UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File number: 811-03591
Calvert Variable Series, Inc.
(Exact Name of Registrant as Specified in Charter)
1825 Connecticut Avenue NW, Suite 400, Washington, DC 20009
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Service)
(202) 238-2200
(Registrant’s telephone number)
December 31
Date of Fiscal Year End
June 30, 2023
Date of Reporting Period
Item 1. Report to Stockholders
Calvert
VP SRI Balanced Portfolio
Semiannual Report
June 30, 2023
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.
Semiannual Report June 30, 2023
Calvert
VP SRI Balanced Portfolio
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Performance
Portfolio Manager(s) Vishal Khanduja, CFA, Brian S. Ellis, CFA and Charles B. Gaffney, each of Calvert Research and Management
| % Average Annual Total Returns1,2 | Class
Inception Date | Performance
Inception Date | Six Months | One Year | Five Years | Ten Years |
| Class I at NAV | 09/02/1986 | 09/02/1986 | 9.18% | 9.25% | 7.92% | 7.91% |
| Class F at NAV | 10/18/2013 | 09/02/1986 | 9.22 | 9.30 | 7.73 | 7.62 |
|
| Russell 1000® Index | — | — | 16.68% | 19.36% | 11.91% | 12.64% |
| Bloomberg U.S. Aggregate Bond Index | — | — | 2.09 | (0.94) | 0.77 | 1.52 |
| Balanced Blended Benchmark | — | — | 10.69 | 11.12 | 7.73 | 8.33 |
| % Total Annual Operating Expense Ratios3 | Class I | Class F |
| | 0.64% | 0.89% |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Asset Allocation (% of total investments)
Equity Investments Sector Allocation (% of total investments)
Fixed-Income Allocation (% of total investments)
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Endnotes and Additional Disclosures
| 1 | Russell 1000® Index is an unmanaged index of 1,000 U.S. large-cap stocks. Bloomberg U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. The Balanced Blended Benchmark is an internally constructed benchmark which is comprised of a blend of 60% Russell 1000® Index and 40% Bloomberg U.S. Aggregate Bond Index, and is rebalanced monthly. Prior to 11/1/15, the fixed-income component was the Bloomberg U.S. Credit Index. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 | There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class F is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
| 3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
| | Fund profile subject to change due to active management. |
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Example
As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2023 to June 30, 2023).
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) or qualified pension or retirement plans (Qualified Plans) through which your investment in the Fund is made. Therefore, the second section of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts and Qualified Plans, and will not help you determine the relative total costs of investing in the Fund through variable contracts or Qualified Plans. In addition, if these expenses and charges imposed under the variable contracts or Qualified Plans were included, your costs would have been higher.
| | Beginning
Account Value
(1/1/23) | Ending
Account Value
(6/30/23) | Expenses Paid
During Period*
(1/1/23 – 6/30/23) | Annualized
Expense
Ratio |
| Actual | | | | |
| Class I | $1,000.00 | $1,091.80 | $3.37 | 0.65% |
| Class F | $1,000.00 | $1,092.20 | $4.67 | 0.90% |
| Hypothetical | | | | |
| (5% return per year before expenses) | | | | |
| Class I | $1,000.00 | $1,021.57 | $3.26 | 0.65% |
| Class F | $1,000.00 | $1,020.33 | $4.51 | 0.90% |
| * | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2022. Expenses shown do not include insurance-related charges or direct expenses of Qualified Plans. |
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited)
| Asset-Backed Securities — 6.1% |
| Security | Principal
Amount
(000's omitted) | Value |
| Adams Outdoor Advertising, L.P., Series 2018-1, Class A, 4.81%, 11/15/48(1) | $ | 143 | $ 135,162 |
| Business Jet Securities, LLC, Series 2020-1A, Class A, 2.981%, 11/15/35(1) | | 27 | 25,329 |
| Coinstar Funding, LLC, Series 2017-1A, Class A2, 5.216%, 4/25/47(1) | | 435 | 371,109 |
| Cologix Data Centers US Issuer, LLC: | | | |
| Series 2021-1A, Class A2, 3.30%, 12/26/51(1) | | 600 | 532,452 |
| Series 2021-1A, Class B, 3.79%, 12/26/51(1) | | 350 | 305,531 |
| Conn's Receivables Funding, LLC: | | | |
| Series 2021-A, Class C, 4.59%, 5/15/26(1) | | 141 | 138,428 |
| Series 2022-A, Class B, 9.52%, 12/15/26(1) | | 842 | 843,899 |
| Series 2022-A, Class C, 0.00%, 12/15/26(1) | | 600 | 499,894 |
| DataBank Issuer, Series 2021-2A, Class A2, 2.40%, 10/25/51(1) | | 283 | 244,614 |
| DB Master Finance, LLC, Series 2017-1A, Class A2II, 4.03%, 11/20/47(1) | | 81 | 73,868 |
| Diamond Infrastructure Funding, LLC: | | | |
| Series 2021-1A, Class A, 1.76%, 4/15/49(1) | | 415 | 356,834 |
| Series 2021-1A, Class C, 3.475%, 4/15/49(1) | | 99 | 86,324 |
| Diamond Issuer, Series 2021-1A, Class A, 2.305%, 11/20/51(1) | | 782 | 668,790 |
| Driven Brands Funding, LLC: | | | |
| Series 2018-1A, Class A2, 4.739%, 4/20/48(1) | | 61 | 58,335 |
| Series 2019-1A, Class A2, 4.641%, 4/20/49(1) | | 41 | 38,801 |
| Enterprise Fleet Financing, LLC, Series 2023-1, Class A2, 5.51%, 1/22/29(1) | | 715 | 709,372 |
| ExteNet, LLC: | | | |
| Series 2019-1A, Class A2, 3.204%, 7/26/49(1) | | 345 | 329,684 |
| Series 2019-1A, Class B, 4.14%, 7/26/49(1) | | 55 | 52,489 |
| Federal National Mortgage Association Grantor Trust, Series 2017-T1, Class A, 2.898%, 6/25/27 | | 273 | 252,863 |
| FMC GMSR Issuer Trust: | | | |
| Series 2021-GT1, Class A, 3.62%, 7/25/26(1)(2) | | 100 | 81,502 |
| Series 2021-GT2, Class A, 3.85%, 10/25/26(1)(2) | | 420 | 343,534 |
| Series 2022-GT1, Class A, 6.19%, 4/25/27(1) | | 100 | 92,449 |
| Series 2022-GT2, Class A, 7.90%, 7/25/27(1) | | 350 | 344,784 |
| FOCUS Brands Funding, LLC, Series 2017-1A, Class A2II, 5.093%, 4/30/47(1) | | 169 | 156,026 |
| GoodLeap Sustainable Home Solutions Trust, Series 2021-5CS, Class A, 2.31%, 10/20/48(1) | | 210 | 161,259 |
| Hardee's Funding, LLC, Series 2020-1A, Class A2, 3.981%, 12/20/50(1) | | 175 | 149,881 |
| Jersey Mike's Funding, Series 2019-1A, Class A2, 4.433%, 2/15/50(1) | | 279 | 256,615 |
| JPMorgan Chase Bank, NA: | | | |
| Series 2021-2, Class B, 0.889%, 12/26/28(1) | | 129 | 124,726 |
| Security | Principal
Amount
(000's omitted) | Value |
| JPMorgan Chase Bank, NA: (continued) | | | |
| Series 2021-3, Class B, 0.76%, 2/26/29(1) | $ | 147 | $ 140,156 |
| LAD Auto Receivables Trust, Series 2023-1A, Class A2, 5.68%, 10/15/26(1) | | 188 | 186,857 |
| Loanpal Solar Loan, Ltd., Series 2020-1GS, Class C, 2.00%, 6/20/47(1) | | 76 | 46,648 |
| Marlette Funding Trust, Series 2023-1A, Class A, 6.07%, 4/15/33(1) | | 618 | 616,048 |
| Mill City Solar Loan, Ltd., Series 2020-1A, Class C, 2.00%, 6/20/47(1) | | 156 | 104,075 |
| Mosaic Solar Loan Trust: | | | |
| Series 2019-1A, Class A, 4.37%, 12/21/43(1) | | 173 | 158,798 |
| Series 2019-2A, Class B, 3.28%, 9/20/40(1) | | 412 | 358,663 |
| Series 2020-1A, Class A, 2.10%, 4/20/46(1) | | 48 | 40,804 |
| Series 2020-1A, Class B, 3.10%, 4/20/46(1) | | 48 | 39,580 |
| Series 2020-2A, Class A, 1.44%, 8/20/46(1) | | 86 | 70,552 |
| Series 2020-2A, Class B, 2.21%, 8/20/46(1) | | 102 | 81,557 |
| Series 2021-1A, Class C, 2.25%, 12/20/46(1) | | 446 | 392,510 |
| Series 2021-3A, Class C, 1.77%, 6/20/52(1) | | 100 | 80,187 |
| Series 2022-2A, Class D, 8.29%, 1/21/53(1) | | 100 | 84,871 |
| Neighborly Issuer, LLC, Series 2021-1A, Class A2, 3.584%, 4/30/51(1) | | 382 | 320,402 |
| NRZ Excess Spread-Collateralized Notes, Series 2021-GNT1, Class A, 3.474%, 11/25/26(1) | | 540 | 486,634 |
| OneMain Financial Issuance Trust, Series 2022-S1, Class A, 4.13%, 5/14/35(1) | | 495 | 473,515 |
| Oportun Funding XIV, LLC, Series 2021-A, Class B, 1.76%, 3/8/28(1) | | 82 | 77,434 |
| Oportun Funding, LLC, Series 2022-1, Class A, 3.25%, 6/15/29(1) | | 175 | 172,411 |
| Oportun Issuance Trust: | | | |
| Series 2021-B, Class A, 1.47%, 5/8/31(1) | | 361 | 327,314 |
| Series 2021-B, Class C, 3.65%, 5/8/31(1) | | 100 | 91,042 |
| Series 2021-C, Class A, 2.18%, 10/8/31(1) | | 1,850 | 1,665,856 |
| Series 2021-C, Class B, 2.67%, 10/8/31(1) | | 220 | 195,346 |
| Series 2022-2, Class C, 9.36%, 10/9/29(1) | | 125 | 124,940 |
| Pagaya AI Debt Selection Trust: | | | |
| Series 2021-2, 3.00%, 1/25/29(1) | | 190 | 182,629 |
| Series 2021-3, Class A, 1.15%, 5/15/29(1) | | 181 | 179,099 |
| Series 2021-5, Class A, 1.53%, 8/15/29(1) | | 207 | 203,253 |
| Series 2021-HG1, Class A, 1.22%, 1/16/29(1) | | 93 | 88,652 |
| Planet Fitness Master Issuer, LLC, Series 2019-1A, Class A2, 3.858%, 12/5/49(1) | | 270 | 229,662 |
| Prosper Marketplace Issuance Trust, Series 2019-4A, Class C, 4.95%, 2/17/26(1) | | 13 | 12,763 |
| ServiceMaster Funding, LLC: | | | |
| Series 2020-1, Class A2I, 2.841%, 1/30/51(1) | | 153 | 127,712 |
| Series 2020-1, Class A2II, 3.337%, 1/30/51(1) | | 173 | 136,930 |
6
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Principal
Amount
(000's omitted) | Value |
| SERVPRO Master Issuer, LLC, Series 2019-1A, Class A2, 3.882%, 10/25/49(1) | $ | 917 | $ 839,811 |
| SoFi Consumer Loan Program Trust, Series 2023-1S, Class A, 5.81%, 5/15/31(1) | | 155 | 154,286 |
| SolarCity LMC Series I, LLC, Series 2013-1, Class A, 4.80%, 11/20/38(1) | | 178 | 175,891 |
| Sonic Capital, LLC, Series 2020-1A, Class A2I, 3.845%, 1/20/50(1) | | 507 | 460,971 |
| SpringCastle America Funding, LLC, Series 2020-AA, Class A, 1.97%, 9/25/37(1) | | 203 | 181,989 |
| Stack Infrastructure Issuer, LLC: | | | |
| Series 2019-1A, Class A2, 4.54%, 2/25/44(1) | | 1,550 | 1,526,603 |
| Series 2019-2A, Class A2, 3.08%, 10/25/44(1) | | 200 | 189,786 |
| Series 2020-1A, Class A2, 1.893%, 8/25/45(1) | | 247 | 222,780 |
| Sunnova Helios IX Issuer, LLC, Series 2022-B, Class A, 5.00%, 8/20/49(1) | | 252 | 241,994 |
| Sunnova Helios V Issuer, LLC, Series 2021-A, Class A, 1.80%, 2/20/48(1) | | 288 | 241,506 |
| Sunnova Helios X Issuer, LLC, Series 2022-C, Class B, 5.60%, 11/22/49(1) | | 479 | 443,760 |
| Sunnova Sol II Issuer, LLC, Series 2020-2A, Class A, 2.73%, 11/1/55(1) | | 703 | 555,187 |
| Sunnova Sol Issuer, LLC, Series 2020-1A, Class A, 3.35%, 2/1/55(1) | | 95 | 79,490 |
| Sunrun Atlas Issuer, LLC, Series 2019-2, Class A, 3.61%, 2/1/55(1) | | 198 | 173,824 |
| Sunrun Callisto Issuer, LLC, Series 2015-1A, Class B, 5.38%, 7/20/45(1) | | 268 | 253,231 |
| Sunrun Demeter Issuer, LLC, Series 2021-2A, Class A, 2.27%, 1/30/57(1) | | 245 | 196,543 |
| Sunrun Jupiter Issuer, LLC, Series 2022-1A, Class A, 4.75%, 7/30/57(1) | | 690 | 614,869 |
| Sunrun Xanadu Issuer, LLC, Series 2019-1A, Class A, 3.98%, 6/30/54(1) | | 151 | 133,852 |
| Theorem Funding Trust: | | | |
| Series 2021-1A, Class B, 1.84%, 12/15/27(1) | | 100 | 97,151 |
| Series 2022-3A, Class A, 7.60%, 4/15/29(1) | | 134 | 134,899 |
| United States Small Business Administration, Series 2017-20E, Class 1, 2.88%, 5/1/37 | | 389 | 354,208 |
| Upstart Pass-Through Trust, Series 2020-ST1, Class A, 3.75%, 2/20/28(1) | | 47 | 46,660 |
| Vantage Data Centers Issuer, LLC: | | | |
| Series 2019-1A, Class A2, 3.188%, 7/15/44(1) | | 288 | 278,099 |
| Series 2020-2A, Class A2, 1.992%, 9/15/45(1) | | 735 | 619,826 |
| Series 2021-1A, Class A2, 2.165%, 10/15/46(1) | | 224 | 196,791 |
| Vivint Solar Financing VII, LLC, Series 2020-1A, Class A, 2.21%, 7/31/51(1) | | 366 | 283,232 |
| Security | Principal
Amount
(000's omitted) | Value |
| Willis Engine Structured Trust V, Series 2020-A, Class B, 4.212%, 3/15/45(1) | $ | 205 | $ 154,612 |
Total Asset-Backed Securities
(identified cost $25,968,008) | | | $ 23,783,305 |
| Collateralized Mortgage Obligations — 1.2% |
| Security | Principal
Amount
(000's omitted) | Value |
| Bellemeade Re, Ltd.: | | | |
| Series 2021-1A, Class M1A, 6.817%, (30-day average SOFR + 1.75%), 3/25/31(1)(3) | $ | 24 | $ 24,035 |
| Series 2021-1A, Class M1B, 7.267%, (30-day average SOFR + 2.20%), 3/25/31(1)(3) | | 155 | 156,201 |
| Series 2021-1A, Class M1C, 8.017%, (30-day average SOFR + 2.95%), 3/25/31(1)(3) | | 150 | 155,512 |
| Series 2021-2A, Class M1A, 6.267%, (30-day average SOFR + 1.20%), 6/25/31(1)(3) | | 233 | 232,248 |
| Series 2021-3A, Class A2, 6.067%, (30-day average SOFR + 1.00%), 9/25/31(1)(3) | | 215 | 209,080 |
| Series 2021-3A, Class M1B, 6.467%, (30-day average SOFR + 1.40%), 9/25/31(1)(3) | | 170 | 165,469 |
| Cascade MH Asset Trust, Series 2022-MH1, Class A, 4.25% to 7/25/27, 8/25/54(1)(4) | | 408 | 358,973 |
| CHNGE Mortgage Trust, Series 2023-2, Class A3, 7.436% to 5/25/26, 6/25/58(1)(4) | | 290 | 287,897 |
| Eagle Re, Ltd., Series 2021-2, Class M1C, 8.517%, (30-day average SOFR + 3.45%), 4/25/34(1)(3) | | 150 | 154,002 |
| Federal Home Loan Mortgage Corp., Series 5324, Class MZ, 6.00%, 7/25/53 | | 35 | 36,321 |
| Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes: | | | |
| Series 2019-DNA3, Class B2, 13.30%, (1 mo. USD LIBOR + 8.15%), 7/25/49(1)(3) | | 85 | 92,540 |
