NPORT-P
    false
    
      
      
        
          0000887340
          XXXXXXXX
        
      
      
      
      
        S000009439
        C000025809
        C000025808
      
      
      
    
  
  
    
      MAINSTAY VP FUNDS TRUST
      811-03833-01
      0000887340
      549300AG6K4RXYNOVN04
      51 Madison Avenue
      New York
      
      10010
      212-576-7000
      MainStay VP Conservative Allocation Portfolio
      S000009439
      5493004379J1T4317S04
      2022-12-31
      2022-03-31
      N
    
    
      632860830.30
      1390675.34
      631470154.96
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        209776.00000000
        NS
        USD
        682595.80000000
        0.108096288421
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                VanEck Gold Miners ETF
                VanEck Gold Miners ETF
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            8044910.00000000
            USD
            682595.80000000
          
        
        
          N
          N
          N
        
      
      
        Mainstay WMC Enduring Capital Fund
        549300C9NYJNUBU08U82
        Mainstay WMC Enduring Capital Fund, Class R6
        56063N774
        
          
        
        244729.73610000
        NS
        USD
        8194995.47000000
        1.297764495381
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP Wellington Small Cap Portfolio
        N/A
        MainStay VP Wellington Small Cap Portfolio
        56064D304
        
          
        
        472401.84100000
        NS
        USD
        6134657.55000000
        0.971488122093
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        4541.00000000
        NS
        USD
        -21.93000000
        -0.00000347284
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                iShares Semiconductor ETF
                iShares Semiconductor ETF
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            2153139.00000000
            USD
            -21.93000000
          
        
        
          N
          N
          N
        
      
      
        IQ Candriam ESG International Equity ETF
        549300ZTSX4418004Y77
        IQ Candriam ESG International Equity ETF
        45409B453
        
          
        
        394858.00000000
        NS
        USD
        10912532.60000000
        1.728115337563
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP Bond Portfolio
        N/A
        MainStay VP Bond Portfolio
        56064D478
        
          
        
        2300542.86100000
        NS
        USD
        31107940.57000000
        4.926272496911
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IQ Candriam ESG U.S. Equity ETF
        N/A
        IQ Candriam ESG U.S. Equity ETF
        45409B461
        
          
        
        505811.00000000
        NS
        USD
        19767093.88000000
        3.130329078062
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IQ Chaikin U.S. Small Cap ETF
        549300JEUQXOX6NL3N26
        IQ Chaikin U.S. Small Cap ETF
        45409B396
        
          
        
        110718.00000000
        NS
        USD
        3866062.20000000
        0.612231974802
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        -7872.00000000
        NS
        USD
        -833518.85000000
        -0.13199655493
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                Russell 1000 Growth Total Return Index
                Russell 1000 Growth Total Return Index
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            22141559.00000000
            USD
            -833518.85000000
          
        
        
          N
          N
          N
        
      
      
        MainStay VP MacKay High Yield Corporate Bond Portfolio
        N/A
        MainStay VP MacKay High Yield Corporate Bond Portfolio
        56064D510
        
          
        
        2625075.40000000
        NS
        USD
        25237999.91000000
        3.996705103442
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IQ MacKay ESG Core Plus Bond ETF
        549300LXJK55YI2K3A41
        IQ MacKay ESG Core Plus Bond ETF
        45409F785
        
          
        
        381508.00000000
        NS
        USD
        8909966.74000000
        1.410987783035
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP Large Cap Growth Portfolio
        N/A
        MainStay VP Large Cap Growth Portfolio
        56064D387
        
          
        
        604700.77000000
        NS
        USD
        19967279.90000000
        3.162030658640
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP Wellington U.S. Equity Portfolio
        N/A
        MainStay VP Wellington U.S. Equity Portfolio
        56064D379
        
          
        
        315874.29800000
        NS
        USD
        10139470.20000000
        1.605692703029
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP MacKay S&P 500 Index Portfolio
        N/A
        MainStay VP MacKay S&P 500 Index Portfolio
        56064D312
        
          
        
        115901.75000000
        NS
        USD
        9923322.39000000
        1.571463403623
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP Pimco Real Return Portfolio
        N/A
        MainStay VP Pimco Real Return Portfolio
        56064D254
        
          
        
        650874.05600000
        NS
        USD
        6286141.63000000
        0.995477233662
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP Candriam Emerging Markets Equity Portfolio
        N/A
        MainStay VP Candriam Emerging Markets Equity Portfolio
        56064D452
        
          
        
        914727.43500000
        NS
        USD
        9430839.85000000
        1.493473567344
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP T. Rowe Price Equity Income Portfolio
        N/A
        MainStay VP T. Rowe Price Equity Income Portfolio
        56064D247
        
          
        
        947539.26500000
        NS
        USD
        13532282.01000000
        2.142980456591
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mainstay VP Indexed Bond Portfolio
        N/A
        Mainstay VP Indexed Bond Portfolio
        56064D825
        
          
        
        17384874.23200000
        NS
        USD
        168537663.24000000
        26.68972744257
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        25671.00000000
        NS
        USD
        355635.27000000
        0.056318618893
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                SPDR S&P Oil & Gas Exploration & Production ETF
                SPDR S&P Oil & Gas Exploration & Production ETF
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            3466388.00000000
            USD
            355635.27000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        6224.00000000
        NS
        USD
        -6046.62000000
        -0.00095754644
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                iShares MSCI Emerging Markets ETF
                iShares MSCI Emerging Markets ETF
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            281014.00000000
            USD
            -6046.62000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        23445.00000000
        NS
        USD
        3949.98000000
        0.000625521248
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                S&P SmallCap 600 Index
                S&P SmallCap 600 Index
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            42348000.00000000
            USD
            3949.98000000
          
        
        
          N
          N
          N
        
      
      
        MainStay VP MacKay International Equity Portfolio
        N/A
        MainStay VP MacKay International Equity Portfolio
        56064D338
        
          
        
        416814.88100000
        NS
        USD
        6542368.05000000
        1.036053406263
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay U.S. Government Liquidity Fund
        549300Y3ZLEL13IJCK58
        MainStay U.S. Government Liquidity Fund, Class I
        56064L488
        
          
        
        64505153.85000000
        NS
        USD
        64505153.85000000
        10.21507562049
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay Epoch International Choice Fund
        549300FPTWJRAID17352
        MainStay Epoch International Choice Fund, Class I
        56063J716
        
          
        
        177985.21600000
        NS
        USD
        6475956.49000000
        1.025536430998
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IQ 500 International ETF
        5493003TW3MGBJQT8644
        IQ 500 International ETF
        45409B362
        
          
        
        345127.00000000
        NS
        USD
        10878437.55000000
        1.722716024590
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mainstay WMC Value Fund
        5493003Y7K55IDIMKI62
        Mainstay WMC Value Fund, Class R6
        56063N766
        
          
        
        420061.22000000
        NS
        USD
        13348999.49000000
        2.113955724613
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mainstay VP Small Cap Growth Portfolio
        N/A
        Mainstay VP Small Cap Growth Portfolio
        56064D494
        
          
        
        504261.60800000
        NS
        USD
        7825988.88000000
        1.239328386073
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        43837.00000000
        NS
        USD
        16658.06000000
        0.002637980571
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                iShares MSCI EAFE ETF
                iShares MSCI EAFE ETF
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            3226403.00000000
            USD
            16658.06000000
          
        
        
          N
          N
          N
        
      
      
        MainStay MacKay Short Duration High Yield Fund
        549300WEGNK3CPOQ1307
        MainStay MacKay Short Duration High Yield Fund, Class I
        56064B738
        
          
        
        4524737.81100000
        NS
        USD
        43354680.28000000
        6.865673688528
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        -1923.00000000
        NS
        USD
        -337831.53000000
        -0.05349920773
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                S&P 500 Total Return Index
                S&P 500 Total Return Index
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            18320056.00000000
            USD
            -337831.53000000
          
        
        
          N
          N
          N
        
      
      
