2/19/26		1,985,929		1,573,849
McGraw-Hill Global Education Holdings LLC 2016 Term Loan B 5.45% (3 Month LIBOR + 4.00%), due 5/4/22		1,123,873		911,742
Prometric Holdings, Inc. 1st Lien Term Loan 4.00% (1 Month LIBOR + 3.00%), due 1/29/25		1,497,109		1,122,831
Severin Acquisition, LLC 2018 Term Loan B 4.742% (3 Month LIBOR + 3.00%), due 8/1/25		1,975,000		1,700,969
				5,309,391
Radio and TV Broadcasting 0.5%
Nexstar Broadcasting, Inc. 2019 Term Loan B4 4.331% (1 Month LIBOR + 2.75%), due 9/18/26		3,242,110		3,011,109
Retail Store 2.7%
Alphabet Holding Co., Inc. 2017 1st Lien Term Loan 4.489% (1 Month LIBOR + 3.50%), due 9/26/24		2,047,500		1,627,763
Bass Pro Group LLC Term Loan B 6.072% (1 Month LIBOR + 5.00%), due 9/25/24		2,925,000		2,457,000
Belk, Inc. 2019 Term Loan B 7.75% (6 Month LIBOR + 6.75%), due 7/31/25		1,363,540		681,770
BJ’s Wholesale Club, Inc. 2017 1st Lien Term Loan 3.047% (1 Month LIBOR + 2.25%), due 2/3/24		2,904,291		2,732,107
CNT Holdings III Corp. 2017 Term Loan 4.08% (6 Month LIBOR + 3.00%), due 1/22/23		1,238,130		1,108,127
EG America LLC 2018 Term Loan 5.072% (6 Month LIBOR + 4.00%), due 2/7/25		1,470,013		1,051,060
Harbor Freight Tools USA, Inc. 2018 Term Loan B 3.489% (1 Month LIBOR + 2.50%), due 8/18/23		943,959		854,283
HD Supply, Inc. Term Loan B5 2.739% (1 Month LIBOR + 1.75%), due 10/17/23		1,984,887		1,843,960
Leslie’s Poolmart, Inc. 2016 Term Loan 4.489% (1 Month LIBOR + 3.50%), due 8/16/23 (e)		536,600		441,353
Michaels Stores, Inc.
2018 Term Loan B 3.50% (1 Month LIBOR + 2.50%), due 1/30/23		1,363,106		1,131,378
2018 Term Loan B 3.56% (1 Month LIBOR + 2.50%), due 1/30/23		821,340		681,712
2018 Term Loan B 3.57% (3 Month LIBOR + 2.50%), due 1/30/23		790,602		656,199
Party City Holdings, Inc.
2018 Term Loan B 3.49% (1 Month LIBOR + 2.50%), due 8/19/22		30,701		15,074
2018 Term Loan B 4.10% (1 Month LIBOR + 2.50%), due 8/19/22		789,277		387,535
Petco Animal Supplies, Inc. 2017 Term Loan B 5.027% (3 Month LIBOR + 3.25%), due 1/26/23		1,454,941		1,006,819
Sally Holdings LLC Term Loan B2 4.50%, due 7/5/24		1,166,667		997,500
				17,673,640
Telecommunications 3.9%
Avaya, Inc. 2018 Term Loan B 4.955% (1 Month LIBOR + 4.25%), due 12/15/24		1,345,545		1,130,258
CenturyLink, Inc. 2020 Term Loan B 3.239% (1 Month LIBOR + 2.25%), due 3/15/27		3,740,625		3,406,307
CSC Holdings, LLC 2019 Term Loan B5 3.112% (1 Month LIBOR + 2.50%), due 4/15/27		3,700,625		3,527,928
Frontier Communications Corp.
2017 Term Loan B1 5.21% (3 Month LIBOR + 3.75%), due 6/15/24		4,859		4,569
2017 Term Loan B1 5.35% (3 Month LIBOR + 3.75%), due 6/15/24		1,453,891		1,367,264
Level 3 Financing, Inc. 2019 Term Loan B 2.739% (1 Month LIBOR + 1.75%), due 3/1/27		1,500,000		1,395,000
Microchip Technology, Inc. 2018 Term Loan B 2.99% (1 Month LIBOR + 2.00%), due 5/29/25		1,149,783		1,075,047
Radiate Holdco LLC 1st Lien Term Loan 3.989% (1 Month LIBOR + 3.00%), due 2/1/24		3,585,061		3,262,406
SBA Senior Finance II LLC 2018 Term Loan B 2.74% (1 Month LIBOR + 1.75%), due 4/11/25		1,803,532		1,698,327
Sprint Communications, Inc.
1st Lien Term Loan B 3.50% (1 Month LIBOR + 2.50%), due 2/2/24		1,940,000		1,925,450
2018 Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 2/2/24		2,952,525		2,905,778
West Corp. 2017 Term Loan 5.45% (3 Month LIBOR + 4.00%), due 10/10/24		1,724,082		1,310,302
Zayo Group Holdings, Inc. USD Term Loan TBD, due 2/19/27		2,916,667		2,697,917
				25,706,553
Utilities 4.4%
Astoria Energy LLC Term Loan B 5.00% (1 Month LIBOR + 4.00%), due 12/24/21		2,274,929		2,081,560
Brookfield WEC Holdings, Inc. 2020 Term Loan 3.989% (1 Month LIBOR + 3.00%), due 8/1/25		2,964,981		2,787,082
Calpine Corp.
Term Loan B5 3.24% (1 Month LIBOR + 2.25%), due 1/15/24		1,680,476		1,607,656
Term Loan B9 3.24% (1 Month LIBOR + 2.25%), due 4/5/26		3,126,375		2,985,688
Compass Power Generation LLC 2018 Term Loan B 4.50% (1 Month LIBOR + 3.50%), due 12/20/24		653,374		574,970
Edgewater Generation LLC Term Loan 4.739% (1 Month LIBOR + 3.75%), due 12/13/25		3,957,437		3,165,950
ExGen Renewables IV LLC Term Loan B 4.62% (3 Month LIBOR + 3.00%), due 11/28/24		938,999		845,099
Granite Acquisition, Inc.
Term Loan B 4.95% (3 Month LIBOR + 3.50%), due 12/19/21		3,091,902		2,968,226
2nd Lien Term Loan B 8.70% (3 Month LIBOR + 7.25%), due 12/19/22		696,328		654,548
Granite Generation LLC
Term Loan B 4.818% (1 Month LIBOR + 3.75%), due 11/9/26		2,966,250		2,536,144
Term Loan B 5.20% (3 Month LIBOR + 3.75%), due 11/9/26		525,000		448,875
Helix Gen Funding LLC Term Loan B 4.75% (1 Month LIBOR + 3.75%), due 6/3/24		2,853,252		2,463,307
PG&E Corp. DIP Term Loan 3.12% (1 Month LIBOR + 2.25%), due 12/31/20		2,750,000		2,708,750
Southeast PowerGen LLC Term Loan B 4.50% (1 Month LIBOR + 3.50%), due 12/2/21		433,088		346,470
Vistra Operations Co. LLC
1st Lien Term Loan B3 2.703% (1 Month LIBOR + 1.75%), due 12/31/25		613,771		583,082
1st Lien Term Loan B3 2.74% (1 Month LIBOR + 1.75%), due 12/31/25		2,564,386		2,436,167
				29,193,574
Total Floating Rate Loans (Cost $592,798,080)				504,892,787
Foreign Floating Rate Loans 10.1% (d)
Aerospace & Defense 0.3%
AI Convoy (Luxembourg) S.A.R.L USD Term Loan B 5.34% (3 Month LIBOR + 3.50%), due 1/17/27		875,000		809,375
Kestrel Bidco, Inc. Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 12/11/26		1,246,875		926,843
				1,736,218
Automobile 0.1%
Panther BF Aggregator 2 L.P. Term Loan B 4.441% (1 Month LIBOR + 3.50%), due 4/30/26		988,142		899,209
Beverage, Food & Tobacco 1.0%
Froneri International Ltd. 2020 USD Term Loan 3.239% (1 Month LIBOR + 2.25%), due 1/29/27		1,485,000		1,407,038
JBS USA Lux S.A. 2019 Term Loan B 3.072% (6 Month LIBOR + 2.00%), due 5/1/26		3,626,370		3,375,113
Sunshine Investments B.V. USD Term Loan B3 4.954% (2 Month LIBOR + 3.25%), due 3/28/25		2,000,000		1,840,000
				6,622,151
Broadcasting & Entertainment 0.4%
Altice France S.A. Term Loan B12 4.392% (1 Month LIBOR + 3.687%), due 1/31/26		977,476		909,052
Numericable Group S.A. Term Loan B11 3.739% (1 Month LIBOR + 2.75%), due 7/31/25		1,915,189		1,733,247
				2,642,299
Chemicals, Plastics & Rubber 1.2%
Allnex (Luxembourg) & Cy S.C.A. 2016  Term Loan B2 4.863% (3 Month LIBOR + 3.25%), due 9/13/23 (e)		1,254,797		853,262
Alpha 3 B.V. 2017 Term Loan B1 4.45% (3 Month LIBOR + 3.00%), due 1/31/24		1,739,827		1,583,243
Diamond (BC) B.V. Term Loan 4.777% (3 Month LIBOR + 3.00%), due 9/6/24		1,629,167		1,221,875
Flint Group GmbH Term Loan C 4.801% (3 Month LIBOR + 3.00%), due 9/7/21 (e)		290,463		201,872
Oxea Holding Drei GmbH 2017 Term Loan B2 4.938% (1 Month LIBOR + 3.50%), due 10/14/24		2,268,750		1,843,359
Starfruit Finco B.V. 2018 Term Loan B 3.863% (1 Month LIBOR + 3.00%), due 10/1/25		2,170,472		1,953,425
				7,657,036
Diversified/Conglomerate Manufacturing 0.2%
AI Ladder (Luxembourg) Subco S.A R.L. 2018 Term Loan 5.489% (3 Month LIBOR + 4.50%), due 7/9/25 (e)		803,991		659,273
Bright Bidco B.V.
2018 Term Loan B 4.57% (6 Month LIBOR + 3.50%), due 6/30/24		1,940,060		647,980
2018 Term Loan B 4.95% (3 Month LIBOR + 3.50%), due 6/30/24		4,993		1,668
				1,308,921
Ecological 0.2%
GFL Environmental, Inc.
2018 Term Loan B 3.99% (1 Month LIBOR + 3.00%), due 5/30/25		1,066,133		1,030,151
2018 Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 5/30/25		190,769		184,331
				1,214,482
Electronics 0.8%
ION Trading Technologies S.A R.L. Incremental Term Loan B 5.072% (3 Month LIBOR + 4.00%), due 11/21/24		1,466,038		1,099,528
Oberthur Technologies S.A. 2016 Term Loan B1 5.20% (3 Month LIBOR + 3.75%), due 1/10/24		1,092,422		878,308
SS&C Technologies Holdings Europe S.A R.L. 2018 Term Loan B4 2.739% (1 Month LIBOR + 1.75%), due 4/16/25		1,782,572		1,675,618
Trader Corp. 2017 Term Loan B 4.00% (1 Month LIBOR + 3.00%), due 9/28/23		2,283,127		1,917,826
				5,571,280
Healthcare, Education & Childcare 1.6%
Auris Luxembourg III S.A.R.L. 2019 Term Loan B2 4.739% (1 Month LIBOR + 3.75%), due 2/27/26		1,670,627		1,252,970
Bausch Health Companies, Inc. 2018 Term Loan B 3.612% (1 Month LIBOR + 3.00%), due 6/2/25		5,325,533		5,059,256
Endo Luxembourg Finance Co. I S.A R.L. 2017 Term Loan B 5.25% (1 Month LIBOR + 4.25%), due 4/29/24		2,276,063		2,010,521
Mallinckrodt International Finance S.A. Term Loan B 4.20% (3 Month LIBOR + 2.75%), due 9/24/24		1,045,086		702,821
Sunshine Luxembourg VII S.A R.L. USD Term Loan B1 5.322% (6 Month LIBOR + 4.25%), due 10/1/26		1,596,000		1,444,380
				10,469,948
Hotels, Motels, Inns & Gaming 0.7%
Four Seasons Hotels, Ltd. New 1st Lien Term Loan 2.989% (1 Month LIBOR + 2.00%), due 11/30/23		1,458,357		1,318,772
Gateway Casinos & Entertainment, Ltd. 2018 Term Loan B 4.45% (3 Month LIBOR + 3.00%), due 3/13/25		1,576,937		1,072,317
GVC Holdings PLC 2020 Term Loan B3 3.308% (6 Month LIBOR + 2.25%), due 3/29/24		1,474,925		1,194,689
Stars Group Holdings B.V. 2018 Incremental Term Loan 4.95% (3 Month LIBOR + 3.50%), due 7/10/25		779,399		737,181
				4,322,959
Leisure, Amusement, Motion Pictures & Entertainment 0.8%
Bombardier Recreational Products, Inc. 2020 Term Loan 2.989% (1 Month LIBOR + 2.00%), due 5/24/27		3,340,469		2,772,589
Delta 2 (LUX) S.A.R.L. 2018 Term Loan 3.50% (1 Month LIBOR + 2.50%), due 2/1/24		2,568,089		2,269,549
				5,042,138
Machinery (Non-Agriculture, Non-Construct & Non-Electronic) 0.2%
Titan Acquisition, Ltd. 2018 Term Loan B 4.45% (3 Month LIBOR + 3.00%), due 3/28/25		1,837,500		1,534,312
Oil & Gas 0.1%
NorthRiver Midstream Finance L.P. 2018 Term Loan B 5.159% (3 Month LIBOR + 3.25%), due 10/1/25		1,182,000		898,320
Personal & Nondurable Consumer Products (Manufacturing Only) 0.1%
Kronos Acquisition Holdings, Inc. 2015 Term Loan B 5.00% (1 Month LIBOR + 4.00%), due 5/15/23		1,003,846		895,096
Personal, Food & Miscellaneous Services 0.7%
1011778 B.C. Unlimited Liability Co. Term Loan B4 2.739% (1 Month LIBOR + 1.75%), due 11/19/26		2,181,254		2,006,754
Jacobs Douwe Egberts International B.V. 2018 Term Loan B 3.625% (1 Month LIBOR + 2.00%), due 11/1/25		2,629,751		2,454,433
				4,461,187
Printing & Publishing 0.4%
Springer Nature Deutschland GmbH USD Term Loan B16 4.50% (1 Month LIBOR + 3.50%), due 8/14/24		2,871,651		2,507,907
Retail Store 0.1%
EG Group, Ltd. 2018 Term Loan B 5.072% (6 Month LIBOR + 4.00%), due 2/7/25		677,272		484,250
Telecommunications 1.2%
Altice France S.A. 2018 Term Loan B13 4.705% (1 Month LIBOR + 4.00%), due 8/14/26		1,234,375		1,150,026
Connect Finco S.A.R.L. Term Loan B 5.50% (1 Month LIBOR + 4.50%), due 12/11/26		4,000,000		3,180,000
Intelsat Jackson Holdings S.A. 2017 Term Loan B3 5.682% (6 Month LIBOR + 3.75%), due 11/27/23		2,639,180		2,408,252
Telesat Canada Term Loan B5 3.74% (1 Month LIBOR + 2.75%), due 12/7/26		1,496,250		1,376,550
				8,114,828
Total Foreign Floating Rate Loans (Cost $77,700,509)				66,382,541
Total Long-Term Bonds (Cost $696,612,129)				596,048,663

	Shares
Affiliated Investment Company 0.3%
Fixed Income Fund 0.3%
MainStay MacKay High Yield Corporate Bond Fund Class I	436,571	2,134,831
Total Affiliated Investment Company (Cost $2,479,721)		2,134,831
Common Stocks 0.2%
Communications Equipment 0.0% ‡
Energy Future Holdings Corp. (e)(f)(h)(i)	94,456	0
Millennium Corporate Trust (e)(f)(h)(i)	1,243	0
Millennium Lender Trust (e)(f)(h)(i)	1,324	0
		0
Metals & Mining 0.2%
AFGlobal Corp. (e)(f)(h)(i)	45,694	1,010,751
Oil & Gas 0.0% ‡
Templar Energy Corp., Class B (e)(f)(h)(i)	36,393	0
Templar Energy LLC, Class A (e)(f)(h)(i)	36,029	0
		0
Oil, Gas & Consumable Fuels 0.0% ‡
Ascent Resources (e)(f)(h)(i)	122,031	140,336
Philadelphia Energy Solutions, Inc., Class A (e)(f)(h)(i)	52,608	0
		140,336
Total Common Stocks (Cost $2,768,988)		1,151,087
Preferred Stocks 0.0% ‡
Oil & Gas 0.0% ‡
Templar Energy Corp., (8.00% PIK) (e)(f)(g)(h)(i)	58,865	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)(f)(h)(i)	57,684	61,145
Total Rights (Cost $47,301)		61,145

	Number of Warrants
Warrants 0.0%‡
Oil, Gas & Consumable Fuels 0.0% ‡
Ascent Resources (e)(f)(h)(i)
1st Lien Warrants Expires 3/30/23	11,684	117
2nd Lien Tranche A Expires 3/30/23	15,022	150
2nd Lien Tranche B Expires 3/30/23	31,000	310
Total Warrants (Cost $6,398)		577

		Principal Amount
Short-Term Investments 7.2%
Repurchase Agreement 0.3%
Fixed Income Clearing Corp. 0.00%, dated 3/31/20 due 4/1/20 Proceeds at Maturity $1,800,836 (Collateralized by a United States Treasury Note with a rate of 1.875% and a maturity date of 3/31/22, with a Principal Amount of $1,780,000 and a Market Value of $1,838,615)	$	1,800,836			1,800,836
Total Repurchase Agreement (Cost $1,800,836)					1,800,836
U.S. Government & Federal Agencies 6.9% (j)
Federal Home Loan Banks 5.9% 0.03%, due 5/21/20		39,000,000			38,998,375
United States Treasury Bills 1.0%
0.272%, due 4/9/20		4,189,000			4,188,751
0.295%, due 4/14/20		2,066,000			2,065,783
					6,254,534
Total U.S. Government & Federal Agencies (Cost $45,252,910)					45,252,909
Total Short-Term Investments (Cost $47,053,746)					47,053,745
Total Investments (Cost $749,195,863)		98.3	%		646,450,048
Other Assets, Less Liabilities		1.7			11,262,717
Net Assets		100.0	%	$	657,712,765

†	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)	Issue in default.
(c)	Issue in non-accrual status.
(d)	Floating rate - Rate shown was the rate in effect as of March 31, 2020.
(e)	Illiquid security - As of March 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $32,209,736, which represented 4.9% of the Portfolio’s net assets.
(f)	Security in which significant unobservable inputs (Level 3) were used in determining fair value.
(g)	PIK (“Payment-in-Kind”) - issuer may pay interest or dividends with additional securities and/or in cash.
(h)	Fair valued security - Represents fair value as measured in good faith under procedures approved by the Board of Trustees. As of March 31, 2020, the total market value of fair valued securities was $1,212,809, which represented 0.2% of the Portfolio’s net assets.
(i)	Non-income producing security.
(j)	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 March 31, 2020, 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	$	—	$	24,773,335	$	—	$	24,773,335
Floating Rate Loans (b)		—		488,472,125		16,420,662		504,892,787
Foreign Floating Rate Loans		—		66,382,541		—		66,382,541
Total Long-Term Bonds		—		579,628,001		16,420,662		596,048,663
Affiliated Investment Company
Fixed Income Funds		2,134,831		—		—		2,134,831
Common Stocks (c)		—		—		1,151,087		1,151,087
Preferred Stocks (d)		—		—		0		0
Rights (e)		—		—		61,145		61,145
Warrants (f)		—		—		577		577
Short-Term Investments
Repurchase Agreements		—		1,800,836		—		1,800,836
U.S. Government & Federal Agencies		—		45,252,909		—		45,252,909
Total Short-Term Investments		—		47,053,745		—		47,053,745
Total Investments in Securities	$	2,134,831	$	626,681,746	$	17,633,471	$	646,450,048

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

(b) The Level 3 securities valued at $16,420,662 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, $1,010,751, $0 and $140,336 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 $61,145 is held in Independent Power & Renewable Electricity Producers within the Rights section of the Portfolio of Investments.

