Calvert
VP S&P MidCap 400 Index Portfolio
September 30, 2022
Schedule of Investments (Unaudited)

Common Stocks — 95.9%
    
Security Shares Value
Aerospace & Defense — 1.2%  
Axon Enterprise, Inc.(1)       17,365 $  2,009,999
Curtiss-Wright Corp.        9,874   1,374,066
Hexcel Corp.       21,629   1,118,652
Mercury Systems, Inc.(1)       14,832     602,179
Woodward, Inc.       15,473   1,241,863
      $  6,346,759
Air Freight & Logistics — 0.2%  
GXO Logistics, Inc.(1)       30,505 $  1,069,505
      $1,069,505
Airlines — 0.1%  
JetBlue Airways Corp.(1)   84,241 $558,518
      $558,518
Auto Components — 1.3%  
Adient PLC(1)   24,383 $676,628
Dana, Inc.   32,811 375,030
Fox Factory Holding Corp.(1)   10,869 859,520
Gentex Corp.   60,469 1,441,581
Goodyear Tire & Rubber Co. (The)(1)   72,729 733,836
Lear Corp.   15,269 1,827,547
Visteon Corp.(1)   7,232 767,026
      $6,681,168
Automobiles — 0.4%  
Harley-Davidson, Inc.   34,206 $1,193,105
Thor Industries, Inc.   14,024 981,400
      $2,174,505
Banks — 7.3%  
Associated Banc-Corp.   39,208 $787,297
Bank of Hawaii Corp.   10,334 786,624
Bank OZK   28,600 1,131,416
Cadence Bank   46,924 1,192,339
Cathay General Bancorp   19,139 736,086
Commerce Bancshares, Inc.   28,056 1,856,185
Cullen/Frost Bankers, Inc.   16,492 2,180,572
East West Bancorp, Inc.   36,240 2,433,154
F.N.B. Corp.   90,200 1,046,320
First Financial Bankshares, Inc.   33,565 1,404,024
First Horizon Corp.   138,002 3,160,246
Fulton Financial Corp.   43,627 689,307
Glacier Bancorp, Inc.   28,365 1,393,572
Security Shares Value
Banks (continued)  
Hancock Whitney Corp.       22,044 $  1,009,836
Home BancShares, Inc.       49,437   1,112,827
International Bancshares Corp.       13,606     578,255
Old National Bancorp       75,324   1,240,586
PacWest Bancorp       30,690     693,594
Pinnacle Financial Partners, Inc.       19,652   1,593,777
Prosperity Bancshares, Inc.       23,458   1,564,179
Synovus Financial Corp.       37,385   1,402,311
Texas Capital Bancshares, Inc.(1)   12,829 757,296
UMB Financial Corp.   11,181 942,447
Umpqua Holdings Corp.   55,820 953,964
United Bankshares, Inc.   34,611 1,237,343
Valley National Bancorp   108,078 1,167,242
Washington Federal, Inc.   16,800 503,664
Webster Financial Corp.   45,220 2,043,944
Wintrust Financial Corp.   15,749 1,284,331
      $36,882,738
Beverages — 0.4%  
Boston Beer Co., Inc. (The), Class A(1)   2,487 $804,917
Celsius Holdings, Inc.(1)(2)   10,310 934,911
Coca-Cola Consolidated, Inc.   1,200 494,076
      $2,233,904
Biotechnology — 1.7%  
Arrowhead Pharmaceuticals, Inc.(1)   27,630 $913,171
Exelixis, Inc.(1)   82,767 1,297,787
Halozyme Therapeutics, Inc.(1)   35,433 1,401,021
Neurocrine Biosciences, Inc.(1)   24,596 2,612,341
United Therapeutics Corp.(1)   11,706 2,451,002
      $8,675,322
Building Products — 2.4%  
Builders FirstSource, Inc.(1)   40,138 $2,364,931
Carlisle Cos., Inc.   13,302 3,730,014
Lennox International, Inc.   8,292 1,846,380
Owens Corning   24,750 1,945,597
Simpson Manufacturing Co., Inc.   11,278 884,195
Trex Co., Inc.(1)   28,357 1,246,007
      $12,017,124
Capital Markets — 1.8%  
Affiliated Managers Group, Inc.   9,831 $1,099,597
Evercore, Inc., Class A   9,261 761,717
Federated Hermes, Inc., Class B   21,777 721,254
Interactive Brokers Group, Inc., Class A   26,449 1,690,356
 