        IQ 50 Percent Hedged FTSE International ETF
        549300F6Y8RYQ8RNY082
        IQ 50 Percent Hedged FTSE International ETF
        45409B560
        
          
        
        557313.00000000
        NS
        USD
        13153255.58000000
        2.082957599291
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        507.00000000
        NS
        USD
        276552.75000000
        0.043795062653
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                Russell Midcap Total Return Index
                Russell Midcap Total Return Index
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            11115883.00000000
            USD
            276552.75000000
          
        
        
          N
          N
          N
        
      
      
        MainStay VP Wellington Mid Cap Portfolio
        N/A
        MainStay VP Wellington Mid Cap Portfolio
        56064D320
        
          
        
        599938.16500000
        NS
        USD
        9066745.50000000
        1.435815363368
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP Epoch U.S. Equity Yield Portfolio
        N/A
        MainStay VP Epoch U.S. Equity Yield Portfolio
        56064D445
        
          
        
        793122.61000000
        NS
        USD
        14369398.89000000
        2.275546797759
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IQ Chaikin U.S. Large Cap ETF
        549300F5Q3KH3SEITR83
        IQ Chaikin U.S. Large Cap ETF
        45409B388
        
          
        
        386277.00000000
        NS
        USD
        13469478.99000000
        2.133034931928
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay VP Wellington Growth Portfolio
        N/A
        MainStay VP Wellington Growth Portfolio
        56064D346
        
          
        
        552788.91200000
        NS
        USD
        19556234.46000000
        3.096937251331
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MainStay Epoch Capital Growth Fund
        5493007ZZLRL6VENV585
        MainStay Epoch Capital Growth Fund, Class I
        56063N782
        
          
        
        190254.43100000
        NS
        USD
        2273559.48000000
        0.360042269953
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mainstay WMC International Research Equity Fund
        549300PQST4ZGMIXWU52
        Mainstay WMC International Research Equity Fund, Class I
        56063U638
        
          
        
        884882.52800000
        NS
        USD
        6518752.61000000
        1.032313650739
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mainstay VP Floating Rate Portfolio
        N/A
        Mainstay VP Floating Rate Portfolio
        56064D437
        
          
        
        5442174.01500000
        NS
        USD
        47548274.37000000
        7.529773813777
        Long
        
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        ETRS
        N/A
        
          
        
        4771.00000000
        NS
        USD
        414136.28000000
        0.065582874621
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Citibank NA
              E57ODZWZ7FF32TWEFA76
            
            
              
                Russell 1000 Value Total Return Index
                Russell 1000 Value Total Return Index
                
                  
                
              
            
            Y
            
              
                
              
            
            
              
                
              
            
            2022-12-02
            0.00000000
            USD
            0.00000000
            USD
            10970236.00000000
            USD
            414136.28000000
          
        
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-04-30
      MAINSTAY VP FUNDS TRUST
      Jack Benintende
      Jack Benintende
      Treasurer
    
  
  XXXX




MainStay VP Balanced Portfolio
Portfolio of Investments March 31, 2022 (Unaudited)
  Principal
Amount
Value
Long-Term Bonds 32.6%
Asset-Backed Securities 2.8%
Other Asset-Backed Securities 2.8% 
AIG CLO LLC  
Series 2020-1A, Class AR                       
1.401% (3 Month LIBOR + 1.16%), due 4/15/34 (a)(b) $      600,000 $     592,231
Apidos CLO XXX  
Series XXXA, Class A2                       
1.841% (3 Month LIBOR + 1.60%), due 10/18/31 (a)(b)     650,000      642,023
Apidos CLO XXXII  
Series 2019-32A, Class A1    
1.574% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(b) 500,000 497,674
ARES L CLO Ltd.  
Series 2018-50A, Class AR    
1.291% (3 Month LIBOR + 1.05%), due 1/15/32 (a)(b) 700,000 694,920
ARES XXXVIII CLO Ltd.  
Series 2015-38A, Class BR    
1.654% (3 Month LIBOR + 1.40%), due 4/20/30 (a)(b) 400,000 392,990
CAL Funding IV Ltd.  
Series 2020-1A, Class A    
2.22%, due 9/25/45 (a) 654,375 608,324
Carlyle Global Market Strategies CLO Ltd.  
Series 2013-3A, Class A2R    
1.641% (3 Month LIBOR + 1.40%), due 10/15/30 (a)(b) 800,000 788,334
Carlyle US CLO Ltd.  
Series 2021-5A, Class B    
1.854% (3 Month LIBOR + 1.60%), due 7/20/34 (a)(b) 500,000 495,027
Cedar Funding XII CLO Ltd.  
Series 2020-12A, Class A1R    
1.388% (3 Month LIBOR + 1.13%), due 10/25/34 (a)(b) 500,000 494,853
ELFI Graduate Loan Program LLC  
Series 2021-A, Class A    
1.53%, due 12/26/46 (a) 348,137 326,916
Global SC Finance VII SRL  
Series 2021-2A, Class A    
1.95%, due 8/17/41 (a) 468,625 437,255
Neuberger Berman Loan Advisers CLO 35 Ltd.  
Series 2019-35A, Class A1    
1.588% (3 Month LIBOR + 1.34%), due 1/19/33 (a)(b) 600,000 598,821
Neuberger Berman Loan Advisers CLO 37 Ltd.  
Series 2020-37A, Class BR    
1.704% (3 Month LIBOR + 1.45%), due 7/20/31 (a)(b) 500,000 495,709
Octagon Investment Partners 29 Ltd.  
Series 2016-1A, Class AR    
1.439% (3 Month LIBOR + 1.18%), due 1/24/33 (a)(b) 350,000 346,563
Palmer Square CLO Ltd.  
Series 2015-2A, Class A2R2    
1.804% (3 Month LIBOR + 1.55%), due 7/20/30 (a)(b) 750,000 745,348

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
Palmer Square Loan Funding Ltd.  
Series 2021-3A, Class A2                       
1.654% (3 Month LIBOR + 1.40%), due 7/20/29 (a)(b) $      500,000 $     495,473
Regatta XIV Funding Ltd.  
Series 2018-3A, Class A                       
1.448% (3 Month LIBOR + 1.19%), due 10/25/31 (a)(b)     600,000      595,260
Regatta XV Funding Ltd.  
Series 2018-4A, Class A1                       
1.488% (3 Month LIBOR + 1.23%), due 10/25/31 (a)(b) 250,000 248,563
STORE Master Funding LLC  
Series 2021-1A, Class A1    
2.12%, due 6/20/51 (a) 242,836 225,782
THL Credit Wind River CLO Ltd.  
Series 2017-4A, Class A    
1.63% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(b) 250,000 248,984
Tiaa CLO III Ltd.  
Series 2017-2A, Class A    
1.391% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(b) 350,000 346,586
Trestles CLO IV Ltd.  
Series 2021-4A, Class A    
1.425% (3 Month LIBOR + 1.17%), due 7/21/34 (a)(b) 300,000 297,208
Vantage Data Centers LLC  
Series 2020-1A, Class A2    
1.645%, due 9/15/45 (a) 725,000 674,916
Wellfleet CLO Ltd.  
Series 2021-2A, Class A1    
1.441% (3 Month LIBOR + 1.20%), due 7/15/34 (a)(b) 373,333 368,903
Total Asset-Backed Securities
(Cost $11,903,771)
  11,658,663
Corporate Bonds 10.6%
Aerospace & Defense 0.2% 
Boeing Co. (The)    
3.10%, due 5/1/26 240,000 235,803
3.25%, due 2/1/28 325,000 313,070
5.15%, due 5/1/30 375,000 399,922
    948,795
Apparel 0.0%  ‡
Ralph Lauren Corp.    
1.70%, due 6/15/22 (c) 175,000 175,182
Auto Manufacturers 0.9% 
Daimler Finance North America LLC    
2.625%, due 3/10/30 (a) 250,000 231,728
Daimler Trucks Finance North America LLC    
3.65%, due 4/7/27 (a) 550,000 548,906