(f) The Level 3 securities valued at $577 are held in 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, 2019		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 March 31, 2020		Change in Unrealized Appreciation (Depreciation) from Investments Held at March 31, 2020
Long-Term Bonds
Floating Rate Loans		$	12,006,938	$	13,050	$	321	$	(3,337,482	)	$	2,367,336	$	(98,065	)	$	11,563,246	$	(6,094,682	)	$	16,420,662	$	-
Foreign Floating Rate Loans			-		-		-		-			-		-			-		-			-		-
Common Stocks			2,853,761		-		-		(1,702,674	)		-		-			-		-			1,151,087		(1,702,674	)
Preferred Stocks			-		-		-		-			-		-			-		-			-		-
Rights			59,991		-		-		1,154			-		-			-		-			61,145		1,154
Warrants			3,684		-		-		(3,107	)		-		-			-		-			577		(3,107	)
	Total	$	14,924,374	$	13,050	$	321	$	(5,042,109	)	$	2,367,336	$	(98,065	)	$	11,563,246	$	(6,094,682	)	$	17,633,471	$	(1,704,627	)

(a) Sales include principal reductions.

As of March 31, 2020, securities with a market value of $11,563,246 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, 2019, the fair value obtained for these securities, as determined by an independent pricing service, utilized significant other observable inputs.

As of March 31, 2020, securities with a market value of $6,094,682 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, 2019, the fair value obtained for these securities, as determined by an independent pricing service, utilized significant unobservable inputs.

MainStay VP MacKay Unconstrained Bond Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)             