| Series 2019-DNA4, Class M2, 7.10%, (1 mo. USD LIBOR + 1.95%), 10/25/49(1)(3) | | 13 | 12,916 |
| Series 2019-HQA4, Class B1, 8.10%, (1 mo. USD LIBOR + 2.95%), 11/25/49(1)(3) | | 20 | 20,163 |
| Series 2020-DNA6, Class B1, 8.067%, (30-day average SOFR + 3.00%), 12/25/50(1)(3) | | 25 | 24,748 |
| Series 2020-HQA2, Class B1, 9.25%, (1 mo. USD LIBOR + 4.10%), 3/25/50(1)(3) | | 41 | 42,606 |
| Series 2021-DNA2, Class B1, 8.467%, (30-day average SOFR + 3.40%), 8/25/33(1)(3) | | 55 | 55,855 |
| Series 2021-DNA3, Class M1, 5.817%, (30-day average SOFR + 0.75%), 10/25/33(1)(3) | | 71 | 71,030 |
| Series 2022-DNA2, Class M1A, 6.367%, (30-day average SOFR + 1.30%), 2/25/42(1)(3) | | 266 | 265,617 |
| Federal National Mortgage Association Connecticut Avenue Securities: | | | |
| Series 2013-C01, Class M2, 10.40%, (1 mo. USD LIBOR + 5.25%), 10/25/23(3) | | 99 | 100,068 |
7
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Federal National Mortgage Association Connecticut Avenue Securities: (continued) | | | |
| Series 2014-C02, Class 2M2, 7.75%, (1 mo. USD LIBOR + 2.60%), 5/25/24(3) | $ | 35 | $ 36,010 |
| Series 2014-C03, Class 2M2, 8.05%, (1 mo. USD LIBOR + 2.90%), 7/25/24(3) | | 47 | 47,788 |
| Series 2018-R07, Class 1M2, 7.55%, (1 mo. USD LIBOR + 2.40%), 4/25/31(1)(3) | | 14 | 14,125 |
| Series 2019-R01, Class 2B1, 9.50%, (1 mo. USD LIBOR + 4.35%), 7/25/31(1)(3) | | 55 | 58,313 |
| Series 2019-R02, Class 1B1, 9.30%, (1 mo. USD LIBOR + 4.15%), 8/25/31(1)(3) | | 55 | 57,867 |
| Series 2019-R02, Class 1M2, 7.45%, (1 mo. USD LIBOR + 2.30%), 8/25/31(1)(3) | | — (5) | 452 |
| Series 2019-R03, Class 1B1, 9.25%, (1 mo. USD LIBOR + 4.10%), 9/25/31(1)(3) | | 55 | 57,871 |
| Series 2019-R05, Class 1B1, 9.25%, (1 mo. USD LIBOR + 4.10%), 7/25/39(1)(3) | | 73 | 75,150 |
| Series 2019-R06, Class 2B1, 8.90%, (1 mo. USD LIBOR + 3.75%), 9/25/39(1)(3) | | 319 | 326,535 |
| Series 2019-R07, Class 1B1, 8.55%, (1 mo. USD LIBOR + 3.40%), 10/25/39(1)(3) | | 109 | 110,731 |
| Series 2020-R02, Class 2B1, 8.15%, (1 mo. USD LIBOR + 3.00%), 1/25/40(1)(3) | | 405 | 392,258 |
| Series 2021-R01, Class 1B2, 11.067%, (30-day average SOFR + 6.00%), 10/25/41(1)(3) | | 142 | 141,841 |
| Series 2021-R02, Class 2B1, 8.367%, (30-day average SOFR + 3.30%), 11/25/41(1)(3) | | 12 | 12,223 |
| Government National Mortgage Association: | | | |
| Series 2023-84, Class DL, 6.00%, 6/20/53 | | 163 | 167,844 |
| Series 2023-84, Class MW, 6.00%, 6/20/53 | | 171 | 175,727 |
| Series 2023-98, Class BW, 6.00%, 7/20/53 | | 25 | 25,595 |
| Series 2023-99, Class AL, 6.00%, 7/20/53 | | 25 | 25,578 |
| Series 2023-102, Class SG, 3.73%, (22.55% - 30-day average SOFR x 3.73), 7/20/53 | | 35 | 34,693 |
| Home Re, Ltd.: | | | |
| Series 2018-1, Class M2, 8.15%, (1 mo. USD LIBOR + 3.00%), 10/25/28(1)(3) | | 195 | 196,520 |
| Series 2021-1, Class M1B, 6.70%, (1 mo. USD LIBOR + 1.55%), 7/25/33(1)(3) | | 59 | 58,652 |
| Series 2021-1, Class M2, 8.00%, (1 mo. USD LIBOR + 2.85%), 7/25/33(1)(3) | | 150 | 151,005 |
| PNMAC GMSR Issuer Trust, Series 2018-FT1, Class A, 8.50%, (1 mo. USD LIBOR + 3.35%), 4/25/25(1)(3) | | 100 | 99,313 |
Total Collateralized Mortgage Obligations
(identified cost $4,730,034) | | | $ 4,731,372 |
| Commercial Mortgage-Backed Securities — 4.0% |
| Security | Principal
Amount
(000's omitted) | Value |
| BAMLL Commercial Mortgage Securities Trust: | | | |
| Series 2019-BPR, Class DNM, 3.843%, 11/5/32(1)(2) | $ | 695 | $ 514,583 |
| Series 2019-BPR, Class ENM, 3.843%, 11/5/32(1)(2) | | 325 | 175,702 |
| Series 2019-BPR, Class FNM, 3.843%, 11/5/32(1)(2) | | 485 | 233,301 |
| BX Commercial Mortgage Trust: | | | |
| Series 2019-XL, Class A, 6.182%, (1 mo. SOFR + 1.034%), 10/15/36(1)(3) | | 694 | 690,245 |
| Series 2019-XL, Class B, 6.342%, (1 mo. SOFR + 1.194%), 10/15/36(1)(3) | | 281 | 278,095 |
| Series 2021-VOLT, Class B, 6.143%, (1 mo. USD LIBOR + 0.95%), 9/15/36(1)(3) | | 666 | 638,790 |
| Series 2021-VOLT, Class C, 6.293%, (1 mo. USD LIBOR + 1.10%), 9/15/36(1)(3) | | 204 | 194,057 |
| Series 2021-VOLT, Class D, 6.843%, (1 mo. USD LIBOR + 1.65%), 9/15/36(1)(3) | | 702 | 665,647 |
| CSMC: | | | |
| Series 2021-4SZN, Class A, 9.114%, (SOFR + 3.967%), 11/15/23(1)(3) | | 105 | 101,490 |
| Series 2022-NWPT, Class A, 8.29%, (1 mo. SOFR + 3.143%), 9/9/24(1)(3) | | 290 | 290,487 |
| Extended Stay America Trust: | | | |
| Series 2021-ESH, Class A, 6.274%, (1 mo. USD LIBOR + 1.08%), 7/15/38(1)(3) | | 421 | 413,335 |
| Series 2021-ESH, Class C, 6.894%, (1 mo. USD LIBOR + 1.70%), 7/15/38(1)(3) | | 578 | 563,644 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass Through Certificates: | | | |
| Series KG02, Class A2, 2.412%, 8/25/29 | | 1,440 | 1,277,632 |
| Series KG03, Class A2, 1.297%, 6/25/30(2) | | 305 | 247,403 |
| Series KSG1, Class A2, 1.503%, 9/25/30 | | 278 | 227,587 |
| Series KW06, Class A2, 3.80%, 6/25/28(2) | | 530 | 507,223 |
| Series W5FX, Class AFX, 3.336%, 4/25/28(2) | | 192 | 178,038 |
| Federal National Mortgage Association: | | | |
| Series 2017-M13, Class A2, 3.029%, 9/25/27(2) | | 514 | 479,088 |
| Series 2018-M13, Class A2, 3.866%, 9/25/30(2) | | 1,329 | 1,270,166 |
| Series 2019-M1, Class A2, 3.665%, 9/25/28(2) | | 403 | 384,709 |
| Series 2019-M22, Class A2, 2.522%, 8/25/29 | | 485 | 431,029 |
| Series 2020-M1, Class A2, 2.444%, 10/25/29 | | 963 | 856,280 |
| Series 2020-M20, Class A2, 1.435%, 10/25/29 | | 605 | 499,335 |
| Federal National Mortgage Association Multifamily Connecticut Avenue Securities Trust: | | | |
| Series 2019-01, Class M10, 8.40%, (1 mo. USD LIBOR + 3.25%), 10/25/49(1)(3) | | 220 | 213,121 |
| Series 2020-01, Class M10, 8.90%, (1 mo. USD LIBOR + 3.75%), 3/25/50(1)(3) | | 525 | 504,476 |
| Hawaii Hotel Trust, Series 2019-MAUI, Class A, 6.343%, (1 mo. USD LIBOR + 1.15%), 5/15/38(1)(3) | | 989 | 977,698 |
| JPMorgan Chase Commercial Mortgage Securities Trust: | | | |
| Series 2014-DSTY, Class B, 3.771%, 6/10/27(1) | | 300 | 48,830 |
8
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Principal
Amount
(000's omitted) | Value |
| JPMorgan Chase Commercial Mortgage Securities Trust: (continued) | | | |
| Series 2014-DSTY, Class C, 3.931%, 6/10/27(1)(2) | $ | 100 | $ 7,193 |
| Morgan Stanley Capital I Trust: | | | |
| Series 2019-BPR, Class A, 7.093%, (1 mo. USD LIBOR + 1.90%), 5/15/36(1)(3)(6) | | 424 | 411,473 |
| Series 2019-BPR, Class B, 7.793%, (1 mo. USD LIBOR + 2.60%), 5/15/36(1)(3)(6) | | 187 | 180,402 |
| Series 2019-BPR, Class C, 8.743%, (1 mo. USD LIBOR + 3.55%), 5/15/36(1)(3)(6) | | 100 | 95,277 |
| SLG Office Trust, Series 2021-OVA, Class A, 2.585%, 7/15/41(1) | | 618 | 496,850 |
| VMC Finance, LLC: | | | |
| Series 2021-HT1, Class A, 6.807%, (1 mo. USD LIBOR + 1.65%), 1/18/37(1)(3) | | 389 | 377,855 |
| Series 2021-HT1, Class B, 9.657%, (1 mo. USD LIBOR + 4.50%), 1/18/37(1)(3) | | 753 | 706,530 |
| WFLD Mortgage Trust, Series 2014-MONT, Class C, 3.88%, 8/10/31(1)(2) | | 450 | 287,182 |
Total Commercial Mortgage-Backed Securities
(identified cost $17,504,616) | | | $ 15,424,753 |
| Security | Shares | Value |
| Aerospace & Defense — 0.3% | |
| HEICO Corp. | | 6,400 | $ 1,132,416 |
| | | | $ 1,132,416 |
| Automobile Components — 0.3% | |
| Aptiv PLC(7) | | 12,900 | $ 1,316,961 |
| | | | $ 1,316,961 |
| Beverages — 2.8% | |
| Coca-Cola Co. (The) | | 90,400 | $ 5,443,888 |
| PepsiCo, Inc. | | 29,700 | 5,501,034 |
| | | | $ 10,944,922 |
| Biotechnology — 1.0% | |
| AbbVie, Inc. | | 27,400 | $ 3,691,602 |
| | | | $ 3,691,602 |
| Broadline Retail — 2.7% | |
| Amazon.com, Inc.(7) | | 79,580 | $ 10,374,049 |
| | | | $ 10,374,049 |
| Capital Markets — 3.8% | |
| Intercontinental Exchange, Inc. | | 43,700 | $ 4,941,596 |
| Security | Shares | Value |
| Capital Markets (continued) | |
| S&P Global, Inc. | | 10,000 | $ 4,008,900 |
| Stifel Financial Corp. | | 49,400 | 2,947,698 |
| Tradeweb Markets, Inc., Class A | | 44,703 | 3,061,261 |
| | | | $ 14,959,455 |
| Chemicals — 1.6% | |
| Ecolab, Inc. | | 12,600 | $ 2,352,294 |
| Linde PLC | | 10,400 | 3,963,232 |
| | | | $ 6,315,526 |
| Commercial Services & Supplies — 0.7% | |
| Waste Management, Inc. | | 15,416 | $ 2,673,443 |
| | | | $ 2,673,443 |
| Consumer Staples Distribution & Retail — 1.1% | |
| Walmart, Inc. | | 28,100 | $ 4,416,758 |
| | | | $ 4,416,758 |
| Electric Utilities — 0.8% | |
| NextEra Energy, Inc. | | 42,400 | $ 3,146,080 |
| | | | $ 3,146,080 |
| Electrical Equipment — 0.8% | |
| AMETEK, Inc. | | 19,600 | $ 3,172,848 |
| | | | $ 3,172,848 |
| Energy Equipment & Services — 1.1% | |
| Baker Hughes Co. | | 132,500 | $ 4,188,325 |
| | | | $ 4,188,325 |
| Financial Services — 2.3% | |
| Shift4 Payments, Inc., Class A(7) | | 37,900 | $ 2,573,789 |
| Visa, Inc., Class A | | 27,200 | 6,459,456 |
| | | | $ 9,033,245 |
| Ground Transportation — 0.8% | |
| Union Pacific Corp. | | 14,700 | $ 3,007,914 |
| | | | $ 3,007,914 |
| Health Care Equipment & Supplies — 2.8% | |
| Boston Scientific Corp.(7) | | 51,100 | $ 2,763,999 |
| Edwards Lifesciences Corp.(7) | | 24,600 | 2,320,518 |
| Intuitive Surgical, Inc.(7) | | 8,900 | 3,043,266 |
| Stryker Corp. | | 9,700 | 2,959,373 |
| | | | $ 11,087,156 |
9
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value |
| Hotels, Restaurants & Leisure — 1.0% | |
| Domino's Pizza, Inc. | | 4,600 | $ 1,550,154 |
| Marriott International, Inc., Class A | | 12,500 | 2,296,125 |
| | | | $ 3,846,279 |
| Insurance — 1.4% | |
| Allstate Corp. (The) | | 28,300 | $ 3,085,832 |
| W.R. Berkley Corp. | | 41,200 | 2,453,872 |
| | | | $ 5,539,704 |
| Interactive Media & Services — 2.8% | |
| Alphabet, Inc., Class C(7) | | 89,100 | $ 10,778,427 |
| | | | $ 10,778,427 |
| IT Services — 0.7% | |
| Gartner, Inc.(7) | | 7,300 | $ 2,557,263 |
| | | | $ 2,557,263 |
| Life Sciences Tools & Services — 2.1% | |
| Danaher Corp. | | 11,300 | $ 2,712,000 |
| Illumina, Inc.(7) | | 11,600 | 2,174,884 |
| Thermo Fisher Scientific, Inc. | | 6,418 | 3,348,592 |
| | | | $ 8,235,476 |
| Machinery — 0.7% | |
| Parker-Hannifin Corp. | | 6,700 | $ 2,613,268 |
| | | | $ 2,613,268 |
| Media — 0.9% | |
| Comcast Corp., Class A | | 81,800 | $ 3,398,790 |
| | | | $ 3,398,790 |
| Multi-Utilities — 0.6% | |
| Sempra Energy | | 16,300 | $ 2,373,117 |
| | | | $ 2,373,117 |
| Pharmaceuticals — 2.3% | |
| Bristol-Myers Squibb Co. | | 48,500 | $ 3,101,575 |
| Eli Lilly & Co. | | 12,400 | 5,815,352 |
| | | | $ 8,916,927 |
| Professional Services — 2.9% | |
| Automatic Data Processing, Inc. | | 21,500 | $ 4,725,485 |
| Booz Allen Hamilton Holding Corp. | | 22,800 | 2,544,480 |
| TransUnion | | 51,700 | 4,049,661 |
| | | | $ 11,319,626 |
| Security | Shares | Value |
| Real Estate Management & Development — 0.9% | |
| FirstService Corp. | | 23,600 | $ 3,636,524 |
| | | | $ 3,636,524 |
| Semiconductors & Semiconductor Equipment — 3.6% | |
| Analog Devices, Inc. | | 23,300 | $ 4,539,073 |
| Lam Research Corp. | | 5,800 | 3,728,588 |
| NVIDIA Corp. | | 14,000 | 5,922,280 |
| | | | $ 14,189,941 |
| Software — 8.3% | |
| ANSYS, Inc.(7) | | 10,900 | $ 3,599,943 |
| Black Knight, Inc.(7) | | 30,600 | 1,827,738 |
| Fair Isaac Corp.(7) | | 4,400 | 3,560,524 |
| Fortinet, Inc.(7) | | 27,900 | 2,108,961 |
| Microsoft Corp. | | 57,193 | 19,476,504 |
| VMware, Inc., Class A(7) | | 10,800 | 1,551,852 |
| | | | $ 32,125,522 |
| Specialized REITs — 0.6% | |
| Lamar Advertising Co., Class A | | 22,300 | $ 2,213,275 |
| | | | $ 2,213,275 |
| Specialty Retail — 0.9% | |
| TJX Cos., Inc. (The) | | 41,000 | $ 3,476,390 |
| | | | $ 3,476,390 |
| Technology Hardware, Storage & Peripherals — 4.3% | |
| Apple, Inc. | | 86,388 | $ 16,756,680 |
| | | | $ 16,756,680 |
| Textiles, Apparel & Luxury Goods — 1.4% | |
| lululemon Athletica, Inc.(7) | | 6,500 | $ 2,460,250 |
| NIKE, Inc., Class B | | 27,200 | 3,002,064 |
| | | | $ 5,462,314 |
| Wireless Telecommunication Services — 0.7% | |
| T-Mobile US, Inc.(7) | | 19,130 | $ 2,657,157 |
| | | | $ 2,657,157 |
Total Common Stocks
(identified cost $157,862,808) | | | $229,557,380 |
10
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Principal
Amount*
(000’s omitted) | Value |
| Basic Materials — 0.2% | |
| Celanese US Holdings, LLC: | | | |
| 6.165%, 7/15/27 | | 331 | $ 329,518 |
| 6.33%, 7/15/29(8) | | 285 | 283,282 |
| South32 Treasury, Ltd., 4.35%, 4/14/32(1) | | 306 | 268,790 |
| | | | $ 881,590 |
| Communications — 0.9% | |
| AT&T, Inc.: | | | |
| 3.55%, 9/15/55 | | 28 | $ 19,622 |
| 3.65%, 6/1/51 | | 476 | 349,711 |
| CCO Holdings, LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28(1) | | 124 | 113,105 |
| Charter Communications Operating, LLC/Charter Communications Operating Capital, 4.80%, 3/1/50 | | 1,078 | 814,236 |
| Comcast Corp.: | | | |
| 2.887%, 11/1/51 | | 446 | 299,276 |
| 2.937%, 11/1/56 | | 456 | 297,280 |
| Level 3 Financing, Inc., 3.75%, 7/15/29(1) | | 35 | 21,117 |
| Nokia Oyj: | | | |
| 4.375%, 6/12/27 | | 347 | 327,157 |
| 6.625%, 5/15/39 | | 395 | 378,295 |
| Rogers Communications, Inc., 4.55%, 3/15/52(1) | | 544 | 437,873 |