  Principal
Amount
Value
Corporate Bonds
Auto Manufacturers  
Ford Motor Credit Co. LLC    
3.087%, due 1/9/23 $      425,000 $     425,531
3.664%, due 9/8/24     725,000      716,257
General Motors Financial Co., Inc.    
1.05%, due 3/8/24     200,000      192,486
1.50%, due 6/10/26   1,275,000    1,164,960
Hyundai Capital America (a)    
1.80%, due 1/10/28     225,000      198,709
2.375%, due 10/15/27 375,000 343,322
    3,821,899
Banks 2.1% 
Banco Santander SA    
1.722% (1 Year Treasury Constant Maturity Rate + 0.90%), due 9/14/27 (b) 400,000 361,281
Bank of America Corp.    
2.087%, due 6/14/29 (d) 1,000,000 913,443
BNP Paribas SA    
2.588% (5 Year Treasury Constant Maturity Rate + 2.05%), due 8/12/35 (a)(b) 635,000 551,255
Citigroup, Inc.    
3.20%, due 10/21/26 930,000 922,667
Goldman Sachs Group, Inc. (The)    
2.64%, due 2/24/28 (d) 450,000 430,257
JPMorgan Chase & Co. (d)    
1.578%, due 4/22/27 960,000 894,123
2.963%, due 1/25/33 440,000 414,812
Lloyds Banking Group plc    
0.695% (1 Year Treasury Constant Maturity Rate + 0.55%), due 5/11/24 (b) 430,000 418,844
Morgan Stanley (d)    
1.512%, due 7/20/27 175,000 160,861
2.484%, due 9/16/36 300,000 257,203
Santander UK Group Holdings plc    
2.469%, due 1/11/28 (d) 925,000 860,303
Societe Generale SA    
1.792% (1 Year Treasury Constant Maturity Rate + 1.00%), due 6/9/27 (a)(b) 350,000 315,374
Standard Chartered plc (a)(b)    
0.991% (1 Year Treasury Constant Maturity Rate + 0.78%), due 1/12/25 200,000 191,057
2.608% (1 Year Treasury Constant Maturity Rate + 1.18%), due 1/12/28 275,000 257,097
State Street Corp.    
2.203%, due 2/7/28 (d) 275,000 263,513
Sumitomo Mitsui Trust Bank Ltd.    
1.35%, due 9/16/26 (a) 350,000 320,205
UBS Group AG (a)(b)    
1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 475,000 436,381
2.746% (1 Year Treasury Constant Maturity Rate + 1.10%), due 2/11/33 475,000 431,623
    8,400,299

  Principal
Amount
Value
Corporate Bonds
Beverages 0.1% 
Diageo Capital plc    
2.125%, due 4/29/32 $      325,000 $     293,154
Building Materials 0.3% 
Martin Marietta Materials, Inc.    
3.45%, due 6/1/27     425,000      426,318
Owens Corning    
3.95%, due 8/15/29     700,000     712,429
    1,138,747
Chemicals 0.1% 
International Flavors & Fragrances, Inc.    
1.832%, due 10/15/27 (a) 275,000 249,969
LYB International Finance III LLC    
1.25%, due 10/1/25 172,000 159,201
    409,170
Commercial Services 0.2% 
Ashtead Capital, Inc.    
2.45%, due 8/12/31 (a) 450,000 395,980
Global Payments, Inc.    
2.15%, due 1/15/27 325,000 305,037
    701,017
Diversified Financial Services 1.3% 
AerCap Ireland Capital DAC    
3.00%, due 10/29/28 700,000 645,531
Air Lease Corp.    
0.70%, due 2/15/24 1,150,000 1,098,596
Aircastle Ltd.    
2.85%, due 1/26/28 (a) 500,000 449,152
Antares Holdings LP    
3.95%, due 7/15/26 (a) 250,000 233,036
Aviation Capital Group LLC (a)    
1.95%, due 1/30/26 250,000 229,597
1.95%, due 9/20/26 475,000 429,631
Blackstone Holdings Finance Co. LLC    
1.625%, due 8/5/28 (a)(c) 350,000 312,444
BOC Aviation USA Corp.    
1.625%, due 4/29/24 (a) 400,000 384,220
LSEGA Financing plc    
2.00%, due 4/6/28 (a) 1,525,000 1,388,886
Thirax 1 LLC    
0.968%, due 1/14/33 207,452 185,522
    5,356,615

  Principal
Amount
Value
Corporate Bonds
Electric 0.9% 
Commonwealth Edison Co.    
3.10%, due 11/1/24 (c) $      250,000 $     251,173
DTE Energy Co.    
Series F                       
1.05%, due 6/1/25     250,000      233,872
Entergy Arkansas LLC    
3.70%, due 6/1/24     500,000      510,422
Entergy Corp.    
4.00%, due 7/15/22 1,000,000 1,002,655
FirstEnergy Transmission LLC    
4.35%, due 1/15/25 (a) 700,000 703,372
Pinnacle West Capital Corp.    
1.30%, due 6/15/25 625,000 584,646
Tampa Electric Co.    
2.40%, due 3/15/31 225,000 207,312
    3,493,452
Electrical Components & Equipment 0.2% 
Emerson Electric Co.    
1.80%, due 10/15/27 400,000 375,324
2.00%, due 12/21/28 300,000 280,307
    655,631
Electronics 0.1% 
Flex Ltd.    
3.75%, due 2/1/26 275,000 274,966
Entertainment 0.1% 
Magallanes, Inc.    
4.054%, due 3/15/29 (a) 350,000 351,736
Food 0.1% 
Conagra Brands, Inc.    
4.85%, due 11/1/28 450,000 475,938
Forest Products & Paper 0.0%  ‡
Georgia-Pacific LLC    
0.95%, due 5/15/26 (a) 225,000 205,292
Healthcare-Products 0.1% 
Baxter International, Inc.    
2.272%, due 12/1/28 (a) 625,000 578,997

  Principal
Amount
Value
Corporate Bonds
Healthcare-Services 0.3% 
Fresenius Medical Care U.S. Finance III, Inc. (a)    
1.875%, due 12/1/26 $      225,000 $     208,154
2.375%, due 2/16/31   1,025,000     892,116
    1,100,270
Home Builders 0.2% 
MDC Holdings, Inc.    
2.50%, due 1/15/31     225,000      196,458
PulteGroup, Inc.    
5.50%, due 3/1/26 575,000 611,720
    808,178
Insurance 0.4% 
Brighthouse Financial Global Funding    
1.00%, due 4/12/24 (a) 975,000 933,757
Corebridge Financial, Inc.    
3.85%, due 4/5/29 (a) 275,000 274,750
Principal Life Global Funding II    
1.25%, due 8/16/26 (a) 350,000 320,073
    1,528,580
Investment Companies 0.2% 
Blackstone Secured Lending Fund    
2.125%, due 2/15/27 (a) 175,000 155,241
2.75%, due 9/16/26 250,000 232,141
Prospect Capital Corp.    
3.437%, due 10/15/28 475,000 405,630
    793,012
Iron & Steel 0.1% 
Nucor Corp.    
2.00%, due 6/1/25 275,000 266,196
Media 0.1% 
Charter Communications Operating LLC    
2.25%, due 1/15/29 325,000 292,457
Thomson Reuters Corp.    
3.85%, due 9/29/24 300,000 304,425
    596,882
Mining 0.2% 
Anglo American Capital plc (a)    
2.25%, due 3/17/28 525,000 479,467
5.625%, due 4/1/30 400,000 440,877
    920,344
Oil & Gas 0.0%  ‡
Valero Energy Corp.    
2.85%, due 4/15/25 166,000 164,014