1

 

Calvert
VP S&P MidCap 400 Index Portfolio
September 30, 2022
Schedule of Investments (Unaudited) — continued

Security Shares Value
Capital Markets (continued)  
Janus Henderson Group PLC       34,082 $    692,206
Jefferies Financial Group, Inc.       47,825   1,410,838
SEI Investments Co.       26,482   1,298,942
Stifel Financial Corp.       27,297   1,416,987
      $  9,091,897
Chemicals — 2.3%  
Ashland, Inc.       12,809 $  1,216,471
Avient Corp.       21,983     666,085
Cabot Corp.   14,479 925,063
Chemours Co. (The)   39,897 983,461
Ingevity Corp.(1)   9,198 557,675
NewMarket Corp.   1,769 532,168
Olin Corp.   34,715 1,488,579
RPM International, Inc.   33,178 2,764,059
Scotts Miracle-Gro Co. (The), Class A   10,566 451,697
Sensient Technologies Corp.   10,984 761,631
Valvoline, Inc.   45,525 1,153,603
      $11,500,492
Commercial Services & Supplies — 1.4%  
Brink's Co. (The)   12,150 $588,546
Clean Harbors, Inc.(1)   12,940 1,423,141
IAA, Inc.(1)   34,396 1,095,513
MillerKnoll, Inc.   19,970 311,532
MSA Safety, Inc.   9,458 1,033,570
Stericycle, Inc.(1)   23,706 998,260
Tetra Tech, Inc.   13,712 1,762,403
      $7,212,965
Communications Equipment — 0.8%  
Calix, Inc.(1)   14,600 $892,644
Ciena Corp.(1)   38,500 1,556,555
Lumentum Holdings, Inc.(1)   17,745 1,216,775
ViaSat, Inc.(1)   19,488 589,122
      $4,255,096
Construction & Engineering — 1.9%  
AECOM   35,914 $2,455,440
Dycom Industries, Inc.(1)   7,612 727,174
EMCOR Group, Inc.   12,691 1,465,557
Fluor Corp.(1)(2)   36,540 909,481
MasTec, Inc.(1)   14,696 933,196
MDU Resources Group, Inc.   52,296 1,430,296
Valmont Industries, Inc.   5,491 1,474,992
      $9,396,136
Security Shares Value
Construction Materials — 0.2%  
Eagle Materials, Inc.        9,692 $  1,038,788
      $  1,038,788
Consumer Finance — 0.4%  
FirstCash Holdings, Inc.        9,798 $    718,683
Navient Corp.       28,460     418,077
SLM Corp.       64,649     904,440
      $  2,041,200
Containers & Packaging — 0.9%  
AptarGroup, Inc.   16,803 $1,596,789
Greif, Inc., Class A   7,033 418,956
Silgan Holdings, Inc.   21,542 905,626
Sonoco Products Co.   25,076 1,422,561
      $4,343,932
Diversified Consumer Services — 1.0%  
Graham Holdings Co., Class B   1,024 $550,892
Grand Canyon Education, Inc.(1)   8,220 676,095
H&R Block, Inc.   41,043 1,745,969
Service Corp. International   40,550 2,341,357
      $5,314,313
Diversified Financial Services — 0.3%  
Voya Financial, Inc.   25,182 $1,523,511
      $1,523,511
Diversified Telecommunication Services — 0.5%  
Frontier Communications Parent, Inc.(1)   57,500 $1,347,225
Iridium Communications, Inc.(1)   32,654 1,448,858
      $2,796,083
Electric Utilities — 1.4%  
ALLETE, Inc.   14,892 $745,345
Hawaiian Electric Industries, Inc.   28,153 975,783
IDACORP, Inc.   13,002 1,287,328
OGE Energy Corp.   51,487 1,877,216
PNM Resources, Inc.   22,074 1,009,444
Portland General Electric Co.   22,951 997,450
      $6,892,566
Electrical Equipment — 2.1%  
Acuity Brands, Inc.   8,413 $1,324,795
EnerSys   10,456 608,225
Hubbell, Inc.   13,805 3,078,515
nVent Electric PLC   42,816 1,353,414
 