| SES Global Americas Holdings GP, 5.30%, 3/25/44(1) | | 185 | 137,776 |
| SES S.A., 5.30%, 4/4/43(1) | | 109 | 78,759 |
| T-Mobile USA, Inc., 2.25%, 11/15/31 | | 64 | 51,239 |
| | | | $ 3,325,446 |
| Consumer, Cyclical — 1.4% | |
| American Airlines Pass-Through Trust, Series 2015-2, 4.40%, 9/22/23 | | 85 | $ 84,013 |
| American Airlines, Inc./AAdvantage Loyalty IP, Ltd.: | | | |
| 5.50%, 4/20/26(1) | | 520 | 515,627 |
| 5.75%, 4/20/29(1) | | 21 | 20,409 |
| Aptiv PLC/Aptiv Corp., 3.25%, 3/1/32 | | 146 | 125,054 |
| Bath & Body Works, Inc.: | | | |
| 6.875%, 11/1/35 | | 39 | 35,744 |
| 7.60%, 7/15/37 | | 165 | 149,144 |
| Brunswick Corp., 5.10%, 4/1/52 | | 133 | 98,778 |
| Delta Air Lines, Inc./SkyMiles IP, Ltd.: | | | |
| 4.50%, 10/20/25(1) | | 250 | 244,654 |
| 4.75%, 10/20/28(1) | | 460 | 446,887 |
| Dick's Sporting Goods, Inc., 4.10%, 1/15/52 | | 736 | 511,950 |
| Ford Motor Co., 4.75%, 1/15/43 | | 45 | 34,644 |
| Ford Motor Credit Co., LLC, 7.35%, 11/4/27 | | 556 | 569,133 |
| Security | Principal
Amount*
(000’s omitted) | Value |
| Consumer, Cyclical (continued) | |
| General Motors Co., 5.60%, 10/15/32(8) | | 292 | $ 282,640 |
| General Motors Financial Co., Inc.: | | | |
| 4.30%, 4/6/29 | | 239 | 219,487 |
| 5.80%, 6/23/28 | | 45 | 44,851 |
| 5.85%, 4/6/30(8) | | 320 | 317,510 |
| Hyatt Hotels Corp.: | | | |
| 1.30%, 10/1/23 | | 149 | 147,647 |
| 1.80%, 10/1/24 | | 61 | 58,083 |
| Hyundai Capital America, 5.70%, 6/26/30(1) | | 100 | 99,404 |
| Lithia Motors, Inc.: | | | |
| 3.875%, 6/1/29(1)(8) | | 417 | 362,778 |
| 4.375%, 1/15/31(1)(8) | | 70 | 60,487 |
| Macy's Retail Holdings, LLC: | | | |
| 4.30%, 2/15/43 | | 30 | 18,346 |
| 5.875%, 4/1/29(1)(8) | | 66 | 60,298 |
| WarnerMedia Holdings, Inc.: | | | |
| 5.05%, 3/15/42 | | 336 | 283,389 |
| 5.391%, 3/15/62 | | 844 | 688,395 |
| | | | $ 5,479,352 |
| Consumer, Non-cyclical — 1.3% | |
| Ashtead Capital, Inc.: | | | |
| 4.00%, 5/1/28(1) | | 200 | $ 185,459 |
| 4.25%, 11/1/29(1) | | 384 | 348,843 |
| Block Financial, LLC, 3.875%, 8/15/30 | | 575 | 507,681 |
| Centene Corp.: | | | |
| 3.375%, 2/15/30 | | 199 | 171,208 |
| 4.25%, 12/15/27 | | 257 | 240,529 |
| 4.625%, 12/15/29 | | 36 | 33,168 |
| Coca-Cola Europacific Partners PLC, 1.50%, 1/15/27(1) | | 221 | 195,098 |
| Coca-Cola Femsa SAB de CV, 1.85%, 9/1/32 | | 255 | 199,799 |
| Conservation Fund (The), Green Bonds, 3.474%, 12/15/29 | | 285 | 246,870 |
| CVS Health Corp.: | | | |
| 5.25%, 1/30/31 | | 415 | 413,828 |
| 5.875%, 6/1/53 | | 421 | 432,029 |
| CVS Pass-Through Trust, 6.036%, 12/10/28 | | 264 | 262,452 |
| Doris Duke Charitable Foundation (The), 2.345%, 7/1/50 | | 678 | 414,052 |
| Ford Foundation (The), 2.415%, 6/1/50 | | 435 | 289,096 |
| Natura & Co. Luxembourg Holdings S.a.r.l., 6.00%, 4/19/29(1)(8) | | 414 | 384,088 |
| Natura Cosmeticos S.A., 4.125%, 5/3/28(1)(8) | | 288 | 249,357 |
| Perrigo Finance Unlimited Co., 4.65%, 6/15/30 | | 305 | 270,298 |
| Smithfield Foods, Inc.: | | | |
| 2.625%, 9/13/31(1) | | 323 | 238,908 |
11
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Principal
Amount*
(000’s omitted) | Value |
| Consumer, Non-cyclical (continued) | |
| Smithfield Foods, Inc.: (continued) | | | |
| 3.00%, 10/15/30(1) | | 77 | $ 60,430 |
| 5.20%, 4/1/29(1) | | 45 | 41,498 |
| | | | $ 5,184,691 |
| Energy — 0.2% | |
| Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(1)(8) | | 76 | $ 59,946 |
| TerraForm Power Operating, LLC: | | | |
| 4.75%, 1/15/30(1) | | 369 | 325,999 |
| 5.00%, 1/31/28(1) | | 460 | 423,954 |
| | | | $ 809,899 |
| Financial — 9.3% | |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 9/15/23 | | 150 | $ 149,449 |
| Affiliated Managers Group, Inc., 3.30%, 6/15/30 | | 225 | 190,088 |
| Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(1) | | 60 | 56,486 |
| Ally Financial, Inc.: | | | |
| 2.20%, 11/2/28 | | 45 | 35,960 |
| 8.00%, 11/1/31(8) | | 475 | 493,505 |
| American Assets Trust, L.P., 3.375%, 2/1/31 | | 84 | 65,795 |
| American National Group, LLC, 6.144%, 6/13/32(1) | | 70 | 66,535 |
| Ameriprise Financial, Inc., 5.15%, 5/15/33 | | 473 | 469,975 |
| Andrew W. Mellon Foundation (The), 0.947%, 8/1/27 | | 335 | 290,175 |
| ASR Nederland N.V., 7.00% to 9/7/33, 12/7/43(9)(10) | EUR | 100 | 113,776 |
| Australia & New Zealand Banking Group, Ltd., 2.95% to 7/22/25, 7/22/30(1)(9) | | 458 | 419,745 |
| Aviation Capital Group, LLC: | | | |
| 6.25%, 4/15/28(1) | | 336 | 335,538 |
| 6.375%, 7/15/30(1) | | 395 | 392,052 |
| Banco Santander S.A.: | | | |
| 1.722% to 9/14/26, 9/14/27(9) | | 400 | 347,556 |
| 5.294%, 8/18/27 | | 600 | 588,843 |
| Bank of America Corp.: | | | |
| 1.734% to 7/22/26, 7/22/27(9) | | 830 | 741,462 |
| 1.898% to 7/23/30, 7/23/31(9) | | 227 | 180,870 |
| 1.922% to 10/24/30, 10/24/31(9) | | 288 | 228,067 |
| 2.087% to 6/14/28, 6/14/29(9) | | 379 | 323,599 |
| 2.299% to 7/21/31, 7/21/32(9) | | 379 | 303,244 |
| 2.456% to 10/22/24, 10/22/25(9) | | 475 | 453,728 |
| 2.551% to 2/4/27, 2/4/28(9) | | 522 | 471,526 |
| 3.846% to 3/8/32, 3/8/37(9) | | 1,378 | 1,179,222 |
| 4.571% to 4/27/32, 4/27/33(9) | | 271 | 254,934 |
| 5.202% to 4/25/28, 4/25/29(9) | | 334 | 330,559 |
| Security | Principal
Amount*
(000’s omitted) | Value |
| Financial (continued) | |
| Bank of America Corp.: (continued) | | | |
| 6.204% to 11/10/27, 11/10/28(9) | | 201 | $ 206,761 |
| BBVA Bancomer S.A./Texas: | | | |
| 1.875%, 9/18/25(1) | | 262 | 241,236 |
| 5.125% to 1/18/28, 1/18/33(1)(9) | | 500 | 434,316 |
| BNP Paribas S.A.: | | | |
| 7.75% to 8/16/29(1)(9)(11) | | 220 | 213,488 |
| 9.25% to 11/17/27(1)(8)(9)(11) | | 400 | 413,245 |
| Boston Properties, L.P., 2.45%, 10/1/33 | | 750 | 541,201 |
| BPCE S.A., 3.648% to 1/14/32, 1/14/37(1)(9) | | 261 | 207,637 |
| Broadstone Net Lease, LLC, 2.60%, 9/15/31 | | 24 | 17,223 |
| CaixaBank S.A., 6.208% to 1/18/28, 1/18/29(1)(9) | | 685 | 683,983 |
| Capital One Financial Corp.: | | | |
| 3.273% to 3/1/29, 3/1/30(9) | | 256 | 217,630 |
| 3.75%, 7/28/26 | | 122 | 113,682 |
| 4.20%, 10/29/25 | | 190 | 181,714 |
| CBRE Services, Inc., 5.95%, 8/15/34 | | 430 | 424,961 |
| Charles Schwab Corp. (The): | | | |
| Series G, 5.375% to 6/1/25(8)(9)(11) | | 108 | 103,758 |
| 5.853% to 5/19/33, 5/19/34(9) | | 342 | 347,329 |
| CI Financial Corp.: | | | |
| 3.20%, 12/17/30 | | 477 | 358,049 |
| 4.10%, 6/15/51 | | 455 | 277,224 |
| Citigroup, Inc.: | | | |
| 3.668% to 7/24/27, 7/24/28(9) | | 150 | 140,338 |
| 3.887% to 1/10/27, 1/10/28(9) | | 205 | 194,394 |
| 4.00% to 12/10/25(9)(11) | | 310 | 265,437 |
| Corporate Office Properties, L.P., 2.90%, 12/1/33 | | 226 | 156,882 |
| Discover Bank, 4.682% to 8/9/23, 8/9/28(9) | | 270 | 246,872 |
| EPR Properties: | | | |
| 3.75%, 8/15/29 | | 516 | 420,127 |
| 4.50%, 6/1/27(8) | | 376 | 337,733 |
| 4.95%, 4/15/28 | | 263 | 235,241 |
| Extra Space Storage, L.P.: | | | |
| 2.55%, 6/1/31 | | 293 | 237,423 |
| 5.50%, 7/1/30 | | 347 | 344,578 |
| F&G Annuities & Life, Inc., 7.40%, 1/13/28(1) | | 924 | 923,736 |
| GA Global Funding Trust, 2.25%, 1/6/27(1) | | 677 | 600,313 |
| Global Atlantic Fin Co., 3.125%, 6/15/31(1) | | 777 | 585,592 |
| Goldman Sachs Group, Inc. (The), 2.64% to 2/24/27, 2/24/28(9) | | 150 | 136,217 |
| HAT Holdings I, LLC/HAT Holdings II, LLC: | | | |
| 3.375%, 6/15/26(1)(8) | | 871 | 781,529 |
| 3.75%, 9/15/30(1)(8) | | 158 | 124,114 |
| 6.00%, 4/15/25(1) | | 283 | 279,522 |
12
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Principal
Amount*
(000’s omitted) | Value |
| Financial (continued) | |
| HSBC Holdings PLC, 6.161% to 3/9/28, 3/9/29(9) | | 1,111 | $ 1,121,512 |
| Intesa Sanpaolo SpA: | | | |
| 7.00%, 11/21/25(1) | | 200 | 201,952 |
| 8.248% to 11/21/32, 11/21/33(1)(9) | | 488 | 512,910 |
| Iron Mountain, Inc., 4.50%, 2/15/31(1) | | 297 | 255,461 |
| JPMorgan Chase & Co.: | | | |
| 1.47% to 9/22/26, 9/22/27(9) | | 618 | 545,958 |
| 2.545% to 11/8/31, 11/8/32(9) | | 144 | 118,042 |
| 2.739% to 10/15/29, 10/15/30(9) | | 185 | 159,536 |
| 4.005% to 4/23/28, 4/23/29(9) | | 318 | 299,709 |
| KeyBank N.A., 5.85%, 11/15/27 | | 750 | 706,856 |
| KKR Group Finance Co. VII, LLC, 3.625%, 2/25/50(1) | | 301 | 207,510 |
| KKR Group Finance Co. X, LLC, 3.25%, 12/15/51(1) | | 109 | 70,036 |
| Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51(1)(9) | | 289 | 227,658 |
| Life Storage, L.P., 2.40%, 10/15/31 | | 382 | 303,221 |
| Macquarie Bank, Ltd., 6.798%, 1/18/33(1) | | 498 | 500,163 |
| Metropolitan Life Global Funding I, 5.15%, 3/28/33(1) | | 218 | 215,771 |
| National Bank of Canada, 0.55% to 11/15/23, 11/15/24(9) | | 301 | 294,741 |
| Newmark Group, Inc., 6.125%, 11/15/23 | | 134 | 132,781 |
| OneMain Finance Corp.: | | | |
| 3.50%, 1/15/27 | | 594 | 510,228 |
| 7.125%, 3/15/26(8) | | 58 | 57,037 |
| PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)(8) | | 53 | 42,620 |
| PNC Financial Services Group, Inc. (The), Series W, 6.25% to 3/15/30(9)(11) | | 149 | 134,137 |
| Radian Group, Inc., 4.875%, 3/15/27 | | 393 | 370,992 |
| Rocket Mortgage, LLC/Rocket Mortgage Co-Issuer, Inc.: | | | |
| 2.875%, 10/15/26(1) | | 22 | 19,493 |
| 3.875%, 3/1/31(1) | | 557 | 452,149 |
| SITE Centers Corp., 3.625%, 2/1/25 | | 259 | 243,880 |
| Societe Generale S.A.: | | | |
| 6.221% to 6/15/32, 6/15/33(1)(9) | | 255 | 237,606 |
| 9.375% to 11/22/27(1)(9)(11) | | 207 | 202,860 |
| Standard Chartered PLC: | | | |
| 1.214% to 3/23/24, 3/23/25(1)(9) | | 200 | 192,363 |
| 1.456% to 1/14/26, 1/14/27(1)(9) | | 226 | 200,507 |
| 1.822% to 11/23/24, 11/23/25(1)(9) | | 236 | 220,777 |
| Stifel Financial Corp., 4.00%, 5/15/30 | | 266 | 227,338 |
| Sun Communities Operating, L.P.: | | | |
| 2.70%, 7/15/31 | | 102 | 80,717 |
| 4.20%, 4/15/32 | | 300 | 262,359 |
| Swedbank AB, 5.337%, 9/20/27(1) | | 403 | 397,543 |
| Synchrony Bank, 5.40%, 8/22/25 | | 362 | 346,622 |
| Synchrony Financial, 4.50%, 7/23/25 | | 450 | 424,464 |
| Security | Principal
Amount*
(000’s omitted) | Value |
| Financial (continued) | |
| Synovus Bank/Columbus, GA: | | | |
| 4.00% to 10/29/25, 10/29/30(9) | | 250 | $ 201,015 |
| 5.625%, 2/15/28 | | 744 | 672,805 |
| Synovus Financial Corp., 5.90% to 2/7/24, 2/7/29(9) | | 35 | 31,920 |
| Texas Capital Bancshares, Inc., 4.00% to 5/6/26, 5/6/31(9) | | 240 | 174,259 |
| Toronto-Dominion Bank (The), 8.125% to 10/31/27, 10/31/82(9) | | 887 | 903,303 |
| Truist Financial Corp.: | | | |
| 5.10% to 3/1/30(9)(11) | | 409 | 355,830 |
| 5.867% to 6/8/33, 6/8/34(9) | | 985 | 985,853 |
| 6.047% to 6/8/26, 6/8/27(9) | | 470 | 470,407 |
| U.S. Bancorp: | | | |
| 5.775% to 6/12/28, 6/12/29(9) | | 878 | 878,324 |
| 5.836% to 6/10/33, 6/12/34(9) | | 450 | 453,463 |
| UBS AG, 1.25%, 6/1/26(1) | | 331 | 291,346 |
| UBS Group AG: | | | |
| 2.095% to 2/11/31, 2/11/32(1)(9) | | 359 | 272,143 |
| 4.375% to 2/10/31(1)(9)(11) | | 219 | 154,820 |
| UniCredit SpA: | | | |
| 5.459% to 6/30/30, 6/30/35(1)(9) | | 200 | 169,892 |
| 5.861% to 6/19/27, 6/19/32(1)(9) | | 200 | 181,962 |
| Westpac Banking Corp., 3.02% to 11/18/31, 11/18/36(9) | | 223 | 171,271 |
| | | | $ 36,342,296 |
| Government - Multinational — 1.6% | |
| Asian Development Bank, 3.125%, 9/26/28 | | 540 | $ 511,296 |
| European Bank for Reconstruction & Development, 1.50%, 2/13/25 | | 475 | 448,512 |
| European Investment Bank: | | | |
| 1.625%, 5/13/31(8) | | 925 | 780,080 |
| 2.375%, 5/24/27 | | 1,026 | 951,833 |
| 2.875%, 6/13/25(1) | | 1,892 | 1,819,805 |
| Inter-American Development Bank, 0.875%, 4/3/25(8) | | 377 | 350,799 |
| International Bank for Reconstruction & Development, 3.125%, 11/20/25 | | 1,200 | 1,156,848 |
| International Finance Corp., 5.182%, (SOFR + 0.09%), 4/3/24(3) | | 246 | 246,020 |
| | | | $ 6,265,193 |
| Government - Regional — 0.2% | |
| Kommuninvest I Sverige AB, 0.375%, 6/19/24(1) | | 720 | $ 685,928 |
| | | | $ 685,928 |
| Industrial — 0.3% | |
| Berry Global, Inc., 5.50%, 4/15/28(1) | | 288 | $ 283,664 |
| Cemex SAB de CV, 9.125% to 3/14/28(1)(9)(11) | | 425 | 430,949 |
13
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Principal
Amount*
(000’s omitted) | Value |
| Industrial (continued) | |
| Jabil, Inc., 3.00%, 1/15/31 | | 382 | $ 324,798 |
| Penske Truck Leasing Co., L.P./PTL Finance Corp., 6.20%, 6/15/30(1)(8) | | 310 | 311,914 |
| | | | $ 1,351,325 |
| Other Revenue — 0.1% | |
| BlueHub Loan Fund, Inc., 3.099%, 1/1/30 | | 675 | $ 553,548 |
| | | | $ 553,548 |
| Technology — 1.1% | |
| Dell International, LLC/EMC Corp.: | | | |
| 3.375%, 12/15/41(1) | | 63 | $ 44,482 |
| 3.45%, 12/15/51(1) | | 92 | 61,787 |
| Fidelity National Information Services, Inc., 2.25%, 3/1/31(8) | | 570 | 455,243 |
| Foundry JV Holdco, LLC, 5.875%, 1/25/34(1) | | 664 | 662,148 |
| Intel Corp., 5.70%, 2/10/53 | | 466 | 474,397 |
| Kyndryl Holdings, Inc.: | | | |
| 2.70%, 10/15/28(8) | | 550 | 447,822 |
| 3.15%, 10/15/31 | | 136 | 102,124 |
| Micron Technology, Inc.: | | | |
| 2.703%, 4/15/32 | | 86 | 67,897 |
| 3.477%, 11/1/51 | | 94 | 62,798 |
| 5.875%, 9/15/33 | | 815 | 808,042 |
| Seagate HDD Cayman: | | | |
| 4.091%, 6/1/29 | | 320 | 281,864 |
| 5.75%, 12/1/34 | | 180 | 159,915 |