  Principal
Amount
Value
Corporate Bonds
Oil & Gas Services 0.2% 
Schlumberger Holdings Corp.    
3.75%, due 5/1/24 (a) $      925,000 $     941,961
Packaging & Containers 0.2% 
WRKCo, Inc.    
3.75%, due 3/15/25     925,000     934,523
Pharmaceuticals 0.3% 
Bayer US Finance II LLC    
4.375%, due 12/15/28 (a)     600,000      613,443
CVS Health Corp.    
1.875%, due 2/28/31 490,000 431,426
Merck & Co., Inc.    
2.15%, due 12/10/31 175,000 161,863
    1,206,732
Pipelines 0.1% 
Texas Eastern Transmission LP    
2.80%, due 10/15/22 (a) 225,000 225,652
Real Estate Investment Trusts 0.7% 
American Campus Communities Operating Partnership LP    
3.30%, due 7/15/26 900,000 894,943
Brixmor Operating Partnership LP    
2.50%, due 8/16/31 150,000 132,487
CubeSmart LP    
2.25%, due 12/15/28 550,000 499,442
Realty Income Corp.    
3.95%, due 8/15/27 890,000 914,257
Simon Property Group LP    
1.75%, due 2/1/28 375,000 341,618
Spirit Realty LP    
2.70%, due 2/15/32 175,000 157,465
    2,940,212
Retail 0.1% 
Advance Auto Parts, Inc.    
1.75%, due 10/1/27 150,000 135,051
Dick's Sporting Goods, Inc.    
3.15%, due 1/15/32 200,000 183,345
    318,396
Semiconductors 0.1% 
Skyworks Solutions, Inc.    
1.80%, due 6/1/26 300,000 278,624

  Principal
Amount
Value
Corporate Bonds
Telecommunications 0.7% 
AT&T, Inc.    
4.35%, due 3/1/29 $      775,000 $     820,119
T-Mobile US, Inc.    
2.55%, due 2/15/31     825,000      748,111
Verizon Communications, Inc.    
2.10%, due 3/22/28     350,000      326,226
3.376%, due 2/15/25       6,000        6,076
4.016%, due 12/3/29     912,000     946,521
    2,847,053
Total Corporate Bonds
(Cost $45,564,704)
  43,151,519
Foreign Government Bond 0.0% ‡
Philippines 0.0%  ‡
Philippines Government Bond    
3.00%, due 2/1/28 200,000 200,801
Total Foreign Government Bond
(Cost $195,328)
  200,801
Mortgage-Backed Securities 0.5%
Commercial Mortgage Loans (Collateralized Mortgage Obligations) 0.5% 
BFLD Trust  
Series 2021-FPM, Class A    
1.997% (1 Month LIBOR + 1.60%), due 6/15/38 (a)(b) 500,000 495,932
Citigroup Commercial Mortgage Trust  
Series 2020-420K, Class A    
2.456%, due 11/10/42 (a)(e) 500,000 463,042
Series 2020-GC46, Class A5    
2.717%, due 2/15/53 500,000 475,483
CSMC WEST Trust  
Series 2020-WEST, Class A    
3.04%, due 2/15/35 (a) 500,000 476,020
Total Mortgage-Backed Securities
(Cost $2,032,914)
  1,910,477
U.S. Government & Federal Agencies 18.7%
Federal Home Loan Mortgage Corporation (Mortgage Pass-Through Securities) 0.7% 
FFCB    
2.03%, due 1/21/28 850,000 825,104
2.13%, due 4/19/34 450,000 410,656
FHLB    
3.00%, due 3/25/27 600,000 597,211
3.125%, due 9/12/25 800,000 814,789
    2,647,760

  Principal
Amount
Value
U.S. Government & Federal Agencies
United States Treasury Notes 18.0% 
U.S. Treasury Notes    
1.75%, due 3/15/25 $   25,145,000 $  24,612,633
1.875%, due 2/15/32 (c)   9,485,000    9,108,564
2.25%, due 3/31/24   6,000,000    5,991,797
2.375%, due 3/31/29 10,100,000   10,070,015
2.50%, due 3/31/23   7,300,000    7,355,891
2.50%, due 3/31/27 16,400,000  16,435,875
    73,574,775
Total U.S. Government & Federal Agencies
(Cost $76,865,041)
  76,222,535
Total Long-Term Bonds
(Cost $136,561,758)
  133,143,995
 
  Shares  
Common Stocks 58.3%
Aerospace & Defense 3.7% 
General Dynamics Corp.     14,902    3,594,064
L3Harris Technologies, Inc.     16,090    3,997,882
Northrop Grumman Corp. 7,230 3,233,401
Raytheon Technologies Corp. 43,318 4,291,514
    15,116,861
Auto Components 0.7% 
Gentex Corp. 102,262 2,982,983
Banks 4.5% 
JPMorgan Chase & Co. 54,696 7,456,159
M&T Bank Corp. 26,190 4,439,205
PNC Financial Services Group, Inc. (The) 17,013 3,138,048
Truist Financial Corp. 55,652 3,155,468
    18,188,880
Beverages 0.7% 
Keurig Dr Pepper, Inc. 80,876 3,065,200
Building Products 1.3% 
Fortune Brands Home & Security, Inc. 25,766 1,913,898
Johnson Controls International plc 54,519 3,574,811
    5,488,709
Capital Markets 2.8% 
ARES Management Corp. 40,596 3,297,613
LPL Financial Holdings, Inc. 20,413 3,729,047
Morgan Stanley 48,225 4,214,865
    11,241,525

  Shares Value
Common Stocks
Chemicals 0.5% 
Axalta Coating Systems Ltd. (f)     88,219 $   2,168,423
Communications Equipment 2.4% 
Cisco Systems, Inc.    115,377    6,433,422
F5, Inc. (f)     16,273   3,400,243
    9,833,665
Containers & Packaging 0.6% 
Sealed Air Corp.     37,252   2,494,394
Electric Utilities 1.8% 
Duke Energy Corp.     31,616    3,530,243
Exelon Corp.     77,988   3,714,568
    7,244,811
Electrical Equipment 0.7% 
Hubbell, Inc.     14,581   2,679,550
Electronic Equipment, Instruments & Components 0.8% 
Corning, Inc.     85,583   3,158,869
Entertainment 0.8% 
Electronic Arts, Inc. 26,500 3,352,515
Equity Real Estate Investment Trusts 2.4% 
Gaming and Leisure Properties, Inc. 73,702 3,458,835
Host Hotels & Resorts, Inc. 175,248 3,405,069
Welltower, Inc. 30,946 2,975,148
    9,839,052
Food Products 0.8% 
Mondelez International, Inc., Class A 54,710 3,434,694
Health Care Equipment & Supplies 2.5% 
Becton Dickinson and Co. 13,244 3,522,904
Boston Scientific Corp. (f) 70,490 3,122,002
Medtronic plc 33,924 3,763,868
    10,408,774
Health Care Providers & Services 4.6% 
Anthem, Inc. 11,666 5,730,572
Centene Corp. (f) 47,866 4,029,839
UnitedHealth Group, Inc. 17,319 8,832,170
    18,592,581
Household Durables 0.5% 
Lennar Corp., Class A 24,472 1,986,392

  Shares Value
Common Stocks
Insurance 4.1% 
Assurant, Inc.     17,364 $   3,157,296
Chubb Ltd.     22,747    4,865,583
MetLife, Inc.     73,516    5,166,705
Progressive Corp. (The)     29,433   3,355,068
    16,544,652
Interactive Media & Services 1.3% 
Alphabet, Inc., Class C (f)      1,929   5,387,678
IT Services 1.4% 
Amdocs Ltd.     31,593    2,597,261
Global Payments, Inc.     23,080   3,158,267
    5,755,528
Machinery 0.7% 
Middleby Corp. (The) (f)     16,845   2,761,569
Media 2.1% 
Comcast Corp., Class A    120,703    5,651,315
Omnicom Group, Inc.     36,798   3,123,414
    8,774,729
Multi-Utilities 2.0% 
Dominion Energy, Inc. 43,364 3,684,639
Sempra Energy 25,769 4,332,284
    8,016,923
Oil, Gas & Consumable Fuels 3.3% 
ConocoPhillips 52,988 5,298,800
Phillips 66 41,009 3,542,768
Pioneer Natural Resources Co. 18,674 4,669,060
    13,510,628
Pharmaceuticals 5.7% 
AstraZeneca plc, Sponsored ADR 51,691 3,429,181
Eli Lilly and Co. 18,410 5,272,072
Merck & Co., Inc. 56,902 4,668,809
Pfizer, Inc. 140,211 7,258,724
Roche Holding AG 7,034 2,781,773
    23,410,559
Real Estate Management & Development 0.6% 
CBRE Group, Inc., Class A (f) 26,732 2,446,513
Road & Rail 0.5% 
Knight-Swift Transportation Holdings, Inc. 40,858 2,061,695