2

 

Calvert
VP S&P MidCap 400 Index Portfolio
September 30, 2022
Schedule of Investments (Unaudited) — continued

Security Shares Value
Electrical Equipment (continued)  
Regal Rexnord Corp.       17,096 $  2,399,595
Sunrun, Inc.(1)       54,905   1,514,829
Vicor Corp.(1)        5,734     339,109
      $ 10,618,482
Electronic Equipment, Instruments & Components — 2.9%  
Arrow Electronics, Inc.(1)       16,503 $  1,521,412
Avnet, Inc.       24,346     879,377
Belden, Inc.       11,193     671,804
Cognex Corp.   44,593 1,848,380
Coherent, Corp (1)   33,337 1,161,794
IPG Photonics Corp.(1)   8,522 718,831
Jabil, Inc.   35,375 2,041,491
Littelfuse, Inc.   6,366 1,264,861
National Instruments Corp.   34,277 1,293,614
Novanta, Inc.(1)   9,166 1,060,048
TD SYNNEX Corp.   10,799 876,771
Vishay Intertechnology, Inc.   33,607 597,868
Vontier Corp.   40,619 678,743
      $14,614,994
Energy Equipment & Services — 0.5%  
ChampionX Corp.   52,189 $1,021,339
NOV, Inc.   101,018 1,634,471
      $2,655,810
Entertainment — 0.2%  
World Wrestling Entertainment, Inc., Class A   11,301 $792,991
      $792,991
Equity Real Estate Investment Trusts (REITs) — 7.4%  
Apartment Income REIT Corp.   39,653 $1,531,399
Brixmor Property Group, Inc.   77,067 1,423,427
Corporate Office Properties Trust   29,375 682,381
Cousins Properties, Inc.   38,874 907,708
Douglas Emmett, Inc.   45,207 810,562
EastGroup Properties, Inc.   11,204 1,617,185
EPR Properties   19,292 691,811
First Industrial Realty Trust, Inc.   33,965 1,521,972
Healthcare Realty Trust, Inc.   97,867 2,040,527
Highwoods Properties, Inc.   27,478 740,807
Independence Realty Trust, Inc.   57,724 965,723
JBG SMITH Properties   25,594 475,537
Kilroy Realty Corp.   27,050 1,139,075
Kite Realty Group Trust   56,350 970,347
Lamar Advertising Co., Class A   22,404 1,848,106
Security Shares Value
Equity Real Estate Investment Trusts (REITs) (continued)  
Life Storage, Inc.       21,702 $  2,403,714
Macerich Co. (The)       56,424     448,007
Medical Properties Trust, Inc.      154,047   1,826,997
National Retail Properties, Inc.       45,548   1,815,543
National Storage Affiliates Trust       21,988     914,261
Omega Healthcare Investors, Inc.       60,207   1,775,504
Park Hotels & Resorts, Inc.       57,824     651,098
Pebblebrook Hotel Trust       33,806     490,525
Physicians Realty Trust   58,872 885,435
PotlatchDeltic Corp.   20,728 850,677
Rayonier, Inc.   37,656 1,128,550
Rexford Industrial Realty, Inc.   43,994 2,287,688
Sabra Health Care REIT, Inc.   59,399 779,315
SL Green Realty Corp.(2)   16,756 672,921
Spirit Realty Capital, Inc.   35,096 1,269,071
STORE Capital Corp.   68,338 2,141,030
      $37,706,903
Food & Staples Retailing — 1.5%  
BJ's Wholesale Club Holdings, Inc.(1)   34,765 $2,531,240
Casey's General Stores, Inc.   9,580 1,940,142
Grocery Outlet Holding Corp.(1)   22,915 762,840
Performance Food Group Co.(1)   39,862 1,712,073
Sprouts Farmers Market, Inc.(1)   27,635 766,871
      $7,713,166
Food Products — 1.5%  
Darling Ingredients, Inc.(1)   41,243 $2,728,224
Flowers Foods, Inc.   49,624 1,225,217
Ingredion, Inc.   16,850 1,356,762
Lancaster Colony Corp.   5,186 779,352
Pilgrim's Pride Corp.(1)   11,680 268,874
Post Holdings, Inc.(1)   13,985 1,145,511
      $7,503,940
Gas Utilities — 1.4%  
National Fuel Gas Co.   23,525 $1,447,964
New Jersey Resources Corp.   24,747 957,709
ONE Gas, Inc.   13,923 980,040
Southwest Gas Holdings, Inc.   15,854 1,105,816
Spire, Inc.   13,620 848,935
UGI Corp.   53,847 1,740,873
      $7,081,337
Health Care Equipment & Supplies — 3.7%  
Enovis Corp.(1)   12,536 $577,533
 
