CVT
Volatility Managed Moderate Portfolio
March 31, 2026
Schedule of Investments (Unaudited)
Exchange-Traded Funds — 96.0%
    
Security Shares Value
Equity Funds — 48.5%  
iShares Core S&P Mid-Cap ETF      20,500 $ 1,384,365
iShares Russell 2000 ETF(1)       7,000   1,736,000
iShares S&P 500 Growth ETF(1)      35,000   3,958,850
iShares S&P 500 Value ETF      13,000   2,744,950
Vanguard FTSE Developed Markets ETF      75,000   4,806,000
Vanguard FTSE Emerging Markets ETF(1)      21,000   1,135,050
Vanguard Real Estate ETF      13,000   1,153,100
Vanguard S&P 500 ETF      17,000 10,158,350
      $27,076,665
Fixed-Income Funds — 47.5%  
iShares Core U.S. Aggregate Bond ETF   134,000 $13,302,180
Vanguard Total Bond Market ETF   180,000 13,255,200
      $26,557,380
Total Exchange-Traded Funds
(identified cost $40,236,842) 		    $53,634,045
    
Short-Term Investments — 12.2%      
Affiliated Fund — 4.2%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.57%(2)   2,316,571 $ 2,316,571
Total Affiliated Fund
(identified cost $2,316,571) 		    $ 2,316,571
Securities Lending Collateral — 8.0%
Security Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio, 3.68%(3)   4,493,028 $ 4,493,028
Total Securities Lending Collateral
(identified cost $4,493,028) 		    $ 4,493,028
Total Short-Term Investments
(identified cost $6,809,599) 		    $ 6,809,599
Total Investments — 108.2%
(identified cost $47,046,441) 		    $60,443,644
Other Assets, Less Liabilities — (8.2)%     $(4,558,267)
Net Assets — 100.0%     $55,885,377
    
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 March 31, 2026. The aggregate market value of securities on loan at March 31, 2026 was $5,694,182 and the total market value of the collateral received by the Fund was $5,604,785, comprised of cash of $4,493,028 and U.S. government and/or agencies securities of $1,111,757.
(2) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2026.
(3) Represents investment of cash collateral received in connection with securities lending.
 
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CVT
Volatility Managed Moderate Portfolio
March 31, 2026
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 500 Index (1) Short 6/18/26 $(328,538) $4,648
MSCI EAFE Index (2) Short 6/19/26 (290,110) (2,395)
          $2,253
During the fiscal year to date ended March 31, 2026, 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 March 31, 2026, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.
Affiliated Investments
At March 31, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $2,316,571, which represents 4.2% of the Fund's net assets. Transactions in such investments by the Fund for the fiscal year to date ended March 31, 2026 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 		Shares,
end of
period
Short-Term Investments            
Liquidity Fund, Institutional Class(1) $2,244,106 $2,828,027 $(2,755,562) $ — $ — $2,316,571 $21,639 2,316,571
    
(1) Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.
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 March 31, 2026, based on the inputs used to value them:
Asset Description  Level 1  Level 2  Level 3  Total 
Exchange-Traded Funds $53,634,045 $ — $ — $53,634,045
Short-Term Investments:        
Affiliated Fund 2,316,571  —  — 2,316,571
Securities Lending Collateral 4,493,028  —  — 4,493,028
Total Investments $60,443,644 $ — $ — $60,443,644
Futures Contracts $4,648 $ — $ — $4,648
Total $60,448,292 $ — $ — $60,448,292
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CVT
Volatility Managed Moderate Portfolio
March 31, 2026
Schedule of Investments (Unaudited) — continued
Liability Description  Level 1  Level 2  Level 3  Total 
Futures Contracts $(2,395) $ — $ — $(2,395)
Total $(2,395) $ — $ — $(2,395)
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 annual or semi-annual financial statements.
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