	Principal Amount		Value
Long-Term Bonds 97.3% †
Asset-Backed Securities 4.5%
Auto Floor Plan Asset-Backed Securities 0.6%
Ford Credit Floorplan Master Owner Trust Series 2018-4, Class A 4.06%, due 11/15/30	$	5,250,000	$	4,979,143
Automobile Asset-Backed Securities 1.0%
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A 2.33%, due 8/20/26 (a)		1,505,000		1,324,452
Ford Credit Auto Owner Trust Series 2020-1, Class A 2.04%, due 8/15/31 (a)		1,960,000		1,813,335
Santander Retail Auto Lease Trust Series 2019-B, Class A3 2.30%, due 1/20/23 (a)		2,230,000		2,206,094
Santander Revolving Auto Loan Trust Series 2019-A, Class A 2.51%, due 1/26/32 (a)		1,350,000		1,292,360
Toyota Auto Loan Extended Note Trust Series 2019-1A, Class A 2.56%, due 11/25/31 (a)		2,775,000		2,811,043
				9,447,284
Credit Cards 0.4%
Capital One Multi-Asset Execution Trust Series 2019-A3, Class A3 2.06%, due 8/15/28		3,780,000		3,778,599
Home Equity 0.0% ‡
First NLC Trust Series 2007-1, Class A1 1.017% (1 Month LIBOR + 0.07%), due 8/25/37 (a)(b)		69,586		34,659
MASTR Asset-Backed Securities Trust Series 2006-HE4, Class A1 0.997% (1 Month LIBOR + 0.05%), due 11/25/36 (b)		18,568		7,243
Morgan Stanley ABS Capital I Trust Series 2007-HE4, Class A2A 1.057% (1 Month LIBOR + 0.11%), due 2/25/37 (b)		18,853		6,742
				48,644
Other Asset-Backed Securities 2.5%
Carrington Mortgage Loan Trust Series 2007-HE1, Class A3 1.137% (1 Month LIBOR + 0.19%), due 6/25/37 (b)		4,400,000		3,809,714
CNH Equipment Trust Series 2019-B, Class A4 2.64%, due 5/15/26		4,405,000		4,428,670
DB Master Finance LLC Series 2017-1A, Class A2I 3.629%, due 11/20/47 (a)		1,564,000		1,504,662
DLL Securitization Trust Series 2019-MT3, Class A3 2.08%, due 2/21/23 (a)		2,380,000		2,317,697
Domino’s Pizza Master Issuer LLC Series 2015-1A, Class A2II 4.474%, due 10/25/45 (a)		1,983,075		1,924,594
Hilton Grand Vacations Trust Series 2019-AA, Class A 2.34%, due 7/25/33 (a)		2,991,271		2,535,283
JPMorgan Mortgage Acquisition Trust Series 2007-HE1, Class AF1 1.047% (1 Month LIBOR + 0.10%), due 3/25/47 (b)		24,269		14,512
MVW Owner Trust Series 2019-2A, Class A 2.22%, due 10/20/38 (a)		2,588,483		2,376,372
Sierra Receivables Funding LLC Series 2019-3A, Class A 2.34%, due 8/20/36 (a)		1,475,613		1,350,733
Series 2019-1A, Class A 3.20%, due 1/20/36 (a)		856,400		849,789
Wendy’s Funding LLC Series 2019-1A, Class A2I 3.783%, due 6/15/49 (a)		2,019,438		1,921,354
				23,033,380
Student Loans 0.0% ‡
KeyCorp Student Loan Trust Series 2000-A, Class A2 1.999% (3 Month LIBOR + 0.32%), due 5/25/29 (b)		28,812		28,646
Total Asset-Backed Securities (Cost $43,499,928)				41,315,696
Convertible Bonds 0.5%
Machinery - Diversified 0.2%
Chart Industries, Inc. 1.00%, due 11/15/24 (a)		2,474,000		1,945,859
Semiconductors 0.3%
ON Semiconductor Corp. 1.625%, due 10/15/23		2,562,000		2,551,045
Total Convertible Bonds (Cost $4,543,706)				4,496,904
Corporate Bonds 59.5%
Advertising 0.1%
Lamar Media Corp. 5.00%, due 5/1/23		900,000		891,000
Aerospace & Defense 0.4%
L3Harris Technologies, Inc. 4.40%, due 6/15/28		3,270,000		3,480,898
Agriculture 1.1%
Altria Group, Inc. 3.80%, due 2/14/24		3,400,000		3,446,195
Bunge, Ltd. Finance Corp. 3.50%, due 11/24/20		4,435,000		4,471,725
JBS Investments II GmbH 7.00%, due 1/15/26 (a)		1,775,000		1,768,929
				9,686,849
Airlines 1.0%
American Airlines Pass-Through Trust Series 2015-2, Class A 4.00%, due 3/22/29		405,276		374,178
American Airlines, Inc. Series 2015-2, Class AA, Pass Through Trust 3.60%, due 3/22/29		810,547		762,210
Continental Airlines, Inc.
Series 2007-1, Class A 5.983%, due 10/19/23		540,420		554,082
Series 2005-ERJ1 9.798%, due 10/1/22		50,302		50,338
Delta Air Lines, Inc. Series 2019-1, Class AA 3.204%, due 10/25/25		3,695,000		3,607,165
U.S. Airways Group, Inc.
Series 2012-1, Class A 5.90%, due 4/1/26		1,099,255		1,107,696
Series 2010-1, Class A 6.25%, due 10/22/24		744,558		766,199
United Airlines, Inc.
Series 2014-2, Class B 4.625%, due 3/3/24		1,016,534		951,080
Series 2007-1, Pass Through Trust 6.636%, due 1/2/24		1,555,845		1,423,878
				9,596,826
Auto Manufacturers 1.4%
Daimler Finance North America LLC 2.301% (3 Month LIBOR + 0.55%), due 5/4/21 (a)(b)		2,335,000		2,244,770
Ford Motor Credit Co. LLC
2.927% (3 Month LIBOR + 1.235%), due 2/15/23 (b)		1,230,000		921,985
4.063%, due 11/1/24		2,485,000		2,255,138
4.25%, due 9/20/22		900,000		837,000
General Motors Financial Co., Inc. 3.45%, due 4/10/22		4,000,000		3,763,327
Volkswagen Group of America Finance LLC 3.875%, due 11/13/20 (a)		3,100,000		3,090,035
				13,112,255
Auto Parts & Equipment 0.4%
LKQ European Holdings B.V. 3.625%, due 4/1/26 (a)	EUR	2,835,000		2,785,732
ZF North America Capital, Inc. 4.00%, due 4/29/20 (a)	$	740,000		736,300
				3,522,032
Banks 11.8%
Bank of America Corp.
3.004%, due 12/20/23 (c)		6,566,000		6,698,608
3.705%, due 4/24/28 (c)		1,695,000		1,733,089
4.30%, due 1/28/25 (c)(d)		4,056,000		3,488,160
6.30%, due 3/10/26 (c)(d)		1,810,000		1,900,500
8.57%, due 11/15/24		455,000		563,688
Bank of New York Mellon Corp. 2.661%, due 5/16/23 (c)		3,715,000		3,729,748
Barclays Bank PLC
5.14%, due 10/14/20		4,249,000		4,199,294
Series Reg S 10.00%, due 5/21/21	GBP	401,000		527,748
Barclays PLC 5.20%, due 5/12/26	$	1,725,000		1,772,265
BNP Paribas S.A. 3.052%, due 1/13/31 (a)(c)		2,900,000		2,711,741
Citibank N.A. 3.165%, due 2/19/22 (c)		4,200,000		4,221,798
Citigroup, Inc.
5.50%, due 9/13/25		2,710,000		2,967,554
6.30%, due 5/15/24 (c)(d)		3,975,000		3,757,369
Citizens Financial Group, Inc.
4.15%, due 9/28/22 (a)		1,450,000		1,484,226
4.30%, due 12/3/25		2,550,000		2,668,835
Discover Bank 7.00%, due 4/15/20		1,005,000		1,005,834
Goldman Sachs Group, Inc.
2.60%, due 2/7/30		3,175,000		2,994,210
2.862% (3 Month LIBOR + 1.17%), due 5/15/26 (b)		3,075,000		2,826,712
2.876%, due 10/31/22 (c)		2,300,000		2,310,623
3.625%, due 1/22/23		2,813,000		2,886,762
5.25%, due 7/27/21		1,900,000		1,960,942
6.75%, due 10/1/37		1,828,000		2,419,841
Huntington Bancshares, Inc. 3.15%, due 3/14/21		3,910,000		3,920,105
Huntington National Bank 3.55%, due 10/6/23		1,445,000		1,497,812
JPMorgan Chase & Co.(c)
3.54%, due 5/1/28		6,265,000		6,447,044
4.60%, due 2/1/25 (d)		3,747,000		3,279,374
Lloyds Banking Group PLC
2.907%, due 11/7/23 (c)		1,160,000		1,151,560
4.582%, due 12/10/25		2,500,000		2,528,655
Morgan Stanley
3.875%, due 4/29/24		6,015,000		6,319,245
3.875%, due 1/27/26		400,000		427,247
4.875%, due 11/1/22		1,931,000		2,026,364
5.00%, due 11/24/25		3,840,000		4,203,783
5.441% (3 Month LIBOR + 3.61%), due 7/15/20 (b)(d)		2,125,000		1,790,313
Popular, Inc. 6.125%, due 9/14/23		1,953,000		1,806,525
Royal Bank of Scotland Group PLC
6.00%, due 12/19/23		205,000		214,895
6.125%, due 12/15/22		970,000		1,001,959
Santander Holdings USA, Inc. 3.40%, due 1/18/23		5,055,000		4,993,960
Truist Bank 2.636% (5 Year Treasury Constant Maturity Rate + 1.15%), due 9/17/29 (b)		2,700,000		2,580,077
Wells Fargo & Co.
3.00%, due 10/23/26		1,640,000		1,676,313
5.875%, due 6/15/25 (c)(d)		595,000		603,925
5.90%, due 6/15/24 (c)(d)		3,270,000		3,204,600
				108,503,303
Beverages 1.0%
Anheuser-Busch InBev Worldwide, Inc.
4.15%, due 1/23/25		915,000		982,261
4.75%, due 1/23/29		1,833,000		2,023,357
Constellation Brands, Inc. 4.25%, due 5/1/23		2,985,000		3,012,860
Molson Coors Beverage Co. 2.10%, due 7/15/21		3,129,000		3,064,880
				9,083,358
Biotechnology 0.4%
Biogen, Inc. 3.625%, due 9/15/22		3,560,000		3,656,400
Building Materials 0.7%
Builders FirstSource, Inc. 5.00%, due 3/1/30 (a)		1,925,000		1,732,500
Standard Industries, Inc.(a)
4.75%, due 1/15/28		970,000		893,321
5.375%, due 11/15/24		3,680,000		3,551,200
				6,177,021
Chemicals 0.6%
Ashland LLC 4.75%, due 8/15/22		283,000		278,755
Braskem Netherlands Finance B.V. 4.50%, due 1/10/28 (a)		1,015,000		811,249
Orbia Advance Corp. S.A.B. de C.V. 4.00%, due 10/4/27 (a)		2,200,000		1,914,000
W.R. Grace & Co. 5.125%, due 10/1/21 (a)		2,915,000		2,944,150
				5,948,154
Commercial Services 2.0%
Ashtead Capital, Inc. 4.25%, due 11/1/29 (a)		2,250,000		1,905,874
California Institute of Technology 3.65%, due 9/1/2119		2,434,000		2,518,354
Herc Holdings, Inc. 5.50%, due 7/15/27 (a)		2,435,000		2,264,550
IHS Markit, Ltd.
4.125%, due 8/1/23		2,175,000		2,228,875
4.75%, due 2/15/25 (a)		3,105,000		3,182,625
PayPal Holdings, Inc. 2.40%, due 10/1/24		3,625,000		3,542,894
Service Corp. International 5.375%, due 5/15/24		530,000		539,275
Trustees of the University of Pennsylvania 3.61%, due 2/15/19		2,515,000		2,540,241
				18,722,688
Computers 0.8%
Dell International LLC / EMC Corp.(a)
4.90%, due 10/1/26		3,695,000		3,636,588
6.02%, due 6/15/26		625,000		645,051
8.10%, due 7/15/36		1,240,000		1,424,777
Hewlett Packard Enterprise Co. 4.40%, due 10/15/22		1,560,000		1,589,873
				7,296,289
Distribution & Wholesale 0.5%
H&E Equipment Services, Inc. 5.625%, due 9/1/25		3,000,000		2,782,500
Performance Food Group, Inc. 5.50%, due 10/15/27 (a)		1,534,000		1,422,785
				4,205,285
Diversified Financial Services 2.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.45%, due 12/16/21		2,200,000		2,023,125
4.625%, due 10/30/20		3,585,000		3,477,637
Air Lease Corp.
2.30%, due 2/1/25		3,640,000		2,775,636
2.625%, due 7/1/22		2,155,000		1,838,237
2.75%, due 1/15/23		1,040,000		876,575
Ally Financial, Inc.
5.75%, due 11/20/25		3,570,000		3,492,174
8.00%, due 11/1/31		3,450,000		3,997,515
Avolon Holdings Funding, Ltd. 3.25%, due 2/15/27 (a)		2,340,000		1,835,104
Capital One Financial Corp. 5.55%, due 6/1/20 (c)(d)		2,365,000		2,033,900
Discover Financial Services 3.85%, due 11/21/22		300,000		306,243
Nationstar Mortgage Holdings, Inc. 6.00%, due 1/15/27 (a)		1,725,000		1,466,250
Springleaf Finance Corp. 6.125%, due 3/15/24		880,000		866,853
				24,989,249
Electric 3.3%
AEP Transmission Co. LLC 3.10%, due 12/1/26		3,360,000		3,491,688
Appalachian Power Co. 3.30%, due 6/1/27		1,400,000		1,420,029
Baltimore Gas & Electric Co. 2.40%, due 8/15/26		3,260,000		3,135,096
Berkshire Hathaway Energy Co. 2.375%, due 1/15/21		1,700,000		1,704,124
CMS Energy Corp. 5.05%, due 3/15/22		1,350,000		1,393,997
Duke Energy Corp. 4.875% (5 Year Treasury Constant Maturity Rate + 3.388%), due 9/16/24 (b)(d)		2,625,000		2,205,000
Duquesne Light Holdings, Inc.(a)
5.90%, due 12/1/21		1,494,000		1,591,227
6.40%, due 9/15/20		3,435,000		3,508,608
Entergy Arkansas LLC 3.50%, due 4/1/26		960,000		1,016,711
FirstEnergy Transmission LLC 4.35%, due 1/15/25 (a)		1,675,000		1,742,836
Florida Power & Light Co. 2.75%, due 6/1/23		2,155,000		2,226,425
Public Service Electric & Gas Co. 3.00%, due 5/15/27		2,635,000		2,692,325
Puget Energy, Inc. 5.625%, due 7/15/22		585,000		584,947
WEC Energy Group, Inc.
3.10%, due 3/8/22		2,165,000		2,190,128
3.804% (3 Month LIBOR + 2.113%), due 5/15/67 (b)		1,860,340		1,495,296
				30,398,437
Entertainment 0.5%
Eldorado Resorts, Inc.
6.00%, due 4/1/25		517,000		465,300
7.00%, due 8/1/23		2,395,000		2,149,536
International Game Technology PLC 6.25%, due 2/15/22 (a)		2,595,000		2,386,129
				5,000,965
Environmental Controls 0.5%
Republic Services, Inc. 4.75%, due 5/15/23		3,665,000		3,870,146
Waste Management, Inc. 2.40%, due 5/15/23		505,000		496,622
				4,366,768
Food 1.3%
JBS USA LUX S.A. / JBS Food Co. / JBS USA Finance, Inc. 5.50%, due 1/15/30 (a)		1,435,000		1,481,637
Kerry Group Financial Services Unlimited Co. 3.20%, due 4/9/23 (a)		2,151,000		2,274,801
Kraft Heinz Foods Co. 5.00%, due 7/15/35		997,000		991,226
Mondelez International Holdings Netherlands B.V. 2.125%, due 9/19/22 (a)		3,500,000		3,467,530
Smithfield Foods, Inc. 3.35%, due 2/1/22 (a)		1,805,000		1,755,842
Sysco Corp. 3.30%, due 7/15/26		1,735,000		1,650,108
				11,621,144
Forest Products & Paper 0.7%
Georgia-Pacific LLC
5.40%, due 11/1/20 (a)		4,000,000		4,038,227
8.00%, due 1/15/24		2,180,000		2,643,369
				6,681,596
Health Care - Products 0.9%
Abbott Laboratories 3.40%, due 11/30/23		2,185,000		2,292,986
Baxter International, Inc. 2.60%, due 8/15/26		6,085,000		6,052,327
				8,345,313
Health Care - Services 0.2%
NYU Langone Hospitals 3.38%, due 7/1/55		1,880,000		1,744,905
Holding Company - Diversified 0.4%
CK Hutchison International (17) II, Ltd. 3.25%, due 9/29/27 (a)		3,260,000		3,359,617
Home Builders 0.6%
D.R. Horton, Inc. 4.375%, due 9/15/22		3,350,000		3,412,907
Toll Brothers Finance Corp. 5.875%, due 2/15/22		2,475,000		2,468,812
				5,881,719
Home Furnishing 0.4%
Panasonic Corp. 2.536%, due 7/19/22 (a)		3,500,000		3,436,852
Housewares 0.2%
Scotts Miracle-Gro Co. 5.25%, due 12/15/26		1,960,000		1,862,000
Insurance 2.3%
Liberty Mutual Group, Inc. 4.25%, due 6/15/23 (a)		2,695,000		2,743,777
Lincoln National Corp. 4.049% (3 Month LIBOR + 2.358%), due 5/17/66 (b)		6,418,000		3,979,160
MassMutual Global Funding II 2.95%, due 1/11/25 (a)		2,995,000		3,056,819
Principal Life Global Funding II 2.375%, due 11/21/21 (a)		5,550,000		5,442,580
Protective Life Corp. 8.45%, due 10/15/39		1,564,000		2,216,528
Reliance Standard Life Global Funding II 2.50%, due 10/30/24 (a)		3,100,000		2,968,605
Willis North America, Inc. 3.875%, due 9/15/49		840,000		865,274
				21,272,743
Internet 2.2%
Booking Holdings, Inc. 3.60%, due 6/1/26		2,875,000		2,803,968
Expedia Group, Inc.
3.25%, due 2/15/30		2,315,000		1,937,875
3.80%, due 2/15/28		2,245,000		1,940,559
5.00%, due 2/15/26		315,000		284,566
Match Group, Inc. 5.00%, due 12/15/27 (a)		1,775,000		1,695,125
Tencent Holdings, Ltd. 3.80%, due 2/11/25 (a)		5,450,000		5,803,189
VeriSign, Inc. 4.625%, due 5/1/23		3,670,000		3,660,825
Weibo Corp. 3.50%, due 7/5/24		1,625,000		1,624,501
				19,750,608
Investment Company 0.2%
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corp. 6.25%, due 5/15/26		2,440,000		2,305,800
Iron & Steel 0.6%
ArcelorMittal S.A. 4.55%, due 3/11/26		3,205,000		2,874,212
Vale Overseas, Ltd. 6.25%, due 8/10/26		2,780,000		3,002,456
				5,876,668
Leisure Time 0.3%
NCL Corp., Ltd. 3.625%, due 12/15/24 (a)		810,000		516,618
Royal Caribbean Cruises, Ltd. 2.65%, due 11/28/20		2,630,000		2,368,429
				2,885,047
Lodging 0.9%
Boyd Gaming Corp. 6.375%, due 4/1/26		1,000		865
Hilton Domestic Operating Co., Inc. 4.875%, due 1/15/30		2,120,000		1,802,000
Marriott International, Inc. 3.75%, due 10/1/25		4,205,000		3,920,232
MGM Resorts International 6.00%, due 3/15/23		2,300,000		2,219,500
				7,942,597
Machinery - Diversified 0.8%
CNH Industrial Capital LLC
4.375%, due 4/5/22		3,550,000		3,488,052
4.875%, due 4/1/21		4,355,000		4,256,441
				7,744,493
Media 1.8%
CCO Holdings LLC / CCO Holdings Capital Corp. 5.875%, due 4/1/24 (a)		1,224,000		1,254,600
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. 4.464%, due 7/23/22		2,770,000		2,873,177
Diamond Sports Group LLC / Diamond Sports Finance Co. 6.625%, due 8/15/27 (a)(e)		4,528,000		3,028,100
Grupo Televisa S.A.B. 5.25%, due 5/24/49		1,735,000		1,783,347
Sirius XM Radio, Inc.(a)
3.875%, due 8/1/22		2,545,000		2,535,456
5.375%, due 7/15/26		3,000,000		3,059,700
Sky, Ltd. 3.75%, due 9/16/24 (a)		1,105,000		1,145,115
Time Warner Entertainment Co., L.P. 8.375%, due 3/15/23		740,000		835,324
				16,514,819
Mining 0.6%
Anglo American Capital PLC 4.125%, due 4/15/21 (a)		3,300,000		3,251,701
Corp. Nacional del Cobre de Chile 3.00%, due 9/30/29 (a)		2,055,000		1,893,563
				5,145,264
Miscellaneous - Manufacturing 0.2%
Textron Financial Corp. 3.427% (3 Month LIBOR + 1.735%), due 2/15/67 (a)(b)		3,720,000		2,101,800
Oil & Gas 2.2%
Concho Resources, Inc. 4.30%, due 8/15/28		2,900,000		2,504,319
Gazprom PJSC Via Gaz Capital S.A. 7.288%, due 8/16/37 (a)		2,500,000		3,189,850
Marathon Petroleum Corp. 5.125%, due 12/15/26		5,755,000		5,697,616
Occidental Petroleum Corp. (zero coupon), due 10/10/36		6,555,000		2,540,063
Petroleos Mexicanos 6.75%, due 9/21/47		4,990,000		3,250,486
Valero Energy Corp. 4.00%, due 4/1/29		2,250,000		2,131,798
WPX Energy, Inc. 4.50%, due 1/15/30		1,320,000		716,760
				20,030,892
Packaging & Containers 1.5%
Ball Corp. 5.00%, due 3/15/22		4,240,000		4,282,400
Berry Global, Inc. 4.875%, due 7/15/26 (a)		166,000		167,660
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.125%, due 7/15/23 (a)		4,215,000		4,172,850
Sealed Air Corp.(a)
4.00%, due 12/1/27		1,430,000		1,330,043
4.875%, due 12/1/22		1,875,000		1,877,344
WestRock RKT Co. 4.00%, due 3/1/23		2,230,000		2,148,567
				13,978,864
Pharmaceuticals 1.9%
AbbVie, Inc. 4.25%, due 11/21/49 (a)		3,065,000		3,256,076
Allergan Funding SCS 3.45%, due 3/15/22		4,165,000		4,324,678
Bausch Health Cos., Inc. 5.50%, due 11/1/25 (a)		4,590,000		4,637,277
Becton Dickinson & Co. 3.363%, due 6/6/24		2,245,000		2,244,162
Zoetis, Inc.
2.135% (3 Month LIBOR + 0.44%), due 8/20/21 (b)		1,655,000		1,518,633
3.25%, due 8/20/21		1,045,000		1,057,728
				17,038,554
Pipelines 0.9%
Enterprise Products Operating LLC
3.95%, due 1/31/60		1,760,000		1,478,953
4.20%, due 1/31/50		545,000		519,964
MPLX, L.P.
4.00%, due 3/15/28		2,500,000		2,168,150
4.125%, due 3/1/27		1,780,000		1,516,730
Spectra Energy Partners, L.P. 4.75%, due 3/15/24		818,000		785,903
Targa Resources Partners, L.P. / Targa Resources Partners Finance Corp. 5.25%, due 5/1/23		950,000		817,000
Western Midstream Operating L.P. 5.25%, due 2/1/50		1,975,000		818,386
				8,105,086
Real Estate 0.1%
Realogy Group LLC / Realogy Co-Issuer Corp. 5.25%, due 12/1/21 (a)		640,000		592,000
Real Estate Investment Trusts 1.7%
American Tower Corp. 3.00%, due 6/15/23		5,000,000		5,006,571
Boston Properties, L.P. 3.20%, due 1/15/25		4,800,000		4,844,159
Crown Castle International Corp. 3.40%, due 2/15/21		1,255,000		1,263,443
CyrusOne L.P. / CyrusOne Finance Corp. 3.45%, due 11/15/29		2,030,000		1,791,901
Equinix, Inc. 5.875%, due 1/15/26		2,275,000		2,321,342
Host Hotels & Resorts, L.P. 3.75%, due 10/15/23		329,000		288,766
Iron Mountain, Inc. 6.00%, due 8/15/23		340,000		341,700
				15,857,882
Retail 1.3%
Alimentation Couche-Tard, Inc. 2.70%, due 7/26/22 (a)		1,650,000		1,631,122
Darden Restaurants, Inc. 3.85%, due 5/1/27		2,025,000		1,848,044
Dollar General Corp. 3.25%, due 4/15/23		4,115,000		4,184,867
Home Depot, Inc. 3.30%, due 4/15/40		1,750,000		1,792,637
Starbucks Corp. 4.45%, due 8/15/49		2,065,000		2,369,199
				11,825,869
Semiconductors 0.8%
Broadcom, Inc. 3.625%, due 10/15/24 (a)		2,470,000		2,430,612
NXP B.V. / NXP Funding LLC (a)
4.625%, due 6/15/22		1,755,000		1,815,749
4.625%, due 6/1/23		1,065,000		1,096,170
ON Semiconductor Corp. 2019 Term Loan B 2.989% (1 Month LIBOR + 2.00%), due 9/19/26 (b)		1,876,717		1,750,039
				7,092,570
Software 0.9%
Fiserv, Inc.
2.75%, due 7/1/24		1,135,000		1,139,316
3.20%, due 7/1/26		720,000		743,665
MSCI, Inc. 5.75%, due 8/15/25 (a)		4,005,000		4,134,602
PTC, Inc. 6.00%, due 5/15/24		2,569,000		2,643,552
				8,661,135
Telecommunications 3.8%
AT&T, Inc.
2.875% (EUAM DB05 + 3.14%), due 3/2/25 (b)(d)	EUR	2,200,000		2,171,221
3.20%, due 3/1/22	$	4,275,000		4,334,536
CommScope Technologies LLC 5.00%, due 3/15/27 (a)		1,600,000		1,388,000
CommScope, Inc. 5.00%, due 6/15/21 (a)		120,000		118,800
Crown Castle Towers LLC(a)
3.72%, due 7/15/43		1,550,000		1,559,712
4.241%, due 7/15/48		3,755,000		3,796,427
Hughes Satellite Systems Corp. 5.25%, due 8/1/26		540,000		534,600
Sprint Communications, Inc. 6.00%, due 11/15/22		2,775,000		2,879,062
Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC 4.738%, due 9/20/29 (a)		4,750,000		4,845,000
T-Mobile USA, Inc.
4.50%, due 2/1/26		2,245,000		2,295,512
6.00%, due 3/1/23		1,200,000		1,206,612
6.50%, due 1/15/26		1,235,000		1,296,750
Telefonica Emisiones SAU 5.462%, due 2/16/21		279,000		282,885
4.57%, due 4/27/23		1,781,000		1,827,363
Verizon Communications, Inc.
2.792% (3 Month LIBOR + 1.10%), due 5/15/25 (b)		2,455,000		2,237,790
5.15%, due 9/15/23		1,722,000		1,912,650
Vodafone Group PLC 4.25%, due 9/17/50		2,020,000		2,076,240
				34,763,160
Transportation 0.6%
United Parcel Service, Inc. 2.50%, due 4/1/23		4,965,000		5,126,868
Total Corporate Bonds (Cost $567,380,401)				546,183,642
Foreign Government Bonds 1.5%
Brazil 0.8%
Brazilian Government International Bond 4.625%, due 1/13/28		6,824,000		7,267,560
Mexico 0.7%
Mexico Government International Bond 3.25%, due 4/16/30		6,491,000		6,101,540
Total Foreign Government Bonds (Cost $13,752,817)				13,369,100
Loan Assignments 6.0% (b)
Advertising 0.3%
Syneos Health, Inc. 2018 Term Loan B 2.739% (1 Month LIBOR + 1.75%), due 8/1/24		2,550,777		2,448,746
Chemicals, Plastics & Rubber 0.4%
Axalta Coating Systems U.S. Holdings, Inc. Term Loan B3 3.20% (3 Month LIBOR + 1.75%), due 6/1/24		3,747,867		3,479,269
Distribution & Wholesale 0.0% ‡
KAR Auction Services, Inc. 2019 Term Loan B6 3.188% (1 Month LIBOR + 2.25%), due 9/19/26		410,723		377,865
Environmental Controls 0.3%
GFL Environmental, Inc. 2018 Term Loan B 3.991% (1 Month LIBOR + 3.00%), due 5/30/25		3,102,977		2,998,252
Food - Wholesale 0.5%
U.S. Foods, Inc. 2016 Term Loan B 2.822% (1 Month LIBOR + 1.75%), due 6/27/23		5,077,188		4,704,862
Health Services 0.5%
BWAY Holding Co. 2017 Term Loan B 5.084% (3 Month LIBOR + 3.25%), due 4/3/24		5,083,862		4,130,638
Household Products & Wares 0.2%
Prestige Brands, Inc. Term Loan B4 2.989% (1 Month LIBOR + 2.00%), due 1/26/24		2,230,625		2,067,047
Insurance 0.4%
Alliant Holdings Intermediate, LLC 2018 Term Loan B 3.989% (1 Month LIBOR + 3.00%), due 5/9/25		4,019,544		3,684,584
Internet 0.2%
Match Group, Inc. 2020 Term Loan B 3.457% (3 Month LIBOR + 1.75%), due 2/5/27		1,859,000		1,710,280
Leisure Time 0.3%
Bombardier Recreational Products, Inc. 2020 Term Loan 2.989% (1 Month LIBOR + 2.00%), due 5/24/27		3,028,875		2,513,966
Media 0.3%
Nielsen Finance LLC Term Loan B4 3.005% (1 Month LIBOR + 2.00%), due 10/4/23		2,917,500		2,688,963
Real Estate 0.4%
Realogy Group LLC 2018 Term Loan B 3.831% (1 Month LIBOR + 2.25%), due 2/8/25		4,342,786		3,691,368
Software 0.4%
IQVIA, Inc. 2018 USD Term Loan B3 3.20% (3 Month LIBOR + 1.75%), due 6/11/25		3,782,625		3,524,147
Support Services 1.0%
Advanced Disposal Services, Inc. Term Loan B3 2.894% (1 Week LIBOR + 2.25%), due 11/10/23		5,493,828		5,438,890
Change Healthcare Holdings, Inc. 2017 Term Loan B 3.50% (1 Month LIBOR + 2.50%), due 3/1/24		4,570,267		4,143,710
				9,582,600
Telecommunications 0.8%
Level 3 Financing, Inc. 2019 Term Loan B 2.739% (1 Month LIBOR + 1.75%), due 3/1/27		3,963,602		3,686,150
SBA Senior Finance II LLC 2018 Term Loan B 2.74% (1 Month LIBOR + 1.75%), due 4/11/25		4,202,191		3,957,064
				7,643,214
Total Loan Assignments (Cost $60,151,394)				55,245,801
Mortgage-Backed Securities 15.6%
Agency (Collateralized Mortgage Obligations) 3.2%
Federal Home Loan Mortgage Corporation
REMIC, Series 4908, Class BD 3.00%, due 4/25/49		2,690,000		2,863,626
REMIC, Series 4911, Class MB 3.00%, due 9/25/49		150,000		158,902
REMIC Series 4888, Class BA 3.50%, due 9/15/48		2,122,118		2,209,604
REMIC, Series 4924, Class NS 5.345% (1 Month LIBOR + 6.05%), due 10/25/49 (b)		7,245,961		1,179,713
REMIC, Series 4957, Class SB 5.345% (1 Month LIBOR + 6.05%), due 11/25/49 (b)		6,235,920		939,350
Federal National Mortgage Association
REMIC, Series 2019-39, Class LA 3.00%, due 2/25/49		3,223,622		3,443,748
Series 2019-25, Class PA 3.00%, due 5/25/48		2,563,757		2,728,147
REMIC, Series 2019-74, Class BA 3.50%, due 12/25/59		4,045,971		4,472,703
Federal National Mortgage Association (Collateralized Mortgage Obligations) REMIC, Series 2020-10, Class DA 3.50%, due 3/25/60		3,573,724		3,896,708
Government National Mortgage Association
Series 2014-91, Class MA 3.00%, due 1/16/40		2,763,420		2,934,103
Series 2019-29, Class CB 3.00%, due 10/20/48		2,131,947		2,252,879
Series 2019-43, Class PL 3.00%, due 4/20/49		2,503,459		2,664,751
Series 2019-74, Class AT 3.00%, due 6/20/49		92,232		98,756
				29,842,990
Agency Collateral PAC CMO 0.7%
Federal Home Loan Mortgage Corporation REMIC, Series 4926, Class BP 3.00%, due 10/25/49		5,880,000		6,212,554
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 8.2%
Bank
Series 2019-BN21, Class A5 2.851%, due 10/17/52		3,800,000		3,909,057
Series 2019-BN19, Class A2 2.926%, due 8/15/61		3,965,000		4,108,855
Benchmark Mortgage Trust
Series 2019-B14, Class A5 3.049%, due 12/15/62		2,970,000		3,104,858
Series 2019-B12, Class A5 3.116%, due 8/15/52		3,752,000		3,925,229
BX Trust (a)
Series 2019-0C11, Class B 3.605%, due 12/9/41		1,010,000		873,527
Series 2019-0C11, Class C 3.856%, due 12/9/41		2,940,000		2,429,384
Series 2019-0C11, Class D 4.076%, due 12/9/41 (f)		705,000		553,191
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, due 8/15/48		1,950,220		2,042,178
FREMF Mortgage Trust (a)(g)
Series 2013-K33, Class B 3.499%, due 8/25/46		3,090,000		3,108,272
Series 2013-K30, Class B 3.556%, due 6/25/45		4,220,000		4,135,707
Series 2015-K721, Class B 3.565%, due 11/25/47		2,075,000		2,042,123
Series 2013-K35, Class B 3.939%, due 12/25/46		2,375,000		2,423,416
GS Mortgage Securities Trust
Series 2019-BOCA, Class A 1.905% (1 Month LIBOR + 1.20%), due 6/15/38 (a)(b)		4,660,000		3,760,993
Series 2019-GC42, Class A4 3.001%, due 9/1/52		1,490,000		1,545,594
Series 2019-GC40, Class A4 3.16%, due 7/10/52		2,699,000		2,834,073
Series 2017-GS7, Class A4 3.43%, due 8/10/50		2,990,000		3,089,130
Hawaii Hotel Trust Series 2019-MAUI, Class A 1.855% (1 Month LIBOR + 1.15%), due 5/15/38 (a)(b)		2,480,000		2,029,838
Hudson Yards Mortgage Trust Series 2019-30HY, Class A 3.228%, due 7/10/39 (a)		2,825,000		2,983,062
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2018-AON, Class A 4.128%, due 7/5/31 (a)		3,043,000		3,097,863
Series 2013-C16, Class A4 4.166%, due 12/15/46		2,930,000		3,108,485
JPMBB Commercial Mortgage Securities Trust Series 2014-C26, Class A3 3.231%, due 1/15/48		2,092,995		2,159,187
Morgan Stanley Bank of America Merrill Lynch Trust Series-2015-C23, Class A3 3.451%, due 7/15/50		1,430,000		1,495,569
One Bryant Park Trust Series 2019-OBP, Class A 2.516%, due 9/15/54 (a)		5,155,000		5,137,055
Wells Fargo Commercial Mortgage Trust
Series 2019-C53, Class A3 2.787%, due 10/15/52		775,000		784,450
Series 2019-C53, Class A4 3.04%, due 10/15/52		3,261,000		3,364,793
Series 2018-1745, Class A 3.749%, due 6/15/36 (a)(g)		2,900,000		2,861,417
Series 2018-AUS, Class A 4.058%, due 8/17/36 (a)(g)		4,325,000		4,434,456
				75,341,762
Whole Loan (Collateralized Mortgage Obligations) 3.5%
Chase Home Lending Mortgage Trust (a)(f)
Series 2019-ATR2, Class A3 3.50%, due 7/25/49		825,838		836,386
Series 2019-ATR1, Class A4 4.00%, due 4/25/49		1,642,504		1,642,510
Fannie Mae Connecticut Avenue Securities Series 2016-C06, Class 1M2 5.197% (1 Month LIBOR + 4.25%), due 4/25/29 (b)		3,120,000		3,000,806
Fannie Mae Connecticut Avenue Securities (Mortgage Pass-Through Securities) (b)
Series 2017-C02, Class 2M2 4.597% (1 Month LIBOR + 3.65%), due 9/25/29		1,220,000		880,559
Series 2016-C04, Class 1M2 5.197% (1 Month LIBOR + 4.25%), due 1/25/29		2,489,150		2,339,461
Series 2016-C07, Class 2M2 5.297% (1 Month LIBOR + 4.35%), due 5/25/29		1,690,933		1,612,198
Series 2016-C05, Class 2M2 5.397% (1 Month LIBOR + 4.45%), due 1/25/29		4,700,124		4,485,683
Series 2016-C05, Class 2M2B 5.397% (1 Month LIBOR + 4.45%), due 1/25/29		3,250,000		2,704,799
Federal Home Loan Mortgage Corporation Structured Agency Credit Risk Debt Notes (b)
Series 2016-DNA4, Class M3 4.747% (1 Month LIBOR + 3.80%), due 3/25/29		1,950,000		1,808,625
Series 2016-HQA3, Class M3 4.797% (1 Month LIBOR + 3.85%), due 3/25/29		5,458,561		4,850,402
Series 2016-HQA1, Class M3 7.297% (1 Month LIBOR + 6.35%), due 9/25/28		797,560		786,313
GMRF Mortgage Acquisition Co. LLC Series 2018-2, Class A51 4.50%, due 10/25/58 (a)(f)		1,750,000		1,717,046
JP Morgan Mortgage Trust Series 2019-1, Class A3 4.00%, due 5/25/49 (a)(f)		1,110,696		1,124,348
Seasoned Loans Structured Transaction Trust Series 2019-1, Class A1 3.50%, due 5/25/29		2,250,756		2,329,949
Sequoia Mortgage Trust (a)(f)
Series 2017-1, Class A4 3.50%, due 2/25/47		836,785		841,670
Series 2018-7, Class B3 4.228%, due 9/25/48		1,448,111		1,301,917
				32,262,672
Total Mortgage-Backed Securities (Cost $146,906,605)				143,659,978
Municipal Bonds 0.4%
California 0.3%
Regents of the University of California Medical Center Pooled Revenue, Revenue Bonds Series N 3.006%, due 5/15/50		3,170,000		2,893,417
New York 0.1%
New York State Thruway Authority, Revenue Bonds Series M 2.90%, due 1/1/35		640,000		633,664
Total Municipal Bonds (Cost $3,810,000)				3,527,081
U.S. Government & Federal Agencies 9.3%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.4%
2.50%, due 1/1/40		1,087,836		1,131,714
4.00%, due 2/1/49		2,169,531		2,336,040
				3,467,754
Federal National Mortgage Association (Mortgage Pass-Through Securities) 0.8%
2.50%, due 2/1/40		1,210,432		1,256,115
3.00%, due 3/1/50		4,115,000		4,340,778
4.00%, due 2/1/49		1,676,600		1,804,295
				7,401,188
United States Treasury Notes 0.7%
1.375%, due 1/31/22		4,810,000		4,912,213
1.375%, due 1/31/25		910,000		953,332
1.50%, due 2/15/30		445,000		479,122
				6,344,667
United States Treasury Inflation - Indexed Bond 0.6% (h)
0.125%, due 1/15/30		5,067,890		5,217,906
United States Treasury Inflation - Indexed Notes 6.8% (h)
0.75%, due 7/15/28		22,426,934		23,983,019
0.875%, due 1/15/29		35,610,536		38,681,364
				62,664,383
Total U.S. Government & Federal Agencies (Cost $81,448,308)				85,095,898
Total Long-Term Bonds (Cost $921,493,159)				892,894,100