  Shares   Value
Common Stocks
Semiconductors & Semiconductor Equipment 2.4% 
Analog Devices, Inc.     22,241   $   3,673,768
Micron Technology, Inc.     39,176      3,051,419
Qorvo, Inc. (f)     24,250     3,009,425
      9,734,612
Software 0.4% 
VMware, Inc., Class A     14,373     1,636,653
Specialty Retail 1.7% 
Home Depot, Inc. (The)      7,653      2,290,773
TJX Cos., Inc. (The)     40,768      2,469,725
Victoria's Secret & Co. (f)     40,143     2,061,744
      6,822,242
Total Common Stocks
(Cost $210,033,747)
    238,141,859
Exchange-Traded Funds 6.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF     34,263      4,143,767
iShares Intermediate Government/Credit Bond ETF     75,859      8,232,977
iShares Russell 1000 Value ETF     72,908    12,101,270
Total Exchange-Traded Funds
(Cost $24,764,300)
    24,478,014
Short-Term Investments 1.1%
Affiliated Investment Company 1.0% 
MainStay U.S. Government Liquidity Fund, 0.01% (g) 4,060,964   4,060,964
Unaffiliated Investment Company 0.1% 
Wells Fargo Government Money Market Fund, 0.195% (g)(h) 238,863   238,863
Total Short-Term Investments
(Cost $4,299,827)
    4,299,827
Total Investments
(Cost $375,659,632)
98.0%   400,063,695
Other Assets, Less Liabilities 2.0   8,143,070
Net Assets 100.0%   $ 408,206,765
    
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) Floating rate—Rate shown was the rate in effect as of March 31, 2022.

(c) All or a portion of this security was held on loan. As of March 31, 2022, the aggregate market value of securities on loan was $493,017; the total market value of collateral held by the Portfolio was $505,189. The market value of the collateral held included non-cash collateral in the form of U.S. Treasury securities with a value of $266,326. The Portfolio received cash collateral with a value of $238,863.  
(d) Fixed to floating rate—Rate shown was the rate in effect as of March 31, 2022.
(e) 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, 2022.
(f) Non-income producing security.
(g) Current yield as of March 31, 2022.
(h) Represents a security purchased with cash collateral received for securities on loan.
Futures Contracts
As of March 31, 2022, 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          
U.S. Treasury 2 Year Notes 61 June 2022  $ 12,911,130  $ 12,927,234  $ 16,104
U.S. Treasury 10 Year Notes 18 June 2022   2,267,672   2,211,750  (55,922)
Total Long Contracts         (39,818)
Short Contracts          
U.S. Treasury 5 Year Notes (17) June 2022   (1,986,401)   (1,949,687)  36,714
U.S. Treasury 10 Year Ultra Bonds (27) June 2022   (3,643,814)   (3,657,656)  (13,842)
U.S. Treasury Long Bonds (5) June 2022     (755,070)     (750,313)   4,757
U.S. Treasury Ultra Bonds (3) June 2022     (531,744)     (531,375)     369
Total Short Contracts         27,998
Net Unrealized Depreciation         $ (11,820)
    
1. As of March 31, 2022, cash in the amount of $103,500 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, 2022.
    
Abbreviation(s):
ADR—American Depositary Receipt
CLO—Collateralized Loan Obligation
ETF—Exchange-Traded Fund
FFCB—Federal Farm Credit Bank
FHLB—Federal Home Loan Bank
LIBOR—London Interbank Offered Rate

The following is a summary of the fair valuations according to the inputs used as of March 31, 2022, 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           $ —     $ 11,658,663   $ —     $ 11,658,663
Corporate Bonds           —     43,151,519       43,151,519
Foreign Government Bond           —        200,801          200,801
Mortgage-Backed Securities           —      1,910,477        1,910,477
U.S. Government & Federal Agencies           —     76,222,535       76,222,535
Total Long-Term Bonds   133,143,995     133,143,995
Common Stocks              
Pharmaceuticals   20,628,786      2,781,773       23,410,559
All Other Industries  214,731,300             —      214,731,300
Total Common Stocks 235,360,086   2,781,773     238,141,859
Exchange-Traded Funds   24,478,014             —       24,478,014
Short-Term Investments              
Affiliated Investment Company    4,060,964             —        4,060,964
Unaffiliated Investment Company      238,863             —          238,863
Total Short-Term Investments 4,299,827       4,299,827
Total Investments in Securities 264,137,927   135,925,768     400,063,695
Other Financial Instruments              
Futures Contracts (b)       57,944             —           57,944
Total Investments in Securities and Other Financial Instruments $ 264,195,871   $ 135,925,768   $ —   $ 400,121,639
Liability Valuation Inputs              
Other Financial Instruments              
Futures Contracts (b)       $ (69,764)             $ —   $ —         $ (69,764)
    
(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, 2022 (Unaudited)
  Principal
Amount
Value
Long-Term Bonds 97.5%
Asset-Backed Securities 16.9%
Automobile Asset-Backed Security 0.3% 
Hertz Vehicle Financing III LLC  
Series 2022-3A, Class B                       
3.86%, due 3/25/25 (a) $    2,500,000 $   2,501,172
Home Equity Asset-Backed Securities 0.1% 
Chase Funding Trust  
Series 2002-2, Class 1A5                       
6.333%, due 4/25/32 (b)      34,228       34,374
J.P. Morgan Mortgage Acquisition Trust  
Series 2007-CH2, Class AF3    
5.552%, due 10/25/30 (b) 448,500 292,108
Morgan Stanley Mortgage Loan Trust  
Series 2006-17XS, Class A3A    
6.151%, due 10/25/46 (b) 814,684 321,732
    648,214
Other Asset-Backed Securities 16.5% 
522 Funding CLO Ltd.  
Series 2019-4A, Class BR    
1.854% (3 Month LIBOR + 1.60%), due 4/20/30 (a)(c) 3,000,000 2,965,917
Aligned Data Centers Issuer LLC  
Series 2021-1A, Class A2    
1.937%, due 8/15/46 (a) 3,000,000 2,763,033
Apidos CLO XXXII  
Series 2019-32A, Class A1    
1.574% (3 Month LIBOR + 1.32%), due 1/20/33 (a)(c) 2,200,000 2,189,768
ARES L CLO Ltd.  
Series 2018-50A, Class BR    
1.841% (3 Month LIBOR + 1.60%), due 1/15/32 (a)(c) 2,000,000 1,989,976
ARES XXXIV CLO Ltd.  
Series 2015-2A, Class AR2    
1.491% (3 Month LIBOR + 1.25%), due 4/17/33 (a)(c) 2,000,000 1,987,322
ARES XXXVIII CLO Ltd.  
Series 2015-38A, Class BR    
1.654% (3 Month LIBOR + 1.40%), due 4/20/30 (a)(c) 2,000,000 1,964,948
Battalion CLO 17 Ltd.  
Series 2021-17A, Class A1    
1.514% (3 Month LIBOR + 1.26%), due 3/9/34 (a)(c) 3,000,000 2,989,572
Battalion CLO Ltd.  
Series 2021-21A, Class B    
1.991% (3 Month LIBOR + 1.75%), due 7/15/34 (a)(c) 2,000,000 1,980,324
Beacon Container Finance II LLC  
Series 2021-1A, Class A    
2.25%, due 10/22/46 (a) 2,552,707 2,394,788
CAL Funding IV Ltd.  
Series 2020-1A, Class A    
2.22%, due 9/25/45 (a) 4,580,625 4,258,265