| 9.625%, 12/1/32(1) | | 407 | 449,311 |
| | | | $ 4,077,830 |
| Utilities — 0.7% | |
| AES Corp. (The), 2.45%, 1/15/31 | | 675 | $ 545,985 |
| Avangrid, Inc., 3.15%, 12/1/24 | | 141 | 135,313 |
| Clearway Energy Operating, LLC, 3.75%, 1/15/32(1) | | 176 | 143,539 |
| Enel Finance International N.V., 1.375%, 7/12/26(1) | | 567 | 500,789 |
| MidAmerican Energy Co.: | | | |
| 3.15%, 4/15/50 | | 215 | 150,804 |
| 4.25%, 7/15/49 | | 300 | 255,571 |
| NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | | 371 | 318,286 |
| NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24(1) | | 34 | 32,598 |
| Niagara Mohawk Power Corp., 1.96%, 6/27/30(1) | | 233 | 186,557 |
| Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(1) | | 343 | 313,582 |
| | | | $ 2,583,024 |
Total Corporate Bonds
(identified cost $74,345,716) | | | $ 67,540,122 |
| Security | Shares | Value |
| Oil, Gas & Consumable Fuels — 0.0%(12) | |
| NuStar Energy, L.P., Series B, 11.188%, (3 mo. USD LIBOR + 5.643%)(3) | | 4,005 | $ 97,722 |
| | | | $ 97,722 |
| Real Estate Management & Development — 0.1% | |
| Brookfield Property Partners, L.P.: | | | |
| Series A, 5.75% | | 13,079 | $ 179,836 |
| Series A2, 6.375% | | 12,000 | 163,320 |
| | | | $ 343,156 |
| Wireless Telecommunication Services — 0.1% | |
| United States Cellular Corp.: | | | |
| 5.50% | | 21,450 | $ 313,170 |
| 6.25% | | 2,200 | 36,850 |
| | | | $ 350,020 |
Total Preferred Stocks
(identified cost $1,320,312) | | | $ 790,898 |
| Senior Floating-Rate Loans(13) — 0.1% |
| Borrower/Description | Principal
Amount
(000's omitted) | Value |
| Diversified Telecommunication Services — 0.1% | |
| CenturyLink, Inc., Term Loan, 7.467%, (SOFR + 2.25%), 3/15/27 | $ | 316 | $ 243,936 |
| | | | $ 243,936 |
| IT Services — 0.0%(12) | |
| Asurion, LLC, Term Loan, 8.788%, (3 mo. USD LIBOR + 3.25%), 12/23/26 | $ | 58 | $ 56,404 |
| | | | $ 56,404 |
| Software — 0.0%(12) | |
| Hyland Software, Inc., Term Loan, 8.693%, (1 mo. USD LIBOR + 3.50%), 7/1/24 | $ | 128 | $ 126,799 |
| | | | $ 126,799 |
Total Senior Floating-Rate Loans
(identified cost $499,646) | | | $ 427,139 |
14
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Sovereign Government Bonds — 0.4% |
| Security | Principal
Amount
(000’s omitted) | Value |
| Kreditanstalt fuer Wiederaufbau: | | | |
| 0.75%, 9/30/30 | $ | 235 | $ 186,968 |
| 1.00%, 10/1/26 | | 1,526 | 1,365,626 |
Total Sovereign Government Bonds
(identified cost $1,745,403) | | | $ 1,552,594 |
| Taxable Municipal Obligations — 1.5% |
| Security | Principal
Amount
(000's omitted) | Value |
| General Obligations — 0.4% | |
| Los Angeles Unified School District, CA, 5.75%, 7/1/34(14) | $ | 450 | $ 477,958 |
| Massachusetts, Green Bonds, 3.277%, 6/1/46 | | 435 | 350,610 |
| New York City, NY, 5.206%, 10/1/31(14) | | 470 | 476,942 |
| San Francisco City and County, CA, (Social Bonds - Affordable Housing, 2016), 3.921%, 6/15/39 | | 285 | 251,518 |
| | | | $ 1,557,028 |
| Special Tax Revenue — 0.6% | |
| California Health Facilities Financing Authority, (No Place Like Home Program): | | | |
| Social Bonds, 2.361%, 6/1/26 | $ | 405 | $ 374,475 |
| Social Bonds, 2.484%, 6/1/27 | | 290 | 264,364 |
| Social Bonds, 2.534%, 6/1/28 | | 360 | 322,895 |
| Social Bonds, 2.584%, 6/1/29 | | 200 | 176,222 |
| Social Bonds, 2.984%, 6/1/33 | | 220 | 186,439 |
| Connecticut, Special Tax Revenue, 5.459%, 11/1/30(14) | | 300 | 307,626 |
| New York City Transitional Finance Authority, NY, Future Tax Secured Revenue Bonds, 5.767%, 8/1/36(14) | | 575 | 604,814 |
| | | | $ 2,236,835 |
| Water and Sewer — 0.5% | |
| District of Columbia Water & Sewer Authority, Green Bonds, 4.814%, 10/1/2114 | $ | 130 | $ 121,047 |
| Narragansett Bay Commission, RI, Wastewater System Revenue: | | | |
| Green Bonds, 2.094%, 9/1/30 | | 170 | 143,361 |
| Green Bonds, 2.184%, 9/1/31 | | 140 | 116,340 |
| Green Bonds, 2.264%, 9/1/32 | | 125 | 102,461 |
| Green Bonds, 2.344%, 9/1/33 | | 135 | 109,293 |
| San Diego County Water Authority, CA: | | | |
| Green Bonds, 1.531%, 5/1/30 | | 145 | 118,987 |
| Green Bonds, 1.701%, 5/1/31 | | 130 | 105,243 |
| Green Bonds, 1.951%, 5/1/34 | | 75 | 57,809 |
| Security | Principal
Amount
(000's omitted) | Value |
| Water and Sewer (continued) | |
| San Francisco City and County Public Utilities Commission, CA, Water Revenue, Green Bonds, 3.303%, 11/1/39 | $ | 1,440 | $ 1,188,187 |
| | | | $ 2,062,728 |
Total Taxable Municipal Obligations
(identified cost $6,718,788) | | | $ 5,856,591 |
| U.S. Government Agencies and Instrumentalities — 0.3% |
| Security | Principal
Amount
(000's omitted) | Value |
| U.S. Department of Housing and Urban Development: | | | |
| 2.618%, 8/1/23 | $ | 69 | $ 68,821 |
| 2.668%, 8/1/24 | | 240 | 232,922 |
| 2.738%, 8/1/25 | | 240 | 228,201 |
| 3.435%, 8/1/34 | | 220 | 198,125 |
| 3.485%, 8/1/35 | | 125 | 111,837 |
| 3.585%, 8/1/37 | | 225 | 200,032 |
| U.S. International Development Finance Corp., 3.52%, 9/20/32 | | 291 | 274,534 |
Total U.S. Government Agencies and Instrumentalities
(identified cost $1,457,911) | | | $ 1,314,472 |
| U.S. Government Agency Mortgage-Backed Securities — 7.5% |
| Security | Principal
Amount
(000's omitted) | Value |
| Federal Home Loan Mortgage Corp.: | | | |
| Pool #RA9348, 6.00%, 6/1/53 | $ | 75 | $ 75,816 |
| Pool #ZT0383, 3.50%, 3/1/48 | | 88 | 81,231 |
| Federal National Mortgage Association: | | | |
| 4.00%, 30-Year, TBA(15) | | 11,068 | 10,387,488 |
| 4.50%, 30-Year, TBA(15) | | 4,077 | 3,919,017 |
| 5.00%, 30-Year, TBA(15) | | 8,882 | 8,704,707 |
| 5.50%, 30-Year, TBA(15) | | 3,296 | 3,281,191 |
| Pool #AN1909, 2.68%, 7/1/26 | | 338 | 318,496 |
| Pool #BM3990, 4.00%, 3/1/48 | | 245 | 233,349 |
| Pool #FM1867, 3.00%, 11/1/49 | | 253 | 224,737 |
| Pool #FM6803, 2.00%, 4/1/51 | | 210 | 173,926 |
| Pool #MA3149, 4.00%, 10/1/47 | | 278 | 264,712 |
| Government National Mortgage Association II: | | | |
| Pool #CB2653, 2.50%, 3/20/51 | | 295 | 252,355 |
| Pool #CB8629, 2.50%, 4/20/51 | | 453 | 386,951 |
| Pool #CS1924, 6.00%, 3/20/53 | | 259 | 263,955 |
| Pool #CS1930, 6.00%, 4/20/53 | | 45 | 45,722 |
| Pool #CT0829, 6.00%, 6/20/53 | | 75 | 76,348 |
15
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Principal
Amount
(000's omitted) | Value |
| Government National Mortgage Association II: (continued) | | | |
| Pool #CT7468, 6.50%, 6/20/53 | $ | 330 | $ 339,097 |
Total U.S. Government Agency Mortgage-Backed Securities
(identified cost $29,437,014) | | $ 29,029,098 |
| U.S. Treasury Obligations — 7.1% |
| Security | Principal
Amount
(000's omitted) | Value |
| U.S. Treasury Bonds: | | | |
| 1.375%, 8/15/50 | $ | 497 | $ 289,085 |
| 1.875%, 2/15/41 | | 481 | 349,683 |
| 1.875%, 2/15/51 | | 236 | 156,387 |
| 1.875%, 11/15/51 | | 368 | 243,081 |
| 2.00%, 11/15/41 | | 795 | 582,493 |
| 2.00%, 8/15/51 | | 338 | 230,527 |
| 2.25%, 2/15/52 | | 523 | 378,174 |
| 2.375%, 2/15/42 | | 4,994 | 3,890,443 |
| 2.875%, 5/15/52 | | 275 | 228,025 |
| 3.00%, 8/15/52 | | 127 | 108,029 |
| 3.625%, 2/15/53 | | 1,190 | 1,142,400 |
| 3.875%, 2/15/43 | | 530 | 516,916 |
| 4.00%, 11/15/52 | | 323 | 331,883 |
| 5.375%, 2/15/31 | | 26 | 28,495 |
| 6.25%, 5/15/30 | | 13 | 14,754 |
| U.S. Treasury Notes: | | | |
| 0.125%, 9/15/23 | | 274 | 271,208 |
| 0.125%, 1/15/24 | | 131 | 127,421 |
| 0.125%, 2/15/24 | | 52 | 50,338 |
| 0.25%, 3/15/24 | | 1,022 | 985,944 |
| 0.375%, 10/31/23 | | 109 | 107,290 |
| 0.375%, 4/15/24 | | 345 | 331,684 |
| 0.75%, 11/15/24 | | 105 | 98,778 |
| 0.875%, 11/15/30 | | 54 | 43,713 |
| 1.00%, 7/31/28 | | 58 | 49,755 |
| 1.125%, 1/15/25 | | 301 | 283,116 |
| 1.25%, 12/31/26 | | 1,384 | 1,245,897 |
| 1.25%, 3/31/28 | | 581 | 508,613 |
| 1.25%, 4/30/28 | | 1,022 | 893,032 |
| 1.25%, 6/30/28 | | 303 | 263,823 |
| 1.375%, 9/30/23 | | 271 | 268,432 |
| 1.375%, 11/15/31 | | 529 | 436,332 |
| 1.50%, 1/31/27 | | 152 | 137,714 |
| 1.625%, 5/15/31 | | 107 | 90,958 |
| 1.875%, 2/28/27 | | 3,887 | 3,563,375 |
| 1.875%, 2/15/32 | | 584 | 500,358 |
| Security | Principal
Amount
(000's omitted) | Value |
| U.S. Treasury Notes: (continued) | | | |
| 2.125%, 3/31/24 | $ | 420 | $ 409,974 |
| 2.625%, 4/15/25 | | 310 | 297,412 |
| 2.875%, 4/30/29 | | 4,465 | 4,188,031 |
| 3.125%, 8/31/27 | | 1,146 | 1,096,198 |
| 3.125%, 8/31/29 | | 441 | 418,950 |
| 3.375%, 5/15/33 | | 236 | 227,629 |
| 3.50%, 1/31/28 | | 631 | 612,834 |
| 3.50%, 4/30/30 | | 90 | 87,399 |
| 3.625%, 5/15/26 | | 23 | 22,442 |
| 3.625%, 5/31/28 | | 135 | 132,058 |
| 3.875%, 9/30/29 | | 465 | 460,523 |
| 4.125%, 11/15/32 | | 43 | 43,947 |
| 4.50%, 11/15/25 | | 880 | 875,566 |
Total U.S. Treasury Obligations
(identified cost $29,544,330) | | | $ 27,621,119 |
| Short-Term Investments — 2.8% | | | |
| Affiliated Fund — 1.9% |
| Security | Shares | Value |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.03%(16) | | 7,538,881 | $ 7,538,881 |
Total Affiliated Fund
(identified cost $7,538,881) | | | $ 7,538,881 |
| Securities Lending Collateral — 0.9% |
| Security | Shares | Value |
| State Street Navigator Securities Lending Government Money Market Portfolio, 5.11%(17) | | 3,370,005 | $ 3,370,005 |
Total Securities Lending Collateral
(identified cost $3,370,005) | | | $ 3,370,005 |
Total Short-Term Investments
(identified cost $10,908,886) | | | $ 10,908,886 |
Total Investments — 107.5%
(identified cost $362,043,472) | | | $418,537,729 |
| Other Assets, Less Liabilities — (7.5)% | | | $ (29,138,173) |
| Net Assets — 100.0% | | | $ 389,399,556 |
16
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| The percentage shown for each investment category in the Schedule of Investments is based on net assets. |
| * | In U.S. dollars unless otherwise indicated. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2023, the aggregate value of these securities is $59,619,451 or 15.3% of the Fund's net assets. |
| (2) | Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at June 30, 2023. |
| (3) | Variable rate security. The stated interest rate represents the rate in effect at June 30, 2023. |
| (4) | Step coupon security. Interest rate represents the rate in effect at
June 30, 2023. |
| (5) | Principal amount is less than $500. |
| (6) | Represents an investment in an issuer that may be deemed to be an affiliate (see Note 9). |
| (7) | Non-income producing security. |
| (8) | All or a portion of this security was on loan at June 30, 2023. The aggregate market value of securities on loan at June 30, 2023 was $4,201,844. |
| (9) | Security converts to variable rate after the indicated fixed-rate coupon period. |
| (10) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At June 30, 2023, the aggregate value of these securities is $113,776 or less than 0.05% of the Fund's net assets. |
| (11) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
| (12) | Amount is less than 0.05%. |
| (13) | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”) (or the London Interbank Offered Rate (“LIBOR”) for those loans whose rates reset prior to the discontinuance of LIBOR on June 30, 2023) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
| (14) | Build America Bond. Represents taxable municipal obligation issued pursuant to the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal debt on which the issuer receives federal support. |
| (15) | TBA (To Be Announced) securities are purchased on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date are determined upon settlement. |
| (16) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2023. |
| (17) | Represents investment of cash collateral received in connection with securities lending. |
Forward Foreign Currency Exchange Contracts
| Currency Purchased | Currency Sold | Counterparty | Settlement
Date | Unrealized
Appreciation | Unrealized
(Depreciation) |
| EUR | 3,656 | USD | 3,940 | JPMorgan Chase Bank, N.A. | 8/10/23 | $ 56 | $ — |
| USD | 119,167 | EUR | 109,212 | State Street Bank and Trust Company | 8/10/23 | — | (215) |
| | | | | | | $ 56 | $(215) |
Futures Contracts
| Description | Number of
Contracts | Position | Expiration
Date | Notional
Amount | Value/
Unrealized
Appreciation
(Depreciation) |
| Interest Rate Futures | | | | | |
| U.S. 2-Year Treasury Note | 43 | Long | 9/29/23 | $8,743,781 | $(44,570) |
| U.S. 5-Year Treasury Note | 11 | Long | 9/29/23 | 1,178,031 | (20,777) |
| U.S. Long Treasury Bond | 54 | Long | 9/20/23 | 6,852,938 | (24,450) |
| U.S. Ultra-Long Treasury Bond | 17 | Long | 9/20/23 | 2,315,719 | 25,999 |
| U.S. 5-Year Treasury Note | (4) | Short | 9/29/23 | (428,375) | 9,743 |
17
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
Futures Contracts — continued
| Description | Number of
Contracts | Position | Expiration
Date | Notional
Amount | Value/
Unrealized
Appreciation
(Depreciation) |
| U.S. 10-Year Treasury Note | (2) | Short | 9/20/23 | $ (224,531) | $ 2,153 |
| U.S. Ultra 10-Year Treasury Note | (75) | Short | 9/20/23 | (8,882,813) | 84,655 |
| U.S. Ultra-Long Treasury Bond | (5) | Short | 9/20/23 | (681,094) | (7,705) |
| | | | | | $25,048 |
| Abbreviations: |
