dṛṣṭaḿ śrutaḿ bhūta-bhavad-bhaviṣyat
sthāsnuś cariṣṇur mahad alpakaḿ ca
vinācyutād vastu tarāḿ na vācyaḿ
sa eva sarvaḿ paramātma-bhūtaḥ
drishtam -- seen; srutam -- heard; bhuta -- past; bhavat -- present; bhavishyat -- future; sthasnuh -- stationary; carishnuh -- mobile; mahat -- large; alpakam -- small; ca -- and; vina -- apart from; acyutat -- the infallible Lord Krishna; vastu -- thing; taram -- at all; na -- is not; varyam -- capable of being named; sah -- He; eva -- alone; sarvam -- everything; parama-atma -- as the Supersoul; bhutah -- manifesting.
Sri Uddhava is relieving the distress of Nanda and Yasoda by bringing them to a more philosophical plane. He is explaining that since Lord Krishna is everything and is within everything, His pure devotees are always with Him.