3

 

Calvert
VP S&P MidCap 400 Index Portfolio
September 30, 2022
Schedule of Investments (Unaudited) — continued

Security Shares Value
Health Care Equipment & Supplies (continued)  
Envista Holdings Corp.(1)       42,020 $  1,378,676
Globus Medical, Inc., Class A(1)       19,812   1,180,201
Haemonetics Corp.(1)       13,197     976,974
ICU Medical, Inc.(1)        5,163     777,548
Inari Medical, Inc.(1)       12,357     897,612
Integra LifeSciences Holdings Corp.(1)       18,683     791,412
LivaNova PLC(1)       13,771     699,154
Masimo Corp.(1)       12,429   1,754,478
Neogen Corp.(1)   56,470 788,886
NuVasive, Inc.(1)   13,686 599,584
Omnicell, Inc.(1)   11,549 1,005,109
Penumbra, Inc.(1)   9,744 1,847,462
QuidelOrtho Corp.(1)   13,947 996,931
Shockwave Medical, Inc.(1)   9,239 2,569,089
STAAR Surgical Co.(1)   12,354 871,575
Tandem Diabetes Care, Inc.(1)   16,714 799,765
      $18,511,989
Health Care Providers & Services — 2.5%  
Acadia Healthcare Co., Inc.(1)   23,362 $1,826,441
Amedisys, Inc.(1)   8,343 807,519
Chemed Corp.   3,833 1,673,334
Encompass Health Corp.   25,660 1,160,602
HealthEquity, Inc.(1)   21,697 1,457,387
LHC Group, Inc.(1)   7,980 1,306,007
Option Care Health, Inc.(1)   39,754 1,251,058
Patterson Cos., Inc.   22,840 548,617
Progyny, Inc.(1)   19,181 710,848
R1 RCM, Inc.(1)   35,458 657,037
Tenet Healthcare Corp.(1)   27,746 1,431,139
      $12,829,989
Hotels, Restaurants & Leisure — 2.6%  
Boyd Gaming Corp.   20,904 $996,076
Choice Hotels International, Inc.   7,459 816,910
Churchill Downs, Inc.   8,532 1,571,168
Cracker Barrel Old Country Store, Inc.   5,861 542,611
Marriott Vacations Worldwide Corp.   10,103 1,231,151
Papa John's International, Inc.   8,325 582,833
Penn Entertainment, Inc.(1)   40,778 1,121,803
Scientific Games Corp., Class A(1)   24,259 1,040,226
Texas Roadhouse, Inc.   17,193 1,500,261
Travel + Leisure Co.   21,558 735,559
Wendy's Co. (The)   43,782 818,286
Wingstop, Inc.   7,693 964,856
Security Shares Value
Hotels, Restaurants & Leisure (continued)  
Wyndham Hotels & Resorts, Inc.       23,229 $  1,425,099
      $ 13,346,839
Household Durables — 1.3%  
Helen of Troy, Ltd.(1)        6,230 $    600,821
KB Home       21,727     563,164
Leggett & Platt, Inc.       34,106   1,133,001
Taylor Morrison Home Corp.(1)       29,230     681,644
Tempur Sealy International, Inc.       44,284   1,069,016
Toll Brothers, Inc.   27,499 1,154,958
TopBuild Corp.(1)   8,327 1,372,123
      $6,574,727
Household Products — 0.1%  
Energizer Holdings, Inc.   17,510 $440,201
      $440,201
Independent Power and Renewable Electricity Producers — 0.2%  
Ormat Technologies, Inc.   11,508 $991,990
      $991,990
Insurance — 4.3%  
Alleghany Corp.(1)   3,460 $2,904,220
American Financial Group, Inc.   17,959 2,207,700
Brighthouse Financial, Inc.(1)   18,469 801,924
CNO Financial Group, Inc.   29,420 528,677
First American Financial Corp.   26,788 1,234,927
Hanover Insurance Group, Inc. (The)   9,164 1,174,275
Kemper Corp.   16,421 677,530
Kinsale Capital Group, Inc.   5,537 1,414,261
Old Republic International Corp.   73,889 1,546,497
Primerica, Inc.   9,632 1,189,070
Reinsurance Group of America, Inc.   17,232 2,167,958
RenaissanceRe Holdings, Ltd.   11,240 1,577,984
RLI Corp.   10,384 1,063,114
Selective Insurance Group, Inc.   15,515 1,262,921
Unum Group   48,349 1,875,941
      $21,626,999
Interactive Media & Services — 0.3%  
TripAdvisor, Inc.(1)   26,791 $591,545
Ziff Davis, Inc.(1)   12,136 831,073
      $1,422,618
IT Services — 2.0%  
Bread Financial Holdings, Inc.   13,180 $414,511
 