	Shares
Common Stocks 0.0%‡
Software 0.0% ‡
salesforce.com, Inc. (i)	1,267			182,423
Total Common Stocks (Cost $146,797)				182,423
Short-Term Investments 0.7%
Affiliated Investment Company 0.3%
MainStay U.S. Government Liquidity Fund, 0.09% (j)	2,402,844			2,402,844
Unaffiliated Investment Company 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (j)(k)	3,643,996			3,643,996
Total Short-Term Investments (Cost $6,046,840)				6,046,840
Total Investments, Before Investments Sold Short (Cost $927,686,796)	98.0	%		899,123,363
	Principal Amount
Investments Sold Short (0.9%)
Corporate Bonds Sold Short (0.9%)
Health Care Providers & Services (0.3%)
Davita, Inc. 5.00%, due 5/1/25	(3,015,000	)		(3,011,050	)
Metals & Mining (0.6%)
FMG Resources (August 2006) Pty, Ltd. 5.125%, due 5/15/24 (a)	(5,000,000	)		(4,925,001	)
Total Investments Sold Short (Proceeds $8,061,306)				(7,936,051	)
Total Investments, Net of Investments Sold Short (Cost $919,625,490)	97.1	%		891,187,312
Other Assets, Less Liabilities	2.9			26,395,993
Net Assets	100.0	%	$	917,583,305

†	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 March 31, 2020.
(c)	Fixed to floating rate - Rate shown was the rate in effect as of March 31, 2020.
(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 March 31, 2020, the aggregate market value of securities on loan was $3,495,493. The Portfolio received cash collateral with a value of $3,643,996.
(f)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of March 31, 2020.
(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 March 31, 2020.
(h)	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.
(i)	Non-income producing security.
(j)	Current yield as of March 31, 2020.
(k)	Represents a security purchased with cash collateral received for securities on loan.

Foreign Currency Forward Contracts

As of March 31, 2020, the Portfolio held the following foreign currency forward contracts¹:       

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,582,801	GBP	1,214,000	JPMorgan Chase Bank N.A.	5/4/20	$	73,835
Total unrealized appreciation							73,835
EUR	988,000	USD	1,092,210	JPMorgan Chase Bank N.A.	5/4/20		(1,202	)
USD	5,976,359	EUR	5,430,000	JPMorgan Chase Bank N.A.	5/4/20		(19,769	)
Total unrealized depreciation							(20,971	)
Net unrealized appreciation						$	52,864

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 March 31, 2020, 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		303	June 2020	$	37,992,446		$	37,983,890		$	(8,556	)
Total Long Contracts											(8,556	)
Short Contracts
10-Year United States Treasury Note		(342)	June 2020		(46,381,552	)		(47,431,125	)		(1,049,573	)
10-Year United States Treasury Ultra Note		(630)	June 2020		(92,127,263	)		(98,299,688	)		(6,172,425	)
2-Year United States Treasury Note		(364)	June 2020		(80,215,937	)		(80,219,344	)		(3,407	)
United States Treasury Long Bond		(68)	June 2020		(12,173,990	)		(12,176,250	)		(2,260	)
United States Treasury Ultra Bond		(48)	June 2020		(9,891,407	)		(10,650,000	)		(758,593	)
Total Short Contracts											(7,986,258	)
Net Unrealized Depreciation										$	(7,994,814	)

1. As of March 31, 2020, cash in the amount of $4,462,164 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 March 31, 2020.

Swap Contracts  

As of March 31, 2020, 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)
$	50,000,000	USD	3/16/2023	Fixed 2.793%	3-Month USD-LIBOR	Semi-Annually/ Quarterly	$	—	$	(3,545,273	)	$	(3,545,273	)
	50,000,000	USD	3/29/2023	Fixed 2.762%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		—		(3,478,118	)		(3,478,118	)
							$	—	$	(7,023,391	)	$	(7,023,391	)

1. As of March 31, 2020, cash in the amount of $1,578,366 was on deposit with a broker for centrally cleared swap agreements.

The following abbreviations are used in the preceding pages:  

DB	—Deutsche Bank
EUAM	—European Union Advisory Mission
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 March 31, 2020, 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	$	—		$	41,315,696		$	—	$	41,315,696
Convertible Bonds		—			4,496,904			—		4,496,904
Corporate Bonds		—			546,183,642			—		546,183,642
Foreign Government Bonds		—			13,369,100			—		13,369,100
Loan Assignments		—			55,245,801			—		55,245,801
Mortgage-Backed Securities		—			143,659,978			—		143,659,978
Municipal Bonds		—			3,527,081			—		3,527,081
U.S. Government & Federal Agencies		—			85,095,898			—		85,095,898
Total Long-Term Bonds		—			892,894,100			—		892,894,100
Common Stocks		182,423			—			—		182,423
Short-Term Investments
Affiliated Investment Company		2,402,844			—			—		2,402,844
Unaffiliated Investment Company		3,643,996			—			—		3,643,996
Total Short-Term Investments		6,046,840			—			—		6,046,840
Total Investments in Securities		6,229,263			892,894,100			—		899,123,363
Other Financial Instruments
Foreign Currency Forward Contracts (b)		—			73,835			—		73,835
Total Investments in Securities and Other Financial Instruments	$	6,229,263		$	892,967,935		$	—	$	899,197,198
Liability Valuation Inputs
Long-Term Bonds Sold Short
Corporate Bonds Sold Short	$	—		$	(7,936,051	)	$	—	$	(7,936,051	)
Total Long-Term Bonds Sold Short		—			(7,936,051	)		—		(7,936,051	)
Other Financial Instruments
Foreign Currency Forward Contracts (b)		—			(20,971	)		—		(20,971	)
Futures Contracts (b)		(7,994,814	)		—			—		(7,994,814	)
Interest Rate Swap Contracts (b)		—			(7,023,391	)		—		(7,023,391	)
Total Other Financial Instruments		(7,994,814	)		(7,044,362	)		—		(15,039,176	)
Total Investments in Securities Sold Short and Other Financial Instruments	$	(7,994,814	)	$	(14,980,413	)	$	—	$	(22,975,227	)

(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 PIMCO Real Return Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