| LIBOR | – London Interbank Offered Rate |
| REITs | – Real Estate Investment Trusts |
| SOFR | – Secured Overnight Financing Rate |
| TBA | – To Be Announced |
| Currency Abbreviations: |
| EUR | – Euro |
| USD | – United States Dollar |
18
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Statement of Assets and Liabilities (Unaudited)
| | June 30, 2023 |
| Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $353,796,758) - including
$4,201,844 of securities on loan | $ 410,311,696 |
| Investments in securities of affiliated issuers, at value (identified cost $8,246,714) | 8,226,033 |
| Receivable for variation margin on open futures contracts | 31,630 |
| Receivable for open forward foreign currency exchange contracts | 56 |
| Cash | 734 |
| Deposits at broker for futures contracts | 438,000 |
| Receivable for investments sold | 699,743 |
| Receivable for capital shares sold | 125,595 |
| Dividends and interest receivable | 1,320,751 |
| Dividends and interest receivable - affiliated | 19,868 |
| Securities lending income receivable | 672 |
| Tax reclaims receivable | 47,249 |
| Directors' deferred compensation plan | 69,103 |
| Total assets | $421,291,130 |
| Liabilities | |
| Payable for open forward foreign currency exchange contracts | $ 215 |
| Payable for investments purchased | 1,582,310 |
| Payable for when-issued/delayed delivery/forward commitment securities | 26,437,028 |
| Payable for capital shares redeemed | 143,290 |
| Deposits for securities loaned | 3,370,005 |
| Payable to affiliates: | |
| Investment advisory fee | 128,874 |
| Administrative fee | 37,859 |
| Distribution fees | 3,210 |
| Sub-transfer agency fee | 258 |
| Directors' deferred compensation plan | 69,103 |
| Accrued expenses | 119,422 |
| Total liabilities | $ 31,891,574 |
| Net Assets | $389,399,556 |
| Sources of Net Assets | |
| Paid-in capital | $ 316,170,653 |
| Distributable earnings | 73,228,903 |
| Net Assets | $389,399,556 |
| Class I Shares | |
| Net Assets | $ 373,551,097 |
| Shares Outstanding | 165,158,308 |
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 2.26 |
| Class F Shares | |
| Net Assets | $ 15,848,459 |
| Shares Outstanding | 7,057,728 |
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 2.25 |
19
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Statement of Operations (Unaudited)
| | Six Months Ended |
| | June 30, 2023 |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $2,507) | $ 1,437,621 |
| Dividend income - affiliated issuers | 103,870 |
| Interest and other income | 3,230,305 |
| Interest income - affiliated issuers | 25,535 |
| Securities lending income, net | 2,964 |
| Total investment income | $ 4,800,295 |
| Expenses | |
| Investment advisory fee | $ 768,430 |
| Administrative fee | 224,906 |
| Distribution fees: | |
| Class F | 18,523 |
| Directors' fees and expenses | 16,109 |
| Custodian fees | 13,112 |
| Transfer agency fees and expenses | 74,814 |
| Accounting fees | 66,067 |
| Professional fees | 32,973 |
| Reports to shareholders | 7,031 |
| Miscellaneous | 11,463 |
| Total expenses | $ 1,233,428 |
| Waiver and/or reimbursement of expenses by affiliates | $ (3,603) |
| Net expenses | $ 1,229,825 |
| Net investment income | $ 3,570,470 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $ 5,860,617 |
| Futures contracts | 30,539 |
| Foreign currency transactions | 65 |
| Net realized gain | $ 5,891,221 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $ 23,715,410 |
| Investment securities - affiliated issuers | 15,353 |
| Futures contracts | (32,103) |
| Foreign currency | 432 |
| Forward foreign currency exchange contracts | (301) |
| Net change in unrealized appreciation (depreciation) | $23,698,791 |
| Net realized and unrealized gain | $29,590,012 |
| Net increase in net assets from operations | $33,160,482 |
20
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Statements of Changes in Net Assets
| | Six Months Ended
June 30, 2023
(Unaudited) | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | |
| From operations: | | |
| Net investment income | $ 3,570,470 | $ 6,091,676 |
| Net realized gain | 5,891,221 | 1,578,645 |
| Net change in unrealized appreciation (depreciation) | 23,698,791 | (76,610,275) |
| Net increase (decrease) in net assets from operations | $ 33,160,482 | $ (68,939,954) |
| Distributions to shareholders: | | |
| Class I | $ — | $ (40,673,358) |
| Class F | — | (1,449,335) |
| Total distributions to shareholders | $ — | $ (42,122,693) |
| Capital share transactions: | | |
| Class I | $ (12,337,149) | $ 15,494,832 |
| Class F | 1,290,213 | 3,933,807 |
| Net increase (decrease) in net assets from capital share transactions | $ (11,046,936) | $ 19,428,639 |
| Net increase (decrease) in net assets | $ 22,113,546 | $ (91,634,008) |
| Net Assets | | |
| At beginning of period | $ 367,286,010 | $ 458,920,018 |
| At end of period | $389,399,556 | $367,286,010 |
21
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
| | Class I |
| | Six Months Ended
June 30, 2023
(Unaudited) | Year Ended December 31, |
| | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net asset value — Beginning of period | $ 2.07 | $ 2.78 | $ 2.52 | $ 2.29 | $ 1.94 | $ 2.23 |
| Income (Loss) From Operations | | | | | | |
| Net investment income(1) | $ 0.02 | $ 0.04 | $ 0.03 | $ 0.03 | $ 0.04 | $ 0.04 |
| Net realized and unrealized gain (loss) | 0.17 | (0.48) | 0.34 | 0.31 | 0.43 | (0.08) |
| Total income (loss) from operations | $ 0.19 | $ (0.44) | $ 0.37 | $ 0.34 | $ 0.47 | $ (0.04) |
| Less Distributions | | | | | | |
| From net investment income | $ — | $ (0.03) | $ (0.03) | $ (0.04) | $ (0.04) | $ (0.04) |
| From net realized gain | — | (0.24) | (0.08) | (0.07) | (0.08) | (0.21) |
| Total distributions | $ — | $ (0.27) | $ (0.11) | $ (0.11) | $ (0.12) | $ (0.25) |
| Net asset value — End of period | $ 2.26 | $ 2.07 | $ 2.78 | $ 2.52 | $ 2.29 | $ 1.94 |
| Total Return(2) | 9.18% (3) | (15.41)% | 15.12% | 15.26% | 24.40% | (2.67)% |
| Ratios/Supplemental Data | | | | | | |
| Net assets, end of period (000’s omitted) | $373,551 | $354,044 | $445,917 | $408,223 | $362,392 | $296,345 |
| Ratios (as a percentage of average daily net assets):(4) | | | | | | |
| Total expenses | 0.65% (5) | 0.64% | 0.63% | 0.63% | 0.62% | 0.72% |
| Net expenses | 0.65% (5)(6) | 0.64% (6) | 0.63% | 0.63% | 0.62% | 0.70% |
| Net investment income | 1.91% (5) | 1.55% | 1.04% | 1.39% | 1.68% | 1.66% |
| Portfolio Turnover | 56% (3)(7) | 84% (7) | 93% (7) | 104% (7) | 70% (7) | 77% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2023 and the year ended December 31, 2022). |
| (7) | Includes the effect of To-Be-Announced (TBA) transactions. |
22
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Financial Highlights — continued
| | Class F |
| | Six Months Ended
June 30, 2023
(Unaudited) | Year Ended December 31, |
| | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net asset value — Beginning of period | $ 2.06 | $ 2.77 | $ 2.52 | $ 2.30 | $ 1.95 | $ 2.24 |
| Income (Loss) From Operations | | | | | | |
| Net investment income(1) | $ 0.02 | $ 0.03 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.03 |
| Net realized and unrealized gain (loss) | 0.17 | (0.47) | 0.34 | 0.30 | 0.44 | (0.07) |
| Total income (loss) from operations | $ 0.19 | $ (0.44) | $ 0.36 | $ 0.33 | $ 0.47 | $ (0.04) |
| Less Distributions | | | | | | |
| From net investment income | $ — | $ (0.03) | $ (0.03) | $ (0.04) | $ (0.04) | $ (0.04) |
| From net realized gain | — | (0.24) | (0.08) | (0.07) | (0.08) | (0.21) |
| Total distributions | $ — | $ (0.27) | $ (0.11) | $ (0.11) | $ (0.12) | $ (0.25) |
| Net asset value — End of period | $ 2.25 | $ 2.06 | $ 2.77 | $ 2.52 | $ 2.30 | $ 1.95 |
| Total Return(2) | 9.22% (3) | (15.47)% | 14.72% | 14.76% | 24.28% | (2.65)% |
| Ratios/Supplemental Data | | | | | | |
| Net assets, end of period (000’s omitted) | $15,848 | $13,242 | $13,003 | $ 7,896 | $ 5,023 | $1,920 |
| Ratios (as a percentage of average daily net assets):(4) | | | | | | |
| Total expenses | 0.90% (5) | 0.89% | 0.88% | 0.88% | 0.86% | 0.96% |
| Net expenses | 0.90% (5)(6) | 0.89% (6) | 0.88% | 0.88% | 0.86% | 0.96% |
| Net investment income | 1.66% (5) | 1.31% | 0.79% | 1.13% | 1.44% | 1.40% |
| Portfolio Turnover | 56% (3)(7) | 84% (7) | 93% (7) | 104% (7) | 70% (7) | 77% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2023 and the year ended December 31, 2022). |
| (7) | Includes the effect of To-Be-Announced (TBA) transactions. |
23
See Notes to Financial Statements.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Calvert VP SRI Balanced Portfolio (the Fund) is a diversified series of Calvert Variable Series, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek to provide a competitive total return through an actively managed portfolio of stocks, bonds and money market instruments which offer income and capital growth opportunity.
Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts and to qualified pension and retirement plans and other eligible investors. The Fund offers Class I and Class F shares. Among other things, each class has different: (a) dividend rates due to differences in Distribution Plan expenses and other class-specific expenses; (b) exchange privileges; and (c) class-specific voting rights.
The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith under the direction of the Board.
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.
Valuation techniques used to value the Fund’s investments by major category are as follows:
Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy.
Debt Securities. Debt securities are generally valued based on valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. Accordingly, debt securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities with a remaining maturity at time of purchase of more than sixty days are valued based on valuations provided by a third party pricing service. Such securities are generally categorized as Level 2 in the hierarchy. Short-term debt securities of sufficient credit quality purchased with remaining maturities of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value, and are categorized as Level 2 in the hierarchy.
Senior Floating-Rate Loans. Interests in senior floating-rate loans for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service, and are categorized as Level 2 in the hierarchy.
Other Securities. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.
Derivatives. Futures contracts are valued at unrealized appreciation (depreciation) based on the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service and are categorized as Level 2 in the hierarchy.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.
The following table summarizes the market value of the Fund's holdings as of June 30, 2023, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Asset-Backed Securities | $ — | $ 23,783,305 | $ — | $ 23,783,305 |
| Collateralized Mortgage Obligations | — | 4,731,372 | — | 4,731,372 |
| Commercial Mortgage-Backed Securities | — | 15,424,753 | — | 15,424,753 |
| Common Stocks | 229,557,380 (1) | — | — | 229,557,380 |
| Corporate Bonds | — | 67,540,122 | — | 67,540,122 |
| Preferred Stocks | 790,898 | — | — | 790,898 |
| Senior Floating-Rate Loans | — | 427,139 | — | 427,139 |
| Sovereign Government Bonds | — | 1,552,594 | — | 1,552,594 |
| Taxable Municipal Obligations | — | 5,856,591 | — | 5,856,591 |
| U.S. Government Agencies and Instrumentalities | — | 1,314,472 | — | 1,314,472 |
| U.S. Government Agency Mortgage-Backed Securities | — | 29,029,098 | — | 29,029,098 |
| U.S. Treasury Obligations | — | 27,621,119 | — | 27,621,119 |
| Short-Term Investments: | | | | |
| Affiliated Fund | 7,538,881 | — | — | 7,538,881 |
| Securities Lending Collateral | 3,370,005 | — | — | 3,370,005 |
| Total Investments | $241,257,164 | $177,280,565 | $ — | $418,537,729 |
| Forward Foreign Currency Exchange Contracts | $ — | $ 56 | $ — | $ 56 |
| Futures Contracts | 122,550 | — | — | 122,550 |
| Total | $241,379,714 | $177,280,621 | $ — | $418,660,335 |
| Liability Description | | | | |
| Forward Foreign Currency Exchange Contracts | $ — | $ (215) | $ — | $ (215) |
| Futures Contracts | (97,502) | — | — | (97,502) |
| Total | $ (97,502) | $ (215) | $ — | $ (97,717) |
| (1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends and interest, if any, have been provided for in accordance with the Fund's understanding of the applicable country’s tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain. Interest income, which
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
includes amortization of premium and accretion of discount on debt securities, is accrued as earned. The Fund may earn certain fees in connection with its investments in senior floating-rate loans. These fees are in addition to interest payments earned and may include amendment fees, consent fees and prepayment fees, which are recorded to income as earned.