4

 

Calvert
VP S&P MidCap 400 Index Portfolio
September 30, 2022
Schedule of Investments (Unaudited) — continued

Security Shares Value
IT Services (continued)  
Concentrix Corp.       10,975 $  1,225,139
Euronet Worldwide, Inc.(1)       12,113     917,681
ExlService Holdings, Inc.(1)        8,500   1,252,560
Genpact, Ltd.       43,412   1,900,143
Kyndryl Holdings, Inc.(1)       52,486     434,059
MAXIMUS, Inc.       15,572     901,152
Sabre Corp.(1)(2)       85,547     440,567
Western Union Co. (The)       99,206   1,339,281
WEX, Inc.(1)   11,360 1,442,039
      $10,267,132
Leisure Products — 1.1%  
Brunswick Corp.   19,126 $1,251,797
Mattel, Inc.(1)   90,847 1,720,642
Polaris, Inc.   14,397 1,377,073
Topgolf Callaway Brands Corp.(1)   35,638 686,388
YETI Holdings, Inc.(1)   22,515 642,128
      $5,678,028
Life Sciences Tools & Services — 1.4%  
Azenta, Inc.   19,594 $839,799
Bruker Corp.   26,131 1,386,511
Medpace Holdings, Inc.(1)   6,457 1,014,847
Repligen Corp.(1)   13,272 2,483,324
Sotera Health Co.(1)   26,398 180,034
Syneos Health, Inc.(1)   26,400 1,244,760
      $7,149,275
Machinery — 4.2%  
AGCO Corp.   15,973 $1,536,123
Chart Industries, Inc.(1)(2)   9,223 1,700,260
Crane Holdings Co.   12,263 1,073,503
Donaldson Co., Inc.   31,776 1,557,342
Esab Corp.   12,001 400,353
Flowserve Corp.   33,611 816,747
Graco, Inc.   43,492 2,607,345
ITT, Inc.   21,268 1,389,651
Kennametal, Inc.   20,918 430,492
Lincoln Electric Holdings, Inc.   14,895 1,872,599
Middleby Corp. (The)(1)   13,858 1,776,180
Oshkosh Corp.   16,812 1,181,716
Terex Corp.   17,436 518,547
Timken Co. (The)   17,189 1,014,839
Toro Co. (The)   26,893 2,325,707
Watts Water Technologies, Inc., Class A   7,022 882,876
      $21,084,280
Security Shares Value
Marine — 0.2%  
Kirby Corp.(1)       15,405 $    936,162
      $    936,162
Media — 0.8%  
Cable One, Inc.        1,255 $  1,070,578
John Wiley & Sons, Inc., Class A       11,053     415,151
New York Times Co. (The), Class A       42,554   1,223,427
TEGNA, Inc.       57,378   1,186,577
      $  3,895,733
Metals & Mining — 2.8%  
Alcoa Corp.   46,272 $1,557,516
Cleveland-Cliffs, Inc.(1)   133,035 1,791,981
Commercial Metals Co.   30,987 1,099,419
MP Materials Corp.(1)   23,741 648,129
Reliance Steel & Aluminum Co.   15,506 2,704,402
Royal Gold, Inc.   16,881 1,583,775
Steel Dynamics, Inc.   44,615 3,165,434
United States Steel Corp.   61,008 1,105,465
Worthington Industries, Inc.   7,769 296,310
      $13,952,431
Mortgage Real Estate Investment Trusts (REITs) — 0.4%  
Annaly Capital Management, Inc.   110,862 $1,902,383
      $1,902,383
Multiline Retail — 0.6%  
Kohl's Corp.   33,037 $830,881
Macy's, Inc.   69,368 1,086,997
Nordstrom, Inc.(2)   29,424 492,263
Ollie's Bargain Outlet Holdings, Inc.(1)   14,947 771,265
      $3,181,406
Multi-Utilities — 0.4%  
Black Hills Corp.   16,757 $1,134,952
NorthWestern Corp.   14,440 711,603
      $1,846,555
Oil, Gas & Consumable Fuels — 3.3%  
Antero Midstream Corp.   86,003 $789,507
CNX Resources Corp.(1)   48,722 756,653
DT Midstream, Inc.   24,877 1,290,867
Equitrans Midstream Corp.   111,300 832,524
HF Sinclair Corp.   37,364 2,011,678
Matador Resources Co.   29,015 1,419,414
Murphy Oil Corp.   37,580 1,321,689
 