Long-Term Bonds 143.0% † Asset-Backed Securities 5.2%	Principal Amount			Value
Other Asset-Backed Securities 5.2%
Argent Securities, Inc. Series 2006-W4, Class A2C 1.107% (1 Month LIBOR + 0.16%), due 5/25/36 (a)	$	324,374		$	104,479
Atrium CDO Corp. Series 2012-A, Class AR 2.632% (3 Month LIBOR + 0.83%), due 4/22/27 (a)(b)		300,000			288,519
Black Diamond CLO, Ltd. Series 2015-1A, Class A1R 0.65% (3 Month EURIBOR + 0.65%), due 10/3/29 (a)(b)	EUR	257,835			274,805
Catamaran CLO, Ltd. Series 2013-1A, Class AR 2.644% (3 Month LIBOR + 0.85%), due 1/27/28 (a)(b)	$	1,177,843			1,107,022
CoreVest American Finance Trust Series 2017-1, Class A 2.968%, due 10/15/49 (b)		67,299			66,224
Countrywide Asset-Backed Certificates Series 2007-08, Class 1A1 1.137% (1 Month LIBOR + 0.19%), due 11/25/37 (a)		780,321			675,963
Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 1.567% (1 Month LIBOR + 0.62%), due 1/25/32 (a)		984,172			862,817
Credit-Based Asset Servicing & Securitization LLC Series 2007-CB6, Class A3 1.167% (1 Month LIBOR + 0.22%), due 7/25/37 (a)(b)		1,137,384			664,122
First Franklin Mortgage Loan Trust Series 2006-FF17, Class A2 1.067% (1 Month LIBOR + 0.12%), due 12/25/36 (a)		583,689			426,144
Halcyon Loan Advisors Funding, Ltd. Series 2015-1A, Class AR 2.747% (3 Month LIBOR + 0.92%), due 4/20/27 (a)(b)		180,411			174,045
Home Equity Asset Trust (a)
Series 2005-8, Class M2 1.397% (1 Month LIBOR + 0.45%), due 2/25/36		300,000			258,650
Series 2004-2, Class M1 1.742% (1 Month LIBOR + 0.795%), due 7/25/34		103,893			96,649
Jamestown CLO IV, Ltd. Series 2014-4A, Class A1AR 2.521% (3 Month LIBOR + 0.69%), due 7/15/26 (a)(b)		150,403			147,772
Jamestown CLO VII, Ltd. Series 2015-7A, Class A1R 2.624% (3 Month LIBOR + 0.83%), due 7/25/27 (a)(b)		1,179,077			1,113,198
Jubilee CLO B.V. Series 2015-16A, Class A1R 0.311% (3 Month EURIBOR + 0.80%), due 12/15/29 (a)(b)	EUR	1,660,000			1,738,985
KVK CLO, Ltd. Series 2013-1A, Class AR 2.738% (3 Month LIBOR + 0.90%), due 1/14/28 (a)(b)	$	1,660,000			1,588,149
Legacy Mortgage Asset Trust Series 2019-GS3, Class A1 3.75%, due 4/25/59 (b)(c)		179,377			175,227
Long Beach Mortgage Loan Trust Series 2006-7, Class 2A2 1.067% (1 Month LIBOR + 0.12%), due 8/25/36 (a)		278,870			124,127
Man GLG Euro CLO Series 2A, Class A1R 0.87% (3 Month EURIBOR + 0.87%), due 1/15/30 (a)(b)	EUR	250,000			261,211
Marathon CLO V, Ltd. Series 2013-5A, Class A1R 2.566% (3 Month LIBOR + 0.87%), due 11/21/27 (a)(b)	$	1,639,037			1,536,404
Marlette Funding Trust Series 2019-3A, Class A 2.69%, due 9/17/29 (b)		123,548			119,554
MASTR Asset Backed Securities Trust Series 2006-WMC4, Class A5 1.097% (1 Month LIBOR + 0.15%), due 10/25/36 (a)		130,809			48,097
Morgan Stanley ABS Capital I, Inc. Trust Series 2005-WMC1, Class M3 1.727% (1 Month LIBOR + 0.78%), due 1/25/35 (a)		278,038			252,167
New Century Home Equity Loan Trust Series 2004-04, Class M1 1.712% (1 Month LIBOR + 0.765%), due 2/25/35 (a)		79,229			69,191
New Residential Mortgage Loan Trust Series 2018-3A, Class A1 4.50%, due 5/25/58 (b)(d)		223,875			232,342
OCP CLO, Ltd. (a)(b)
Series 2015-10A, Class A1R 2.614% (3 Month LIBOR + 0.82%), due 10/26/27		1,364,457			1,301,254
Series 2015-9A, Class A1R 2.631% (3 Month LIBOR + 0.80%), due 7/15/27		189,007			182,242
RASC Trust (a)
Series 2006-KS6, Class A4 1.197% (1 Month LIBOR + 0.25%), due 8/25/36		318,715			306,279
Series 2005-KS8, Class M4 1.537% (1 Month LIBOR + 0.59%), due 8/25/35		600,000			575,110
Residential Asset Securities Corp. Series 2006-EMX4, Class A4 1.177% (1 Month LIBOR + 0.23%), due 6/25/36 (a)		880,902			801,827
Saxon Asset Securities Trust Series 2007-03, Class 1A 1.257% (1 Month LIBOR + 0.31%), due 9/25/37 (a)		178,163			157,710
Securitized Asset-Backed Receivables LLC Trust (a)
Series 2006-HE2, Class A2C 1.097% (1 Month LIBOR + 0.15%), due 7/25/36		230,226			110,634
Series 2006-HE1, Class A2C 1.107% (1 Month LIBOR + 0.16%), due 7/25/36		649,680			275,194
SLM Student Loan Trust (a)
Series 2004-2, Class A5 (zero coupon) (3 Month EURIBOR + 0.18%), due 1/25/24	EUR	88,858			97,341
Series 2003-5, Class A5, Series Reg S (zero coupon) (3 Month EURIBOR + 0.27%), due 6/17/24		26,985			29,221
Series 2004-3A, Class A6B 2.344% (3 Month LIBOR + 0.55%), due 10/25/64 (b)	$	494,544			463,744
Series 2011-B, Class A3 2.955% (1 Month LIBOR + 2.25%), due 6/16/42 (b)		85,038			85,217
SoFi Professional Loan Program LLC Series 2017-F, Class A1FX 2.05%, due 1/25/41 (b)		45,401			45,351
Soundview Home Equity Loan Trust (a)
Series 2007-OPT2, Class 2A3 1.127% (1 Month LIBOR + 0.18%), due 7/25/37		236,142			199,672
Series 2007-OPT1, Class 1A1 1.147% (1 Month LIBOR + 0.20%), due 6/25/37		358,325			262,786
SpringCastle Funding Asset-Backed Notes Series 2019-AA, Class A 3.20%, due 5/27/36 (b)		786,620			737,048
Stanwich Mortgage Loan LLC Series 2019-NPB1, Class A1 3.375%, due 8/15/24 (b)(c)		208,086			206,583
Symphony CLO XIV, Ltd. Series 2014-14A, Class AR 2.788% (3 Month LIBOR + 0.95%), due 7/14/26 (a)(b)		279,633			270,777
THL Credit Wind River CLO, Ltd. Series 2012-1A, Class AR2 2.711% (3 Month LIBOR + 0.88%), due 1/15/26 (a)(b)		234,904			232,769
Venture CLO, Ltd. Series 2018-35A, Class AS 2.952% (3 Month LIBOR + 1.15%), due 10/22/31 (a)(b)		200,000			189,578
Venture XX CLO, Ltd. Series 2015-20A, Class AR 2.651% (3 Month LIBOR + 0.82%), due 4/15/27 (a)(b)		755,710			726,695
Venture XXI CLO, Ltd. Series 2015-21A, Class AR 2.711% (3 Month LIBOR + 0.88%), due 7/15/27 (a)(b)		372,490			355,057
Voya CLO, Ltd. Series 2014-3A, Class A1R 2.514% (3 Month LIBOR + 0.72%), due 7/25/26 (a)(b)		289,900			282,237
Wachovia Mortgage Loan Trust Series 2005-WMC1, Class M1 1.607% (1 Month LIBOR + 0.66%), due 10/25/35 (a)		14,469			14,376
Z Capital Credit Partners CLO, Ltd. Series 2015-1A, Class A1R 2.793% (3 Month LIBOR + 0.95%), due 7/16/27 (a)(b)		570,000			541,077
Total Asset-Backed Securities (Cost $22,366,971)					20,855,642
Corporate Bonds 9.6%
Agriculture 0.1%
Reynolds American, Inc. 4.00%, due 6/12/22		200,000			202,819
Auto Manufacturers 1.0%
BMW U.S. Capital LLC 3.40%, due 8/13/21 (b)		600,000			598,994
FCE Bank PLC
Series Reg S 0.086% (3 Month EURIBOR + 0.50%), due 8/26/20 (a)	EUR	800,000			857,906
Series Reg S 1.875%, due 6/24/21		900,000			913,201
Nissan Motor Acceptance Corp.(b)
1.90%, due 9/14/21	$	100,000			94,492
2.65%, due 7/13/22 (e)		200,000			193,188
Volkswagen Group of America Finance LLC (b)
2.064% (3 Month LIBOR + 0.86%), due 9/24/21 (a)		900,000			824,263
4.00%, due 11/12/21		600,000			593,543
					4,075,587
Banks 2.8%
Banco Bilbao Vizcaya Argentaria S.A. Series Reg S 5.875% (EUR 5 Year Interest Swap Rate + 5.66%), due 9/24/23 (a)(f)	EUR	400,000			372,780
Bank of America Corp. 5.875% (3 Month LIBOR + 2.931%), due 3/15/28 (f)(g)	$	190,000			192,535
Cooperatieve Rabobank U.A. (a)(f)
Series Reg S 5.50% (EUR 5 Year Interest Swap Rate + 5.25%), due 6/29/20	EUR	200,000			210,654
Series Reg S 6.625% (EUR 5 Year Interest Swap Rate + 6.697%), due 6/29/21		200,000			210,102
Credit Suisse Group Funding Guernsey, Ltd. 3.80%, due 9/15/22	$	300,000			303,975
Deutsche Bank A.G. 4.25%, due 10/14/21		1,400,000			1,338,311
ING Bank N.V. 2.625%, due 12/5/22 (b)		400,000			418,667
Intesa Sanpaolo S.p.A. 6.50%, due 2/24/21 (b)		400,000			405,370
Lloyds Banking Group PLC (a)
1.995% (3 Month LIBOR + 0.80%), due 6/21/21		400,000			390,428
Series Reg S 6.375% (EUR 5 Year Interest Swap Rate + 5.29%), due 6/27/20 (f)	EUR	200,000			201,912
Nykredit Realkredit A/S
Series Reg S 1.00%, due 10/1/50	DKK	28,679,943			4,080,084
Series Reg S 2.50%, due 10/1/47		4,665			713
Royal Bank of Scotland Group PLC
2.766% (3 Month LIBOR + 1.55%), due 6/25/24 (a)	$	300,000			271,717
4.519% (3 Month LIBOR + 1.55%), due 6/25/24 (g)		200,000			201,388
State Bank of India Series Reg S 2.85% (3 Month LIBOR + 0.95%), due 4/6/20 (a)		700,000			699,895
UniCredit S.p.A. 7.83%, due 12/4/23 (b)		1,800,000			1,921,122
					11,219,653
Beverages 0.8%
Keurig Dr. Pepper, Inc.
3.551%, due 5/25/21		1,400,000			1,416,422
4.057%, due 5/25/23		100,000			104,023
Pernod-Ricard S.A. 5.75%, due 4/7/21 (b)		1,600,000			1,646,312
					3,166,757
Biotechnology 0.1%
Amgen, Inc. 3.625%, due 5/15/22		400,000			414,694
Commercial Services 0.1%
ERAC USA Finance LLC 4.50%, due 8/16/21 (b)		400,000			407,821
RELX Capital, Inc. 3.50%, due 3/16/23		100,000			104,120
					511,941
Computers 0.1%
EMC Corp. 2.65%, due 6/1/20		330,000			328,119
Distribution & Wholesale 0.0% ‡
Toyota Tsusho Corp. Series Reg S 3.625%, due 9/13/23		200,000			195,849
Diversified Financial Services 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625%, due 10/30/20		100,000			97,005
Ally Financial, Inc.
4.125%, due 2/13/22		200,000			192,438
4.25%, due 4/15/21		100,000			98,250
Avolon Holdings Funding, Ltd. 5.50%, due 1/15/23 (b)		100,000			89,735
BOC Aviation, Ltd. 2.375%, due 9/15/21 (b)		200,000			200,371
Jyske Realkredit A/S
Series Reg S 1.00%, due 10/1/50	DKK	18,250,653			2,589,673
Series Reg S 2.50%, due 10/1/47		14,753			2,261
Mitsubishi UFJ Lease & Finance Co., Ltd. 2.652%, due 9/19/22 (b)	$	200,000			194,464
Nordea Kredit Realkreditaktieselskab
Series Reg S 1.00%, due 10/1/50		11,710,424			1,663,205
2.50%, due 10/1/47	DKK	5,603			858
Park Aerospace Holdings, Ltd. 5.25%, due 8/15/22 (b)	$	400,000			361,447
Realkredit Danmark A/S 2.50%, due 7/1/47		24,489			3,748
					5,493,455
Electric 0.2%
American Electric Power Co., Inc. 3.65%, due 12/1/21		100,000			101,231
IPALCO Enterprises, Inc. 3.45%, due 7/15/20		500,000			499,925
LG&E & KU Energy LLC 4.375%, due 10/1/21		100,000			100,547
Sempra Energy 1.191% (3 Month LIBOR + 0.45%), due 3/15/21 (a)		100,000			98,549
					800,252
Food 0.2%
Campbell Soup Co. 3.30%, due 3/15/21		300,000			299,285
Conagra Brands, Inc. 3.25%, due 9/15/22		200,000			196,322
Danone S.A. (b)
2.077%, due 11/2/21		200,000			200,231
3.00%, due 6/15/22		200,000			203,195
					899,033
Gas 0.4%
Southern Co. Gas Capital Corp. 3.50%, due 9/15/21		1,400,000			1,404,895
Home Builders 0.0% ‡
D.R. Horton, Inc. 5.75%, due 8/15/23		100,000			103,185
Home Furnishing 0.2%
Panasonic Corp. 2.536%, due 7/19/22 (b)		800,000			785,566
Machinery - Diversified 0.1%
Westinghouse Air Brake Technologies Corp. 2.041% (3 Month LIBOR + 1.30%), due 9/15/21 (a)		600,000			582,403
Media 0.5%
Charter Communications Operating LLC / Charter Communications Operating Capital Corp.
3.579%, due 7/23/20		800,000			797,511
4.464%, due 7/23/22		600,000			622,349
COX Communications, Inc. 3.25%, due 12/15/22 (b)		200,000			202,669
DISH DBS Corp. 5.125%, due 5/1/20		300,000			297,670
					1,920,199
Miscellaneous - Manufacturing 0.1%
Textron, Inc. 2.284% (3 Month LIBOR + 0.55%), due 11/10/20 (a)		580,000			580,028
Oil & Gas 0.1%
Petrobras Global Finance B.V.
5.093%, due 1/15/30 (b)		543,000			492,772
6.125%, due 1/17/22		33,000			32,918
YPF S.A 35.421% (BADLARPP Index + 6.00%), due 3/4/21 (a)(h)	ARS	3,130,000			48,790
					574,480
Pharmaceuticals 0.3%
Cigna Corp. 3.75%, due 7/15/23	$	133,000			136,741
CVS Health Corp.
2.125%, due 6/1/21		800,000			800,855
3.70%, due 3/9/23		200,000			207,733
					1,145,329
Pipelines 0.2%
Florida Gas Transmission Co. LLC 5.45%, due 7/15/20 (b)		700,000			703,566
Real Estate Investment Trusts 0.1%
American Tower Corp. 3.30%, due 2/15/21		300,000			299,943
Semiconductors 0.2%
Broadcom, Inc. 3.125%, due 4/15/21 (b)		400,000			395,644
NXP B.V. / NXP Funding LLC 3.875%, due 9/1/22 (b)		400,000			401,550
					797,194
Software 0.1%
Activision Blizzard, Inc. 2.60%, due 6/15/22		200,000			201,454
Telecommunications 0.5%
AT&T, Inc.
2.33% (3 Month LIBOR + 0.75%), due 6/1/21 (a)		500,000			485,528
5.15%, due 2/15/50		300,000			358,017
5.30%, due 8/15/58		100,000			117,649
Deutsche Telekom International Finance B.V. 1.95%, due 9/19/21 (b)		250,000			246,905
Sprint Corp. 7.25%, due 9/15/21		300,000			309,210
Telstra Corp., Ltd. 4.80%, due 10/12/21 (b)		300,000			309,249
					1,826,558
Trucking & Leasing 0.1%
Penske Truck Leasing Co., L.P. / PTL Finance Corp. 3.65%, due 7/29/21 (b)		200,000			202,483
					202,483
Total Corporate Bonds (Cost $39,552,632)					38,435,442
Foreign Government Bonds 3.3%
Argentina 0.1%
Argentina Bocon 42.781%, due 10/4/22 (d)(h)	ARS	75,453			1,454
Bonos del Tesoro Nacional en Pesos Badlar 36.575% (BADLARPP Index + 2.00%), due 4/3/22 (a)(h)		2,854,000			31,286
Argentina POM Politica Monetaria 38.039%, due 6/21/20 (d)(h)		21,453,000			217,491
					250,231
Australia 0.5%
Australia Government Bond
Series Reg S 1.25%, due 2/21/22	AUD	980,000			707,317
Series Reg S 3.00%, due 9/20/25		1,450,000			1,280,868
					1,988,185
Canada 0.2%
Canadian Government Real Return Bond 4.25%, due 12/1/26	CAD	934,488			831,358
Japan 1.1%
Japanese Government CPI Linked Bond
0.10%, due 3/10/28	JPY	209,806,920			1,952,214
0.10%, due 3/10/29		264,725,280			2,461,988
					4,414,202
New Zealand 0.6%
New Zealand Government Inflation Linked Bond
Series Reg S 2.00%, due 9/20/25	NZD	1,800,000			1,299,838
Series Reg S 2.50%, due 9/20/35		800,000			640,111
Series Reg S 3.00%, due 9/20/30		500,000			408,898
					2,348,847
Peru 0.3%
Peru Government Bond (b)
Series Reg S 5.94%, due 2/12/29	PEN	1,300,000			406,798
Series Reg S 6.15%, due 8/12/32		2,600,000			808,265
					1,215,063
Qatar 0.1%
Qatar Government International Bond Series Reg S 3.875%, due 4/23/23	$	300,000			308,310
United Kingdom 0.4%
United Kingdom Gilt Inflation Linked Series Reg S 0.125%, due 8/10/48	GBP	846,136			1,841,642
Total Foreign Government Bonds (Cost $14,720,386)					13,197,838
Mortgage-Backed Securities 3.9%
Agency (Collateralized Mortgage Obligations) 1.1%
Federal Home Loan Mortgage Corporation REMIC (Collateralized Mortgage Obligations) Series 4779, Class WF 2.005% (1 Month LIBOR + 0.35%), due 7/15/44 (a)	$	359,212			357,198
Federal Home Loan Mortgage Corporation Strips Series 278, Class F1 1.155% (1 Month LIBOR + 0.45%), due 9/15/42 (a)		496,580			501,338
Federal National Mortgage Association REMIC, Series 2019-5, Class FA 1.347% (1 Month LIBOR + 0.40%), due 3/25/49 (a)		1,479,711			1,459,884
Government National Mortgage Association (a)
REMIC, Series 2019-20, Class FE 1.173% (1 Month LIBOR + 0.40%), due 2/20/49		1,393,749			1,378,896
REMIC, Series 2018-H15, Class FG 2.266% (12 Month LIBOR + 0.15%), due 8/20/68		641,341			617,319
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)		350,459			349,361
					4,663,996
Whole Loan (Collateralized Mortgage Obligations) 2.8%
CHL Mortgage Pass-Through Trust Series 2007-1, Class A1 6.00%, due 3/25/37		42,129			30,779
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 4.033%, due 3/25/37 (i)		384,187			315,914
Citigroup Mortgage Loan Trust, Inc.
Series 2019-B, Class A1 3.258%, due 4/25/66 (b)(d)		281,818			277,829
Series 2004-NCM2, Class 1CB1 5.50%, due 8/25/34		251,684			237,877
Countrywide Alternative Loan Trust
Series 2005-29CB, Class A4 5.00%, due 7/25/35		53,425			41,758
Series 2007-1T1, Class 1A1 6.00%, due 3/25/37		752,873			450,860
Credit Suisse Mortgage Trust (b)
Series 2019-RPL9, Class A1 3.319%, due 10/27/59 (d)		985,034			957,571
Series 2019-RPL4, Class A1 3.549%, due 8/26/58		280,469			291,385
Eurosail-UK PLC (a)
Series 2007-3X, Class A3A, Reg S 1.456% (3 Month LIBOR + 0.95%), due 6/13/45	GBP	176,375			205,388
Series 2007-3A, Class A3C 1.456% (3 Month LIBOR + 0.95%), due 6/13/45 (b)		47,028			54,762
Series 2007-3X, Class A3C, Reg S 1.456% (3 Month LIBOR + 0.95%), due 6/13/45		47,028			54,762
GreenPoint Mortgage Funding Trust Series 2006-AR4, Class A6A 1.127% (1 Month LIBOR + 0.18%), due 9/25/46 (a)	$	105,563			84,470
IndyMac Index Mortgage Loan Trust (a)
Series 2005-AR14, Class 1A1A 1.227% (1 Month LIBOR + 0.28%), due 7/25/35		1,097,594			833,048
Series 2005-AR12 Class 2A1A 1.427% (1 Month LIBOR + 0.48%), due 7/25/35		158,680			133,445
Lehman XS Trust Series 2007-20N, Class A1 2.097% (1 Month LIBOR + 1.15%), due 12/25/37 (a)		53,064			42,808
Merrill Lynch Mortgage Investors Trust Series 2005-A4, Class 1A 4.112%, due 7/25/35 (i)		216,376			146,517
New Residential Mortgage Loan Trust Series 2019-RPL3, Class A1 2.75%, due 7/25/59 (b)(d)		378,649			377,115
OBX Trust Series 2018-1, Class A2 1.597% (1 Month LIBOR + 0.65%), due 6/25/57 (a)(b)		69,102			64,471
Opteum Mortgage Acceptance Corporation Series 2005-2, Class M7 2.747% (1 Month LIBOR + 1.80%), due 4/25/35 (a)		100,000			81,150
Paragon Mortgages No.13 PLC Series 13X, Class A1, Reg S 0.965% (3 Month LIBOR + 0.24%), due 1/15/39 (a)	GBP	1,974,000			2,208,123
Residential Asset Securitization Trust Series 2006-A10, Class A5 6.50%, due 9/25/36	$	258,307			149,659
Silverstone Master Issuer PLC Series 2019-1A, Class 2A 1.461% (SONIA + 0.75%), due 1/21/70 (a)(b)	GBP	249,000			303,076
Structured Asset Securities Corp. Mortgage Loan Trust Series 2005-OPT1, Class A2 1.157% (1 Month LIBOR + 0.21%), due 11/25/35 (a)	$	1,246,354			1,208,059
Towd Point Mortgage Funding Series 2019-GR4A, Class A1 1.724%, due 10/20/51 (a)(b)	GBP	1,172,729			1,411,779
Trinity Square PLC Series 2015-1A, Class A 1.875% (3 Month LIBOR + 1.15%), due 7/15/51 (a)(b)		553,692			670,336
Washington Mutual Mortgage Pass-Through Certificates
Series 2007-HY1, Class A2A 1.107% (1 Month LIBOR + 0.16%), due 2/25/37 (a)	$	690,356			506,841
Series 2006-5, Class 2CB1 6.00%, due 7/25/36		47,225			38,286
					11,178,068
Total Mortgage-Backed Securities (Cost $17,331,570)					15,842,064
U.S. Government & Federal Agencies 121.0%
Federal National Mortgage Association (Mortgage Pass-Through Securities) 14.6%
2.50%, due 8/1/49 TBA (j)		6,100,000			6,319,219
2.50%, due 8/1/49 TBA (j)		14,600,000			15,062,895
3.00%, due 8/1/49 TBA (j)		1,400,000			1,463,820
3.00%, due 8/1/49 TBA (j)		100,000			104,832
3.00%, due 8/1/49 TBA (j)		14,300,000			14,983,160
3.253% (12 Monthly Treasury Average Index + 1.20%), due 6/1/43 (a)		250,612			246,077
3.50%, due 3/1/48		179,233			189,803
3.50%, due 8/1/48 TBA (j)		12,800,000			13,512,030
4.00%, due 8/1/48 TBA (j)		5,800,000			6,183,406
4.146% (11th District Cost of Funds Index + 1.926%), due 12/1/36 (a)		222,129			228,180
4.349% (1 Year Treasury Constant Maturity Rate + 2.36%), due 11/1/34 (a)		294,406			299,019
					58,592,441
United States Treasury Notes 0.1%
1.75%, due 12/31/24 (k)		330,000			351,373
United States Treasury Inflation - Indexed Bonds 38.8%
0.125%, due 1/15/30 (e)		962,448			990,938
0.375%, due 7/15/27 (k)		19,532,674			20,085,161
0.625%, due 2/15/43		1,997,000			2,192,362
0.75%, due 2/15/42		3,915,414			4,384,996
0.75%, due 2/15/45		1,654,009			1,891,018
0.875%, due 2/15/47		9,513,301			11,325,037
1.00%, due 2/15/46 (k)		5,377,824			6,535,607
1.00%, due 2/15/48		2,623,368			3,229,383
1.00%, due 2/15/49 (k)		5,593,335			6,949,108
1.375%, due 2/15/44 (k)		16,482,639			21,127,105
1.75%, due 1/15/28		16,774,278			19,069,317
2.00%, due 1/15/26		11,225,858			12,486,824
2.125%, due 2/15/40		4,129,129			5,768,399
2.125%, due 2/15/41		3,804,456			5,297,077
2.375%, due 1/15/25 (k)		17,916,152			19,869,957
2.375%, due 1/15/27		5,090,619			5,898,720
2.50%, due 1/15/29		6,403,409			7,851,327
3.375%, due 4/15/32		475,190			670,712
					155,623,048
United States Treasury Inflation - Indexed Notes 67.5%
0.125%, due 4/15/21 (k)		20,122,607			19,722,115
0.125%, due 1/15/22		10,290,859			10,148,350
0.125%, due 4/15/22 (k)		46,000,288			45,368,920
0.125%, due 7/15/22		4,286,946			4,246,874
0.125%, due 1/15/23		13,111,393			12,953,339
0.125%, due 7/15/26		14,860,665			14,992,496
0.25%, due 7/15/29 (k)		34,400,856			35,717,966
0.375%, due 7/15/23		6,353,234			6,389,652
0.375%, due 1/15/27		16,380,205			16,761,651
0.50%, due 1/15/28		17,162,028			17,873,833
0.625%, due 7/15/21		2,037,103			2,017,861
0.625%, due 4/15/23		10,218,250			10,292,674
0.625%, due 1/15/24		692,024			703,314
0.625%, due 1/15/26 (k)		41,806,380			43,180,899
0.75%, due 7/15/28 (k)		18,613,458			19,904,947
0.875%, due 1/15/29		2,707,037			2,940,475
1.125%, due 1/15/21		2,004,538			1,985,388
1.25%, due 7/15/20		5,665,325			5,613,823
					270,814,577
Total U.S. Government & Federal Agencies (Cost $472,568,377)					485,381,439
Total Long-Term Bonds (Cost $566,539,936)					573,712,425
Short-Term Investments 1.0%
Foreign Government Bonds 0.7%
Argentina Treasury Bills (h)
(zero coupon), due 4/8/20	ARS	795,000			10,463
(zero coupon), due 5/13/20		4,422,000			45,085
(zero coupon), due 8/27/20		1,325,000			18,752
32.40% (BADLARPP Index + 2.00%), due 8/28/20 (a)		3,628,000			49,339
35.641% (BADLARPP Index + 3.00%), due 6/22/20 (a)		1,170,000			18,943
36.752% (BADLARPP Index + 2.00%), due 4/3/20 (a)		3,720,000			64,349
Brazil Letras do Tesouro Nacional (zero coupon), due 7/1/20 (h)	BRL	13,706,000			2,616,271
Total Foreign Government Bonds (Cost $3,560,913)					2,823,202
		Shares
Unaffiliated Investment Company 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio, 0.24% (l)	$	1,057,709			1,057,709
Total Unaffiliated Investment Company (Cost $1,057,709)					1,057,709
Total Short-Term Investments (Cost $4,618,622)					3,880,911
Total Investments Excluding Purchased Options (Cost $571,158,557)		144.0	%		577,593,336
Total Purchased Options (Cost $405,563)		0.2	%		943,742
Total Investments, Before Investments Sold Short (Cost $571,564,120)		144.2	%		578,537,078

	Principal Amount
Investments Sold Short (0.6%)
U.S. Government Securities Sold Short (0.6%)
Federal National Mortgage Association (Mortgage Pass-Through Securities)
2.50%, due 8/1/49 TBA (j)	(2,300,000	)		(2,382,656	)
3.00%, due 8/1/49 TBA (j)	(100,000	)		(104,832	)
Total U.S. Government Securities Sold Short (Proceeds $2,458,719)				(2,487,488	)
Total Investments Sold Short (Proceeds $2,458,719)				(2,487,488	)
Total Investments, Net of Investments Sold Short (Cost $569,105,401)	143.6	%		576,049,590
Other Assets, Less Liabilities	(43.6	)		(175,035,396	)
Net Assets	100.0	%	$	401,014,194

†	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 March 31, 2020.
(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 March 31, 2020.
(d)	Coupon rate may change based on changes of the underlying collateral or prepayments of principal. Rate shown was the rate in effect as of March 31, 2020.
(e)	All or a portion of this security was held on loan. As of March 31, 2020, the aggregate market value of securities on loan was $1,027,911. The Portfolio received cash collateral with a value of $1,057,709.
(f)	Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.
(g)	Fixed to floating rate - Rate shown was the rate in effect as of March 31, 2020.
(h)	Illiquid security - As of March 31, 2020, the total market value of these securities deemed illiquid under procedures approved by the Board of Trustees was $3,122,223, which represented 0.8% of the Portfolio's net assets.
(i)	Collateral strip rate - A bond whose interest was based on the weighted net interest rate of the collateral. The coupon rate adjusts periodically based on a predetermined schedule. Rate shown was the rate in effect as of March 31, 2020.
(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 March 31, 2020, the total net market value of these securities was $55,141,874, which represented 13.8% of the Portfolio's net assets. All or a portion of these securities are a part of a mortgage dollar roll agreement.
(k)	Delayed delivery security.
(l)	Current yield as of March 31, 2020.

