Calvert

VP Volatility Managed Growth Portfolio

September 30, 2021

Schedule of Investments (Unaudited)

Exchange-Traded Funds — 92.1%

Security	Shares		Value
Equity Funds — 77.2%
iShares Core S&P Mid-Cap ETF		11,000	$ 2,893,770
iShares Russell 2000 ETF⁽¹⁾		19,000	4,156,250
iShares S&P 500 Growth ETF⁽¹⁾		289,000	21,359,990
iShares S&P 500 Value ETF		120,000	17,450,400
Vanguard FTSE Developed Markets ETF		399,200	20,155,608
Vanguard FTSE Emerging Markets ETF		57,000	2,850,570
Vanguard REIT ETF⁽¹⁾		53,000	5,394,340
Vanguard S&P 500 ETF		78,000	30,763,200
			$105,024,128
Fixed-Income Funds — 14.9%
iShares Core U.S. Aggregate Bond ETF		176,000	$20,210,080
			$20,210,080
Total Exchange-Traded Funds (identified cost $78,409,301)			$125,234,208

Short-Term Investments — 23.8%
Affiliated Fund — 7.6%
Description	Units		Value
Calvert Cash Reserves Fund, LLC, 0.04%⁽²⁾		10,355,595	$ 10,356,630
Total Affiliated Fund (identified cost $10,355,659)			$ 10,356,630
Securities Lending Collateral — 16.2%
Security	Shares		Value
State Street Navigator Securities Lending Government Money Market Portfolio, 0.03%⁽³⁾		22,005,239	$ 22,005,239
Total Securities Lending Collateral (identified cost $22,005,239)			$ 22,005,239
Total Short-Term Investments (identified cost $32,360,898)			$ 32,361,869
Total Investments — 115.9% (identified cost $110,770,199)			$157,596,077
Other Assets, Less Liabilities — (15.9)%			$(21,618,033)
Net Assets — 100.0%			$135,978,044

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, 2021. The aggregate market value of securities on loan at September 30, 2021 was $22,089,726 and the total market value of the collateral received by the Fund was $22,820,413, comprised of cash of $22,005,239 and U.S. government and/or agencies securities of $815,174.
⁽²⁾	Affiliated investment company, available to Calvert portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of September 30, 2021.
⁽³⁾	Represents investment of cash collateral received in connection with securities lending.

Calvert

VP Volatility Managed Growth Portfolio

September 30, 2021

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	26	Long	12/17/21	$5,587,075	$(215,946)
E-mini S&P MidCap 400 Index	7	Long	12/17/21	1,843,240	(36,898)
MSCI EAFE Index	21	Long	12/17/21	2,380,350	(107,621)
					$(360,465)

During the fiscal year to date ended September 30, 2021, 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, 2021, the Fund had sufficient cash and/or securities to cover commitments under open derivative contracts.

At September 30, 2021, the value of the Fund's investment in affiliated funds was $10,356,630, which represents 7.6% of the Fund's net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended September 30, 2021 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, end of period
Short-Term Investments
Calvert Cash Reserves Fund, LLC	$8,936,923	$21,130,206	$(19,710,702)	$(768)	$971	$10,356,630	$5,202	10,355,595

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, 2021, based on the inputs used to value them:

Asset Description	Level 1	Level 2	Level 3	Total
Exchange-Traded Funds	$125,234,208	$ —	$ —	$125,234,208
Short-Term Investments:
Affiliated Fund	—	10,356,630	—	10,356,630
Securities Lending Collateral	22,005,239	—	—	22,005,239
Total Investments	$147,239,447	$10,356,630	$ —	$157,596,077
Liability Description
Futures Contracts	$(360,465)	$ —	$ —	$(360,465)
Total	$(360,465)	$ —	$ —	$(360,465)

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.