C Share Class Accounting— Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based upon the relative net assets of each class to the total net assets of the Fund. Expenses arising in connection with a specific class are charged directly to that class.
D Foreign Currency Transactions— The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
E Senior Floating-Rate Loans— The Fund may invest in direct debt instruments, which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Fund’s investment in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the lender) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower of the loan. When investing in a loan participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan agreement and only upon receipt of such payments by the lender from the borrower. The Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is issuing the participation interest.
F Unfunded Loan Commitments— The Fund may enter into certain loan agreements all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower's discretion. The commitments, if any, are disclosed in the accompanying Schedule of Investments.
G Futures Contracts— The Fund may enter into futures contracts to buy or sell a financial instrument for a set price at a future date. Initial margin deposits of either cash or securities as required by the broker are made upon entering into the contract. While the contract is open, daily variation margin payments are made to or received from the broker reflecting the daily change in market value of the contract and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. When a futures contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. The risks associated with entering into futures contracts may include the possible illiquidity of the secondary market which would limit the Fund’s ability to close out a futures contract prior to the settlement date, an imperfect correlation between the value of the contracts and the underlying financial instruments, or that the counterparty will fail to perform its obligations under the contracts’ terms. Futures contracts are designed by boards of trade, which are designated “contracts markets” by the Commodities Futures Trading Commission. Futures contracts trade on the contracts markets in a manner that is similar to the way a stock trades on a stock exchange, and the boards of trade, through their clearing corporations, guarantee the futures contracts against default. As a result, there is minimal counterparty credit risk to the Fund.
H Forward Foreign Currency Exchange Contracts— The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
I Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are declared separately for each class of shares. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.
J Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
K Indemnifications— The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
L Federal Income Taxes— No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.
Management has analyzed the Fund's tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund's financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
M When-Issued Securities and Delayed Delivery Transactions— The Fund may purchase securities on a delayed delivery, when-issued or forward commitment basis, including TBA (To Be Announced) securities. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery, when-issued or forward commitment basis are marked-to-market daily and begin earning interest on settlement date. Such security purchases are subject to the risk that when delivered they will be worth less than the agreed upon payment price. Losses may also arise if the counterparty does not perform under the contract. A forward purchase commitment may be closed by entering into an offsetting commitment. If an offsetting commitment is entered into, the Fund will realize a gain or loss on investments based on the price established when the Fund entered into the commitment.
N Interim Financial Statements— The interim financial statements relating to June 30, 2023 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Related Party Transactions
The investment advisory fee is earned by Calvert Research and Management (CRM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment advisory fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee
Rate |
| Up to and including $500 million | 0.410% |
| Over $500 million up to and including $1 billion | 0.360% |
| Over $1 billion | 0.325% |
For the six months ended June 30, 2023, the investment advisory fee amounted to $768,430 or 0.41% (annualized) of the Fund's average daily net assets.
The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment advisory fee paid by the Fund is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended June 30, 2023, the investment advisory fee paid was reduced by $3,603 relating to the Fund's investment in the Liquidity Fund.
The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets attributable to Class I and Class F and is payable monthly. For the six months ended June 30, 2023, CRM was paid administrative fees of $224,906.
The Fund has in effect a distribution plan for Class F shares (Class F Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class F Plan, the Fund pays Eaton Vance Distributors, Inc. (EVD), an affiliate of CRM and the Fund’s principal underwriter, a distribution fee of 0.25% per annum of its average daily net assets attributable to Class F shares for the sale and distribution of Class F shares. Distribution fees paid or accrued for the six months ended June 30, 2023 amounted to $18,523 for Class F shares.
Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended June 30, 2023, sub-transfer agency fees and expenses incurred to EVM amounted to $121 and are included in transfer agency fees and expenses on the Statement of Operations.
Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $214,000, an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee, and may receive a fee of $10,000 for special meetings. The Board chair receives an additional $40,000 annual fee, Committee chairs receive an additional $15,000 annual fee and the special equities liaison receives an additional $2,500 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund's assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM.
3 Shareholder Servicing Plan
The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the six months ended June 30, 2023, expenses incurred under the Servicing Plan amounted to $74,035, and are included in transfer agency fees and expenses on the Statement of Operations.
4 Investment Activity
During the six months ended June 30, 2023, the cost of purchases and proceeds from sales of investments, other than U.S. government and agency securities and short-term securities and including maturities, paydowns and principal repayments on senior floating-rate loans, were $79,796,872 and $80,674,912, respectively. Purchases and sales of U.S. government and agency securities, including paydowns and TBA transactions, were $142,113,487 and $136,207,335, respectively.
5 Distributions to Shareholders and Income Tax Information
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at June 30, 2023, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $362,305,225 |
| Gross unrealized appreciation | $ 73,757,014 |
| Gross unrealized depreciation | (17,499,621) |
| Net unrealized appreciation | $ 56,257,393 |
6 Financial Instruments
The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2023 is included in the Schedule of Investments. At June 30, 2023, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
In the normal course of pursuing its investment objective, the Fund is subject to the following risks:
Foreign Exchange Risk: During the six months ended June 30, 2023, the Fund entered into forward foreign currency exchange contracts to seek to hedge against the decline in the value of currencies in which its portfolio holdings are denominated against the U.S. dollar.
Interest Rate Risk: During the six months ended June 30, 2023, the Fund used futures contracts to hedge interest rate risk and to manage duration.
The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At June 30, 2023, the fair value of derivatives with credit-related contingent features in a net liability position was $215. At June 30, 2023, there were no assets pledged by the Fund for such liability.
At June 30, 2023, the fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure was as follows:
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
| Risk | Derivative | Statement of Assets and Liabilities Caption | Assets | Liabilities |
| Foreign exchange | Forward foreign currency exchange contracts | Receivable/Payable for open forward foreign currency
exchange contracts | $ 56 | $ (215) |
| Interest rate | Futures contracts | Distributable earnings | 122,550 (1) | (97,502) (1) |
| Total | | | $122,606 | $(97,717) |
| (1) | Only the current day's variation margin is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended June 30, 2023 was as follows:
| Statement of Operations Caption | Foreign exchange | Interest rate | Total |
| Net realized gain (loss): | | | |
| Futures contracts | $ — | $ 30,539 | $ 30,539 |
| Total | $ — | $ 30,539 | $ 30,539 |
| Change in unrealized appreciation (depreciation): | | | |
| Forward foreign currency exchange contracts | $ (301) | $ — | $ (301) |
| Futures contracts | — | (32,103) | (32,103) |
| Total | $(301) | $(32,103) | $(32,404) |
The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended June 30, 2023, which are indicative of the volume of these derivative types, were approximately as follows:
| Futures Contracts — Long | Futures Contracts — Short | Forward Foreign Currency Exchange Contracts* |
| $15,459,000 | $14,533,000 | $21,000 |
| * | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
7 Securities Lending
To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.
At June 30, 2023, the total value of securities on loan, including accrued interest, was $4,234,673 and the total value of collateral received was $4,323,255, comprised of cash of $3,370,005 and U.S. government and/or agencies securities of $953,250.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2023.
| | Remaining Contractual Maturity of the Transactions |
| | Overnight and
Continuous | <30 days | 30 to 90 days | >90 days | Total |
| Corporate Bonds | $3,370,005 | $ — | $ — | $ — | $3,370,005 |
The carrying amount of the liability for deposits for securities loaned at June 30, 2023 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 1A) at June 30, 2023.
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $725 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 24, 2023. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2022, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.
The Fund had no borrowings pursuant to its line of credit during the six months ended June 30, 2023.
9 Affiliated Investments
At June 30, 2023, the value of the Fund's investment in issuers and funds that may be deemed to be affiliated was $8,226,033, which represents 2.1% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended June 30, 2023 were as follows:
| Name | Value,
beginning
of period | Purchases | Sales
proceeds | Net
realized
gain
(loss) | Change in
unrealized
appreciation
(depreciation) | Value,
end of
period | Interest/
Dividend
income | Principal amount/
Shares,
end of period |
| Commercial Mortgage-Backed Securities | | | | | | | | |
| Morgan Stanley Capital I Trust: | | | | | | | | |
Series 2019-BPR, Class A, 7.093%,
(1 mo. USD LIBOR + 1.90%),
5/15/36 | $ 452,353 | $ — | $ (48,832) | $ — | $ 7,952 | $ 411,473 | $ 14,754 | $ 423,756 |
Series 2019-BPR, Class B, 7.793%,
(1 mo. USD LIBOR + 2.60%),
5/15/36 | 175,544 | — | — | — | 4,819 | 180,402 | 6,727 | 187,000 |
Series 2019-BPR, Class C, 8.743%,
(1 mo. USD LIBOR + 3.55%),
5/15/36 | 92,695 | — | — | — | 2,582 | 95,277 | 4,054 | 100,000 |
| Short-Term Investments | | | | | | |
| Liquidity Fund | 6,867,206 | 37,960,814 | (37,289,139) | — | — | 7,538,881 | 103,870 | 7,538,881 |
| Total | | | | $ — | $15,353 | $8,226,033 | $129,405 | |
10 Capital Shares
The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 500,000,000 common shares, $0.01 par value, for each Class.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
Transactions in capital shares were as follows:
| | Six Months Ended
June 30, 2023
(Unaudited) | | Year Ended
December 31, 2022 |
| | Shares | Amount | | Shares | Amount |
| Class I | | | | | |
| Shares sold | 3,592,017 | $ 7,757,707 | | 7,482,479 | $ 17,882,783 |
| Reinvestment of distributions | — | — | | 20,646,374 | 40,673,358 |
| Shares redeemed | (9,307,711) | (20,094,856) | | (17,906,537) | (43,061,309) |
| Net increase (decrease) | (5,715,694) | $(12,337,149) | | 10,222,316 | $ 15,494,832 |
| Class F | | | | | |
| Shares sold | 1,127,336 | $ 2,358,430 | | 2,268,913 | $ 5,589,052 |
| Reinvestment of distributions | — | — | | 739,457 | 1,449,335 |
| Shares redeemed | (498,200) | (1,068,217) | | (1,276,706) | (3,104,580) |
| Net increase | 629,136 | $ 1,290,213 | | 1,731,664 | $ 3,933,807 |
At June 30, 2023, separate accounts of three insurance companies each owned more than 10% of the value of the outstanding shares of the Fund, aggregating 72.2%.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Board of Directors' Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of directors, including by a vote of a majority of the directors who are not “interested persons” of the fund (“Independent Directors”), cast in person at a meeting called for the purpose of considering such approval.
At an in-person meeting of the Boards of Trustees/Directors (each a “Board”) of the registered investment companies advised by Calvert Research and Management (“CRM” or the “Adviser”) (the “Calvert Funds”) held on June 12-13, 2023, the Board, including a majority of the Independent Directors, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.
In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Directors reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser’s personnel and the Adviser’s revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund’s investment performance, fees and expenses to those of comparable funds as identified by such independent data provider (“comparable funds”).
The Independent Directors were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Directors reviewed the proposed continuation of the Calvert Funds’ investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.
The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to “each fund” in this section may include information that was considered at the underlying fund-level):
Information about Fees, Performance and Expenses
| • | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
| • | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
| • | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
| • | Data regarding investment performance in comparison to benchmark indices; |
| • | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
| • | Profitability analyses for the Adviser with respect to each fund; |
Information about Portfolio Management and Trading
| • | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
| • | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
| • | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
Information about the Adviser
| • | Reports detailing the financial results and condition of CRM; |
| • | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
| • | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
| • | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Board of Directors' Contract Approval — continued
Other Relevant Information
| • | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
| • | The terms of each investment advisory agreement. |
Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Directors participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund’s investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Directors held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds’ investment advisory and investment sub-advisory agreements.
For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.
The Independent Directors were assisted throughout the contract review process by their independent legal counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Directors, concluded that the continuation of the investment advisory agreement of Calvert VP SRI Balanced Portfolio (the “Fund”), including the fee payable under the agreement, is in the best interests of the Fund’s shareholders. Accordingly, the Board, including a majority of the Independent Directors, voted to approve the continuation of the investment advisory agreement of the Fund.
Nature, Extent and Quality of Services
In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser’s investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board’s familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser’s management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser’s compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser’s ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.
Fund Performance
In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. The Board compared the Fund’s investment performance to that of the Fund’s peer universe and its blended benchmark. The Board’s review included comparative performance data for the one-, three- and five-year periods ended December 31, 2022. This performance data indicated that the Fund had outperformed the median of its peer universe for the one-, three- and five-year periods ended December 31, 2022. It also indicated that the Fund had outperformed its blended benchmark for the one- and five-year periods ended December 31, 2022, while it had underperformed its blended benchmark for the three-year period ended December 31, 2022. Based upon its review, the Board concluded that the Fund’s performance was satisfactory relative to the performance of its peer universe and its blended benchmark.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Board of Directors' Contract Approval — continued
Management Fees and Expenses
In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund’s advisory and administrative fees (referred to collectively as “management fees”) and the Fund’s total expenses were each below the respective median of the Fund’s expense group. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.
Profitability and Other “Fall-Out” Benefits
The Board reviewed the Adviser’s profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser’s and its affiliates’ level of profitability from their relationships with the Fund was reasonable.
Economies of Scale
The Board considered the effect of the Fund’s current size and its potential growth on its performance and fees. The Board also took into account the breakpoints in the advisory fee schedule for the Fund that would reduce the advisory fee rate on assets above specific asset levels. The Board noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
Liquidity Risk Management Program
The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on June 13, 2023, the Committee provided a written report to the Fund’s Board of Trustees/ Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2022 through December 31, 2022 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Calvert
VP SRI Balanced Portfolio
June 30, 2023
| Officers |
Hope L. Brown
Chief Compliance Officer |
Deidre E. Walsh
Secretary, Vice President and
Chief Legal Officer |
James F. Kirchner
Treasurer |
| Directors |
Alice Gresham Bullock
Chairperson |
| Richard L. Baird, Jr. |
| Cari M. Dominguez |
| Theodore H. Eliopoulos*(1) |
| John G. Guffey, Jr. |
| Miles D. Harper, III |
| Joy V. Jones |
Anthony A. Williams
|
| *Interested Director and President |
| (1)Mr. Eliopoulos began serving as Director effective December 30, 2022. |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income
■
investment experience and risk tolerance
■
checking account number and wire transfer instructions |
| |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your
personal information | Does Eaton Vance
share? | Can you limit
this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
To limit our
sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
| Privacy Notice — continued | April 2021 |
| Who we are |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do |
How does Eaton Vance
protect my personal
information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance
collect my personal
information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account
■
buy securities from us or make a wire transfer
■
give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■
affiliates from using your information to market to you
■
sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions |
Investment Management
Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary.
Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.
This Page Intentionally Left Blank
Investment Adviser and Administrator
Calvert Research and Management
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, MA 02169
Fund Offices
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Printed on recycled paper.
24218 6.30.23
Calvert
VP SRI Mid Cap Portfolio
Semiannual Report
June 30, 2023
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund and the other funds it manages. Accordingly, neither the Fund nor the adviser is subject to CFTC regulation.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-368-2745.
Semiannual Report June 30, 2023
Calvert
VP SRI Mid Cap Portfolio
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Performance
Portfolio Manager(s) Michael D. McLean, CFA, J. Griffith Noble, CFA and Prachi Samudra, each of Calvert Research and Management
| % Average Annual Total Returns1,2 | Inception Date | Performance
Inception Date | Six Months | One Year | Five Years | Ten Years |
| Fund at NAV | 07/16/1991 | 07/16/1991 | 8.09% | 11.56% | 6.04% | 7.49% |
|
| Russell Midcap® Index | — | — | 9.01% | 14.92% | 8.45% | 10.32% |
| % Total Annual Operating Expense Ratios3 | |
| Gross | 1.03% |
| Net | 0.99 |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Sector Allocation (% of net assets)1
| Top 10 Holdings (% of net assets)1 | |
| Cooper Cos., Inc. (The) | 3.0% |
| Rentokil Initial PLC ADR | 3.0 |
| VeriSign, Inc. | 2.8 |
| Tyler Technologies, Inc. | 2.7 |
| Sysco Corp. | 2.6 |
| Teleflex, Inc. | 2.6 |
| Microchip Technology, Inc. | 2.5 |
| Fair Isaac Corp. | 2.5 |
| Alliant Energy Corp. | 2.4 |
| Wyndham Hotels & Resorts, Inc. | 2.4 |
| Total | 26.5% |
Footnotes:
| 1 | Excludes cash and cash equivalents. |
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Endnotes and Additional Disclosures
| 1 | Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
| 2 | There is no sales charge. Insurance-related charges are not included in the calculation of returns. If such charges were reflected, the returns would be lower. Please refer to the report for your insurance contract for performance data reflecting insurance-related charges.Calvert Research and Management became the investment adviser to the Fund on December 31, 2016. Performance reflected prior to such date is that of the Fund’s former investment adviser. |
| 3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
| | Fund profile subject to change due to active management. |
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Example
As a Fund shareholder, you incur ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2023 to June 30, 2023).