Foreign Currency Forward Contracts

As of March 31, 2020, the Portfolio held the following foreign currency forward contracts^1,2:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL	3,636,900	USD	699,579	JPMorgan Chase Bank N.A.*	4/2/20	$	350
DKK	59,113,088	USD	8,585,779	Bank of America, N.A.	4/1/20		147,005
EUR	588,000	USD	647,319	JPMorgan Chase Bank N.A.	4/2/20		1,185
GBP	425,000	USD	505,402	JPMorgan Chase Bank N.A.	4/2/20		22,491
GBP	5,763,000	USD	7,144,391	Morgan Stanley & Co.	4/2/20		13,833
ILS	9,000	USD	2,504	JPMorgan Chase Bank N.A.	4/16/20		39
JPY	507,600,000	USD	4,703,048	Morgan Stanley & Co.	4/2/20		17,714
USD	14,987	AUD	23,000	Bank of America, N.A.	4/2/20		840
USD	2,119,457	AUD	3,222,000	Morgan Stanley & Co.	4/2/20		137,605
USD	810,000	BRL	3,636,900	JPMorgan Chase Bank N.A.*	4/2/20		110,071
USD	3,273,465	BRL	13,706,000	JPMorgan Chase Bank N.A.*	7/2/20		650,207
USD	882,518	CAD	1,179,000	Morgan Stanley & Co.	4/2/20		44,735
USD	206,405	DKK	1,380,000	JPMorgan Chase Bank N.A.	4/1/20		2,537
USD	8,723,999	DKK	57,880,000	Societe Generale	4/1/20		173,379
USD	7,557,168	GBP	5,861,000	Bank of America, N.A.	4/2/20		277,219
USD	1,773,000	IDR	25,362,765,000	JPMorgan Chase Bank N.A.*	6/17/20		228,656
USD	67,007	JPY	7,200,000	JPMorgan Chase Bank N.A.	4/2/20		46
USD	1,500,993	MXN	34,896,000	JPMorgan Chase Bank N.A.	4/13/20		32,294
USD	16,294	NZD	26,000	JPMorgan Chase Bank N.A.	4/2/20		780
USD	2,443,375	NZD	3,863,000	Morgan Stanley & Co.	4/2/20		138,322
USD	2,338,121	NZD	3,889,000	Morgan Stanley & Co.	5/4/20		18,139
USD	213,163	RUB	14,231,314	JPMorgan Chase Bank N.A.*	4/15/20		32,333
Total unrealized appreciation							2,049,780
BRL	3,356,961	USD	764,797	Bank of America, N.A.*	4/2/20	$	(118,743	)
EUR	3,015,000	USD	3,355,635	Morgan Stanley & Co.	4/2/20		(30,392	)
IDR	26,087,434,400	USD	1,878,821	Morgan Stanley & Co.*	6/17/20		(290,352	)
MXN	35,955,781	USD	1,849,802	Bank of America, N.A.	5/5/20		(341,285	)
NZD	3,889,000	USD	2,338,728	Morgan Stanley & Co.	4/2/20		(18,162	)
RUB	16,339,075	USD	261,520	Bank of America, N.A.*	4/15/20		(53,907	)
USD	645,731	BRL	3,356,961	Bank of America, N.A.*	4/2/20		(323	)
USD	8,620,964	DKK	59,113,088	Bank of America, N.A.	7/1/20		(140,423	)
USD	5,207,517	EUR	4,730,000	JPMorgan Chase Bank N.A.	5/5/20		(15,832	)
USD	9,116,335	EUR	8,333,000	Morgan Stanley & Co.	4/2/20		(74,125	)
USD	393,651	GBP	327,000	Morgan Stanley & Co.	4/2/20		(12,515	)
USD	7,150,096	GBP	5,763,000	Morgan Stanley & Co.	5/4/20		(13,141	)
USD	4,547,830	JPY	500,400,000	Morgan Stanley & Co.	4/2/20		(105,972	)
USD	4,713,136	JPY	507,600,000	Morgan Stanley & Co.	5/7/20		(15,309	)
USD	1,262,666	PEN	4,457,841	JPMorgan Chase Bank N.A.*	5/29/20		(33,062	)
USD	7,001	SGD	10,000	Bank of America, N.A.	6/17/20		(43	)
Total unrealized depreciation							(1,263,586	)
Net unrealized appreciation						$	786,194

*	Non-deliverable forward.
1.	As of March 31, 2020, cash collateral of $940,000 was due to a broker for foreign currency forward contracts.
2.	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 March 31, 2020, 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
10-Year United States Treasury Ultra Note	71	June 2020	$	10,461,255		$	11,078,219		$	616,964
5-Year United States Treasury Note	181	June 2020		21,877,246			22,690,047			812,801
Euro Bund	73	June 2020		13,959,188			13,889,066			(70,122	)
United States Treasury Ultra Bond	75	June 2020		15,648,586			16,640,625			992,039
Total Long Contracts										2,351,682
Short Contracts
10-Year Australia Government Bond	(7)	June 2020		(652,175	)		(648,485	)		3,690
10-Year Japan Government Bond	(3)	June 2020		(4,337,679	)		(4,256,777	)		80,902
10-Year United States Treasury Note	(529)	June 2020		(70,449,495	)		(73,365,688	)		(2,916,193	)
2-Year United States Treasury Note	(7)	June 2020		(1,515,108	)		(1,542,680	)		(27,572	)
3-Year Australia Government Bond	(13)	June 2020		(932,882	)		(936,439	)		(3,557	)
Euro BOBL	(96)	June 2020		(14,392,471	)		(14,315,811	)		76,660
Euro Schatz	(518)	June 2020		(64,077,985	)		(64,094,360	)		(16,375	)
Euro-Buxl 30 Year Bond	(19)	June 2020		(4,563,579	)		(4,398,473	)		165,106
UK Long Gilt	(40)	June 2020		(6,634,762	)		(6,766,465	)		(131,703	)
United States Treasury Long Bond	(80)	June 2020		(13,335,513	)		(14,325,000	)		(989,487	)
Total Short Contracts										(3,758,529	)
Net Unrealized Depreciation									$	(1,406,847	)

1. As of March 31, 2020, cash in the amount of $2,394,320 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 March 31, 2020.

Purchased Options on Futures Contracts

				Expiration	Number of	Notional		Premium Paid		Market
Description	Counterparty	Strike Price		Date	Contracts	Amount		(Received)		Value
	Morgan Stanley &					EUR
Put-Euro Bund	Co., LLC	$	159.00	5/22/2020	117		11,700,000	$	1,356	$	11,614
								$	1,356	$	11,614

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	$	147.50	5/22/2020		10		10,000	$	86	$	1,094
Call - 10-Year United States Treasury Note	Morgan Stanley & Co., LLC		200.00	5/22/2020		317		317,000		307,236		4,953
Call-Euro BOBL	Morgan Stanley & Co., LLC		140.50	5/22/2020		25		EUR 2,500,000		152		827
Call-Euro Schatz	Morgan Stanley & Co., LLC		116.50	5/22/2020		53		5,300,000		322		585
Call-Euro Schatz	Morgan Stanley & Co., LLC		113.40	5/22/2020		232		23,200,000		1,410		5,117
									$	309,206	$	12,576

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	Morgan Stanley & Co., LLC	$	1.19	8/26/2020	104,900,000	$	104,900,000	$	95,000	$	919,552
								$	95,000	$	919,552

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.		234.781	Maximum of [0, Final Index/Initial Index – (1 + 4.000%)10]	5/16/2024		(300,000	)	$	(300,000	)	$	(2,085	)	$	(2	)
Floor-OTC USA Non-Revised Consumer Price Index-Urban (CPI-U), American Style - Put	JPMorgan Chase Bank N.A.		238.643	Maximum of [0, Final   Index/Initial Index]	10/02/2020		(1,900,000	)		(1,900,000	)		(35,068	)		(15,262	)
												$	(37,153	)	$	(15,264	)

Written Swaptions

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Call - IRO 2-Year/2-Year Forward Swap	Morgan Stanley & Co., LLC	$	1.09	8/26/2020		(53,500,000	)	$	(53,500,000	)	$	(95,000	)	$	(595,231	)
											$	(95,000	)	$	(595,231	)

Description	Counterparty	Strike Price		Expiration Date	Number of Contracts			Notional Amount			Premium Paid (Received)			Market Value
Put - Markit CDX N.A. I.G.	Bank of America Securities, Inc	$	102.00	5/22/2020		(1,400,000	)	$	(1,400,000	)	$	(5,544	)	$	(138,061	)
Put - Markit CDX N.A. I.G.	Morgan Stanley & Co., LLC		0.85	5/22/2020		(1,000,000	)		(1,000,000	)		(1,290	)		(16,087	)
											$	(6,834	)	$	(154,148	)

Swap Contracts

As of March 31, 2020, 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)
$	47,060,000		USD	3/12/2021	3-Month USD-LIBOR	Fixed 1.50%	Quarterly/ Semi-Annually	$	—		$	441,243		$	441,243
	47,100,000		USD	6/17/2021	Fixed 1.25%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		229,217			(410,021	)		(180,804	)
	4,800,000		USD	12/16/2022	3-Month USD-LIBOR	Fixed 2.25%	Quarterly/ Semi-Annually		(5,029	)		241,948			236,919
	10,100,000		USD	3/12/2025	Fixed 1.40%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		—			(457,039	)		(457,039	)
	10,100,000		USD	6/17/2025	3-Month USD-LIBOR	Fixed 1.25%	Quarterly/ Semi-Annually		(209,807	)		384,436			174,629
	14,000,000		JPY	9/20/2027	Fixed 0.30%	6-Month JPY-LIBOR	Semi-Annually/ Semi-Annually		190			(3,217	)		(3,027	)
	50,000,000		JPY	3/20/2028	6-Month JPY-LIBOR	Fixed 0.30%	Semi-Annually/ Semi-Annually		703			(11,926	)		(11,223	)
	1,600,000		NZD	3/21/2028	Fixed 3.25%	3-Month NZD Bank Bill	Semi-Annually/ Quarterly		(3,804	)		(182,629	)		(186,433	)
	106,980,000		JPY	3/20/2029	Fixed 0.45%	6-Month JPY-LIBOR	Semi-Annually/ Semi-Annually		4,382			(40,515	)		(36,133	)
	4,300,000		GBP	3/18/2030	6-Month USD-LIBOR	Fixed 0.75%	Semi-Annually/ Semi-Annually		21,615			86,542			108,157
	700,000		USD	2/12/2045	Fixed 2.00%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		12,653			(179,981	)		(167,328	)
	1,170,000		USD	12/15/2047	Fixed 2.00%	12-Month USD-FFR	Annually/ Annually		(2,084	)		(416,723	)		(418,807	)
	600,000		USD	12/11/2049	Fixed 2.25%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		3,865			(221,249	)		(217,384	)
	100,000		USD	1/15/2050	Fixed 2.00%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		707			(29,995	)		(29,288	)
	290,000		USD	1/16/2050	Fixed 1.625%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		1,305			(57,244	)		(55,939	)
	600,000		USD	1/22/2050	Fixed 1.75%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		3,356			(138,994	)		(135,638	)
	1,400,000		USD	2/3/2050	Fixed 1.625%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		(13,734	)		(276,534	)		(290,268	)
	500,000		USD	2/7/2050	Fixed 1.875%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		(889	)		(133,024	)		(133,913	)
	500,000		USD	3/12/2050	Fixed 2.24%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		1,218			(185,821	)		(184,603	)
	220,000		USD	3/20/2050	Fixed 2.00%	3-Month USD-LIBOR	Semi-Annually/ Quarterly		4,713			(66,564	)		(61,851	)
	1,500,000		GBP	6/17/2050	Fixed 1.00%	6-Month USD-LIBOR	Semi-Annually/ Semi-Annually		60,868			(213,528	)		(152,660	)
								$	109,445		$	(1,870,835	)	$	(1,761,390	)

Open OTC interest rate swap agreements as of March 31, 2020 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)
$	880,000	ILS	2/16/2028	Bank of America N.A.	3-Month TELBOR	Fixed 1.963%	Quarterly/ Annually	$	—	$	23,106		$	23,106
	2,570,000	ILS	6/20/2020	Bank of America N.A.	Fixed 3.70%	3-Month TELBOR	Annually/ Quarterly		—		(2,354	)		(2,354	)
	540,000	ILS	6/20/2028	Bank of America N.A.	3-Month TELBOR	Fixed 1.998%	Quarterly/ Annually		—		16,961			16,961
								$	—	$	37,713		$	37,713

As of March 31, 2020, 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		—			(23,726	)		(23,726	)
	1,300,000	USD	11/25/2020	Fixed 2.021%	12-Month USD-CPI	At Maturity		—			(23,782	)		(23,782	)
	4,600,000	USD	9/20/2021	Fixed 1.58%	12-Month USD-CPI	At Maturity		—			(129,976	)		(129,976	)
	1,100,000	USD	4/27/2023	Fixed 2.263%	12-Month USD-CPI	At Maturity		—			(79,773	)		(79,773	)
	510,000	USD	5/9/2023	Fixed 2.263%	12-Month USD-CPI	At Maturity		—			(36,947	)		(36,947	)
	780,000	USD	5/10/2023	Fixed 2.281%	12-Month USD-CPI	At Maturity		—			(57,266	)		(57,266	)
	2,800,000	EUR	3/15/2024	12-Month EUR-CPI	Fixed 1.03%	At Maturity		889			(124,802	)		(123,913	)
	2,200,000	GBP	9/15/2024	UK RPI	Fixed 3.85%	At Maturity		(336	)		138,975			138,639
	560,000	EUR	12/15/2026	12-Month EUR-CPI	Fixed 1.385%	At Maturity		1,317			48,211			49,528
	800,000	EUR	6/15/2027	12-Month EUR-CPI	Fixed 1.36%	At Maturity		9,043			70,942			79,985
	1,100,000	USD	7/25/2027	12-Month USD-CPI	Fixed 2.067%	At Maturity		—			109,608			109,608
	600,000	USD	9/25/2027	12-Month USD-CPI	Fixed 2.15%	At Maturity		—			64,484			64,484
	1,200,000	USD	10/17/2027	12-Month USD-CPI	Fixed 2.155%	At Maturity		—			130,569			130,569
	3,900,000	EUR	11/15/2027	12-Month EUR-CPI	Fixed 1.52%	At Maturity		2,741			420,800			423,541
	1,000,000	EUR	3/15/2028	12-Month EUR-CPI	Fixed 1.535%	At Maturity		(106	)		113,376			113,270
	510,000	USD	5/9/2028	12-Month USD-CPI	Fixed 2.353%	At Maturity		—			72,553			72,553
	770,000	USD	5/9/2028	12-Month USD-CPI	Fixed 2.36%	At Maturity		—			110,229			110,229
	850,000	EUR	5/15/2028	12-Month EUR-CPI	Fixed 1.62%	At Maturity		(45	)		105,521			105,476
	2,600,000	USD	11/4/2029	12-Month USD-CPI	Fixed 1.76%	At Maturity		1,358			180,846			182,204
	4,200,000	GBP	1/15/2030	Fixed 3.39%	UK RPI	At Maturity		33,913			69,193			103,106
	3,460,000	GBP	6/15/2030	UK RPI	Fixed 3.40%	At Maturity		(11,295	)		274,440			263,145
	2,070,000	GBP	4/15/2031	UK RPI	Fixed 3.14%	At Maturity		159,623			(46,112	)		113,511
	2,690,000	GBP	10/15/2031	UK RPI	Fixed 3.53%	At Maturity		2,761			223,518			226,279
	200,000	EUR	3/15/2033	12-Month EUR-CPI	Fixed 1.71%	At Maturity		338			(36,051	)		(35,713	)
	1,430,000	EUR	2/15/2050	12-Month EUR-CPI	Fixed 1.45%	At Maturity		(5,670	)		234,627			228,957
							$	194,531		$	1,809,457		$	2,003,988

As of March 31, 2020, the Portfolio held the following centrally cleared credit default swap contracts¹:

Reference Obligation	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		(774	)		521			(253	)
General Electric Co. 2.70%, 10/09/22	12/20/2020		Buy		100		(1.00	)%	Quarterly		1,006			(262	)		744
General Electric Co. 2.70%, 10/09/22	12/20/2023		Buy		100		(1.00	)%	Quarterly		3,595			(3,350	)		245
CDX North American High Yield Series 33	12/20/2024		Sell		6,174		5.00	%	Quarterly		340,289			376,420			716,709
iTraxx Europe Series 32 Version 1	12/20/2024		Sell		1,600		1.00	%	Quarterly		(22,559	)		3,658			(18,901	)
CDX North American High Yield Series 34	6/20/2025		Sell		2,000		5.00	%	Quarterly		(79,600	)		124,597			44,997
										$	241,957		$	501,584		$	743,541

1	As of March 31, 2020, cash in the amount of $4,391,000 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 March 31, 2020.

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
CAD	—Canadian Dollar
DKK	—Danish Krone
EUR	—Euro
EURIBOR	—Euro Interbank Offered Rate
FFR	—Federal Fund Rate
GBP	—British Pound Sterling
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
JPY	—Japanese Yen
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
SONIA	—Sterling Overnight Interbank Average Rate
TBA	—To Be Announced
TELBOR	—Tel Aviv Interbank Offered Rate
USD	—United States Dollar

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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	$	—		$	20,855,642		$	—	$	20,855,642
Corporate Bonds		—			38,435,442			—		38,435,442
Foreign Government Bonds		—			13,197,838			—		13,197,838
Mortgage-Backed Securities		—			15,842,064			—		15,842,064
U.S. Government & Federal Agencies		—			485,381,439			—		485,381,439
Total Long-Term Bonds		—			573,712,425			—		573,712,425
Purchased Options		943,742			—			—		943,742
Short-Term Investments
Foreign Government Bonds		—			2,823,202			—		2,823,202
Unaffiliated Investment Company		1,057,709			—			—		1,057,709
Total Short-Term Investments		1,057,709			2,823,202			—		3,880,911
Total Investments in Securities	$	2,001,451		$	576,535,627		$	—	$	578,537,078
Other Financial Instruments
Credit Default Swap Contracts (b)		—			762,694			—		762,694
Foreign Currency Forward Contracts (b)		—			2,049,780			—		2,049,780
Futures Contracts (b)		2,748,162			—			—		2,748,162
Inflation Swap Contracts (b)		—			2,515,083			—		2,515,083
Interest Rate Swap Contracts (b)		—			1,001,014			—		1,001,014
Total Other Financial Instruments		2,748,162			6,328,571			—		9,076,733
Total Investments in Securities and Other Financial Instruments	$	4,749,613		$	582,864,198		$	—	$	587,613,811
Liability Valuation Inputs
Long-Term Bonds Sold Short
U.S. Government Securities Sold Short	$	—		$	(2,487,488	)	$	—	$	(2,487,488	)
Total Long-Term Bonds Sold Short		—			(2,487,488	)		—		(2,487,488	)
Other Financial Instruments
Foreign Currency Forward Contracts (b)		—			(1,263,586	)		—		(1,263,586	)
Futures Contracts (b)		(4,155,009	)		—			—		(4,155,009	)
Inflation Swap Contracts (b)		—			(511,096	)		—		(511,096	)
Credit Default Swap Contracts (b)		—			(19,153	)		—		(19,153	)
Interest Rate Swap Contracts (b)		—			(2,724,691	)		—		(2,724,691	)
Written Options		(749,379	)		(15,264	)		—		(764,643	)
Total Other Financial Instruments		(4,904,388	)		(4,533,790	)		—		(9,438,178	)
Total Investments in Securities Sold Short and Other Financial Instruments	$	(4,904,388	)	$	(7,021,278	)	$	—	$	(11,925,666	)

(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.

Sale-Buyback Transactions

Counterparty	Borrowing Rate			Borrowing Date	Maturity Date	Amount Borrowed (a)		Payable for Sale-Buyback Transactions (b)
Barclays Capital Inc.		0.25	%	3/30/2020	4/1/2020	$	1,943,906	$	1,943,906
Barclays Capital Inc.		0.15		3/31/2020	4/1/2020		1,348,834		1,348,834
Barclays Capital Inc.		0.45		3/27/2020	4/2/2020		22,304,820		22,306,655
Barclays Capital Inc.		0.45		3/27/2020	4/2/2020		20,188,717		20,190,481
Barclays Capital Inc.		0.45		3/27/2020	4/2/2020		20,143,390		20,145,886
Barclays Capital Inc.		0.45		3/27/2020	4/2/2020		20,327,994		20,329,610
Barclays Capital Inc.		1.71		2/6/2020	4/3/2020		1,018,329		1,018,375
Barclays Capital Inc.		1.76		2/5/2020	4/3/2020		1,018,383		1,018,428
Barclays Capital Inc.		1.75		2/21/2020	4/3/2020		41,759,866		41,764,248
Barclays Capital Inc.		1.75		2/21/2020	4/3/2020		28,186,153		28,188,605
Barclays Capital Inc.		1.75		2/21/2020	4/3/2020		16,655,022		16,656,466
Barclays Capital Inc.		1.50		3/17/2020	4/7/2020		34,046,082		34,062,237
Barclays Capital Inc.		1.03		3/25/2020	4/13/2020		7,365,574		7,371,765
Barclays Capital Inc.		1.03		3/25/2020	4/13/2020		350,829		350,899
Barclays Capital Inc.		1.91		11/15/2019	5/18/2020		27,905,404		27,922,806
						$	244,563,303	$	244,619,201

(a) The average amount of borrowings outstanding during the period ended March 31, 2020 was $168,204,395 at a weighted average interest rate of 1.83%. Average borrowings may include reverse repurchase agreements and sale buy back transactions, if held during the period.

(b) Payable for sale-buyback transactions includes $55,898 of deferred price drop.