5

 

Calvert
VP S&P MidCap 400 Index Portfolio
September 30, 2022
Schedule of Investments (Unaudited) — continued

Security Shares Value
Oil, Gas & Consumable Fuels (continued)  
PDC Energy, Inc.       24,937 $  1,441,109
Range Resources Corp.       63,724   1,609,668
Southwestern Energy Co.(1)      286,570   1,753,808
Targa Resources Corp.       58,264   3,515,650
      $ 16,742,567
Paper & Forest Products — 0.2%  
Louisiana-Pacific Corp.       18,998 $    972,508
      $    972,508
Personal Products — 0.3%  
BellRing Brands, Inc.(1)   34,833 $717,908
Coty, Inc., Class A(1)   91,866 580,593
Nu Skin Enterprises, Inc., Class A   13,120 437,815
      $1,736,316
Pharmaceuticals — 0.7%  
Jazz Pharmaceuticals PLC(1)   16,120 $2,148,635
Perrigo Co. PLC   34,620 1,234,549
      $3,383,184
Professional Services — 1.7%  
ASGN, Inc.(1)   12,910 $1,166,677
CACI International, Inc., Class A(1)   6,022 1,572,103
FTI Consulting, Inc.(1)   8,883 1,472,002
Insperity, Inc.   9,310 950,458
KBR, Inc.   35,758 1,545,461
ManpowerGroup, Inc.   13,307 860,830
Science Applications International Corp.   14,320 1,266,317
      $8,833,848
Real Estate Management & Development — 0.4%  
Jones Lang LaSalle, Inc.(1)   12,323 $1,861,636
      $1,861,636
Road & Rail — 1.7%  
Avis Budget Group, Inc.(1)   7,417 $1,101,128
Knight-Swift Transportation Holdings, Inc.   41,319 2,021,738
Landstar System, Inc.   9,368 1,352,458
Ryder System, Inc.   13,363 1,008,773
Saia, Inc.(1)   6,792 1,290,480
Werner Enterprises, Inc.   15,168 570,317
XPO Logistics, Inc.(1)   29,585 1,317,124
      $8,662,018
Security Shares Value
Semiconductors & Semiconductor Equipment — 3.4%  
Amkor Technology, Inc.       26,537 $    452,456
Cirrus Logic, Inc.(1)       14,386     989,757
First Solar, Inc.(1)       25,494   3,372,091
Lattice Semiconductor Corp.(1)       35,314   1,737,802
MACOM Technology Solutions Holdings, Inc.(1)       13,000     673,270
MKS Instruments, Inc.       14,706   1,215,304
Power Integrations, Inc.       14,705     945,826
Semtech Corp.(1)       16,585     487,765
Silicon Laboratories, Inc.(1)   8,801 1,086,395
SiTime Corp.(1)   4,073 320,667
SunPower Corp.(1)(2)   22,000 506,880
Synaptics, Inc.(1)   10,189 1,008,813
Universal Display Corp.   11,174 1,054,267
Wolfspeed, Inc.(1)(2)   31,796 3,286,434
      $17,137,727
Software — 3.2%  
ACI Worldwide, Inc.(1)   29,995 $626,896
Aspen Technology, Inc.(1)   7,442 1,772,684
Blackbaud, Inc.(1)   11,456 504,751
Commvault Systems, Inc.(1)   11,523 611,180
Dynatrace, Inc.(1)   51,727 1,800,617
Envestnet, Inc.(1)   14,441 641,180
Fair Isaac Corp.(1)   6,494 2,675,593
Manhattan Associates, Inc.(1)   16,130 2,145,774
NCR Corp.(1)   35,695 678,562
Paylocity Holding Corp.(1)   10,520 2,541,422
Qualys, Inc.(1)   8,978 1,251,444
Teradata Corp.(1)   26,437 821,133
      $16,071,236
Specialty Retail — 2.8%  
AutoNation, Inc.(1)   9,934 $1,011,977
Dick's Sporting Goods, Inc.(2)   14,635 1,531,406
Five Below, Inc.(1)   14,271 1,964,689
Foot Locker, Inc.   20,660 643,146
GameStop Corp., Class A(1)   64,632 1,624,202
Gap, Inc. (The)(2)   55,078 452,190
Lithia Motors, Inc., Class A   7,079 1,518,799
Murphy USA, Inc.   5,525 1,518,878
RH(1)   5,141 1,265,046
Victoria's Secret & Co.(1)   21,366 622,178
Williams-Sonoma, Inc.   17,684 2,084,059
      $14,236,570
 