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect expenses and charges which are, or may be imposed under the variable annuity contract or variable life insurance policy (variable contracts) (if applicable) or qualified pension or retirement plans (Qualified Plans) through which your investment in the Fund is made. Therefore, the second line of the table is useful in comparing ongoing costs associated with an investment in vehicles which fund benefits under variable contracts and Qualified Plans, and will not help you determine the relative total costs of investing in the Fund through variable contracts or Qualified Plans. In addition, if these expenses and charges imposed under the variable contracts or Qualified Plans were included, your costs would have been higher.
| | Beginning
Account Value
(1/1/23) | Ending
Account Value
(6/30/23) | Expenses Paid
During Period*
(1/1/23 – 6/30/23) | Annualized
Expense
Ratio |
| Actual | | | | |
| | $1,000.00 | $1,080.90 | $5.11 ** | 0.99% |
| Hypothetical | | | | |
| (5% return per year before expenses) | | | | |
| | $1,000.00 | $1,019.89 | $4.96 ** | 0.99% |
| * | Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2022. Expenses shown do not include insurance-related charges or direct expenses of Qualified Plans. |
| ** | Absent a waiver and/or reimbursement of expenses by an affiliate, expenses would be higher. |
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Schedule of Investments (Unaudited)
| Security | Shares | Value |
| Automobile Components — 3.8% | |
| Aptiv PLC(1) | | 4,531 | $ 462,570 |
| Dorman Products, Inc.(1) | | 6,688 | 527,215 |
| | | | $ 989,785 |
| Banks — 0.9% | |
| Commerce Bancshares, Inc. | | 4,842 | $ 235,805 |
| | | | $ 235,805 |
| Building Products — 2.0% | |
| Trex Co., Inc.(1) | | 8,227 | $ 539,362 |
| | | | $ 539,362 |
| Capital Markets — 4.9% | |
| LPL Financial Holdings, Inc. | | 1,881 | $ 408,986 |
| MarketAxess Holdings, Inc. | | 1,727 | 451,472 |
| Tradeweb Markets, Inc., Class A | | 6,319 | 432,725 |
| | | | $ 1,293,183 |
| Chemicals — 2.0% | |
| Quaker Chemical Corp. | | 2,668 | $ 519,993 |
| | | | $ 519,993 |
| Commercial Services & Supplies — 5.2% | |
| Copart, Inc.(1) | | 6,362 | $ 580,278 |
| Rentokil Initial PLC ADR | | 19,980 | 779,420 |
| | | | $ 1,359,698 |
| Communications Equipment — 2.0% | |
| Motorola Solutions, Inc. | | 1,822 | $ 534,356 |
| | | | $ 534,356 |
| Consumer Staples Distribution & Retail — 3.6% | |
| Casey's General Stores, Inc. | | 1,093 | $ 266,561 |
| Sysco Corp. | | 9,325 | 691,915 |
| | | | $ 958,476 |
| Containers & Packaging — 2.3% | |
| AptarGroup, Inc. | | 5,167 | $ 598,649 |
| | | | $ 598,649 |
| Distributors — 0.4% | |
| Pool Corp. | | 310 | $ 116,138 |
| | | | $ 116,138 |
| Security | Shares | Value |
| Electric Utilities — 3.8% | |
| Alliant Energy Corp. | | 12,185 | $ 639,469 |
| Xcel Energy, Inc. | | 5,973 | 371,341 |
| | | | $ 1,010,810 |
| Electrical Equipment — 3.1% | |
| AMETEK, Inc. | | 3,643 | $ 589,729 |
| Generac Holdings, Inc.(1) | | 1,451 | 216,387 |
| | | | $ 806,116 |
| Electronic Equipment, Instruments & Components — 1.6% | |
| TE Connectivity, Ltd. | | 2,960 | $ 414,874 |
| | | | $ 414,874 |
| Financial Services — 1.5% | |
| Euronet Worldwide, Inc.(1) | | 3,377 | $ 396,359 |
| | | | $ 396,359 |
| Ground Transportation — 1.0% | |
| Landstar System, Inc. | | 1,348 | $ 259,544 |
| | | | $ 259,544 |
| Health Care Equipment & Supplies — 8.4% | |
| Cooper Cos., Inc. (The) | | 2,077 | $ 796,384 |
| Envista Holdings Corp.(1) | | 10,458 | 353,899 |
| IDEXX Laboratories, Inc.(1) | | 746 | 374,663 |
| Teleflex, Inc. | | 2,834 | 685,913 |
| | | | $ 2,210,859 |
| Health Care Providers & Services — 1.4% | |
| R1 RCM, Inc.(1) | | 19,446 | $ 358,779 |
| | | | $ 358,779 |
| Hotels, Restaurants & Leisure — 4.1% | |
| Domino's Pizza, Inc. | | 1,324 | $ 446,175 |
| Wyndham Hotels & Resorts, Inc. | | 9,158 | 627,964 |
| | | | $ 1,074,139 |
| Industrial REITs — 2.1% | |
| Rexford Industrial Realty, Inc. | | 10,584 | $ 552,696 |
| | | | $ 552,696 |
| Insurance — 6.2% | |
| RLI Corp. | | 3,251 | $ 443,664 |
| Ryan Specialty Holdings, Inc.(1) | | 7,406 | 332,455 |
| W.R. Berkley Corp. | | 6,841 | 407,450 |
6
See Notes to Financial Statements.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Schedule of Investments (Unaudited) — continued
| Security | Shares | Value |
| Insurance (continued) | |
| White Mountains Insurance Group, Ltd. | | 322 | $ 447,229 |
| | | | $ 1,630,798 |
| IT Services — 2.8% | |
| VeriSign, Inc.(1) | | 3,249 | $ 734,177 |
| | | | $ 734,177 |
| Life Sciences Tools & Services — 1.6% | |
| Waters Corp.(1) | | 1,621 | $ 432,061 |
| | | | $ 432,061 |
| Machinery — 5.9% | |
| Graco, Inc. | | 6,835 | $ 590,202 |
| Middleby Corp. (The)(1) | | 2,672 | 395,002 |
| Nordson Corp. | | 2,351 | 583,471 |
| | | | $ 1,568,675 |
| Multi-Utilities — 2.4% | |
| CMS Energy Corp. | | 10,655 | $ 625,981 |
| | | | $ 625,981 |
| Pharmaceuticals — 2.7% | |
| Jazz Pharmaceuticals PLC(1) | | 2,240 | $ 277,693 |
| Royalty Pharma PLC, Class A | | 13,777 | 423,505 |
| | | | $ 701,198 |
| Professional Services — 1.0% | |
| Ceridian HCM Holding, Inc.(1) | | 3,965 | $ 265,536 |
| | | | $ 265,536 |
| Residential REITs — 4.3% | |
| Equity LifeStyle Properties, Inc. | | 9,154 | $ 612,311 |
| Mid-America Apartment Communities, Inc. | | 3,475 | 527,714 |
| | | | $ 1,140,025 |
| Semiconductors & Semiconductor Equipment — 2.5% | |
| Microchip Technology, Inc. | | 7,497 | $ 671,656 |
| | | | $ 671,656 |
| Software — 7.4% | |
| Fair Isaac Corp.(1) | | 817 | $ 661,125 |
| Synopsys, Inc.(1) | | 1,347 | 586,497 |
| Tyler Technologies, Inc.(1) | | 1,685 | 701,752 |
| | | | $ 1,949,374 |
| Security | Shares | Value |
| Specialized REITs — 2.2% | |
| Lamar Advertising Co., Class A | | 5,870 | $ 582,598 |
| | | | $ 582,598 |
| Specialty Retail — 3.5% | |
| Floor & Decor Holdings, Inc., Class A(1) | | 1,305 | $ 135,668 |
| O'Reilly Automotive, Inc.(1) | | 645 | 616,168 |
| RH (1)(2) | | 534 | 176,001 |
| | | | $ 927,837 |
| Trading Companies & Distributors — 2.7% | |
| Core & Main, Inc., Class A(1) | | 15,884 | $ 497,805 |
| United Rentals, Inc. | | 454 | 202,198 |
| | | | $ 700,003 |
Total Common Stocks
(identified cost $23,066,542) | | | $26,159,540 |
| Short-Term Investments — 3.8% | | | |
| Security | Shares | Value |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.03%(3) | | 1,010,854 | $ 1,010,854 |
Total Short-Term Investments
(identified cost $1,010,854) | | | $ 1,010,854 |
Total Investments — 103.1%
(identified cost $24,077,396) | | | $27,170,394 |
| Other Assets, Less Liabilities — (3.1)% | | | $ (827,085) |
| Net Assets — 100.0% | | | $ 26,343,309 |
| 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 June 30, 2023. The aggregate market value of securities on loan at June 30, 2023 was $174,024. |
| (3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2023. |
| Abbreviations: |
| ADR | – American Depositary Receipt |
| REITs | – Real Estate Investment Trusts |
7
See Notes to Financial Statements.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Statement of Assets and Liabilities (Unaudited)
| | June 30, 2023 |
| Assets | |
Investments in securities of unaffiliated issuers, at value (identified cost $23,066,542) - including
$174,024 of securities on loan | $ 26,159,540 |
| Investments in securities of affiliated issuers, at value (identified cost $1,010,854) | 1,010,854 |
| Receivable for investments sold | 52,240 |
| Receivable for capital shares sold | 4,153 |
| Dividends receivable | 11,662 |
| Dividends receivable - affiliated | 3,031 |
| Securities lending income receivable | 5 |
| Receivable from affiliate | 707 |
| Directors' deferred compensation plan | 8,111 |
| Total assets | $27,250,303 |
| Liabilities | |
| Payable for investments purchased | $ 847,737 |
| Payable for capital shares redeemed | 7,032 |
| Payable to affiliates: | |
| Investment advisory fee | 13,633 |
| Administrative fee | 2,532 |
| Sub-transfer agency fee | 1,436 |
| Directors' deferred compensation plan | 8,111 |
| Accrued expenses | 26,513 |
| Total liabilities | $ 906,994 |
| Net Assets | $26,343,309 |
| Sources of Net Assets | |
| Paid-in capital | $ 23,185,484 |
| Distributable earnings | 3,157,825 |
| Net Assets | $26,343,309 |
| | |
| Net Assets | $ 26,343,309 |
| Shares Outstanding | 1,066,286 |
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding) | $ 24.71 |
8
See Notes to Financial Statements.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Statement of Operations (Unaudited)
| | Six Months Ended |
| | June 30, 2023 |
| Investment Income | |
| Dividend income | $ 137,721 |
| Dividend income - affiliated issuers | 8,162 |
| Securities lending income, net | 54 |
| Total investment income | $ 145,937 |
| Expenses | |
| Investment advisory fee | $ 85,044 |
| Administrative fee | 15,700 |
| Directors' fees and expenses | 1,101 |
| Custodian fees | 252 |
| Transfer agency fees and expenses | 7,299 |
| Accounting fees | 4,419 |
| Professional fees | 17,165 |
| Reports to shareholders | 104 |
| Miscellaneous | 2,670 |
| Total expenses | $ 133,754 |
| Waiver and/or reimbursement of expenses by affiliates | $ (4,236) |
| Net expenses | $ 129,518 |
| Net investment income | $ 16,419 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment securities | $ 19,425 |
| Net realized gain | $ 19,425 |
| Change in unrealized appreciation (depreciation): | |
| Investment securities | $ 2,015,726 |
| Net change in unrealized appreciation (depreciation) | $2,015,726 |
| Net realized and unrealized gain | $2,035,151 |
| Net increase in net assets from operations | $2,051,570 |
9
See Notes to Financial Statements.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Statements of Changes in Net Assets
| | Six Months Ended
June 30, 2023
(Unaudited) | Year Ended
December 31,
2022 |
| Increase (Decrease) in Net Assets | | |
| From operations: | | |
| Net investment income | $ 16,419 | $ 68,628 |
| Net realized gain | 19,425 | 21,059 |
| Net change in unrealized appreciation (depreciation) | 2,015,726 | (7,066,187) |
| Net increase (decrease) in net assets from operations | $ 2,051,570 | $ (6,976,500) |
| Distributions to shareholders | $ — | $ (5,915,849) |
| Net increase (decrease) in net assets from capital share transactions | $ (1,786,281) | $ 1,998,781 |
| Net increase (decrease) in net assets | $ 265,289 | $(10,893,568) |
| Net Assets | | |
| At beginning of period | $ 26,078,020 | $ 36,971,588 |
| At end of period | $26,343,309 | $ 26,078,020 |
10
See Notes to Financial Statements.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
| | Six Months Ended
June 30, 2023
(Unaudited) | | Year Ended December 31, |
| | | 2022 | 2021 | 2020 | 2019 | 2018 |
| Net asset value — Beginning of period | $ 22.86 | | $ 37.47 | $ 34.10 | $ 32.89 | $ 27.48 | $ 31.96 |
| Income (Loss) From Operations | | | | | | | |
| Net investment income (loss)(1) | $ 0.01 | | $ 0.07 | $ (0.03) | $ 0.08 | $ 0.14 | $ 0.15 |
| Net realized and unrealized gain (loss) | 1.84 | | (8.03) | 5.07 | 3.63 | 8.21 | (1.09) |
| Total income (loss) from operations | $ 1.85 | | $ (7.96) | $ 5.04 | $ 3.71 | $ 8.35 | $ (0.94) |
| Less Distributions | | | | | | | |
| From net investment income | $ — | | $ — | $ (0.07) | $ (0.14) | $ (0.15) | $ (0.18) |
| From net realized gain | — | | (6.65) | (1.60) | (2.36) | (2.79) | (3.36) |
| Total distributions | $ — | | $ (6.65) | $ (1.67) | $ (2.50) | $ (2.94) | $ (3.54) |
| Net asset value — End of period | $ 24.71 | | $ 22.86 | $ 37.47 | $ 34.10 | $ 32.89 | $ 27.48 |
| Total Return(2) | 8.09% (3) | | (19.49)% | 15.03% | 12.24% | 31.36% | (4.43)% |
| Ratios/Supplemental Data | | | | | | | |
| Net assets, end of period (000’s omitted) | $26,343 | | $26,078 | $36,972 | $35,873 | $36,066 | $31,929 |
| Ratios (as a percentage of average daily net assets):(4) | | | | | | | |
| Total expenses | 1.02% (5) | | 1.03% | 0.96% | 0.99% | 1.00% | 1.01% |
| Net expenses | 0.99% (5)(6) | | 0.99% (6) | 0.96% | 0.99% | 0.99% | 0.99% |
| Net investment income (loss) | 0.13% (5) | | 0.24% | (0.09)% | 0.26% | 0.44% | 0.46% |
| Portfolio Turnover | 21% (3) | | 91% | 74% | 82% | 72% | 62% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect fees and expenses imposed by variable annuity contracts or variable life insurance policies. If included, total return would be lower. |
| (3) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its advisory fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2023 and the year ended December 31, 2022). |
11
See Notes to Financial Statements.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Calvert VP SRI Mid Cap Portfolio (the Fund) is a diversified series of Calvert Variable Series, Inc. (the Corporation). The Corporation is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The investment objective of the Fund is to seek to provide long-term capital appreciation by investing primarily in a portfolio of the equity securities of mid-sized companies that are undervalued but demonstrate a potential for growth.
Shares of the Fund are sold without sales charge to insurance companies for allocation to certain of their variable separate accounts and to qualified pension and retirement plans and other eligible investors.
The Fund applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies (ASC 946). Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
A Investment Valuation— Net asset value per share is determined every business day as of the close of the regular session of the New York Stock Exchange (generally 4:00 p.m. Eastern time). The Fund uses independent pricing services approved by the Board of Directors (the Board) to value its investments wherever possible. Investments for which market quotations are not available or deemed not reliable are fair valued in good faith by the Board’s valuation designee.
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.
Valuation techniques used to value the Fund’s investments by major category are as follows:
Equity Securities. Equity securities (including warrants and rights) listed on a U.S. securities exchange generally are valued at the last sale or closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price and are categorized as Level 1 in the hierarchy. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices and are categorized as Level 2 in the hierarchy.
Other Securities. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day and are categorized as Level 1 in the hierarchy.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Board has designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized. Further, due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed, and the differences could be material.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
The following table summarizes the market value of the Fund's holdings as of June 30, 2023, based on the inputs used to value them:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $ 26,159,540(1) | $ — | $ — | $ 26,159,540 |
| Short-Term Investments | 1,010,854 | — | — | 1,010,854 |
| Total Investments | $27,170,394 | $ — | $ — | $27,170,394 |
| (1) | The level classification by major category of investments is the same as the category presentation in the Schedule of Investments. |
B Investment Transactions and Income— Investment transactions for financial statement purposes are accounted for on trade date. Realized gains and losses are recorded on an identified cost basis and may include proceeds from litigation. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities or, in the case of dividends on certain foreign securities, as soon as the Fund is informed of the ex-dividend date. Non-cash dividends are recorded at the fair value of the securities received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received that represent a return of capital are recorded as a reduction of cost of investments. Distributions received that represent a capital gain are recorded as a realized gain.