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
Carlyle US CLO Ltd. (a)(c)  
Series 2021-5A, Class B                       
1.854% (3 Month LIBOR + 1.60%), due 7/20/34 $    3,000,000 $   2,970,162
Series 2019-2A, Class A2R                       
1.891% (3 Month LIBOR + 1.65%), due 7/15/32   2,500,000    2,481,060
CARS-DB5 LP  
Series 2021-1A, Class A3                       
1.92%, due 8/15/51 (a)   2,500,000    2,329,690
Cedar Funding XII CLO Ltd.  
Series 2020-12A, Class A1R    
1.388% (3 Month LIBOR + 1.13%), due 10/25/34 (a)(c) 2,500,000 2,474,268
College Avenue Student Loans LLC (a)  
Series 2021-A, Class A2    
1.60%, due 7/25/51 2,564,010 2,368,928
Series 2021-B, Class B    
1.76%, due 6/25/52 2,818,473 2,604,402
Series 2021-C, Class A2    
2.32%, due 7/26/55 2,990,032 2,815,415
Cook Park CLO Ltd.  
Series 2018-1A, Class B    
1.641% (3 Month LIBOR + 1.40%), due 4/17/30 (a)(c) 3,000,000 2,965,668
DB Master Finance LLC  
Series 2021-1A, Class A2II    
2.493%, due 11/20/51 (a) 3,739,627 3,371,356
Dewolf Park CLO Ltd.  
Series 2017-1A, Class BR    
1.691% (3 Month LIBOR + 1.45%), due 10/15/30 (a)(c) 3,000,000 2,983,245
Dryden 87 CLO Ltd.  
Series 2021-87A, Class B    
2.03% (3 Month LIBOR + 1.55%), due 5/20/34 (a)(c) 3,000,000 2,960,307
Galaxy XXI CLO Ltd.  
Series 2015-21A, Class BR    
1.604% (3 Month LIBOR + 1.35%), due 4/20/31 (a)(c) 1,500,000 1,470,798
Global SC Finance VII SRL  
Series 2021-2A, Class A    
1.95%, due 8/17/41 (a) 3,186,648 2,973,333
Grippen Park CLO Ltd.  
Series 2017-1A, Class B    
1.904% (3 Month LIBOR + 1.65%), due 1/20/30 (a)(c) 750,000 745,787
Hotwire Funding LLC  
Series 2021-1, Class A2    
2.311%, due 11/20/51 (a) 2,600,000 2,428,597
Invesco CLO Ltd.  
Series 2021-2A, Class A    
1.361% (3 Month LIBOR + 1.12%), due 7/15/34 (a)(c) 2,000,000 1,976,680
Jersey Mike's Funding  
Series 2021-1A, Class A2I    
2.891%, due 2/15/52 (a) 2,500,000 2,354,068

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
Lunar Structured Aircraft Portfolio Notes  
Series 2021-1, Class A                       
2.636%, due 10/15/46 (a) $    2,579,004 $   2,361,938
Neuberger Berman CLO XIV Ltd.  
Series 2013-14A, Class BR2                       
1.778% (3 Month LIBOR + 1.50%), due 1/28/30 (a)(c)   1,000,000      994,203
Neuberger Berman Loan Advisers CLO 24 Ltd.  
Series 2017-24A, Class BR                       
1.748% (3 Month LIBOR + 1.50%), due 4/19/30 (a)(c) 1,000,000 989,875
Neuberger Berman Loan Advisers CLO 33 Ltd.  
Series 2019-33A, Class BR    
1.841% (3 Month LIBOR + 1.60%), due 10/16/33 (a)(c) 3,000,000 2,980,347
Neuberger Berman Loan Advisers CLO 35 Ltd.  
Series 2019-35A, Class A1    
1.588% (3 Month LIBOR + 1.34%), due 1/19/33 (a)(c) 3,000,000 2,994,105
Oak Street Investment Grade Net Lease Fund  
Series 2021-2A, Class A1    
2.38%, due 11/20/51 (a) 2,386,297 2,300,373
Oaktree CLO Ltd. (a)(c)  
Series 2021-2A, Class A    
1.278% (3 Month LIBOR + 1.18%), due 1/15/35 3,000,000 2,969,745
Series 2015-1A, Class A2BR    
1.604% (3 Month LIBOR + 1.35%), due 10/20/27 1,000,000 998,293
Series 2020-1A, Class BR    
1.891% (3 Month LIBOR + 1.65%), due 7/15/34 2,000,000 1,973,368
Octagon Investment Partners 29 Ltd.  
Series 2016-1A, Class AR    
1.439% (3 Month LIBOR + 1.18%), due 1/24/33 (a)(c) 1,200,000 1,188,216
Palmer Square CLO Ltd. (a)(c)  
Series 2015-2A, Class A2R2    
1.804% (3 Month LIBOR + 1.55%), due 7/20/30 2,000,000 1,987,596
Series 2020-3A, Class A2R    
2.106% (3 Month LIBOR + 1.60%), due 11/15/31 2,200,000 2,180,600
Palmer Square Loan Funding Ltd.  
Series 2021-3A, Class A2    
1.654% (3 Month LIBOR + 1.40%), due 7/20/29 (a)(c) 2,500,000 2,477,365
Park Avenue Institutional Advisers CLO Ltd.  
Series 2021-1A, Class A1A    
1.644% (3 Month LIBOR + 1.39%), due 1/20/34 (a)(c) 2,000,000 1,987,456
Rad CLO 10 Ltd.  
Series 2021-10A, Class A    
1.429% (3 Month LIBOR + 1.17%), due 4/23/34 (a)(c) 2,000,000 1,987,898
Regatta XIV Funding Ltd.  
Series 2018-3A, Class A    
1.448% (3 Month LIBOR + 1.19%), due 10/25/31 (a)(c) 2,000,000 1,984,200
Shackleton CLO Ltd. (a)(c)  
Series 2019-15A, Class AR    
1.441% (3 Month LIBOR + 1.20%), due 1/15/32 2,000,000 1,978,148

  Principal
Amount
Value
Asset-Backed Securities
Other Asset-Backed Securities  
Shackleton CLO Ltd. (a)(c)  
Series 2019-14A, Class A1R                       
1.454% (3 Month LIBOR + 1.20%), due 7/20/34 $    1,000,000 $     990,601
Slam Ltd.  
Series 2021-1A, Class A                       
2.434%, due 6/15/46 (a)   4,082,127    3,737,186
SMB Private Education Loan Trust  
Series 2021-A, Class B                       
2.31%, due 1/15/53 (a) 3,250,000 3,035,220
Stack Infrastructure Issuer LLC  
Series 2021-1A, Class A2    
1.877%, due 3/26/46 (a) 2,500,000 2,294,668
STORE Master Funding LLC  
Series 2021-1A, Class A1    
2.12%, due 6/20/51 (a) 1,424,637 1,324,588
THL Credit Wind River CLO Ltd.  
Series 2017-4A, Class A    
1.63% (3 Month LIBOR + 1.15%), due 11/20/30 (a)(c) 2,243,000 2,233,884
Tiaa CLO III Ltd.  
Series 2017-2A, Class A    
1.391% (3 Month LIBOR + 1.15%), due 1/16/31 (a)(c) 2,400,000 2,376,590
TICP CLO XV Ltd.  
Series 2020-15A, Class A    
1.534% (3 Month LIBOR + 1.28%), due 4/20/33 (a)(c) 2,000,000 1,987,202
Trestles CLO IV Ltd.  
Series 2021-4A, Class A    
1.425% (3 Month LIBOR + 1.17%), due 7/21/34 (a)(c) 2,300,000 2,278,599
Voya CLO Ltd. (a)(c)  
Series 2021-2A, Class B    
1.727% (3 Month LIBOR + 1.60%), due 10/20/34 2,500,000 2,457,470
Series 2019-1A, Class BR    
1.791% (3 Month LIBOR + 1.55%), due 4/15/31 2,000,000 1,958,304
Series 2019-3A, Class BR    
1.891% (3 Month LIBOR + 1.65%), due 10/17/32 2,200,000 2,168,558
Wellfleet CLO Ltd. (a)(c)  
Series 2021-3A, Class A    
1.30% (3 Month LIBOR + 1.19%), due 1/15/35 2,200,000 2,169,466
Series 2021-2A, Class A1    
1.441% (3 Month LIBOR + 1.20%), due 7/15/34 2,520,000 2,490,098
    133,593,837
Total Asset-Backed Securities
(Cost $141,533,483)
  136,743,223
Corporate Bonds 34.8%
Aerospace & Defense 1.0% 
Boeing Co. (The)    
3.10%, due 5/1/26 1,925,000 1,891,334