6

 

Calvert
VP S&P MidCap 400 Index Portfolio
September 30, 2022
Schedule of Investments (Unaudited) — continued

Security Shares Value
Technology Hardware, Storage & Peripherals — 0.1%  
Xerox Holdings Corp.       28,806 $    376,782
      $    376,782
Textiles, Apparel & Luxury Goods — 1.8%  
Capri Holdings, Ltd.(1)       35,498 $  1,364,543
Carter's, Inc.       10,029     657,200
Columbia Sportswear Co.        9,102     612,565
Crocs, Inc.(1)       15,855   1,088,604
Deckers Outdoor Corp.(1)        6,823   2,132,938
Hanesbrands, Inc.(2)   91,139 634,327
PVH Corp.   17,221 771,501
Skechers USA, Inc., Class A(1)   34,688 1,100,303
Under Armour, Inc., Class A(1)   48,590 323,124
Under Armour, Inc., Class C(1)   51,333 305,945
      $8,991,050
Thrifts & Mortgage Finance — 0.6%  
Essent Group, Ltd.   27,697 $965,795
MGIC Investment Corp.   78,037 1,000,434
New York Community Bancorp, Inc.(2)   119,881 1,022,585
      $2,988,814
Trading Companies & Distributors — 0.9%  
GATX Corp.   9,078 $772,992
MSC Industrial Direct Co., Inc., Class A   12,172 886,243
Univar Solutions, Inc.(1)   42,895 975,432
Watsco, Inc.(2)   8,540 2,198,709
      $4,833,376
Water Utilities — 0.5%  
Essential Utilities, Inc.   61,331 $2,537,877
      $2,537,877
Total Common Stocks
(identified cost $411,716,375)
    $485,738,391
    
Exchange-Traded Funds — 0.9%
    
Security Shares Value
Equity Funds — 0.9%  
SPDR S&P MidCap 400 ETF Trust(2)       11,000 $  4,418,260
Total Exchange-Traded Funds
(identified cost $4,463,289)
    $  4,418,260
    