C Foreign Currency Transactions— The Fund’s accounting records are maintained in U.S. dollars. For valuation of assets and liabilities on each date of net asset value determination, foreign denominations are converted into U.S. dollars using the current exchange rate. Security transactions, income and expenses are translated at the prevailing rate of exchange on the date of the event. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
D Distributions to Shareholders— Distributions to shareholders are recorded by the Fund on ex-dividend date. The Fund distributes any net investment income and net realized capital gains at least annually. Both types of distributions are made in shares of the Fund unless an election is made on behalf of a separate account to receive some or all of the distributions in cash. Distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP; accordingly, periodic reclassifications are made within the Fund's capital accounts to reflect income and gains available for distribution under income tax regulations.
E Estimates— The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
F Indemnifications— The Corporation’s By-Laws provide for indemnification for Directors or officers of the Corporation and certain other parties, to the fullest extent permitted by Maryland law and the 1940 Act, provided certain conditions are met. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
G Federal Income Taxes— No provision for federal income or excise tax is required since the Fund intends to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute substantially all of its taxable earnings.
Management has analyzed the Fund's tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Fund's financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
H Interim Financial Statements— The interim financial statements relating to June 30, 2023 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Related Party Transactions
The investment advisory fee is earned by Calvert Research and Management (CRM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment advisory fee is computed at the annual rate of 0.65% of the Fund’s average daily net assets and is payable monthly. For the six months ended June 30, 2023, the investment advisory fee amounted to $85,044.
The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment advisory fee paid by the Fund is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended June 30, 2023, the investment advisory fee paid was reduced by $260 relating to the Fund's investment in the Liquidity Fund.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
CRM has agreed to reimburse the Fund’s operating expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.99% of the Fund’s average daily net assets. The expense reimbursement agreement with CRM may be changed or terminated after April 30, 2024. For the six months ended June 30, 2023, CRM waived or reimbursed expenses of $3,976.
The administrative fee is earned by CRM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.12% of the Fund’s average daily net assets and is payable monthly. For the six months ended June 30, 2023, CRM was paid administrative fees of $15,700.
Eaton Vance Management (EVM), an affiliate of CRM, provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended June 30, 2023, sub-transfer agency fees and expenses incurred to EVM amounted to $8 and are included in transfer agency fees and expenses on the Statement of Operations.
Each Director of the Fund who is not an employee of CRM or its affiliates receives an annual fee of $214,000, an annual Committee fee ranging from $8,500 to $16,500 depending on the Committee, and may receive a fee of $10,000 for special meetings. The Board chair receives an additional $40,000 annual fee, Committee chairs receive an additional $15,000 annual fee and the special equities liaison receives an additional $2,500 annual fee. Eligible Directors may participate in a Deferred Compensation Plan (the Plan). Amounts deferred under the Plan are treated as though equal dollar amounts had been invested in shares of the Fund or other Calvert funds selected by the Directors. The Fund purchases shares of the funds selected equal to the dollar amounts deferred under the Plan, resulting in an asset equal to the deferred compensation liability. Obligations of the Plan are paid solely from the Fund's assets. Directors’ fees are allocated to each of the Calvert funds served. Salaries and fees of officers and Directors of the Fund who are employees of CRM or its affiliates are paid by CRM.
3 Shareholder Servicing Plan
The Corporation, on behalf of the Fund, has adopted a Shareholder Servicing Plan (Servicing Plan), which permits the Fund to enter into shareholder servicing agreements with intermediaries that maintain accounts in the Fund for the benefit of shareholders. These services may include, but are not limited to, processing purchase and redemption requests, processing dividend payments, and providing account information to shareholders. Under the Servicing Plan, the Fund may make payments at an annual rate of up to 0.11% of its average daily net assets. For the six months ended June 30, 2023, expenses incurred under the Servicing Plan amounted to $7,080, of which $1,413 were payable to an affiliate of AIP, and are included in transfer agency fees and expenses on the Statement of Operations. Included in accrued expenses at June 30, 2023 are amounts payable to an affiliate of AIP under the Servicing Plan of $238.
4 Investment Activity
During the six months ended June 30, 2023, the cost of purchases and proceeds from sales of investments, other than short-term securities, were $5,555,084 and $7,253,278, respectively.
5 Distributions to Shareholders and Income Tax Information
The cost and unrealized appreciation (depreciation) of investments of the Fund at June 30, 2023, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $24,089,916 |
| Gross unrealized appreciation | $ 4,219,006 |
| Gross unrealized depreciation | (1,138,528) |
| Net unrealized appreciation | $ 3,080,478 |
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
6 Securities Lending
To generate additional income, the Fund may lend its securities pursuant to a securities lending agency agreement with State Street Bank and Trust Company (SSBT), the securities lending agent. Security loans are subject to termination by the Fund at any time and, therefore, are not considered illiquid investments. The Fund requires that the loan be continuously collateralized by either cash or securities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of SSBT. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Fund. Income earned on the investment of collateral, net of broker rebates and other expenses incurred by the securities lending agent, is split between the Fund and the securities lending agent based on agreed upon contractual terms. Non-cash collateral, if any, is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights to the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The securities lending agent shall indemnify the Fund in the case of default of any securities borrower.
At June 30, 2023, the total value of securities on loan was $174,024 and the total value of collateral received was $176,315, comprised of U.S. government and/or agencies securities.
7 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates, including CRM, in a $725 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 24, 2023. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2022, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time.
The Fund had no borrowings outstanding pursuant to its line of credit at June 30, 2023. The Fund did not have any significant borrowings or allocated fees during the six months ended June 30, 2023.
8 Affiliated Investments
At June 30, 2023, the value of the Fund’s investment in funds that may be deemed to be affiliated was $1,010,854, which represents 3.8% of the Fund’s net assets. Transactions in such investments by the Fund for the six months ended June 30, 2023 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 | $284,995 | $3,224,383 | $(2,498,524) | $ — | $ — | $1,010,854 | $8,162 | 1,010,854 |
9 Capital Shares
The Corporation may issue its shares in one or more series (such as the Fund). The authorized shares of the Fund consist of 1,000,000,000 common shares, $0.01 par value.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Notes to Financial Statements (Unaudited) — continued
Transactions in capital shares were as follows:
| | Six Months Ended
June 30, 2023
(Unaudited) | | Year Ended
December 31, 2022 |
| | Shares | Amount | | Shares | Amount |
| Shares sold | 15,490 | $ 369,436 | | 39,506 | $ 1,154,913 |
| Reinvestment of distributions | — | — | | 284,416 | 5,915,849 |
| Shares redeemed | (90,007) | (2,155,717) | | (169,691) | (5,071,981) |
| Net increase (decrease) | (74,517) | $(1,786,281) | | 154,231 | $ 1,998,781 |
At June 30, 2023, separate accounts of three insurance companies each owned more than 10% of the value of the outstanding shares of the Fund, aggregating 70.8%.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Board of Directors' Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended, provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of directors, including by a vote of a majority of the directors who are not “interested persons” of the fund (“Independent Directors”), cast in person at a meeting called for the purpose of considering such approval.
At an in-person meeting of the Boards of Trustees/Directors (each a “Board”) of the registered investment companies advised by Calvert Research and Management (“CRM” or the “Adviser”) (the “Calvert Funds”) held on June 12-13, 2023, the Board, including a majority of the Independent Directors, voted to approve continuation of existing investment advisory and investment sub-advisory agreements for the Calvert Funds for an additional one-year period.
In evaluating the investment advisory and investment sub-advisory agreements for the Calvert Funds, the Board considered a variety of information relating to the Calvert Funds and various service providers, including the Adviser. The Independent Directors reviewed a report prepared by the Adviser regarding various services provided to the Calvert Funds by the Adviser and its affiliates. Such report included, among other data, information regarding the Adviser’s personnel and the Adviser’s revenue and cost of providing services to the Calvert Funds, and a separate report prepared by an independent data provider, which compared each fund’s investment performance, fees and expenses to those of comparable funds as identified by such independent data provider (“comparable funds”).
The Independent Directors were separately represented by independent legal counsel with respect to their consideration of the continuation of the investment advisory and investment sub-advisory agreements for the Calvert Funds. Prior to voting, the Independent Directors reviewed the proposed continuation of the Calvert Funds’ investment advisory and investment sub-advisory agreements with management and also met in private sessions with their counsel at which time no representatives of management were present.
The information that the Board considered included, among other things, the following (for funds that invest through one or more affiliated underlying fund(s), references to “each fund” in this section may include information that was considered at the underlying fund-level):
Information about Fees, Performance and Expenses
| • | A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds; |
| • | A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds; |
| • | A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds over various time periods; |
| • | Data regarding investment performance in comparison to benchmark indices; |
| • | For each fund, comparative information concerning the fees charged and the services provided by the Adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund; |
| • | Profitability analyses for the Adviser with respect to each fund; |
Information about Portfolio Management and Trading
| • | Descriptions of the investment management services provided to each fund, including investment strategies and processes it employs; |
| • | Information about the Adviser’s policies and practices with respect to trading, including the Adviser’s processes for monitoring best execution of portfolio transactions; |
| • | Information about the allocation of brokerage transactions and the benefits received by the Adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”; |
Information about the Adviser
| • | Reports detailing the financial results and condition of CRM; |
| • | Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts; |
| • | Policies and procedures relating to proxy voting and the handling of corporate actions and class actions; |
| • | A description of CRM’s procedures for overseeing sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters; |
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Board of Directors' Contract Approval — continued
Other Relevant Information
| • | Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by CRM and its affiliates; and |
| • | The terms of each investment advisory agreement. |
Over the course of the year, the Board and its committees held regular quarterly meetings. During these meetings, the Directors participated in investment and performance reviews with the portfolio managers and other investment professionals of the Adviser relating to each fund and considered various investment and trading strategies used in pursuing each fund’s investment objective(s), such as the use of derivative instruments, as well as risk management techniques. The Board and its committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, corporate governance and other issues with respect to the funds and received and participated in reports and presentations provided by CRM and its affiliates with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Directors held regular video conferences in between meetings to discuss, among other topics, matters relating to the continuation of the Calvert Funds’ investment advisory and investment sub-advisory agreements.
For funds that invest through one or more affiliated underlying funds, the Board considered similar information about the underlying fund(s) when considering the approval of investment advisory agreements. In addition, in cases where the Adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any investment sub-advisory agreement.
The Independent Directors were assisted throughout the contract review process by their independent legal counsel. The Independent Directors relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and investment sub-advisory agreement and the weight to be given to each such factor. The Board, including the Independent Directors, did not identify any single factor as controlling, and each Director may have attributed different weight to various factors.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Board, including the Independent Directors, concluded that the continuation of the investment advisory agreement of Calvert VP SRI Mid Cap Portfolio (the “Fund”), including the fee payable under the agreement, is in the best interests of the Fund’s shareholders. Accordingly, the Board, including a majority of the Independent Directors, voted to approve the continuation of the investment advisory agreement of the Fund.
Nature, Extent and Quality of Services
In considering the nature, extent and quality of the services provided by the Adviser under the investment advisory agreement, the Board reviewed information provided by the Adviser relating to its operations and personnel, including, among other information, biographical information on the Adviser’s investment personnel and descriptions of its organizational and management structure. The Board also took into account similar information provided periodically throughout the previous year by the Adviser as well as the Board’s familiarity with management through Board meetings, discussions and other reports. The Board considered the Adviser’s management style and its performance in employing its investment strategies as well as its current level of staffing and overall resources. The Board also noted that it reviewed on a quarterly basis information regarding the Adviser’s compliance with applicable policies and procedures, including those related to personal investing. The Board took into account, among other items, periodic reports received from the Adviser over the past year concerning the Adviser’s ongoing review and enhancement of certain processes, policies and procedures of the Calvert Funds and the Adviser. The Board concluded that it was satisfied with the nature, extent and quality of services provided to the Fund by the Adviser under the investment advisory agreement.
Fund Performance
In considering the Fund’s performance, the Board noted that it reviewed on a quarterly basis detailed information about the Fund’s performance results, portfolio composition and investment strategies. The Board compared the Fund’s investment performance to that of the Fund’s peer universe and its benchmark index. The Board’s review included comparative performance data for the one-, three- and five-year periods ended December 31, 2022. This performance data indicated that the Fund had underperformed the median of its peer universe and its benchmark index for the one-, three- and five-year periods ended December 31, 2022. The Board took into account management’s discussion of the Fund’s recent performance, noting that a new portfolio management team had assumed responsibility for the day-to-day management of the Fund in the latter half of 2022. Based upon its review, the Board concluded that the Fund’s performance was satisfactory relative to the performance of its peer universe and its benchmark index.
Management Fees and Expenses
In considering the Fund’s fees and expenses, the Board compared the Fund’s fees and total expense ratio with those of comparable funds in its expense group. Among other findings, the data indicated that the Fund’s advisory and administrative fees (referred to collectively as “management fees”) were below the median of the Fund’s expense group and the Fund’s total expenses were above the median of the Fund’s expense group. The Board took into account the Adviser’s current undertaking to maintain expense limitations for the Fund and that the Adviser was waiving and/or reimbursing a portion of the Fund’s expenses. Based upon its review, the Board concluded that the management fees were reasonable in view of the nature, extent and quality of services provided by the Adviser.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Board of Directors' Contract Approval — continued
Profitability and Other “Fall-Out” Benefits
The Board reviewed the Adviser’s profitability in regard to the Fund and the Calvert Funds in the aggregate. In reviewing the overall profitability of the Fund to the Adviser, the Board also considered the fact that the Adviser and its affiliates provided sub-transfer agency support, administrative and distribution services to the Fund for which they received compensation. The information considered by the Board included the profitability of the Fund to the Adviser and its affiliates without regard to any marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered that the Adviser and its affiliates derived benefits to their reputation and other indirect benefits from their relationships with the Fund. Based upon its review, the Board concluded that the Adviser’s and its affiliates’ level of profitability from their relationships with the Fund was reasonable.
Economies of Scale
The Board considered the effect of the Fund’s current size and its potential growth on its performance and fees. The Board concluded that adding breakpoints to the advisory fee at specified asset levels would not be appropriate at this time. The Board noted that if the Fund’s assets increased over time, the Fund might realize other economies of scale if assets increased proportionally more than certain other expenses.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
Liquidity Risk Management Program
The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on June 13, 2023, the Committee provided a written report to the Fund’s Board of Trustees/ Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2022 through December 31, 2022 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Calvert
VP SRI Mid Cap Portfolio
June 30, 2023
| Officers |
Hope L. Brown
Chief Compliance Officer |
Deidre E. Walsh
Secretary, Vice President and
Chief Legal Officer |
James F. Kirchner
Treasurer |
| Directors |
Alice Gresham Bullock
Chairperson |
| Richard L. Baird, Jr. |
| Cari M. Dominguez |
| Theodore H. Eliopoulos*(1) |
| John G. Guffey, Jr. |
| Miles D. Harper, III |
| Joy V. Jones |
Anthony A. Williams
|
| *Interested Director and President |
| (1)Mr. Eliopoulos began serving as Director effective December 30, 2022. |
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income
■
investment experience and risk tolerance
■
checking account number and wire transfer instructions |
| |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your
personal information | Does Eaton Vance
share? | Can you limit
this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
To limit our
sharing | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-368-2745 or email: CRMPrivacy@calvert.com |
| Privacy Notice — continued | April 2021 |
| Who we are |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do |
How does Eaton Vance
protect my personal
information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance
collect my personal
information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account
■
buy securities from us or make a wire transfer
■
give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■
affiliates from using your information to market to you
■
sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions |
Investment Management
Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Calvert funds, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Calvert funds, or your financial intermediary, otherwise. If you would prefer that your Calvert fund documents not be householded, please contact Calvert funds at 1-800-368-2745, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Calvert fund documents will typically be effective within 30 days of receipt by Calvert funds or your financial intermediary.
Portfolio Holdings. Each Calvert fund files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Calvert website at www.calvert.com, by calling Calvert at 1-800-368-2745 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. The Proxy Voting Guidelines that each Calvert fund uses to determine how to vote proxies relating to portfolio securities is provided as an Appendix to the fund’s Statement of Additional Information. The Statement of Additional Information can be obtained free of charge by calling the Calvert funds at 1-800-368-2745, by visiting the Calvert funds’ website at www.calvert.com or visiting the SEC’s website at www.sec.gov. Information regarding how a Calvert fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available by calling Calvert funds, by visiting the Calvert funds’ website at www.calvert.com or by visiting the SEC’s website at www.sec.gov.
Investment Adviser and Administrator
Calvert Research and Management
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
SS&C Global Investor & Distribution Solutions, Inc.
2000 Crown Colony Drive
Quincy, MA 02169
Fund Offices
1825 Connecticut Avenue NW, Suite 400
Washington, DC 20009
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Printed on recycled paper.
24220 6.30.23
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) The registrant’s principal executive and principal financial officers have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), as of a date within 90 days of the filing date of this report.
(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Calvert Variable Series, Inc.
| | |
| By: | | /s/ Ted Eliopoulos |
| | Ted Eliopoulos |
| | President |
Date: August 23, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ Ted Eliopoulos |
| | Ted Eliopoulos |
| | President |
Date: August 23, 2023
| | |
| By: | | /s/ James F. Kirchner |
| | James F. Kirchner |
| | Treasurer |
Date: August 23, 2023