MainStay VP Growth Allocation Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

Affiliated Investment Companies 94.0% †	Shares			Value
Equity Funds 94.0%
IQ 50 Percent Hedged FTSE International ETF (a)		1,032,400		$	17,344,320
IQ 500 International ETF (a)		2,119,093			44,361,093
IQ Chaikin U.S. Large Cap ETF (a)		1,592,213			30,681,307
IQ Chaikin U.S. Small Cap ETF		229,718			3,961,510
MainStay Epoch Capital Growth Fund Class I (a)		784,949			8,681,535
MainStay Epoch International Choice Fund Class I (a)		1,492,713			42,840,856
MainStay Epoch U.S. All Cap Fund Class R6 (a)		1,443,902			28,776,965
MainStay MacKay International Opportunities Fund Class I (a)		6,101,100			33,861,106
MainStay MAP Equity Fund Class I (a)		1,909,245			60,714,003
MainStay VP Eagle Small Cap Growth Portfolio Initial Class (a)		6,125,692			62,402,134
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		6,438,549			46,731,211
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a)		6,193,998			75,864,753
MainStay VP Large Cap Growth Portfolio Initial Class (a)		3,477,233			77,522,059
MainStay VP MacKay Common Stock Portfolio Initial Class (a)		1,708,689			36,242,462
MainStay VP MacKay Growth Portfolio Initial Class (a)		1,969,042			52,947,197
MainStay VP MacKay International Equity Portfolio Initial Class (a)		1,933,420			25,141,666
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		4,211,760			40,543,414
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		240,021			11,903,843
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		3,413,338			24,017,930
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		8,080,181			74,412,787
Total Affiliated Investment Companies (Cost $1,018,736,333)					798,952,151
Short-Term Investment 6.1%
Affiliated Investment Company 6.1%
MainStay U.S. Government Liquidity Fund, 0.09% (a)(b)		51,806,672			51,806,672
Total Short-Term Investment (Cost $51,806,672)					51,806,672
Total Investments (Cost $1,070,543,005)		100.1	%		850,758,823
Other Assets, Less Liabilities		(0.1	)		(997,860	)
Net Assets		100.0	%	$	849,760,963

†	Percentages indicated are based on Portfolio net assets.
(a)	As of March 31, 2020, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class.
(b)	Current yield as of March 31, 2020.

Swap Contracts 

Open OTC total return swap contracts as of March 31, 2020 were as follows:

Swap Counterparty	Reference Obligation	Floating Rate1	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)*			Unrealized Appreciation2
Citigroup	Russell 1000 Value Total Return Index	1 month LIBOR BBA plus 0.36%	12/07/2020	Monthly	$	24,838		$	—
Citigroup	Russell 2000 Total Return Index	1 month LIBOR BBA plus 0.18%	12/07/2020	Monthly		6,831			—
Citigroup	Russell Midcap Total Return Index	1 month LIBOR BBA minus 0.25%	12/07/2020	Monthly		(13,114	)		—
Citigroup	S&P 500 Total Return Index	1 month LIBOR BBA minus 0.00%	10/26/2020	Monthly		(10,315	)		—
								$	—

1.	Portfolio pays the floating rate and receives the total return of the reference entity.
2.	Reflects the value at reset date as of March 31, 2020.
*	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:

BBA	—British Bankers' Association
ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange
LIBOR	—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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	$	798,952,151	$	—	$	—	$	798,952,151
Short-Term Investments		51,806,672		—		—		51,806,672
Total Investments in Securities	$	850,758,823	$	—	$	—	$	850,758,823

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

MainStay VP Moderate Allocation Portfolio

Portfolio of Investments March 31, 2020 (Unaudited)

Affiliated Investment Companies 95.0%†	Shares			Value
Equity Funds 54.0%
IQ 50 Percent Hedged FTSE International ETF (a)		1,097,483		$	18,437,714
IQ 500 International ETF (a)		1,092,630			22,873,116
IQ Chaikin U.S. Large Cap ETF (a)		1,244,439			23,979,842
IQ Chaikin U.S. Small Cap ETF		199,207			3,435,345
MainStay Epoch Capital Growth Fund Class I (a)		940,908			10,406,440
MainStay Epoch International Choice Fund Class I (a)		1,027,222			29,481,266
MainStay Epoch U.S. All Cap Fund Class R6 (a)		1,362,740			27,159,410
MainStay MacKay International Opportunities Fund Class I (a)		3,744,562			20,782,319
MainStay MAP Equity Fund Class I (a)		1,376,954			43,787,133
MainStay VP Eagle Small Cap Growth Portfolio Initial Class (a)		1,588,005			16,176,936
MainStay VP Emerging Markets Equity Portfolio Initial Class (a)		4,001,853			29,045,589
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a)		3,118,752			38,198,808
MainStay VP Large Cap Growth Portfolio Initial Class (a)		2,370,914			52,857,590
MainStay VP MacKay Common Stock Portfolio Initial Class (a)		1,156,502			24,530,186
MainStay VP MacKay Growth Portfolio Initial Class (a)		1,494,701			40,192,271
MainStay VP MacKay International Equity Portfolio Initial Class		514,394			6,689,036
MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)		2,206,450			21,239,822
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		556,437			27,596,423
MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)		1,309,434			9,213,827
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)		5,023,274			46,260,821
Total Equity Funds (Cost $625,374,701)					512,343,894
Fixed Income Funds 41.0%
MainStay MacKay High Yield Municipal Bond Fund Class R6 (a)		534,066			6,579,691
MainStay MacKay Infrastructure Bond Fund Class R6 (a)		2,129,980			18,466,928
MainStay MacKay Short Duration High Yield Fund Class I (a)		6,179,076			53,263,635
MainStay Short Term Bond Class I (a)		1,082,725			10,989,661
MainStay VP Bond Portfolio Initial Class (a)		5,088,158			74,438,851
MainStay VP Floating Rate Portfolio Initial Class (a)		1,943,081			15,100,266
MainStay VP Indexed Bond Portfolio Initial Class (a)		16,293,363			179,657,560
MainStay VP MacKay Convertible Portfolio Initial Class (a)		1,183,937			13,855,332
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class (a)		655,172			6,003,417
MainStay VP PIMCO Real Return Portfolio Initial Class (a)		1,324,019			11,513,268
Total Fixed Income Funds (Cost $387,593,259)					389,868,609
Total Affiliated Investment Companies (Cost $1,012,967,960)					902,212,503
Short-Term Investment 5.0%
Affiliated Investment Company 5.0%
MainStay U.S. Government Liquidity Fund, 0.09% (a)(b)		47,149,066			47,149,066
Total Short-Term Investment (Cost $47,149,066)					47,149,066
Total Investments (Cost $1,060,117,026)		100.0	%		949,361,569
Other Assets, Less Liabilities		(0.0	)‡		(97,632	)
Net Assets		100.0	%	$	949,263,937

†	Percentages indicated are based on Portfolio net assets.
‡	Less than one-tenth of a percent.
(a)	As of March 31, 2020, the Portfolio's ownership exceeded 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class.
(b)	Current yield as of March 31, 2020.

Swap Contracts

Open OTC total return swap contracts as of March 31, 2020 were as follows¹: 

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Citigroup	iShares 20+ Year Treasury Bond ETF	1 month LIBOR BBA plus 0.40%	12/01/2020	Monthly	$	14,143		$	—
Citigroup	iShares Core U.S. Aggregate Bond ETF	1 month LIBOR BBA plus 0.60%	12/01/2020	Monthly		4,682			—
Citigroup	iShares MSCI EAFE ETF	1 month LIBOR BBA plus 0.40%	12/01/2020	Monthly		5,370			—
Citigroup	Russell 1000 Value Total Return Index	1 month LIBOR BBA plus 0.36%	12/07/2020	Monthly		25,445			—
Citigroup	Russell 2000 Total Return Index	1 month LIBOR BBA minus 0.09%	12/07/2020	Monthly		(2,932	)		—
Citigroup	Russell Midcap Total Return Index	1 month LIBOR BBA minus 0.25%	12/07/2020	Monthly		(13,657	)		—
Citigroup	S&P 500 Total Return Index	1 month LIBOR BBA plus 0.00%	10/26/2020	Monthly		6,642			—
								$	—

1.	As of March 31, 2020, cash in the amount of $1,128,608 was pledged from brokers for OTC swap contracts.
2.	Portfolio pays the floating rate and receives the total return of the reference entity.
3.	Reflects the value at reset date as of March 31, 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:

BBA	—British Bankers' Association
ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange
LIBOR	—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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	$	512,343,894	$	—	$	—	$	512,343,894
Fixed Income Funds		389,868,609		—		—		389,868,609
Short-Term Investments		47,149,066		—		—		47,149,066
Total Investments in Securities	$	949,361,569	$	—	$	—	$	949,361,569

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

MainStay VP Moderate Growth Allocation Portfolio

Portfolio of Investments  March 31, 2020 (Unaudited)

	Affiliated Investment Companies 94.7% †	Shares			Value
	Equity Funds 76.3%
	IQ 50 Percent Hedged FTSE International ETF (a)	1,862,836		$	31,295,645
	IQ 500 International ETF (a)	2,669,614			55,885,699
	IQ Chaikin U.S. Large Cap ETF (a)	2,587,447			49,859,069
	IQ Chaikin U.S. Small Cap ETF (a)	582,668			10,048,168
	MainStay Epoch Capital Growth Fund Class I (a)	1,640,588			18,144,898
	MainStay Epoch International Choice Fund Class I (a)	2,330,153			66,875,390
	MainStay Epoch U.S. All Cap Fund Class R6 (a)	2,348,399			46,803,591
	MainStay MacKay International Opportunities Fund Class I (a)	9,358,800			51,941,342
	MainStay MAP Equity Fund Class I (a)	2,732,553			86,895,187
	MainStay VP Eagle Small Cap Growth Portfolio Initial Class (a)	7,668,084			78,114,409
	MainStay VP Emerging Markets Equity Portfolio Initial Class (a)	8,991,439			65,260,182
	MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class (a)	7,912,510			96,913,270
	MainStay VP Large Cap Growth Portfolio Initial Class (a)	4,456,532			99,354,732
	MainStay VP MacKay Common Stock Portfolio Initial Class (a)	2,066,387			43,829,472
	MainStay VP MacKay Growth Portfolio Initial Class (a)	2,889,323			77,693,407
	MainStay VP MacKay International Equity Portfolio Initial Class (a)	1,497,665			19,475,220
	MainStay VP MacKay Mid Cap Core Portfolio Initial Class (a)	6,395,443			61,564,072
	MainStay VP MacKay S&P 500 Index Portfolio Initial Class	799,754			39,663,742
	MainStay VP MacKay Small Cap Core Portfolio Initial Class (a)	5,155,122			36,273,983
	MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)	12,315,746			113,419,367
Total Equity Funds (Cost $1,450,463,852)					1,149,310,845
	Fixed Income Funds 18.4%
	MainStay MacKay High Yield Municipal Bond Fund Class R6 (a)	1,470,136			18,112,077
	MainStay MacKay Infrastructure Bond Fund Class R6 (a)	3,775,545			32,733,975
	MainStay MacKay Short Duration High Yield Fund Class I (a)	10,008,420			86,272,577
	MainStay Short Term Bond Class I (a)	1,836,923			18,644,772
	MainStay VP Bond Portfolio Initial Class (a)	2,465,390			36,068,210
	MainStay VP Floating Rate Portfolio Initial Class	3,320,315			25,803,160
	MainStay VP Indexed Bond Portfolio Initial Class	624,499			6,885,990
	MainStay VP MacKay Convertible Portfolio Initial Class (a)	1,979,313			23,163,428
	MainStay VP MacKay Unconstrained Bond Portfolio Initial Class (a)	1,005,092			9,209,781
	MainStay VP PIMCO Real Return Portfolio Initial Class (a)	2,239,566			19,474,596
Total Fixed Income Funds (Cost $295,374,336)					276,368,566
	Total Affiliated Investment Companies (Cost $1,745,838,188)				1,425,679,411
	Short-Term Investment 5.3%
	Affiliated Investment Company 5.3%
	MainStay U.S. Government Liquidity Fund, 0.09% (a)(b)	79,255,756			79,255,756
	Total Short-Term Investment (Cost $79,255,756)				79,255,756
	Total Investments (Cost $1,825,093,944)	100.0	%		1,504,935,167
	Other Assets, Less Liabilities	0.0	‡		463,517
	Net Assets	100.0	%	$	1,505,398,684

†	Percentages indicated are based on Portfolio net assets.
‡	Less than one-tenth of a percent.
(a)	As of March 31, 2020, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class.
(b)	Current yield as of March 31, 2020.

Swap Contracts

Open OTC total return swap contracts as of March 31, 2020 were as follows:

Swap Counterparty	Reference Obligation	Floating Rate1	Termination Date(s)	Payment Frequency Paid/Received	Notional Amount Long/ (Short) (000)*			Unrealized Appreciation2
Citigroup	iShares 20+ Year Treasury Bond ETF	1 month LIBOR BBA plus 0.40%	12/01/2020	Monthly	$	22,105		$	—
Citigroup	iShares Core U.S. Aggregate Bond ETF	1 month LIBOR BBA plus 0.60%	12/01/2020	Monthly		28,996			—
Citigroup	Russell 1000 Value Total Return Index	1 month LIBOR BBA plus 0.36%	12/07/2020	Monthly		43,468			—
Citigroup	Russell 2000 Total Return Index	1 month LIBOR BBA plus 0.18%	12/07/2020	Monthly		4,417			—
Citigroup	Russell Midcap Total Return Index	1 month LIBOR BBA minus 0.25%	12/07/2020	Monthly		(22,576	)		—
Citigroup	S&P 500 Total Return Index	1 month LIBOR BBA minus 0.00%	10/26/2020	Monthly		(26,194	)		—
								$	—

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 March 31, 2020.
*	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:

BBA	—British Bankers' Association
ETF	—Exchange-Traded Fund
FTSE	—Financial Times Stock Exchange
LIBOR	—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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	$	1,149,310,845	$	—	$	—	$	1,149,310,845
Fixed Income Funds		276,368,566		—		—		276,368,566
Short-Term Investment		79,255,756		—		—		79,255,756
Total Investments in Securities	$	1,504,935,167	$	—	$	—	$	1,504,935,167

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

MainStay VP Conservative Allocation Portfolio
Portfolio of Investments March 31, 2020 (Unaudited)
		Shares			Value
	Affiliated Investment Companies 95.5% †
	Equity Funds 33.4%
	IQ 50 Percent Hedged FTSE International ETF	684,777		$	11,504,254
	IQ 500 International ETF (a)	583,784			12,220,934
	IQ Chaikin U.S. Large Cap ETF	419,122			8,076,313
	IQ Chaikin U.S. Small Cap ETF	90,049			1,552,904
	MainStay Epoch Capital Growth Fund Class I (a)	584,827			6,468,187
	MainStay Epoch International Choice Fund Class I	310,451			8,909,944
	MainStay Epoch U.S. All Cap Fund Class R6	443,244			8,833,860
	MainStay MacKay International Opportunities Fund Class I	1,193,105			6,621,735
	MainStay MAP Equity Fund Class I	584,086			18,573,939
	MainStay VP Eagle Small Cap Growth Portfolio Initial Class	1,119,676			11,406,090
	MainStay VP Emerging Markets Equity Portfolio Initial Class (a)	1,367,639			9,926,371
	MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class	1,430,168			17,516,846
	MainStay VP Large Cap Growth Portfolio Initial Class (a)	904,135			20,156,942
	MainStay VP MacKay Common Stock Portfolio Initial Class	436,741			9,263,572
	MainStay VP MacKay Growth Portfolio Initial Class	560,401			15,069,078
	MainStay VP MacKay International Equity Portfolio Initial Class	310,269			4,034,657
	MainStay VP MacKay Mid Cap Core Portfolio Initial Class	900,569			8,669,091
	MainStay VP MacKay S&P 500 Index Portfolio Initial Class	148,004			7,340,242
	MainStay VP MacKay Small Cap Core Portfolio Initial Class	636,776			4,480,672
	MainStay VP T. Rowe Price Equity Income Portfolio Initial Class (a)	2,291,737			21,105,284
	Total Equity Funds (Cost $257,105,600)				211,730,915
	Fixed Income Funds 62.1%
	MainStay MacKay High Yield Municipal Bond Fund Class R6 (a)	261,001			3,215,528
	MainStay MacKay Infrastructure Bond Fund Class R6 (a)	1,305,615			11,319,681
	MainStay MacKay Short Duration High Yield Fund Class I (a)	5,445,854			46,943,262
	MainStay Short Term Bond Class I (a)	688,812			6,991,438
	MainStay VP Bond Portfolio Initial Class (a)	3,195,750			46,753,250
	MainStay VP Floating Rate Portfolio Initial Class (a)	3,313,154			25,747,517
	MainStay VP Indexed Bond Portfolio Initial Class (a)	21,235,799			234,154,966
	MainStay VP MacKay Convertible Portfolio Initial Class	613,984			7,185,302
	MainStay VP MacKay Unconstrained Bond Portfolio Initial Class (a)	320,875			2,940,215
	MainStay VP PIMCO Real Return Portfolio Initial Class (a)	885,711			7,701,876
	Total Fixed Income Funds (Cost $381,528,953)				392,953,035
	Total Affiliated Investment Companies (Cost $638,634,553)				604,683,950
	Short-Term Investment 4.2%
	Affiliated Investment Company 4.2%
	MainStay U.S. Government Liquidity Fund, 0.09% (b)	26,704,135			26,704,135
	Total Short-Term Investment (Cost $26,704,135)				26,704,135
	Total Investments (Cost $665,338,688)	99.7	%		631,388,085
	Other Assets, Less Liabilities	0.3			1,971,961
	Net Assets	100.0	%	$	633,360,046

†	Percentages indicated are based on Portfolio net assets.
(a)	As of March 31, 2020, the Portfolio's ownership exceeds 5% of the outstanding shares of the Underlying Portfolio's/Fund's share class.
(b)	Current yield as of March 31, 2020.

Swap Contracts

Open OTC total return swap contracts as of March 31, 2020 were as follows¹:

Swap Counterparty	Reference Obligation	Floating Rate2	Termination Date(s)	Payment Frequency Paid/Received		Notional Amount Long/ (Short) (000)*			Unrealized Appreciation3
Citigroup	iShares Core U.S. Aggregate Bond ETF	1 month LIBOR BBA plus 0.60%	12/01/2020	Monthly	$	3,448		$	—
Citigroup	iShares MSCI EAFE ETF	1 month LIBOR BBA plus 0.40%	12/01/2020	Monthly		6,217			—
Citigroup	iShares 20+ Year Treasury Bond ETF	1 month LIBOR BBA plus 0.40%	12/01/2020	Monthly		9,785			—
Citigroup	Russell 1000 Value Total Return Index	1 month LIBOR BBA plus 0.36%	12/07/2020	Monthly		16,258			—
Citigroup	Russell 2000 Total Return Index	1 month LIBOR BBA minus 0.09%	12/07/2020	Monthly		(3,949	)		—
Citigroup	Russell Midcap Total Return Index	1 month LIBOR BBA minus 0.25%	12/07/2020	Monthly		(12,102	)		—
Citigroup	S&P 500 Total Return Index	1 month LIBOR BBA plus 0.00%	10/26/2020	Monthly		10,356			—
								$	—

1.	As of March 31, 2020, cash in the amount of $2,271,597 was pledged from brokers for OTC swap contracts.
2.	Portfolio pays or receives the floating rate and receives or pays the total return of the reference entity.
3.	Reflects the value at reset date as of March 31, 2020.
*	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:
BBA	—	British Bankers' Association
ETF	—	Exchange-Traded Fund
FTSE	—	Financial Times Stock Exchange
LIBOR	—	London Interbank Offered Rate
The following is a summary of the fair valuations according to the inputs used as of March 31, 2020, 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	$	211,730,915	$	—	$	—	$	211,730,915
Fixed Income Funds		392,953,035		—		—		392,953,035
Short-Term Investments		26,704,135		—		—		26,704,135
Total Investments in Securities	$	631,388,085	$	—	$	—	$	631,388,085

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

MainStay VP Funds Trust

NOTES TO PORTFOLIOS OF INVESTMENTS March 31, 2020 (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 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 each Portfolio’s 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 (as defined in Note 3(A)). To assess the appropriateness of security valuations, the Manager, the Subadvisor(s) or each Portfolio’s 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.