Short-Term Investments — 3.4%      
Affiliated Fund — 2.5%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.80%(3)   12,652,332 $ 12,652,332
Total Affiliated Fund
(identified cost $12,652,332)
    $ 12,652,332
Securities Lending Collateral — 0.5%
Security Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio, 3.07%(4)    2,460,661 $  2,460,661
Total Securities Lending Collateral
(identified cost $2,460,661)
    $  2,460,661
U.S. Treasury Obligations — 0.4%
Security Principal
Amount
(000's omitted)
Value
U.S. Treasury Bill, 0.00%, 1/26/23(5) $      2,000 $  1,978,362
Total U.S. Treasury Obligations
(identified cost $1,995,171)
    $  1,978,362
Total Short-Term Investments
(identified cost $17,108,164)
    $ 17,091,355
Total Investments — 100.2%
(identified cost $433,287,828)
    $507,248,006
Other Assets, Less Liabilities — (0.2)%     $   (932,972)
Net Assets — 100.0%     $506,315,034
    
The percentage shown for each investment category in the Schedule of Investments is based on net assets.
(1) Non-income producing security.
(2) All or a portion of this security was on loan at September 30, 2022. The aggregate market value of securities on loan at September 30, 2022 was $14,509,407 and the total market value of the collateral received by the Fund was $15,026,165, comprised of cash of $2,460,661 and U.S. government and/or agencies securities of $12,565,504.
(3) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2022.
(4) Represents investment of cash collateral received in connection with securities lending.
(5) Security (or a portion thereof) has been pledged to cover margin requirements on open futures contracts.
 
7

 

Calvert
VP S&P MidCap 400 Index Portfolio
September 30, 2022
Schedule of Investments (Unaudited) — continued

Futures Contracts
Description Number of
Contracts
Position Expiration
Date
Notional
Amount
Value/
Unrealized
Appreciation
(Depreciation)
Equity Futures          
E-mini S&P MidCap 400 Index 70 Long 12/16/22 $15,457,400 $(1,486,950)
          $(1,486,950)
During the fiscal year to date ended September 30, 2022, the Fund used futures contracts to provide equity market exposure for uncommitted cash balances.
At September 30, 2022, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
Affiliated Funds
At September 30, 2022, the value of the Fund’s investment in affiliated funds was $12,652,332, which represents 2.5% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended September 30, 2022 were as follows:
Name Value,
beginning
of period
Purchases Sales
proceeds
Net
realized
gain
(loss)
Change in
unrealized
appreciation
(depreciation)
Value,
end of
period
Dividend
income
Units/Shares,
end of period
Short-Term Investments            
Cash Reserves Fund $17,905,958 $18,680,433 $(36,586,972) $616 $(35) $ — $ 3,011
Liquidity Fund  — 59,214,237 (46,561,905)  —  — 12,652,332 83,572 12,652,332
Total       $616 $(35) $12,652,332 $86,583  
Fair Value Measurements
U.S. generally accepted accounting principles (U.S. GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are summarized in the three broad levels listed below:
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following table summarizes the market value of the Fund's holdings as of September 30, 2022, based on the inputs used to value them:
Asset Description Level 1 Level 2 Level 3 Total
Common Stocks $485,738,391(1) $ — $ — $485,738,391
Exchange-Traded Funds 4,418,260  —  — 4,418,260
Short-Term Investments:        
Affiliated Fund 12,652,332  —  — 12,652,332
Securities Lending Collateral 2,460,661  —  — 2,460,661
U.S. Treasury Obligations  — 1,978,362  — 1,978,362
Total Investments $505,269,644 $1,978,362 $ — $507,248,006
8

 

Calvert
VP S&P MidCap 400 Index Portfolio
September 30, 2022
Schedule of Investments (Unaudited) — continued

Liability Description Level 1 Level 2 Level 3 Total
Futures Contracts $(1,486,950) $ — $ — $(1,486,950)
Total $(1,486,950) $ — $ — $(1,486,950)
    
(1) The level classification by major category of investments is the same as the category presentation in the Schedule of Investments.
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
9