  Principal
Amount
Value
Corporate Bonds
Aerospace & Defense  
Boeing Co. (The)    
3.25%, due 2/1/28 $    1,825,000 $   1,758,010
5.15%, due 5/1/30   4,475,000   4,772,399
    8,421,743
Auto Manufacturers 2.5% 
Daimler Finance North America LLC    
2.625%, due 3/10/30 (a)   3,495,000    3,239,563
Daimler Trucks Finance North America LLC    
3.65%, due 4/7/27 (a) 3,500,000 3,493,035
Ford Motor Credit Co. LLC    
3.087%, due 1/9/23 825,000 826,031
3.664%, due 9/8/24 1,800,000 1,778,292
General Motors Co.    
5.15%, due 4/1/38 1,500,000 1,523,826
General Motors Financial Co., Inc.    
1.05%, due 3/8/24 3,253,000 3,130,786
Hyundai Capital America (a)    
1.80%, due 1/10/28 875,000 772,755
2.375%, due 10/15/27 1,525,000 1,396,177
Volkswagen Group of America Finance LLC    
3.35%, due 5/13/25 (a) 4,225,000 4,211,738
    20,372,203
Auto Parts & Equipment 0.3% 
Aptiv plc    
4.15%, due 5/1/52 2,370,000 2,222,546
Banks 5.3% 
Banco Santander SA    
1.722% (1 Year Treasury Constant Maturity Rate + 0.90%), due 9/14/27 (c) 2,000,000 1,806,403
4.25%, due 4/11/27 1,800,000 1,818,373
Bank of America Corp.    
2.087%, due 6/14/29 (d) 2,000,000 1,826,887
Citigroup, Inc.    
3.20%, due 10/21/26 1,500,000 1,488,173
4.75%, due 5/18/46 1,975,000 2,113,852
Goldman Sachs Group, Inc. (The) (d)    
2.65%, due 10/21/32 375,000 339,024
3.102%, due 2/24/33 1,950,000 1,838,045
HSBC Holdings plc    
2.251%, due 11/22/27 (d) 1,650,000 1,537,365
JPMorgan Chase & Co. (d)    
1.578%, due 4/22/27 3,555,000 3,311,049
2.963%, due 1/25/33 3,170,000 2,988,528
Morgan Stanley (d)    
1.512%, due 7/20/27 2,300,000 2,114,168
2.484%, due 9/16/36 1,925,000 1,650,387

  Principal
Amount
Value
Corporate Bonds
Banks  
Morgan Stanley (d)    
2.511%, due 10/20/32 $    1,050,000 $     946,406
2.943%, due 1/21/33   1,975,000    1,852,033
Santander UK Group Holdings plc    
2.469%, due 1/11/28 (d)   1,675,000    1,557,846
Societe Generale SA (a)    
1.792% (1 Year Treasury Constant Maturity Rate + 1.00%), due 6/9/27 (c)   2,075,000    1,869,720
3.625%, due 3/1/41   2,000,000    1,670,861
Standard Chartered plc (a)(c)    
0.991% (1 Year Treasury Constant Maturity Rate + 0.78%), due 1/12/25 2,100,000 2,006,095
2.608% (1 Year Treasury Constant Maturity Rate + 1.18%), due 1/12/28 1,525,000 1,425,718
Sumitomo Mitsui Trust Bank Ltd.    
1.35%, due 9/16/26 (a) 2,000,000 1,829,743
UBS Group AG (a)(c)    
1.364% (1 Year Treasury Constant Maturity Rate + 1.08%), due 1/30/27 2,825,000 2,595,318
2.746% (1 Year Treasury Constant Maturity Rate + 1.10%), due 2/11/33 2,500,000 2,271,699
Westpac Banking Corp.    
3.133%, due 11/18/41 2,775,000 2,381,492
    43,239,185
Beverages 0.4% 
Anheuser-Busch InBev Worldwide, Inc.    
4.60%, due 4/15/48 2,000,000 2,158,548
Diageo Capital plc    
2.125%, due 4/29/32 1,150,000 1,037,313
    3,195,861
Building Materials 1.4% 
Carrier Global Corp.    
3.577%, due 4/5/50 3,575,000 3,271,305
Martin Marietta Materials, Inc.    
3.45%, due 6/1/27 1,825,000 1,830,657
Masco Corp.    
4.50%, due 5/15/47 3,000,000 3,097,019
Owens Corning    
3.95%, due 8/15/29 3,378,000 3,437,980
    11,636,961
Chemicals 0.3% 
International Flavors & Fragrances, Inc.    
1.832%, due 10/15/27 (a) 1,600,000 1,454,363
LYB International Finance III LLC    
1.25%, due 10/1/25 908,000 840,435
    2,294,798
Commercial Services 0.5% 
Ashtead Capital, Inc.    
2.45%, due 8/12/31 (a) 2,850,000 2,507,875

  Principal
Amount
Value
Corporate Bonds
Commercial Services  
Global Payments, Inc.    
2.15%, due 1/15/27 $    2,000,000 $   1,877,151
    4,385,026
Diversified Financial Services 3.4% 
AerCap Ireland Capital DAC    
3.00%, due 10/29/28   4,600,000    4,242,061
Air Lease Corp.    
0.70%, due 2/15/24   1,575,000    1,504,599
0.80%, due 8/18/24 2,800,000 2,636,988
1.875%, due 8/15/26 2,125,000 1,957,572
Aircastle Ltd.    
2.85%, due 1/26/28 (a) 4,325,000 3,885,168
Antares Holdings LP (a)    
2.75%, due 1/15/27 650,000 571,277
3.75%, due 7/15/27 1,075,000 991,731
3.95%, due 7/15/26 1,600,000 1,491,431
Aviation Capital Group LLC (a)    
1.95%, due 1/30/26 1,525,000 1,400,541
1.95%, due 9/20/26 3,525,000 3,188,315
Blackstone Holdings Finance Co. LLC    
1.625%, due 8/5/28 (a) 2,250,000 2,008,569
BOC Aviation USA Corp.    
1.625%, due 4/29/24 (a) 2,325,000 2,233,279
Thirax 1 LLC    
0.968%, due 1/14/33 1,659,615 1,484,173
    27,595,704
Electric 3.2% 
Appalachian Power Co.    
6.375%, due 4/1/36 1,750,000 2,086,900
Arizona Public Service Co.    
5.50%, due 9/1/35 1,275,000 1,391,955
Dayton Power & Light Co. (The)    
3.95%, due 6/15/49 1,025,000 1,006,266
DTE Energy Co.    
Series F    
1.05%, due 6/1/25 1,300,000 1,216,134
Entergy Mississippi LLC    
3.85%, due 6/1/49 2,500,000 2,479,564
FirstEnergy Transmission LLC    
4.35%, due 1/15/25 (a) 3,455,000 3,471,646
Niagara Mohawk Power Corp.    
3.025%, due 6/27/50 (a) 1,850,000 1,487,215
Ohio Edison Co.    
6.875%, due 7/15/36 2,500,000 3,230,222
Pinnacle West Capital Corp.    
1.30%, due 6/15/25 3,100,000 2,899,845