The Board authorized the Valuation Committee to appoint a Valuation Subcommittee (the “Subcommittee”) to establish the prices of securities for which market quotations are not readily available or the prices of which are not otherwise readily determinable under the procedures. The Subcommittee meets (in person, via electronic mail or via teleconference) on an as-needed basis. The Valuation Committee meets to ensure that actions taken by the Subcommittee were appropriate. 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 that 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. The aggregate value by input level of each Portfolio’s assets and liabilities as of March 31, 2020, is included at the end of the 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 each Portfolios’ valuation procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although each 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 March 31, 2020, 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 March 31, 2020, 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 Portfolio’s 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 March 31, 2020, 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. Temporary cash investments that 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 each 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.

Asset Class	Fair Value at 3/31/20*		Valuation Technique	Unobservable Inputs	Inputs/Range
Corporate Bonds	$	8,338,900	Income Approach	Spread Adjustment	9.93%
		11,093,392	Market Approach	Implied Enterprise Value	$516.4m-$634.9m
		563,291	Market Approach	Implied Enterprise Value	$516.4m-$634.9m
				Median historic recovery rate for all other subordinate bonds	11.00%
		634	Market Approach	Implied natural gas price	$2.00
Loan Assignment		4,012,324	Market Approach	Implied natural gas price	$2.00
Common Stocks		0	Market Approach	Implied Value Based on Waterfall Coverage Analysis	$0.00
		128,254	Market Approach	Ownership % of equity interest	16.56%-39.7%
		0	Market Approach	Implied natural gas price	$2.00
		287,571	Market Approach	EBITDA Multiple	6.00x
		2,957,304	Market Approach	EBITDA Multiple	5.75x
		0	Qualitative Assessment		$0.00
	$	27,381,670

* The table above does not include a Level 3 investment that was valued by a broker without adjustment. As of March 31, 2020, the value of this investment was $7,245,000. 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 each 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 each 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 March 31, 2020 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 March 31, 2020, 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 March 31, 2020, 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 CBRE Global Infrastructure 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	$	4,217	$	5,831	$	(9,776	)	$	—	$	—	$	272	$	10	$	—	$	272

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	$	14,890	$	—	$	(16	)	$	1		$	(3,371	)	$	11,504	$	61	$	—		685
IQ 500 International ETF		16,651		12		(20	)		1			(4,423	)		12,221		—		—		584
IQ Chaikin U.S. Large Cap ETF		10,591		458		(32	)		4			(2,945	)		8,076		63		—		419
IQ Chaikin U.S. Small Cap ETF		4,988		—		(2,536	)		5			(904	)		1,553		2		—		90
IQ S&P High Yield Low Volatility Bond ETF		4,876		—		(4,654	)		(191	)		(31	)		—		28		—		—
MainStay Epoch Capital Growth Fund Class I		7,986		—		(362	)		86			(1,242	)		6,468		—		—		585
MainStay Epoch International Choice Fund Class I		11,434		—		(24	)		1			(2,501	)		8,910		—		—		310
MainStay Epoch U.S. All Cap Fund Class R6		14,049		242		(2,257	)		470			(3,670	)		8,834		—		—		443
MainStay MacKay High Yield Municipal Bond Fund Class R6		12,373		58		(9,182	)		490			(523	)		3,216		69		—		261
MainStay MacKay Infrastructure Bond Fund Class R6		17,952		92		(7,136	)		266			146			11,320		104		—		1,306
MainStay MacKay International Opportunities Fund Class I		8,552		267		—			—			(2,197	)		6,622		—		—		1,193
MainStay MacKay Short Duration High Yield Fund Class I		67,801		550		(14,090	)		(181	)		(7,137	)		46,943		775		—		5,446
MainStay MacKay U.S. Equity Opportunities Fund Class I		8,281		—		(8,029	)		(790	)		538			—		—		—		—
MainStay MAP Equity Fund Class I		22,230		1,784		—			—			(5,440	)		18,574		—		—		584
MainStay Short Term Bond Class I		7,289		33		0	(a)		0	(a)		(331	)		6,991		35		—		689
MainStay U.S. Government Liquidity Fund		26,803		52,719		(52,818	)		—			—			26,704		82		—		26,704
MainStay VP Bond Portfolio Initial Class		45,853		732		(25	)		2			191			46,753		—		—		3,196
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		10,042		4,983		—			—			(3,619	)		11,406		—		—		1,120
MainStay VP Emerging Markets Equity Portfolio Initial Class		15,305		—		(2,429	)		(67	)		(2,883	)		9,926		—		—		1,368
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		21,036		2,037		—			—			(5,556	)		17,517		—		—		1,430
MainStay VP Floating Rate Portfolio Initial Class		29,458		217		(90	)		(1	)		(3,836	)		25,748		323		—		3,313
MainStay VP Indexed Bond Portfolio Initial Class		228,724		11,704		(15,068	)		1,364			7,431			234,155		—		—		21,236
MainStay VP Large Cap Growth Portfolio Initial Class		21,592		1,128		—			—			(2,563	)		20,157		—		—		904
MainStay VP MacKay Common Stock Portfolio Initial Class		10,301		976		—			—			(2,013	)		9,264		—		—		437
MainStay VP MacKay Convertible Portfolio Initial Class		8,346		24		(23	)		2			(1,164	)		7,185		23		—		614
MainStay VP MacKay Growth Portfolio Initial Class		16,611		1,570		(452	)		60			(2,720	)		15,069		—		—		560
MainStay VP MacKay International Equity Portfolio Initial Class		4,718		316		—			—			(999	)		4,035		—		—		310
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		16,287		—		(4,129	)		408			(3,897	)		8,669		—		—		901
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		3,176		10,591		(7,128	)		130			571			7,340		—		—		148
MainStay VP MacKay Small Cap Core Portfolio Initial Class		8,920		—		(2,133	)		(406	)		(1,900	)		4,481		—		—		637
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class		4,676		—		(1,500	)		19			(255	)		2,940		24		—		321
MainStay VP PIMCO Real Return Portfolio Initial Class		7,669		—		(17	)		0	(a)		50			7,702		—		—		886
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		22,894		4,801		—			—			(6,590	)		21,105		—		—		2,292
	$	732,354	$	95,294	$	(134,150	)	$	1,673		$	(63,783	)	$	631,388		1,589	$	—

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	$	7,407	$	63,076	$	(65,862	)	$	—	$	—	$	4,621	$	23	$		—		4,621

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	$	609	$	24,351	$	(20,537	)	$	—	$	—	$	4,423	$	9	$	—		4,423

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	$	20,306	$	42,048	$	(38,942	)	$	—	$	—	$	23,412	$	53	$		—		23,412

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	$	51,568	$	72,955	$	(96,301	)	$	—	$	—	$	28,222	$	74	$		—		28,222

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	$	5,795	$	—	$	(3,000	)	$	(313	)	$	(347	)	$	2,135		$	69	$		—		437

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	$	22,445	$	—	$	(20	)	$	1		$	(5,082	)	$	17,344	$	92	$	—	1,032
IQ 500 International ETF		60,441		—		(27	)		2			(16,055	)		44,361		—		—	2,119
IQ Chaikin U.S. Large Cap ETF		59,605		—		(16,739	)		1,076			(13,261	)		30,681		238		—	1,592
IQ Chaikin U.S. Small Cap ETF		6,669		—		(389	)		(1	)		(2,317	)		3,962		4		—	230
MainStay Epoch Capital Growth Fund Class I		11,231		—		(1,017	)		241			(1,773	)		8,682		—		—	785
MainStay Epoch International Choice Fund Class I		59,575		—		(4,734	)		594			(12,594	)		42,841		—		—	1,493
MainStay Epoch U.S. All Cap Fund Class R6		50,284		—		(10,756	)		1,411			(12,162	)		28,777		—		—	1,444
MainStay MacKay International Opportunities Fund Class I		44,812		277		—			—			(11,228	)		33,861		—		—	6,101
MainStay MacKay U.S. Equity Opportunities Fund Class I		14,771		—		(14,061	)		(948	)		238			—		—		—	—
MainStay MAP Equity Fund Class I		81,930		8		(130	)		(2	)		(21,092	)		60,714		—		—	1,909
MainStay U.S. Government Liquidity Fund		31,130		55,575		(34,898	)		—			—			51,807		100		—	51,807
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		72,528		9,267		—			—			(19,393	)		62,402		—		—	6,126
MainStay VP Emerging Markets Equity Portfolio Initial Class		61,663		—		(801	)		186			(14,317	)		46,731		—		—	6,439
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		100,011		21		(187	)		17			(23,997	)		75,865		—		—	6,194
MainStay VP Large Cap Growth Portfolio Initial Class		89,209		—		(546	)		170			(11,311	)		77,522		—		—	3,477
MainStay VP MacKay Common Stock Portfolio Initial Class		45,944		—		(100	)		(19	)		(9,583	)		36,242		—		—	1,709
MainStay VP MacKay Growth Portfolio Initial Class		81,723		—		(16,742	)		1,730			(13,764	)		52,947		—		—	1,969
MainStay VP MacKay International Equity Portfolio Initial Class		30,522		831		—			—			(6,211	)		25,142		—		—	1,933
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		57,749		—		(631	)		40			(16,615	)		40,543		—		—	4,212
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		778		12,578		(22	)		3			(1,433	)		11,904		—		—	240
MainStay VP MacKay Small Cap Core Portfolio Initial Class		36,340		15		—			—			(12,337	)		24,018		—		—	3,413
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		97,391		6,767		—			—			(29,745	)		74,413		—		—	8,080
	$	1,116,751	$	85,339	$	(101,800	)	$	4,501		$	(254,032	)	$	850,759	$	434	$	—

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	$	31,151	$	101,789	$	(112,929	)	$	—	$	—	$	20,011	$	79	$	—		20,011

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	$	3,675	$	7,997	$	(11,180	)	$	—	$	—	$	492	$	6	$	—		492

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	$	19,877	$	164,299	$	(162,453	)	$	—	$	—	$	21,723	$	75	$	—		21,723

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	$	11,141	$	72,240	$	(72,076	)	$	—	$	—	$	11,305	$	30	$	—		11,305

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	$	—	$	8,944	$	(7,662	)	$	—	$	—	$	1,282	$	0	(a)	$	—		1,282

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	$	56,751	$	55,410	$	(79,957	)	$	—	$	—	$	32,204	$	168	$	—		32,204

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	$	4,751	$	51,458	$	(41,744	)	$	—	$	—	$	14,465	$	21	$	—		14,465

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	$	—	$	9,551	$	(8,563	)	$	—	$	—	$	988	$	1	$	—		988

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	$	770	$	10,134	$	(10,115	)	$	—	$	—	$	789	$	2	$	—		789

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	$	2,349	$	15,424	$	(14,545	)	$	—	$	—	$	3,228	$	3	$	—		3,228

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	$	—	$	8,382	$	(6,723	)	$	—	$	—	$	1,659	$	1	$	—		1,659

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	$	57,671	$	109,978	$	(165,246	)	$	—	$	—	$	2,403	$	132	$	—		2,403

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	$	1,791	$	16,284	$	(15,184	)	$	—	$	—	$	2,891	$	6	$	—		2,891

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	$	23,862	$	—	$	(23	)	$	1		$	(5,402	)	$	18,438	$	98	$	—		1,097
IQ 500 International ETF		31,097		53		—			—			(8,277	)		22,873		—		—		1,093
IQ Chaikin U.S. Large Cap ETF		31,904		1,080		(86	)		11			(8,929	)		23,980		186		—		1,244
IQ Chaikin U.S. Small Cap ETF		10,697		—		(5,271	)		(213	)		(1,778	)		3,435		4		—		199
IQ S&P High Yield Low Volatility Bond ETF		4,538		—		(4,234	)		(304	)		0	(a)		—		31		—		—
MainStay Epoch Capital Growth Fund Class I		12,322		—		(34	)		8			(1,889	)		10,407		—		—		941
MainStay Epoch International Choice Fund Class I		39,810		—		(2,068	)		307			(8,568	)		29,481		—		—		1,027
MainStay Epoch U.S. All Cap Fund Class R6		40,224		618		(3,683	)		65			(10,065	)		27,159		—		—		1,363
MainStay MacKay High Yield Municipal Bond Fund Class R6		18,614		91		(11,950	)		639			(814	)		6,580		112		—		534
MainStay MacKay Infrastructure Bond Fund Class R6		28,241		566		(10,971	)		408			223			18,467		167		—		2,130
MainStay MacKay International Opportunities Fund Class I		27,640		32		—			—			(6,890	)		20,782		—		—		3,745
MainStay MacKay Short Duration High Yield Fund Class I		82,707		645		(21,688	)		(169	)		(8,231	)		53,264		924		—		6,179
MainStay MacKay U.S. Equity Opportunities Fund Class I		21,795		—		(20,605	)		(2,723	)		1,533			—		—		—		—
MainStay MAP Equity Fund Class I		53,923		3,313		(125	)		8			(13,332	)		43,787		—		—		1,377
MainStay Short Term Bond Class I		11,429		101		(20	)		0	(a)		(520	)		10,990		55		—		1,083
MainStay U.S. Government Liquidity Fund		46,852		81,095		(80,798	)		—			—			47,149		129		—		47,149
MainStay VP Bond Portfolio Initial Class		75,822		—		(1,728	)		26			319			74,439		—		—		5,088
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		16,945		4,294		—			—			(5,062	)		16,177		—		—		1,588
MainStay VP Emerging Markets Equity Portfolio Initial Class		43,154		—		(5,438	)		498			(9,168	)		29,046		—		—		4,002
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		50,383		4		(114	)		14			(12,088	)		38,199		—		—		3,119
MainStay VP Floating Rate Portfolio Initial Class		17,319		126		(95	)		(2	)		(2,248	)		15,100		190		—		1,943
MainStay VP Indexed Bond Portfolio Initial Class		164,486		30,026		(21,561	)		1,872			4,835			179,658		—		—		16,293
MainStay VP Large Cap Growth Portfolio Initial Class		60,519		16		(63	)		19			(7,633	)		52,858		—		—		2,371
MainStay VP MacKay Common Stock Portfolio Initial Class		29,337		1,206		(65	)		(2	)		(5,946	)		24,530		—		—		1,157
MainStay VP MacKay Convertible Portfolio Initial Class		16,222		—		(124	)		14			(2,257	)		13,855		45		—		1,184
MainStay VP MacKay Growth Portfolio Initial Class		48,632		2,231		(2,684	)		355			(8,342	)		40,192		—		—		1,495
MainStay VP MacKay International Equity Portfolio Initial Class		6,450		1,904		—			—			(1,665	)		6,689		—		—		514
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		34,677		—		(4,821	)		272			(8,888	)		21,240		—		—		2,206
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		4,126		23,511		(213	)		32			140			27,596		—		—		556
MainStay VP MacKay Small Cap Core Portfolio Initial Class		14,919		—		(968	)		(306	)		(4,431	)		9,214		—		—		1,309
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class		9,622		—		(3,138	)		39			(520	)		6,003		48		—		655
MainStay VP PIMCO Real Return Portfolio Initial Class		11,400		63		(24	)		(1	)		75			11,513		—		—		1,324
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		57,471		4,451		—			—			(15,661	)		46,261		—		—		5,023
	$	1,147,139	$	155,426	$	(202,592	)	$	868		$	(151,479	)	$	949,362	$	1,989	$	—

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	$	40,494	$	—	$	(30	)	$	0	(a)	$	(9,168	)	$	31,296	$	166	$	—		1,863
IQ 500 International ETF		76,074		35		—			—			(20,223	)		55,886		—		—		2,670
IQ Chaikin U.S. Large Cap ETF		79,542		—		(9,776	)		1,254			(21,161	)		49,859		386		—		2,587
IQ Chaikin U.S. Small Cap ETF		26,623		—		(10,733	)		(440	)		(5,402	)		10,048		11		—		583
IQ S&P High Yield Low Volatility Bond ETF		2,221		—		(2,072	)		(138	)		(11	)		—		15		—		—
MainStay Epoch Capital Growth Fund Class I		21,489		—		(65	)		15			(3,294	)		18,145		—		—		1,641
MainStay Epoch International Choice Fund Class I		91,445		—		(5,833	)		339			(19,076	)		66,875		—		—		2,330
MainStay Epoch U.S. All Cap Fund Class R6		85,722		—		(21,458	)		2,874			(20,334	)		46,804		—		—		2,348
MainStay MacKay High Yield Municipal Bond Fund Class R6		31,588		183		(12,859	)		665			(1,465	)		18,112		226		—		1,470
MainStay MacKay Infrastructure Bond Fund Class R6		49,549		221		(18,092	)		673			383			32,734		291		—		3,776
MainStay MacKay International Opportunities Fund Class I		69,135		26		—			—			(17,220	)		51,941		—		—		9,359
MainStay MacKay Short Duration High Yield Fund Class I		134,459		1,067		(35,635	)		(39	)		(13,579	)		86,273		1,502		—		10,008
MainStay MacKay U.S. Equity Opportunities Fund Class I		38,699		—		(36,885	)		(4,740	)		2,926			—		—		—		—
MainStay MAP Equity Fund Class I		104,749		7,970		(176	)		(3	)		(25,645	)		86,895		—		—		2,733
MainStay Short Term Bond Class I		19,464		81		(18	)		(0	)(a)		(882	)		18,645		94		—		1,837
MainStay U.S. Government Liquidity Fund		44,601		160,689		(126,034	)		—			—			79,256		180		—		79,256
MainStay VP Bond Portfolio Initial Class		36,345		23		(461	)		24			137			36,068		—		—		2,465
MainStay VP Eagle Small Cap Growth Portfolio Initial Class		78,193		24,458		—			—			(24,537	)		78,114		—		—		7,668
MainStay VP Emerging Markets Equity Portfolio Initial Class		92,629		—		(7,787	)		759			(20,341	)		65,260		—		—		8,991
MainStay VP Epoch U.S. Equity Yield Portfolio Initial Class		127,750		12		(215	)		21			(30,655	)		96,913		—		—		7,913
MainStay VP Floating Rate Portfolio Initial Class		29,498		217		(67	)		1			(3,846	)		25,803		324		—		3,320
MainStay VP Indexed Bond Portfolio Initial Class		27,165		12,640		(33,492	)		555			18			6,886		—		—		624
MainStay VP Large Cap Growth Portfolio Initial Class		113,686		11		(15	)		5			(14,332	)		99,355		—		—		4,457
MainStay VP MacKay Common Stock Portfolio Initial Class		52,487		2,069		(57	)		(11	)		(10,658	)		43,830		—		—		2,066
MainStay VP MacKay Convertible Portfolio Initial Class		26,977		—		(57	)		6			(3,763	)		23,163		75		—		1,979
MainStay VP MacKay Growth Portfolio Initial Class		99,198		47		(4,523	)		510			(17,539	)		77,693		—		—		2,889
MainStay VP MacKay International Equity Portfolio Initial Class		24,059		221		—			—			(4,805	)		19,475		—		—		1,498
MainStay VP MacKay Mid Cap Core Portfolio Initial Class		100,018		—		(13,476	)		(832	)		(24,146	)		61,564		—		—		6,395
MainStay VP MacKay S&P 500 Index Portfolio Initial Class		5,182		33,825		(66	)		10			713			39,664		—		—		800
MainStay VP MacKay Small Cap Core Portfolio Initial Class		54,887		19		—			—			(18,632	)		36,274		—		—		5,155
MainStay VP MacKay Unconstrained Bond Portfolio Initial Class		13,884		—		(3,930	)		22			(766	)		9,210		74		—		1,005
MainStay VP PIMCO Real Return Portfolio Initial Class		19,351		17		(19	)		1			125			19,475		—		—		2,240
MainStay VP T. Rowe Price Equity Income Portfolio Initial Class		142,275		10,071		—			—			(38,927	)		113,419		—		—		12,316
	$	1,959,438	$	253,902	$	(343,831	)	$	1,531		$	(366,105	)	$	1,504,935	$	3,344	$	—

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	$	708	$	180,598	$	(174,521	)	$	—	$	—	$	6,785	$	6	$	—		6,785

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	$	1,528	$	28,812	$	(30,340	)	$	—	$	—	$	—	$	3	$	—		—

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	$	10,457	$	34,657	$	(36,837	)	$	—	$	—	$	8,277	$	28	$	—		8,277

(a) Less than $500.