Calvert
VP Volatility Managed Moderate Growth Portfolio
September 30, 2022
Schedule of Investments (Unaudited)
Exchange-Traded Funds — 91.8%
    
Security Shares Value
Equity Funds — 60.5%  
iShares Core S&P Mid-Cap ETF       4,000 $   877,040
iShares Russell 2000 ETF(1)      10,000  1,649,200
iShares S&P 500 Growth ETF(1)     129,000  7,462,650
iShares S&P 500 Value ETF      48,000  6,168,960
Technology Select Sector SPDR Fund(1)       8,000    950,240
Vanguard FTSE Developed Markets ETF     213,000  7,744,680
Vanguard FTSE Emerging Markets ETF(1)      44,000  1,605,560
Vanguard Real Estate ETF(1)      23,000  1,843,910
Vanguard S&P 500 ETF   40,000 13,132,000
      $41,434,240
Fixed-Income Funds — 31.3%  
iShares 1-3 Year Treasury Bond ETF   3,000 $243,630
iShares Core U.S. Aggregate Bond ETF   113,000 10,886,420
iShares iBoxx $ Investment Grade Corporate Bond ETF(1)   11,000 1,126,950
Vanguard Total Bond Market ETF   128,000 9,130,240
      $21,387,240
Total Exchange-Traded Funds
(identified cost $55,713,602) 		    $62,821,480
    
Short-Term Investments — 12.0%      
Affiliated Fund — 7.0%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.80%(2)   4,827,055 $ 4,827,055
Total Affiliated Fund
(identified cost $4,827,055) 		    $ 4,827,055
Securities Lending Collateral — 5.0%
Security Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio, 3.07%(3)   3,421,340 $ 3,421,340
Total Securities Lending Collateral
(identified cost $3,421,340) 		    $ 3,421,340
Total Short-Term Investments
(identified cost $8,248,395) 		    $ 8,248,395
Total Investments — 103.8%
(identified cost $63,961,997) 		    $71,069,875
Other Assets, Less Liabilities — (3.8)%     $(2,634,152)
Net Assets — 100.0%     $68,435,723
    
The percentage shown for each investment category in the Schedule of Investments is based on net assets.
(1) 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 $5,130,435 and the total market value of the collateral received by the Fund was $5,310,517, comprised of cash of $3,421,340 and U.S. government and/or agencies securities of $1,889,177.
(2) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2022.
(3) Represents investment of cash collateral received in connection with securities lending.
 
Futures Contracts
Description Number of
Contracts 		Position Expiration
Date 		Notional
Amount 		Value/
Unrealized
Appreciation
(Depreciation)
Equity Futures          
E-mini S&P 500 Index (46) Short 12/16/22 $(8,283,450) $1,115,001
E-mini S&P MidCap 400 Index (10) Short 12/16/22 (2,208,200) 297,254
MSCI EAFE Index (36) Short 12/16/22 (2,989,080) 406,431
          $1,818,686
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Calvert
VP Volatility Managed Moderate Growth Portfolio
September 30, 2022
Schedule of Investments (Unaudited) — continued
During the fiscal year to date ended September 30, 2022, the Fund used futures contracts to hedge against changes in market volatility and declines in the value of the Fund’s investments and to adjust the Fund’s overall equity exposure in an effort to stabilize portfolio volatility around a target level.
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 Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Liquidity Fund) and Calvert Cash Reserves Fund, LLC (Cash Reserves Fund) was $4,827,055, which represents 7.0% 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 $6,346,788 $ 6,746,396 $(13,093,380) $255 $(59) $ — $ 1,433 —
Liquidity Fund  — 22,818,649 (17,991,594)  —  — 4,827,055 28,704 4,827,055
Total       $255 $(59) $4,827,055 $30,137  
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 
Exchange-Traded Funds $62,821,480 $ — $ — $62,821,480
Short-Term Investments:        
Affiliated Fund 4,827,055  —  — 4,827,055
Securities Lending Collateral 3,421,340  —  — 3,421,340
Total Investments $71,069,875 $ — $ — $71,069,875
Futures Contracts $1,818,686 $ — $ — $1,818,686
Total $72,888,561 $ — $ — $72,888,561
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.
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