bhutair mahadbhih sva-krtaih
sarvesam-of all; api-certainly; bhutanam-living entities; harih-the Lord, who mitigates all the miseries of the living entity; atma-the original source of life; isvarah-the complete controller; priyah-the dear; bhutaih-by the separated energies, the five material elements; mahadbhih-emanating from the total material energy, the mahat-tattva; sva-krtaih-which are manifested by Himself; krtanam-created; jiva-samjnitah-who is also known as the living entity, since the living entities are expansions of His marginal energy.