  Principal
Amount
Value
Corporate Bonds
Electric  
Southern California Edison Co.    
1.10%, due 4/1/24 $    2,275,000 $   2,195,353
Series 20C                       
1.20%, due 2/1/26   1,800,000    1,655,334
Tennessee Valley Authority    
5.25%, due 9/15/39   2,000,000   2,529,873
    25,650,307
Electronics 0.4% 
Flex Ltd.    
3.75%, due 2/1/26 3,400,000 3,399,585
Entertainment 0.8% 
Magallanes, Inc. (a)    
4.054%, due 3/15/29 1,950,000 1,959,671
5.05%, due 3/15/42 4,050,000 4,131,123
    6,090,794
Food 0.2% 
Bimbo Bakeries USA, Inc.    
4.00%, due 5/17/51 (a) 1,325,000 1,236,388
Gas 0.2% 
NiSource, Inc.    
5.65%, due 2/1/45 1,125,000 1,275,075
Healthcare-Products 0.5% 
Baxter International, Inc.    
2.272%, due 12/1/28 (a) 4,425,000 4,099,296
Healthcare-Services 0.6% 
Fresenius Medical Care U.S. Finance III, Inc. (a)    
1.875%, due 12/1/26 1,400,000 1,295,179
2.375%, due 2/16/31 4,270,000 3,716,427
    5,011,606
Home Builders 0.2% 
MDC Holdings, Inc.    
2.50%, due 1/15/31 1,450,000 1,266,065
Home Furnishings 0.3% 
Leggett & Platt, Inc.    
3.50%, due 11/15/51 2,750,000 2,429,112

  Principal
Amount
Value
Corporate Bonds
Insurance 1.2% 
Brighthouse Financial Global Funding    
1.00%, due 4/12/24 (a) $    3,975,000 $   3,806,857
Corebridge Financial, Inc. (a)    
3.85%, due 4/5/29   1,325,000    1,323,794
4.35%, due 4/5/42   2,750,000    2,749,257
Principal Life Global Funding II    
1.25%, due 8/16/26 (a)   2,250,000   2,057,612
    9,937,520
Investment Companies 0.7% 
Blackstone Secured Lending Fund    
2.125%, due 2/15/27 (a) 1,275,000 1,131,044
2.75%, due 9/16/26 1,925,000 1,787,485
Prospect Capital Corp.    
3.437%, due 10/15/28 3,390,000 2,894,916
    5,813,445
Iron & Steel 0.2% 
Nucor Corp.    
2.00%, due 6/1/25 1,575,000 1,524,575
Media 0.9% 
Charter Communications Operating LLC    
2.25%, due 1/15/29 1,250,000 1,124,835
4.908%, due 7/23/25 1,700,000 1,762,919
Comcast Corp.    
4.60%, due 10/15/38 750,000 828,755
Discovery Communications LLC    
3.625%, due 5/15/30 800,000 777,039
Fox Corp.    
5.576%, due 1/25/49 1,250,000 1,452,953
Thomson Reuters Corp.    
3.85%, due 9/29/24 1,575,000 1,598,228
    7,544,729
Mining 1.0% 
Anglo American Capital plc (a)    
2.25%, due 3/17/28 2,900,000 2,648,487
5.625%, due 4/1/30 1,875,000 2,066,610
Newmont Corp.    
2.25%, due 10/1/30 3,950,000 3,610,025
    8,325,122
Miscellaneous—Manufacturing 0.4% 
GE Capital International Funding Co. Unlimited Co.    
4.418%, due 11/15/35 3,327,000 3,572,494

  Principal
Amount
Value
Corporate Bonds
Oil & Gas 0.1% 
Valero Energy Corp.    
2.85%, due 4/15/25 $      979,000 $     967,285
Oil & Gas Services 0.6% 
Schlumberger Holdings Corp.    
3.75%, due 5/1/24 (a)   4,725,000   4,811,640
Packaging & Containers 0.2% 
WRKCo, Inc.    
3.75%, due 3/15/25   1,825,000   1,843,789
Pharmaceuticals 0.7% 
Bayer US Finance II LLC    
4.375%, due 12/15/28 (a) 2,825,000 2,888,292
CVS Health Corp.    
4.25%, due 4/1/50 2,325,000 2,412,077
    5,300,369
Pipelines 1.2% 
Enterprise Products Operating LLC    
5.10%, due 2/15/45 2,600,000 2,834,823
Kinder Morgan Energy Partners LP    
6.375%, due 3/1/41 1,700,000 1,992,150
Tennessee Gas Pipeline Co. LLC    
2.90%, due 3/1/30 (a) 2,275,000 2,134,137
Texas Eastern Transmission LP    
2.80%, due 10/15/22 (a) 2,350,000 2,356,811
    9,317,921
Real Estate 0.2% 
Ontario Teachers' Cadillac Fairview Properties Trust    
2.50%, due 10/15/31 (a) 1,675,000 1,532,934
Real Estate Investment Trusts 2.5% 
Alexandria Real Estate Equities, Inc.    
3.55%, due 3/15/52 2,000,000 1,858,796
American Campus Communities Operating Partnership LP    
3.30%, due 7/15/26 3,000,000 2,983,144
American Homes 4 Rent LP    
3.375%, due 7/15/51 3,225,000 2,695,094
American Tower Corp.    
1.875%, due 10/15/30 2,853,000 2,428,096
Brixmor Operating Partnership LP    
2.50%, due 8/16/31 725,000 640,352
Highwoods Realty LP    
3.05%, due 2/15/30 1,410,000 1,340,200

  Principal
Amount
Value
Corporate Bonds
Real Estate Investment Trusts  
Realty Income Corp.    
3.95%, due 8/15/27 $    4,870,000 $   5,002,734
Simon Property Group LP    
1.75%, due 2/1/28   2,750,000    2,505,201
Spirit Realty LP    
2.70%, due 2/15/32     900,000     809,822
    20,263,439
Retail 0.9% 
Advance Auto Parts, Inc.    
1.75%, due 10/1/27 1,125,000 1,012,884
Dick's Sporting Goods, Inc.    
3.15%, due 1/15/32 1,300,000 1,191,743
Lowe's Cos., Inc.    
3.00%, due 10/15/50 1,450,000 1,233,590
3.35%, due 4/1/27 3,750,000 3,771,925
    7,210,142
Semiconductors 0.7% 
Skyworks Solutions, Inc.    
1.80%, due 6/1/26 1,825,000 1,694,966
TSMC Arizona Corp.    
1.75%, due 10/25/26 2,000,000 1,874,284
2.50%, due 10/25/31 2,275,000 2,106,795
    5,676,045
Telecommunications 1.6% 
AT&T, Inc.    
4.85%, due 3/1/39 2,000,000 2,176,643
Orange SA    
5.375%, due 1/13/42 895,000 1,028,520
Telefonica Emisiones SA    
5.213%, due 3/8/47 750,000 803,741
T-Mobile US, Inc.    
2.55%, due 2/15/31 6,540,000 5,930,481
Verizon Communications, Inc.    
4.272%, due 1/15/36 3,250,000 3,423,837
    13,363,222
Transportation 0.2% 
Norfolk Southern Corp.    
5.64%, due 5/17/29 1,400,000 1,584,893
Total Corporate Bonds
(Cost $295,353,866)
  282,411,819

  Principal
Amount
Value
Foreign Government Bonds 0.6%
Chile 0.2% 
Banco del Estado de Chile    
2.704%, due 1/9/25 (a) $    1,275,000 $   1,263,525
France 0.4% 
Electricite de France SA    
5.00%, due 9/21/48 (a)   3,420,000   3,672,972
Total Foreign Government Bonds
(Cost $4,599,648)
  4,936,497
Mortgage-Backed Securities 12.3%
Agency (Collateralized Mortgage Obligations) 5.8% 
FHLMC  
REMIC, Series 4994, Class GV    
2.00%, due 6/25/46 2,000,000